Hotchkis & Wiley Funds NCSR Certified 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, 39^th Floor

Los Angeles, California 90017-5704
(Address of principal executive offices) (Zip code)

Anna Marie Lopez

Hotchkis & Wiley Capital Management, LLC

601 South Figueroa Street, 39^th Floor

Los Angeles, California 90017-5704

(Name and address of agent for service)

Copies to:

Maureen A. Miller, Esq.

Joseph M. Mannon, Esq.

Vedder Price P.C.

222 North LaSalle Street, 26^th Floor

Chicago, Illinois 60601

(Counsel for the registrant)

(213) 430-1000

Registrant's telephone number, including area code

Date of fiscal year end: June 30, 2022

Date of reporting period: June 30, 2022

Item 1. Reports to Stockholders.

(a)

Hotchkis & Wiley Funds

Annual Report

JUNE 30, 2022

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

INTERNATIONAL SMALL CAP DIVERSIFIED VALUE FUND

VALUE OPPORTUNITIES FUND

HIGH YIELD FUND

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					23
SMALL CAP DIVERSIFIED VALUE FUND					26
GLOBAL VALUE FUND					33
INTERNATIONAL VALUE FUND					35
INTERNATIONAL SMALL CAP DIVERSIFIED VALUE FUND					37
VALUE OPPORTUNITIES FUND					43
HIGH YIELD FUND					46
STATEMENTS OF ASSETS & LIABILITIES					53
STATEMENTS OF OPERATIONS					55
STATEMENTS OF CHANGES IN NET ASSETS					57
FINANCIAL HIGHLIGHTS					62
NOTES TO THE FINANCIAL STATEMENTS					67
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM					81
FUND EXPENSE EXAMPLES					82
BOARD CONSIDERATIONS IN APPROVING CONTINUATION OF INVESTMENT ADVISORY AGREEMENTS					84
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM					86
MANAGEMENT					87
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 12 months ended June 30, 2022.

OVERVIEW

In the 12-month period ended June 30, 2022, the S&P 500^® Index returned –11%, the MSCI World Index returned –14%, and the ICE BofA U.S. High Yield Index (high yield market) returned –13%. Several economic developments have sparked fears of a recession. The most recent real GDP growth was negative quarter-over-quarter, the war in Ukraine showed little signs of abating, inflation increased by the largest amount in more than 40 years, and an increasingly hawkish Federal Open Market Committee (FOMC) raised the Fed Funds rate by 150 basis points via three hikes over the past year (from 0.25% to 1.75%, upper bound). The Fed signaled further rate increases going forward to combat inflation. Other major central banks have raised rates also, and like the Fed, signaled further rate hikes going forward. Higher rates are generally bad for equities. It becomes more costly to borrow, increasing the cost of capital, which is the rate used to discount future cash flows. Higher rates impair long-duration equities disproportionately because most of the intrinsic value is derived from a terminal value estimate far into the future. In general, growth stocks are longer duration securities than value stocks. Unsurprisingly, value has outperformed growth in periods of elevated inflation and interest rates historically.

Value held up better than growth over the 12-month period. From a global sector perspective, energy was the best performer of the year by a large magnitude, returning +33%. The three least economically sensitive sectors — utilities, health care, and consumer staples — were next best, returning +4%, –2%, and –3%, respectively. All other sectors declined more than –10%. Communication services (–29%), consumer discretionary (–27%), and information technology (–19%) were the worst performers. These sectors comprise considerably larger portions of growth indexes. Combined, the three sectors averaged nearly two-thirds of the MSCI World Growth Index's total weight over the past year. This highlights growth indexes unusual concentration, the likes of which we have not observed since the tech bubble.

We are finding attractive equity opportunities in a variety of market segments. We are partial to select large cap software companies, which are not inexpensive on typical valuation metrics like price-to-earnings, enterprise value to earnings before interest and taxes, price-to-book, etc. They represent fantastic businesses, however trade at large discounts to our estimate of intrinsic value. Common traits among our positions are high returns on capital, captive customer bases, good balance sheets, and a substantial return of capital to shareholders. The stocks also trade at large discounts to other parts of the market generally viewed as high quality businesses, e.g., consumer staples, though with superior growth prospects. We also find many opportunities in energy and financials, across the market cap spectrum. Within energy, valuations remain uncommonly attractive despite the sector's significant outperformance recently, because valuations are coming off such a low base. Higher commodity prices have translated into strong free cash flow. Historically, elevated cash flows

in energy were routinely used to reinvest in new exploration projects. Recently, however, cash has been used to pay down considerable amounts of debt, de-risking the sector significantly. Dividends and share repurchases have also ramped up meaningfully. With balance sheets improved and cash flow still strong, we expect share repurchases to increase even further going forward — an accretive use of capital considering the still attractive valuations. Additionally, energy has been the best inflation hedge of all sectors dating back to the 1970s. In financials, we find banks unusually attractive. The Funds' banks trade at compelling valuations both relative to normal earnings power and tangible book values. The attractive valuations reflect the market's recession worries and the credit losses that typically coincide with economic slowdowns. Yet the capital position in the industry is such that even severe regulatory stress tests (most recently in June) are passed largely without comment. Banks also experience an earnings benefit should interest rates continue to climb — financials have been the best interest rate hedge of all sectors dating back to the 1970s.

Value continues to trade at a large discount to growth, despite its recent outperformance. The Funds' valuations represent larger-than-normal discounts to their respective benchmarks. We view a reversion toward a more normal valuation relationship as more likely than not, which would represent a conducive environment for our long-term fundamental value approach.

The high yield market's decline has resulted in yields and spreads increasing to levels we have not observed in some time. Spreads over treasuries widened to 587 basis points as of June 30, 2022, with more than a tenth of the market trading at spreads greater than 1,000 basis points. The high yield market's yield-to-worst closed the period at 8.9%, a function of both rising rates and spread widening. The number of attractive valuation opportunities has increased over the past year, though it took a negative market to get here. Nonetheless, we are more optimistic about our prospect to add value going forward than we were a year ago. We will continue to adhere to our competitive research advantage, particularly in small and mid cap credits, with a focus on strong asset coverage.

HOTCHKIS & WILEY DIVERSIFIED VALUE FUND

The Fund's Class I shares had a total return of –8.27% for the year ended June 30, 2022 compared to the Russell 1000^® Value Index return of –6.82%.

Stock selection in consumer discretionary, industrials, and consumer staples detracted from performance in the period. The underweight exposure to non-cyclical sectors also hurt, as the Fund was underexposed to health care, consumer staples, and utilities. The overweight position and positive stock selection in energy was a significantly positive contributor. Positive stock selection in information technology and financials also helped. The largest detractors to relative performance in the 12-month period were General Electric, Citigroup, General Motors, Magna International, and Warner Bros. Discovery. The largest positive contributors were Marathon Oil, APA Corp., AIG, Elevance Health, and Shell.

HOTCHKIS & WILEY LARGE CAP VALUE FUND

The Fund's Class I shares had a total return of –9.31% for the year ended June 30, 2022 compared to the Russell 1000^® Value Index return of –6.82%.

Over the 12-month period ended June 30, 2022, stock selection in consumer discretionary, industrials, and communication services detracted from relative performance. The underweight positions in health care, consumer staples, and utilities also hurt, along with the overweight exposure to information technology. The overweight position in energy, along with positive stock selection in the same sector helped relative performance. The underweight exposure to communication services and stock selection in financials were also positive contributors. The largest individual detractors to performance in the period were General Electric, General Motors, Citigroup, Magna International, and Warner Bros. Discovery; the largest positive contributors were Marathon Oil, APA Corp., Elevance Health, AIG, and Shell.

HOTCHKIS & WILEY MID-CAP VALUE FUND

The Fund's Class I shares had a total return of –2.34% for the year ended June 30, 2022 compared to the Russell Midcap^® Value Index return of –10.00%.

Energy was the best-performing sector in the period by a wide margin. The Fund's overweight position and positive stock selection in the sector drove most of the outperformance. Positive stock selection in industrials was also a significant contributor. The underweight position and stock selection in consumer staples hurt relative performance. Stock selection in consumer discretionary and the underweight position in real estate detracted from performance. The largest positive contributors to relative performance in the 12-month period were Kosmos Energy, APA Corp., Fluor, Capricorn Energy, and Marathon Oil; the largest detractors were Royal Mail, CommScope, ODP Corp., Credit Suisse, and Adient.

HOTCHKIS & WILEY SMALL CAP VALUE FUND

The Fund's Class I shares had a total return of –3.42% for the year ended June 30, 2022 compared to the Russell 2000^® Value Index return of –16.28%.

Positive stock selection drove most of the outperformance over the 12-month period. Stock selection was most positive in industrials, consumer discretionary, and communication services. The overweight position in energy and underweight position in health care also helped. Stock selection in real estate and the underweight positions in utilities and consumer staples detracted from performance. The largest positive contributors to relative performance were Range Resources, Fluor, Kosmos Energy, Meritor, and Points.com; the largest detractors were Seritage Growth Properties, Telos Corp., TrueBlue, Hanger, and Armstrong Flooring.

HOTCHKIS & WILEY SMALL CAP DIVERSIFIED VALUE FUND

The Fund's Class I shares had a total return of –9.34% for the year ended June 30, 2022 compared to the Russell 2000^® Value Index return of –16.28%.

Stock selection was positive in 7 of the 11 GICS^® sectors which helped relative performance. It was most positive in financials, industrials, and materials. The underweight positions in health care and communication services also helped, along with the overweight position in energy. Stock selection in energy, real estate, and consumer staples detracted from performance. The overweight position in consumer discretionary, along with the underweight positions in utilities, real estate, and consumer staples detracted from performance.

HOTCHKIS & WILEY GLOBAL VALUE FUND

The Fund's Class I shares had a total return of –11.86% for the year ended June 30, 2022 compared to the MSCI World Index return of –14.34%.

Both the overweight position in energy, and positive stock selection in the sector helped relative performance in the period. Positive stock selection in health care, financials, and information technology also helped. The underweight position in consumer discretionary and information technology, along with the overweight position in financials were positive contributors. Stock selection in consumer discretionary, consumer staples, and real estate detracted from performance. The underweight exposure to health care and no exposure to utilities hurt, as these were the best performing sectors for the benchmark after energy. The largest positive contributors to relative performance were Suncor Energy, Cenovus Energy, BAE Systems, Elevance Health, and AIG; the largest detractors were General Electric, Royal Mail, Credit Suisse, General Motors, and Warner Bros. Discovery.

HOTCHKIS & WILEY INTERNATIONAL VALUE FUND

The Fund's Class I shares had a total return of –9.82% for the year ended June 30, 2022 compared to the MSCI World ex-USA Index return of –16.76%.

The index's only positive sector in the period was energy. The Fund's overweight position combined with positive stock selection in the sector were positive contributors to relative performance in the period. Positive stock selection in consumer discretionary and industrials also helped, along with the overweight exposure to financials. The underweight position and stock selection in health care detracted from performance. Stock selection in consumer staples also hurt. The largest positive contributors to relative performance were Cenovus Energy, BAE Systems, Kosmos Energy, Suncor Energy, and Points.com; the largest detractors were Royal Mail, Credit Suisse, Ericsson, Philips, and Magna International.

HOTCHKIS & WILEY INTERNATIONAL SMALL CAP DIVERSIFIED VALUE FUND

The Fund's Class I shares had a total return of –14.28% for the year ended June 30, 2022 compared to the MSCI World ex-USA Small Cap Index return of –23.02%.

Stock selection was positive in all 11 GICS^® sectors, which drove most of the Fund's outperformance over the period. It was most positive in information technology, consumer discretionary, and financials. The overweight position in energy and financials also helped. The underweight exposure to real estate, utilities, and consumer staples detracted from performance.

HOTCHKIS & WILEY VALUE OPPORTUNITIES FUND

The Fund's Class I shares had a total return of –11.50% for the year ended June 30, 2022 compared to the Russell 3000^® Value return of –7.46%.

The overweight exposure to information technology was the Fund's largest detractor over the 12-month period, though this was more than offset by positive security selection in the sector. Security selection in real estate hurt performance, along with the underweight exposure to health care and utilities, and the overweight exposure to communication services. The overweight position in energy was a large positive contributor in the period. Positive security selection in health care also helped. The largest detractors to relative performance in the period were General Electric, Seritage Growth Properties, Credit Suisse, Royal Mail, and General Motors; the largest positive contributors were Range Resources, Triple-S Management, NOV, Inc., Kosmos Energy, and AIG.

HOTCHKIS & WILEY HIGH YIELD FUND

The Fund's Class I shares had a total return of –11.12% for the year ended June 30, 2022 compared to the ICE BofA BB-B U.S. High Yield Constrained Index return of –12.20%.

Positive credit selection in small cap credits contributed to relative performance in the period. Much of this was in energy, where positive credit selection was significantly positive. Positive credit selection in basic industry and services also helped, along with an underweight allocation to telecommunications. Credit selection in retail, leisure, and media detracted from performance in the period.

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	Hunter Doble Fund Manager

Fund Information

ABOUT FUND PERFORMANCE

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 and High Yield Fund have four authorized classes of shares (Class I, Class A, Class C and Class Z). The International Small Cap Diversified Value Fund has three authorized classes of shares (Class I, Class A and Class Z). Each share class has its own sales charge and expense structure, allowing you to invest in the way that best suits your needs. Currently, the International Value Fund and International Small Cap Diversified Value Fund are not offering Class A shares to investors; the Small Cap Diversified Value Fund, Global Value Fund and International Value Fund are not offering Class C shares to investors; and the Diversified Value Fund, Global Value Fund, International Value Fund and International Small Cap Diversified Value Fund are not offering Class Z shares to investors.

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, International Small Cap Diversified Value Fund and Value Opportunities 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, International Small Cap Diversified Value Fund and Value Opportunities Fund invest in small- and mid-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 a diversified fund because a loss resulting from the decline in the value of one security may represent a greater portion of the total assets of a non-diversified fund. 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 and High Yield Fund invest in debt securities that typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Value Opportunities 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

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 High Yield Fund in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, extension risk, prepayment risk, and default risk, 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 securities included 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^® 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.

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

Fund Information

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 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.

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

ICE BofA BB-B U.S. High Yield Constrained Index contains all securities in the ICE BofA 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 BofA 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 June 30, 2022. 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 June 30, 2022. 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.

Market capitalization of a company is calculated by multiplying the number of outstanding shares by the current market price of a 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 year ended June 30, 2022, the Value Opportunities Fund held futures contracts, which resulted in realized gains and unrealized losses, and purchased put options, which resulted in realized losses and unrealized gains.

Fund Performance Data

DIVERSIFIED VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended June 30, 2022	1 Year			5 Years			10 Years			Since 8/30/04*
Class I
Average annual total return		–8.27	%		7.23	%		10.97	%		7.21	%
Class A
Average annual total return (with sales charge)		–13.31	%		5.82	%		10.09	%		6.62	%
Average annual total return (without sales charge)		–8.49	%		6.97	%		10.69	%		6.94	%
Class C
Average annual total return (with CDSC)		–10.10	%		6.16	%		9.86	%		6.16	%
Average annual total return (without CDSC)		–9.20	%		6.16	%		9.86	%		6.16	%
Russell 1000^® Value Index††
Average annual total return		–6.82	%		7.17	%		10.50	%		7.79	%
Russell 1000^® Index††
Average annual total return		–13.04	%		11.00	%		12.82	%		9.45	%

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.

* 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.

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month-end, access our website at www.hwcm.com.

The gross expense ratio for the year ended June 30, 2022 is 1.01% for Class I shares, 1.22% for Class A shares and 1.98% for Class C shares, respectively.

Fund Performance Data

LARGE CAP VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended June 30, 2022	1 Year			5 Years			10 Years			Since 6/24/87*
Class I
Average annual total return		–9.31	%		6.56	%		10.91	%		8.81	%
Class A
Average annual total return (with sales charge)		–14.28	%		5.15	%		10.04	%		8.39	%
Average annual total return (without sales charge)		–9.53	%		6.29	%		10.64	%		8.56	%
Class C
Average annual total return (with CDSC)		–11.07	%		5.53	%		9.82	%		7.75	%
Average annual total return (without CDSC)		–10.17	%		5.53	%		9.82	%		7.75	%
Class Z
Average annual total return		–9.22	%		6.63	%		10.95	%		8.82	%
Russell 1000^® Value Index††
Average annual total return		–6.82	%		7.17	%		10.50	%		9.48	%
Russell 1000^® Index††
Average annual total return		–13.04	%		11.00	%		12.82	%		9.88	%

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 is 6/24/87. Average annual total return for the Russell 1000^® Value Index reflects a beginning date of 6/30/87.

The gross expense ratio for the year ended June 30, 2022 is 0.97% for Class I shares, 1.18% for Class A shares, 1.91% for Class C shares and 0.86% for Class Z shares, respectively.

Fund Performance Data

MID-CAP VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended June 30, 2022	1 Year			5 Years			10 Years			Since 1/2/97*
Class I
Average annual total return		–2.34	%		4.88	%		8.96	%		10.72	%
Class A
Average annual total return (with sales charge)		–7.65	%		3.53	%		8.12	%		10.22	%
Average annual total return (without sales charge)		–2.54	%		4.66	%		8.71	%		10.45	%
Class C
Average annual total return (with CDSC)		–4.26	%		3.86	%		7.89	%		9.65	%
Average annual total return (without CDSC)		–3.29	%		3.86	%		7.89	%		9.65	%
Class Z
Average annual total return		–2.23	%		4.96	%		9.00	%		10.73	%
Russell Midcap^® Value Index††
Average annual total return		–10.00	%		6.27	%		10.62	%		9.77	%
Russell Midcap^® Index††
Average annual total return		–17.30	%		7.96	%		11.29	%		9.76	%

† 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.

The gross expense ratio for the year ended June 30, 2022 is 1.01% for Class I shares, 1.21% for Class A shares, 1.97% for Class C shares and 0.87% for Class Z shares, respectively.

Fund Performance Data

SMALL CAP VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended June 30, 2022	1 Year			5 Years			10 Years			Since 9/20/85*
Class I
Average annual total return		–3.42	%		6.30	%		10.37	%		10.91	%
Class A
Average annual total return (with sales charge)		–8.62	%		4.94	%		9.52	%		10.50	%
Average annual total return (without sales charge)		–3.56	%		6.08	%		10.11	%		10.66	%
Class C
Average annual total return (with CDSC)		–5.21	%		5.30	%		9.30	%		9.86	%
Average annual total return (without CDSC)		–4.25	%		5.30	%		9.30	%		9.86	%
Class Z
Average annual total return		–3.22	%		6.41	%		10.42	%		10.92	%
Russell 2000^® Value Index††
Average annual total return		–16.28	%		4.89	%		9.05	%		10.27	%
Russell 2000^® Index††
Average annual total return		–25.20	%		5.17	%		9.35	%		9.24	%

† 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 is 9/20/85. Average annual total return for the Russell 2000^® Value Index reflects a beginning date of 9/30/85.

The gross expense ratio for the year ended June 30, 2022 is 1.06% for Class I shares, 1.21% for Class A shares, 1.94% for Class C shares and 0.86% for Class Z shares, respectively.

Fund Performance Data

SMALL CAP DIVERSIFIED VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended June 30, 2022	1 Year			5 Years			Since 6/30/14*
Class I
Average annual total return		–9.34	%		6.44	%		7.37	%
Class A
Average annual total return (with sales charge)		–14.31	%		5.05	%		6.38	%
Average annual total return (without sales charge)		–9.57	%		6.19	%		7.09	%
Class Z
Average annual total return		–9.38	%		6.44	%		7.36	%
Russell 2000^® Value Index††
Average annual total return		–16.28	%		4.89	%		5.68	%
Russell 2000^® Index††
Average annual total return		–25.20	%		5.17	%		5.98	%

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.

The gross expense ratio for the year ended June 30, 2022 is 0.87% for Class I shares, 1.15% for Class A shares and 0.76% for Class Z shares, respectively.

Fund Performance Data

GLOBAL VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended June 30, 2022	1 Year			5 Years			Since 12/31/12*
Class I
Average annual total return		–11.86	%		3.71	%		7.44	%
Class A
Average annual total return (with sales charge)		–16.69	%		2.34	%		6.57	%
Average annual total return (without sales charge)		–12.07	%		3.45	%		7.18	%
MSCI World Index††
Average annual total return		–14.34	%		7.67	%		9.01	%

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.

The gross expense ratio for the year ended June 30, 2022 is 1.22% for Class I shares and 1.46% for Class A shares, respectively.

Fund Performance Data

INTERNATIONAL VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended June 30, 2022	1 Year			5 Years			Since 12/31/15*
Class I
Average annual total return		–9.82	%		1.17	%		4.18	%
MSCI World ex-USA Index††
Average annual total return		–16.76	%		2.66	%		4.39	%

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

†† See index description in the Fund Information section.

* Commencement of Class I.

The gross expense ratio for the year ended June 30, 2022 is 4.87% for Class I shares.

Fund Performance Data

INTERNATIONAL SMALL CAP DIVERSIFIED VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Period ended June 30, 2022	1 Year			Since 6/30/20*
Class I
Average annual total return		��14.28	%		13.99	%
MSCI World ex-USA Small Cap Index††
Average annual total return		–23.02	%		4.65	%

† The Fund invests primarily in equity securities of non-U.S. companies with market capitalizations similar to the MSCI World ex-USA Small Cap Index.

†† See index description in the Fund Information section.

* Commencement of Class I.

The gross expense ratio for the year ended June 30, 2022 is 4.23% for Class I shares.

Fund Performance Data

VALUE OPPORTUNITIES FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended June 30, 2022	1 Year			5 Years			10 Years			Since 12/31/02*
Class I
Average annual total return		–11.50	%		7.31	%		11.27	%		11.42	%
Class A
Average annual total return (with sales charge)		–16.34	%		5.89	%		10.40	%		10.88	%
Average annual total return (without sales charge)		–11.72	%		7.03	%		11.00	%		11.18	%
Class C
Average annual total return (with CDSC)		–13.11	%		6.26	%		10.18	%		10.34	%
Average annual total return (without CDSC)		–12.34	%		6.26	%		10.18	%		10.34	%
Class Z
Average annual total return		–11.40	%		7.36	%		11.30	%		11.43	%
Russell 3000^® Value Index††
Average annual total return		–7.46	%		7.01	%		10.39	%		8.76	%
Russell 3000^® Index††
Average annual total return		–13.87	%		10.60	%		12.57	%		10.02	%

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.

The gross expense ratio for the year ended June 30, 2022 is 0.94% for Class I shares, 1.20% for Class A shares, 1.91% for Class C shares and 0.86% for Class Z shares, respectively.

Fund Performance Data

HIGH YIELD FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended June 30, 2022	1 Year			5 Years			10 Years			Since 3/31/09*
Class I
Average annual total return		–11.12	%		1.06	%		3.95	%		7.43	%
Class A
Average annual total return (with sales charge)		–14.61	%		0.02	%		3.28	%		6.79	%
Average annual total return (without sales charge)		–11.28	%		0.78	%		3.67	%		7.10	%
Class C
Average annual total return (with CDSC)		–12.79	%		0.08	%		2.92	%		6.37	%
Average annual total return (without CDSC)		–11.94	%		0.08	%		2.92	%		6.37	%
Class Z
Average annual total return		–11.04	%		1.14	%		3.99	%		7.46	%
ICE BofA BB-B U.S. High Yield Constrained Index††
Average annual total return		–12.20	%		2.07	%		4.34	%		7.76	%

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.

The gross expense ratio for the year ended June 30, 2022 is 0.77% for Class I shares, 0.98% for Class A shares, 1.77% for Class C shares and 0.65% for Class Z shares, respectively.

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Diversified Value Fund

Largest Equity Holdings	Percent of net assets
Citigroup, Inc.		4.85	%
General Electric Company		4.76	%
Wells Fargo & Company		3.91	%
American International Group, Inc.		3.76	%
Microsoft Corp.		2.94	%
Alphabet, Inc.		2.78	%
Oracle Corp.		2.77	%
The Goldman Sachs Group, Inc.		2.71	%
Elevance Health, Inc.		2.70	%
PPL Corp.		2.66	%

COMMON STOCKS — 99.20%	Shares Held		Value
COMMUNICATION SERVICES — 9.77% Entertainment — 1.74%
Warner Bros. Discovery, Inc. (a)		108,900	$	1,461,438
*Interactive Media & Services — 2.78%*
Alphabet, Inc. (a)		1,070		2,331,808
*Media — 3.90%*
Comcast Corp.		39,100		1,534,284
News Corp.		57,000		888,060
Omnicom Group, Inc.		6,100		388,021
Paramount Global		18,700		461,516
				3,271,881
*Wireless Telecommunication Services — 1.35%*
Vodafone Group PLC — ADR		72,963		1,136,764
TOTAL COMMUNICATION SERVICES				8,201,891
CONSUMER DISCRETIONARY — 6.60% Auto Components — 3.27%
Adient PLC (a)		8,974		265,899
Aptiv PLC (a)		7,000		623,490
The Goodyear Tire & Rubber Company (a)		20,600		220,626
Magna International, Inc.		29,800		1,636,020
				2,746,035
*Automobiles — 2.64%*
General Motors Company (a)		69,900		2,220,024
*Hotels, Restaurants & Leisure — 0.69%*
Booking Holdings, Inc. (a)		330		577,167
TOTAL CONSUMER DISCRETIONARY				5,543,226
CONSUMER STAPLES — 1.72% Personal Products — 1.72%
Unilever PLC — ADR		31,600		1,448,228
TOTAL CONSUMER STAPLES				1,448,228

	Shares Held		Value
ENERGY — 11.99% Energy Equipment & Services — 3.66%
Baker Hughes Company		14,000	$	404,180
Halliburton Company		32,700		1,025,472
NOV, Inc.		75,600		1,278,396
Schlumberger NV		10,300		368,328
				3,076,376
*Oil, Gas & Consumable Fuels — 8.33%*
APA Corp.		46,700		1,629,830
Cenovus Energy, Inc.		28,800		547,488
Hess Corp.		8,900		942,866
Marathon Oil Corp.		77,900		1,751,192
Murphy Oil Corp.		20,200		609,838
Shell PLC — ADR		28,962		1,514,423
				6,995,637
TOTAL ENERGY				10,072,013
FINANCIALS — 25.03% Banks — 11.02%
Citigroup, Inc.		88,574		4,073,518
Citizens Financial Group, Inc.		23,900		852,991
First Citizens BancShares, Inc.		1,592		1,040,818
Wells Fargo & Company		83,834		3,283,778
				9,251,105
*Capital Markets — 7.34%*
The Bank of New York Mellon Corp.		44,000		1,835,240
Credit Suisse Group AG — ADR		102,400		580,608
The Goldman Sachs Group, Inc.		7,650		2,272,203
State Street Corp.		24,000		1,479,600
				6,167,651
*Diversified Financial Services — 0.47%*
Equitable Holdings, Inc.		15,100		393,657

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Diversified Value Fund

	Shares Held		Value
*Insurance — 6.20%*
American International Group, Inc.		61,700	$	3,154,721
The Hartford Financial Services Group, Inc.		21,300		1,393,659
The Travelers Companies, Inc.		3,900		659,607
				5,207,987
TOTAL FINANCIALS				21,020,400
HEALTH CARE — 10.99% Health Care Equipment & Supplies — 1.59%
Medtronic PLC		8,882		797,159
Zimmer Biomet Holdings, Inc.		5,100		535,806
				1,332,965
*Health Care Providers & Services — 7.66%*
Centene Corp. (a)		14,600		1,235,306
CVS Health Corp.		13,200		1,223,112
Elevance Health, Inc.		4,700		2,268,126
HCA Healthcare, Inc.		4,600		773,076
Humana, Inc.		2,000		936,140
				6,435,760
*Pharmaceuticals — 1.74%*
GSK PLC — ADR		15,300		666,009
Sanofi — ADR		15,800		790,474
				1,456,483
TOTAL HEALTH CARE				9,225,208
INDUSTRIALS — 13.52% Aerospace & Defense — 2.22%
The Boeing Company (a)		7,000		957,040
Raytheon Technologies Corp.		9,400		903,434
				1,860,474
*Air Freight & Logistics — 2.51%*
FedEx Corp.		9,300		2,108,403
*Construction & Engineering — 0.35%*
Fluor Corp. (a)		12,200		296,948
*Industrial Conglomerates — 4.76%*
General Electric Company		62,737		3,994,465
*Machinery — 3.68%*
CNH Industrial NV		90,500		1,048,895
Cummins, Inc.		5,700		1,103,121
Iveco Group NV (a) (v)		20,620		109,173
PACCAR, Inc.		10,100		831,634
				3,092,823
TOTAL INDUSTRIALS				11,353,113
INFORMATION TECHNOLOGY — 15.59% Communications Equipment — 3.50%
F5, Inc. (a)		13,000		1,989,520
Telefonaktiebolaget LM Ericsson — ADR		127,600		944,240
				2,933,760

	Shares Held		Value
*Electronic Equipment, Instruments & Components — 2.27%*
Corning, Inc.		33,300	$	1,049,283
TE Connectivity Ltd.		7,600		859,940
				1,909,223
*IT Services — 1.09%*
Cognizant Technology Solutions Corp.		7,000		472,430
Fiserv, Inc. (a)		5,000		444,850
				917,280
*Semiconductors & Semiconductor Equipment — 0.98%*
Micron Technology, Inc.		14,800		818,144
*Software — 7.75%*
Microsoft Corp.		9,600		2,465,568
Oracle Corp.		33,300		2,326,671
Workday, Inc. (a)		12,300		1,716,834
				6,509,073
TOTAL INFORMATION TECHNOLOGY				13,087,480
MATERIALS — 1.33% Chemicals — 0.94%
Olin Corp.		17,000		786,760
*Containers & Packaging — 0.39%*
International Paper Company		7,900		330,457
TOTAL MATERIALS				1,117,217
UTILITIES — 2.66% Electric Utilities — 2.66%
PPL Corp.		82,300		2,232,799
TOTAL UTILITIES				2,232,799
Total common stocks (Cost $79,535,935)				83,301,575
Total long-term investments (Cost $79,535,935)				83,301,575
SHORT-TERM INVESTMENTS — 0.80%	Principal Amount
*Time Deposits — 0.80%*
Barclays PLC, 0.91%, 07/01/2022*	$	670,660		670,660
Total short-term investments (Cost $670,660)				670,660
Total investments — 100.00% (Cost $80,206,595)				83,972,235
Liabilities in excess of other assets — 0.00%				(3,984	)
Net assets — 100.00%			$	83,968,251

(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 $109,173, which represented 0.13% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

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 — June 30, 2022

Hotchkis & Wiley Large Cap Value Fund

Largest Equity Holdings	Percent of net assets
General Electric Company		4.88	%
Citigroup, Inc.		4.86	%
Wells Fargo & Company		3.91	%
American International Group, Inc.		3.70	%
General Motors Company		3.37	%
Elevance Health, Inc.		3.17	%
F5, Inc.		3.13	%
Oracle Corp.		3.12	%
The Goldman Sachs Group, Inc.		2.97	%
FedEx Corp.		2.85	%

COMMON STOCKS — 98.04%	Shares Held		Value
COMMUNICATION SERVICES — 6.70% Entertainment — 2.03%
Warner Bros. Discovery, Inc. (a)		611,400	$	8,204,988
*Interactive Media & Services — 0.97%*
Alphabet, Inc. (a)		1,800		3,922,668
*Media — 2.20%*
Comcast Corp.		227,000		8,907,480
*Wireless Telecommunication Services — 1.50%*
Vodafone Group PLC — ADR		390,944		6,090,908
TOTAL COMMUNICATION SERVICES				27,126,044
CONSUMER DISCRETIONARY — 6.91% Auto Components — 2.76%
Adient PLC (a)		44,891		1,330,120
Magna International, Inc.		179,300		9,843,570
				11,173,690
*Automobiles — 3.37%*
General Motors Company (a)		430,300		13,666,328
*Hotels, Restaurants & Leisure — 0.78%*
Booking Holdings, Inc. (a)		1,800		3,148,182
TOTAL CONSUMER DISCRETIONARY				27,988,200
CONSUMER STAPLES — 1.73% Personal Products — 1.73%
Unilever PLC — ADR		152,500		6,989,075
TOTAL CONSUMER STAPLES				6,989,075
ENERGY — 13.73% Energy Equipment & Services — 4.17%
Baker Hughes Company		70,100		2,023,787
Halliburton Company		109,500		3,433,920
NOV, Inc.		508,200		8,593,662
Schlumberger NV		79,300		2,835,768
				16,887,137

	Shares Held		Value
*Oil, Gas & Consumable Fuels — 9.56%*
APA Corp.		236,400	$	8,250,360
Hess Corp.		54,100		5,731,354
Marathon Oil Corp.		431,200		9,693,376
Murphy Oil Corp.		90,570		2,734,308
Shell PLC — ADR		160,872		8,411,997
Suncor Energy, Inc.		110,000		3,857,700
				38,679,095
TOTAL ENERGY				55,566,232
FINANCIALS — 25.51% Banks — 10.27%
Citigroup, Inc.		427,788		19,673,970
Citizens Financial Group, Inc.		169,700		6,056,593
Wells Fargo & Company		403,863		15,819,314
				41,549,877
*Capital Markets — 8.04%*
The Bank of New York Mellon Corp.		228,000		9,509,880
Credit Suisse Group AG — ADR (l)		535,500		3,036,285
The Goldman Sachs Group, Inc.		40,500		12,029,310
State Street Corp.		129,200		7,965,180
				32,540,655
*Diversified Financial Services — 0.50%*
Equitable Holdings, Inc.		77,600		2,023,032
*Insurance — 6.70%*
American International Group, Inc.		292,900		14,975,977
The Hartford Financial Services Group, Inc.		120,200		7,864,686
The Travelers Companies, Inc.		25,300		4,278,989
				27,119,652
TOTAL FINANCIALS				103,233,216
HEALTH CARE — 10.69% Health Care Equipment & Supplies — 2.47%
Medtronic PLC		73,400		6,587,650
Zimmer Biomet Holdings, Inc.		32,700		3,435,462
				10,023,112

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Large Cap Value Fund

	Shares Held		Value
*Health Care Providers & Services — 5.91%*
CVS Health Corp.		67,000	$	6,208,220
Elevance Health, Inc.		26,600		12,836,628
HCA Healthcare, Inc.		29,000		4,873,740
				23,918,588
*Pharmaceuticals — 2.31%*
GSK PLC — ADR		121,300		5,280,189
Sanofi — ADR		81,200		4,062,436
				9,342,625
TOTAL HEALTH CARE				43,284,325
INDUSTRIALS — 13.19% Aerospace & Defense — 0.64%
Huntington Ingalls Industries, Inc.		11,800		2,570,276
*Air Freight & Logistics — 2.85%*
FedEx Corp.		50,900		11,539,539
*Industrial Conglomerates — 4.88%*
General Electric Company		310,387		19,762,340
*Machinery — 4.82%*
CNH Industrial NV		486,700		5,640,853
Cummins, Inc.		33,800		6,541,314
Iveco Group NV (a) (v)		109,000		577,104
PACCAR, Inc.		56,300		4,635,742
Stanley Black & Decker, Inc.		20,200		2,118,172
				19,513,185
TOTAL INDUSTRIALS				53,385,340
INFORMATION TECHNOLOGY — 15.36% Communications Equipment — 4.74%
F5, Inc. (a)		82,900		12,687,016
Telefonaktiebolaget LM Ericsson — ADR		876,500		6,486,100
				19,173,116
*Electronic Equipment, Instruments & Components — 2.42%*
Corning, Inc.		160,800		5,066,808
TE Connectivity Ltd.		41,600		4,707,040
				9,773,848
*IT Services — 2.44%*
Amdocs Ltd.		25,600		2,132,736
Euronet Worldwide, Inc. (a)		54,100		5,441,919
Fiserv, Inc. (a)		25,900		2,304,323
				9,878,978
*Software — 5.76%*
Microsoft Corp.		41,600		10,684,128
Oracle Corp.		180,900		12,639,483
				23,323,611
TOTAL INFORMATION TECHNOLOGY				62,149,553

	Shares Held		Value
MATERIALS — 1.53% Chemicals — 0.96%
Olin Corp.		84,400	$	3,906,032
*Containers & Packaging — 0.57%*
International Paper Company		54,800		2,292,284
TOTAL MATERIALS				6,198,316
UTILITIES — 2.69% Electric Utilities — 2.69%
PPL Corp.		401,700		10,898,121
TOTAL UTILITIES				10,898,121
Total common stocks (Cost $372,190,241)				396,818,422
Total long-term investments (Cost $372,190,241)				396,818,422
COLLATERAL FOR SECURITIES ON LOAN — 0.16%
*Money Market Funds — 0.16%*
Invesco Short-Term Investments Trust Government & Agency Portfolio — Institutional Class, 1.38%^		638,435		638,435
Total collateral for securities on loan (Cost $638,435)				638,435
SHORT-TERM INVESTMENTS — 1.91%	Principal Amount
*Time Deposits — 1.91%*
Barclays PLC, 0.91%, 07/01/2022*	$	7,730,917		7,730,917
Citigroup, Inc., (0.78)%, 07/01/2022*	EUR	97		102
Total short-term investments (Cost $7,731,022)				7,731,019
Total investments — 100.11% (Cost $380,559,698)				405,187,876
Liabilities in excess of other assets — (0.11)%				(464,055	)
Net assets — 100.00%			$	404,723,821

(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 $621,267. 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 $577,104, which represented 0.14% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

ADR — American Depositary Receipt

^ — Rate shown is the 7-day yield as of June 30, 2022.

