# EDGAR Filing Document

**Accession Number:** 0001145022
**File Stem:** 0001133228-26-003164
**Filing Date:** 2026-3
**Character Count:** 571408
**Document Hash:** 77eacd696c39932cc7616fc3910156da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003164.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001133228-26-003164

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HOTCHKIS & WILEY FUNDS /DE/
- **CENTRAL INDEX KEY:** 0001145022

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10487
- **FILM NUMBER:** 26729894

**BUSINESS ADDRESS:**
- **STREET 1:** 601 SOUTH FIGUEROA STREET
- **STREET 2:** 39TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017-5704
- **BUSINESS PHONE:** 2134301000

**MAIL ADDRESS:**
- **STREET 1:** 601 SOUTH FIGUEROA STREET
- **STREET 2:** 39TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017-5704

## Series and Classes Contracts Data

### Hotchkis & Wiley Large Cap Disciplined Value Fund (Series ID: S000006212)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017123 | Class I      | HWCIX           |
| C000017124 | Class A      | HWCAX           |

### Hotchkis & Wiley Large Cap Fundamental Value Fund (Series ID: S000006213)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017126 | Class I      | HWLIX           |
| C000017127 | Class A      | HWLAX           |
| C000205767 | Class Z      | HWLZX           |

### Hotchkis & Wiley Mid-Cap Value Fund (Series ID: S000006214)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017130 | Class I      | HWMIX           |
| C000017131 | Class A      | HWMAX           |
| C000205768 | Class Z      | HWMZX           |

### Hotchkis & Wiley Small Cap Value Fund (Series ID: S000006215)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017134 | Class I      | HWSIX           |
| C000017135 | Class A      | HWSAX           |
| C000017136 | Class C      | HWSCX           |
| C000205769 | Class Z      | HWSZX           |

### Hotchkis & Wiley Value Opportunities Fund (Series ID: S000006216)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017137 | Class I      | HWAIX           |
| C000017138 | Class A      | HWAAX           |
| C000017139 | Class C      | HWACX           |
| C000205770 | Class Z      | HWAZX           |

### Hotchkis & Wiley High Yield Fund (Series ID: S000025241)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075208 | Class A      | HWHAX           |
| C000075210 | Class I      | HWHIX           |
| C000199806 | Class Z      | HWHZX           |

### Hotchkis & Wiley Global Value Fund (Series ID: S000039502)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000121672 | Class I      | HWGIX           |
| C000121673 | Class A      | HWGAX           |

### Hotchkis & Wiley Small Cap Diversified Value Fund (Series ID: S000045868)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000142947 | Class I      | HWVIX           |
| C000142948 | Class A      | HWVAX           |
| C000205773 | Class Z      | HWVZX           |

### Hotchkis and Wiley International Value Fund (Series ID: S000052191)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000164215 | Class I      | HWNIX           |

### Hotchkis and Wiley International Small Cap Diversified Value Fund (Series ID: S000068938)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000220294 | Class I      | HWTIX           |

### HW Opportunities MP Fund (Series ID: S000083057)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000246565 | HW Opportunities MP Fund | HOMPX           |

### Hotchkis & Wiley SMID Cap Diversified Value Fund (Series ID: S000091359)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000259016 | Hotchkis & Wiley SMID Cap Diversified Value Fund | HWSM            |

?xml version='1.0' encoding='ASCII'? 2025-10-31164198_Hotchkis-WileyLargeCapDisciplinedValueFund_ClassA_TSRSemiAnnual

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 AND WILEY FUNDS** 

(Exact name of registrant as specified in charter)

**601 South Figueroa Street, 39<sup>th</sup> 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<sup>th</sup> Floor**

**Los Angeles, California 90017-5704**

(Name and address of agent for service)

Copies to:

**Joseph M. Mannon, Esq.**

**Vedder Price P.C.**

**222 North LaSalle Street, 26<sup>th</sup> 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, 2026**

Date of reporting period: **December 31, 2025**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Large Cap Disciplined** **Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class A \| HWCAX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Large Cap Disciplined Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $57 | 1.07% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $80468993 |
| **Number of Holdings** | 77 |
| **Portfolio Turnover** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 19.9% |
|  Information Technology  | 16.2% |
|  Health Care  | 13.7% |
|  Industrials  | 12.3% |
|  Energy  | 10.3% |
|  Consumer Discretionary  | 6.8% |
|  Communication Services  | 6.7% |
|  Consumer Staples  | 5.3% |
|  Utilities  | 3.3% |
|  Cash & Other  | 5.5% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Workday, Inc.  | 4.9% |
|  F5, Inc.  | 4.3% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 3.4% |
|  Citigroup, Inc.  | 3.2% |
|  American International Group, Inc.  | 3.1% |
|  APA Corp.  | 3.0% |
|  Telefonaktiebolaget LM Ericsson  | 3.0% |
|  General Motors Co.  | 2.9% |
|  Comcast Corp.  | 2.8% |
|  Salesforce, Inc.  | 2.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Large Cap Disciplined Value Fund PAGE 1 TSR-SAR-44134R750

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Large Cap Disciplined** **Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class I \| HWCIX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Large Cap Disciplined Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $44 | 0.82% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $80468993 |
| **Number of Holdings** | 77 |
| **Portfolio Turnover** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 19.9% |
|  Information Technology  | 16.2% |
|  Health Care  | 13.7% |
|  Industrials  | 12.3% |
|  Energy  | 10.3% |
|  Consumer Discretionary  | 6.8% |
|  Communication Services  | 6.7% |
|  Consumer Staples  | 5.3% |
|  Utilities  | 3.3% |
|  Cash & Other  | 5.5% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Workday, Inc.  | 4.9% |
|  F5, Inc.  | 4.3% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 3.4% |
|  Citigroup, Inc.  | 3.2% |
|  American International Group, Inc.  | 3.1% |
|  APA Corp.  | 3.0% |
|  Telefonaktiebolaget LM Ericsson  | 3.0% |
|  General Motors Co.  | 2.9% |
|  Comcast Corp.  | 2.8% |
|  Salesforce, Inc.  | 2.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Large Cap Disciplined Value Fund PAGE 1 TSR-SAR-44134R768

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Large Cap Fundamental** **Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class A \| HWLAX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Large Cap Fundamental Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $64 | 1.20% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $356784837 |
| **Number of Holdings** | 64 |
| **Portfolio Turnover** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 22.0% |
|  Information Technology  | 15.7% |
|  Health Care  | 14.9% |
|  Energy  | 11.1% |
|  Industrials  | 9.4% |
|  Communication Services  | 6.9% |
|  Consumer Discretionary  | 6.2% |
|  Consumer Staples  | 4.9% |
|  Utilities  | 3.4% |
|  Cash & Other  | 5.5% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Workday, Inc. - Class A  | 4.5% |
|  F5, Inc.  | 4.2% |
|  Citigroup, Inc.  | 3.4% |
|  General Motors Co.  | 3.3% |
|  American International Group, Inc.  | 3.2% |
|  APA Corp.  | 3.1% |
|  Comcast Corp. - Class A  | 3.0% |
|  Telefonaktiebolaget LM Ericsson  | 2.8% |
|  GE HealthCare Technologies, Inc.  | 2.7% |
|  Elevance Health, Inc.  | 2.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Large Cap Fundamental Value Fund PAGE 1 TSR-SAR-44134R107

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Large Cap Fundamental** **Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class I \| HWLIX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Large Cap Fundamental Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $53 | 0.98% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $356784837 |
| **Number of Holdings** | 64 |
| **Portfolio Turnover** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 22.0% |
|  Information Technology  | 15.7% |
|  Health Care  | 14.9% |
|  Energy  | 11.1% |
|  Industrials  | 9.4% |
|  Communication Services  | 6.9% |
|  Consumer Discretionary  | 6.2% |
|  Consumer Staples  | 4.9% |
|  Utilities  | 3.4% |
|  Cash & Other  | 5.5% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Workday, Inc. - Class A  | 4.5% |
|  F5, Inc.  | 4.2% |
|  Citigroup, Inc.  | 3.4% |
|  General Motors Co.  | 3.3% |
|  American International Group, Inc.  | 3.2% |
|  APA Corp.  | 3.1% |
|  Comcast Corp. - Class A  | 3.0% |
|  Telefonaktiebolaget LM Ericsson  | 2.8% |
|  GE HealthCare Technologies, Inc.  | 2.7% |
|  Elevance Health, Inc.  | 2.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Large Cap Fundamental Value Fund PAGE 1 TSR-SAR-44134R503

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Large Cap Fundamental** **Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class Z \| HWLZX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Large Cap Fundamental Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class Z | $47 | 0.88% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $356784837 |
| **Number of Holdings** | 64 |
| **Portfolio Turnover** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 22.0% |
|  Information Technology  | 15.7% |
|  Health Care  | 14.9% |
|  Energy  | 11.1% |
|  Industrials  | 9.4% |
|  Communication Services  | 6.9% |
|  Consumer Discretionary  | 6.2% |
|  Consumer Staples  | 4.9% |
|  Utilities  | 3.4% |
|  Cash & Other  | 5.5% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Workday, Inc. - Class A  | 4.5% |
|  F5, Inc.  | 4.2% |
|  Citigroup, Inc.  | 3.4% |
|  General Motors Co.  | 3.3% |
|  American International Group, Inc.  | 3.2% |
|  APA Corp.  | 3.1% |
|  Comcast Corp. - Class A  | 3.0% |
|  Telefonaktiebolaget LM Ericsson  | 2.8% |
|  GE HealthCare Technologies, Inc.  | 2.7% |
|  Elevance Health, Inc.  | 2.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Large Cap Fundamental Value Fund PAGE 1 TSR-SAR-44134R511

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Mid-Cap Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class A \| HWMAX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Mid-Cap Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $64 | 1.20% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $378508053 |
| **Number of Holdings** | 69 |
| **Portfolio Turnover** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 19.5% |
|  Consumer Discretionary  | 13.5% |
|  Industrials  | 12.1% |
|  Energy  | 11.4% |
|  Health Care  | 9.7% |
|  Information Technology  | 9.0% |
|  Consumer Staples  | 4.6% |
|  Materials  | 3.7% |
|  Communication Services  | 3.7% |
|  Cash & Other  | 12.8% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 6.6% |
|  APA Corp.  | 4.0% |
|  Popular, Inc.  | 3.6% |
|  Citizens Financial Group, Inc.  | 3.6% |
|  American International Group, Inc.  | 3.5% |
|  F5, Inc.  | 2.9% |
|  Telefonaktiebolaget LM Ericsson  | 2.8% |
|  Fluor Corp.  | 2.7% |
|  Magna International, Inc.  | 2.6% |
|  Adient PLC  | 2.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Mid-Cap Value Fund PAGE 1 TSR-SAR-44134R206

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Mid-Cap Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class I \| HWMIX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Mid-Cap Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $53 | 1.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $378508053 |
| **Number of Holdings** | 69 |
| **Portfolio Turnover** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 19.5% |
|  Consumer Discretionary  | 13.5% |
|  Industrials  | 12.1% |
|  Energy  | 11.4% |
|  Health Care  | 9.7% |
|  Information Technology  | 9.0% |
|  Consumer Staples  | 4.6% |
|  Materials  | 3.7% |
|  Communication Services  | 3.7% |
|  Cash & Other  | 12.8% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 6.6% |
|  APA Corp.  | 4.0% |
|  Popular, Inc.  | 3.6% |
|  Citizens Financial Group, Inc.  | 3.6% |
|  American International Group, Inc.  | 3.5% |
|  F5, Inc.  | 2.9% |
|  Telefonaktiebolaget LM Ericsson  | 2.8% |
|  Fluor Corp.  | 2.7% |
|  Magna International, Inc.  | 2.6% |
|  Adient PLC  | 2.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Mid-Cap Value Fund PAGE 1 TSR-SAR-44134R800

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Mid-Cap Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class Z \| HWMZX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Mid-Cap Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class Z | $46 | 0.87% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $378508053 |
| **Number of Holdings** | 69 |
| **Portfolio Turnover** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 19.5% |
|  Consumer Discretionary  | 13.5% |
|  Industrials  | 12.1% |
|  Energy  | 11.4% |
|  Health Care  | 9.7% |
|  Information Technology  | 9.0% |
|  Consumer Staples  | 4.6% |
|  Materials  | 3.7% |
|  Communication Services  | 3.7% |
|  Cash & Other  | 12.8% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 6.6% |
|  APA Corp.  | 4.0% |
|  Popular, Inc.  | 3.6% |
|  Citizens Financial Group, Inc.  | 3.6% |
|  American International Group, Inc.  | 3.5% |
|  F5, Inc.  | 2.9% |
|  Telefonaktiebolaget LM Ericsson  | 2.8% |
|  Fluor Corp.  | 2.7% |
|  Magna International, Inc.  | 2.6% |
|  Adient PLC  | 2.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Mid-Cap Value Fund PAGE 1 TSR-SAR-44134R495

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Small Cap Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class A \| HWSAX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Small Cap Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $63 | 1.22% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $654083100 |
| **Number of Holdings** | 59 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 20.1% |
|  Information Technology  | 15.8% |
|  Industrials  | 12.5% |
|  Energy  | 11.9% |
|  Consumer Discretionary  | 9.2% |
|  Materials  | 7.4% |
|  Health Care  | 5.6% |
|  Communication Services  | 4.6% |
|  Utilities  | 3.6% |
|  Cash & Other  | 9.3% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 6.3% |
|  F5, Inc.  | 6.3% |
|  Workiva, Inc.  | 4.2% |
|  Stagwell, Inc.  | 3.9% |
|  NOV, Inc.  | 3.8% |
|  Avnet, Inc.  | 3.8% |
|  Olin Corp.  | 3.7% |
|  Ecovyst, Inc.  | 3.6% |
|  U-Haul Holding Co.  | 3.4% |
|  SLM Corp.  | 3.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Small Cap Value Fund PAGE 1 TSR-SAR-44134R305

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Small Cap Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class C \| HWSCX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Small Cap Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class C | $102 | 1.98% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $654083100 |
| **Number of Holdings** | 59 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 20.1% |
|  Information Technology  | 15.8% |
|  Industrials  | 12.5% |
|  Energy  | 11.9% |
|  Consumer Discretionary  | 9.2% |
|  Materials  | 7.4% |
|  Health Care  | 5.6% |
|  Communication Services  | 4.6% |
|  Utilities  | 3.6% |
|  Cash & Other  | 9.3% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 6.3% |
|  F5, Inc.  | 6.3% |
|  Workiva, Inc.  | 4.2% |
|  Stagwell, Inc.  | 3.9% |
|  NOV, Inc.  | 3.8% |
|  Avnet, Inc.  | 3.8% |
|  Olin Corp.  | 3.7% |
|  Ecovyst, Inc.  | 3.6% |
|  U-Haul Holding Co.  | 3.4% |
|  SLM Corp.  | 3.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Small Cap Value Fund PAGE 1 TSR-SAR-44134R842

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Small Cap Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class I \| HWSIX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Small Cap Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $52 | 1.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $654083100 |
| **Number of Holdings** | 59 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 20.1% |
|  Information Technology  | 15.8% |
|  Industrials  | 12.5% |
|  Energy  | 11.9% |
|  Consumer Discretionary  | 9.2% |
|  Materials  | 7.4% |
|  Health Care  | 5.6% |
|  Communication Services  | 4.6% |
|  Utilities  | 3.6% |
|  Cash & Other  | 9.3% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 6.3% |
|  F5, Inc.  | 6.3% |
|  Workiva, Inc.  | 4.2% |
|  Stagwell, Inc.  | 3.9% |
|  NOV, Inc.  | 3.8% |
|  Avnet, Inc.  | 3.8% |
|  Olin Corp.  | 3.7% |
|  Ecovyst, Inc.  | 3.6% |
|  U-Haul Holding Co.  | 3.4% |
|  SLM Corp.  | 3.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Small Cap Value Fund PAGE 1 TSR-SAR-44134R867

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Small Cap Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class Z \| HWSZX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Small Cap Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class Z | $46 | 0.89% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $654083100 |
| **Number of Holdings** | 59 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 20.1% |
|  Information Technology  | 15.8% |
|  Industrials  | 12.5% |
|  Energy  | 11.9% |
|  Consumer Discretionary  | 9.2% |
|  Materials  | 7.4% |
|  Health Care  | 5.6% |
|  Communication Services  | 4.6% |
|  Utilities  | 3.6% |
|  Cash & Other  | 9.3% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 6.3% |
|  F5, Inc.  | 6.3% |
|  Workiva, Inc.  | 4.2% |
|  Stagwell, Inc.  | 3.9% |
|  NOV, Inc.  | 3.8% |
|  Avnet, Inc.  | 3.8% |
|  Olin Corp.  | 3.7% |
|  Ecovyst, Inc.  | 3.6% |
|  U-Haul Holding Co.  | 3.4% |
|  SLM Corp.  | 3.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Small Cap Value Fund PAGE 1 TSR-SAR-44134R487

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Small Cap Diversified** **Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class A \| HWVAX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Small Cap Diversified Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $56 | 1.06% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $817954709 |
| **Number of Holdings** | 356 |
| **Portfolio Turnover** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 34.1% |
|  Industrials  | 15.2% |
|  Consumer Discretionary  | 12.7% |
|  Energy  | 11.6% |
|  Information Technology  | 6.0% |
|  Materials  | 4.8% |
|  Health Care  | 4.6% |
|  Utilities  | 4.5% |
|  Real Estate  | 3.3% |
|  Cash & Other  | 3.2% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 1.1% |
|  Crescent Energy Co. - Class A  | 0.8% |
|  Kaiser Aluminum Corp.  | 0.6% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 0.6% |
|  Photronics, Inc.  | 0.6% |
|  Baytex Energy Corp.  | 0.6% |
|  Thermon Group Holdings, Inc.  | 0.5% |
|  Flowserve Corp.  | 0.5% |
|  Travel + Leisure Co.  | 0.5% |
|  Banc of California, Inc.  | 0.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Small Cap Diversified Value Fund PAGE 1 TSR-SAR-44134R644

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Small Cap Diversified** **Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class I \| HWVIX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Small Cap Diversified Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $43 | 0.81% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $817954709 |
| **Number of Holdings** | 356 |
| **Portfolio Turnover** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 34.1% |
|  Industrials  | 15.2% |
|  Consumer Discretionary  | 12.7% |
|  Energy  | 11.6% |
|  Information Technology  | 6.0% |
|  Materials  | 4.8% |
|  Health Care  | 4.6% |
|  Utilities  | 4.5% |
|  Real Estate  | 3.3% |
|  Cash & Other  | 3.2% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 1.1% |
|  Crescent Energy Co. - Class A  | 0.8% |
|  Kaiser Aluminum Corp.  | 0.6% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 0.6% |
|  Photronics, Inc.  | 0.6% |
|  Baytex Energy Corp.  | 0.6% |
|  Thermon Group Holdings, Inc.  | 0.5% |
|  Flowserve Corp.  | 0.5% |
|  Travel + Leisure Co.  | 0.5% |
|  Banc of California, Inc.  | 0.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Small Cap Diversified Value Fund PAGE 1 TSR-SAR-44134R651

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Small Cap Diversified** **Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class Z \| HWVZX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Small Cap Diversified Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class Z | $40 | 0.76% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $817954709 |
| **Number of Holdings** | 356 |
| **Portfolio Turnover** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 34.1% |
|  Industrials  | 15.2% |
|  Consumer Discretionary  | 12.7% |
|  Energy  | 11.6% |
|  Information Technology  | 6.0% |
|  Materials  | 4.8% |
|  Health Care  | 4.6% |
|  Utilities  | 4.5% |
|  Real Estate  | 3.3% |
|  Cash & Other  | 3.2% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 1.1% |
|  Crescent Energy Co. - Class A  | 0.8% |
|  Kaiser Aluminum Corp.  | 0.6% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 0.6% |
|  Photronics, Inc.  | 0.6% |
|  Baytex Energy Corp.  | 0.6% |
|  Thermon Group Holdings, Inc.  | 0.5% |
|  Flowserve Corp.  | 0.5% |
|  Travel + Leisure Co.  | 0.5% |
|  Banc of California, Inc.  | 0.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Small Cap Diversified Value Fund PAGE 1 TSR-SAR-44134R479

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Global Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class A \| HWGAX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Global Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $64 | 1.22% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $40030548 |
| **Number of Holdings** | 62 |
| **Portfolio Turnover** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Geographic Breakdown** | **(% of net** **assets)** |
|  United States  | 57.9% |
|  United Kingdom  | 8.3% |
|  Netherlands  | 6.7% |
|  Germany  | 5.4% |
|  France  | 5.1% |
|  Sweden  | 3.3% |
|  Japan  | 2.4% |
|  Switzerland  | 2.1% |
|  Canada  | 1.8% |
|  Cash & Other  | 7.0% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Workday, Inc. - Class A  | 4.7% |
|  F5, Inc.  | 4.5% |
|  Elevance Health, Inc.  | 3.7% |
|  Telefonaktiebolaget LM Ericsson  | 3.3% |
|  American International Group, Inc.  | 3.0% |
|  Comcast Corp. - Class A  | 2.8% |
|  GE HealthCare Technologies, Inc.  | 2.7% |
|  UnitedHealth Group, Inc.  | 2.4% |
|  US Bancorp  | 2.3% |
|  BNP Paribas SA  | 2.2% |

---

**Change to the Fund's Annual Advisory Fee Rate and Expense Cap.**

Effective August 29, 2025, the Fund's annual advisory fee rate was reduced to 0.55% and the Fund's annual cap on expenses was reduced to 0.95%.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

Hotchkis & Wiley Global Value Fund PAGE 1 TSR-SAR-44134R677

------

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Global Value Fund PAGE 2 TSR-SAR-44134R677

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Global Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class I \| HWGIX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Global Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $51 | 0.97% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $40030548 |
| **Number of Holdings** | 62 |
| **Portfolio Turnover** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Geographic Breakdown** | **(% of net** **assets)** |
|  United States  | 57.9% |
|  United Kingdom  | 8.3% |
|  Netherlands  | 6.7% |
|  Germany  | 5.4% |
|  France  | 5.1% |
|  Sweden  | 3.3% |
|  Japan  | 2.4% |
|  Switzerland  | 2.1% |
|  Canada  | 1.8% |
|  Cash & Other  | 7.0% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Workday, Inc. - Class A  | 4.7% |
|  F5, Inc.  | 4.5% |
|  Elevance Health, Inc.  | 3.7% |
|  Telefonaktiebolaget LM Ericsson  | 3.3% |
|  American International Group, Inc.  | 3.0% |
|  Comcast Corp. - Class A  | 2.8% |
|  GE HealthCare Technologies, Inc.  | 2.7% |
|  UnitedHealth Group, Inc.  | 2.4% |
|  US Bancorp  | 2.3% |
|  BNP Paribas SA  | 2.2% |

---

**Change to the Fund's Annual Advisory Fee Rate and Expense Cap.**

Effective August 29, 2025, the Fund's annual advisory fee rate was reduced to 0.55% and the Fund's annual cap on expenses was reduced to 0.70%.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

Hotchkis & Wiley Global Value Fund PAGE 1 TSR-SAR-44134R685

------

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Global Value Fund PAGE 2 TSR-SAR-44134R685

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley International Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class I \| HWNIX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley International Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $51 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4213297 |
| **Number of Holdings** | 58 |
| **Portfolio Turnover** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Geographic Breakdown** | **(% of net** **assets)** |
|  United Kingdom  | 22.2% |
|  Netherlands  | 15.6% |
|  France  | 13.2% |
|  Germany  | 10.9% |
|  Japan  | 9.6% |
|  Canada  | 4.9% |
|  Sweden  | 4.4% |
|  Italy  | 3.6% |
|  Australia  | 3.5% |
|  Cash & Other  | 12.1% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Telefonaktiebolaget LM Ericsson - Class B  | 4.4% |
|  Akzo Nobel NV  | 4.1% |
|  Henkel AG & Co. KGaA  | 3.8% |
|  Fuso Chemical Co. Ltd.  | 3.4% |
|  Shell PLC  | 3.2% |
|  Heineken Holding NV  | 3.2% |
|  Qantas Airways Ltd.  | 2.9% |
|  TotalEnergies SE  | 2.7% |
|  BNP Paribas SA  | 2.7% |
|  Airbus SE  | 2.6% |

---

**Change to the Fund's Annual Advisory Fee Rate and Expense Cap.**

Effective August 29, 2025, the Fund's annual advisory fee rate was reduced to 0.55% and the Fund's annual cap on expenses was reduced to 0.70%.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

Hotchkis & Wiley International Value Fund PAGE 1 TSR-SAR-44134R636

------

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley International Value Fund PAGE 2 TSR-SAR-44134R636

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley International Small Cap** **Diversified Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class I \| HWTIX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley International Small Cap Diversified Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $54 | 1.02% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5113640 |
| **Number of Holdings** | 329 |
| **Portfolio Turnover** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Geographic Breakdown** | **(% of net** **assets)** |
|  Japan  | 32.4% |
|  United Kingdom  | 14.6% |
|  Canada  | 8.8% |
|  Australia  | 7.3% |
|  Germany  | 5.9% |
|  Italy  | 4.7% |
|  Switzerland  | 4.1% |
|  France  | 3.7% |
|  Norway  | 3.1% |
|  Cash & Other  | 15.4% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 2.1% |
|  Elekta AB - Class B  | 0.6% |
|  OSB Group PLC  | 0.6% |
|  Forbo Holding AG  | 0.6% |
|  Morrow Bank ASA  | 0.6% |
|  TOMONY Holdings, Inc.  | 0.6% |
|  Hiscox Ltd.  | 0.6% |
|  Plus500 Ltd.  | 0.6% |
|  International Personal Finance PLC  | 0.6% |
|  Havas NV  | 0.6% |

---

**Change to the Fund's Annual Advisory Fee Rate and Expense Cap.**

Effective August 29, 2025, the Fund's annual advisory fee rate was reduced to 0.70% and the Fund's annual cap on expenses was reduced to 0.89%.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

Hotchkis & Wiley International Small Cap Diversified Value Fund PAGE 1 TSR-SAR-44134R453

------

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley International Small Cap Diversified Value Fund PAGE 2 TSR-SAR-44134R453

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Value Opportunities** **Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class A \| HWAAX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Value Opportunities Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $62 | 1.19% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $797758096 |
| **Number of Holdings** | 67 |
| **Portfolio Turnover** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Information Technology  | 30.1% |
|  Energy  | 11.5% |
|  Financials  | 8.7% |
|  Materials  | 8.7% |
|  Communication Services  | 8.5% |
|  Industrials  | 8.3% |
|  Health Care  | 6.6% |
|  Consumer Discretionary  | 4.4% |
|  Consumer Staples  | 3.0% |
|  Cash & Other  | 10.2% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Workday, Inc. - Class A  | 9.0% |
|  F5, Inc.  | 6.7% |
|  Telefonaktiebolaget LM Ericsson  | 6.5% |
|  Salesforce, Inc.  | 4.6% |
|  First American Government Obligations Fund - Class X  | 3.7% |
|  U-Haul Holding Co.  | 3.3% |
|  SLB Ltd.  | 3.0% |
|  Havas NV  | 2.9% |
|  Fuso Chemical Co. Ltd.  | 2.9% |
|  GE HealthCare Technologies, Inc.  | 2.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Value Opportunities Fund PAGE 1 TSR-SAR-44134R792

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Value Opportunities** **Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class C \| HWACX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Value Opportunities Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class C | $100 | 1.93% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $797758096 |
| **Number of Holdings** | 67 |
| **Portfolio Turnover** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Information Technology  | 30.1% |
|  Energy  | 11.5% |
|  Financials  | 8.7% |
|  Materials  | 8.7% |
|  Communication Services  | 8.5% |
|  Industrials  | 8.3% |
|  Health Care  | 6.6% |
|  Consumer Discretionary  | 4.4% |
|  Consumer Staples  | 3.0% |
|  Cash & Other  | 10.2% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Workday, Inc. - Class A  | 9.0% |
|  F5, Inc.  | 6.7% |
|  Telefonaktiebolaget LM Ericsson  | 6.5% |
|  Salesforce, Inc.  | 4.6% |
|  First American Government Obligations Fund - Class X  | 3.7% |
|  U-Haul Holding Co.  | 3.3% |
|  SLB Ltd.  | 3.0% |
|  Havas NV  | 2.9% |
|  Fuso Chemical Co. Ltd.  | 2.9% |
|  GE HealthCare Technologies, Inc.  | 2.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Value Opportunities Fund PAGE 1 TSR-SAR-44134R826