* — 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 — June 30, 2022

Hotchkis & Wiley Mid-Cap Value Fund

Largest Equity Holdings	Percent of net assets
Kosmos Energy Ltd.		5.21	%
Popular, Inc.		4.82	%
Fluor Corp.		4.56	%
First Citizens BancShares, Inc.		4.28	%
Citizens Financial Group, Inc.		3.54	%
APA Corp.		3.29	%
American International Group, Inc.		3.18	%
Adient PLC		2.96	%
Vistra Corp.		2.57	%
State Street Corp.		2.44	%

COMMON STOCKS — 99.43%	Shares Held		Value
COMMUNICATION SERVICES — 4.75% Entertainment — 2.10%
Warner Bros. Discovery, Inc. (a)		678,100	$	9,100,102
*Media — 2.65%*
News Corp.		225,500		3,513,290
Omnicom Group, Inc.		61,200		3,892,932
Paramount Global		166,800		4,116,624
				11,522,846
TOTAL COMMUNICATION SERVICES				20,622,948
CONSUMER DISCRETIONARY — 10.29% Auto Components — 6.47%
Adient PLC (a)		433,100		12,832,753
The Goodyear Tire & Rubber Company (a)		447,800		4,795,938
Lear Corp.		11,400		1,435,146
Magna International, Inc.		163,900		8,998,110
				28,061,947
*Automobiles — 0.32%*
Harley-Davidson, Inc.		43,900		1,389,874
*Household Durables — 1.72%*
Tri Pointe Homes, Inc. (a)		58,900		993,643
Whirlpool Corp.		41,800		6,473,566
				7,467,209
*Specialty Retail — 1.78%*
The Gap, Inc.		126,000		1,038,240
The ODP Corp. (a)		221,145		6,687,425
				7,725,665
TOTAL CONSUMER DISCRETIONARY				44,644,695
CONSUMER STAPLES — 1.10% Personal Products — 1.10%
Herbalife Nutrition Ltd. (a)		233,000		4,764,850
TOTAL CONSUMER STAPLES				4,764,850

	Shares Held		Value
ENERGY — 20.14% Energy Equipment & Services — 2.38%
Expro Group Holdings NV (a)		73,983	$	852,284
Halliburton Company		135,600		4,252,416
NOV, Inc.		310,000		5,242,100
				10,346,800
*Oil, Gas & Consumable Fuels — 17.76%*
APA Corp.		409,600		14,295,040
Capricorn Energy PLC (a) (v)		3,741,475		9,946,269
Cenovus Energy, Inc.		250,700		4,765,807
Kosmos Energy Ltd. (a)		3,655,220		22,625,812
Murphy Oil Corp.		220,900		6,668,971
Oasis Petroleum, Inc.		49,300		5,997,345
PDC Energy, Inc.		140,500		8,656,205
Range Resources Corp. (a)		165,800		4,103,550
				77,058,999
TOTAL ENERGY				87,405,799
FINANCIALS — 27.20% Banks — 13.41%
Citizens Financial Group, Inc.		430,900		15,378,821
First Citizens BancShares, Inc.		28,387		18,558,853
First Horizon Corp.		151,600		3,313,976
Popular, Inc.		272,200		20,940,346
				58,191,996
*Capital Markets — 4.88%*
Credit Suisse Group AG — ADR (l)		1,067,600		6,053,292
Lazard Ltd.		42,000		1,361,220
Northern Trust Corp.		33,000		3,183,840
State Street Corp.		172,100		10,609,965
				21,208,317
*Consumer Finance — 1.37%*
SLM Corp.		373,400		5,951,996

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Mid-Cap Value Fund

	Shares Held		Value
*Insurance — 7.54%*
American International Group, Inc.		270,300	$	13,820,439
CNO Financial Group, Inc.		450,000		8,140,500
Enstar Group Ltd. (a)		23,300		4,985,734
The Hartford Financial Services Group, Inc.		88,100		5,764,383
				32,711,056
TOTAL FINANCIALS				118,063,365
HEALTH CARE — 3.57% Health Care Providers & Services — 2.99%
Centene Corp. (a)		51,300		4,340,493
Universal Health Services, Inc.		85,900		8,650,989
				12,991,482
*Pharmaceuticals — 0.58%*
Jazz Pharmaceuticals PLC (a)		16,000		2,496,160
TOTAL HEALTH CARE				15,487,642
INDUSTRIALS — 15.84% Air Freight & Logistics — 1.87%
Royal Mail PLC (v)		2,452,200		8,100,749
*Commercial Services & Supplies — 1.13%*
The Brink's Company		80,600		4,893,226
*Construction & Engineering — 4.56%*
Fluor Corp. (a)		813,800		19,807,892
*Machinery — 4.58%*
Allison Transmission Holdings, Inc.		127,300		4,894,685
CNH Industrial NV		661,500		7,666,785
Iveco Group NV (a) (v)		154,080		815,781
PACCAR, Inc.		51,300		4,224,042
Stanley Black & Decker, Inc.		21,900		2,296,434
				19,897,727
*Professional Services — 1.98%*
KBR, Inc.		111,900		5,414,841
ManpowerGroup, Inc.		41,500		3,171,015
				8,585,856
*Road & Rail — 1.72%*
AMERCO		15,600		7,460,388
TOTAL INDUSTRIALS				68,745,838
INFORMATION TECHNOLOGY — 8.73% Communications Equipment — 4.37%
CommScope Holding Company, Inc. (a)		259,100		1,585,692
F5, Inc. (a)		52,700		8,065,208
Telefonaktiebolaget LM Ericsson — ADR		1,260,300		9,326,220
				18,977,120
*Electronic Equipment, Instruments & Components — 3.30%*
Arrow Electronics, Inc. (a)		38,800		4,349,092
Avnet, Inc.		105,300		4,515,264
Corning, Inc.		173,900		5,479,589
				14,343,945

	Shares Held		Value
*IT Services — 1.06%*
Euronet Worldwide, Inc. (a)		45,600	$	4,586,904
TOTAL INFORMATION TECHNOLOGY				37,907,969
MATERIALS — 3.34% Chemicals — 3.34%
Huntsman Corp.		166,700		4,725,945
Olin Corp.		211,400		9,783,592
TOTAL MATERIALS				14,509,537
REAL ESTATE — 0.48% Equity Real Estate Investment Trusts — 0.48%
Pebblebrook Hotel Trust		43,100		714,167
Vornado Realty Trust		47,300		1,352,307
TOTAL REAL ESTATE				2,066,474
UTILITIES — 3.99% Electric Utilities — 1.42%
NRG Energy, Inc.		161,100		6,149,187
Independent Power and Renewable Electricity Producers — 2.57%
Vistra Corp.		487,900		11,148,515
TOTAL UTILITIES				17,297,702
Total common stocks (Cost $401,547,353)				431,516,819
Total long-term investments (Cost $401,547,353)				431,516,819
COLLATERAL FOR SECURITIES ON LOAN — 0.15%
*Money Market Funds — 0.15%*
Invesco Short-Term Investments Trust Government & Agency Portfolio — Institutional Class, 1.38%^		661,045		661,045
Total collateral for securities on loan (Cost $661,045)				661,045
SHORT-TERM INVESTMENTS — 0.20%	Principal Amount
*Time Deposits — 0.20%*
Citigroup, Inc., (0.78)%, 07/01/2022*	EUR	470		493
Citigroup, Inc., 0.91%, 07/01/2022*	$	880,646		880,646
Total short-term investments (Cost $881,148)				881,139
Total investments — 99.78% (Cost $403,089,546)				433,059,003
Other assets in excess of liabilities — 0.22%				949,224
Net assets — 100.00%			$	434,008,227

(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 $643,269. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Mid-Cap Value Fund

(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 $18,862,799, which represented 4.35% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

ADR — American Depositary Receipt

EUR — Euro

^ — Rate shown is the 7-day yield as of June 30, 2022.

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

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Small Cap Value Fund

Largest Equity Holdings	Percent of net assets
Evercore, Inc.		4.05	%
Stagwell, Inc.		3.84	%
Popular, Inc.		3.81	%
Range Resources Corp.		3.51	%
Kosmos Energy Ltd.		3.46	%
SLM Corp.		3.05	%
Fluor Corp.		3.01	%
Points.com, Inc.		2.95	%
The Bank of NT Butterfield & Son Ltd.		2.81	%
Euronet Worldwide, Inc.		2.75	%

COMMON STOCKS — 95.28%	Shares Held		Value
COMMUNICATION SERVICES — 3.84% Media — 3.84%
Stagwell, Inc. (a)		3,919,900	$	21,285,057
TOTAL COMMUNICATION SERVICES				21,285,057
CONSUMER DISCRETIONARY — 11.17% Auto Components — 2.72%
Adient PLC (a)		509,200		15,087,596
*Automobiles — 1.57%*
Harley-Davidson, Inc.		157,400		4,983,284
Thor Industries, Inc.		49,600		3,706,608
				8,689,892
*Diversified Consumer Services — 1.04%*
Adtalem Global Education, Inc. (a)		160,800		5,783,976
*Hotels, Restaurants & Leisure — 0.32%*
International Game Technology PLC		94,200		1,748,352
*Internet & Catalog Retail — 2.95%*
Points.com, Inc. (a)		654,525		16,356,580
*Specialty Retail — 2.57%*
The ODP Corp. (a)		236,180		7,142,083
Sonic Automotive, Inc.		194,200		7,113,546
				14,255,629
TOTAL CONSUMER DISCRETIONARY				61,922,025
CONSUMER STAPLES — 0.53% Personal Products — 0.53%
Herbalife Nutrition Ltd. (a)		142,900		2,922,305
TOTAL CONSUMER STAPLES				2,922,305
ENERGY — 14.99% Energy Equipment & Services — 2.51%
Expro Group Holdings NV (a)		856,882		9,871,281
NOV, Inc.		237,900		4,022,889
				13,894,170
*Oil, Gas & Consumable Fuels — 12.48%*
APA Corp.		159,100		5,552,590
Berry Corp.		1,155,100		8,801,862

	Shares Held		Value
Equitrans Midstream Corp.		942,400	$	5,993,664
Kinetik Holdings, Inc. (l)		31,390		1,071,654
Kosmos Energy Ltd. (a)		3,101,700		19,199,523
Murphy Oil Corp.		215,900		6,518,021
Range Resources Corp. (a)		786,400		19,463,400
Ranger Oil Corp. (a)		71,400		2,346,918
Rockhopper Exploration PLC (a)		3,066,400		253,826
				69,201,458
TOTAL ENERGY				83,095,628
FINANCIALS — 24.86% Banks — 9.79%
Associated Banc-Corp		66,800		1,219,768
The Bank of NT Butterfield & Son Ltd.		499,300		15,573,167
First BanCorp		418,700		5,405,417
First Hawaiian, Inc.		484,900		11,012,079
Popular, Inc.		274,200		21,094,206
				54,304,637
*Capital Markets — 6.21%*
Evercore, Inc.		240,100		22,475,761
Perella Weinberg Partners (l)		645,300		3,762,099
Stifel Financial Corp.		145,800		8,167,716
				34,405,576
*Consumer Finance — 3.05%*
SLM Corp.		1,059,900		16,894,806
*Insurance — 5.53%*
CNO Financial Group, Inc.		121,900		2,205,171
Enstar Group Ltd. (a)		54,979		11,764,407
Global Indemnity Group LLC		316,036		8,175,851
Horace Mann Educators Corp.		221,600		8,505,008
				30,650,437
*Thrifts & Mortgage Finance — 0.28%*
Luther Burbank Corp.		117,800		1,537,290
TOTAL FINANCIALS				137,792,746

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Small Cap Value Fund

	Shares Held		Value
HEALTH CARE — 1.77% Health Care Providers & Services — 1.77%
Hanger, Inc. (a)		687,300	$	9,842,136
TOTAL HEALTH CARE				9,842,136
INDUSTRIALS — 21.81% Building Products — 0.53%
Masonite International Corp. (a)		38,400		2,950,272
*Commercial Services & Supplies — 3.27%*
The Brink's Company		249,500		15,147,145
MillerKnoll, Inc.		70,300		1,846,781
Quad/Graphics, Inc. (a)		419,100		1,152,525
				18,146,451
*Construction & Engineering — 3.01%*
Fluor Corp. (a)		685,700		16,689,938
*Machinery — 7.43%*
Allison Transmission Holdings, Inc.		192,600		7,405,470
Crane Holdings Company		82,300		7,206,188
Enerpac Tool Group Corp.		93,800		1,784,076
Flowserve Corp.		245,400		7,025,802
The Greenbrier Companies, Inc.		136,400		4,909,036
Meritor, Inc. (a)		275,700		10,016,181
Miller Industries, Inc.		125,300		2,840,551
				41,187,304
*Professional Services — 7.27%*
Hudson Global, Inc. (a) (o)		169,560		5,324,184
KBR, Inc.		141,000		6,822,990
Korn Ferry		197,100		11,435,742
ManpowerGroup, Inc.		34,500		2,636,145
TrueBlue, Inc. (a)		786,650		14,081,035
				40,300,096
*Trading Companies & Distributors — 0.30%*
Rush Enterprises, Inc.		34,350		1,655,670
TOTAL INDUSTRIALS				120,929,731
INFORMATION TECHNOLOGY — 11.18% Communications Equipment — 1.28%
CommScope Holding Company, Inc. (a)		201,300		1,231,956
F5, Inc. (a)		38,200		5,846,128
				7,078,084
*Electronic Equipment, Instruments & Components — 6.36%*
Arrow Electronics, Inc. (a)		128,700		14,425,983
Belden, Inc.		123,700		6,589,499
Itron, Inc. (a)		149,200		7,374,956
Plexus Corp. (a)		87,800		6,892,300
				35,282,738
*IT Services — 3.01%*
Euronet Worldwide, Inc. (a)		151,700		15,259,503
Verra Mobility Corp. (a)		89,000		1,398,190
				16,657,693

	Shares Held		Value
*Semiconductors & Semiconductor Equipment — 0.53%*
Diodes, Inc. (a)		45,900	$	2,963,763
TOTAL INFORMATION TECHNOLOGY				61,982,278
MATERIALS — 1.00% Chemicals — 1.00%
Ecovyst, Inc.		563,200		5,547,520
*Metals & Mining — 0.00%*
Noranda Aluminum Holding Corp. (a) (f) (o) (u)		800,300		0
TOTAL MATERIALS				5,547,520
REAL ESTATE — 2.22% Real Estate Management & Development — 2.22%
The RMR Group, Inc.		117,400		3,328,290
Seritage Growth Properties (a) (l)		1,722,400		8,973,704
TOTAL REAL ESTATE				12,301,994
UTILITIES — 1.91% Electric Utilities — 0.22%
Portland General Electric Company		25,200		1,217,916
*Multi-Utilities — 1.69%*
Avista Corp.		215,100		9,359,001
TOTAL UTILITIES				10,576,917
Total common stocks (Cost $544,106,573)				528,198,337
RIGHTS— 0.00%
ENERGY — 0.00% Oil, Gas & Consumable Fuels — 0.00%
Rockhopper Exploration PLC (a) (i)		383,300		0
TOTAL ENERGY				0
Total rights (Cost $17,153)				0
Total long-term investments (Cost $544,123,726)				528,198,337
COLLATERAL FOR SECURITIES ON LOAN — 0.50%
*Money Market Funds — 0.50%*
Invesco Short-Term Investments Trust Government & Agency Portfolio — Institutional Class, 1.38%^		2,787,980		2,787,980
Total collateral for securities on loan (Cost $2,787,980)				2,787,980
SHORT-TERM INVESTMENTS — 5.07%	Principal Amount
*Time Deposits — 5.07%*
Barclays PLC, 0.91%, 07/01/2022*	$	28,096,262		28,096,262
Total short-term investments (Cost $28,096,262)				28,096,262
Total investments — 100.85% (Cost $575,007,968)				559,082,579
Liabilities in excess of other assets — (0.85)%				(4,736,562	)
Net assets — 100.00%			$	554,346,017

(a) — Non-income producing security.

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Small Cap Value Fund

(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 $0, which represented 0.00% 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 $0, 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 $2,714,966. 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.

(u) — Value determined using significant unobservable inputs.

^ — Rate shown is the 7-day yield as of June 30, 2022.

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

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Small Cap Diversified Value Fund

Largest Equity Holdings	Percent of net assets
Resources Connection, Inc.		0.54	%
Healthcare Services Group, Inc.		0.50	%
Otter Tail Corp.		0.49	%
OceanFirst Financial Corp.		0.46	%
Enerpac Tool Group Corp.		0.46	%
Meritor, Inc.		0.46	%
Allison Transmission Holdings, Inc.		0.46	%
Flushing Financial Corp.		0.46	%
Avista Corp.		0.45	%
South Jersey Industries, Inc.		0.45	%

COMMON STOCKS — 98.28%	Shares Held		Value
COMMUNICATION SERVICES — 0.65% Media — 0.65%
Emerald Holding, Inc. (a)		316,950	$	1,289,987
Entravision Communications Corp.		128,265		584,888
Stagwell, Inc. (a)		127,800		693,954
TEGNA, Inc.		23,067		483,715
TOTAL COMMUNICATION SERVICES				3,052,544
CONSUMER DISCRETIONARY — 13.71% Auto Components — 0.39%
Adient PLC (a)		62,605		1,854,986
*Diversified Consumer Services — 0.44%*
H&R Block, Inc.		59,200		2,090,944
*Hotels, Restaurants & Leisure — 1.48%*
Brinker International, Inc. (a)		54,470		1,199,974
Dine Brands Global, Inc.		6,200		403,496
El Pollo Loco Holdings, Inc. (a)		97,500		959,400
International Game Technology PLC		71,100		1,319,616
Jack in the Box, Inc.		23,200		1,300,592
Potbelly Corp. (a)		76,700		433,355
Travel + Leisure Company		34,780		1,350,160
				6,966,593
*Household Durables — 3.81%*
Bassett Furniture Industries, Inc.		26,300		476,556
Century Communities, Inc.		37,996		1,708,680
Ethan Allen Interiors, Inc.		91,005		1,839,211
Green Brick Partners, Inc. (a)		21,750		425,648
Hooker Furnishings Corp.		78,875		1,226,506
KB Home		17,800		506,588
La-Z-Boy, Inc.		82,500		1,956,075
LGI Homes, Inc. (a)		15,200		1,320,880
M/I Homes, Inc. (a)		49,923		1,979,945
Meritage Homes Corp. (a)		26,800		1,943,000

	Shares Held		Value
Taylor Morrison Home Corp. (a)		71,510	$	1,670,474
Tri Pointe Homes, Inc. (a)		109,487		1,847,046
Tupperware Brands Corp. (a)		160,600		1,018,204
				17,918,813
*Internet & Catalog Retail — 0.18%*
PetMed Express, Inc. (l)		41,600		827,840
*Leisure Products — 0.47%*
Johnson Outdoors, Inc.		30,600		1,871,496
Vista Outdoor, Inc. (a)		12,300		343,170
				2,214,666
*Multiline Retail — 0.14%*
Franchise Group, Inc.		18,300		641,781
*Specialty Retail — 5.83%*
The Aaron's Company, Inc.		136,500		1,986,075
American Eagle Outfitters, Inc.		75,600		845,208
Asbury Automotive Group, Inc. (a)		11,664		1,975,182
Big 5 Sporting Goods Corp. (l)		80,900		906,889
The Cato Corp.		109,400		1,270,134
Designer Brands, Inc.		33,900		442,734
Foot Locker, Inc.		50,500		1,275,125
Genesco, Inc. (a)		35,330		1,763,320
Group 1 Automotive, Inc.		11,728		1,991,414
Haverty Furniture Companies, Inc.		74,700		1,731,546
Hibbett, Inc.		32,673		1,428,137
Kirkland's, Inc. (a) (l)		234,700		826,144
LL Flooring Holdings, Inc. (a)		44,400		416,028
MarineMax, Inc. (a)		31,300		1,130,556
The ODP Corp. (a)		66,501		2,010,990
OneWater Marine, Inc. (a)		55,100		1,821,055
Rent-A-Center, Inc.		68,700		1,336,215
Sleep Number Corp. (a)		13,800		427,110

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Small Cap Diversified Value Fund

	Shares Held		Value
Sonic Automotive, Inc.		50,050	$	1,833,332
Tilly's, Inc.		59,600		418,392
Urban Outfitters, Inc. (a)		50,010		933,187
Zumiez, Inc. (a)		23,800		618,800
				27,387,573
*Textiles, Apparel & Luxury Goods — 0.97%*
Fossil Group, Inc. (a)		72,700		375,859
G-III Apparel Group Ltd. (a)		64,940		1,313,736
Lakeland Industries, Inc. (a)		51,800		795,648
Rocky Brands, Inc.		12,100		413,578
Vera Bradley, Inc. (a)		383,400		1,663,956
				4,562,777
TOTAL CONSUMER DISCRETIONARY				64,465,973
CONSUMER STAPLES — 2.00% Food & Staples Retailing — 0.19%
Natural Grocers by Vitamin Cottage, Inc.		57,300		913,935
*Food Products — 0.28%*
B&G Foods, Inc. (l)		55,100		1,310,278
*Household Products — 0.80%*
Central Garden & Pet Company (a)		42,600		1,807,092
Energizer Holdings, Inc.		69,200		1,961,820
				3,768,912
*Personal Products — 0.73%*
Medifast, Inc.		5,400		974,754
Nu Skin Enterprises, Inc.		20,850		902,805
USANA Health Sciences, Inc. (a)		21,400		1,548,504
				3,426,063
TOTAL CONSUMER STAPLES				9,419,188
ENERGY — 9.93% Energy Equipment & Services — 3.90%
Cactus, Inc.		33,530		1,350,253
ChampionX Corp.		72,100		1,431,185
Core Laboratories NV		38,800		768,628
Dril-Quip, Inc. (a)		75,000		1,935,000
Expro Group Holdings NV (a)		149,203		1,718,819
Helix Energy Solutions Group, Inc. (a)		307,000		951,700
Liberty Energy, Inc. (a)		103,800		1,324,488
National Energy Services Reunited Corp. (a)		295,500		2,003,490
Newpark Resources, Inc. (a)		389,800		1,204,482
NexTier Oilfield Solutions, Inc. (a)		188,188		1,789,668
Oil States International, Inc. (a)		92,900		503,518
ProPetro Holding Corp. (a)		81,150		811,500
Select Energy Services, Inc. (a)		146,100		996,402

	Shares Held		Value
Solaris Oilfield Infrastructure, Inc.		95,300	$	1,036,864
TechnipFMC PLC (a)		73,500		494,655
				18,320,652
*Oil, Gas & Consumable Fuels — 6.03%*
Amplify Energy Corp. (a)		51,300		335,502
Berry Corp.		231,870		1,766,849
California Resources Corp.		36,700		1,412,950
Centennial Resource Development, Inc. (a)		178,300		1,066,234
Civitas Resources, Inc.		24,930		1,303,590
CVR Energy, Inc.		15,400		515,900
Equitrans Midstream Corp.		289,000		1,838,040
HF Sinclair Corp.		15,600		704,496
Kosmos Energy Ltd. (a)		265,913		1,646,001
Laredo Petroleum, Inc. (a)		14,000		965,160
Murphy Oil Corp.		61,110		1,844,911
Northern Oil and Gas, Inc.		61,300		1,548,438
Oasis Petroleum, Inc.		15,300		1,861,245
Par Pacific Holdings, Inc. (a)		93,700		1,460,783
PDC Energy, Inc.		27,698		1,706,474
Range Resources Corp. (a)		70,900		1,754,775
Ranger Oil Corp. (a)		53,200		1,748,684
REX American Resources Corp. (a)		12,478		1,058,134
Talos Energy, Inc. (a)		76,200		1,178,814
Vertex Energy, Inc. (a) (l)		32,500		341,900
Whiting Petroleum Corp.		24,200		1,646,326
World Fuel Services Corp.		32,424		663,395
				28,368,601
TOTAL ENERGY				46,689,253
FINANCIALS — 32.15% Banks — 20.10%
1st Source Corp.		32,506		1,475,772
Amalgamated Financial Corp.		47,800		945,484
Associated Banc-Corp		100,300		1,831,478
Bank of Marin Bancorp		20,400		648,312
BankUnited, Inc.		52,310		1,860,667
Banner Corp.		24,800		1,394,008
BCB Bancorp, Inc.		28,500		485,355
Berkshire Hills Bancorp, Inc.		76,500		1,894,905
Brookline Bancorp, Inc.		47,076		626,582
Cadence Bank		47,610		1,117,883
Camden National Corp.		21,116		930,160
Carter Bankshares, Inc. (a)		36,200		477,840
Cathay General Bancorp		37,732		1,477,208

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Small Cap Diversified Value Fund

	Shares Held		Value
Central Pacific Financial Corp.		61,700	$	1,323,465
Central Valley Community Bancorp		38,700		561,150
Civista Bancshares, Inc.		18,900		401,814
CNB Financial Corp.		28,400		686,996
Columbia Banking System, Inc.		50,200		1,438,230
The Community Financial Corp.		11,600		427,808
Community Trust Bancorp, Inc.		22,610		914,348
CrossFirst Bankshares, Inc. (a)		31,200		411,840
CVB Financial Corp.		69,800		1,731,738
Eagle Bancorp, Inc.		39,930		1,893,081
Enterprise Financial Services Corp.		9,700		402,550
FB Financial Corp.		34,025		1,334,461
Financial Institutions, Inc.		26,861		698,923
First BanCorp		110,686		1,428,956
First Busey Corp.		86,400		1,974,240
First Business Financial Services, Inc.		13,765		429,330
First Financial Bancorp		41,250		800,250
First Financial Corp.		34,063		1,515,804
First Hawaiian, Inc.		62,440		1,418,012
First Internet Bancorp		26,189		964,279
First Interstate BancSystem, Inc.		35,429		1,350,199
First Merchants Corp.		9,102		324,213
First Mid Bancshares, Inc.		17,300		617,091
The First of Long Island Corp.		53,680		941,010
Flushing Financial Corp.		100,918		2,145,517
FNB Corp.		161,580		1,754,759
Fulton Financial Corp.		95,140		1,374,773
Great Southern Bancorp, Inc.		21,110		1,236,202
Hancock Whitney Corp.		29,300		1,298,869
Hanmi Financial Corp.		87,567		1,965,003
Heartland Financial USA, Inc.		34,700		1,441,438
Heritage Financial Corp.		40,700		1,024,012
HomeStreet, Inc.		37,278		1,292,428
Hope Bancorp, Inc.		138,633		1,918,681
Horizon Bancorp, Inc.		85,100		1,482,442
Independent Bank Corp.		6,591		523,523
Independent Bank Corp.		77,100		1,486,488
International Bancshares Corp.		36,136		1,448,331
Investar Holding Corp.		25,800		565,020
Lakeland Bancorp, Inc.		98,330		1,437,585
Macatawa Bank Corp.		57,000		503,880
Mercantile Bank Corp.		28,700		916,965
Midland States Bancorp, Inc.		50,513		1,214,333
MidWestOne Financial Group, Inc.		25,594		760,654
National Bankshares, Inc.		13,900		436,460

	Shares Held		Value
Nicolet Bankshares, Inc. (a)		24,100	$	1,743,394
Northeast Bank		13,200		482,196
Northrim BanCorp, Inc.		11,584		466,372
OceanFirst Financial Corp.		113,510		2,171,446
Old National Bancorp		58,739		868,750
Orrstown Financial Services, Inc.		22,379		540,900
PacWest Bancorp		43,300		1,154,378
PCB Bancorp		45,100		842,468
Peapack-Gladstone Financial Corp.		28,936		859,399
Peoples Bancorp, Inc.		19,530		519,498
Preferred Bank		19,200		1,305,984
Premier Financial Corp.		56,560		1,433,796
Primis Financial Corp.		56,456		769,495
RBB Bancorp		33,032		682,771
Renasant Corp.		48,300		1,391,523
Republic Bancorp, Inc.		22,770		1,098,653
S&T Bancorp, Inc.		50,700		1,390,701
Sierra Bancorp		16,900		367,237
Simmons First National Corp.		17,600		374,176
Texas Capital Bancshares, Inc. (a)		39,190		2,062,962
Towne Bank		31,100		844,365
TriCo Bancshares		11,994		547,406
Trustmark Corp.		65,801		1,920,731
Univest Financial Corp.		16,950		431,208
Washington Federal, Inc.		68,744		2,063,695
Washington Trust Bancorp, Inc.		8,430		407,759
Webster Financial Corp.		26,100		1,100,115
Wintrust Financial Corp.		16,350		1,310,453
				94,534,636
*Capital Markets — 2.00%*
Artisan Partners Asset Management, Inc.		27,200		967,504
Cowen, Inc.		81,500		1,930,734
Diamond Hill Investment Group, Inc.		5,000		868,200
Evercore, Inc.		3,610		337,932
Federated Hermes, Inc.		46,500		1,478,235
Greenhill & Company, Inc.		105,725		974,785
Perella Weinberg Partners		137,300		800,459
Victory Capital Holdings, Inc.		61,127		1,473,161
Virtus Investment Partners, Inc.		3,300		564,366
				9,395,376
*Consumer Finance — 0.42%*
Navient Corp.		140,320		1,963,077
*Insurance — 5.63%*
Ambac Financial Group, Inc. (a)		177,087		2,009,937
American Equity Investment Life Holding Company		55,526		2,030,586