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Value Opportunities** **Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class I \| HWAIX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Value Opportunities Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $50 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $797758096 |
| **Number of Holdings** | 67 |
| **Portfolio Turnover** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Information Technology  | 30.1% |
|  Energy  | 11.5% |
|  Financials  | 8.7% |
|  Materials  | 8.7% |
|  Communication Services  | 8.5% |
|  Industrials  | 8.3% |
|  Health Care  | 6.6% |
|  Consumer Discretionary  | 4.4% |
|  Consumer Staples  | 3.0% |
|  Cash & Other  | 10.2% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Workday, Inc. - Class A  | 9.0% |
|  F5, Inc.  | 6.7% |
|  Telefonaktiebolaget LM Ericsson  | 6.5% |
|  Salesforce, Inc.  | 4.6% |
|  First American Government Obligations Fund - Class X  | 3.7% |
|  U-Haul Holding Co.  | 3.3% |
|  SLB Ltd.  | 3.0% |
|  Havas NV  | 2.9% |
|  Fuso Chemical Co. Ltd.  | 2.9% |
|  GE HealthCare Technologies, Inc.  | 2.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Value Opportunities Fund PAGE 1 TSR-SAR-44134R834

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley Value Opportunities** **Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class Z \| HWAZX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley Value Opportunities Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class Z | $45 | 0.86% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $797758096 |
| **Number of Holdings** | 67 |
| **Portfolio Turnover** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Information Technology  | 30.1% |
|  Energy  | 11.5% |
|  Financials  | 8.7% |
|  Materials  | 8.7% |
|  Communication Services  | 8.5% |
|  Industrials  | 8.3% |
|  Health Care  | 6.6% |
|  Consumer Discretionary  | 4.4% |
|  Consumer Staples  | 3.0% |
|  Cash & Other  | 10.2% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Workday, Inc. - Class A  | 9.0% |
|  F5, Inc.  | 6.7% |
|  Telefonaktiebolaget LM Ericsson  | 6.5% |
|  Salesforce, Inc.  | 4.6% |
|  First American Government Obligations Fund - Class X  | 3.7% |
|  U-Haul Holding Co.  | 3.3% |
|  SLB Ltd.  | 3.0% |
|  Havas NV  | 2.9% |
|  Fuso Chemical Co. Ltd.  | 2.9% |
|  GE HealthCare Technologies, Inc.  | 2.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley Value Opportunities Fund PAGE 1 TSR-SAR-44134R461

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley High Yield Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class A \| HWHAX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley High Yield Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $47 | 0.92% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $779119321 |
| **Number of Holdings** | 212 |
| **Portfolio Turnover** | 26% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** | **(% of net** **assets)** |
|  Corporate Bonds  | 87.7% |
|  Bank Loans  | 5.5% |
|  Common Stocks  | 2.5% |
|  Money Market Funds  | 1.1% |
|  Convertible Preferred Stocks  | 0.7% |
|  Real Estate Investment Trusts - Preferred  | 0.4% |
|  Convertible Bonds  | 0.1% |
|  Cash & Other  | 2.0% |

---

---

| | |
|:---|:---|
| **Top Issuers** | **(% of net** **assets)** |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 2.3% |
|  Carnival Corp.  | 1.3% |
|  Authentic Brands Group  | 1.2% |
|  WR Grace Holdings LLC  | 1.2% |
|  TransDigm, Inc.  | 1.0% |
|  JPMorgan US Government Money Market Fund  | 1.0% |
|  Lloyds Banking Group PLC  | 1.0% |
|  SCIL USA Holdings LLC  | 0.9% |
|  Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.  | 0.9% |
|  Fortis 333, Inc.  | 0.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley High Yield Fund PAGE 1 TSR-SAR-44134R727

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley High Yield Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class I \| HWHIX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley High Yield Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $36 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $779119321 |
| **Number of Holdings** | 212 |
| **Portfolio Turnover** | 26% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** | **(% of net** **assets)** |
|  Corporate Bonds  | 87.7% |
|  Bank Loans  | 5.5% |
|  Common Stocks  | 2.5% |
|  Money Market Funds  | 1.1% |
|  Convertible Preferred Stocks  | 0.7% |
|  Real Estate Investment Trusts - Preferred  | 0.4% |
|  Convertible Bonds  | 0.1% |
|  Cash & Other  | 2.0% |

---

---

| | |
|:---|:---|
| **Top Issuers** | **(% of net** **assets)** |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 2.3% |
|  Carnival Corp.  | 1.3% |
|  Authentic Brands Group  | 1.2% |
|  WR Grace Holdings LLC  | 1.2% |
|  TransDigm, Inc.  | 1.0% |
|  JPMorgan US Government Money Market Fund  | 1.0% |
|  Lloyds Banking Group PLC  | 1.0% |
|  SCIL USA Holdings LLC  | 0.9% |
|  Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.  | 0.9% |
|  Fortis 333, Inc.  | 0.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley High Yield Fund PAGE 1 TSR-SAR-44134R735

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley High Yield Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Class Z \| HWHZX  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley High Yield Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/mutual-funds/resources/literature/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class Z | $31 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $779119321 |
| **Number of Holdings** | 212 |
| **Portfolio Turnover** | 26% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** | **(% of net** **assets)** |
|  Corporate Bonds  | 87.7% |
|  Bank Loans  | 5.5% |
|  Common Stocks  | 2.5% |
|  Money Market Funds  | 1.1% |
|  Convertible Preferred Stocks  | 0.7% |
|  Real Estate Investment Trusts - Preferred  | 0.4% |
|  Convertible Bonds  | 0.1% |
|  Cash & Other  | 2.0% |

---

---

| | |
|:---|:---|
| **Top Issuers** | **(% of net** **assets)** |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 2.3% |
|  Carnival Corp.  | 1.3% |
|  Authentic Brands Group  | 1.2% |
|  WR Grace Holdings LLC  | 1.2% |
|  TransDigm, Inc.  | 1.0% |
|  JPMorgan US Government Money Market Fund  | 1.0% |
|  Lloyds Banking Group PLC  | 1.0% |
|  SCIL USA Holdings LLC  | 0.9% |
|  Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.  | 0.9% |
|  Fortis 333, Inc.  | 0.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/mutual-funds/resources/literature/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley High Yield Fund PAGE 1 TSR-SAR-44134R529

------

---

| | | |
|:---|:---|:---|
| ![image](img91635_202412310405170.jpg) | **Hotchkis & Wiley SMID Cap Diversified** **Value Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | HWSM  | ![image](img30615_202502121839571.jpg) |
| ![image](img91635_202412310405170.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the Hotchkis & Wiley SMID Cap Diversified Value Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/etfs/hw-smid-cap-diversified-value-fund/summary/. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Hotchkis & Wiley SMID Cap Diversified Value Fund | $29 | 0.55% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2441350 |
| **Number of Holdings** | 165 |
| **Portfolio Turnover** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Financials  | 30.1% |
|  Industrials  | 17.4% |
|  Consumer Discretionary  | 11.0% |
|  Health Care  | 9.3% |
|  Utilities  | 8.1% |
|  Information Technology  | 8.0% |
|  Energy  | 4.7% |
|  Real Estate  | 3.1% |
|  Materials  | 2.4% |
|  Cash & Other  | 5.9% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Jazz Pharmaceuticals PLC  | 1.2% |
|  Axalta Coating Systems Ltd.  | 1.2% |
|  KeyCorp  | 1.2% |
|  Citizens Financial Group, Inc.  | 1.1% |
|  Ally Financial, Inc.  | 1.1% |
|  Zions Bancorp NA  | 1.1% |
|  Synchrony Financial  | 1.1% |
|  American International Group, Inc.  | 1.1% |
|  Western Alliance Bancorp  | 1.1% |
|  APA Corp.  | 1.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/etfs/hw-smid-cap-diversified-value-fund/summary/.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

Hotchkis & Wiley SMID Cap Diversified Value Fund PAGE 1 TSR-SAR-44134R438

------

---

| | | |
|:---|:---|:---|
| ![image](img99231_202408231319458.jpg) | **HW Opportunities MP Fund**  | ![image](img30615_202502121839571.jpg) |
| ![image](img99231_202408231319458.jpg) | HOMPX  | ![image](img30615_202502121839571.jpg) |
| ![image](img99231_202408231319458.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img30615_202502121839571.jpg) |

---

This semi-annual shareholder report contains important information about the HW Opportunities MP Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.hwcm.com/HOMPX. You can also request this information by contacting us at 866-HW-FUNDS (866-493-8637).

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| HW Opportunities MP Fund | $0 | 0.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $68293149 |
| **Number of Holdings** | 43 |
| **Portfolio Turnover** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of net** **assets)** |
|  Materials  | 21.1% |
|  Information Technology  | 16.6% |
|  Communication Services  | 16.6% |
|  Industrials  | 16.2% |
|  Financials  | 5.6% |
|  Energy  | 5.4% |
|  Consumer Staples  | 5.0% |
|  Consumer Discretionary  | 4.4% |
|  Health Care  | 3.3% |
|  Cash & Other  | 5.8% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Fuso Chemical Co. Ltd.  | 8.5% |
|  Havas NV  | 8.5% |
|  Olin Corp.  | 7.3% |
|  Stagwell, Inc.  | 6.9% |
|  Qantas Airways Ltd.  | 6.3% |
|  U-Haul Holding Co.  | 6.3% |
|  Salesforce, Inc.  | 5.6% |
|  Henkel AG & Co. KGaA  | 3.6% |
|  Ecovyst, Inc.  | 3.2% |
|  Vanguard Long-Term Treasury ETF  | 2.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hwcm.com/HOMPX.

**IMPORTANT INFORMATION**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hotchkis & Wiley Capital Management, LLC documents not be householded, please contact Hotchkis & Wiley Capital Management, LLC at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hotchkis & Wiley Capital Management, LLC or your financial intermediary.

HW Opportunities MP Fund PAGE 1 TSR-SAR-44134R446

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual reports.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

(a) ![](hotchkis-logo_cover.jpg)

![](hotchkis-logo_cover2.jpg)