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Small Cap Diversified Value Fund

	Shares Held		Value
Assured Guaranty Ltd.		36,500	$	2,036,335
Axis Capital Holdings Ltd.		32,700		1,866,843
Brighthouse Financial, Inc. (a)		14,200		582,484
CNO Financial Group, Inc.		106,086		1,919,096
Employers Holdings, Inc.		45,735		1,915,839
Enstar Group Ltd. (a)		8,739		1,869,971
The Hanover Insurance Group, Inc.		5,500		804,375
Horace Mann Educators Corp.		31,814		1,221,021
James River Group Holdings Ltd.		50,900		1,261,302
Kemper Corp.		20,100		962,790
National Western Life Group, Inc.		6,655		1,348,969
ProAssurance Corp.		42,400		1,001,912
Safety Insurance Group, Inc.		15,400		1,495,340
SiriusPoint Ltd. (a)		335,478		1,818,291
Trean Insurance Group, Inc. (a)		73,800		459,774
White Mountains Insurance Group Ltd.		1,500		1,869,195
				26,474,060
*Mortgage Real Estate Investment Trusts — 0.75%*
Arlington Asset Investment Corp. (a)		146,400		475,800
Granite Point Mortgage Trust, Inc.		42,800		409,596
Great Ajax Corp.		67,234		644,774
MFA Financial, Inc.		45,500		489,125
New York Mortgage Trust, Inc.		396,500		1,094,340
TPG RE Finance Trust, Inc.		44,000		396,440
				3,510,075
*Thrifts & Mortgage Finance — 3.25%*
Blue Foundry Bancorp (a)		76,700		919,633
Bridgewater Bancshares, Inc. (a)		30,490		492,109
Essent Group Ltd.		50,300		1,956,670
Federal Agricultural Mortgage Corp.		14,520		1,417,878
FS Bancorp, Inc.		15,080		432,947
Home Bancorp, Inc.		12,800		436,864
Luther Burbank Corp.		54,445		710,507
NMI Holdings, Inc. (a)		115,400		1,921,410
Northeast Community Bancorp, Inc.		44,800		527,296
Northfield Bancorp, Inc.		51,107		665,924
Provident Financial Services, Inc.		41,300		919,338
Radian Group, Inc.		95,300		1,872,645
Territorial Bancorp, Inc.		20,752		432,679
TrustCo Bank Corp.		36,892		1,137,749
Waterstone Financial, Inc.		58,800		1,002,540
William Penn Bancorp		36,000		421,200
				15,267,389
TOTAL FINANCIALS				151,144,613

	Shares Held		Value
HEALTH CARE — 1.95% Biotechnology — 0.86%
Emergent BioSolutions, Inc. (a)		64,900	$	2,014,496
Vanda Pharmaceuticals, Inc. (a)		187,200		2,040,480
				4,054,976
*Health Care Providers & Services — 0.50%*
Hanger, Inc. (a)		129,000		1,847,280
Patterson Companies, Inc.		17,000		515,100
				2,362,380
*Pharmaceuticals — 0.59%*
Prestige Consumer Healthcare, Inc. (a)		17,400		1,023,120
Taro Pharmaceutical Industries Ltd. (a)		47,880		1,731,341
				2,754,461
TOTAL HEALTH CARE				9,171,817
INDUSTRIALS — 19.96% Aerospace & Defense — 1.64%
AAR Corp. (a)		46,640		1,951,418
Moog, Inc.		25,900		2,056,201
National Presto Industries, Inc.		28,614		1,878,223
Vectrus, Inc. (a)		55,155		1,845,486
				7,731,328
*Air Freight & Logistics — 0.25%*
Forward Air Corp.		12,700		1,167,892
*Airlines — 0.31%*
Mesa Air Group, Inc. (a)		177,800		389,382
Spirit Airlines, Inc. (a) (l)		45,500		1,084,720
				1,474,102
*Building Products — 1.37%*
Griffon Corp.		22,400		627,872
JELD-WEN Holding, Inc. (a)		120,200		1,753,718
Masonite International Corp. (a)		25,341		1,946,949
Resideo Technologies, Inc. (a)		89,700		1,741,974
UFP Industries, Inc.		5,500		374,770
				6,445,283
*Commercial Services & Supplies — 2.54%*
ABM Industries, Inc.		24,000		1,042,080
ACCO Brands Corp.		274,309		1,791,238
The Brink's Company		25,500		1,548,105
Ennis, Inc.		80,717		1,632,905
Healthcare Services Group, Inc.		133,700		2,327,717
Interface, Inc.		75,500		946,770
Kimball International, Inc.		170,900		1,310,803
Steelcase, Inc.		124,015		1,330,681
				11,930,299

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Small Cap Diversified Value Fund

	Shares Held		Value
*Construction & Engineering — 2.08%*
Comfort Systems USA, Inc.		11,300	$	939,595
Fluor Corp. (a)		69,830		1,699,662
Great Lakes Dredge & Dock Corp. (a)		148,200		1,942,903
Matrix Service Company (a)		172,500		872,850
MYR Group, Inc. (a)		10,444		920,430
Primoris Services Corp.		63,553		1,382,913
Sterling Infrastructure, Inc. (a)		38,000		832,960
Tutor Perini Corp. (a)		133,121		1,168,802
				9,760,115
*Electrical Equipment — 2.26%*
Atkore, Inc. (a)		7,400		614,274
AZZ, Inc.		41,600		1,698,112
Encore Wire Corp.		13,296		1,381,720
EnerSys		29,010		1,710,429
GrafTech International Ltd.		238,780		1,688,175
Powell Industries, Inc.		46,600		1,089,042
Preformed Line Products Company		14,127		868,811
Thermon Group Holdings, Inc. (a)		113,683		1,597,246
				10,647,809
*Machinery — 4.80%*
Allison Transmission Holdings, Inc.		55,900		2,149,355
Barnes Group, Inc.		28,300		881,262
Enerpac Tool Group Corp.		114,000		2,168,280
EnPro Industries, Inc.		21,850		1,790,171
Flowserve Corp.		65,600		1,878,128
Graham Corp.		19,189		132,788
The Greenbrier Companies, Inc.		49,299		1,774,271
Hillenbrand, Inc.		51,420		2,106,163
Hyster-Yale Materials Handling, Inc.		43,527		1,402,440
L B Foster Company (a)		24,000		308,880
Meritor, Inc. (a)		59,213		2,151,208
Miller Industries, Inc.		25,320		574,004
Mueller Industries, Inc.		18,700		996,523
Mueller Water Products, Inc.		78,500		920,805
Proto Labs, Inc. (a)		30,700		1,468,688
Wabash National Corp.		135,182		1,835,772
				22,538,738
*Marine — 0.18%*
Matson, Inc.		11,613		846,355
*Professional Services — 2.95%*
BGSF, Inc.		37,460		463,006
CBIZ, Inc. (a)		19,800		791,208
FTI Consulting, Inc. (a)		8,200		1,482,970
Heidrick & Struggles International, Inc.		57,910		1,873,968

	Shares Held		Value
Kelly Services, Inc.		84,350	$	1,672,661
Korn Ferry		35,356		2,051,355
ManTech International Corp.		10,300		983,135
Resources Connection, Inc.		123,485		2,515,388
TrueBlue, Inc. (a)		114,400		2,047,760
				13,881,451
*Road & Rail — 0.40%*
Heartland Express, Inc.		102,500		1,425,775
Schneider National, Inc.		19,700		440,886
				1,866,661
*Trading Companies & Distributors — 1.18%*
BlueLinx Holdings, Inc. (a)		21,900		1,463,139
Boise Cascade Company		21,700		1,290,933
DXP Enterprises, Inc. (a)		26,980		826,397
Rush Enterprises, Inc.		40,547		1,954,366
				5,534,835
TOTAL INDUSTRIALS				93,824,868
INFORMATION TECHNOLOGY — 7.44% Communications Equipment — 1.03%
Casa Systems, Inc. (a) (l)		113,100		444,483
CommScope Holding Company, Inc. (a)		167,300		1,023,876
Comtech Telecommunications Corp.		213,400		1,935,538
NETGEAR, Inc. (a)		78,200		1,448,264
				4,852,161
*Electronic Equipment, Instruments & Components — 3.62%*
Avnet, Inc.		42,300		1,813,824
Belden, Inc.		35,970		1,916,122
ePlus, Inc. (a)		19,200		1,019,904
Insight Enterprises, Inc. (a)		21,368		1,843,631
Kimball Electronics, Inc. (a)		55,400		1,113,540
Methode Electronics, Inc.		45,659		1,691,209
PC Connection, Inc.		32,306		1,423,079
Plexus Corp. (a)		5,700		447,450
Sanmina Corp. (a)		50,095		2,040,370
ScanSource, Inc. (a)		57,933		1,804,034
Vishay Intertechnology, Inc.		107,926		1,923,241
				17,036,404
*IT Services — 0.88%*
BM Technologies, Inc. (a) (l)		27,624		162,705
Cass Information Systems, Inc.		56,500		1,909,700
CSG Systems International, Inc.		9,100		543,088
MoneyGram International, Inc. (a)		98,400		984,000
Verra Mobility Corp. (a)		33,300		523,143
				4,122,636

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Small Cap Diversified Value Fund

	Shares Held		Value
*Semiconductors & Semiconductor Equipment — 0.63%*
Diodes, Inc. (a)		19,449	$	1,255,822
Photronics, Inc. (a)		87,100		1,696,708
				2,952,530
*Software — 0.62%*
Ebix, Inc. (l)		61,970		1,047,293
Telos Corp. (a)		122,500		989,800
Xperi Holding Corp.		59,600		860,028
				2,897,121
*Technology Hardware, Storage & Peripherals — 0.66%*
Diebold Nixdorf, Inc. (a)		591,000		1,341,570
Super Micro Computer, Inc. (a)		43,300		1,747,155
				3,088,725
TOTAL INFORMATION TECHNOLOGY				34,949,577
MATERIALS — 4.81% Chemicals — 2.91%
AdvanSix, Inc.		60,800		2,033,152
American Vanguard Corp.		42,429		948,288
Cabot Corp.		21,670		1,382,329
Chase Corp.		11,700		910,377
Ecovyst, Inc.		198,200		1,952,270
FutureFuel Corp.		65,130		474,146
Hawkins, Inc.		13,100		471,993
HB Fuller Company		15,500		933,255
Innospec, Inc.		11,100		1,063,269
NewMarket Corp.		3,200		963,072
Tredegar Corp.		87,030		870,300
Trinseo PLC		43,650		1,678,779
				13,681,230
*Containers & Packaging — 0.10%*
TriMas Corp.		16,300		451,347
*Metals & Mining — 1.39%*
Commercial Metals Company		27,800		920,180
Compass Minerals International, Inc.		40,100		1,419,139
Kaiser Aluminum Corp.		22,167		1,753,188
Ryerson Holding Corp.		27,100		576,959
Warrior Met Coal, Inc.		29,100		890,751
Worthington Industries, Inc.		22,550		994,455
				6,554,672
*Paper & Forest Products — 0.41%*
Glatfelter Corp.		151,300		1,040,944
Mercer International, Inc.		67,950		893,543
				1,934,487
TOTAL MATERIALS				22,621,736

	Shares Held		Value
REAL ESTATE — 1.87% Equity Real Estate Investment Trusts — 0.85%
Alexander's, Inc.		8,300	$	1,843,928
Braemar Hotels & Resorts, Inc.		102,500		439,725
Pebblebrook Hotel Trust		102,600		1,700,082
				3,983,735
*Real Estate Management & Development — 1.02%*
RE/MAX Holdings, Inc.		83,800		2,054,776
The RMR Group, Inc.		70,500		1,998,675
Seritage Growth Properties (a) (l)		147,148		766,641
				4,820,092
TOTAL REAL ESTATE				8,803,827
UTILITIES — 3.81% Electric Utilities — 2.11%
ALLETE, Inc.		32,476		1,908,939
Hawaiian Electric Industries, Inc.		51,000		2,085,900
Otter Tail Corp.		34,340		2,305,244
PNM Resources, Inc.		34,602		1,653,284
Portland General Electric Company		40,700		1,967,031
				9,920,398
*Gas Utilities — 1.25%*
South Jersey Industries, Inc.		61,744		2,107,940
Southwest Gas Holdings, Inc.		21,100		1,837,388
Spire, Inc.		25,873		1,924,175
				5,869,503
*Multi-Utilities — 0.45%*
Avista Corp.		48,761		2,121,591
TOTAL UTILITIES				17,911,492
Total common stocks (Cost $458,395,841)				462,054,888
Total long-term investments (Cost $458,395,841)				462,054,888
COLLATERAL FOR SECURITIES ON LOAN — 0.99%
*Money Market Funds — 0.99%*
Invesco Short-Term Investments Trust Government & Agency Portfolio — Institutional Class, 1.38%^		4,634,772		4,634,772
Total collateral for securities on loan (Cost $4,634,772)				4,634,772

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Small Cap Diversified Value Fund

SHORT-TERM INVESTMENTS — 2.29%	Principal Amount		Value
*Time Deposits — 2.29%*
Banco Bilbao Vizcaya Argentaria SA, 0.91%, 07/01/2022*	$	10,786,292	$	10,786,292
Total short-term investments (Cost $10,786,292)				10,786,292
Total investments — 101.56% (Cost $473,816,905)				477,475,952
Liabilities in excess of other assets — (1.56)%				(7,312,586	)
Net assets — 100.00%			$	470,163,366

(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 $4,421,326. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

^ — Rate shown is the 7-day yield as of June 30, 2022.

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

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Global Value Fund

Largest Equity Holdings	Percent of net assets
General Electric Company		4.80	%
F5, Inc.		3.88	%
American International Group, Inc.		3.61	%
Citigroup, Inc.		3.48	%
Microsoft Corp.		3.15	%
Euronet Worldwide, Inc.		2.98	%
Alphabet, Inc.		2.97	%
Oracle Corp.		2.85	%
CVS Health Corp.		2.55	%
Tokio Marine Holdings, Inc.		2.50	%

* Based on country of risk.

COMMON STOCKS — 98.93%	Shares Held		Value
COMMUNICATION SERVICES — 7.65% Entertainment — 1.97%
Warner Bros. Discovery, Inc. (a)		48,650	$	652,883
*Interactive Media & Services — 2.97%*
Alphabet, Inc. (a)		450		980,667
*Media — 0.99%*
News Corp.		21,100		328,738
*Wireless Telecommunication Services — 1.72%*
Vodafone Group PLC — ADR		36,572		569,792
TOTAL COMMUNICATION SERVICES				2,532,080
CONSUMER DISCRETIONARY — 7.57% Auto Components — 2.26%
Magna International, Inc.		13,611		747,244
*Automobiles — 2.35%*
General Motors Company (a)		24,445		776,373
*Hotels, Restaurants & Leisure — 2.96%*
Accor SA (a) (v)		27,000		736,605
Booking Holdings, Inc. (a)		140		244,859
				981,464
TOTAL CONSUMER DISCRETIONARY				2,505,081
CONSUMER STAPLES — 2.33% Food Products — 0.99%
Gruma SAB de CV		29,600		326,844
*Household Products — 1.34%*
Henkel AG & Company KGaA (v)		7,200		442,372
TOTAL CONSUMER STAPLES				769,216
ENERGY — 9.72% Energy Equipment & Services — 2.45%
NOV, Inc.		48,069		812,847

	Shares Held		Value
*Oil, Gas & Consumable Fuels — 7.27%*
Cenovus Energy, Inc.		37,300	$	709,662
Hess Corp.		4,400		466,136
Marathon Oil Corp.		18,300		411,384
Suncor Energy, Inc.		23,300		817,455
				2,404,637
TOTAL ENERGY				3,217,484
FINANCIALS — 25.21% Banks — 13.57%
ABN AMRO Bank NV (r) (v)		24,400		274,173
BNP Paribas SA (v)		6,956		332,721
Citigroup, Inc.		25,004		1,149,934
ING Groep NV (v)		44,456		437,965
Popular, Inc.		8,700		669,291
Societe Generale SA (v)		10,493		231,998
UniCredit SpA (v)		59,700		570,516
Wells Fargo & Company		21,030		823,745
				4,490,343
*Capital Markets — 4.55%*
The Bank of New York Mellon Corp.		10,000		417,100
Credit Suisse Group AG (v)		67,286		384,058
The Goldman Sachs Group, Inc.		2,368		703,343
				1,504,501
*Diversified Financial Services — 0.98%*
Berkshire Hathaway, Inc. (a)		1,194		325,986

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Global Value Fund

	Shares Held		Value
*Insurance — 6.11%*
American International Group, Inc.		23,369	$	1,194,857
Tokio Marine Holdings, Inc. (v)		14,200		828,030
				2,022,887
TOTAL FINANCIALS				8,343,717
HEALTH CARE — 6.85% Health Care Equipment & Supplies — 1.92%
Koninklijke Philips NV (v)		14,900		319,585
Medtronic PLC		3,500		314,125
				633,710
*Health Care Providers & Services — 4.93%*
CVS Health Corp.		9,100		843,206
Elevance Health, Inc.		1,635		789,018
				1,632,224
TOTAL HEALTH CARE				2,265,934
INDUSTRIALS — 20.26% Aerospace & Defense — 5.66%
Airbus SE (v)		4,800		469,489
Babcock International Group PLC (a) (v)		135,400		511,141
BAE Systems PLC (v)		72,459		733,575
Safran SA (v)		1,600		159,306
				1,873,511
*Air Freight & Logistics — 4.21%*
FedEx Corp.		3,550		804,820
Royal Mail PLC (v)		178,087		588,304
				1,393,124
*Airlines — 0.84%*
Qantas Airways Ltd. (a) (v)		90,200		279,154
*Industrial Conglomerates — 4.80%*
General Electric Company		24,934		1,587,548
*Machinery — 3.07%*
CNH Industrial NV		30,282		350,969
Cummins, Inc.		3,429		663,614
				1,014,583
*Road & Rail — 1.68%*
AMERCO		1,162		555,703
TOTAL INDUSTRIALS				6,703,623
INFORMATION TECHNOLOGY — 19.34% Communications Equipment — 6.17%
F5, Inc. (a)		8,400		1,285,536
Telefonaktiebolaget LM Ericsson — ADR		102,372		757,553
				2,043,089

	Shares Held		Value
*Electronic Equipment, Instruments & Components — 0.81%*
Corning, Inc.		8,473	$	266,984
*IT Services — 2.98%*
Euronet Worldwide, Inc. (a)		9,800		985,782
*Semiconductors & Semiconductor Equipment — 0.97%*
Micron Technology, Inc.		5,800		320,624
*Software — 7.73%*
Microsoft Corp.		4,063		1,043,501
Oracle Corp.		13,475		941,498
Workday, Inc. (a)		4,100		572,278
				2,557,277
*Technology Hardware, Storage & Peripherals — 0.68%*
Samsung Electronics Company Ltd. (v)		5,100		224,947
TOTAL INFORMATION TECHNOLOGY				6,398,703
Total common stocks (Cost $32,484,080)				32,735,838
Total long-term investments (Cost $32,484,080)				32,735,838
SHORT-TERM INVESTMENTS — 2.67%	Principal Amount
*Time Deposits — 2.67%*
Citigroup Inc., 0.91%, 07/01/2022*	$	884,803		884,803
Total short-term investments (Cost $884,803)				884,803
Total investments — 101.60% (Cost $33,368,883)				33,620,641
Liabilities in excess of other assets — (1.60)%				(530,759	)
Net assets — 100.00%			$	33,089,882

(a) — Non-income producing security.

(r) — Rule 144A security under 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 $274,173, which represented 0.83% 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 $7,523,939, which represented 22.74% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

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.
34

Schedule of Investments — June 30, 2022

Hotchkis & Wiley International Value Fund

Largest Equity Holdings	Percent of net assets
Tokio Marine Holdings, Inc.		3.88	%
Telefonaktiebolaget LM Ericsson		3.84	%
BAE Systems PLC		3.72	%
BNP Paribas SA		3.33	%
ING Groep NV		3.28	%
Accor SA		3.27	%
Points.com, Inc.		3.04	%
Kosmos Energy Ltd.		3.01	%
Royal Mail PLC		2.88	%
Airbus SE		2.87	%

* Based on country of risk.

COMMON STOCKS — 98.52%	Shares Held		Value
COMMUNICATION SERVICES — 3.79% Media — 1.19%
RTL Group SA (v)		770	$	32,253
*Wireless Telecommunication Services — 2.60%*
Vodafone Group PLC (v)		45,246		70,353
TOTAL COMMUNICATION SERVICES				102,606
CONSUMER DISCRETIONARY — 11.60% Auto Components — 2.17%
Magna International, Inc.		1,072		58,853
*Automobiles — 1.02%*
Bayerische Motoren Werke AG (v)		386		27,532
*Hotels, Restaurants & Leisure — 5.37%*
Accor SA (a) (v)		3,250		88,665
Compass Group PLC (v)		2,760		56,667
				145,332
*Internet & Catalog Retail — 3.04%*
Points.com, Inc. (a)		3,300		82,449
TOTAL CONSUMER DISCRETIONARY				314,166
CONSUMER STAPLES — 8.99% Beverages — 4.60%
Britvic PLC (v)		2,800		27,754
Coca-Cola Europacific Partners PLC		570		29,418
Heineken Holding NV (v)		927		67,342
				124,514
*Food & Staples Retailing — 0.68%*
Tesco PLC (v)		5,938		18,506
*Household Products — 2.63%*
Henkel AG & Company KGaA (v)		1,160		71,271

	Shares Held		Value
*Personal Products — 1.08%*
Unilever PLC (v)		638	$	29,080
TOTAL CONSUMER STAPLES				243,371
ENERGY — 14.26% Energy Equipment & Services — 3.58%
Expro Group Holdings NV (a)		1,559		17,960
Schlumberger NV		1,140		40,766
Subsea 7 SA (v)		4,800		38,338
				97,064
*Oil, Gas & Consumable Fuels — 10.68%*
Capricorn Energy PLC (a) (v)		4,504		11,973
Cenovus Energy, Inc.		3,250		61,834
Kosmos Energy Ltd. (a)		13,168		81,509
Shell PLC (v)		1,527		39,622
Suncor Energy, Inc.		1,900		66,659
TotalEnergies SE (v)		525		27,635
				289,232
TOTAL ENERGY				386,296
FINANCIALS — 30.13% Banks — 17.78%
ABN AMRO Bank NV (r) (v)		4,200		47,194
Barclays PLC (v)		23,317		43,602
BNP Paribas SA (v)		1,884		90,116
ING Groep NV (v)		9,007		88,734
Lloyds Banking Group PLC (v)		105,600		54,332
NatWest Group PLC (v)		11,000		29,279
Societe Generale SA (v)		3,031		67,015
UniCredit SpA (v)		6,400		61,161
				481,433

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley International Value Fund

	Shares Held		Value
*Capital Markets — 5.13%*
Credit Suisse Group AG (v)		12,710	$	72,547
Rothschild & Company (v)		1,960		66,467
				139,014
*Insurance — 7.22%*
Enstar Group Ltd. (a)		299		63,980
Tokio Marine Holdings, Inc. (v)		1,800		104,962
Zurich Insurance Group AG (v)		61		26,600
				195,542
TOTAL FINANCIALS				815,989
HEALTH CARE — 4.94% Health Care Equipment & Supplies — 3.40%
Koninklijke Philips NV (v)		2,577		55,273
Medtronic PLC		410		36,798
				92,071
*Pharmaceuticals — 1.54%*
Euroapi SA (a)		5		84
GSK PLC (v)		1,309		28,211
Sanofi (v)		133		13,413
				41,708
TOTAL HEALTH CARE				133,779
INDUSTRIALS — 18.16% Aerospace & Defense — 9.93%
Airbus SE (v)		795		77,759
Babcock International Group PLC (a) (v)		12,100		45,678
BAE Systems PLC (v)		9,945		100,682
Safran SA (v)		450		44,805
				268,924
*Air Freight & Logistics — 2.88%*
Royal Mail PLC (v)		23,629		78,058
*Airlines — 1.64%*
Qantas Airways Ltd. (a) (v)		14,300		44,256
*Industrial Conglomerates — 0.91%*
Siemens AG (v)		240		24,671
*Machinery — 2.34%*
CNH Industrial NV		4,953		57,405
Iveco Group NV (a) (v)		1,110		5,877
				63,282
*Professional Services — 0.46%*
Hudson Global, Inc. (a)		399		12,529
TOTAL INDUSTRIALS				491,720
INFORMATION TECHNOLOGY — 6.65% Communications Equipment — 3.84%
Telefonaktiebolaget LM Ericsson (v)		13,944		104,148

	Shares Held		Value
*Semiconductors & Semiconductor Equipment — 0.94%*
Taiwan Semiconductor Manufacturing Company Ltd. — ADR		310	$	25,342
*Technology Hardware, Storage & Peripherals — 1.87%*
Samsung Electronics Company Ltd. (v)		1,150		50,723
TOTAL INFORMATION TECHNOLOGY				180,213
Total common stocks (Cost $2,674,563)				2,668,140
Total long-term investments (Cost $2,674,563)				2,668,140
SHORT-TERM INVESTMENTS — 1.94%	Principal Amount
*Time Deposits — 1.94%*
Citigroup, Inc., 0.91%, 07/01/2022*	$	52,447		52,447
Total short-term investments (Cost $52,447)				52,447
Total investments — 100.46% (Cost $2,727,010)				2,720,587
Liabilities in excess of other assets — (0.46)%				(12,425	)
Net assets — 100.00%			$	2,708,162

(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 $2,032,554, which represented 75.05% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

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.
36

Schedule of Investments — June 30, 2022

Hotchkis & Wiley International Small Cap Diversified Value Fund

Largest Equity Holdings	Percent of net assets
Burford Capital Ltd.		0.69	%
Tassal Group Ltd.		0.67	%
u-blox Holding AG		0.66	%
Silverlake Axis Ltd.		0.64	%
The First Bank of Toyama Ltd.		0.63	%
Beazley PLC		0.59	%
Centrica PLC		0.58	%
Plus500 Ltd.		0.57	%
Cardinal Energy Ltd.		0.57	%
Financial Products Group Company Ltd.		0.56	%

* Based on country of risk.

COMMON STOCKS — 97.73%	Shares Held		Value
COMMUNICATION SERVICES — 1.53% Entertainment — 0.40%
Akatsuki, Inc. (v)		600	$	12,034
GungHo Online Entertainment, Inc. (v)		600		10,645
				22,679
*Media — 1.13%*
APG SGA SA (v)		170		31,387
Atresmedia Corp. de Medios de Comunicacion SA (v)		3,200		11,096
North Media A/S		1,200		11,226
ProSiebenSat.1 Media SE (v)		1,200		11,161
				64,870
TOTAL COMMUNICATION SERVICES				87,549
CONSUMER DISCRETIONARY — 9.93% Auto Components — 2.80%
AKWEL		700		11,752
Bulten AB (v)		2,000		12,562
Exco Technologies Ltd.		1,800		11,173
FCC Company Ltd. (v)		1,700		16,900
NHK Spring Company Ltd. (v)		1,800		11,814
Nichirin Company Ltd. (v)		1,000		11,288
Nokian Renkaat Oyj (v)		1,400		15,442
SAF-Holland SE (v)		1,500		9,969
Tokai Rika Company Ltd. (v)		1,100		11,999
Toyota Boshoku Corp. (v)		1,200		17,825
TS Tech Company Ltd. (v)		2,800		28,988
				159,712
*Automobiles — 0.85%*
Kabe Group AB (v)		500		9,828
Mazda Motor Corp. (v)		1,600		13,060
Mitsubishi Motors Corp. (a) (v)		4,900		16,528
Trigano SA (v)		90		8,856
				48,272

	Shares Held		Value
*Distributors — 0.31%*
Inchcape PLC (v)		2,100	$	17,846
*Diversified Consumer Services — 0.30%*
Anexo Group PLC (v)		11,600		17,278
*Hotels, Restaurants & Leisure — 0.28%*
Dalata Hotel Group PLC (a) (v)		4,400		16,049
*Household Durables — 1.75%*
Bonava AB (v)		4,100		11,933
Crest Nicholson Holdings PLC (v)		4,100		12,225
Fleetwood Ltd. (v)		9,900		8,863
Kaufman & Broad SA (v)		600		16,414
MJ Gleeson PLC		1,700		10,637
Nobia AB (v)		3,700		9,963
Redrow PLC (v)		1,900		11,344
Tamron Company Ltd. (v)		1,000		18,532
				99,911
*Internet & Catalog Retail — 0.22%*
Takkt AG (v)		800		12,607
*Leisure Products — 1.07%*
Fountaine Pajot SA (v)		100		10,689
Furyu Corp. (v)		1,500		12,475
Kawai Musical Instruments Manufacturing Company Ltd. (v)		1,300		24,850
Photo-Me International PLC		14,000		13,088
				61,102
*Specialty Retail — 1.80%*
Beter Bed Holding NV (v)		2,500		10,747
Clas Ohlson AB (v)		1,600		16,589
Halfords Group PLC (v)		10,800		18,851
Leon's Furniture Ltd.		900		10,998
Michael Hill International Ltd. (v)		15,800		11,231

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley International Small Cap Diversified Value Fund

	Shares Held		Value
Shaver Shop Group Ltd.		16,200	$	10,903
Super Retail Group Ltd. (v)		1,700		9,986
Vertu Motors PLC (v)		20,100		13,281
				102,586
*Textiles, Apparel & Luxury Goods — 0.55%*
Hagihara Industries, Inc. (v)		2,200		17,626
Mavi Giyim Sanayi Ve Ticaret AS (r)		4,400		13,826
				31,452
TOTAL CONSUMER DISCRETIONARY				566,815
CONSUMER STAPLES — 5.32% Beverages — 1.05%
Britvic PLC (v)		2,900		28,746
Corby Spirit and Wine Ltd.		1,300		17,422
Olvi Oyj (v)		400		13,518
				59,686
*Food Products — 3.33%*
Austevoll Seafood ASA (v)		2,000		23,588
Ebara Foods Industry, Inc. (v)		600		13,453
Greencore Group PLC (a)		7,700		9,308
High Liner Foods, Inc.		1,400		13,084
Itoham Yonekyu Holdings, Inc. (v)		2,200		11,206
Lassonde Industries, Inc. (m)		170		15,724
Newlat Food SpA (a) (v)		1,900		11,275
Nitto Fuji Flour Milling Company Ltd. (v)		400		13,825
Savencia SA		440		27,666
Tassal Group Ltd. (v)		11,600		38,378
Wynnstay Group PLC		1,700		12,644
				190,151
*Household Products — 0.20%*
Suominen Oyj (v)		3,700		11,556
*Personal Products — 0.46%*
BWX Ltd. (v)		30,400		13,478
Shinnihonseiyaku Company Ltd. (v)		1,100		12,980
				26,458
*Tobacco — 0.28%*
Scandinavian Tobacco Group A/S (r) (v)		800		15,682
TOTAL CONSUMER STAPLES				303,533
ENERGY — 6.30% Energy Equipment & Services — 1.80%
Expro Group Holdings NV (a)		2,433		28,028
Subsea 7 SA (v)		3,500		27,955
Technip Energies NV (v)		1,360		17,041
TechnipFMC PLC (a) (i)		2,600		17,498
TerraVest Industries, Inc.		700		12,497
				103,019

	Shares Held		Value
*Oil, Gas & Consumable Fuels — 4.50%*
Birchcliff Energy Ltd.		4,200	$	28,550
Capricorn Energy PLC (a) (v)		11,861		31,531
Cardinal Energy Ltd. (m)		5,800		32,579
Crescent Point Energy Corp.		4,500		31,988
Koninklijke Vopak NV (v)		450		11,341
Kosmos Energy Ltd. (a)		4,700		29,093
Pantheon Resources PLC (a) (v)		18,400		20,100
Pilipinas Shell Petroleum Corp. (a) (v)		34,700		11,399
Tamarack Valley Energy Ltd.		8,800		29,602
Vermilion Energy, Inc.		1,600		30,454
				256,637
TOTAL ENERGY				359,656
FINANCIALS — 26.13% Banks — 9.44%
Aozora Bank Ltd. (v)		1,500		29,191
The Awa Bank Ltd. (v)		1,800		26,856
Banca Popolare di Sondrio SpA (v)		4,700		16,235
Bank Danamon Indonesia Tbk PT		180,300		28,441
The Bank of East Asia Ltd. (v)		20,400		28,708
Caisse Regionale de Credit Agricole Mutuel Brie Picardie (v)		1,400		26,830
Caisse Regionale de Credit Agricole Mutuel de Normandie-Seine (v)		200		16,997
Caisse Regionale de Credit Agricole Mutuel de Paris et d'Ile-de-France		230		17,594
Caisse Regionale de Credit Agricole Mutuel d'Ille-et-Vilaine		180		11,318
Caisse Regionale de Credit Agricole Mutuel Nord de France		600		10,853
Caisse Regionale de Credit Agricole Mutuel Toulouse 31		230		16,513
Collector AB (a) (v)		4,800		14,542
Dah Sing Financial Holdings Ltd. (v)		10,400		29,725
The First Bank of Toyama Ltd. (v)		11,800		36,103
The Hachijuni Bank Ltd. (v)		8,500		31,388
The Iyo Bank Ltd. (v)		6,100		29,989
Komplett Bank ASA (a) (v)		17,200		10,571
Raiffeisen Bank International AG (v)		2,500		27,314
Seven Bank Ltd. (v)		6,200		11,840
Sparebank 1 Oestlandet (v)		1,400		16,788
Sparebanken More		2,200		16,598
Sparebanken Vest (v)		3,000		26,799
Sparekassen Sjaelland-Fyn A/S (v)		500		10,408
Suruga Bank Ltd. (v)		9,300		25,233
TOMONY Holdings, Inc. (v)		4,900		11,284
The Towa Bank Ltd. (v)		2,900		11,040
				539,158

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley International Small Cap Diversified Value Fund

	Shares Held		Value
*Capital Markets — 5.50%*
ABG Sundal Collier Holding ASA		26,300	$	15,727
AGF Management Ltd.		5,900		29,381
Ashmore Group PLC (v)		6,700		18,124
Azimut Holding SpA (v)		900		15,665
Bright Smart Securities & Commodities Group Ltd. (v)		70,000		12,592
CI Financial Corp.		1,600		16,992
Deutsche Beteiligungs AG (v)		600		15,947
GAM Holding AG (a)		29,300		24,247
HS Holdings Company Ltd. (v)		3,200		30,482
JAFCO Group Company Ltd. (v)		1,500		18,137
Jupiter Fund Management PLC (v)		8,500		15,288
Navigator Global Investments Ltd. (v)		27,700		23,848
Numis Corp. PLC (v)		10,200		31,190
Polar Capital Holdings PLC (v)		2,800		17,309
Rothschild & Company (v)		860		29,164
				314,093
*Consumer Finance — 1.16%*
Hoist Finance AB (a) (r) (v)		9,800		26,702
Orient Corp. (v)		18,100		17,118
Resurs Holding AB (r) (v)		11,300		22,478
				66,298
*Diversified Financial Services — 2.57%*
Banca IFIS SpA (v)		1,700		24,191
Burford Capital Ltd. (v)		4,000		39,219
Financial Products Group Company Ltd. (v)		4,800		32,128
Plus500 Ltd. (v)		1,600		32,608
Tokyo Century Corp. (v)		550		18,272
				146,418
*Insurance — 5.89%*
Beazley PLC (v)		5,500		33,536
Brookfield Asset Management Reinsurance Partners Ltd. (a)		600		26,723
Clal Insurance Enterprises Holdings Ltd. (a) (v)		900		16,103
Coface SA (v)		2,500		26,260
Direct Line Insurance Group PLC (v)		10,000		30,694
FBD Holdings PLC		1,100		11,136
Grupo Catalana Occidente SA (v)		1,000		31,257
Hiscox Ltd. (v)		1,500		17,275
IDI Insurance Company Ltd. (v)		400		10,446
Just Group PLC (v)		12,200		10,621
Lancashire Holdings Ltd. (v)		3,700		18,184
The Phoenix Holdings Ltd. (v)		1,100		10,922
Protector Forsikring ASA		1,200		12,476
Societa Cattolica Di Assicurazione SpA (v)		2,700		19,122

	Shares Held		Value
Unipol Gruppo SpA (v)		5,100	$	23,231
Vienna Insurance Group AG Wiener Versicherung Gruppe (v)		1,200		27,447
Wuestenrot & Wuerttembergische AG (v)		600		10,649
				336,082
*Thrifts & Mortgage Finance — 1.57%*
Aruhi Corp. (v)		3,900		29,165
Asax Company Ltd. (v)		2,700		12,011
EQB, Inc.		400		16,516
Home Capital Group, Inc.		800		15,140
MCAN Mortgage Corp.		1,300		16,917
				89,749
TOTAL FINANCIALS				1,491,798
HEALTH CARE — 3.40% Health Care Equipment & Supplies — 1.05%
Draegerwerk AG & Company KGaA		660		29,222
Guerbet (v)		500		11,639
Paramount Bed Holdings Company Ltd. (v)		1,200		19,501
				60,362
*Health Care Providers & Services — 1.49%*
Estia Health Ltd. (v)		20,000		26,372
FALCO HOLDINGS Company Ltd. (v)		700		10,552
Medical Facilities Corp.		1,600		10,864
Regis Healthcare Ltd.		19,300		24,645
Ship Healthcare Holdings, Inc. (v)		700		12,493
				84,926
*Health Care Technology — 0.22%*
GPI SpA		900		12,450
*Pharmaceuticals — 0.64%*
Eco Animal Health Group PLC		7,700		10,592
H Lundbeck A/S (a)		600		2,879
H Lundbeck A/S		2,400		11,656
Tsumura & Company (v)		500		11,246
				36,373
TOTAL HEALTH CARE				194,111
INDUSTRIALS — 22.97% Aerospace & Defense — 2.58%
Austal Ltd. (v)		23,100		28,700
Avio SpA (v)		2,600		29,969
Babcock International Group PLC (a) (v)		8,100		30,578
QinetiQ Group PLC (v)		6,800		30,413
Senior PLC (a)		19,500		27,488
				147,148

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley International Small Cap Diversified Value Fund

	Shares Held		Value
*Air Freight & Logistics — 1.54%*
bpost SA (v)		2,700	$	16,000
Oesterreichische Post AG (v)		400		11,443
PostNL NV (v)		6,526		19,770
Royal Mail PLC (v)		7,400		24,446
Wincanton PLC (v)		3,900		16,550
				88,209
*Building Products — 1.13%*
Deceuninck NV (v)		4,600		10,663
Nichiha Corp. (v)		700		13,599
Norcros PLC (v)		6,500		18,425
Okabe Company Ltd. (v)		2,400		10,777
Uponor Oyj (v)		800		11,102
				64,566
*Commercial Services & Supplies — 1.93%*
Cewe Stiftung & Company KGaA (v)		140		11,831
Downer EDI Ltd. (v)		3,100		10,816
ISS A/S (a) (v)		700		11,160
Loomis AB (v)		1,300		31,756
Mitie Group PLC (v)		18,800		12,914
Okamura Corp. (v)		1,200		10,702
Prosegur Cash SA (r)		16,400		10,690
SG Fleet Group Ltd. (v)		6,900		10,198
				110,067
*Construction & Engineering — 3.34%*
Aecon Group, Inc.		1,100		11,221
Bird Construction, Inc.		1,900		11,026
CTI Engineering Company Ltd. (v)		700		13,384
Dai-Dan Company Ltd. (v)		700		10,873
Fukuda Corp. (v)		300		10,306
Grupo Empresarial San Jose SA (v)		2,800		11,674
Hazama Ando Corp. (v)		1,900		11,793
Implenia AG (a) (v)		500		11,466
JDC Corp. (v)		2,900		11,172
Kumagai Gumi Company Ltd. (v)		500		10,125
Kyudenko Corp. (v)		500		10,124
NCC AB (v)		1,000		10,093
Nichireki Company Ltd. (v)		1,300		12,454
Per Aarsleff Holding A/S (v)		300		8,973
Strabag SE		300		12,748
Tobishima Corp. (v)		1,400		10,539
Yurtec Corp. (v)		2,300		12,495
				190,466

	Shares Held		Value
*Electrical Equipment — 0.90%*
Denyo Company Ltd. (v)		1,000	$	11,737
Nitto Kogyo Corp. (v)		1,000		17,300
Phoenix Mecano AG (v)		30		11,299
SEC Carbon Ltd. (v)		300		11,222
				51,558
*Industrial Conglomerates — 0.44%*
Chargeurs SA (v)		1,000		15,553
Indus Holding AG (v)		400		9,347
				24,900
*Machinery — 8.37%*
ANDRITZ AG (v)		700		28,257
Bucher Industries AG (v)		50		17,452
Cargotec Oyj (v)		400		10,590
Danieli & C Officine Meccaniche SpA (v)		2,000		28,187
Duerr AG (v)		750		17,391
Feintool International Holding AG (v)		600		11,806
Frencken Group Ltd. (v)		19,300		15,448
Fu Yu Corp. Ltd.		65,600		12,513
Glory Ltd. (v)		1,100		16,599
Haldex AB (a) (v)		3,300		21,188
Hirano Tecseed Company Ltd. (v)		800		9,924
Iveco Group NV (a) (v)		5,400		28,590
Manitou BF SA (v)		600		11,203
Morgan Advanced Materials PLC (v)		3,400		11,369
Morita Holdings Corp. (v)		1,200		11,692
Nitta Corp. (v)		500		10,168
Noritake Company Ltd. (v)		400		11,902
Norma Group SE (v)		500		11,206
Picanol		170		10,796
Ponsse Oyj		400		10,584
Rieter Holding AG (v)		240		27,777
Semperit AG Holding (v)		800		15,544
Shibuya Corp. (v)		700		12,097
Shinmaywa Industries Ltd. (v)		1,700		13,534
Shinwa Company Ltd. (v)		800		12,375
Sulzer AG (v)		170		10,596
Sumitomo Heavy Industries Ltd. (v)		600		13,282
Takeuchi Manufacturing Company Ltd. (v)		900		15,444
Talgo SA (r) (v)		3,150		10,603
Tsubakimoto Chain Company (v)		700		15,688
Tsukishima Kikai Company Ltd. (v)		2,100		13,493
Wacker Neuson SE (v)		600		10,412
				477,710

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley International Small Cap Diversified Value Fund

	Shares Held		Value
*Professional Services — 1.64%*
Bertrandt AG (v)		400	$	15,040
Groupe Crit (v)		440		27,167
Hito Communications Holdings, Inc. (v)		1,600		17,881
McMillan Shakespeare Ltd. (v)		1,600		10,760
PeopleIN Ltd. (v)		5,100		10,167
SThree PLC (v)		2,900		12,554
				93,569
*Road & Rail — 0.73%*
Nikkon Holdings Company Ltd. (v)		1,200		19,033
Redde Northgate PLC (v)		2,700		11,091
Sankyu, Inc. (v)		400		11,516
				41,640
*Trading Companies & Distributors — 0.37%*
Kanamoto Company Ltd. (v)		700		9,934
Sanyo Trading Company Ltd. (v)		1,600		11,536
				21,470
TOTAL INDUSTRIALS				1,311,303
INFORMATION TECHNOLOGY — 6.53% Communications Equipment — 0.73%
Evertz Technologies Ltd.		2,800		28,387
EVS Broadcast Equipment SA (v)		600		13,628
				42,015
*Electronic Equipment, Instruments & Components — 2.80%*
Alps Alpine Company Ltd. (v)		1,800		18,291
Celestica, Inc. (a)		1,700		16,535
Daitron Company Ltd. (v)		1,900		24,954
Elematec Corp. (v)		2,000		18,544
Esprinet SpA (v)		2,100		15,074
Horiba Ltd. (v)		200		8,532
Japan Aviation Electronics Industry Ltd. (v)		1,200		18,122
Kaga Electronics Company Ltd. (v)		500		11,181
Softwareone Holding AG (a) (v)		1,000		11,987
V Technology Company Ltd. (v)		800		16,496
				159,716
*IT Services — 1.24%*
CSE Global Ltd. (v)		34,800		11,647
DTS Corp. (v)		600		13,371
Global Dominion Access SA (r) (v)		2,700		11,751
KNOW IT AB (v)		400		11,193
Proact IT Group AB (v)		1,700		11,346
Sword Group (v)		300		11,350
				70,658

	Shares Held		Value
*Semiconductors & Semiconductor Equipment — 0.88%*
u-blox Holding AG (a) (v)		370	$	37,563
UMS Holdings Ltd. (v)		15,625		12,498
				50,061
*Software — 0.88%*
Silverlake Axis Ltd. (v)		129,000		36,728
System Research Company Ltd. (v)		900		13,592
				50,320
TOTAL INFORMATION TECHNOLOGY				372,770
MATERIALS — 10.25% Chemicals — 2.41%
ASAHI YUKIZAI CORP. (v)		1,200		17,689
Dai Nippon Toryo Company Ltd. (v)		4,700		24,543
Kanto Denka Kogyo Company Ltd. (v)		2,400		15,655
Nihon Parkerizing Company Ltd. (v)		1,500		9,876
Orion Engineered Carbons SA		700		10,871
Sumitomo Seika Chemicals Company Ltd. (v)		800		17,036
Toagosei Company Ltd. (v)		2,000		14,888
Tokuyama Corp. (v)		1,300		16,538
Yushiro Chemical Industry Company Ltd. (v)		1,500		10,257
				137,353
*Construction Materials — 1.97%*
Adbri Ltd. (v)		5,900		9,890
Buzzi Unicem SpA (v)		1,000		16,414
Cementir Holding NV (v)		4,300		27,939
CSR Ltd. (v)		3,000		8,434
Forterra PLC (r) (v)		6,200		20,190
H+H International A/S (a) (v)		700		13,095
Vicat SA (v)		600		16,606
				112,568
*Containers & Packaging — 1.37%*
Brodrene Hartmann A/S (a)		400		13,526
Fuji Seal International, Inc. (v)		1,300		14,162
Mayr Melnhof Karton AG (v)		70		11,965
Takemoto Yohki Company Ltd. (v)		2,000		11,630
Verallia SA (r) (v)		400		9,592
Winpak Ltd.		500		17,087
				77,962
*Metals & Mining — 2.90%*
Anglo Pacific Group PLC		8,700		15,335
Bekaert SA (v)		300		9,813
Grange Resources Ltd. (v)		21,000		18,381
MACA Ltd. (v)		32,100		14,652
Macmahon Holdings Ltd. (v)		98,200		9,165
Mount Gibson Iron Ltd. (v)		40,700		15,228

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley International Small Cap Diversified Value Fund

	Shares Held		Value
Pan African Resources PLC (v)		47,400	$	12,066
Rana Gruber ASA (v)		2,000		9,093
Regis Resources Ltd. (v)		13,800		12,290
Sandfire Resources Ltd. (v)		5,000		15,414
Silvercorp Metals, Inc.		4,600		11,400
Steel & Tube Holdings Ltd. (v)		13,600		10,786
Tokyo Steel Manufacturing Company Ltd. (v)		1,100		12,138
				165,761
*Paper & Forest Products — 1.60%*
Arctic Paper SA (v)		4,000		11,581
Canfor Corp. (a)		600		10,465
Iberpapel Gestion SA (v)		700		10,371
Miquel y Costas & Miquel SA (v)		900		12,330
Rottneros AB		8,600		10,055
Stella-Jones, Inc. (m)		1,100		27,773
Western Forest Products, Inc.		7,900		8,899
				91,474
TOTAL MATERIALS				585,118
REAL ESTATE — 2.83% Equity Real Estate Investment Trusts — 1.09%
First Real Estate Investment Trust (v)		50,600		10,020
Impact Healthcare Reit PLC (v)		15,700		22,301
SmartCentres Real Estate Investment Trust		1,400		29,899
				62,220
*Real Estate Management & Development — 1.74%*
Airport City Ltd. (a) (v)		1,600		27,473
Great Eagle Holdings Ltd. (v)		12,000		26,926
Nisshin Group Holdings Company Ltd. (v)		5,200		16,874
Shinoken Group Company Ltd. (v)		3,900		28,078
				99,351
TOTAL REAL ESTATE				161,571
UTILITIES — 2.54% Electric Utilities — 0.81%
Elmera Group ASA (r) (v)		5,000		10,170
EVN AG (v)		700		14,909
Hokkaido Electric Power Company, Inc. (v)		2,800		10,216
Hokuriku Electric Power Company (v)		2,700		10,595
				45,890
*Gas Utilities — 0.77%*
Hiroshima Gas Company Ltd. (v)		7,200		17,253
Italgas SpA (v)		4,600		26,843
				44,096
Independent Power and Renewable Electricity Producers — 0.23%
Electric Power Development Company Ltd. (v)		800		13,227

	Shares Held		Value
*Multi-Utilities — 0.73%*
ACEA SpA (v)		600	$	8,895
Centrica PLC (a) (v)		33,700		32,909
				41,804
TOTAL UTILITIES				145,017
Total common stocks (Cost $5,922,125)				5,579,241
RIGHTS — 0.00%
CONSUMER STAPLES — 0.00% Personal Products — 0.00%
BWX Ltd. (a)		3,040		88
TOTAL CONSUMER STAPLES				88
Total rights (Cost $270)				88
Total long-term investments (Cost $5,922,395)				5,579,329
SHORT-TERM INVESTMENTS — 2.13%	Principal Amount
*Time Deposits — 2.13%*
Citigroup Inc., 0.91%, 07/01/2022*	$	121,568		121,568
Total short-term investments (Cost $121,568)				121,568
Total investments — 99.86% (Cost $6,043,963)				5,700,897
Other assets in excess of liabilities — 0.14%				8,268
Net assets — 100.00%			$	5,709,165

(a) — Non-income producing security.

(i) — Illiquid security. The total market value of these securities was $17,498, which represented 0.31% 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 $76,076, which represented 1.33% 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 $4,453,323, which represented 78.00% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

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

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Value Opportunities Fund

Largest Holdings*	Percent of net assets
Microsoft Corp.		7.96	%
F5, Inc.		6.49	%
General Electric Company		6.47	%
The Goldman Sachs Group, Inc.		4.53	%
AMERCO		4.17	%
General Motors Company		4.12	%
Range Resources Corp.		4.01	%
Stagwell, Inc.		3.53	%
Alphabet, Inc.		3.22	%
Rothschild & Company		3.18	%

* Excluding short-term securities

COMMON STOCKS — 97.42%	Shares Held		Value
COMMUNICATION SERVICES — 11.42% Entertainment — 1.10%
Warner Bros. Discovery, Inc. (a)		375,000	$	5,032,500
*Interactive Media & Services — 4.46%*
Alphabet, Inc. (a)		6,750		14,710,005
Twitter, Inc. (a)		152,100		5,687,019
				20,397,024
*Media — 5.07%*
News Corp.		286,600		4,465,228
Paramount Global		103,900		2,564,252
Stagwell, Inc. (a)		2,972,300		16,139,589
				23,169,069
*Wireless Telecommunication Services — 0.79%*
Vodafone Group PLC — ADR		231,300		3,603,654
TOTAL COMMUNICATION SERVICES				52,202,247
CONSUMER DISCRETIONARY — 6.14% Automobiles — 4.12%
General Motors Company (a)		592,500		18,817,800
*Internet & Catalog Retail — 1.51%*
Points.com, Inc. (a)		184,000		4,598,160
Redbubble Ltd. (a) (v)		3,750,700		2,331,922
				6,930,082
*Specialty Retail — 0.51%*
The ODP Corp. (a)		77,070		2,330,597
TOTAL CONSUMER DISCRETIONARY				28,078,479
ENERGY — 15.86% Energy Equipment & Services — 1.20%
Expro Group Holdings NV (a)		42,900		494,208
Mcdermott International Ltd. (a) (f)		2,266,028		1,291,636
NOV, Inc.		217,500		3,677,925
				5,463,769

	Shares Held		Value
*Oil, Gas & Consumable Fuels — 14.66%*
Berry Corp.		997,900	$	7,603,998
Hess Corp.		121,400		12,861,116
Kosmos Energy Ltd. (a)		1,792,600		11,096,194
Murphy Oil Corp.		192,900		5,823,651
Range Resources Corp. (a)		739,700		18,307,575
Shell PLC — ADR		216,500		11,320,785
				67,013,319
TOTAL ENERGY				72,477,088
FINANCIALS — 19.89% Banks — 5.99%
Citigroup, Inc.		248,400		11,423,916
Popular, Inc.		82,600		6,354,418
Wells Fargo & Company		245,300		9,608,401
				27,386,735
*Capital Markets — 10.68%*
The Goldman Sachs Group, Inc.		69,700		20,702,294
Perella Weinberg Partners		399,600		2,329,668
Rothschild & Company (v)		429,000		14,548,178
State Street Corp.		182,200		11,232,630
				48,812,770
*Consumer Finance — 2.64%*
SLM Corp.		756,900		12,064,986
*Insurance — 0.58%*
Global Indemnity Group LLC		102,500		2,651,675
TOTAL FINANCIALS				90,916,166
INDUSTRIALS — 16.31% Aerospace & Defense — 1.51%
Babcock International Group PLC (a) (v)		1,824,300		6,886,820
*Air Freight & Logistics — 1.70%*
Royal Mail PLC (v)		2,349,200		7,760,493

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Value Opportunities Fund

	Shares Held		Value
*Construction & Engineering — 1.14%*
Fluor Corp. (a)		213,900	$	5,206,326
*Industrial Conglomerates — 6.47%*
General Electric Company		464,400		29,568,348
*Professional Services — 1.32%*
Nielsen Holdings PLC		259,500		6,025,590
*Road & Rail — 4.17%*
AMERCO		39,900		19,081,377
TOTAL INDUSTRIALS				74,528,954
INFORMATION TECHNOLOGY — 24.27% Communications Equipment — 8.85%
F5, Inc. (a)		193,800		29,659,152
Telefonaktiebolaget LM Ericsson — ADR		1,456,400		10,777,360
				40,436,512
*Electronic Equipment, Instruments & Components — 1.33%*
Arrow Electronics, Inc. (a)		54,100		6,064,069
*IT Services — 1.09%*
Euronet Worldwide, Inc. (a)		49,600		4,989,264
*Software — 13.00%*
Microsoft Corp.		141,700		36,392,811
Oracle Corp.		107,300		7,497,051
Vonage Holdings Corp. (a)		134,900		2,541,516
Workday, Inc. (a)		93,100		12,994,898
				59,426,276
TOTAL INFORMATION TECHNOLOGY				110,916,121
MATERIALS — 2.73% Chemicals — 2.49%
Iracore Investments Holdings, Inc. — Class A (Acquired 04/13/2017, Cost $6,892,250) (a) (f) (i) (m) (o) (u)		32,422		9,603,396
UTEX Industries, Inc. (Acquired 05/11/2021, Cost $757,278) (a) (i) (m)		24,058		1,768,263
				11,371,659
*Metals & Mining — 0.24%*
Metals Recovery Holdings LLC (Acquired 07/24/2014 — 12/10/2019, Cost $7,295,703) (a) (f) (i) (m) (u)		7,042		1,122,401
TOTAL MATERIALS				12,494,060
REAL ESTATE — 0.80% Real Estate Management & Development — 0.80%
Seritage Growth Properties (a) (l)		703,200		3,663,672
TOTAL REAL ESTATE				3,663,672
Total common stocks (Cost $476,587,795)				445,276,787

PREFERRED STOCKS — 0.16%	Shares Held		Value
FINANCIALS — 0.16% Thrifts & Mortgage Finance — 0.16%
Federal Home Loan Mortgage Corp. — Series K (a)		33,300	$	162,504
Federal Home Loan Mortgage Corp. — Series N (a) (i)		116,400		494,118
Federal Home Loan Mortgage Corp. — Series S (a)		18,400		82,800
TOTAL FINANCIALS				739,422
Total preferred stocks (Cost $268,508)				739,422
TERM LOANS — 0.80%	Principal Amount
ENERGY — 0.22% Energy Equipment & Services — 0.22%
Lealand Finance Company BV 4.666% (1 Month LIBOR USD + 3.000%), 06/28/2024 (Acquired 06/30/2020, Cost $442,883) (b) (m)	$	442,883		287,873
2.666% Cash and 3.000% PIK (1 Month LIBOR USD + 4.000%), 06/30/2025 (Acquired 06/30/2020 — 06/30/2022, Cost $1,474,869) (b) (m) (p)		1,373,275		704,380
TOTAL ENERGY				992,253
MATERIALS — 0.58% Chemicals — 0.58%
Iracore International Holdings, Inc. 10.000% (1 Month LIBOR USD + 9.000%), 04/12/2024 (Acquired 04/13/2017, Cost $2,649,013) (b) (f) (m) (u)		2,649,013		2,649,013
TOTAL MATERIALS				2,649,013
Total term loans (Cost $4,566,765)				3,641,266

PURCHASED PUT OPTIONS — 0.90%	Contracts (100 shares per contract)		Notional Amount
CONSUMER DISCRETIONARY — 0.90% Automobiles — 0.90%
Tesla, Inc. (a) Expiration: June 2024, Exercise Price: $1,000.00		95	$	6,397,490	4,124,425
TOTAL CONSUMER DISCRETIONARY					4,124,425
Total purchased put options (Cost $4,183,448)					4,124,425
Total long-term investments (Cost $485,606,516)					453,781,900

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley Value Opportunities Fund

COLLATERAL FOR SECURITIES ON LOAN — 0.08%	Shares Held		Value
*Money Market Funds — 0.08%*
Invesco Short-Term Investments Trust Government & Agency Portfolio — Institutional Class, 1.38%^		358,790	$	358,790
Total collateral for securities on loan (Cost $358,790)				358,790
SHORT-TERM INVESTMENTS — 4.99%	Principal Amount
*Time Deposits — 4.99%*
BNP Paribas, 0.52%, 07/01/2022*	GBP	1		1
Citigroup, Inc., (0.78)%, 07/01/2022*	EUR	6,611		6,928
Citigroup, Inc., 0.91%, 07/01/2022*	$	22,786,216		22,786,216
Total short-term investments (Cost $22,793,207)				22,793,145
Total investments — 104.35% (Cost $508,758,513)				476,933,835
Liabilities in excess of other assets — (4.35)%				(19,867,407	)
Net assets — 100.00%			$	457,066,428

(a) — Non-income producing security.

(b) — The coupon rate shown on variable rate securities represents the rate at June 30, 2022.

(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 $14,666,446, which represented 3.21% 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 $12,988,178, which represented 2.84% of net assets.

(l) — All or a portion of this security is on loan. The total market value of securities on loan was $344,925. 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 $16,135,326, which represented 3.53% 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.

(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 $31,527,413, which represented 6.90% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

ADR — American Depositary Receipt

EUR — Euro

GBP — British Pound

LIBOR — London Interbank Offered Rate

USD — United States Dollar

^ — Rate shown is the 7-day yield as of June 30, 2022.

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

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley High Yield Fund

Largest Issuers*	Percent of net assets
Metals Recovery Holdings LLC		2.30	%
CCO Holdings LLC / CCO Holdings Capital Corp.		2.20	%
Brookfield Asset Management, Inc. (includes Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, Central Parent, Inc. and Scientific Games Holdings LP / Scientific Games US FinCo, Inc.)		1.56	%
Boardriders, Inc.		1.37	%
General Electric Company		1.26	%
PBF Holding Company LLC / PBF Finance Corp.		1.22	%
RA Parent, Inc.		1.14	%
G Holdings, Inc. (includes Standard Industries, Inc. and WR Grace Holdings LLC)		1.13	%
Schweitzer-Mauduit International, Inc.		1.05	%
Iracore Holdings Corp. (includes Iracore International Holdings, Inc. and Iracore Investments Holdings, Inc.)		1.05	%

* Excluding investment companies and short-term securities

CORPORATE BONDS — 79.45%	Principal Amount		Value
*Advertising — 0.12%*
Stagwell Global LLC 5.625%, 08/15/2029 (r)	$	1,160,000	$	935,337
*Aerospace/Defense — 0.98%*
F-Brasile SpA / F-Brasile US LLC 7.375%, 08/15/2026 (r)		5,667,000		4,521,387
Spirit AeroSystems, Inc. 7.500%, 04/15/2025 (r)		3,608,000		3,361,159
				7,882,546
*Airlines — 0.52%*
United Airlines, Inc. 4.375%, 04/15/2026 (r)		4,713,000		4,169,685
*Auto Loans — 0.64%*
Ford Motor Credit Company LLC 5.113%, 05/03/2029		5,755,000		5,171,466
*Auto Parts & Equipment — 2.32%*
Adient Global Holdings Ltd. 4.875%, 08/15/2026 (r)		5,443,000		4,785,023
American Axle & Manufacturing, Inc. 6.875%, 07/01/2028		4,842,000		4,354,165
The Goodyear Tire & Rubber Company 4.875%, 03/15/2027		4,806,000		4,302,571

	Principal Amount		Value
Meritor, Inc. 4.500%, 12/15/2028 (r)	$	5,414,000	$	5,220,346
				18,662,105
*Banking — 0.33%*
BNP Paribas SA 6.625% (Fixed until 03/24/2024, then 5 Year Swap Rate USD + 4.149%), Perpetual (b) (r)		2,781,000		2,676,712
*Building & Construction — 2.43%*
Ashton Woods USA LLC / Ashton Woods Finance Company 4.625%, 08/01/2029 (r)		5,649,000		4,244,517
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 4.875%, 02/15/2030 (r)		5,232,000		3,807,588
Installed Building Products, Inc. 5.750%, 02/01/2028 (r)		4,671,000		4,156,364
Tri Pointe Homes, Inc. 5.250%, 06/01/2027		3,866,000		3,385,622
Weekley Homes LLC / Weekley Finance Corp. 4.875%, 09/15/2028 (r)		5,023,000		3,974,171
				19,568,262

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley High Yield Fund

	Principal Amount		Value
*Building Materials — 2.72%*
Arcosa, Inc. 4.375%, 04/15/2029 (r)	$	5,069,000	$	4,308,950
BlueLinx Holdings, Inc. 6.000%, 11/15/2029 (r)		4,451,000		3,477,856
Foundation Building Materials, Inc. 6.000%, 03/01/2029 (r)		3,563,000		2,615,420
PGT Innovations, Inc. 4.375%, 10/01/2029 (r)		4,999,000		3,948,485
Standard Industries, Inc. 4.375%, 07/15/2030 (r)		6,150,000		4,862,098
WESCO Distribution, Inc. 7.250%, 06/15/2028 (r)		2,740,000		2,716,491
				21,929,300
*Cable & Satellite TV — 6.52%*
Block Communications, Inc. 4.875%, 03/01/2028 (r)		4,811,000		4,093,367
CCO Holdings LLC / CCO Holdings Capital Corp. 5.375%, 06/01/2029 (r)		12,337,000		11,052,965
4.750%, 02/01/2032 (r)		8,129,000		6,676,348
CSC Holdings LLC 5.750%, 01/15/2030 (r)		9,537,000		6,964,203
DirecTV Financing LLC / DirecTV Financing Co-Obligor, Inc. 5.875%, 08/15/2027 (r)		3,880,000		3,322,463
DISH DBS Corp. 5.750%, 12/01/2028 (r)		4,424,000		3,283,869
Telenet Finance Luxembourg 5.500%, 03/01/2028 (r)		5,000,000		4,417,750
Virgin Media Secured Finance PLC 5.500%, 05/15/2029 (r)		9,131,000		8,182,609
Ziggo BV 4.875%, 01/15/2030 (r)		5,224,000		4,443,675
				52,437,249
*Chemicals — 3.88%*
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV 4.750%, 06/15/2027 (r)		4,917,000		4,424,931
Diamond BC BV 4.625%, 10/01/2029 (r)		4,670,000		3,741,067
Illuminate Buyer LLC / Illuminate Holdings IV, Inc. 9.000%, 07/01/2028 (r)		2,991,000		2,366,793
LSF11 A5 HoldCo LLC 6.625%, 10/15/2029 (r)		5,318,000		4,487,807
SCIH Salt Holdings, Inc. 4.875%, 05/01/2028 (r)		4,609,000		3,840,150
SCIL IV LLC / SCIL USA Holdings LLC 5.375%, 11/01/2026 (r)		4,977,000		3,989,638
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 5.125%, 04/01/2029 (r)		5,776,000		4,139,168

	Principal Amount		Value
WR Grace Holdings LLC 5.625%, 08/15/2029 (r)	$	5,750,000	$	4,247,813
				31,237,367
*Consumer — Products — 0.44%*
Winnebago Industries, Inc. 6.250%, 07/15/2028 (r)		3,877,000		3,557,147
*Consumer/Commercial/Lease Financing — 0.29%*
Rent-A-Center, Inc. 6.375%, 02/15/2029 (r)		3,031,000		2,368,090
*Diversified Capital Goods — 2.77%*
General Electric Company 5.159% (3 Month LIBOR USD + 3.330%), Perpetual (b) (c)		11,506,000		10,124,705
Patrick Industries, Inc. 4.750%, 05/01/2029 (r)		5,576,000		4,157,967
Railworks Holdings LP / Railworks Rally, Inc. 8.250%, 11/15/2028 (r)		3,227,000		2,916,998
TK Elevator US Newco, Inc. 5.250%, 07/15/2027 (r)		5,689,000		5,081,984
				22,281,654
*Electric — Generation — 0.60%*
Calpine Corp. 3.750%, 03/01/2031 (r)		5,893,000		4,805,447
*Electric — Integrated — 0.57%*
PG&E Corp. 5.250%, 07/01/2030		5,515,000		4,547,641
*Electronics — 0.51%*
II-VI, Inc. 5.000%, 12/15/2029 (r)		4,725,000		4,133,832
*Energy — Exploration & Production — 3.83%*
California Resources Corp. 7.125%, 02/01/2026 (r)		3,349,000		3,280,697
Callon Petroleum Company 6.375%, 07/01/2026		3,721,000		3,437,627
Civitas Resources, Inc. 5.000%, 10/15/2026 (r)		2,777,000		2,496,301
Crescent Energy Finance LLC 7.250%, 05/01/2026 (r)		3,111,000		2,836,781
Earthstone Energy Holdings LLC 8.000%, 04/15/2027 (r)		3,772,000		3,574,555
Hilcorp Energy I LP / Hilcorp Finance Company 6.000%, 02/01/2031 (r)		4,543,000		3,924,016
Murphy Oil Corp. 6.375%, 07/15/2028		5,946,000		5,556,180
Penn Virginia Holdings LLC 9.250%, 08/15/2026 (r)		1,900,000		1,825,881
Range Resources Corp. 4.750%, 02/15/2030 (r)		1,755,000		1,576,719
Southwestern Energy Company 4.750%, 02/01/2032		2,680,000		2,296,599
				30,805,356