**Hotchkis & Wiley Funds** 

**Semi-Annual Financial Statements** 

**and Additional Information** 

DECEMBER 31, 2025

LARGE CAP DISCIPLINED VALUE FUND

LARGE CAP FUNDAMENTAL 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** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments:](#sch001)<br>|  |
| &nbsp;&nbsp;&nbsp; [Large Cap Disciplined Value Fund](#soi11) | &nbsp;&nbsp; [1](#soi11) |
| &nbsp;&nbsp;&nbsp; [Large Cap Fundamental Value Fund](#soi12) | &nbsp;&nbsp; [3](#soi12) |
| &nbsp;&nbsp;&nbsp; [Mid-Cap Value Fund](#soi3) | &nbsp;&nbsp; [5](#soi3) |
| &nbsp;&nbsp;&nbsp; [Small Cap Value Fund](#soi4) | &nbsp;&nbsp; [7](#soi4) |
| &nbsp;&nbsp;&nbsp; [Small Cap Diversified Value Fund](#soi5) | &nbsp;&nbsp; [9](#soi5) |
| &nbsp;&nbsp;&nbsp; [Global Value Fund](#soi6) | &nbsp;&nbsp; [14](#soi6) |
| &nbsp;&nbsp;&nbsp; [International Value Fund](#soi7) | &nbsp;&nbsp; [16](#soi7) |
| &nbsp;&nbsp;&nbsp; [International Small Cap Diversified Value Fund](#soi8) | &nbsp;&nbsp; [18](#soi8) |
| &nbsp;&nbsp;&nbsp; [Value Opportunities Fund](#soi9) | &nbsp;&nbsp; [23](#soi9) |
| &nbsp;&nbsp;&nbsp; [High Yield Fund](#soi10) | &nbsp;&nbsp; [26](#soi10) |
| [Statements of Assets and Liabilities](#sal) | &nbsp;&nbsp; [32](#sal) |
| [Statements of Operations](#sop) | &nbsp;&nbsp; [36](#sop) |
| [Statements of Changes in Net Assets](#scna) | &nbsp;&nbsp; [39](#scna) |
| [Financial Highlights](#fihi) | &nbsp;&nbsp; [46](#fihi) |
| [Notes to the Financial Statements](#notes) | &nbsp;&nbsp; [49](#notes) |
| [Additional Information (Unaudited)](#add) | &nbsp;&nbsp; [65](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY LARGE CAP DISCIPLINED VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.0%**<br>|  |  |
| **Aerospace & Defense - 2.2%**<br>|  |  |
| Boeing Co.<sup>(a)</sup> | 3760 | $816371  |
| General Dynamics Corp. | 1700 | 572322  |
| RTX Corp. | 2300 | 421820  |
|  |  | 1810513  |
| **Air Freight & Logistics - 2.4%**<br>|  |  |
| FedEx Corp. | 6620 | 1912253  |
| **Automobile Components - 3.5%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 11600 | 882644  |
| BorgWarner, Inc. | 9170 | 413200  |
| Magna International, Inc. | 28570 | 1522781  |
|  |  | 2818625  |
| **Automobiles - 2.9%**<br>|  |  |
| General Motors Co. | 28500 | 2317620  |
| **Banks - 11.9%**<br>|  |  |
| Bank of America Corp. | 14800 | 814000  |
| Citigroup, Inc. | 21854 | 2550143  |
| Citizens Financial Group, Inc. | 19400 | 1133154  |
| First Citizens BancShares, Inc. - Class A | 385 | 826279  |
| Truist Financial Corp. | 16340 | 804092  |
| US Bancorp | 32400 | 1728864  |
| Wells Fargo & Co. | 18234 | 1699409  |
|  |  | 9555941  |
| **Beverages - 1.4%**<br>|  |  |
| Anheuser-Busch InBev SA - ADR<sup>(b)</sup> | 6400 | 409856  |
| Constellation Brands, Inc. - Class A | 5300 | 731188  |
|  |  | 1141044  |
| **Capital Markets - 1.9%**<br>|  |  |
| State Street Corp. | 11900 | 1535219  |
| **Chemicals - 2.6%**<br>|  |  |
| Olin Corp. | 25000 | 520750  |
| PPG Industries, Inc. | 15700 | 1608622  |
|  |  | 2129372  |
| **Communications Equipment - 7.2%**<br>|  |  |
| F5, Inc.<sup>(a)</sup> | 13500 | 3446010  |
| Telefonaktiebolaget LM Ericsson - ADR<sup>(b)</sup> | 246850 | 2382103  |
|  |  | 5828113  |
| **Construction & Engineering - 0.4%**<br>|  |  |
| Fluor Corp.<sup>(a)</sup> | 7200 | 285336  |
| **Electric Utilities - 1.0%**<br>|  |  |
| PPL Corp. | 22000 | 770440  |
|  **Electronic Equipment, Instruments & Components - 0.7%**<br>|  |  |
| TE Connectivity PLC | 2400 | 546024  |
| **Energy Equipment & Services - 3.5%**<br>|  |  |
| Baker Hughes Co. | 12400 | 564696  |
| NOV, Inc. | 69000 | 1078470  |
| SLB Ltd. | 30500 | 1170590  |
|  |  | 2813756  |
| **Financial Services - 2.3%**<br>|  |  |
| Corebridge Financial, Inc. | 25400 | 766318  |
| Fidelity National Information Services, Inc. | 9740 | 647320  |
| Fiserv, Inc.<sup>(a)</sup> | 5980 | 401677  |
|  |  | 1815315  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Food - Wholesale - 0.4%**<br>|  |  |
| Conagra Brands, Inc. | 18450 | $319370  |
| **Food Products - 3.2%**<br>|  |  |
| J M Smucker Co. | 6100 | 596641  |
| Kraft Heinz Co. | 46480 | 1127140  |
| Magnum Ice Cream Co. NV<sup>(a)</sup> | 1940 | 30749  |
| Mondelez International, Inc. - Class A | 14900 | 802067  |
|  |  | 2556597  |
| **Ground Transportation - 0.8%**<br>|  |  |
| Norfolk Southern Corp. | 2200 | 635184  |
|  **Health Care Equipment & Supplies - 5.0%**<br>|  |  |
| GE HealthCare Technologies, Inc. | 23312 | 1912050  |
| Medtronic PLC | 13682 | 1314293  |
| Solventum Corp.<sup>(a)</sup> | 4920 | 389861  |
| Zimmer Biomet Holdings, Inc. | 4640 | 417229  |
|  |  | 4033433  |
| **Health Care Providers & Services - 7.8%**<br>|  |  |
| Centene Corp.<sup>(a)</sup> | 8010 | 329611  |
| Cigna Group | 1300 | 357799  |
| CVS Health Corp. | 8120 | 644403  |
| Elevance Health, Inc. | 5060 | 1773783  |
| HCA Healthcare, Inc. | 1260 | 588244  |
| Humana, Inc. | 3600 | 922068  |
| Labcorp Holdings, Inc. | 1500 | 376320  |
| UnitedHealth Group, Inc. | 3900 | 1287429  |
|  |  | 6279657  |
| **Insurance - 3.8%**<br>|  |  |
| American International Group, Inc. | 28800 | 2463840  |
| Hartford Insurance Group, Inc. | 4500 | 620100  |
|  |  | 3083940  |
| **Interactive Media & Services - 1.6%**<br>|  |  |
| Alphabet, Inc. - Class A | 4000 | 1252000  |
| **IT Services - 1.0%**<br>|  |  |
|  Cognizant Technology Solutions Corp. - Class A | 9500 | 788500  |
| **Machinery - 7.0%**<br>|  |  |
| CNH Industrial NV | 97700 | 900794  |
| Cummins, Inc. | 2420 | 1235289  |
| Deere & Co. | 1300 | 605241  |
| Fortive Corp. | 14500 | 800545  |
| PACCAR, Inc. | 11800 | 1292218  |
| Stanley Black & Decker, Inc. | 5700 | 423396  |
| Timken Co. | 4400 | 370172  |
|  |  | 5627655  |
| **Media - 5.1%**<br>|  |  |
| Comcast Corp. - Class A | 76500 | 2286585  |
| Omnicom Group, Inc. | 15200 | 1227400  |
| WPP PLC - ADR | 25300 | 568238  |
|  |  | 4082223  |
| **Multi-Utilities - 2.3%**<br>|  |  |
| Dominion Energy, Inc. | 31100 | 1822149  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY LARGE CAP DISCIPLINED VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Oil, Gas & Consumable Fuels - 6.8%**<br>|  |  |
| APA Corp. | 97500 | $2384850  |
| ConocoPhillips | 6269 | 586841  |
| Murphy Oil Corp. | 6090 | 190312  |
| Ovintiv, Inc. | 24500 | 960155  |
| Shell PLC - ADR | 18762 | 1378632  |
|  |  | 5500790  |
| **Personal Care Products - 0.7%**<br>|  |  |
| Unilever PLC - ADR<sup>(b)</sup> | 8622 | 563893  |
| **Pharmaceuticals - 0.9%**<br>|  |  |
| GSK PLC - ADR | 8340 | 408994  |
| Sanofi SA - ADR | 7000 | 339220  |
|  |  | 748214  |
| **Software - 7.3%**<br>|  |  |
| Salesforce, Inc. | 7500 | 1986825  |
| Workday, Inc. - Class A<sup>(a)</sup> | 18200 | 3908996  |
|  |  | 5895821  |
| **Specialty Retail - 0.4%**<br>|  |  |
| Lithia Motors, Inc. | 1100 | 365563  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $62,921,953)** |  | 78834560 |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.4%** |  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(c)</sup> | 2747099 | 2747099  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $2,747,099)** |  | 2747099  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 2.0%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 1634001 | 1634001  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,634,001)** |  | 1634001  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.4%** <br>**(Cost $67,303,053)** |  | $83215660  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.4)% |  | (2746667)  |
| **TOTAL NET ASSETS - 100.0%** |  | $80468993 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS<sup>®</sup>) 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, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $2,657,734.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley Large Cap Fundamental Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.4%**<br>|  |  |
| **Aerospace & Defense - 1.3%**<br>|  |  |
| Huntington Ingalls Industries, Inc. | 13400 | $4556938  |
| **Air Freight & Logistics - 2.4%**<br>|  |  |
| FedEx Corp. | 29200 | 8434712  |
| **Automobile Components - 2.9%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 41800 | 3180562  |
| Magna International, Inc. | 133100 | 7094230  |
|  |  | 10274792  |
| **Automobiles - 3.3%**<br>|  |  |
| General Motors Co. | 143800 | 11693816  |
| **Banks - 12.5%**<br>|  |  |
| Bank of America Corp. | 70500 | 3877500  |
| Citigroup, Inc. | 105188 | 12274388  |
| Citizens Financial Group, Inc. | 89400 | 5221854  |
| Truist Financial Corp. | 125000 | 6151250  |
| US Bancorp | 160540 | 8566414  |
| Wells Fargo & Co. | 90800 | 8462560  |
|  |  | 44553966  |
| **Beverages - 0.8%**<br>|  |  |
| Constellation Brands, Inc. - Class A | 19900 | 2745404  |
| **Capital Markets - 2.2%**<br>|  |  |
| State Street Corp. | 59700 | 7701897  |
| **Chemicals - 3.2%**<br>|  |  |
| Olin Corp. | 206200 | 4295146  |
| PPG Industries, Inc. | 70000 | 7172200  |
|  |  | 11467346  |
| **Communications Equipment - 7.0%**<br>|  |  |
| F5, Inc.<sup>(a)</sup> | 59400 | 15162444  |
| Telefonaktiebolaget LM Ericsson - ADR | 1034000 | 9978100  |
|  |  | 25140544  |
| **Electric Utilities - 0.9%**<br>|  |  |
| PPL Corp. | 96600 | 3382932  |
|  **Electronic Equipment, Instruments & Components - 0.7%**<br>|  |  |
| TE Connectivity PLC | 10700 | 2434357  |
| **Energy Equipment & Services - 4.0%**<br>|  |  |
| Baker Hughes Co. | 54900 | 2500146  |
| NOV, Inc. | 403300 | 6303579  |
| SLB Ltd. | 138500 | 5315630  |
|  |  | 14119355  |
| **Financial Services - 3.3%**<br>|  |  |
| Corebridge Financial, Inc. | 126000 | 3801420  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 35600 | 2709516  |
| Fidelity National Information Services, Inc. | 52700 | 3502442  |
| Fiserv, Inc.<sup>(a)</sup> | 26600 | 1786722  |
|  |  | 11800100  |
| **Food - Wholesale - 0.4%**<br>|  |  |
| Conagra Brands, Inc. | 81100 | 1403841  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Food Products - 3.2%**<br>|  |  |
| J M Smucker Co. | 27200 | $2660432  |
| Kraft Heinz Co. | 203800 | 4942150  |
| Magnum Ice Cream Co. NV<sup>(a)</sup> | 11520 | 182592  |
| Mondelez International, Inc. - Class A | 66200 | 3563546  |
|  |  | 11348720  |
| **Ground Transportation - 1.0%**<br>|  |  |
| Norfolk Southern Corp. | 12400 | 3580128  |
|  **Health Care Equipment & Supplies - 5.3%**<br>|  |  |
| GE HealthCare Technologies, Inc. | 118262 | 9699849  |
| Medtronic PLC | 69000 | 6628140  |
| Zimmer Biomet Holdings, Inc. | 29800 | 2679616  |
|  |  | 19007605  |
| &nbsp;&nbsp;&nbsp; **Health Care Providers &** <br>**Services - 8.6%**<br>|  |  |
| Cigna Group | 8800 | 2422024  |
| CVS Health Corp. | 48730 | 3867213  |
| Elevance Health, Inc. | 26600 | 9324630  |
| HCA Healthcare, Inc. | 7400 | 3454764  |
| Humana, Inc. | 18600 | 4764018  |
| UnitedHealth Group, Inc. | 21000 | 6932310  |
|  |  | 30764959  |
| **Insurance - 4.0%**<br>|  |  |
| American International Group, Inc. | 133200 | 11395260  |
| Hartford Insurance Group, Inc. | 21000 | 2893800  |
|  |  | 14289060  |
| **Interactive Media & Services - 1.5%**<br>|  |  |
| Alphabet, Inc. - Class A | 17290 | 5411770  |
| **IT Services - 1.0%**<br>|  |  |
| Amdocs Ltd. | 46400 | 3735664  |
| **Machinery - 6.0%**<br>|  |  |
| CNH Industrial NV | 473300 | 4363826  |
| Cummins, Inc. | 12900 | 6584805  |
| PACCAR, Inc. | 53150 | 5820456  |
| Stanley Black & Decker, Inc. | 61400 | 4560792  |
|  |  | 21329879  |
| **Media - 5.4%**<br>|  |  |
| Comcast Corp. - Class A | 360300 | 10769367  |
| Omnicom Group, Inc. | 70700 | 5709025  |
| WPP PLC - ADR<sup>(b)</sup> | 131500 | 2953490  |
|  |  | 19431882  |
| **Multi-Utilities - 2.5%**<br>|  |  |
| Dominion Energy, Inc. | 153500 | 8993565  |
| **Oil, Gas & Consumable Fuels - 7.1%**<br>|  |  |
| APA Corp. | 447200 | 10938512  |
| ConocoPhillips | 32560 | 3047942  |
| Murphy Oil Corp. | 51770 | 1617812  |
| Ovintiv, Inc. | 108280 | 4243493  |
| Shell PLC - ADR | 73772 | 5420767  |
|  |  | 25268526  |
| **Personal Care Products - 0.9%**<br>|  |  |
| Unilever PLC - ADR<sup>(b)</sup> | 51200 | 3348480  |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley Large Cap Fundamental Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Pharmaceuticals - 1.0%**<br>|  |  |
| GSK PLC - ADR | 74340 | $3645634  |
| **Software - 7.0%**<br>|  |  |
| Salesforce, Inc. | 34300 | 9086413  |
| Workday, Inc. - Class A<sup>(a)</sup> | 74200 | 15936676  |
|  |  | 25023089  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $290,765,480)** |  | 354888961 |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.9%** |  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(c)</sup> | 3106220 | 3106220  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $3,106,220)** |  | 3106220  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations <br>Fund - Class X, 3.67%<sup>(c)</sup> | 2474317 | 2474317  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,474,317)** |  | 2474317  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.0%** <br>**(Cost $296,346,017)** |  | $360469498  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.0)% |  | (3684661)  |
| **TOTAL NET ASSETS - 100.0%** |  | $356784837 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS<sup>®</sup>) 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, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $3,024,668.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley Mid-Cap Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.1%**<br>|  |  |
| **Aerospace & Defense - 0.5%**<br>|  |  |
| Huntington Ingalls Industries, Inc. | 5800 | $1972406  |
| **Air Freight & Logistics - 0.6%**<br>|  |  |
| FedEx Corp. | 8000 | 2310880  |
| **Automobile Components - 8.7%**<br>|  |  |
| Adient PLC<sup>(a)</sup> | 511900 | 9813123  |
| Aptiv PLC<sup>(a)</sup> | 42500 | 3233825  |
| BorgWarner, Inc. | 83200 | 3748992  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 190100 | 1665276  |
| Lear Corp. | 39700 | 4549620  |
| Magna International, Inc. | 187100 | 9972430  |
|  |  | 32983266  |
| **Banks - 8.4%**<br>|  |  |
| Citizens Financial Group, Inc. | 230600 | 13469346  |
| First Citizens BancShares, Inc. - Class A | 2187 | 4693695  |
| Popular, Inc. | 108200 | 13473064  |
|  |  | 31636105  |
| **Beverages - 1.3%**<br>|  |  |
| Constellation Brands, Inc. - Class A | 14900 | 2055604  |
| Molson Coors Beverage Co. - Class B | 62400 | 2912832  |
|  |  | 4968436  |
| **Capital Markets - 2.2%**<br>|  |  |
| State Street Corp. | 63400 | 8179234  |
| **Chemicals - 3.7%**<br>|  |  |
| Huntsman Corp. | 182800 | 1828000  |
| Olin Corp. | 446300 | 9296429  |
| PPG Industries, Inc. | 28500 | 2920110  |
|  |  | 14044539  |
| **Commercial Services & Supplies - 1.7%**<br>|  |  |
| Brink's Co. | 55700 | 6501861  |
| **Communications Equipment - 5.7%**<br>|  |  |
| F5, Inc.<sup>(a)</sup> | 42700 | 10899602  |
| Telefonaktiebolaget LM Ericsson - ADR | 1114000 | 10750100  |
|  |  | 21649702  |
| **Construction & Engineering - 2.7%**<br>|  |  |
| Fluor Corp.<sup>(a)</sup> | 256400 | 10161132  |
| **Consumer Finance - 4.1%**<br>|  |  |
| Ally Financial, Inc. | 174000 | 7880460  |
| SLM Corp. | 283800 | 7679628  |
|  |  | 15560088  |
| **Electric Utilities - 1.5%**<br>|  |  |
| NRG Energy, Inc. | 15500 | 2468220  |
| PPL Corp. | 92700 | 3246354  |
|  |  | 5714574  |
|  **Electronic Equipment, Instruments & Components - 1.1%**<br>|  |  |
| Avnet, Inc. | 85500 | 4110840  |
| **Energy Equipment & Services - 2.1%**<br>|  |  |
| Halliburton Co. | 129100 | 3648366  |
| NOV, Inc. | 283500 | 4431105  |
|  |  | 8079471  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Financial Services - 1.3%**<br>|  |  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 16100 | $1225371  |
| Fiserv, Inc.<sup>(a)</sup> | 28100 | 1887477  |
| WEX, Inc.<sup>(a)</sup> | 12700 | 1892046  |
|  |  | 5004894  |
| **Food - Wholesale - 0.4%**<br>|  |  |
| Conagra Brands, Inc. | 93000 | 1609830  |
| **Food Products - 1.9%**<br>|  |  |
| J M Smucker Co. | 35500 | 3472255  |
| Kraft Heinz Co. | 151200 | 3666600  |
|  |  | 7138855  |
| **Ground Transportation - 1.8%**<br>|  |  |
| U-Haul Holding Co. | 141200 | 6599688  |
|  **Health Care Equipment & Supplies - 2.1%**<br>|  |  |
| GE HealthCare Technologies, Inc. | 45000 | 3690900  |
| Solventum Corp.<sup>(a)</sup> | 51100 | 4049164  |
|  |  | 7740064  |
| &nbsp;&nbsp;&nbsp; **Health Care Providers &** <br>**Services - 5.9%**<br>|  |  |
| Centene Corp.<sup>(a)</sup> | 213100 | 8769065  |
| Humana, Inc. | 26200 | 6710606  |
| Universal Health Services, Inc. - Class B | 31100 | 6780422  |
|  |  | 22260093  |
| **Hotels, Restaurants & Leisure - 1.7%**<br>|  |  |
| Marriott Vacations Worldwide Corp. | 113800 | 6565122  |
| **Household Durables - 1.2%**<br>|  |  |
| Whirlpool Corp.<sup>(b)</sup> | 62700 | 4523178  |
| **Insurance - 3.5%**<br>|  |  |
| American International Group, Inc. | 154900 | 13251695  |
| **IT Services - 1.0%**<br>|  |  |
|  Cognizant Technology Solutions Corp. - Class A | 44800 | 3718400  |
| **Life Sciences Tools & Services - 0.5%**<br>|  |  |
| ICON PLC<sup>(a)</sup> | 11200 | 2040864  |
| **Machinery - 3.9%**<br>|  |  |
| AGCO Corp. | 19700 | 2055104  |
| CNH Industrial NV | 519800 | 4792556  |
| Stanley Black & Decker, Inc. | 107600 | 7992528  |
|  |  | 14840188  |
| **Media - 3.7%**<br>|  |  |
| Omnicom Group, Inc. | 60600 | 4893450  |
| WPP PLC - ADR | 398400 | 8948064  |
|  |  | 13841514  |
| **Multi-Utilities - 1.9%**<br>|  |  |
| Dominion Energy, Inc. | 120500 | 7060095  |
| **Oil, Gas & Consumable Fuels - 9.3%**<br>|  |  |
| APA Corp. | 625766 | 15306236  |
| California Resources Corp. | 81500 | 3643865  |
| Crescent Energy Co. - Class A | 570787 | 4788903  |
| Kosmos Energy Ltd.<sup>(a)</sup> | 4795120 | 4351092  |
| Murphy Oil Corp. | 32600 | 1018750  |
| Ovintiv, Inc. | 155300 | 6086207  |
|  |  | 35195053  |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley Mid-Cap Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Personal Care Products - 1.4%**<br>|  |  |
| Herbalife Ltd.<sup>(a)</sup> | 422600 | $5447314  |
| **Pharmaceuticals - 1.2%**<br>|  |  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 25700 | 4369000  |
| **Professional Services - 2.1%**<br>|  |  |
| ManpowerGroup, Inc. | 133000 | 3954090  |
| Robert Half, Inc. | 140500 | 3815980  |
|  |  | 7770070  |
| **Software - 1.2%**<br>|  |  |
| Workday, Inc. - Class A<sup>(a)</sup> | 21300 | 4574814  |
| **Specialty Retail - 1.3%**<br>|  |  |
| Lithia Motors, Inc. | 12500 | 4154125  |
| Upbound Group, Inc. | 44200 | 776152  |
|  |  | 4930277  |
|  **Textiles, Apparel & Luxury Goods - 0.6%**<br>|  |  |
| Capri Holdings Ltd.<sup>(a)</sup> | 98800 | 2410720  |
|  **Trading Companies & Distributors - 0.9%**<br>|  |  |
| WESCO International, Inc. | 13900 | 3400496  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $338,788,448)** |  | 352164758  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.5%**<br>|  |  |
| **Hotel & Resort REITs - 0.5%**<br>|  |  |
| Pebblebrook Hotel Trust | 161600 | 1829312  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $2,121,703)** |  | 1829312  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 6.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations <br>Fund - Class X, 3.67%<sup>(c)</sup> | 25095379 | 25095379  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $25,095,379)** |  | 25095379  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.1%** |  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(c)</sup> | 452678 | 452678  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $452,678)** |  | 452678  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.3%** <br>**(Cost $366,458,208)** |  | $379542127  |
| Liabilities in Excess of Other Assets - (0.3)% |  | (1034074)  |
| **TOTAL NET ASSETS - 100.0%** |  | $378508053 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS<sup>®</sup>) 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, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $442,795.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY SMALL CAP VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.3%**<br>|  |  |
| **Automobile Components - 3.6%**<br>|  |  |
| Adient PLC<sup>(a)</sup> | 483200 | $9262944  |
| Lear Corp. | 125100 | 14336460  |
|  |  | 23599404  |
| **Banks - 9.5%**<br>|  |  |
| Associated Banc-Corp. | 271500 | 6993840  |
| Bank of NT Butterfield & Son Ltd. | 328700 | 16375834  |
| First Hawaiian, Inc. | 797100 | 20166630  |
| Popular, Inc. | 90900 | 11318868  |
| Synovus Financial Corp. | 60000 | 3003000  |
| WaFd, Inc. | 40098 | 1284339  |
| Zions Bancorp NA | 55200 | 3231408  |
|  |  | 62373919  |
| **Capital Markets - 2.7%**<br>|  |  |
| Stifel Financial Corp. | 139800 | 17505756  |
| **Chemicals - 7.4%**<br>|  |  |
| Ecovyst, Inc.<sup>(a)</sup> | 2447100 | 23810283  |
| Olin Corp. | 1172100 | 24414843  |
|  |  | 48225126  |
|  **Commercial Services & Supplies - 1.7%**<br>|  |  |
| Brink's Co. | 59200 | 6910416  |
| MillerKnoll, Inc. | 82000 | 1498960  |
| Quad/Graphics, Inc. | 387200 | 2427744  |
|  |  | 10837120  |
| **Communications Equipment - 6.3%**<br>|  |  |
| F5, Inc.<sup>(a)</sup> | 160850 | 41058571  |
| **Construction & Engineering - 2.2%**<br>|  |  |
| Fluor Corp.<sup>(a)</sup> | 354300 | 14040909  |
| **Consumer Finance - 3.2%**<br>|  |  |
| SLM Corp. | 777600 | 21041856  |
| **Electric Utilities - 1.5%**<br>|  |  |
| OGE Energy Corp. | 233100 | 9953370  |
|  **Electronic Equipment, Instruments & Components - 4.1%**<br>|  |  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 17800 | 1961204  |
| Avnet, Inc. | 511000 | 24568880  |
|  |  | 26530084  |
| **Energy Equipment & Services - 4.9%**<br>|  |  |
| Expro Group Holdings NV<sup>(a)</sup> | 239582 | 3198420  |
| NOV, Inc. | 1592300 | 24887649  |
| Weatherford International PLC | 47700 | 3733002  |
|  |  | 31819071  |
| **Financial Services - 2.5%**<br>|  |  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 37200 | 2831292  |
| WEX, Inc.<sup>(a)</sup> | 90700 | 13512486  |
|  |  | 16343778  |
| **Gas Utilities - 0.5%**<br>|  |  |
| MDU Resources Group, Inc. | 171100 | 3339872  |
| **Ground Transportation - 3.4%**<br>|  |  |
| U-Haul Holding Co. | 476100 | 22252914  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Health Care Equipment & Supplies - 4.3%**<br>|  |  |
| LivaNova PLC<sup>(a)</sup> | 289900 | $17837547  |
| Solventum Corp.<sup>(a)</sup> | 131300 | 10404212  |
|  |  | 28241759  |
|  **Health Care Providers & Services - 1.3%**<br>|  |  |
| Centene Corp.<sup>(a)</sup> | 203000 | 8353450  |
| **Hotels, Restaurants & Leisure - 2.1%**<br>|  |  |
| Marriott Vacations Worldwide Corp. | 231500 | 13355235  |
| **Insurance - 2.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Global Indemnity Group LLC - <br>Class A | 316036 | 8975422  |
| Horace Mann Educators Corp. | 116500 | 5379970  |
|  |  | 14355392  |
| **IT Services - 1.2%**<br>|  |  |
| ASGN, Inc.<sup>(a)</sup> | 167700 | 8078109  |
| **Machinery - 4.8%**<br>|  |  |
| Greenbrier Cos., Inc. | 69850 | 3264789  |
| Miller Industries, Inc. | 145000 | 5418650  |
| Stanley Black & Decker, Inc. | 103700 | 7702836  |
| Timken Co. | 178700 | 15034031  |
|  |  | 31420306  |
| **Media - 4.6%**<br>|  |  |
| National CineMedia, Inc. | 1202400 | 4677336  |
| Stagwell, Inc.<sup>(a)</sup> | 5241017 | 25628573  |
|  |  | 30305909  |
| **Multi-Utilities - 1.6%**<br>|  |  |
| Avista Corp. | 173900 | 6702106  |
| Black Hills Corp. | 57000 | 3956940  |
|  |  | 10659046  |
| **Oil, Gas & Consumable Fuels - 7.0%**<br>|  |  |
| APA Corp. | 525208 | 12846588  |
| California Resources Corp. | 205696 | 9196649  |
| Crescent Energy Co. - Class A | 155400 | 1303806  |
| Kosmos Energy Ltd.<sup>(a)</sup> | 1878200 | 1704279  |
| Murphy Oil Corp. | 509000 | 15906250  |
| NextDecade Corp.<sup>(a)</sup> | 233500 | 1230545  |
| Ovintiv, Inc. | 97800 | 3832782  |
|  |  | 46020899  |
| **Personal Care Products - 0.0%<sup>(b)</sup>**<br>|  |  |
| Herbalife Ltd.<sup>(a)</sup> | 900 | 11601  |
|  **Real Estate Management & Development - 1.4%**<br>|  |  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 22700 | 7637869  |
| RMR Group, Inc. - Class A | 119100 | 1774590  |
|  |  | 9412459  |
| **Software - 4.2%**<br>|  |  |
| Workiva, Inc.<sup>(a)</sup> | 314900 | 27160125  |
| **Specialty Retail - 3.5%**<br>|  |  |
| Lithia Motors, Inc. | 58200 | 19341606  |
| Sonic Automotive, Inc. - Class A | 61100 | 3779646  |
|  |  | 23121252  |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY SMALL CAP VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
|  **Trading Companies & Distributors - 1.6%**<br>|  |  |
| Rush Enterprises, Inc. - Class A | 197400 | $10647756  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $564,427,291)** |  | 610065048  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.4%**<br>|  |  |
|  **Real Estate Management & Development - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Seritage Growth Properties - <br>Class A<sup>(a)</sup> | 911810 | 2963383  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $8,082,239)** |  | 2963383  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 6.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 41256908 | 41256908  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $41,256,908)** |  | 41256908  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $613,766,438)** |  | $654285339  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(b)</sup> |  | (202239)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $654083100 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS<sup>®</sup>) 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, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY SMALL CAP DIVERSIFIED VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.5%**<br>|  |  |
| **Aerospace & Defense - 0.1%**<br>|  |  |
| National Presto Industries, Inc. | 8014 | $855575  |
| **Automobile Components - 2.0%**<br>|  |  |
| Adient PLC<sup>(a)</sup> | 152905 | 2931189  |
| Gentex Corp. | 122800 | 2857556  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 238200 | 2086632  |
| Lear Corp. | 31600 | 3621360  |
| Phinia, Inc. | 30100 | 1886969  |
| Visteon Corp. | 27300 | 2596230  |
|  |  | 15979936  |
| **Automobiles - 1.0%**<br>|  |  |
| Harley-Davidson, Inc. | 116900 | 2395281  |
| Thor Industries, Inc. | 30100 | 3090367  |
| Winnebago Industries, Inc. | 74700 | 3026844  |
|  |  | 8512492  |
| **Banks - 22.8%**<br>|  |  |
| 1st Source Corp. | 38866 | 2428736  |
| Amerant Bancorp, Inc. | 118900 | 2319739  |
| Arrow Financial Corp. | 30200 | 948280  |
| Associated Banc-Corp. | 59600 | 1535296  |
| Banc of California, Inc. | 218918 | 4222928  |
| Bank of Marin Bancorp | 69000 | 1794690  |
| Bank7 Corp. | 17500 | 717150  |
| BankUnited, Inc. | 85880 | 3827672  |
| BayCom Corp. | 36300 | 1067220  |
| Beacon Financial Corp. | 128317 | 3383719  |
| Bridgewater Bancshares, Inc.<sup>(a)</sup> | 74590 | 1307563  |
| Burke & Herbert Financial Services Corp. | 26200 | 1632522  |
| Camden National Corp. | 43116 | 1870372  |
| Capital Bancorp, Inc. | 26700 | 752139  |
| Capitol Federal Financial, Inc. | 524700 | 3573207  |
| Carter Bankshares, Inc.<sup>(a)</sup> | 53100 | 1043946  |
| Cathay General Bancorp | 48232 | 2333946  |
| Central Pacific Financial Corp. | 79480 | 2476597  |
| Civista Bancshares, Inc. | 39000 | 866580  |
| CNB Financial Corp. | 31600 | 826972  |
| Colony Bankcorp, Inc. | 44100 | 785862  |
| Columbia Banking System, Inc. | 122334 | 3419235  |
| Community Trust Bancorp, Inc. | 27610 | 1559965  |
| ConnectOne Bancorp, Inc. | 136034 | 3566811  |
| Dime Community Bancshares, Inc. | 107600 | 3237684  |
| Eagle Bancorp, Inc. | 156330 | 3348589  |
| Enterprise Financial Services Corp. | 41500 | 2241000  |
| Farmers National Banc Corp. | 56371 | 750862  |
| Financial Institutions, Inc. | 90761 | 2829020  |
| First Busey Corp. | 133151 | 3167662  |
| First Financial Corp. | 32763 | 1979540  |
| First Foundation, Inc.<sup>(a)</sup> | 435397 | 2682046  |
| First Hawaiian, Inc. | 128540 | 3252062  |
| First Internet Bancorp | 34289 | 715611  |
| First Interstate BancSystem, Inc. - Class A | 84400 | 2920240  |
| First Merchants Corp. | 86402 | 3238347  |
| First Mid Bancshares, Inc. | 43800 | 1708200  |
| First Western Financial, Inc.<sup>(a)</sup> | 30900 | 828429  |
| Firstsun Capital Bancorp<sup>(a)</sup> | 41100 | 1546799  |
| Five Star Bancorp | 21600 | 772848  |
| Flagstar Bank NA | 294600 | 3709014  |
| Flushing Financial Corp. | 120718 | 1831292  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| FNB Corp. | 49000 | $837900  |
| Great Southern Bancorp, Inc. | 27110 | 1668892  |
| Hanmi Financial Corp. | 99600 | 2692188  |
| Heritage Commerce Corp. | 231600 | 2781516  |
| Heritage Financial Corp. | 68600 | 1622390  |
| Hilltop Holdings, Inc. | 106900 | 3628186  |
| Hingham Institution For Savings<sup>(b)</sup> | 9000 | 2555640  |
| Home Bancorp, Inc. | 30900 | 1786020  |
| Hope Bancorp, Inc. | 303333 | 3324530  |
| Horizon Bancorp, Inc. | 156700 | 2657632  |
| Huntington Bancshares, Inc. | 192270 | 3335885  |
| Independent Bank Corp. | 35900 | 2623572  |
| Kearny Financial Corp. | 254000 | 1882140  |
| Live Oak Bancshares, Inc. | 96400 | 3311340  |
| Mechanics Bancorp - Class A | 52600 | 769538  |
| Mercantile Bank Corp. | 50600 | 2433860  |
| Mid Penn Bancorp, Inc. | 28800 | 893376  |
| Midland States Bancorp, Inc. | 98400 | 2083128  |
| NB Bancorp, Inc. | 174600 | 3460572  |
| Northeast Bank | 34100 | 3544013  |
| Northfield Bancorp, Inc. | 148907 | 1702007  |
| OceanFirst Financial Corp. | 183910 | 3301185  |
| Origin Bancorp, Inc. | 70900 | 2666549  |
| Peapack-Gladstone Financial Corp. | 58500 | 1629225  |
| Preferred Bank/Los Angeles CA | 34840 | 3289941  |
| Provident Financial Services, Inc. | 162472 | 3208822  |
| QCR Holdings, Inc. | 31600 | 2632280  |
| RBB Bancorp | 53432 | 1102836  |
| Shore Bancshares, Inc. | 92012 | 1626772  |
| Sierra Bancorp | 37800 | 1235304  |
| Simmons First National Corp. - Class A | 168300 | 3172455  |
| Southern Missouri Bancorp, Inc. | 13300 | 786296  |
| Synovus Financial Corp. | 13900 | 695695  |
| Tompkins Financial Corp. | 28420 | 2061018  |
| Towne Bank/Portsmouth VA | 47600 | 1588412  |
| TriCo Bancshares | 71800 | 3401166  |
| TrustCo Bank Corp. | 74192 | 3066355  |
| United Community Banks, Inc. | 48800 | 1523536  |
| Univest Financial Corp. | 77470 | 2536368  |
| Valley National Bancorp | 246700 | 2881456  |
| WaFd, Inc. | 83034 | 2659579  |
| Washington Trust Bancorp, Inc. | 93930 | 2775632  |
|  |  | 186455599  |
| **Biotechnology - 0.3%**<br>|  |  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 36100 | 2429530  |
| **Building Products - 2.0%**<br>|  |  |
| American Woodmark Corp.<sup>(a)</sup> | 38300 | 2064370  |
| Apogee Enterprises, Inc. | 62700 | 2282907  |
| Armstrong World Industries, Inc. | 7400 | 1414140  |
| AZZ, Inc. | 5800 | 621644  |
| Fortune Brands Innovations, Inc. | 64300 | 3216286  |
| Janus International Group, Inc.<sup>(a)</sup> | 338400 | 2213136  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 51910 | 1823079  |
| UFP Industries, Inc. | 26200 | 2385510  |
|  |  | 16021072  |
| **Capital Markets - 1.6%**<br>|  |  |
| Diamond Hill Investment Group, Inc. | 16500 | 2796750  |
| Federated Hermes, Inc. | 61220 | 3187725  |