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley High Yield Fund

	Principal Amount		Value
*Food — Wholesale — 1.02%*
Central Garden & Pet Company 4.125%, 04/30/2031 (r)	$	4,959,000	$	3,988,699
Post Holdings, Inc. 4.500%, 09/15/2031 (r)		5,127,000		4,208,242
				8,196,941
*Forestry/Paper — 2.29%*
Ahlstrom-Munksjo Holding 3 Oy 4.875%, 02/04/2028 (r)		6,004,000		5,056,116
Mercer International, Inc. 5.125%, 02/01/2029		5,963,000		5,103,106
Rayonier AM Products, Inc. 7.625%, 01/15/2026 (r)		3,472,000		3,034,215
Schweitzer-Mauduit International, Inc. 6.875%, 10/01/2026 (r)		5,894,000		5,253,470
				18,446,907
*Gaming — 4.66%*
Boyd Gaming Corp. 4.750%, 06/15/2031 (r)		4,728,000		4,004,616
Churchill Downs, Inc. 5.500%, 04/01/2027 (r)		2,163,000		2,057,922
Everi Holdings, Inc. 5.000%, 07/15/2029 (r)		5,129,000		4,340,878
International Game Technology PLC 6.250%, 01/15/2027 (r)		3,267,000		3,184,018
Jacobs Entertainment, Inc. 6.750%, 02/15/2029 (r)		4,640,000		3,930,349
MGM Resorts International 5.500%, 04/15/2027		4,530,000		4,071,556
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance, Inc. 8.500%, 11/15/2027 (r)		3,000,000		3,153,285
Penn National Gaming, Inc. 5.625%, 01/15/2027 (r)		5,350,000		4,701,152
Scientific Games Holdings LP / Scientific Games US FinCo, Inc. 6.625%, 03/01/2030 (r)		5,195,000		4,423,906
Wynn Macau Ltd. 5.500%, 10/01/2027 (r)		5,636,000		3,655,707
				37,523,389
*Gas Distribution — 5.44%*
Antero Midstream Partners LP / Antero Midstream Finance Corp. 5.750%, 03/01/2027 (r)		4,939,000		4,601,567
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 8.000%, 04/01/2029 (r)		4,881,000		4,542,405
DT Midstream, Inc. 4.375%, 06/15/2031 (r)		4,678,000		3,931,952
EQM Midstream Partners LP 7.500%, 06/01/2027 (r)		1,702,000		1,645,136
5.500%, 07/15/2028		4,568,000		3,952,489

	Principal Amount		Value
Harvest Midstream I LP 7.500%, 09/01/2028 (r)	$	4,814,000	$	4,530,508
Holly Energy Partners LP / Holly Energy Finance Corp. 5.000%, 02/01/2028 (r)		4,581,000		3,931,506
Kinetik Holdings LP 5.875%, 06/15/2030 (r)		4,452,000		4,248,900
Rockpoint Gas Storage Canada Ltd. 7.000%, 03/31/2023 (r)		6,631,000		6,522,484
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 5.500%, 03/01/2030		2,566,000		2,453,109
Venture Global Calcasieu Pass LLC 4.125%, 08/15/2031 (r)		3,986,000		3,417,975
				43,778,031
*Health Facilities — 1.85%*
CHS / Community Health Systems, Inc. 6.875%, 04/01/2028 (r)		2,573,000		1,512,027
5.250%, 05/15/2030 (r)		4,225,000		3,218,267
Encompass Health Corp. 4.750%, 02/01/2030		4,878,000		4,094,813
Tenet Healthcare Corp. 6.250%, 02/01/2027 (r)		3,315,000		3,058,088
6.125%, 06/15/2030 (r)		3,247,000		3,005,293
				14,888,488
*Health Services — 0.94%*
Charles River Laboratories International, Inc. 4.000%, 03/15/2031 (r)		4,905,000		4,190,822
DaVita, Inc. 4.625%, 06/01/2030 (r)		680,000		532,455
ModivCare Escrow Issuer, Inc. 5.000%, 10/01/2029 (r)		3,465,000		2,803,657
				7,526,934
*Hotels — 1.56%*
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Escrow 5.000%, 06/01/2029 (r)		4,830,000		3,919,956
Marriott Ownership Resorts, Inc. 4.500%, 06/15/2029 (r)		5,121,000		4,266,551
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875%, 05/15/2029 (r)		5,090,000		4,378,927
				12,565,434
*Insurance Brokerage — 1.07%*
AmWINS Group, Inc.
4.875%, 06/30/2029 (r)		5,681,000		4,659,458
Ryan Specialty Group LLC
4.375%, 02/01/2030 (r)		4,552,000		3,965,930
				8,625,388

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley High Yield Fund

	Principal Amount		Value
*Investments & Miscellaneous Financial Services — 0.77%*
SoftBank Group Corp. 6.000% (Fixed until 07/18/2023, then 5 Year Mid Swap Rate USD + 4.226%), Perpetual (b)	$	6,941,000	$	6,222,607
*Machinery — 1.03%*
Cleaver-Brooks, Inc. 7.875%, 03/01/2023 (r)		5,168,000		4,813,604
NESCO Holdings II, Inc. 5.500%, 04/15/2029 (r)		4,135,000		3,475,178
				8,288,782
*Media — Broadcast — 0.52%*
Gray Escrow II, Inc. 5.375%, 11/15/2031 (r)		5,165,000		4,149,587
*Media — Diversified — 0.56%*
National CineMedia LLC 5.750%, 08/15/2026		6,365,000		2,936,588
5.875%, 04/15/2028 (r)		2,187,000		1,547,456
				4,484,044
*Media Content — 1.82%*
News Corp. 3.875%, 05/15/2029 (r)		3,083,000		2,670,575
5.125%, 02/15/2032 (r)		4,857,000		4,310,102
Sirius XM Radio, Inc. 4.000%, 07/15/2028 (r)		4,767,000		4,140,354
Townsquare Media, Inc. 6.875%, 02/01/2026 (r)		3,937,000		3,512,397
				14,633,428
*Medical Products — 1.84%*
Grifols Escrow Issuer SA 4.750%, 10/15/2028 (r)		4,926,000		4,278,527
Medline Borrower LP 3.875%, 04/01/2029 (r)		3,911,000		3,344,374
5.250%, 10/01/2029 (r)		3,731,000		3,075,911
Varex Imaging Corp. 7.875%, 10/15/2027 (r)		4,351,000		4,143,261
				14,842,073
*Metals/Mining Excluding Steel — 1.27%*
Kaiser Aluminum Corp. 4.500%, 06/01/2031 (r)		5,430,000		4,119,412
Rain CII Carbon LLC / CII Carbon Corp. 7.250%, 04/01/2025 (r)		6,576,000		6,070,147
				10,189,559
*Oil Field Equipment & Services — 3.15%*
Bristow Group, Inc. 6.875%, 03/01/2028 (r)		3,029,000		2,657,780
Exterran Energy Solutions LP / EES Finance Corp. 8.125%, 05/01/2025		6,284,000		5,962,699
Nabors Industries Ltd. 7.500%, 01/15/2028 (r)		4,064,000		3,500,262

	Principal Amount		Value
Shelf Drilling Holdings Ltd. 8.250%, 02/15/2025 (r)	$	7,492,000	$	5,855,223
Transocean Poseidon Ltd. 6.875%, 02/01/2027 (r)		4,189,688		3,692,393
Valaris Ltd. 8.250% Cash or 12.000% PIK or 5.125% Cash & 5.125% PIK, 04/30/2028 (p) (r)		3,814,000		3,705,225
				25,373,582
*Oil Refining & Marketing — 1.77%*
Parkland Corp. 4.625%, 05/01/2030 (r)		5,502,000		4,473,057
PBF Holding Company LLC / PBF Finance Corp. 9.250%, 05/15/2025 (r)		2,955,000		3,093,516
6.000%, 02/15/2028		7,910,000		6,715,709
				14,282,282
*Personal & Household Products — 1.49%*
Edgewell Personal Care Company 5.500%, 06/01/2028 (r)		4,220,000		3,847,880
Energizer Holdings, Inc. 4.375%, 03/31/2029 (r)		5,276,000		4,058,510
The Scotts Miracle-Gro Company 4.375%, 02/01/2032		5,405,000		4,119,070
				12,025,460
*Pharmaceuticals — 1.84%*
Bausch Health Companies, Inc. 6.125%, 02/01/2027 (r)		1,596,000		1,359,465
7.250%, 05/30/2029 (r)		3,434,000		1,868,251
5.250%, 02/15/2031 (r)		6,315,000		3,250,330
Jazz Securities DAC 4.375%, 01/15/2029 (r)		3,750,000		3,342,943
Organon & Company / Organon Foreign Debt Co-Issuer BV 5.125%, 04/30/2031 (r)		5,734,000		4,968,339
				14,789,328
*Real Estate Development & Management — 0.53%*
Realogy Group LLC / Realogy Co-Issuer Corp. 5.750%, 01/15/2029 (r)		5,601,000		4,256,760
*Recreation & Travel — 2.18%*
Boyne USA, Inc. 4.750%, 05/15/2029 (r)		5,314,000		4,609,948
Carnival Corp. 4.000%, 08/01/2028 (r)		3,482,000		2,867,566
6.000%, 05/01/2029 (r)		3,200,000		2,259,296
Royal Caribbean Cruises Ltd. 5.500%, 08/31/2026 (r)		3,183,000		2,372,608
VOC Escrow Ltd. 5.000%, 02/15/2028 (r)		6,714,000		5,403,965
				17,513,383

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley High Yield Fund

	Principal Amount		Value
*Reinsurance — 0.73%*
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc. 7.625% Cash or 8.375% PIK, 10/15/2025 (p) (r)	$	6,054,983	$	5,856,591
*Restaurants — 1.36%*
1011778 BC ULC / New Red Finance, Inc. 4.000%, 10/15/2030 (r)		4,989,000		4,019,812
Dave & Buster's, Inc. 7.625%, 11/01/2025 (r)		2,721,000		2,690,185
Papa John's International, Inc. 3.875%, 09/15/2029 (r)		5,118,000		4,229,259
				10,939,256
*Software/Services — 1.74%*
Consensus Cloud Solutions, Inc. 6.500%, 10/15/2028 (r)		4,850,000		4,009,155
The Dun & Bradstreet Corp. 5.000%, 12/15/2029 (r)		2,695,000		2,331,364
Twilio, Inc. 3.625%, 03/15/2029		4,305,000		3,627,458
VM Consolidated, Inc. 5.500%, 04/15/2029 (r)		5,081,000		4,059,795
				14,027,772
*Specialty Retail — 3.22%*
Academy Ltd. 6.000%, 11/15/2027 (r)		4,679,000		4,283,367
Bed Bath & Beyond, Inc. 5.165%, 08/01/2044		8,512,000		1,910,391
Eagle Intermediate Global Holding BV / Ruyi US Finance LLC 7.500%, 05/01/2025 (r)		4,917,000		3,522,489
Kontoor Brands, Inc. 4.125%, 11/15/2029 (r)		5,133,000		4,084,893
Liberty Interactive LLC 8.250%, 02/01/2030		5,273,000		3,508,944
Lithia Motors, Inc. 4.375%, 01/15/2031 (r)		4,810,000		4,108,702
PetSmart, Inc. / PetSmart Finance Corp. 4.750%, 02/15/2028 (r)		5,191,000		4,506,411
				25,925,197
*Steel Producers/Products — 0.91%*
Allegheny Technologies, Inc. 5.875%, 12/01/2027		3,639,000		3,227,382
Carpenter Technology Corp. 7.625%, 03/15/2030		4,476,000		4,117,454
				7,344,836
*Support — Services — 1.01%*
Summer BC Bidco B LLC 5.500%, 10/31/2026 (r)		4,067,000		3,648,597
ZipRecruiter, Inc. 5.000%, 01/15/2030 (r)		5,296,000		4,455,313
				8,103,910

	Principal Amount		Value
*Technology Hardware & Equipment — 1.77%*
CommScope Technologies LLC 6.000%, 06/15/2025 (r)	$	3,596,000	$	3,117,498
CommScope, Inc. 6.000%, 03/01/2026 (r)		3,031,000		2,797,659
NCR Corp. 6.125%, 09/01/2029 (r)		4,712,000		4,081,433
Xerox Holdings Corp. 5.500%, 08/15/2028 (r)		5,084,000		4,260,001
				14,256,591
*Telecom — Satellite — 0.44%*
Telesat Canada / Telesat LLC 5.625%, 12/06/2026 (r)		5,575,000		3,530,312
*Telecom — Wireline Integrated & Services — 0.65%*
Frontier Communications Holdings LLC 5.875%, 10/15/2027 (r)		3,299,000		2,974,717
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 6.500%, 02/15/2029 (r)		3,115,000		2,290,896
				5,265,613
*Tobacco — 0.55%*
Turning Point Brands, Inc. 5.625%, 02/15/2026 (r)		5,007,000		4,456,956
Total corporate bonds (Cost $757,169,767)				639,478,617
CONVERTIBLE BONDS — 0.83%
*Hotels — 0.54%*
Pebblebrook Hotel Trust 1.750%, 12/15/2026		4,870,000		4,361,085
*Railroads — 0.29%*
The Greenbrier Companies, Inc. 2.875%, 04/15/2028		2,433,000		2,274,855
Total convertible bonds (Cost $7,374,153)				6,635,940
TERM LOANS — 7.47%
*Advertising — 0.55%*
AP Core Holdings II LLC 7.166% (1 Month LIBOR USD + 5.500%), 09/01/2027 (Acquired 07/21/2021, Cost $4,653,752) (b) (m)		4,706,378		4,474,966
*Airlines — 0.53%*
AAdvantage Loyalty IP Ltd. 5.813% (1 Month LIBOR USD + 4.750%), 04/20/2028 (Acquired 06/24/2021, Cost $4,636,836) (b) (m)		4,472,000		4,277,938
*Cable & Satellite TV — 0.27%*
DirecTV Financing LLC 6.666% (1 Month LIBOR USD + 5.000%), 08/02/2027 (Acquired 07/22/2021, Cost $2,298,706) (b) (m)		2,321,925		2,144,402

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley High Yield Fund

	Principal Amount		Value
*Forestry/Paper — 0.40%*
Schweitzer-Mauduit International, Inc. 5.438% (1 Month LIBOR USD + 3.750%), 04/20/2028 (Acquired 02/23/2021, Cost $3,332,340) (b) (m)	$	3,366,000	$	3,197,700
*Health Services — 0.50%*
FinThrive Software Intermediate Holdings, Inc. 5.666% (1 Month LIBOR USD + 4.000%), 12/18/2028 (Acquired 11/19/2021 — 11/22/2021, Cost $3,594,856) (b) (i) (m)		3,599,978		3,347,979
8.416% (1 Month LIBOR USD + 6.750%), 12/17/2029 (Acquired 11/19/2021, Cost $740,720) (b) (i) (m)		752,000		673,040
				4,021,019
*Machinery — 0.56%*
Granite US Holdings Corp. 6.313% (1 Month LIBOR USD + 4.000%), 09/30/2026 (Acquired 09/25/2019, Cost $4,639,681) (b) (m)		4,736,809		4,485,166
*Oil Field Equipment & Services — 0.23%*
Iracore International Holdings, Inc. 10.000% (1 Month LIBOR USD + 9.000%), 04/12/2024 (Acquired 04/13/2017, Cost $1,826,992) (b) (f) (i) (m) (u)		1,826,992		1,826,992
*Oil Refining & Marketing — 0.46%*
Par Petroleum LLC 7.770% (3 Month LIBOR USD + 6.750%), 01/12/2026 (Acquired 02/13/2020 — 04/16/2021, Cost $3,817,391) (b) (m)		3,883,604		3,728,259
*Personal & Household Products — 0.49%*
Journey Personal Care Corp. 6.500% (1 Month LIBOR USD + 4.250%), 03/01/2028 (Acquired 02/19/2021, Cost $4,991,707) (b) (m)		5,016,791		3,913,097
*Pharmaceuticals — 1.28%*
Covis Finco Sarl 8.704% (1 Month SOFR USD + 6.500%), 02/18/2027 (Acquired 02/14/2022, Cost $4,056,152) (b) (m)		4,485,225		3,790,015
Mallinckrodt International Finance SA 7.503% (3 Month LIBOR USD + 5.500%), 02/24/2025 (Acquired 12/23/2019 — 01/22/2020, Cost $6,830,739) (b) (m)		7,591,196		6,525,051
				10,315,066
*Software/Services — 1.06%*
Central Parent, Inc. TBD (1 Month SOFR USD + 4.500%), 06/08/2029 (Acquired 06/09/2022 — 6/10/2022, Cost $4,452,478) (b) (e) (m)		4,581,000		4,342,811
Syncapay, Inc. 8.750% (1 Month LIBOR USD + 6.500%), 12/10/2027 (Acquired 12/31/2020, Cost $4,212,380) (b) (m)		4,359,271		4,203,427
				8,546,238

	Principal Amount		Value
*Specialty Retail — 0.60%*
Boardriders, Inc. 7.739% (3 Month LIBOR USD + 6.500%), 04/23/2024 (Acquired 03/21/2018, Cost $5,961,106) (b) (i) (m)	$	6,006,042	$	3,408,279
9.371% PIK (1 Month LIBOR USD + 8.000%), 04/23/2024 (Acquired 10/07/2020 — 05/09/2022, Cost $1,590,127) (b) (i) (m) (p)		1,590,127		1,447,015
				4,855,294
*Support — Services — 0.54%*
Drive Chassis Holdco LLC 7.739% (1 Month LIBOR USD + 6.750%), 04/10/2026 (Acquired 04/12/2019, Cost $4,280,741) (b) (m)		4,430,000		4,374,625
Total term loans (Cost $65,916,704)				60,160,762
CONVERTIBLE PREFERRED STOCKS — 0.58%	Shares Held		Value
*Building & Construction — 0.58%*
Fluor Corp., 6.500%		3,961		4,691,012
Total convertible preferred stocks (Cost $3,961,000)				4,691,012
PREFERRED STOCKS — *0.99%*
*Hotels — 0.22%*
Pebblebrook Hotel Trust — Series F, 6.300%		85,621		1,774,923
*Specialty Retail — 0.77%*
Boardriders, Inc. — Series B (Acquired 07/11/2013 — 08/09/2019, Cost $28,937,490) (a) (f) (i) (m) (u)		13,810,639		6,214,788
Total preferred stocks (Cost $30,848,797)				7,989,711
COMMON STOCKS — 5.17%
*Energy — Exploration & Production — 0.91%*
Civitas Resources, Inc.		37,684		1,970,496
Jonah Energy Parent LLC (Acquired 12/31/2020, Cost $204,836) (f) (i) (m) (u)		13,656		687,716
PetroQuest Energy, Inc. (a) (f) (i) (o) (u)		8,969,064		1,255,669
Ranger Oil Corp. (a)		98,195		3,227,670
Warren Resources, Inc. (Acquired 11/23/2016, Cost $162,924) (a) (f) (i) (m) (u)		117,785		208,480
				7,350,031
*Metals/Mining Excluding Steel — 3.44%*
Metals Recovery Holdings LLC (Acquired 07/19/2012 — 12/10/2019, Cost $32,793,156) (a) (f) (i) (m) (o) (u)		116,127		18,508,369
RA Parent, Inc. (Acquired 12/23/2014 — 08/09/2019, Cost $8,348,746) (a) (f) (i) (m) (u)		142		9,159,000
				27,667,369

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

Schedule of Investments — June 30, 2022

Hotchkis & Wiley High Yield Fund

	Shares Held		Value
*Oil Field Equipment & Services — 0.82%*
Iracore Investments Holdings, Inc. — Class A (Acquired 04/13/2017, Cost $4,753,500) (a) (f) (i) (m) (o) (u)		22,361	$	6,623,328
Total common stocks (Cost $76,029,864)				41,640,728
Total long-term investments (Cost $941,300,285)				760,596,770
SHORT-TERM INVESTMENTS — 4.06%
*Money Market Funds — 3.48%*
JPMorgan U.S. Government Money Market Fund — Class IM, 1.37%^		28,000,000		28,000,000
	Principal Amount
*Time Deposits — 0.58%*
Banco Bilbao Vizcaya Argentaria SA, 0.91%, 07/01/2022*	$	4,684,523		4,684,523
Royal Bank of Canada, 0.91%, 07/01/2022*		5,502		5,502
				4,690,025
Total short-term investments (Cost $32,690,025)				32,690,025
Total investments — 98.55% (Cost $973,990,310)				793,286,795
Other assets in excess of liabilities — 1.45%				11,637,711
Net assets — 100.00%			$	804,924,506

(a) — Non-income producing security.

(b) — The coupon rate shown on variable rate securities represents the rate at June 30, 2022.

(c) — All or a portion of this security is segregated 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 $44,484,342, which represented 5.53% 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 $53,360,655, which represented 6.63% 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 $101,562,443, which represented 12.62% 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

SOFR — Secured Overnight Financing Rate

TBD — To be determined.

USD — United States Dollar

^ — Rate shown is the 7-day yield as of June 30, 2022.

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

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

Statements of Assets & Liabilities

JUNE 30, 2022

	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	$	83,301,575		$	396,818,422	$	431,516,819		$	522,874,153	$	462,054,888
Affiliated issuers		—			—		—			5,324,184		—
Collateral for securities on loan*		—			638,435		661,045			2,787,980		4,634,772
Short-term investments*		670,660			7,731,019		881,139			28,096,262		10,786,292
Cash		252			2,197		3,248			12,677		4,905
Dividends and interest receivable		130,959			673,446		451,945			351,309		519,634
Receivable for investments sold		—			—		5,217,639			—		—
Receivable for Fund shares sold		—			579,868		531,534			2,442,531		231,437
Other assets		5,971			30,217		30,715			34,386		18,284
Total assets	$	84,109,417		$	406,473,604	$	439,294,084		$	561,923,482	$	478,250,212
Liabilities:
Collateral upon return of securities on loan	$	—		$	638,435	$	661,045		$	2,787,980	$	4,634,772
Payable for investments purchased		—			—		3,397,152			3,605,609		2,816,669
Payable for Fund shares repurchased		5			386,188		544,608			479,678		207,546
Payable to Advisor		34,853			235,814		293,316			363,496		221,944
Accrued distribution and service fees		45,798			234,138		180,130			65,639		4,636
Accrued expenses and other liabilities		60,510			255,208		209,606			275,063		201,279
Total liabilities		141,166			1,749,783		5,285,857			7,577,465		8,086,846
Commitments and contingencies (Note 8)
Net assets	$	83,968,251		$	404,723,821	$	434,008,227		$	554,346,017	$	470,163,366
Net Assets consist of:
Paid-in capital	$	108,683,325		$	360,007,851	$	703,235,352		$	525,919,197	$	434,260,545
Total accumulated distributable earnings (losses)	$	(24,715,074	)	$	44,715,970	$	(269,227,125	)	$	28,426,820	$	35,902,821
Net assets	$	83,968,251		$	404,723,821	$	434,008,227		$	554,346,017	$	470,163,366
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class I
Net assets	$	50,757,206		$	214,692,220	$	286,886,974		$	510,545,104	$	461,865,709
Shares outstanding (unlimited shares $0.001 par value authorized)		2,229,695			5,516,390		7,047,495			7,735,232		38,775,639
Net asset value per share	$	22.76		$	38.92	$	40.71		$	66.00	$	11.91
Calculation of Net Asset Value Per Share — Class A
Net assets	$	32,489,114		$	150,259,722	$	111,770,543		$	33,249,826	$	5,839,331
Shares outstanding (unlimited shares $0.001 par value authorized)		1,422,531			3,886,415		2,794,638			506,340		493,564
Net asset value per share	$	22.84		$	38.66	$	39.99		$	65.67	$	11.83
Public Offering Price Per Share — Class A
(Net asset value per share divided by 0.9475)	$	24.11		$	40.80	$	42.21		$	69.31	$	12.49
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class C
Net assets	$	721,931		$	4,690,904	$	4,480,345		$	1,157,270
Shares outstanding (unlimited shares $0.001 par value authorized)		31,755			122,682		129,441			22,157
Net asset value per share	$	22.73		$	38.24	$	34.61		$	52.23
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class Z
Net assets				$	35,080,975	$	30,870,365		$	9,393,817	$	2,458,326
Shares outstanding (unlimited shares $0.001 par value authorized)					901,331		758,079			142,238		206,506
Net asset value per share				$	38.92	$	40.72		$	66.04	$	11.90
*Cost of long-term investments
Unaffiliated issuers	$	79,535,935		$	372,190,241	$	401,547,353		$	526,911,895	$	458,395,841
Affiliated issuers		—			—		—			17,211,831		—
*Cost of collateral for securities on loan		—			638,435		661,045			2,787,980		4,634,772
*Cost of short-term investments		670,660			7,731,022		881,148			28,096,262		10,786,292

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

Statements of Assets & Liabilities

JUNE 30, 2022

	Global Value Fund		International Value Fund		International Small Cap Diversified Value Fund			Value Opportunities Fund			High Yield Fund
Assets:
Long-term investments, at value*
Unaffiliated issuers	$	32,735,838	$	2,668,140	$	5,579,329		$	444,178,504		$	734,209,404
Affiliated issuers		—		—		—			9,603,396			26,387,366
Collateral for securities on loan*		—		—		—			358,790			—
Short-term investments*		884,803		52,447		121,568			22,793,145			32,690,025
Cash		402		33		53			7,222			2,603
Cash held at broker		—		—		—			9,000			—
Dividends and interest receivable		62,111		9,830		16,035			438,525			12,634,911
Receivable for investments sold		—		—		—			9,857,554			5,356,953
Receivable for Fund shares sold		—		—		—			275,621			1,458,732
Receivable from Advisor		—		8,275		34,571			—			—
Other assets		5,739		1,951		7,019			25,065			51,589
Total assets	$	33,688,893	$	2,740,676	$	5,758,575		$	487,546,822		$	812,791,583
Liabilities:
Collateral upon return of securities on loan	$	—	$	—	$	—		$	358,790		$	—
Payable for investments purchased		275,187		—		—			7,939,339			4,452,478
Payable for Fund shares repurchased		271,167		—		—			21,588,427			1,937,452
Payable to Advisor		13,430		—		—			317,854			351,343
Accrued distribution and service fees		2,031		—		—			107,956			3,462
Distributions payable to shareholders		—		—		—			—			798,805
Accrued expenses and other liabilities		37,196		32,514		49,410			168,028			323,537
Total liabilities		599,011		32,514		49,410			30,480,394			7,867,077
Commitments and contingencies (Note 8)
Net assets	$	33,089,882	$	2,708,162	$	5,709,165		$	457,066,428		$	804,924,506
Net Assets consist of:
Paid-in capital	$	31,767,829	$	2,629,247	$	5,765,431		$	484,222,181		$	1,317,119,136
Total accumulated distributable earnings (losses)	$	1,322,053	$	78,915	$	(56,266	)	$	(27,155,753	)	$	(512,194,630	)
Net assets	$	33,089,882	$	2,708,162	$	5,709,165		$	457,066,428		$	804,924,506
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class I
Net assets	$	31,800,208	$	2,708,162	$	5,709,165		$	326,559,334		$	642,933,961
Shares outstanding (unlimited shares $0.001 par value authorized)		2,515,860		261,724		554,980			11,225,680			65,372,704
Net asset value per share	$	12.64	$	10.35	$	10.29		$	29.09		$	9.83
Calculation of Net Asset Value Per Share — Class A
Net assets	$	1,289,674						$	70,349,610		$	29,066,153
Shares outstanding (unlimited shares $0.001 par value authorized)		102,104							2,418,336			2,982,520
Net asset value per share	$	12.63						$	29.09		$	9.75
Public Offering Price Per Share — Class A
(Net asset value per share divided by 0.9475)	$	13.33						$	30.70
(Net asset value per share divided by 0.9625)											$	10.13
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class C
Net assets								$	19,575,474		$	1,077,629
Shares outstanding (unlimited shares $0.001 par value authorized)									742,405			109,666
Net asset value per share								$	26.37		$	9.83
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class Z
Net assets								$	40,582,010		$	131,846,763
Shares outstanding (unlimited shares $0.001 par value authorized)									1,395,008			13,406,206
Net asset value per share								$	29.09		$	9.83
*Cost of long-term investments
Unaffiliated issuers	$	32,484,080	$	2,674,563	$	5,922,395		$	478,714,266		$	880,731,018
Affiliated issuers		—		—		—			6,892,250			60,569,267
*Cost of collateral for securities on loan		—		—		—			358,790			—
*Cost of short-term investments		884,803		52,447		121,568			22,793,207			32,690,025

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

Statements of Operations

FOR THE YEAR ENDED JUNE 30, 2022

	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	$	1,772,424		$	9,193,636		$	6,912,406		$	8,003,552		$	9,896,862
Interest		607			5,217			11,428			26,586			8,662
Securities on loan, net		895			5,786			9,401			31,060			58,419
Total income		1,773,926			9,204,639			6,933,235			8,061,198			9,963,943
Expenses:
Advisory fees		699,720			3,424,264			3,434,346			4,189,548			3,145,442
Professional fees and expenses		23,984			55,130			53,915			62,358			54,040
Custodian fees and expenses		6,072			14,771			16,571			19,888			20,538
Transfer agent fees and expenses		111,664			701,725			582,926			1,122,529			571,939
Accounting fees and expenses		25,900			58,695			55,559			66,100			67,846
Administration fees and expenses		47,286			172,452			161,404			192,799			173,807
Compliance fees		1,587			7,864			7,310			8,901			7,814
Trustees' fees and expenses		11,728			55,820			51,968			63,592			54,211
Reports to shareholders		6,997			27,643			26,609			30,772			14,373
Registration fees		48,644			71,705			66,726			73,964			61,126
Distribution and service fees — Class A		96,290			458,796			306,454			89,355			17,770
Distribution and service fees — Class C		10,614			66,819			57,322			14,368			—
Other expenses		14,596			47,842			41,724			52,520			40,371
Total expenses		1,105,082			5,163,526			4,862,834			5,986,694			4,229,277
Fee waiver/expense reimbursement by Advisor (Note 2)		(198,480	)		(49,931	)		—			—			(340,696	)
Net expenses		906,602			5,113,595			4,862,834			5,986,694			3,888,581
Net investment income		867,324			4,091,044			2,070,401			2,074,504			6,075,362
Realized and Unrealized Gains (Losses):
Net realized gains (losses) from:
Sales of unaffiliated issuers		6,184,760			31,502,459			41,678,717			89,717,698			55,204,950
Sales of affiliated issuers		—			—			—			(3,932,098	)		—
Foreign currency transactions		221			1,117			(2,575	)		(643	)		—
Net realized gains		6,184,981			31,503,576			41,676,142			85,784,957			55,204,950
Net change in unrealized appreciation/depreciation of:
Securities of unaffiliated issuers and foreign currency translations		(14,713,941	)		(78,910,741	)		(59,787,599	)		(119,431,389	)		(109,788,819	)
Securities of affiliated issuers		—			—			—			6,523,176			—
Net change in unrealized appreciation/depreciation		(14,713,941	)		(78,910,741	)		(59,787,599	)		(112,908,213	)		(109,788,819	)
Net losses		(8,528,960	)		(47,407,165	)		(18,111,457	)		(27,123,256	)		(54,583,869	)
Net Decrease in Net Assets Resulting from Operations	$	(7,661,636	)	$	(43,316,121	)	$	(16,041,056	)	$	(25,048,752	)	$	(48,508,507	)
*Net of Foreign Taxes Withheld	$	22,530		$	150,308		$	134,776		$	96,937		$	9,942

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

Statements of Operations

FOR THE YEAR ENDED JUNE 30, 2022

	Global Value Fund			International Value Fund			International Small Cap Diversified Value Fund			Value Opportunities Fund			High Yield Fund
Investment income:
Dividends*
Unaffiliated issuers	$	719,261		$	86,309		$	190,170		$	7,279,665		$	1,582,807
Interest		2,489			299			112			412,089			52,115,074
Securities on loan, net		—			—			—			13,023			—
Total income		721,750			86,608			190,282			7,704,777			53,697,881
Expenses:
Advisory fees		280,621			20,975			52,393			4,176,969			5,615,632
Professional fees and expenses		17,581			13,189			13,459			64,536			108,556
Custodian fees and expenses		8,079			9,105			51,654			33,837			44,854
Transfer agent fees and expenses		29,467			217			398			453,496			1,031,126
Accounting fees and expenses		28,650			32,092			80,928			67,389			152,007
Administration fees and expenses		40,206			40,199			45,873			193,812			343,523
Compliance fees		595			41			104			8,914			16,267
Trustees' fees and expenses		4,292			298			761			64,091			122,239
Reports to shareholders		3,511			2,816			3,138			20,970			23,079
Registration fees		34,881			4,130			22,745			69,541			80,818
Distribution and service fees — Class A		3,787			—			—			221,366			90,254
Distribution and service fees — Class C		—			—			—			249,315			13,857
Other expenses		8,359			4,696			5,712			52,442			115,536
Total expenses		460,029			127,758			277,165			5,676,678			7,757,748
Fee waiver/expense reimbursement by Advisor (Note 2)		(100,698	)		(102,811	)		(212,329	)		—			(659,998	)
Net expenses		359,331			24,947			64,836			5,676,678			7,097,750
Net investment income		362,419			61,661			125,446			2,028,099			46,600,131
Realized and Unrealized Gains (Losses):
Net realized gains (losses) from:
Sales of unaffiliated issuers		2,893,814			157,657			345,329			47,848,452			(10,771,511	)
Sales of affiliated issuers		—			—			—			—			(1,291,045	)
Foreign currency transactions		(5,671	)		(2,010	)		(6,407	)		(30,094	)		5
Futures contracts		—			—			—			872,966			—
Net realized gains (losses)		2,888,143			155,647			338,922			48,691,324			(12,062,551	)
Net change in unrealized appreciation/depreciation of:
Securities of unaffiliated issuers and foreign currency translations		(7,802,624	)		(496,722	)		(1,416,130	)		(111,379,153	)		(137,700,413	)
Securities of affiliated issuers		—			—			—			(2,458,561	)		(2,616,426	)
Futures contracts		—			—			—			(403,023	)		—
Net change in unrealized appreciation/depreciation		(7,802,624	)		(496,722	)		(1,416,130	)		(114,240,737	)		(140,316,839	)
Net losses		(4,914,481	)		(341,075	)		(1,077,208	)		(65,549,413	)		(152,379,390	)
Net Decrease in Net Assets Resulting from Operations	$	(4,552,062	)	$	(279,414	)	$	(951,762	)	$	(63,521,314	)	$	(105,779,259	)
*Net of Foreign Taxes Withheld	$	53,346		$	10,486		$	32,429		$	311,240		$	—

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

Statements of Changes in Net Assets

	Diversified Value Fund						Large Cap Value Fund
	Year ended June 30, 2022			Year ended June 30, 2021			Year ended June 30, 2022			Year ended June 30, 2021
Operations:
Net investment income	$	867,324		$	993,767		$	4,091,044		$	4,667,389
Net realized gains		6,184,981			1,876,667			31,503,576			9,995,846
Net change in unrealized appreciation/depreciation		(14,713,941	)		40,296,325			(78,910,741	)		188,924,665
Net increase (decrease) in net assets resulting from operations		(7,661,636	)		43,166,759			(43,316,121	)		203,587,900
Dividends and Distributions to Shareholders:
Class I		(657,851	)		(992,196	)		(2,427,861	)		(4,266,621	)
Class A		(334,023	)		(525,542	)		(1,326,174	)		(2,063,556	)
Class C		(1,799	)		(8,023	)		—			(18,447	)
Class Z		—			—			(121,577	)		(156,287	)
Net decrease in net assets resulting from dividends and distributions to shareholders		(993,673	)		(1,525,761	)		(3,875,612	)		(6,504,911	)
Capital Share Transactions:
Net decrease in net assets resulting from capital share transactions		(16,142,449	)		(5,288,401	)		(10,878,399	)		(121,846,115	)
Net Assets:
Total increase (decrease) in net assets		(24,797,758	)		36,352,597			(58,070,132	)		75,236,874
Beginning of year		108,766,009			72,413,412			462,793,953			387,557,079
End of year	$	83,968,251		$	108,766,009		$	404,723,821		$	462,793,953

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

Statements of Changes in Net Assets

	Mid-Cap Value Fund						Small Cap Value Fund
	Year ended June 30, 2022			Year ended June 30, 2021			Year ended June 30, 2022			Year ended June 30, 2021
Operations:
Net investment income	$	2,070,401		$	5,360,742		$	2,074,504		$	1,979,403
Net realized gains		41,676,142			42,592,192			85,784,957			68,227,665
Net change in unrealized appreciation/depreciation		(59,787,599	)		182,855,325			(112,908,213	)		196,989,781
Net increase (decrease) in net assets resulting from operations		(16,041,056	)		230,808,259			(25,048,752	)		267,196,849
Dividends and Distributions to Shareholders:
Class I		(3,616,474	)		(5,186,501	)		(1,727,552	)		(3,423,111	)
Class A		(1,423,942	)		(2,090,006	)		(77,062	)		(203,554	)
Class C		(1,906	)		(162,167	)		—			(5,353	)
Class Z		(434,467	)		(489,503	)		(51,094	)		(86,524	)
Net decrease in net assets resulting from dividends and distributions to shareholders		(5,476,789	)		(7,928,177	)		(1,855,708	)		(3,718,542	)
Capital Share Transactions:
Net increase (decrease) in net assets resulting from capital share transactions		2,909,748			(69,449,403	)		21,543,755			(74,946,971	)
Net Assets:
Total increase (decrease) in net assets		(18,608,097	)		153,430,679			(5,360,705	)		188,531,336
Beginning of year		452,616,324			299,185,645			559,706,722			371,175,386
End of year	$	434,008,227		$	452,616,324		$	554,346,017		$	559,706,722

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

Statements of Changes in Net Assets

	Small Cap Diversified Value Fund						Global Value Fund
	Year ended June 30, 2022			Year ended June 30, 2021			Year ended June 30, 2022			Year ended June 30, 2021
Operations:
Net investment income	$	6,075,362		$	3,311,779		$	362,419		$	257,456
Net realized gains		55,204,950			12,693,177			2,888,143			2,374,924
Net change in unrealized appreciation/depreciation		(109,788,819	)		131,129,477			(7,802,624	)		12,022,169
Net increase (decrease) in net assets resulting from operations		(48,508,507	)		147,134,433			(4,552,062	)		14,654,549
Dividends and Distributions to Shareholders:
Class I		(29,365,305	)		(2,363,036	)		(245,800	)		(444,350	)
Class A		(461,227	)		(18,884	)		(6,987	)		(2,722	)
Class Z		(75,948	)		(6,779	)		—			—
Net decrease in net assets resulting from dividends and distributions to shareholders		(29,902,480	)		(2,388,699	)		(252,787	)		(447,072	)
Capital Share Transactions:
Net increase (decrease) in net assets resulting from capital share transactions		111,012,557			147,825,977			385,654			(2,014,373	)
Net Assets:
Total increase (decrease) in net assets		32,601,570			292,571,711			(4,419,195	)		12,193,104
Beginning of year		437,561,796			144,990,085			37,509,077			25,315,973
End of year	$	470,163,366		$	437,561,796		$	33,089,882		$	37,509,077

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

Statements of Changes in Net Assets

	International Value Fund						International Small Cap Diversified Value Fund
	Year ended June 30, 2022			Year ended June 30, 2021			Year ended June 30, 2022			Period ended June 30, 2021+
Operations:
Net investment income	$	61,661		$	38,235		$	125,446		$	107,363
Net realized gains		155,647			112,066			338,922			1,086,186
Net change in unrealized appreciation/depreciation		(496,722	)		910,487			(1,416,130	)		1,072,378
Net increase (decrease) in net assets resulting from operations		(279,414	)		1,060,788			(951,762	)		2,265,927
Dividends and Distributions to Shareholders:
Class I		(37,541	)		(30,073	)		(1,250,186	)		(120,245	)
Net decrease in net assets resulting from dividends and distributions to shareholders		(37,541	)		(30,073	)		(1,250,186	)		(120,245	)
Capital Share Transactions:
Net increase (decrease) in net assets resulting from capital share transactions		471,104			(350,564	)		1,250,186			4,515,245
Net Assets:
Total increase (decrease) in net assets		154,149			680,151			(951,762	)		6,660,927
Beginning of period		2,554,013			1,873,862			6,660,927			—
End of period	$	2,708,162		$	2,554,013		$	5,709,165		$	6,660,927

+ The Fund commenced operations on June 30, 2020.

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

Statements of Changes in Net Assets

	Value Opportunities Fund						High Yield Fund
	Year ended June 30, 2022			Year ended June 30, 2021			Year ended June 30, 2022			Year ended June 30, 2021
Operations:
Net investment income	$	2,028,099		$	7,799,559		$	46,600,131		$	66,989,826
Net realized gains (losses)		48,691,324			87,813,065			(12,062,551	)		(84,290,349	)
Net change in unrealized appreciation/depreciation		(114,240,737	)		137,389,230			(140,316,839	)		247,790,180
Net increase (decrease) in net assets resulting from operations		(63,521,314	)		233,001,854			(105,779,259	)		230,489,657
Dividends and Distributions to Shareholders:
Class I		(49,243,055	)		(7,100,606	)		(37,681,791	)		(45,766,603	)
Class A		(12,046,592	)		(1,983,365	)		(1,558,850	)		(1,971,546	)
Class C		(3,121,171	)		(577,064	)		(49,017	)		(95,373	)
Class Z		(5,855,755	)		(924,361	)		(7,150,392	)		(17,732,127	)
Net decrease in net assets resulting from dividends and distributions to shareholders		(70,266,573	)		(10,585,396	)		(46,440,050	)		(65,565,649	)
Capital Share Transactions:
Net increase (decrease) in net assets resulting from capital share transactions		46,395,922			(194,829,898	)		(152,685,511	)		(603,574,274	)
Net Assets:
Total increase (decrease) in net assets		(87,391,965	)		27,586,560			(304,904,820	)		(438,650,266	)
Beginning of year		544,458,393			516,871,833			1,109,829,326			1,548,479,592
End of year	$	457,066,428		$	544,458,393		$	804,924,506		$	1,109,829,326

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															Ratios to Average Net Assets
Diversified Value Fund	Net asset value, beginning of year		Net investment income (loss)¹			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total distributions			Net asset value, end of year		Total return²			Net assets, end of year (in thousands)		Expenses, net of reimbursement/ waiver			Expenses, before reimbursement/ waiver			Net investment income (loss)
Class I
Year ended 6/30/2022	$	25.09	$	0.25		$	(2.30	)	$	(2.05	)	$	(0.28	)	$	—	$	(0.28	)	$	22.76		–8.27	%	$	50,757		0.80	%		1.01	%		0.98	%
Year ended 6/30/2021		15.31		0.25			9.92			10.17			(0.39	)		—		(0.39	)		25.09		67.14			63,906		0.80			1.03			1.24
Year ended 6/30/2020		18.90		0.32			(3.54	)		(3.22	)		(0.37	)		—		(0.37	)		15.31		–17.51			46,372		0.80			1.04			1.83
Year ended 6/30/2019		18.80		0.30			0.06			0.36			(0.26	)		—		(0.26	)		18.90		2.08			63,333		0.83			0.99			1.65
Year ended 6/30/2018		17.43		0.23			1.48			1.71			(0.34	)		—		(0.34	)		18.80		9.81			65,503		0.95			1.02			1.25
Class A
Year ended 6/30/2022		25.18		0.19			(2.30	)		(2.11	)		(0.23	)		—		(0.23	)		22.84		–8.49			32,489		1.05			1.22			0.72
Year ended 6/30/2021		15.36		0.20			9.96			10.16			(0.34	)		—		(0.34	)		25.18		66.74			43,719		1.05			1.24			1.00
Year ended 6/30/2020		18.95		0.28			(3.56	)		(3.28	)		(0.31	)		—		(0.31	)		15.36		–17.68			24,972		1.05			1.25			1.57
Year ended 6/30/2019		18.85		0.26			0.05			0.31			(0.21	)		—		(0.21	)		18.95		1.78			35,807		1.08			1.24			1.39
Year ended 6/30/2018		17.47		0.19			1.49			1.68			(0.30	)		—		(0.30	)		18.85		9.57			39,616		1.20			1.27			1.00
Class C
Year ended 6/30/2022		25.07		(0.01	)		(2.29	)		(2.30	)		(0.04	)		—		(0.04	)		22.73		–9.20			722		1.80			1.98			(0.04	)
Year ended 6/30/2021		15.24		0.05			9.91			9.96			(0.13	)		—		(0.13	)		25.07		65.57			1,141		1.80			1.97			0.25
Year ended 6/30/2020		18.77		0.14			(3.55	)		(3.41	)		(0.12	)		—		(0.12	)		15.24		–18.33			1,069		1.80			1.98			0.80
Year ended 6/30/2019		18.64		0.12			0.06			0.18			(0.05	)		—		(0.05	)		18.77		0.98			2,141		1.83			1.99			0.64
Year ended 6/30/2018		17.27		0.04			1.48			1.52			(0.15	)		—		(0.15	)		18.64		8.77			2,598		1.95			2.02			0.25

	Year Ended June 30,
	2022			2021			2020			2019			2018
Portfolio turnover rate		28	%		32	%		28	%		26	%		28	%

			Income (loss) from investment operations									Dividends and distributions																Ratios to Average Net Assets
Large 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			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
Year ended 6/30/2022	$	43.29	$	0.41		$	(4.40	)	$	(3.99	)	$	(0.38	)	$	—		$	(0.38	)	$	38.92		–9.31	%	$	214,692		0.95	%		0.97	%		0.93	%
Year ended 6/30/2021		26.81		0.41			16.64			17.05			(0.57	)		—			(0.57	)		43.29		64.20			293,318		0.95			0.98			1.19
Year ended 6/30/2020		33.29		0.53			(6.44	)		(5.91	)		(0.57	)		—			(0.57	)		26.81		–18.18			257,544		0.95			0.95			1.72
Year ended 6/30/2019		33.57		0.51			0.19			0.70			(0.64	)		(0.34	)		(0.98	)		33.29		2.51			357,191		0.95			0.95			1.56
Year ended 6/30/2018		31.04		0.42			2.67			3.09			(0.56	)		—			(0.56	)		33.57		10.01			276,930		1.00			1.00			1.28
Class A
Year ended 6/30/2022		43.04		0.31			(4.38	)		(4.07	)		(0.31	)		—			(0.31	)		38.66		–9.53			150,260		1.18			1.18			0.71
Year ended 6/30/2021		26.67		0.33			16.56			16.89			(0.52	)		—			(0.52	)		43.04		63.82			149,051		1.18			1.18			0.96
Year ended 6/30/2020		33.14		0.46			(6.45	)		(5.99	)		(0.48	)		—			(0.48	)		26.67		–18.42			113,504		1.20			1.20			1.49
Year ended 6/30/2019		33.36		0.41			0.22			0.63			(0.51	)		(0.34	)		(0.85	)		33.14		2.24			116,354		1.20			1.20			1.26
Year ended 6/30/2018		30.85		0.34			2.65			2.99			(0.48	)		—			(0.48	)		33.36		9.72			131,276		1.25			1.25			1.03
Class C
Year ended 6/30/2022		42.57		(0.02	)		(4.31	)		(4.33	)		—			—			—			38.24		–10.17			4,691		1.91			1.91			(0.05	)
Year ended 6/30/2021		26.26		0.05			16.36			16.41			(0.10	)		—			(0.10	)		42.57		62.60			7,467		1.92			1.92			0.16
Year ended 6/30/2020		32.59		0.24			(6.36	)		(6.12	)		(0.21	)		—			(0.21	)		26.26		–18.93			9,567		1.88			1.88			0.78
Year ended 6/30/2019		32.68		0.17			0.25			0.42			(0.17	)		(0.34	)		(0.51	)		32.59		1.49			14,948		1.95			1.95			0.55
Year ended 6/30/2018		30.16		0.08			2.61			2.69			(0.17	)		—			(0.17	)		32.68		8.92			14,161		2.00			2.00			0.26
Class Z
Year ended 6/30/2022		43.30		0.46			(4.40	)		(3.94	)		(0.44	)		—			(0.44	)		38.92		–9.22			35,081		0.86			0.86			1.07
Year ended 6/30/2021		26.82		0.47			16.63			17.10			(0.62	)		—			(0.62	)		43.30		64.34			12,958		0.84			0.84			1.33
Period from 9/30/2019³ to 6/30/2020		33.12		0.49			(6.19	)		(5.70	)		(0.60	)		—			(0.60	)		26.82		–17.65			6,943		0.83⁴			0.83⁴			2.37⁴

	Year Ended June 30,
	2022			2021			2020			2019			2018
Portfolio turnover rate		35	%		25	%		29	%		23	%		41	%

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

² Total returns exclude the effects of sales charges. The Fund's investment advisor may have waived a portion of its advisory fee and/or reimbursed a portion of the Fund's expenses. Without such waiver and/or reimbursement, the Fund's performance would have been lower. Returns for periods less than one year are not annualized.

³ Commencement of operations.

⁴ Annualized.

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																Ratios to Average Net Assets
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			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
Year ended 6/30/2022	$	42.23	$	0.22		$	(1.18	)	$	(0.96	)	$	(0.56	)	$	—		$	(0.56	)	$	40.71		–2.34	%	$	286,887		1.01	%		1.01	%		0.51	%
Year ended 6/30/2021		22.27		0.48			20.20			20.68			(0.72	)		—			(0.72	)		42.23		93.96			302,584		1.04			1.04			1.50
Year ended 6/30/2020		33.10		0.51			(10.82	)		(10.31	)		(0.52	)		—			(0.52	)		22.27		–31.62			202,902		1.04			1.04			1.73
Year ended 6/30/2019		39.68		0.24			(5.94	)		(5.70	)		(0.33	)		(0.55	)		(0.88	)		33.10		–14.29			1,044,280		1.00			1.00			0.67
Year ended 6/30/2018		37.13		0.11			4.96			5.07			(0.15	)		(2.37	)		(2.52	)		39.68		14.32			1,609,002		0.99			0.99			0.28
Class A
Year ended 6/30/2022		41.52		0.13			(1.15	)		(1.02	)		(0.51	)		—			(0.51	)		39.99		–2.54			111,771		1.21			1.21			0.31
Year ended 6/30/2021		21.93		0.43			19.87			20.30			(0.71	)		—			(0.71	)		41.52		93.63			118,947		1.23			1.23			1.35
Year ended 6/30/2020		32.53		0.43			(10.65	)		(10.22	)		(0.38	)		—			(0.38	)		21.93		–31.78			71,919		1.22			1.22			1.56
Year ended 6/30/2019		39.03		0.15			(5.82	)		(5.67	)		(0.28	)		(0.55	)		(0.83	)		32.53		–14.48			159,676		1.25			1.25			0.43
Year ended 6/30/2018		36.57		0.01			4.88			4.89			(0.06	)		(2.37	)		(2.43	)		39.03		14.05			230,105		1.24			1.24			0.03
Class C
Year ended 6/30/2022		35.80		(0.17	)		(1.01	)		(1.18	)		(0.01	)		—			(0.01	)		34.61		–3.29			4,480		1.97			1.97			(0.46	)
Year ended 6/30/2021		19.01		0.15			17.19			17.34			(0.55	)		—			(0.55	)		35.80		92.13			8,206		2.01			2.01			0.57
Year ended 6/30/2020		28.12		0.20			(9.27	)		(9.07	)		(0.04	)		—			(0.04	)		19.01		–32.29			8,389		1.96			1.96			0.82
Year ended 6/30/2019		33.93		(0.10	)		(5.05	)		(5.15	)		(0.11	)		(0.55	)		(0.66	)		28.12		–15.15			24,447		2.00			2.00			(0.33	)
Year ended 6/30/2018		32.26		(0.24	)		4.28			4.04			—			(2.37	)		(2.37	)		33.93		13.20			39,383		1.99			1.99			(0.72	)
Class Z
Year ended 6/30/2022		42.25		0.29			(1.19	)		(0.90	)		(0.63	)		—			(0.63	)		40.72		–2.23			30,870		0.87			0.87			0.65
Year ended 6/30/2021		22.26		0.56			20.19			20.75			(0.76	)		—			(0.76	)		42.25		94.35			22,879		0.88			0.88			1.75
Period from 9/30/2019³ to 6/30/2020		30.67		0.40			(8.25	)		(7.85	)		(0.56	)		—			(0.56	)		22.26		–26.16			15,976		0.89⁴			0.89⁴			2.12⁴

	Year Ended June 30,
	2022			2021			2020			2019			2018
Portfolio turnover rate		41	%		37	%		27	%		34	%		32	%

			Income (loss) from investment operations									Dividends and distributions																Ratios to Average Net Assets
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			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
Year ended 6/30/2022	$	68.58	$	0.27		$	(2.59	)	$	(2.32	)	$	(0.26	)	$	—		$	(0.26	)	$	66.00		–3.42	%	$	510,545		1.06	%		1.06	%		0.38	%
Year ended 6/30/2021		38.22		0.23			30.56			30.79			(0.43	)		—			(0.43	)		68.58		80.88			512,396		1.07			1.07			0.44
Year ended 6/30/2020		53.27		0.45			(12.86	)		(12.41	)		(0.48	)		(2.16	)		(2.64	)		38.22		–24.70			335,080		1.05			1.05			0.94
Year ended 6/30/2019		63.89		0.35			(6.34	)		(5.99	)		(0.33	)		(4.30	)		(4.63	)		53.27		–8.97			670,391		1.03			1.03			0.61
Year ended 6/30/2018		59.31		0.29			7.35			7.64			(0.28	)		(2.78	)		(3.06	)		63.89		13.33			715,194		1.02			1.02			0.47
Class A
Year ended 6/30/2022		68.24		0.16			(2.58	)		(2.42	)		(0.15	)		—			(0.15	)		65.67		–3.56			33,250		1.21			1.21			0.23
Year ended 6/30/2021		38.03		0.14			30.41			30.55			(0.34	)		—			(0.34	)		68.24		80.58			35,039		1.25			1.25			0.27
Year ended 6/30/2020		52.98		0.36			(12.83	)		(12.47	)		(0.32	)		(2.16	)		(2.48	)		38.03		–24.86			26,028		1.25			1.25			0.76
Year ended 6/30/2019		63.49		0.18			(6.26	)		(6.08	)		(0.13	)		(4.30	)		(4.43	)		52.98		–9.20			44,240		1.28			1.28			0.32
Year ended 6/30/2018		58.93		0.12			7.32			7.44			(0.10	)		(2.78	)		(2.88	)		63.49		13.05			70,928		1.27			1.27			0.20
Class C
Year ended 6/30/2022		54.55		(0.27	)		(2.05	)		(2.32	)		—			—			—			52.23		–4.25			1,157		1.94			1.94			(0.48	)
Year ended 6/30/2021		30.49		(0.19	)		24.33			24.14			(0.08	)		—			(0.08	)		54.55		79.25			2,026		1.99			1.99			(0.46	)
Year ended 6/30/2020		42.94		0.02			(10.31	)		(10.29	)		—			(2.16	)		(2.16	)		30.49		–25.40			3,528		1.95			1.95			0.05
Year ended 6/30/2019		52.65		(0.21	)		(5.20	)		(5.41	)		—			(4.30	)		(4.30	)		42.94		–9.86			7,496		2.03			2.03			(0.44	)
Year ended 6/30/2018		49.60		(0.28	)		6.11			5.83			—			(2.78	)		(2.78	)		52.65		12.21			13,824		2.02			2.02			(0.55	)
Class Z
Year ended 6/30/2022		68.62		0.42			(2.60	)		(2.18	)		(0.40	)		—			(0.40	)		66.04		–3.22			9,394		0.86			0.86			0.59
Year ended 6/30/2021		38.23		0.35			30.55			30.90			(0.51	)		—			(0.51	)		68.62		81.23			10,246		0.87			0.87			0.65
Period from 9/30/2019³ to 6/30/2020		52.15		0.56			(11.79	)		(11.23	)		(0.53	)		(2.16	)		(2.69	)		38.23		–22.99			6,540		0.87⁴			0.87⁴			1.72⁴

	Year Ended June 30,
	2022			2021			2020			2019			2018
Portfolio turnover rate		49	%		36	%		34	%		40	%		29	%

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

³ Commencement of operations.

⁴ Annualized.

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																Ratios to Average Net Assets
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			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
Year ended 6/30/2022	$	13.99	$	0.17	$	(1.38	)	$	(1.21	)	$	(0.14	)	$	(0.73	)	$	(0.87	)	$	11.91		–9.34	%	$	461,866		0.80	%		0.87	%		1.26	%
Year ended 6/30/2021		7.88		0.14		6.07			6.21			(0.10	)		—			(0.10	)		13.99		79.26			427,708		0.80			0.87			1.21
Year ended 6/30/2020		10.08		0.12		(2.23	)		(2.11	)		(0.09	)		—			(0.09	)		7.88		–21.14			143,415		0.82			0.92			1.37
Year ended 6/30/2019		12.21		0.10		(1.30	)		(1.20	)		(0.08	)		(0.85	)		(0.93	)		10.08		–9.23			95,405		0.90			1.06			0.91
Year ended 6/30/2018		12.06		0.10		1.85			1.95			(0.05	)		(1.75	)		(1.80	)		12.21		17.48			40,128		0.90			1.45			0.80
Class A
Year ended 6/30/2022		13.91		0.13		(1.36	)		(1.23	)		(0.12	)		(0.73	)		(0.85	)		11.83		–9.57			5,839		1.05			1.15			0.98
Year ended 6/30/2021		7.83		0.11		6.06			6.17			(0.09	)		—			(0.09	)		13.91		79.09			8,668		1.05			1.14			0.96
Year ended 6/30/2020		10.03		0.10		(2.24	)		(2.14	)		(0.06	)		—			(0.06	)		7.83		–21.48			1,535		1.07			1.18			1.06
Year ended 6/30/2019		12.14		0.06		(1.26	)		(1.20	)		(0.06	)		(0.85	)		(0.91	)		10.03		–9.35			2,875		1.15			1.36			0.55
Year ended 6/30/2018		12.01		0.07		1.84			1.91			(0.03	)		(1.75	)		(1.78	)		12.14		17.18			2,835		1.15			1.70			0.58
Class Z
Year ended 6/30/2022		13.99		0.18		(1.39	)		(1.21	)		(0.15	)		(0.73	)		(0.88	)		11.90		–9.38			2,458		0.76			0.76			1.33
Year ended 6/30/2021		7.87		0.15		6.07			6.22			(0.10	)		—			(0.10	)		13.99		79.45			1,186		0.77			0.77			1.25
Period from 9/30/2019³ to 6/30/2020		10.02		0.09		(2.14	)		(2.05	)		(0.10	)		—			(0.10	)		7.87		–20.75			40		0.80⁴			0.84⁴			1.41⁴

	Year Ended June 30,
	2022			2021			2020			2019			2018
Portfolio turnover rate		38	%		42	%		53	%		84	%		95	%

			Income (loss) from investment operations								Dividends and distributions																Ratios to Average Net Assets
Global Value Fund	Net asset value, beginning of year		Net investment income¹		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total distributions			Net asset value, end of year		Total return²			Net assets, end of year (in thousands)		Expenses, net of reimbursement/ waiver			Expenses, before reimbursement/ waiver			Net investment income
Class I
Year ended 6/30/2022	$	14.44	$	0.14	$	(1.84	)	$	(1.70	)	$	(0.10	)	$	—		$	(0.10	)	$	12.64		–11.86	%	$	31,800		0.95	%		1.22	%		0.98	%
Year ended 6/30/2021		8.96		0.10		5.56			5.66			(0.18	)		—			(0.18	)		14.44		63.58			36,025		0.95			1.29			0.83
Year ended 6/30/2020		11.55		0.14		(2.42	)		(2.28	)		(0.13	)		(0.18	)		(0.31	)		8.96		–20.42			25,148		0.95			1.32			1.31
Year ended 6/30/2019		13.30		0.23		(0.94	)		(0.71	)		(0.14	)		(0.90	)		(1.04	)		11.55		–4.57			39,749		0.96			1.62			2.02
Year ended 6/30/2018		12.82		0.11		1.09			1.20			(0.13	)		(0.59	)		(0.72	)		13.30		9.59			8,987		1.10			2.87			0.83
Class A
Year ended 6/30/2022		14.43		0.11		(1.84	)		(1.73	)		(0.07	)		—			(0.07	)		12.63		–12.07			1,290		1.20			1.46			0.73
Year ended 6/30/2021		8.96		0.08		5.54			5.62			(0.15	)		—			(0.15	)		14.43		63.05			1,484		1.20			1.48			0.58
Year ended 6/30/2020		11.55		0.11		(2.41	)		(2.30	)		(0.11	)		(0.18	)		(0.29	)		8.96		–20.57			168		1.20			1.62			1.05
Year ended 6/30/2019		13.28		0.09		(0.83	)		(0.74	)		(0.09	)		(0.90	)		(0.99	)		11.55		–4.85			238		1.24			2.64			0.72
Year ended 6/30/2018		12.80		0.07		1.10			1.17			(0.10	)		(0.59	)		(0.69	)		13.28		9.36			732		1.35			3.12			0.55

	Year Ended June 30,
	2022			2021			2020			2019			2018
Portfolio turnover rate		38	%		39	%		36	%		36	%		43	%

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

³ Commencement of operations.

⁴ Annualized.

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

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																Ratios to Average Net Assets
International Value Fund	Net asset value, beginning of year		Net investment income¹		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total distributions			Net asset value, end of year		Total return²			Net assets, end of year (in thousands)		Expenses, net of reimbursement/ waiver			Expenses, before reimbursement/ waiver			Net investment income
Class I
Year ended 6/30/2022	$	11.66	$	0.27	$	(1.41	)	$	(1.14	)	$	(0.17	)	$	—		$	(0.17	)	$	10.35		–9.82	%	$	2,708		0.95	%		4.87	%		2.35	%
Year ended 6/30/2021		7.59		0.15		4.04			4.19			(0.12	)		—			(0.12	)		11.66		55.37			2,554		0.95			5.13			1.56
Year ended 6/30/2020		9.77		0.13		(1.96	)		(1.83	)		(0.19	)		(0.16	)		(0.35	)		7.59		–19.66			1,874		0.95			6.10			1.39
Year ended 6/30/2019		11.57		0.19		(1.27	)		(1.08	)		(0.14	)		(0.58	)		(0.72	)		9.77		–9.04			2,334		0.99			5.94			1.85
Year ended 6/30/2018		11.85		0.11		0.31			0.42			(0.13	)		(0.57	)		(0.70	)		11.57		3.50			2,543		1.15			6.01			0.90

	Year Ended June 30,
	2022			2021			2020			2019			2018
Portfolio turnover rate		20	%		29	%		30	%		42	%		33	%

			Income (loss) from investment operations								Dividends and distributions																Ratios to Average Net Assets
International 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			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
Year ended 6/30/2022	$	14.83	$	0.25	$	(2.01	)	$	(1.76	)	$	(0.39	)	$	(2.39	)	$	(2.78	)	$	10.29		–14.28	%	$	5,709		0.99	%		4.23	%		1.92	%
Period from 6/30/2020³ to 6/30/2021		10.00		0.24		4.87			5.11			(0.08	)		(0.20	)		(0.28	)		14.83		51.58			6,661		0.99			4.27			1.91

	Year Ended June 30,
	2022			2021
Portfolio turnover rate		45	%		63	%

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

³ Commencement of operations.