---

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY SMALL CAP DIVERSIFIED VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Capital Markets - (Continued)**  | **Capital Markets - (Continued)**  | **Capital Markets - (Continued)**  |
| Invesco Ltd. | 91000 | $2390570  |
| Janus Henderson Group PLC | 38000 | 1807660  |
| Virtus Investment Partners, Inc. | 16500 | 2691975  |
|  |  | 12874680  |
| **Chemicals - 2.8%**<br>|  |  |
| AdvanSix, Inc. | 40100 | 693730  |
| American Vanguard Corp.<sup>(a)</sup> | 147300 | 562686  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 115800 | 3741498  |
| Cabot Corp. | 10000 | 662800  |
| Ecovyst, Inc.<sup>(a)</sup> | 382900 | 3725617  |
| HB Fuller Co. | 53400 | 3175164  |
| Huntsman Corp. | 285800 | 2858000  |
| Ingevity Corp.<sup>(a)</sup> | 29000 | 1716220  |
| Innospec, Inc. | 32000 | 2449280  |
| Olin Corp. | 152000 | 3166160  |
|  |  | 22751155  |
| **Commercial Services & Supplies - 1.6%**<br>|  |  |
| ABM Industries, Inc. | 52900 | 2237670  |
| Brink's Co. | 28800 | 3361824  |
| Ennis, Inc. | 41500 | 747415  |
| Healthcare Services Group, Inc.<sup>(a)</sup> | 189600 | 3625152  |
| MillerKnoll, Inc. | 95300 | 1742084  |
| UniFirst Corp. | 9100 | 1755390  |
|  |  | 13469535  |
| **Communications Equipment - 0.2%**<br>|  |  |
| Aviat Networks, Inc.<sup>(a)</sup> | 72800 | 1556464  |
| **Construction & Engineering - 0.5%**<br>|  |  |
| Fluor Corp.<sup>(a)</sup> | 63000 | 2496690  |
| Tutor Perini Corp. | 20370 | 1365197  |
|  |  | 3861887  |
| **Consumer Finance - 1.2%**<br>|  |  |
| Bread Financial Holdings, Inc. | 42100 | 3116663  |
| Navient Corp. | 255460 | 3320980  |
| SLM Corp. | 121600 | 3290496  |
|  |  | 9728139  |
| **Containers & Packaging - 0.9%**<br>|  |  |
| Myers Industries, Inc. | 176800 | 3309696  |
| Sonoco Products Co. | 40000 | 1745600  |
| TriMas Corp. | 63000 | 2233350  |
|  |  | 7288646  |
| **Diversified Consumer Services - 0.3%**<br>|  |  |
| Laureate Education, Inc.<sup>(a)</sup> | 63400 | 2134678  |
| **Electric Utilities - 0.7%**<br>|  |  |
| Otter Tail Corp. | 22850 | 1846509  |
| Portland General Electric Co. | 80600 | 3867994  |
|  |  | 5714503  |
| **Electrical Equipment - 1.4%**<br>|  |  |
| Atkore, Inc. | 42000 | 2656500  |
| Nextpower, Inc. - Class A<sup>(a)</sup> | 11400 | 993054  |
| Sensata Technologies Holding PLC | 103800 | 3455502  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 116173 | 4316989  |
|  |  | 11422045  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Electronic Equipment, Instruments & Components - 3.4%**<br>|  |  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 19200 | $2115456  |
| Avnet, Inc. | 59870 | 2878550  |
| Crane NXT Co. | 52600 | 2475882  |
| ePlus, Inc. | 32100 | 2815170  |
| Ingram Micro Holding Corp.<sup>(b)</sup> | 75300 | 1606902  |
| Kimball Electronics, Inc.<sup>(a)</sup> | 77720 | 2162170  |
| Methode Electronics, Inc. | 378300 | 2511912  |
| PC Connection, Inc. | 13100 | 756656  |
| Plexus Corp.<sup>(a)</sup> | 11123 | 1635081  |
| Sanmina Corp.<sup>(a)</sup> | 13605 | 2041702  |
| ScanSource, Inc.<sup>(a)</sup> | 53700 | 2097522  |
| Vishay Intertechnology, Inc. | 163226 | 2365145  |
| Vontier Corp. | 60300 | 2241954  |
|  |  | 27704102  |
| **Energy Equipment & Services - 4.8%**<br>|  |  |
| Cactus, Inc. - Class A | 45300 | 2069304  |
| Core Laboratories, Inc. | 139300 | 2232979  |
| Expro Group Holdings NV<sup>(a)</sup> | 273903 | 3656605  |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 263700 | 1653399  |
| Innovex International, Inc.<sup>(a)</sup> | 141300 | 3090231  |
| Liberty Energy, Inc. | 169750 | 3133585  |
| &nbsp;&nbsp;&nbsp; National Energy Services Reunited <br>Corp.<sup>(a)</sup> | 127020 | 1989133  |
| Noble Corp. PLC | 53300 | 1505192  |
| NOV, Inc. | 255000 | 3985650  |
| Oil States International, Inc.<sup>(a)</sup> | 459900 | 3113523  |
| ProFrac Holding Corp. - Class A<sup>(a)</sup> | 426300 | 1658307  |
| ProPetro Holding Corp.<sup>(a)</sup> | 343900 | 3270489  |
| RPC, Inc. | 395800 | 2153152  |
| Select Water Solutions, Inc. | 138900 | 1461228  |
| Tidewater, Inc.<sup>(a)</sup> | 15800 | 798058  |
| Valaris Ltd.<sup>(a)</sup> | 32600 | 1643040  |
| Weatherford International PLC | 28700 | 2246062  |
|  |  | 39659937  |
| **Financial Services - 3.7%**<br>|  |  |
| Cass Information Systems, Inc. | 21600 | 896832  |
| Enact Holdings, Inc. | 95100 | 3769764  |
| Essent Group Ltd. | 50970 | 3313560  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 37400 | 2846514  |
| International Money Express, Inc.<sup>(a)</sup> | 109000 | 1674240  |
| Merchants Bancorp | 100100 | 3409406  |
| MGIC Investment Corp. | 55430 | 1619665  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | 89070 | 3633165  |
| Radian Group, Inc. | 91500 | 3293085  |
| Voya Financial, Inc. | 31500 | 2346435  |
| WEX, Inc.<sup>(a)</sup> | 21300 | 3173274  |
|  |  | 29975940  |
| **Food Products - 0.3%**<br>|  |  |
| John B Sanfilippo & Son, Inc. | 37100 | 2619260  |
| **Gas Utilities - 1.7%**<br>|  |  |
| MDU Resources Group, Inc. | 124400 | 2428288  |
| New Jersey Resources Corp. | 67300 | 3103876  |
| Northwest Natural Holding Co. | 74000 | 3458760  |
| ONE Gas, Inc. | 20900 | 1614525  |
| Spire, Inc. | 43973 | 3636567  |
|  |  | 14242016  |