The accompanying notes are an integral part of these financial statements.
65

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																Ratios to Average Net Assets
Value Opportunities 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			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
Year ended 6/30/2022	$	37.42	$	0.16		$	(3.67	)	$	(3.51	)	$	(0.45	)	$	(4.37	)	$	(4.82	)	$	29.09		–11.50	%	$	326,559		0.94	%		0.94	%		0.44	%
Year ended 6/30/2021		22.61		0.50			15.06			15.56			(0.75	)		—			(0.75	)		37.42		69.77			390,241		0.94			0.94			1.69
Year ended 6/30/2020		28.08		0.49			(5.28	)		(4.79	)		(0.32	)		(0.36	)		(0.68	)		22.61		–17.56			401,552		0.97			0.97			1.88
Year ended 6/30/2019		30.38		0.30			0.09			0.39			(0.31	)		(2.38	)		(2.69	)		28.08		2.45			588,097		0.96			0.96			1.05
Year ended 6/30/2018		27.99		0.40			2.93			3.33			(0.53	)		(0.41	)		(0.94	)		30.38		12.11			453,184		0.97			0.97			1.36
Class A
Year ended 6/30/2022		37.43		0.07			(3.68	)		(3.61	)		(0.36	)		(4.37	)		(4.73	)		29.09		–11.72			70,350		1.20			1.20			0.19
Year ended 6/30/2021		22.66		0.43			15.06			15.49			(0.72	)		—			(0.72	)		37.43		69.24			83,243		1.24			1.24			1.43
Year ended 6/30/2020		28.12		0.43			(5.29	)		(4.86	)		(0.24	)		(0.36	)		(0.60	)		22.66		–17.73			72,162		1.20			1.20			1.64
Year ended 6/30/2019		30.40		0.22			0.10			0.32			(0.22	)		(2.38	)		(2.60	)		28.12		2.18			131,050		1.21			1.21			0.77
Year ended 6/30/2018		28.00		0.31			2.95			3.26			(0.45	)		(0.41	)		(0.86	)		30.40		11.84			136,325		1.22			1.22			1.07
Class C
Year ended 6/30/2022		34.31		(0.18	)		(3.31	)		(3.49	)		(0.08	)		(4.37	)		(4.45	)		26.37		–12.34			19,575		1.91			1.91			(0.55	)
Year ended 6/30/2021		20.87		0.21			13.83			14.04			(0.60	)		—			(0.60	)		34.31		68.05			27,089		1.93			1.93			0.76
Year ended 6/30/2020		25.94		0.23			(4.90	)		(4.67	)		(0.04	)		(0.36	)		(0.40	)		20.87		–18.32			26,951		1.91			1.91			0.94
Year ended 6/30/2019		28.22		0.01			0.10			0.11			(0.01	)		(2.38	)		(2.39	)		25.94		1.44			47,021		1.96			1.96			0.02
Year ended 6/30/2018		26.04		0.08			2.74			2.82			(0.23	)		(0.41	)		(0.64	)		28.22		10.99			49,624		1.97			1.97			0.30
Class Z
Year ended 6/30/2022		37.43		0.19			(3.68	)		(3.49	)		(0.48	)		(4.37	)		(4.85	)		29.09		–11.40			40,582		0.86			0.86			0.52
Year ended 6/30/2021		22.62		0.55			15.04			15.59			(0.78	)		—			(0.78	)		37.43		69.86			43,886		0.87			0.87			1.81
Period from 9/30/2019³ to 6/30/2020		27.79		0.37			(4.84	)		(4.47	)		(0.34	)		(0.36	)		(0.70	)		22.62		–16.61			16,207		0.85⁴			0.85⁴			1.95⁴

	Year Ended June 30,
	2022			2021			2020			2019			2018
Portfolio turnover rate		75	%		76	%		47	%		60	%		55	%

			Income (loss) from investment operations								Dividends and distributions															Ratios to Average Net Assets
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			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
Year ended 6/30/2022	$	11.58	$	0.51	$	(1.75	)	$	(1.24	)	$	(0.51	)	$	—	$	(0.51	)	$	9.83		–11.12	%	$	642,934		0.70	%		0.77	%		4.56	%
Year ended 6/30/2021		10.22		0.59		1.34			1.93			(0.57	)		—		(0.57	)		11.58		19.32			857,715		0.70			0.75			5.34
Year ended 6/30/2020		11.69		0.65		(1.48	)⁵		(0.83	)		(0.64	)		—		(0.64	)		10.22		–7.26			978,398		0.70			0.75			5.85
Year ended 6/30/2019		11.90		0.69		(0.21	)⁵		0.48			(0.69	)		—		(0.69	)		11.69		4.19			1,825,782		0.70			0.75			5.87
Year ended 6/30/2018		12.26		0.72		(0.37	)⁵		0.35			(0.71	)		—		(0.71	)		11.90		2.87			1,918,320		0.70			0.74			5.93
Class A
Year ended 6/30/2022		11.48		0.48		(1.73	)		(1.25	)		(0.48	)		—		(0.48	)		9.75		–11.28			29,066		0.93			0.98			4.33
Year ended 6/30/2021		10.13		0.56		1.33			1.89			(0.54	)		—		(0.54	)		11.48		19.09			39,312		0.91			0.97			5.12
Year ended 6/30/2020		11.62		0.63		(1.51	)⁵		(0.88	)		(0.61	)		—		(0.61	)		10.13		–7.77			43,638		0.95			1.01			5.54
Year ended 6/30/2019		11.83		0.65		(0.20	)⁵		0.45			(0.66	)		—		(0.66	)		11.62		3.92			303,367		0.95			1.00			5.62
Year ended 6/30/2018		12.18		0.69		(0.37	)⁶		0.32			(0.67	)		—		(0.67	)		11.83		2.68			466,960		0.95			0.99			5.69
Class C
Year ended 6/30/2022		11.57		0.40		(1.74	)		(1.34	)		(0.40	)		—		(0.40	)		9.83		–11.94			1,078		1.70			1.77			3.55
Year ended 6/30/2021		10.21		0.49		1.34			1.83			(0.47	)		—		(0.47	)		11.57		18.20			1,769		1.66			1.71			4.41
Year ended 6/30/2020		11.68		0.55		(1.48	)		(0.93	)		(0.54	)		—		(0.54	)		10.21		–8.13			2,596		1.64			1.69			4.95
Year ended 6/30/2019		11.89		0.57		(0.21	)		0.36			(0.57	)		—		(0.57	)		11.68		3.15			3,599		1.70			1.75			4.88
Year ended 6/30/2018		12.26		0.60		(0.38	)⁵		0.22			(0.59	)		—		(0.59	)		11.89		1.76			3,380		1.70			1.74			4.93
Class Z
Year ended 6/30/2022		11.58		0.52		(1.75	)		(1.23	)		(0.52	)		—		(0.52	)		9.83		–11.04			131,847		0.60			0.65			4.66
Year ended 6/30/2021		10.22		0.61		1.33			1.94			(0.58	)		—		(0.58	)		11.58		19.44			211,034		0.60			0.65			5.56
Year ended 6/30/2020		11.70		0.64		(1.46	)⁵		(0.82	)		(0.66	)		—		(0.66	)		10.22		–7.24			523,848		0.60			0.65			6.02
Year ended 6/30/2019		11.90		0.70		(0.20	)		0.50			(0.70	)		—		(0.70	)		11.70		4.38			401,268		0.60			0.65			5.99
Period from 3/29/2018³ to 6/30/2018		12.00		0.19		(0.12	)		0.07			(0.17	)		—		(0.17	)		11.90		0.59			328,769		0.60⁴			0.70⁴			6.54⁴

	Year Ended June 30,
	2022			2021			2020			2019			2018
Portfolio turnover rate		40	%		82	%		67	%		41	%		38	%

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

³ Commencement of operations.

⁴ Annualized.

⁵ Redemption fees per share were less than $0.005.

⁶ Includes redemption fees per share of $0.01.

The accompanying notes are an integral part of these financial statements.
66

Notes to the Financial Statements

JUNE 30, 2022

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 International Small Cap Diversified Value 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 and High Yield Fund have four authorized classes of shares: Class I, Class A, Class C and Class Z. The International Small Cap Diversified Value Fund has three authorized classes of shares: Class I, Class A 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 and International Small Cap Diversified Value Fund are not offering Class A shares to investors; the Small Cap Diversified Value Fund, Global Value Fund and International Value Fund are not offering Class C shares to investors; and the Diversified Value Fund, Global Value Fund, International Value Fund and International Small Cap Diversified Value Fund are not offering Class Z shares to investors.

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 U.S. stock exchange 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. Foreign equity securities (which are principally traded in markets other than the U.S.) are valued based upon the last reported sale price on the primary exchange or market on which they trade as of the close of business of such exchange or market immediately preceding the time of determining the Fund's net asset value. Fixed-income securities are generally valued on the basis of prices obtained from an approved independent pricing service but may also be valued based on reported transactions on FINRA's Trade Reporting and Compliance Engine (TRACE) or quotations provided by a broker-dealer. The pricing services may provide a price determined by a matrix pricing method or other analytical pricing models. Investments quoted in foreign currency are valued daily in U.S. dollars on the basis of the foreign currency exchange rate prevailing at the time of valuation. Securities and other assets for which market quotations are not readily available are valued at their fair value as determined by Hotchkis & Wiley Capital Management, LLC (the "Advisor") under guidelines established by and under the general supervision and responsibility of the Trust's Board of Trustees (the "Board"). The Board has approved the use of a third-party vendor's proprietary fair value pricing model to assist in determining current valuation for foreign securities traded in markets that close prior to the New York Stock Exchange. When fair value pricing is employed, the value of the portfolio securities used to calculate the 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 June 30, 2022:

	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	$	83,192,402	$	396,241,318	$	412,654,020	$	528,198,337	$	462,054,888
Money Market Funds		—		638,435		661,045		2,787,980		4,634,772
Time Deposits		670,660		7,731,019		881,139		28,096,262		10,786,292
Level 2 — Other significant observable market inputs:
Common Stocks:
Energy		—		—		9,946,269		—		—
Industrials		109,173		577,104		8,916,530		—		—
Rights		—		—		—		0		—
Level 3 — Significant unobservable inputs:
Common Stocks:
Materials		—		—		—		0		—
Total Investments	$	83,972,235	$	405,187,876	$	433,059,003	$	559,082,579	$	477,475,952
	Global Value		International Value		International Small Cap Diversified Value		Value Opportunities		High Yield
Level 1 — Quoted prices in an active market:
Common Stocks	$	25,211,899	$	635,586	$	1,108,420	$	399,963,678	$	5,198,166
Preferred Stocks		—		—		—		82,800		1,774,923
Purchased Put Options		—		—		—		4,124,425		—
Money Market Funds		—		—		—		358,790		28,000,000
Time Deposits		884,803		52,447		121,568		22,793,145		4,690,025
Level 2 — Other significant observable market inputs:
Common Stocks:
Communication Services		—		102,606		76,323		—		—
Consumer Discretionary		736,605		172,864		484,438		2,331,922		—
Consumer Staples		442,372		213,953		207,685		—		—
Energy		—		117,568		136,865		1,291,636		—
Financials		3,059,461		752,009		1,205,226		14,548,178		—
Health Care		319,585		96,897		91,803		—		—
Industrials		2,740,969		421,786		1,204,237		14,647,313		—
Information Technology		224,947		154,871		327,848		—		—
Materials		—		—		459,707		1,768,263		—
Real Estate		—		—		131,672		—		—
Utilities		—		—		145,017		—		—
Preferred Stocks:
Financials		—		—		—		656,622		—
Convertible Preferred Stocks		—		—		—		—		4,691,012
Convertible Bonds		—		—		—		—		6,635,940
Corporate Bonds		—		—		—		—		639,478,617
Term Loans		—		—		—		992,253		58,333,770
Rights		—		—		88		—		—
Level 3 — Significant unobservable inputs:
Common Stocks:
Energy — Exploration & Production		—		—		—		—		2,151,865
Materials		—		—		—		10,725,797		—
Metals/Mining Excluding Steel		—		—		—		—		27,667,369
Oil Field Equipment & Services		—		—		—		—		6,623,328
Preferred Stocks:
Specialty Retail		—		—		—		—		6,214,788
Term Loans		—		—		—		2,649,013		1,826,992
Total Investments	$	33,620,641	$	2,720,587	$	5,700,897	$	476,933,835	$	793,286,795

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 June 30, 2022:

Fair Value at
June 30, 2022

Valuation
Techniques

Unobservable
Inputs

Input
Values
(Weighted
Average)*

Impact to
Valuation from an
Increase to Input

Small Cap Value

Common Stocks

Estimated
recovery value

Probability of
asset recovery

$0.00

Increase

Value Opportunities

Common Stocks

9,603,396

Market comparable
companies

EBIT multiple

7.6x - 13.4x

Increase

1,122,401

Transaction price**

N/A

$159.38

Increase

Total Common Stocks

10,725,797

Term Loans

2,649,013

Market comparable
securities

N/A

$100.00

Increase

13,374,810

High Yield

Common Stocks

6,623,328

Market comparable
companies

EBIT multiple

7.6x - 13.4x

Increase

2,151,865

Market comparable
companies

EBITDA multiple

2.0x - 13.3x (7.7x)

Increase

27,667,369

Transaction price**

N/A

$159.38 - $64,500.00
($21,458.69)

Increase

Total Common Stocks

36,442,562

Preferred Stocks

6,214,788

Calculation of enterprise
value using:

Discounted cash flows

Yield (Discount rate
of cash flows)

10%

Decrease

Market comparable
companies

EBITDA multiple

4.0x -10.3x

Increase

Term Loans

1,826,992

Market comparable
securities

N/A

$100.00

Increase

44,484,342

* Unobservable inputs were weighted by the fair value of the investments.

** Fair value was determined based on recent acquisition or offer as the best measure of fair value with no material changes in operations of the related company since the transaction date.

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

	Small Cap Value
	Common Stocks
Balance at June 30, 2021	$	—
Purchases		—
Sales		—
Accrued discounts (premiums)		—
Realized gains (losses)		—
Change in unrealized appreciation/ depreciation		—
Transfers into Level 3		0
Balance at June 30, 2022	$	0
Change in unrealized appreciation/ depreciation for Level 3 assets held at June 30, 2022	$	—

	Value Opportunities
	Common Stocks			Term Loans			Total
Balance at June 30, 2021	$	14,070,772		$	3,526,694		$	17,597,466
Purchases		—			65,216			65,216
Sales		(655,789	)		(942,897	)		(1,598,686	)
Accrued discounts (premiums)		—			1,017			1,017
Realized gains (losses)		56			14,761			14,817
Change in unrealized appreciation/ depreciation		(2,689,242	)		(15,778	)		(2,705,020	)
Transfers into Level 3		—			—			—
Balance at June 30, 2022	$	10,725,797		$	2,649,013		$	13,374,810
Change in unrealized appreciation/ depreciation for Level 3 assets held at June 30, 2022	$	(2,689,242	)	$	—		$	(2,689,242	)

	High Yield
	Common Stocks			Preferred Stocks			Term Loans			Total
Balance at June 30, 2021	$	54,403,842		$	8,976,915		$	8,632,515		$	72,013,272
Purchases		—			—			505,686			505,686
Sales	$	(19,220,333	)		—			(7,311,210	)		(26,531,543	)
Accrued discounts (premiums)		—			—			7,888			7,888
Realized gains (losses)		(5,647,820	)		—			114,458			(5,533,362	)
Change in unrealized appreciation/ depreciation		6,906,873			(2,762,127	)		(122,345	)		4,022,401
Transfers into Level 3		—			—			—			—
Balance at June 30, 2022	$	36,442,562		$	6,214,788		$	1,826,992		$	44,484,342
Change in unrealized appreciation/ depreciation for Level 3 assets held at June 30, 2022	$	2,550,098		$	(2,762,127	)	$	—		$	(212,029	)

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 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 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 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, International Small Cap Diversified 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 and original issue discounts on fixed-income securities are amortized daily over the expected life of the security using the effective yield method. Market premiums on fixed-income securities are amortized daily on the yield to the next call 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 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 Global Value Fund, International Value Fund, International Small Cap Diversified Value Fund, Value Opportunities Fund and High Yield Fund are subject to foreign currency exchange rate risk in the normal course of pursuing their investment objectives. A 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 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 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 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. The Funds did not enter into any credit default swap contracts during the year ended June 30, 2022.

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 June 30, 2022:

Asset Derivatives

	Location on Statements of Assets & Liabilities	Value Opportunities
Equity Contracts:
Purchased Put Options	Long-term investments	$	4,124,425

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 year ended June 30, 2022:

Realized Gains (Losses) on Derivatives

	Value Opportunities
Equity Contracts:
Purchased Put Options	$	(692,812	)*
Foreign Exchange Contracts:
Futures Contracts		872,966

* Included with net realized gains (losses) from sales of unaffiliated issuers.

Change in Unrealized Appreciation/Depreciation on Derivatives

	Value Opportunities
Equity Contracts:
Purchased Put Options	$	547,774	*
Foreign Exchange Contracts:
Futures Contracts		(403,023	)

* Included with net change in unrealized appreciation/depreciation of securities of unaffiliated issuers and foreign currency translations.

The following is a summary of the Funds' average quarterly balance of outstanding derivative instruments categorized by primary risk exposure for the year ended June 30, 2022:

Average Quarterly Balance of Outstanding Derivatives

	Value Opportunities
Equity Contracts:
Average Number of Contracts — Purchased Put Options		111
Average Notional Amount — Purchased Put Options	$	9,535,486
Foreign Exchange Contracts:
Average Number of Contracts — Futures Contracts		62
Average Notional Amount — Futures Contracts	$	5,279,381

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 June 30, 2022:

			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	$	621,267	$	—	$	(621,267	)	$	—
Mid-Cap Value		643,269		—		(643,269	)		—
Small Cap Value		2,714,966		—		(2,714,966	)		—
Small Cap Diversified Value		4,421,326		—		(4,421,326	)		—
Value Opportunities		344,925		—		(344,925	)		—

* 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 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 during the year ended June 30, 2022.

	Diversified Value			Large Cap Value			Mid-Cap Value			Small Cap Value			Small Cap Diversified Value			Global Value			International Value			International Small Cap Diversified Value			Value Opportunities			High Yield
Annual Advisory Fee Rate		0.70	%¹		0.70	%²		0.75	%³		0.75	%		0.65	%		0.75	%		0.80	%		0.80	%		0.75	%		0.55	%
Annual cap on expenses — Class I		0.80	%		0.95	%		1.05	%		1.15	%		0.80	%		0.95	%		0.95	%		0.99	%		1.15	%		0.70	%
Annual cap on expenses — Class A		1.05	%		1.20	%		1.30	%		1.40	%		1.05	%		1.20	%		1.20	%		1.24	%		1.40	%		0.95	%
Annual cap on expenses — Class C		1.80	%		1.95	%		2.05	%		2.15	%		1.80	%		1.95	%		1.95	%		n/a			2.15	%		1.70	%
Annual cap on expenses — Class Z		0.80	%		0.95	%		1.05	%		1.15	%		0.80	%		0.95	%		0.95	%		0.99	%		1.15	%		0.60	%

¹ The Annual Advisory Fee Rate is 0.70% for the first $250 million in assets, 0.60% for the next $250 million in assets and 0.50% thereafter.

² The Annual Advisory Fee Rate is 0.70% for the first $500 million in assets, 0.60% for the next $500 million in assets and 0.55% thereafter.

³ The Annual Advisory Fee Rate is 0.75% for the first $5 billion in assets, 0.65% for the next $5 billion in assets and 0.60% thereafter.

The following rates were effective prior to August 27, 2021:

	Mid-Cap Value			Small Cap Value			Value Opportunities
Annual cap on expenses — Class I		1.15	%		1.25	%		1.25	%
Annual cap on expenses — Class A		1.40	%		1.50	%		1.50	%
Annual cap on expenses — Class C		2.15	%		2.25	%		2.25	%
Annual cap on expenses — Class Z		1.15	%		1.25	%		1.25	%

Quasar Distributors, LLC is the principal underwriter and distributor for the shares of the Funds ("Quasar" or the "Distributor"). 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	%

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 year ended June 30, 2022, the Funds' did not have any of these purchases and sales.

NOTE 3.

Investments. Purchases and sales of investment securities, excluding short-term investments, for the year ended June 30, 2022 were as follows:

	Diversified Value		Large Cap Value		Mid-Cap Value		Small Cap Value		Small Cap Diversified Value		Global Value		International Value		International Small Cap Diversified Value		Value Opportunities		High Yield
Purchases	$	27,056,493	$	167,620,876	$	194,759,006	$	274,967,126	$	266,904,065	$	14,671,332	$	947,616	$	2,891,956	$	405,663,895	$	396,959,850
Sales		40,565,100		185,220,697		183,260,035		265,807,836		179,774,794		13,665,225		506,142		2,853,502		423,517,974		566,369,729

The Funds did not have any purchases or sales of U.S. Government securities for the year ended June 30, 2022.

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, 2022:

	Diversified Value			Large Cap Value			Mid-Cap Value			Small Cap Value			Small Cap Diversified Value			Global Value			International Value			International Small Cap Diversified Value			Value Opportunities			High Yield
Tax cost of investments	$	81,035,813		$	379,258,733		$	414,369,481		$	549,183,623		$	463,138,070		$	32,722,267		$	2,678,837		$	5,946,551		$	488,520,955		$	942,266,661
Gross unrealized appreciation		15,340,834			75,242,010			81,504,039			99,999,824			69,239,591			4,545,463			362,127			446,624			53,160,665			9,397,802
Gross unrealized depreciation		(13,075,072	)		(57,682,321	)		(64,354,562	)		(120,985,110	)		(70,322,773	)		(4,533,916	)		(373,257	)		(814,532	)		(87,902,554	)		(191,067,712	)
Net unrealized appreciation/ depreciation		2,265,762			17,559,689			17,149,477			(20,985,286	)		(1,083,182	)		11,547			(11,130	)		(367,908	)		(34,741,889	)		(181,669,910	)
Distributable ordinary income (as of 6/30/22)*		867,545			2,165,785			2,143,120			1,614,360			10,544,461			356,748			59,717			111,448			—			766,525
Distributable long-term gains (as of 6/30/22)		—			24,990,499			—			47,808,256			26,441,542			953,758			30,328			200,194			8,269,848			—
Total distributable earnings		867,545			27,156,284			2,143,120			49,422,616			36,986,003			1,310,506			90,045			311,642			8,269,848			766,525
Other accumulated losses		(27,848,381	)		(3	)		(288,519,722	)		(10,510	)		—			—			—			—			(683,712	)		(331,291,245	)
Total accumulated gains (losses)	$	(24,715,074	)	$	44,715,970		$	(269,227,125	)	$	28,426,820		$	35,902,821		$	1,322,053		$	78,915		$	(56,266	)	$	(27,155,753	)	$	(512,194,630	)

* Includes distributable short-term gains of $6,887,620 for the Small Cap Diversified Value 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, 2022, the Global Value Fund held securities with $3,664 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, 2022, the Small Cap Diversified Value Fund held securities with $20,591 of net unrealized appreciation relating to the transfers.

On the Statements of Assets & Liabilities, the following adjustments were made for permanent tax differences. These differences are due primarily to differing treatment for items such as partnership adjustments.

	Paid-In Capital			Total Accumulated Distributable Earnings (Losses)
Diversified Value	$	—		$	—
Large Cap Value		—			—
Mid-Cap Value		—			—
Small Cap Value		—			—
Small Cap Diversified Value		(21,945	)		21,945
Global Value		—			—
International Value		—			—
International Small Cap Diversified Value		—			—
Value Opportunities		—			—
High Yield		—			—

The tax components of distributions paid during the fiscal years ended June 30, 2022 and 2021, capital loss carryovers as of June 30, 2022, and any tax basis late year losses as of June 30, 2022, which are not recognized for tax purposes until the first day of the following fiscal year, are:

	June 30, 2022												June 30, 2021
	Ordinary Income Distributions		Long-Term Capital Gains Distributions		Short-Term Capital Loss Carryovers¹		Long-Term Capital Loss Carryovers²		Capital Loss Carryovers Utilized		Late Year Losses		Ordinary Income Distributions		Long-Term Capital Gains Distributions
Diversified Value	$	993,673	$	—	$	—	$	27,848,381	$	6,163,593	$	—	$	1,525,761	$	—
Large Cap Value		3,875,612		—		—		—		8,621,409		—		6,504,911		—
Mid-Cap Value		5,476,789		—		86,598,129		201,921,584		36,469,426		—		7,928,177		—
Small Cap Value		1,855,708		—		—		—		37,369,798		—		3,718,542		—
Small Cap Diversified Value		16,228,065		13,674,415		—		—		—		—		2,388,699		—
Global Value		252,787		—		—		—		1,914,073		—		447,072		—
International Value		37,541		—		—		—		121,027		—		30,073		—
International Small Cap Diversified Value		1,159,737		90,449		—		—		—		—		120,245		—
Value Opportunities		10,786,641		59,479,932		—		—		—		683,650³		10,585,396		—
High Yield⁴		46,440,050		—		3,786,054		326,706,386		—		—		65,565,649		—

¹ Short-term with no expiration.

² Long-term with no expiration.

³ Short-term post-October loss.

⁴ The Fund inherited a short-term capital loss carryover of $922,717 and a long-term capital loss carryover of $3,566,005 as a result of the reorganization with the Hotchkis & Wiley Capital Income Fund, which are included in the totals. These capital loss carryovers are further subject to an annual limitation of $171,228 pursuant to Section 382.

As of and during the year ended June 30, 2022, 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, 2022, the Funds did not incur any interest or penalties. The tax years ended June 30, 2019 through June 30, 2022 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
Year Ended June 30, 2022
Diversified Value Fund
Class I		150,176	$	3,932,509		24,442	$	623,755		(491,513	)	$	(12,544,875	)		(316,895	)	$	(7,988,611	)
Class A		91,558		2,417,634		5,112		131,077		(410,150	)		(10,344,146	)		(313,480	)		(7,795,435	)
Class C		6,878		181,923		64		1,638		(20,708	)		(541,964	)		(13,766	)		(358,403	)
Total net increase (decrease)		248,612		6,532,066		29,618		756,470		(922,371	)		(23,430,985	)		(644,141	)		(16,142,449	)

	Sales				Reinvestment of dividends and distributions				Redemptions						Net increase (decrease)
	Shares		Amount		Shares		Amount		Shares			Amount			Shares			Amount
Year Ended June 30, 2022
Large Cap Value Fund
Class I		1,117,980	$	49,387,294		49,099	$	2,147,118		(2,426,654	)	$	(107,300,059	)		(1,259,575	)	$	(55,765,647	)
Class A		2,763,785		118,706,521		10,107		439,639		(2,350,931	)		(98,857,159	)		422,961			20,289,001
Class C		21,118		929,544		—		—		(73,847	)		(3,172,367	)		(52,729	)		(2,242,823	)
Class Z		728,713		32,323,620		2,767		120,928		(129,426	)		(5,603,478	)		602,054			26,841,070
Total net increase (decrease)		4,631,596		201,346,979		61,973		2,707,685		(4,980,858	)		(214,933,063	)		(287,289	)		(10,878,399	)
Mid-Cap Value Fund
Class I		2,369,224		108,356,664		77,469		3,353,653		(2,564,860	)		(111,411,685	)		(118,167	)		298,632
Class A		679,939		29,991,266		17,729		754,899		(767,557	)		(33,377,683	)		(69,889	)		(2,631,518	)
Class C		30,903		1,184,642		40		1,464		(130,716	)		(4,786,330	)		(99,773	)		(3,600,224	)
Class Z		327,016		13,721,266		9,380		405,864		(119,879	)		(5,284,272	)		216,517			8,842,858
Total net increase (decrease)		3,407,082		153,253,838		104,618		4,515,880		(3,583,012	)		(154,859,970	)		(71,312	)		2,909,748
Small Cap Value Fund
Class I		2,453,456		178,270,897		8,058		575,021		(2,197,818	)		(155,530,588	)		263,696			23,315,330
Class A		161,889		11,856,176		760		54,041		(169,804	)		(12,316,357	)		(7,155	)		(406,140	)
Class C		5,525		305,126		—		—		(20,504	)		(1,159,407	)		(14,979	)		(854,281	)
Class Z		38,578		2,784,424		707		50,430		(46,352	)		(3,346,008	)		(7,067	)		(511,154	)
Total net increase (decrease)		2,659,448		193,216,623		9,525		679,492		(2,434,478	)		(172,352,360	)		234,495			21,543,755
Small Cap Diversified Value Fund
Class I		11,734,826		158,715,920		2,143,429		29,000,600		(5,670,764	)		(76,741,063	)		8,207,491			110,975,457
Class A		1,297,152		18,065,756		34,120		458,912		(1,460,788	)		(20,130,433	)		(129,516	)		(1,605,765	)
Class Z		122,913		1,657,590		5,617		75,948		(6,830	)		(90,673	)		121,700			1,642,865
Total net increase (decrease)		13,154,891		178,439,266		2,183,166		29,535,460		(7,138,382	)		(96,962,169	)		8,199,675			111,012,557
Global Value Fund
Class I		262,675		3,837,880		16,806		245,531		(258,703	)		(3,708,873	)		20,778			374,538
Class A		25,379		387,135		474		6,929		(26,622	)		(382,948	)		(769	)		11,116
Total net increase (decrease)		288,054		4,225,015		17,280		252,460		(285,325	)		(4,091,821	)		20,009			385,654
International Value Fund
Class I		43,585		478,285		3,302		37,541		(4,179	)		(44,722	)		42,708			471,104
Total net increase (decrease)		43,585		478,285		3,302		37,541		(4,179	)		(44,722	)		42,708			471,104
International Small Cap Diversified Value Fund
Class I		—		—		105,769		1,250,186		—			—			105,769			1,250,186
Total net increase		—		—		105,769		1,250,186		—			—			105,769			1,250,186
Value Opportunities Fund
Class I		3,575,584		128,311,658		780,362		27,125,388		(3,557,601	)		(123,386,823	)		798,345			32,050,223
Class A		844,282		31,659,953		230,848		8,035,833		(880,861	)		(31,444,575	)		194,269			8,251,211
Class C		77,124		2,503,437		85,298		2,702,238		(209,615	)		(7,021,658	)		(47,193	)		(1,815,983	)
Class Z		57,348		2,174,312		168,511		5,855,755		(3,466	)		(119,596	)		222,393			7,910,471
Total net increase (decrease)		4,554,338		164,649,360		1,265,019		43,719,214		(4,651,543	)		(161,972,652	)		1,167,814			46,395,922
High Yield Fund
Class I		19,594,772		219,369,723		2,740,407		30,472,864		(31,042,395	)		(341,709,942	)		(8,707,216	)		(91,867,355	)
Class A		997,235		11,111,506		118,868		1,309,300		(1,559,228	)		(17,292,289	)		(443,125	)		(4,871,483	)
Class C		8,155		87,190		3,410		37,999		(54,796	)		(617,636	)		(43,231	)		(492,447	)
Class Z		1,177,285		13,354,141		460,163		5,101,501		(6,459,093	)		(73,909,868	)¹		(4,821,645	)		(55,454,226	)
Total net increase (decrease)		21,777,447		243,922,560		3,322,848		36,921,664		(39,115,512	)		(433,529,735	)		(14,015,217	)		(152,685,511	)

	Sales				Reinvestment of dividends and distributions				Redemptions						Net increase (decrease)
	Shares		Amount		Shares		Amount		Shares			Amount			Shares			Amount
Year Ended June 30, 2021
Diversified Value Fund
Class I		388,515	$	9,134,799		47,787	$	945,231		(919,488	)	$	(18,376,345	)		(483,186	)	$	(8,296,315	)
Class A		309,619		7,601,562		10,034		199,372		(209,895	)		(4,296,478	)		109,758			3,504,456
Class C		4,993		113,057		395		7,851		(30,013	)		(617,450	)		(24,625	)		(496,542	)
Total net increase (decrease)		703,127		16,849,418		58,216		1,152,454		(1,159,396	)		(23,290,273	)		(398,053	)		(5,288,401	)
Large Cap Value Fund
Class I		1,630,439		58,814,186		108,040		3,746,815		(4,570,468	)		(153,030,901	)		(2,831,989	)		(90,469,900	)
Class A		547,262		17,191,830		26,192		904,152		(1,365,291	)		(46,254,599	)		(791,837	)		(28,158,617	)
Class C		30,782		1,239,736		429		14,725		(220,060	)		(6,389,890	)		(188,849	)		(5,135,429	)
Class Z		145,638		5,398,783		4,508		156,287		(109,767	)		(3,637,239	)		40,379			1,917,831
Total net increase (decrease)		2,354,121		82,644,535		139,169		4,821,979		(6,265,586	)		(209,312,629	)		(3,772,296	)		(121,846,115	)
Mid-Cap Value Fund
Class I		2,034,241		74,003,540		150,488		4,765,946		(4,130,991	)		(126,048,480	)		(1,946,262	)		(47,278,994	)
Class A		512,685		18,014,959		34,687		1,081,182		(961,777	)		(30,369,369	)		(414,405	)		(11,273,228	)
Class C		41,054		1,310,259		5,405		145,947		(258,433	)		(6,510,643	)		(211,974	)		(5,054,437	)
Class Z		188,321		5,245,488		13,604		430,698		(377,921	)		(11,518,930	)		(175,996	)		(5,842,744	)
Total net increase (decrease)		2,776,301		98,574,246		204,184		6,423,773		(5,729,122	)		(174,447,422	)		(2,748,637	)		(69,449,403	)
Small Cap Value Fund
Class I		2,213,459		122,660,692		24,995		1,324,472		(3,534,703	)		(185,550,995	)		(1,296,249	)		(61,565,831	)
Class A		115,015		5,964,674		2,421		127,797		(288,290	)		(15,111,244	)		(170,854	)		(9,018,773	)
Class C		4,424		205,247		121		5,147		(83,097	)		(3,308,200	)		(78,552	)		(3,097,806	)
Class Z		51,443		2,367,616		1,634		86,524		(74,867	)		(3,718,701	)		(21,790	)		(1,264,561	)
Total net increase (decrease)		2,384,341		131,198,229		29,171		1,543,940		(3,980,957	)		(207,689,140	)		(1,567,445	)		(74,946,971	)
Small Cap Diversified Value Fund
Class I		17,925,513		207,063,514		215,613		2,313,526		(5,783,195	)		(68,151,190	)		12,357,931			141,225,850
Class A		1,276,079		16,656,640		1,757		18,763		(850,723	)		(10,840,534	)		427,113			5,834,869
Class Z		82,187		796,426		632		6,779		(3,048	)		(37,947	)		79,771			765,258
Total net increase (decrease)		19,283,779		224,516,580		218,002		2,339,068		(6,636,966	)		(79,029,671	)		12,864,815			147,825,977
Global Value Fund
Class I		115,647		1,428,513		35,157		415,199		(461,494	)		(4,924,372	)		(310,690	)		(3,080,660	)
Class A		99,368		1,276,822		230		2,722		(15,454	)		(213,257	)		84,144			1,066,287
Total net increase (decrease)		215,015		2,705,335		35,387		417,921		(476,948	)		(5,137,629	)		(226,546	)		(2,014,373	)
International Value Fund
Class I		—		—		3,029		30,073		(31,047	)		(380,637	)		(28,018	)		(350,564	)
Total net increase (decrease)		—		—		3,029		30,073		(31,047	)		(380,637	)		(28,018	)		(350,564	)
International Small Cap Diversified Value Fund
Class I		439,500		4,395,000		9,711		120,245		—			—			449,211			4,515,245
Total net increase		439,500		4,395,000		9,711		120,245		—			—			449,211			4,515,245
Value Opportunities Fund
Class I		4,392,877		136,803,581		137,703		4,054,081		(11,859,433	)		(304,077,970	)		(7,328,853	)		(163,220,308	)
Class A		553,432		16,561,166		44,459		1,311,078		(1,558,031	)		(47,688,345	)		(960,140	)		(29,816,101	)
Class C		68,900		2,124,274		18,303		496,749		(589,010	)		(15,299,430	)		(501,807	)		(12,678,407	)
Class Z		482,089		11,850,275		31,409		924,361		(57,415	)		(1,889,718	)		456,083			10,884,918
Total net increase (decrease)		5,497,298		167,339,296		231,874		6,786,269		(14,063,889	)		(368,955,463	)		(8,334,717	)		(194,829,898	)

	Sales				Reinvestment of dividends and distributions				Redemptions						Net increase (decrease)
	Shares		Amount		Shares		Amount		Shares			Amount			Shares			Amount
Year Ended June 30, 2021
High Yield Fund
Class I		26,682,118	$	295,880,004		3,585,419	$	39,484,060		(51,926,052	)	$	(568,277,147	)		(21,658,515	)	$	(232,913,083	)
Class A		1,308,362		14,322,042		151,389		1,652,147		(2,343,278	)		(25,304,609	)		(883,527	)		(9,330,420	)
Class C		20,286		221,602		7,151		78,592		(128,763	)		(1,418,010	)		(101,326	)		(1,117,816	)
Class Z		4,297,840		47,212,468		994,609		10,912,278		(38,336,219	)		(418,337,701	)²		(33,043,770	)		(360,212,955	)
Total net increase (decrease)		32,308,606		357,636,116		4,738,568		52,127,077		(92,734,312	)		(1,013,337,467	)		(55,687,138	)		(603,574,274	)

¹ Includes an in-kind redemption which resulted in a realized gain of $912,500.