---

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY SMALL CAP DIVERSIFIED VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Ground Transportation - 0.6%**<br>|  |  |
| Heartland Express, Inc. | 289000 | $2609670  |
| Marten Transport Ltd. | 76100 | 866018  |
| Schneider National, Inc. - Class B | 70500 | 1870365  |
|  |  | 5346053  |
|  **Health Care Equipment & Supplies - 1.7%**<br>|  |  |
| Envista Holdings Corp.<sup>(a)</sup> | 78600 | 1706406  |
| Inmode Ltd.<sup>(a)</sup> | 225400 | 3311126  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 56600 | 3766730  |
| LivaNova PLC<sup>(a)</sup> | 59900 | 3685647  |
| Utah Medical Products, Inc. | 25900 | 1449364  |
|  |  | 13919273  |
|  **Health Care Providers & Services - 1.4%**<br>|  |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 147700 | 2095863  |
| Ardent Health, Inc.<sup>(a)</sup> | 124000 | 1094920  |
| Astrana Health, Inc.<sup>(a)</sup> | 105600 | 2619936  |
| Concentra Group Holdings Parent, Inc. | 118131 | 2324818  |
| National Research Corp. | 84800 | 1591696  |
| Select Medical Holdings Corp. | 111100 | 1649835  |
|  |  | 11377068  |
| **Hotels, Restaurants & Leisure - 3.3%**<br>|  |  |
| Accel Entertainment, Inc.<sup>(a)</sup> | 232100 | 2648261  |
| Bloomin' Brands, Inc. | 227305 | 1402472  |
| Boyd Gaming Corp. | 18800 | 1602512  |
| Brightstar Lottery PLC | 200300 | 3100644  |
| Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 63000 | 1021230  |
| Denny's Corp.<sup>(a)</sup> | 344900 | 2145278  |
| El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 153900 | 1609794  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 73000 | 3266750  |
| Marriott Vacations Worldwide Corp. | 48200 | 2780658  |
| Monarch Casino & Resort, Inc. | 8500 | 813450  |
| Travel + Leisure Co. | 61000 | 4302330  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 61700 | 2239710  |
|  |  | 26933089  |
| **Household Durables - 1.2%**<br>|  |  |
| Century Communities, Inc. | 12200 | 724070  |
| Green Brick Partners, Inc.<sup>(a)</sup> | 10900 | 682994  |
| Helen of Troy Ltd.<sup>(a)</sup> | 99700 | 2118625  |
| KB Home | 12930 | 729381  |
| Legacy Housing Corp.<sup>(a)</sup> | 37300 | 728096  |
| Leggett & Platt, Inc. | 189300 | 2082300  |
| M/I Homes, Inc.<sup>(a)</sup> | 5900 | 754905  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 74667 | 2349771  |
|  |  | 10170142  |
| **Household Products - 0.7%**<br>|  |  |
| Central Garden & Pet Co.<sup>(a)</sup> | 47800 | 1536770  |
| Energizer Holdings, Inc. | 66600 | 1324674  |
| Reynolds Consumer Products, Inc. | 141000 | 3231720  |
|  |  | 6093164  |
| **Insurance - 3.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Aspen Insurance Holdings Ltd. - <br>Class A<sup>(a)</sup> | 75200 | 2789920  |
| Assured Guaranty Ltd. | 20530 | 1845031  |
| CNO Financial Group, Inc. | 81186 | 3447969  |
| Employers Holdings, Inc. | 37705 | 1627725  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| F&G Annuities & Life, Inc. | 80300 | $2477255  |
| Hanover Insurance Group, Inc. | 13600 | 2485672  |
| Horace Mann Educators Corp. | 36414 | 1681599  |
| Kemper Corp. | 68900 | 2793206  |
| Lincoln National Corp. | 66600 | 2965698  |
| Selective Insurance Group, Inc. | 29100 | 2434797  |
| Stewart Information Services Corp. | 33590 | 2360033  |
| United Fire Group, Inc. | 31300 | 1137755  |
| White Mountains Insurance Group Ltd. | 1800 | 3740454  |
|  |  | 31787114  |
| **IT Services - 0.4%**<br>|  |  |
| ASGN, Inc.<sup>(a)</sup> | 68300 | 3290011  |
| **Leisure Products - 1.4%**<br>|  |  |
| Brunswick Corp. | 50800 | 3771392  |
| JAKKS Pacific, Inc. | 90400 | 1525952  |
| Mattel, Inc.<sup>(a)</sup> | 89000 | 1765760  |
| Polaris, Inc. | 36300 | 2295975  |
| YETI Holdings, Inc.<sup>(a)</sup> | 47300 | 2089241  |
|  |  | 11448320  |
| **Machinery - 4.4%**<br>|  |  |
| Albany International Corp. - Class A | 25400 | 1287780  |
| Atmus Filtration Technologies, Inc. | 80790 | 4193809  |
| Blue Bird Corp.<sup>(a)</sup> | 43400 | 2039800  |
| Columbus McKinnon Corp. | 195300 | 3368925  |
| Douglas Dynamics, Inc. | 50800 | 1658620  |
| Flowserve Corp. | 63300 | 4391754  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 56200 | 1206614  |
| Greenbrier Cos., Inc. | 52289 | 2443988  |
| Hillenbrand, Inc. | 102120 | 3239246  |
| Kennametal, Inc. | 32200 | 914802  |
| L B Foster Co. - Class A<sup>(a)</sup> | 43500 | 1172325  |
| Miller Industries, Inc. | 39130 | 1462288  |
| REV Group, Inc. | 15680 | 953501  |
| Tennant Co. | 30000 | 2211000  |
| Timken Co. | 41900 | 3525047  |
| Wabash National Corp. | 182882 | 1581929  |
|  |  | 35651428  |
| **Marine Transportation - 0.2%**<br>|  |  |
| Matson, Inc. | 15400 | 1902670  |
| **Media - 0.8%**<br>|  |  |
| Emerald Holding, Inc. | 153370 | 685564  |
| National CineMedia, Inc. | 553100 | 2151559  |
| Stagwell, Inc.<sup>(a)</sup> | 487300 | 2382897  |
| TEGNA, Inc. | 90767 | 1761787  |
|  |  | 6981807  |
| **Metals & Mining - 0.9%**<br>|  |  |
| Constellium SE<sup>(a)</sup> | 123500 | 2327975  |
| Kaiser Aluminum Corp. | 41800 | 4801148  |
|  |  | 7129123  |
| **Multi-Utilities - 1.6%**<br>|  |  |
| Avista Corp. | 86361 | 3328353  |
| Black Hills Corp. | 58300 | 4047186  |
| Northwestern Energy Group, Inc. | 58500 | 3775590  |
| Unitil Corp. | 33800 | 1637272  |
|  |  | 12788401  |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY SMALL CAP DIVERSIFIED VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Oil, Gas & Consumable Fuels - 6.8%**<br>|  |  |
| Baytex Energy Corp.<sup>(b)</sup> | 1398642 | $4517614  |
| California Resources Corp. | 35690 | 1595700  |
| Crescent Energy Co. - Class A | 755660 | 6339986  |
| CVR Energy, Inc.<sup>(a)</sup> | 93200 | 2371008  |
| Delek US Holdings, Inc. | 103800 | 3078708  |
| Excelerate Energy, Inc. - Class A | 97300 | 2729265  |
| International Seaways, Inc. | 18900 | 917595  |
| Kosmos Energy Ltd.<sup>(a)</sup> | 2076113 | 1883865  |
| Murphy Oil Corp. | 115000 | 3593750  |
| NextDecade Corp.<sup>(a)</sup> | 517350 | 2726435  |
| Northern Oil & Gas, Inc. | 147200 | 3160384  |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 105000 | 3689700  |
| PBF Energy, Inc. - Class A | 112800 | 3059136  |
| REX American Resources Corp.<sup>(a)</sup> | 110800 | 3581056  |
| SM Energy Co. | 144600 | 2704020  |
| Talos Energy, Inc.<sup>(a)</sup> | 360900 | 3977118  |
| VAALCO Energy, Inc. | 864400 | 3146416  |
| World Kinect Corp. | 122524 | 2870737  |
|  |  | 55942493  |
| **Paper & Forest Products - 0.2%**<br>|  |  |
| Sylvamo Corp. | 34400 | 1656360  |
| **Passenger Airlines - 0.1%**<br>|  |  |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 71600 | 1030324  |
| **Personal Care Products - 0.2%**<br>|  |  |
| Edgewell Personal Care Co. | 79300 | 1352065  |
| **Pharmaceuticals - 1.2%**<br>|  |  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 103600 | 2774408  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 20800 | 1641952  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 23500 | 3995000  |
| SIGA Technologies, Inc. | 218800 | 1336868  |
|  |  | 9748228  |
| **Professional Services - 2.7%**<br>|  |  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 62900 | 1824100  |
| Forrester Research, Inc.<sup>(a)</sup> | 98000 | 795760  |
| Franklin Covey Co.<sup>(a)</sup> | 48100 | 807118  |
| Insperity, Inc. | 32300 | 1250656  |
| Kforce, Inc. | 114800 | 3549616  |
| Korn Ferry | 22996 | 1518196  |
| ManpowerGroup, Inc. | 63100 | 1875963  |
| Maximus, Inc. | 32000 | 2762240  |
| Resources Connection, Inc. | 197285 | 994316  |
| Robert Half, Inc. | 98400 | 2672544  |
| &nbsp;&nbsp;&nbsp; Science Applications International <br>Corp. | 24500 | 2466170  |
| TrueBlue, Inc.<sup>(a)</sup> | 362700 | 1650285  |
|  |  | 22166964  |
|  **Real Estate Management & Development - 0.9%**<br>|  |  |
| Cushman & Wakefield Ltd.<sup>(a)</sup> | 193800 | 3137622  |
| Douglas Elliman, Inc.<sup>(a)</sup> | 706600 | 1674642  |
| Marcus & Millichap, Inc. | 51400 | 1402706  |
| RMR Group, Inc. - Class A | 98400 | 1466160  |
|  |  | 7681130  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Semiconductors & Semiconductor Equipment - 0.8%**<br>|  |  |
| Diodes, Inc.<sup>(a)</sup> | 37249 | $1837866  |
| Photronics, Inc.<sup>(a)</sup> | 148200 | 4742400  |
|  |  | 6580266  |
| **Software - 1.2%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 50200 | 2400062  |
| Adeia, Inc. | 211700 | 3651825  |
| Workiva, Inc.<sup>(a)</sup> | 40900 | 3527625  |
|  |  | 9579512  |
| **Specialty Retail - 2.0%**<br>|  |  |
| Academy Sports & Outdoors, Inc. | 15900 | 794364  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 9854 | 2291351  |
| Bath & Body Works, Inc. | 62000 | 1244960  |
| Group 1 Automotive, Inc. | 5288 | 2079770  |
| Haverty Furniture Cos., Inc. | 122500 | 2861600  |
| MarineMax, Inc.<sup>(a)</sup> | 65300 | 1582219  |
| OneWater Marine, Inc. - Class A<sup>(a)(b)</sup> | 106500 | 1152330  |
| PetMed Express, Inc.<sup>(a)</sup> | 231300 | 740160  |
| Signet Jewelers Ltd. | 18600 | 1541568  |
| Sonic Automotive, Inc. - Class A | 30350 | 1877451  |
|  |  | 16165773  |
|  **Textiles, Apparel & Luxury Goods - 1.5%**<br>|  |  |
| Carter's, Inc. | 62500 | 2026875  |
| Columbia Sportswear Co. | 29500 | 1625155  |
| G-III Apparel Group Ltd. | 73390 | 2125374  |
| Oxford Industries, Inc. | 63800 | 2181960  |
| PVH Corp. | 21600 | 1447632  |
| Steven Madden Ltd. | 67900 | 2827356  |
|  |  | 12234352  |
|  **Trading Companies & Distributors - 1.6%**<br>|  |  |
| Global Industrial Co. | 55757 | 1629220  |
| Herc Holdings, Inc. | 12600 | 1869588  |
| McGrath RentCorp | 8900 | 933877  |
| MSC Industrial Direct Co., Inc. - Class A | 37500 | 3153750  |
| Rush Enterprises, Inc. - Class A | 61849 | 3336135  |
| Titan Machinery, Inc.<sup>(a)</sup> | 156400 | 2352256  |
|  |  | 13274826  |
| **Water Utilities - 0.5%**<br>|  |  |
| Artesian Resources Corp. - Class A | 22700 | 717547  |
| H2O America | 63200 | 3096168  |
|  |  | 3813715  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $756,332,887)** |  | 781300862  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 3.3%**<br>|  |  |
| **Diversified REITs - 0.3%**<br>|  |  |
| American Assets Trust, Inc. | 119800 | 2267814  |
| **Health Care REITs - 0.3%**<br>|  |  |
| Global Medical REIT, Inc. | 74400 | 2510256  |
| **Hotel & Resort REITs - 1.0%**<br>|  |  |
| DiamondRock Hospitality Co. | 194000 | 1738240  |
| Park Hotels & Resorts, Inc. | 291900 | 3053274  |
| Pebblebrook Hotel Trust | 303100 | 3431092  |
|  |  | 8222606  |