² Includes in-kind redemptions which resulted in a realized loss of $(11,634,796).

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 year ended June 30, 2022, is set forth below:

Small Cap Value Fund

Issuer Name	Value at June 30, 2021		Purchases		Sales			Net Realized Gains (Losses)			Net Change in Unrealized Appreciation/ Depreciation			Value at June 30, 2022		Dividends		Shares Held at June 30, 2022
Hudson Global, Inc.	$	3,375,577	$	—	$	(682,486	)	$	(3,932,098	)	$	6,563,191		$	5,324,184	$	—		169,560
Noranda Aluminum Holding Corp.		40,015		—		—			—			(40,015	)		0		—		800,300
	$	3,415,592	$	—	$	(682,486	)	$	(3,932,098	)	$	6,523,176		$	5,324,184	$	—

Value Opportunities Fund

Issuer Name	Value at June 30, 2021		Purchases		Sales		Net Realized Gains (Losses)		Net Change in Unrealized Appreciation/ Depreciation			Value at June 30, 2022		Dividends		Shares Held at June 30, 2022
Iracore Investments Holdings, Inc.	$	12,061,957	$	—	$	—	$	—	$	(2,458,561	)	$	9,603,396	$	—		32,422
	$	12,061,957	$	—	$	—	$	—	$	(2,458,561	)	$	9,603,396	$	—

High Yield Fund

Issuer Name	Value at June 30, 2021		Purchases		Sales			Net Realized Gains (Losses)			Net Change in Unrealized Appreciation/ Depreciation			Value at June 30, 2022		Dividends		Shares Held at June 30, 2022
Metals Recovery Holdings LLC (formerly American Zinc Recycling Corp.).	$	33,125,311	$	—	$	(10,813,948	)	$	46		$	(3,803,040	)	$	18,508,369	$	—	$	116,127
Iracore Investments Holdings, Inc.		8,318,963		—		—			—			(1,695,635	)		6,623,328		—		22,361
Lonestar Resources US, Inc.+		5,554,537		—		(1,127,165	)		—			(4,427,372	)		—		—		—
PetroQuest Energy, Inc.		0		—		—			—			1,255,669			1,255,669		—		8,969,064
RA Parent, Inc.+		12,802,524		—		(8,406,385	)		(1,291,091	)		6,053,952			9,159,000		—		142
	$	59,801,335	$	—	$	(20,347,498	)	$	(1,291,045	)	$	(2,616,426	)	$	35,546,366	$	—

+ Issuer was not an affiliate as of June 30, 2022.

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. The contractual maturity of the cash collateral received under the securities lending agreement is classified as overnight and continuous. 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.

Bridge loan commitments may obligate a Fund to furnish temporary financing to a borrower until permanent financing can be arranged. At June 30, 2022, the Funds did not have any outstanding bridge loan commitments.

Unfunded loan commitments are contractual obligations for funding to a borrower. At June 30, 2022, the Funds did not have any outstanding unfunded loan commitments..

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.

The High Yield Fund has investments in securities or derivatives that utilize the London Interbank Offered Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. Regulators and financial industry working groups in several jurisdictions have worked over the past several years to identify alternative reference rates ("ARRs") to replace LIBOR and to assist with the transition to the new ARRs. In connection with the transition, on March 5, 2021 the UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Consequently, the publication of most LIBOR rates ceased at the end of 2021, but a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

Although regulators have generally prohibited banking institutions from entering into new contracts that reference those USD LIBOR settings that continue to exist, there remains uncertainty and risks relating to certain "legacy" USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in "legacy" USD LIBOR instruments held by a Fund could result in losses to the Fund.

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.

The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways and with durations that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The foregoing could impair the Funds' ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of the Funds' service providers, adversely affect the value and liquidity of the Funds' investments, and negatively impact the Funds' performance, and overall prevent the Funds from implementing their investment strategies and achieving their investment objectives.

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.

New Accounting Pronouncements. In March 2020, FASB issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform. The amendments in ASU No. 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January 2021, the FASB issued ASU No. 2021-01, which clarifies that certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The ASUs are effective for all entities as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Funds' financial statements and disclosures. The Funds did not utilize the optional expedients and exceptions provided by ASU No. 2020-04 and ASU No. 2021-01 during the year ended June 30, 2022.

In June 2022, FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual sale restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. Management is currently evaluating the impact of this guidance on the Funds' financial statements.

NOTE 11.

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

NOTE 12.(UNAUDITED)

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, 2022.

For the year ended June 30, 2022, 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 — 91.88%, Small Cap Value Fund — 100.00%, Small Cap Diversified Value Fund — 53.41%, Global Value Fund — 92.66%, International Value Fund — 1.05%, International Small Cap Diversified Value Fund — 0.00%, Value Opportunities Fund — 58.47%, High Yield Fund — 1.20%.

For the year ended June 30, 2022, 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 — 100.00%, Small Cap Value Fund — 100.00%, Small Cap Diversified Value Fund — 55.24%, Global Value Fund — 100.00%, International Value Fund — 100.00%, International Small Cap Diversified Value Fund — 18.35%, Value Opportunities Fund — 85.20%, High Yield Fund — 1.20%. Shareholders should consult their tax advisors.

For the year ended June 30, 2022, the International Value Fund and International Small Cap Diversified Value Fund earned foreign source income of $96,566 and $222,591, respectively, and paid foreign taxes of $10,391 and $32,052, 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, 2022, 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 — 0.00%, Large Cap Value Fund — 0.00%, Mid-Cap Value Fund — 0.00%, Small Cap Value Fund — 0.00%, Small Cap Diversified Value Fund — 0.00%, Global Value Fund — 0.10%, International Value Fund — 0.10%, International Small Cap Diversified Value Fund — 0.00%, Value Opportunities Fund — 14.51%, High Yield Fund — 94.81%.

For the year ended June 30, 2022, 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 — 0.00%, Mid-Cap Value Fund — 0.00%, Small Cap Value Fund — 0.00%, Small Cap Diversified Value Fund — 69.83%, Global Value Fund — 0.00%, International Value Fund — 0.00%, International Small Cap Diversified Value Fund — 84.90%, Value Opportunities Fund — 42.40%, High Yield Fund — 0.00%.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees
of Hotchkis & Wiley Funds

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets & liabilities of Hotchkis & Wiley Funds (the "Funds") comprising 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, International Small Cap Diversified Value Fund, Value Opportunities Fund, and High Yield Fund, including the schedules of investments, as of June 30, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended (as to International Small Cap Diversified Value Fund, for the period from June 30, 2020 (commencement of operations) through June 30, 2021 and the year ended June 30, 2022), the financial highlights for each of the five years in the period then ended (as to International Small Cap Diversified Value Fund, for the period from June 30, 2020 (commencement of operations) through June 30, 2021, and the year ended June 30, 2022), and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting Hotchkis & Wiley Funds, except International Small Cap Diversified Value Fund, as of June 30, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of International Small Cap Diversified Value Fund as of June 30, 2022; the results of its operations for the year then ended, and changes in net assets and financial highlights for the period from June 30, 2020 (commencement of operations) through June 30, 2021 and the year ended June 30, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Los Angeles, California
August 22, 2022

We have served as the auditor of one or more Hotchkis & Wiley Funds investment companies since 2012.

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 (January 1, 2022 - June 30, 2022).

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 1/1/22		Ending Account Value 6/30/22		Expenses Paid During Period* 1/1/22 - 6/30/22		Beginning Account Value 1/1/22		Ending Account Value 6/30/22		Expenses Paid During Period* 1/1/22 - 6/30/22		Annualized Expense Ratio
Diversified Value Fund
Class I	$	1,000.00	$	878.80	$	3.73	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Class A		1,000.00		877.80		4.89		1,000.00		1,019.59		5.26		1.05
Class C		1,000.00		874.20		8.36		1,000.00		1,015.87		9.00		1.80
Large Cap Value Fund
Class I		1,000.00		877.00		4.42		1,000.00		1,020.08		4.76		0.95
Class A		1,000.00		876.00		5.49		1,000.00		1,018.94		5.91		1.18
Class C		1,000.00		872.90		8.96		1,000.00		1,015.22		9.64		1.93
Class Z		1,000.00		877.40		4.10		1,000.00		1,020.43		4.41		0.88
Mid-Cap Value Fund
Class I		1,000.00		919.60		4.76		1,000.00		1,019.84		5.01		1.00
Class A		1,000.00		918.50		5.71		1,000.00		1,018.84		6.01		1.20
Class C		1,000.00		914.90		9.40		1,000.00		1,014.98		9.89		1.98
Class Z		1,000.00		920.20		4.14		1,000.00		1,020.48		4.36		0.87
Small Cap Value Fund
Class I		1,000.00		915.10		4.99		1,000.00		1,019.59		5.26		1.05
Class A		1,000.00		914.50		5.70		1,000.00		1,018.84		6.01		1.20
Class C		1,000.00		911.20		9.19		1,000.00		1,015.17		9.69		1.94
Class Z		1,000.00		916.10		4.04		1,000.00		1,020.58		4.26		0.85
Small Cap Diversified Value Fund
Class I		1,000.00		868.10		3.71		1,000.00		1,020.83		4.01		0.80
Class A		1,000.00		867.30		4.86		1,000.00		1,019.59		5.26		1.05
Class Z		1,000.00		868.00		3.57		1,000.00		1,020.98		3.86		0.77
Global Value Fund
Class I		1,000.00		844.40		4.34		1,000.00		1,020.08		4.76		0.95
Class A		1,000.00		843.10		5.48		1,000.00		1,018.84		6.01		1.20

Fund Expense Examples (Unaudited)

	Based on Actual Fund Returns						Based on Hypothetical 5% Yearly Returns
	Beginning Account Value 1/1/22		Ending Account Value 6/30/22		Expenses Paid During Period* 1/1/22 - 6/30/22		Beginning Account Value 1/1/22		Ending Account Value 6/30/22		Expenses Paid During Period* 1/1/22 - 6/30/22		Annualized Expense Ratio
International Value Fund
Class I		1,000.00		883.10		4.44		1,000.00		1,020.08		4.76		0.95
International Small Cap Diversified Value Fund
Class I		1,000.00		848.30		4.54		1,000.00		1,019.89		4.96		0.99
Value Opportunities Fund
Class I		1,000.00		827.60		4.30		1,000.00		1,020.08		4.76		0.95
Class A		1,000.00		826.40		5.39		1,000.00		1,018.89		5.96		1.19
Class C		1,000.00		823.50		8.68		1,000.00		1,015.27		9.59		1.92
Class Z		1,000.00		828.10		3.94		1,000.00		1,020.48		4.36		0.87
High Yield Fund
Class I		1,000.00		873.60		3.25		1,000.00		1,021.32		3.51		0.70
Class A		1,000.00		873.10		4.32		1,000.00		1,020.18		4.66		0.93
Class C		1,000.00		870.00		7.88		1,000.00		1,016.36		8.50		1.70
Class Z		1,000.00		874.00		2.79		1,000.00		1,021.82		3.01		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 (181), then divided by the number of days in the most recent fiscal year (365).

Board Considerations In Approving Continuation of Investment Advisory Agreements

Background and Approval Process. Hotchkis and Wiley Capital Management, LLC (the "Advisor") serves as investment adviser to the Hotchkis and Wiley Diversified Value Fund, the Hotchkis and Wiley Large Cap Value Fund, the Hotchkis and Wiley Mid-Cap Value Fund, the Hotchkis and Wiley Small Cap Value Fund, the Hotchkis and Wiley Small Cap Diversified Value Fund, the Hotchkis and Wiley Global Value Fund, the Hotchkis and Wiley International Value Fund, the Hotchkis and Wiley International Small Cap Diversified Value Fund, the Hotchkis and Wiley Value Opportunities Fund and the Hotchkis and Wiley High Yield Fund (each a "Fund" and collectively, the "Funds") pursuant to separate investment advisory agreements (the "Advisory Agreements") with the Hotchkis and Wiley Funds (the "Trust"). The Advisory Agreements were initially approved by the Board of Trustees at the inception of each Fund and continue thereafter if approved annually by the Board of Trustees of the Trust, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) (the "Independent Trustees"). The Advisory Agreements for each Fund were renewed by the Board at a meeting held in May 2022.

As part of the annual contract review process, the Independent Trustees, through their independent legal counsel, requested and received extensive materials, including information relating to: (i) the nature, extent and quality of services provided by the Advisor, along with compliance with legal requirements, (ii) short-term and longer-term total return of each Fund relative to its respective peer groups and benchmark indexes, (iii) the costs of the services provided and the Advisor's estimated profitability with respect to the management of each Fund, (iv) the extent to which the Advisor has in the past or is likely in the future to experience economies of scale in connection with the investment advisory services it provides to each Fund, (v) the expense ratios of each Fund as compared with the expense ratios of funds in its peer group, and (vi) fall-out benefits to the Advisor and its affiliates from its relationship with the Funds. The Independent Trustees also requested and received information related to the Advisor's processes for measuring, managing and monitoring risk. The Independent Trustees met with their independent legal counsel prior to the May 2022 Board meeting to review the materials provided by the Advisor and were advised regarding their fiduciary duties pertaining to renewal of investment advisory contracts and the factors they should consider in evaluating advisory agreements. The Independent Trustees, through their legal counsel, then provided follow-up questions to the Advisor which were addressed by the Advisor. The Independent Trustees noted that the information provided by the Advisor was thorough and responsive to their requests. The information provided in response to their requests was in addition to information received by the Board throughout the year, both in writing and during meetings, regarding the Funds, including Fund performance, expense ratios, portfolio composition and regulatory compliance.

At the May 2022 Board meeting, representatives of the Advisor discussed the Independent Trustees' requests and follow-up questions with the Board and responded to further questions. The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to renew each Advisory Agreement.

In deciding to approve the renewal of each Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

Nature, Extent and Quality of Services. As part of the Board's decision-making process, the Board noted that the Advisor and its predecessors have managed the Funds and their predecessors since their inception, and the Board believes that a long-term relationship with a capable, conscientious investment adviser is in the best interests of the Funds. The Board also considered that shareholders invest in a Fund specifically seeking the Advisor's investment expertise and style. The Board also noted that when shareholders invest in a Fund, they know the advisory fee that is paid by the Fund. In this connection, the Board considered, in particular, that each Fund is managed in accordance with its investment objective and policies as disclosed to shareholders.

The Board reviewed information regarding various services provided by the Advisor to the Funds, including an organizational chart and background information on personnel performing such services. The Board also reviewed each Fund's performance and information regarding the Advisor's investment approach, which is driven by team-oriented, in-depth, fundamental research. The Board considered the depth and quality of the Advisor's investment process, the low turnover rates of the Advisor's key personnel, the overall stability of the Advisor's organization, and the experience, capability and integrity of its senior management. The Board considered the portfolio managers' significant investments in the Funds. The Board reviewed the Trust's compliance program and the resultant compliance by the Funds and the Advisor with legal requirements.

The Board also considered other non-advisory services provided to the Funds, such as the services of Advisor employees as Trust officers and other personnel provided that are necessary for Fund operations. The Board noted that the Advisor organizes Board meetings and the preparation of Board meeting materials, and those Advisor employees serving as Trust officers oversee and manage the other Fund service providers.

Based on their review, the Board concluded that the nature, extent and quality of services provided to each Fund under its Advisory Agreement were satisfactory.

Investment Performance of the Funds and the Advisor. The Board noted that it reviews data on the short-term and longer-term total returns of the Funds in connection with each quarterly Board meeting. For the contract review meeting, the Board reviewed a report prepared by the Trust's administrator (the "Report") using information provided by Morningstar, Inc., an independent provider of mutual fund data, that compared the annualized total return of Class I shares of each Fund to the median annualized total returns of a group of funds that are similar, primarily in terms of investment style (each, a "Peer Group"), and to the annualized total returns of the Fund's primary and secondary (for Funds that have secondary benchmarks) benchmark indexes for the one-, three-, five- and ten-year periods, as applicable, ended December 31, 2021 and for the three- and six-month, one-, three-, five- and ten-year periods ended March 31, 2022. The Peer Groups were reviewed and selected by the Advisor based on its criteria to determine an appropriate group of competitor funds. In addition, data regarding performance of the Peer Group funds is provided at each quarterly Board meeting.

The Board noted all Funds outperformed the median returns of their respective Peer Groups and the returns of their respective primary and secondary (for Funds that have secondary benchmarks) benchmark indexes for the three- and six-month periods ended March 31, 2022. The Board considered that

all Funds outperformed the median returns of their respective Peer Groups and the returns of their respective primary and secondary (for Funds that have secondary benchmarks) benchmark indexes for the one-year period ended December 31, 2021, except that the International Small Cap Diversified Value Fund's performance was the same as the median return of its Peer Group. The Board also considered that the Value Opportunities Fund outperformed, and the Mid-Cap Value Fund, Small Cap Value Fund and High Yield Fund each underperformed, the median returns of their respective Peer Groups and the returns of their respective primary benchmark indexes for the three- and five-year periods ended December 31, 2021. The Board considered that the Global Value Fund and the International Value Fund outperformed the median returns of their respective Peer Groups and underperformed the returns of their respective primary benchmark indexes for the three-year period ended December 31, 2021, and the Funds underperformed the median returns of their respective Peer Groups and the returns of their respective primary benchmark indexes for the five-year period ended December 31, 2021. The Board considered that the Diversified Value Fund outperformed the median return of its Peer Group and the return of its primary benchmark index for the three-year period ended December 31, 2021, and the Fund underperformed the median return of its Peer Group and outperformed the return of its primary benchmark index for the five-year period ended December 31, 2021. The Board also considered that the Large Cap Value Fund and Small Cap Diversified Value Fund underperformed the median returns of their respective Peer Groups and outperformed the returns of their respective primary benchmark indexes for the three-year period ended December 31, 2021, the Large Cap Value Fund underperformed the median return of its Peer Group and the return of its primary benchmark index for the five-year period ended December 31, 2021, and the Small Cap Diversified Value Fund matched the median return of its Peer Group and outperformed the return of its primary benchmark index for the five-year period ended December 31, 2021. The Board also considered that the International Small Cap Diversified Value Fund commenced operation on June 30, 2020. The Board considered that the Advisor had been consistent in its approach to managing portfolios and that it anticipated the Funds' underperformance in markets where growth style investing outperforms value style investing.

Fees, Expenses and Profitability. The Board reviewed expense data using information provided by Morningstar, Inc., contained in the Report, including information regarding applicable expense limitations for the Funds' share classes. The Board reviewed data in the Report showing how the Funds' advisory fees and expense ratios compared to those in their respective Peer Groups. The Board also reviewed information provided by the Advisor on advisory fees charged by the Advisor for sub-advisory services it provides to other mutual funds and advisory fees it charges to its separate account clients with investment objectives and policies similar to those of the Funds. The Board considered a list of the many additional functions performed for the Funds that the Advisor does not perform for its separate account and sub-advisory clients and noted it is generally acknowledged that managing mutual funds subjects an investment adviser to more legal and regulatory risk than is the case with separate accounts.

With respect to the advisory fee for each Fund, the Board noted that the Report showed that the Diversified Value, Large Cap Value, International Value and High Yield Funds' advisory fees were higher than the median of their respective Peer Groups, that the Small Cap Value and International Small Cap Diversified Value Funds' advisory fees were lower than the median of their respective Peer Groups, and that the Mid-Cap Value, Small Cap Diversified Value, Global Value and Value Opportunities Funds' advisory fees were the same as the median of their respective Peer Groups. The Board noted that the Advisor uses a fundamental research-intensive process. The Board considered the expense caps put in place by the Advisor (as further described below). The Board noted the quality of the Advisor's investment process and concluded that the advisory fee and expense ratios were fair and reasonable for each Fund.

The Board reviewed information concerning the estimated profitability to the Advisor of the Advisory Agreements, including information regarding the methodology for allocating expenses. The Board reviewed data regarding the Advisor's variable expenses and fixed expenses. The Board considered that in 2021, as in recent prior years, the Advisor had absorbed costs above expense caps for certain of the Funds for which it would not be reimbursed. The Board also noted that the annualized expense ratio was above the expense cap for the Diversified Value, Large Cap Value, Small Cap Diversified Value, Global Value, International Value, International Small Cap Diversified Value and High Yield Funds in 2021. The Board noted that the Advisor has agreed to continue the expense caps for the share classes of each Fund through at least August 29, 2022 (subsequently extended to August 31, 2023). The Board also recognized that individual fund or product line profitability of other advisers is generally not publicly available, and that profitability may be affected by numerous factors, so that the comparability of profitability among advisory firms is limited. The Board noted the importance of the Advisor's profitability — which is derived solely from investment management fees — in maintaining its entrepreneurial environment in a private, primarily employee-owned structure. They noted that the Advisor's compensation/profit structure facilitates retention of its management and investment professionals. The Board concluded that the level of estimated profitability to the Advisor under the Advisory Agreements was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Board considered information regarding the investment, compliance and client service personnel who have been hired by the Advisor. The Board considered the amount of advisory fees that the Advisor waived and Fund operating expenses that the Advisor reimbursed in 2021 to the benefit of certain Funds and their shareholders. The Board considered that the breakpoints in the Diversified Value, Large Cap Value and Mid Cap Value Funds' advisory fee schedules can enable shareholders to share in economies of scale.

Indirect Benefits to the Advisor from its Relationship to the Funds. The Board considered information regarding any indirect benefits to the Advisor that could be identified from its relationship to the Funds. In particular, the Board considered that the Advisor has the ability to use commission sharing arrangements that allow the Advisor to pay for third-party research with the equity Funds' soft dollars. The Board considered that the bundled research services and the use of commission sharing arrangements provides valuable information or service to the investment research process, which benefits the Funds (as well as the Advisor who uses (or can use) the research for the benefit of the Advisor's other clients). The Board also considered that the Advisor indirectly benefits from the Funds' payment of sub-transfer agency expenses. The Board noted that the ability to use the Funds' soft dollars to obtain third-party research is a fallout benefit to the Advisor.

* * * *

Based on their review, including their consideration of each of the factors referred to above, the Board, including all of the Independent Trustees, concluded that the terms of each Advisory Agreement are fair and reasonable and that the renewal of each Fund's Advisory Agreement is in the best interests of the Fund.

Statement Regarding Liquidity Risk Management Program

Consistent with Rule 22e-4 under the Investment Company Act of 1940, the Funds have established a liquidity risk management program to govern their approach to managing liquidity risk, i.e., the risk that a Fund could not meet redemption requests without significant dilution of remaining investors' interests in the Fund (the "Program"). The Program is overseen by the Liquidity Risk Management Committee (the "Committee"), a committee comprised of representatives of Hotchkis & Wiley Capital Management, LLC, the Funds' investment adviser. The Funds' Board of Trustees ("Board") has approved the designation of the Committee to oversee the Program. The Program's principal objectives include supporting each Fund's compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations timely. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund's liquidity and the periodic classification and re-classification of a Fund's investments into groupings that reflect the Committee's assessment of their relative liquidity under current market conditions. At a meeting of the Board on May 17, 2022, the Committee provided a written report to the Board addressing the operation, adequacy, and effectiveness of implementation of the Program for the period of April 1, 2021 through March 31, 2022 (the "Review Period").

During the Review Period, there were no liquidity events that impacted the Funds or their respective ability to timely meet redemptions without dilution to existing shareholders, no Fund breached the 15% limit on illiquid investments, and no material changes were made to the Program. The report concluded that the process for classifying the Funds' portfolio investments is working effectively, each Fund primarily holds assets that are highly liquid, each Fund's liquidity risk is low and the liquidity of each Fund is sufficient to meet anticipated redemptions. The Committee determined, and reported to the Board, that the Program had been implemented and operated in an adequate and effective manner.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds' Prospectus or Statement of Additional Information for more information regarding a Fund's exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

Management (Unaudited)

INDEPENDENT TRUSTEES

Name and Year of Birth

Position
Held with
the Trust

Term of
Office* and
Length of
Time Served

Principal Occupation(s) During
Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other
Directorships
Held by Trustee
During Past
Five Years

Randall H. Breitenbach
(born 1960)

Trustee
Chairman

Since 2001
Since 2018

Founder, Chief Executive Officer and Chairman of Bridge Energy LLC (2017 — present); Chairman Emeritus of Stanford University PIC Endowment (1999 — present); Formerly, Founder, Chief Executive Officer and Chairman of Pacific Coast Energy Company, LP (1988 — 2019); Founder, Chief Executive Officer and Chairman of BreitBurn Energy Company (1988 — 2012).

Ten

BreitBurn Energy Partners, L.P.; Pacific Coast Energy Company, LP

Alejandra C. Edwards, Ph.D.
(born 1954)

Trustee^(a)

Since 2007

President of Chilean Association of Pension Fund Administrators (2021 — present); Member of Queens Care's Investment Committee (2017 — present); Formerly, California State University — Long Beach: Professor of Economics (1994 – 2015).

Ten

None

Marcy Elkind, Ph.D.
(born 1947)

Trustee
Vice Chair

Since 2005
Since 2018

President, Elkind Economics, Inc. (1980 — present).

Ten

None

Robert Fitzgerald
(born 1952)

Trustee^(b)

Since 2005

Retired. Formerly, Chief Financial Officer of National Retirement Partners, Inc. (2005 — 2007); Executive Vice President and Chief Financial Officer of PIMCO Advisors L.P. (1995 — 2001).

Ten

Independent Trustee, Brandes Investment Trust (8 portfolios)

H. Thomas Hicks
(born 1950)

Trustee^(c)

Since 2017

Retired. Formerly, Chief Financial Officer, URS Corporation (2005 — 2015).

Ten

Aptim Corp.

* Each Independent Trustee serves until his or her successor is elected and qualified or until his or her death or resignation or removal as provided in the Trust's Agreement and Declaration of Trust.

^(a) Chair of the Nominating and Governance Committee.

^(b) Chair of the Audit Committee.

^(c) Vice Chair of the Audit Committee.

INTERESTED TRUSTEE

Name and Year of Birth

Position
Held with
the Trust

Term of
Office** and
Length of
Time Served

Principal Occupation(s) During
Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other
Directorships
Held by Trustee
During Past
Five Years

George H. Davis, Jr.*
(born 1961)

Trustee

Since 2007

Executive Chairman (2021 — present) and Portfolio Manager (2001 — present) of Hotchkis & Wiley Capital Management, LLC (the "Advisor"). Formerly, Chief Executive Officer of the Advisor (2001 — 2021).

Ten

None

* Mr. Davis is considered an "interested person," as defined in the 1940 Act, of the Trust based on his positions with the Advisor.

** As Trustee, Mr. Davis serves until his successor is elected and qualified or until his death or resignation or removal as provided in the Trust's Agreement and Declaration of Trust.

OFFICERS

Name and Year of Birth

Position
Held with
the Trust

Term of
Office* and
Length of
Time Served

Principal Occupation(s) During Past Five Years

Anna Marie Lopez
(born 1967)

President

Since 2007

Chief Operating Officer of the Advisor (2007 — present).

Mark McMahon
(born 1968)

Vice President and Secretary

Since 2006

Managing Director, Mutual Fund Operations of the Advisor (2006 — present).

James Menvielle
(born 1972)

Vice President and Treasurer

Since 2007

Chief Financial Officer of the Advisor (2006 — present).

Stacey Gillespie
(born 1974)

Chief Compliance Officer

Since 2021

Director and Chief Compliance Officer of ACA Foreside (2015 — present).

* Each officer is appointed by and serves at the pleasure of the Board of Trustees of the Trust.

The Statement of Additional Information includes additional information about the Trust's Trustees and officers, and is available without charge upon request by calling the transfer agent at 1-866-HW-FUNDS (1-866-493-8637). The address for all Trustees and officers of the Trust, except Stacey Gillespie, is c/o Hotchkis & Wiley Capital Management, LLC, 601 South Figueroa Street, 39th Floor, Los Angeles, CA 90017, attention: Trust Secretary. The address for Stacey Gillespie is c/o ACA Foreside 480 East Swedesford Road, Suite 220, Wayne, PA 19087.

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, Suite 2600
Chicago, Illinois 60601

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP
555 West 5th Street, Suite 2700
Los Angeles, California 90013

DISTRIBUTOR

Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202

ADMINISTRATOR AND TRANSFER AGENT

U.S. Bancorp Fund Services, LLC
615 East Michigan Street, 3rd Floor
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 Funds' website at www.hwcm.com and on the SEC's website at http://www.sec.gov.

601 SOUTH FIGUEROA STREET, 39th Floor
LOS ANGELES, CALIFORNIA 90017-5704
www.hwcm.com
1.866.HW.FUNDS (1.866.493.8637)

CODE #HWF-AR-0622-0822

JUNE 30, 2022

ANNUAL REPORT

(b)

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the code of ethics is available without charge, upon request, by calling toll-free at 1-800-796-5606.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees (the “Board”) has determined that Robert Fitzgerald, a member of the registrant’s Audit Committee, is an “audit committee financial expert” and “independent,” as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his duties, obligations and liability as a member of the Audit Committee and of the Board; nor will it reduce the responsibility of the other Audit Committee members. The Board believes each member of the Audit Committee contributes significantly to the effective oversight of the registrant’s financial statements and condition.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The principal accountant did not provide any other services. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

	FYE 6/30/2022		FYE 6/30/2021
(a) Audit Fees	$	209,500	$	209,500
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	0	$	0

(e)(1) The registrant’s Audit Committee (the “Committee”) has adopted policies and procedures with regard to the pre-approval of services. The Committee shall pre-approve any engagements of the independent auditors to provide any non-prohibited services to the registrant, including the fees and other compensation to be paid to the independent auditors. The Chairman of the Committee may grant the pre-approval of services to the registrant for non-prohibited services for engagements of less than $5,000. The Committee shall also pre-approve any engagement of the independent auditors, including the fees and other compensation to be paid to the independent auditors, to provide any non-audit services to the registrant’s investment adviser, Hotchkis & Wiley Capital Management, LLC (the “Advisor”) (or any “control affiliate” of the Advisor providing ongoing services to the registrant), if the engagement relates directly to the operations and financial reporting of the registrant. The Chairman of the Committee may grant the pre-approval for non-prohibited services to the Advisor for engagements of less than $5,000. All such delegated pre-approvals shall be presented to the Committee no later than the next Committee meeting.

(e)(2) The percentage of fees billed by Deloitte & Touche LLP (“D&T”) applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE 6/30/2022			FYE 6/30/2021
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		0	%
All Other Fees		0	%		0	%

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) During the last two fiscal years, D&T has served as the auditor to the Advisor and/or affiliates of the Advisor, and has rendered non-audit services to the Advisor and/or affiliates of the Advisor. The non-audit services that D&T provided to the Advisor and/or affiliates of the Advisor in 2022 and 2021 consisted of preparing state and federal tax returns. D&T charged $180,014 and $162,000 for such non-audit services to the Advisor and/or affiliates of the Advisor for 2022 and 2021, respectively. None of the non-audit services provided by D&T to the Advisor and/or affiliates of the Advisor directly related to the operations or financial reporting of the registrant.

(h) The Committee has considered whether the provision of audit and non-audit services that were rendered to the Advisor and any entity controlling, controlled by or under common control with the Advisor is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

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.

(a)

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

(b)

Not applicable.

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 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. Available without charge, upon request, by calling toll-free at 1-800-796-5606.

(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

August 24, 2022

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

August 24, 2022

By (Signature and Title)

/s/ James Menvielle

James Menvielle, Treasurer / Principal Financial Officer

Date

August 24, 2022

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