---

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY SMALL CAP DIVERSIFIED VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - (Continued)**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - (Continued)**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - (Continued)**  |
| **Mortgage REITs - 0.9%**<br>|  |  |
|  Apollo Commercial Real Estate Finance, Inc. | 153500 | $1485880  |
| Ares Commercial Real Estate Corp. | 322100 | 1539638  |
| BrightSpire Capital, Inc. | 300400 | 1682240  |
| Claros Mortgage Trust, Inc.<sup>(a)</sup> | 430400 | 1317024  |
| Granite Point Mortgage Trust, Inc. | 404300 | 970320  |
|  |  | 6995102  |
| **Office REITs - 0.6%**<br>|  |  |
| Brandywine Realty Trust | 428600 | 1251512  |
| Douglas Emmett, Inc. | 233700 | 2568363  |
| Empire State Realty Trust, Inc. - Class A | 216700 | 1412884  |
|  |  | 5232759  |
|  **Real Estate Management & Development - 0.2%**<br>|  |  |
| Seritage Growth Properties - Class A<sup>(a)</sup> | 393348 | 1278381  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $35,708,363)** |  | 26506918  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.1%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 9334675 | 9334675  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $9,334,675)** |  | 9334675  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.6%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(c)</sup> | 4749250 | 4749250  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $4,749,250)** |  | 4749250  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.5%** <br>**(Cost $806,125,175)** |  | $821891705  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.5)% |  | (3936996)  |
| **TOTAL NET ASSETS - 100.0%** |  | $817954709 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS<sup>®</sup>) 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, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $4,549,965.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY GLOBAL VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.0%**<br>|  |  |
| **Aerospace & Defense - 0.8%**<br>|  |  |
| Airbus SE | 1300 | $301891  |
| **Air Freight & Logistics - 1.4%**<br>|  |  |
| FedEx Corp. | 1970 | 569054  |
| **Automobile Components - 1.8%**<br>|  |  |
| Magna International, Inc. | 13161 | 701481  |
| **Automobiles - 2.2%**<br>|  |  |
| General Motors Co. | 7400 | 601768  |
| Mercedes-Benz Group AG | 4100 | 284220  |
|  |  | 885988  |
| **Banks - 10.5%**<br>|  |  |
| Banca Monte dei Paschi di Siena SpA | 42800 | 455700  |
| BNP Paribas SA | 9456 | 894603  |
| Citigroup, Inc. | 3300 | 385077  |
| ING Groep NV | 12556 | 352926  |
| Popular, Inc. | 3300 | 410916  |
| Truist Financial Corp. | 6600 | 324786  |
| US Bancorp | 16900 | 901784  |
| Wells Fargo & Co. | 5200 | 484640  |
|  |  | 4210432  |
| **Beverages - 2.2%**<br>|  |  |
| Heineken Holding NV | 12000 | 878721  |
| **Capital Markets - 3.2%**<br>|  |  |
| Julius Baer Group Ltd. | 10500 | 820374  |
| State Street Corp. | 3500 | 451535  |
|  |  | 1271909  |
| **Chemicals - 4.8%**<br>|  |  |
| Akzo Nobel NV | 8600 | 598392  |
| Nippon Sanso Holdings Corp. | 17800 | 531758  |
| PPG Industries, Inc. | 7900 | 809434  |
|  |  | 1939584  |
| **Communications Equipment - 7.7%**<br>|  |  |
| F5, Inc.<sup>(a)</sup> | 7000 | 1786820  |
| Telefonaktiebolaget LM Ericsson - ADR | 136172 | 1314060  |
|  |  | 3100880  |
| **Energy Equipment & Services - 3.2%**<br>|  |  |
| NOV, Inc. | 26669 | 416837  |
| SLB Ltd. | 22000 | 844360  |
|  |  | 1261197  |
| **Financial Services - 1.1%**<br>|  |  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 3400 | 258774  |
| Fiserv, Inc.<sup>(a)</sup> | 2800 | 188076  |
|  |  | 446850  |
| **Food Products - 2.1%**<br>|  |  |
| Kraft Heinz Co. | 17500 | 424375  |
| Magnum Ice Cream Co. NV<sup>(a)</sup> | 1100 | 17459  |
| Mondelez International, Inc. - Class A | 7300 | 392959  |
|  |  | 834793  |
| **Ground Transportation - 1.8%**<br>|  |  |
| U-Haul Holding Co. | 15215 | 711149  |
| **Health Care Equipment & Supplies - 4.7%**<br>|  |  |
| GE HealthCare Technologies, Inc. | 13140 | 1077743  |
| Koninklijke Philips NV | 15448 | 420636  |
| Medtronic PLC | 4000 | 384240  |
|  |  | 1882619  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care Providers & Services - 7.5%**<br>|  |  |
| Elevance Health, Inc. | 4204 | $1473712  |
| Humana, Inc. | 2300 | 589099  |
| UnitedHealth Group, Inc. | 2900 | 957319  |
|  |  | 3020130  |
| **Hotels, Restaurants & Leisure - 2.1%**<br>|  |  |
| Accor SA | 14900 | 840008  |
| **Household Products - 2.0%**<br>|  |  |
| Henkel AG & Co. KGaA | 10700 | 814336  |
| **Industrial Conglomerates - 1.8%**<br>|  |  |
| Siemens AG | 2500 | 700191  |
| **Insurance - 3.0%**<br>|  |  |
| American International Group, Inc. | 14069 | 1203603  |
| **Interactive Media & Services - 1.6%**<br>|  |  |
| Alphabet, Inc. - Class A | 2030 | 635390  |
| **Machinery - 4.1%**<br>|  |  |
| CNH Industrial NV | 64000 | 590080  |
| Cummins, Inc. | 1180 | 602331  |
| PACCAR, Inc. | 4000 | 438040  |
|  |  | 1630451  |
| **Media - 5.7%**<br>|  |  |
| Comcast Corp. - Class A | 36900 | 1102941  |
| Omnicom Group, Inc. | 5200 | 419900  |
| WPP PLC | 167800 | 753794  |
|  |  | 2276635  |
| **Multi-Utilities - 3.0%**<br>|  |  |
| Dominion Energy, Inc. | 10200 | 597618  |
| National Grid PLC | 39800 | 610470  |
|  |  | 1208088  |
| **Oil, Gas & Consumable Fuels - 3.9%**<br>|  |  |
| APA Corp. | 20800 | 508768  |
| Ovintiv, Inc. | 6700 | 262573  |
| Shell PLC - ADR | 10900 | 800932  |
|  |  | 1572273  |
| **Passenger Airlines - 1.4%**<br>|  |  |
| Qantas Airways Ltd. | 80100 | 553387  |
| **Personal Care Products - 0.8%**<br>|  |  |
| Unilever PLC | 4889 | 319425  |
| **Pharmaceuticals - 1.3%**<br>|  |  |
| GSK PLC - ADR | 10600 | 519824  |
| **Professional Services - 1.1%**<br>|  |  |
| Randstad NV | 11900 | 451784  |
|  **Semiconductors & Semiconductor Equipment - 2.5%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 1900 | 577391  |
| Tokyo Electron Ltd. | 1900 | 423182  |
|  |  | 1000573  |
| **Software - 6.9%**<br>|  |  |
| Salesforce, Inc. | 3300 | 874203  |
| Workday, Inc. - Class A<sup>(a)</sup> | 8820 | 1894360  |
|  |  | 2768563  |

---

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

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY GLOBAL VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
|  **Wireless Telecommunication Services - 0.8%**<br>|  |  |
| Vodafone Group PLC - ADR | 25100 | $331571  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $32,998,470)** |  | 38842780  |
| **PREFERRED STOCKS - 0.9%**<br>|  |  |
| **Automobiles - 0.9%**<br>|  |  |
| Bayerische Motoren Werke AG, 0.00% | 3500 | 372961  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $237,419)** |  | 372961  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(b)</sup> | 667137 | 667137  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $667,137)** |  | 667137  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%**<br>**(Cost $33,903,026)** |  | $39882878  |
| Other Assets in Excess of Liabilities - 0.4% |  | 147670  |
| **TOTAL NET ASSETS - 100.0%** |  | $40030548 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS<sup>®</sup>) 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, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

**Allocation of Portfolio Holdings by Country as of December 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| United States | $23163348 | 57.9%  |
| United Kingdom | 3336016 | 8.3  |
| Netherlands | 2719918 | 6.7  |
| Germany | 2171708 | 5.4  |
| France | 2036502 | 5.1  |
| Sweden | 1314060 | 3.3  |
| Japan | 954940 | 2.4  |
| Switzerland | 820374 | 2.1  |
| Canada | 701481 | 1.8  |
| Taiwan | 577391 | 1.4  |
| Australia | 553387 | 1.4  |
| Italy | 455700 | 1.1  |
| Puerto Rico | 410916 | 1.0  |
| Cash and Other | 814807 | 2.1  |
|  | **$40030548** | 100.0% |

---

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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY INTERNATIONAL VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%**<br>|  |  |
| **Aerospace & Defense - 2.6%**<br>|  |  |
| Airbus SE | &nbsp;&nbsp; 470 | $109145  |
| **Air Freight & Logistics - 1.9%**<br>|  |  |
| Logista Integral SA | &nbsp;&nbsp; 2250 | 79563  |
| **Automobile Components - 2.2%**<br>|  |  |
| Magna International, Inc. | &nbsp;&nbsp; 1732 | 92316  |
| **Automobiles - 0.9%**<br>|  |  |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 525 | 36394  |
| **Banks - 15.9%**<br>|  |  |
| ABN AMRO Bank NV<sup>(a)</sup> | &nbsp;&nbsp; 1810 | 63239  |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 8630 | 91885  |
| Banco Santander SA | &nbsp;&nbsp; 3570 | 42020  |
| Barclays PLC | &nbsp;&nbsp; 13482 | 86300  |
| BNP Paribas SA | &nbsp;&nbsp; 1194 | 112961  |
| ING Groep NV | &nbsp;&nbsp; 2742 | 77073  |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 64200 | 84918  |
| NatWest Group PLC | &nbsp;&nbsp; 4884 | 42844  |
| Societe Generale SA | &nbsp;&nbsp; 866 | 69716  |
|  |  | 670956  |
| **Beverages - 4.6%**<br>|  |  |
| Arca Continental SAB de CV | &nbsp;&nbsp; 5500 | 59406  |
| Heineken Holding NV | &nbsp;&nbsp; 1827 | 133785  |
|  |  | 193191  |
| **Capital Markets - 3.2%**<br>|  |  |
| IGM Financial, Inc. | &nbsp;&nbsp; 1040 | 46834  |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 1150 | 89851  |
|  |  | 136685  |
| **Chemicals - 9.8%**<br>|  |  |
| Akzo Nobel NV | &nbsp;&nbsp; 2460 | 171168  |
| Fuso Chemical Co. Ltd. | &nbsp;&nbsp; 3500 | 142672  |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 3300 | 98584  |
|  |  | 412424  |
| **Communications Equipment - 4.4%**<br>|  |  |
| Telefonaktiebolaget LM Ericsson - Class B | &nbsp;&nbsp; 18879 | 183731  |
| **Energy Equipment & Services - 0.9%**<br>|  |  |
| Subsea 7 SA | &nbsp;&nbsp; 1785 | 35825  |
| **Food Products - 0.0%<sup>(b)</sup>**<br>|  |  |
| Magnum Ice Cream Co. NV<sup>(c)</sup> | &nbsp;&nbsp; 115 | 1819  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 3.6%**<br>|  |  |
| Koninklijke Philips NV | &nbsp;&nbsp; 2854 | 77712  |
| Siemens Healthineers AG<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 73385  |
|  |  | 151097  |
| **Hotels, Restaurants & Leisure - 3.9%**<br>|  |  |
| Accor SA | &nbsp;&nbsp; 1880 | 105988  |
| Lottomatica Group SpA | &nbsp;&nbsp; 2300 | 60276  |
|  |  | 166264  |
| **Household Durables - 1.5%**<br>|  |  |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 4900 | 63524  |
| **Household Products - 3.8%**<br>|  |  |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 2130 | 162106  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrial Conglomerates - 4.9%**<br>|  |  |
| Siemens AG | &nbsp;&nbsp; 360 | $100828  |
| Smiths Group PLC | &nbsp;&nbsp; 3295 | 104221  |
|  |  | 205049  |
| **Insurance - 1.7%**<br>|  |  |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 900 | 33269  |
| Zurich Insurance Group AG | &nbsp;&nbsp; 51 | 38592  |
|  |  | 71861  |
| **IT Services - 1.0%**<br>|  |  |
| Capgemini SE | &nbsp;&nbsp; 255 | 42342  |
| **Machinery - 1.3%**<br>|  |  |
| CNH Industrial NV | &nbsp;&nbsp; 1368 | 12613  |
| Daimler Truck Holding AG | &nbsp;&nbsp; 980 | 42446  |
|  |  | 55059  |
| **Media - 5.1%**<br>|  |  |
| Havas NV | &nbsp;&nbsp; 3185 | 63660  |
| Informa PLC | &nbsp;&nbsp; 3200 | 37969  |
| RTL Group SA | &nbsp;&nbsp; 540 | 21738  |
| WPP PLC | &nbsp;&nbsp; 20445 | 91843  |
|  |  | 215210  |
| **Metals & Mining - 0.6%**<br>|  |  |
| Glencore PLC | &nbsp;&nbsp; 4885 | 26705  |
| **Multi-Utilities - 2.4%**<br>|  |  |
| National Grid PLC | &nbsp;&nbsp; 6585 | 101004  |
| **Oil, Gas & Consumable Fuels - 7.8%**<br>|  |  |
| Cenovus Energy, Inc. | &nbsp;&nbsp; 1475 | 24953  |
| Kosmos Energy Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 13788 | 12511  |
| Shell PLC | &nbsp;&nbsp; 3627 | 134359  |
| Suncor Energy, Inc. | &nbsp;&nbsp; 945 | 41944  |
| TotalEnergies SE | &nbsp;&nbsp; 1770 | 115400  |
|  |  | 329167  |
| **Passenger Airlines - 2.9%**<br>|  |  |
| Qantas Airways Ltd. | &nbsp;&nbsp; 17415 | 120315  |
| **Personal Care Products - 0.8%**<br>|  |  |
| Unilever PLC | &nbsp;&nbsp; 509 | 33278  |
| **Pharmaceuticals - 3.0%**<br>|  |  |
| AstraZeneca PLC | &nbsp;&nbsp; 490 | 90679  |
| GSK PLC | &nbsp;&nbsp; 1467 | 35966  |
|  |  | 126645  |
| **Professional Services - 1.6%**<br>|  |  |
| Randstad NV | &nbsp;&nbsp; 1755 | 66629  |
|  **Semiconductors & Semiconductor Equipment - 3.2%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | &nbsp;&nbsp; 225 | 68375  |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 300 | 66818  |
|  |  | 135193  |
| **Textiles, Apparel & Luxury Goods - 0.8%**<br>|  |  |
| Burberry Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 2060 | 35028  |
|  **Wireless Telecommunication Services - 1.4%**<br>|  |  |
| Vodafone Group PLC | &nbsp;&nbsp; 43941 | 58574  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,160,072)** |  | 4117099  |

---

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

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY INTERNATIONAL VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 1.1%**<br>|  |  |
| **Automobiles - 1.1%**<br>|  |  |
| Bayerische Motoren Werke AG, 0.00% | &nbsp;&nbsp; 421 | $44862  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $29,304)** |  | 44862  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | &nbsp;&nbsp; 31049 | 31049  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $31,049)** |  | 31049  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%**<br>**(Cost $3,220,425)** |  | $4193010  |
| Other Assets in Excess of Liabilities - 0.5% |  | 20287  |
| **TOTAL NET ASSETS - 100.0%** |  | $4213297 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS<sup>®</sup>) 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, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $136,624 or 3.2% of the Fund's net assets.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

**Allocation of Portfolio Holdings by Country as of December 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| United Kingdom | $936842 | 22.2%  |
| Netherlands | 655085 | 15.6  |
| France | 555552 | 13.2  |
| Germany | 460021 | 10.9  |
| Japan | 404867 | 9.6  |
| Canada | 206047 | 4.9  |
| Sweden | 183731 | 4.4  |
| Italy | 152161 | 3.6  |
| Australia | 147020 | 3.5  |
| Switzerland | 128443 | 3.0  |
| Spain | 121583 | 2.9  |
| Taiwan | 68375 | 1.6  |
| United States | 61090 | 1.5  |
| Mexico | 59406 | 1.4  |
| Luxembourg | 21738 | 0.5  |
| Cash and Other | 51336 | 1.2  |
|  | **$4213297** | 100.0% |

---

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

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley International Small Cap Diversified Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.5%**<br>|  |  |
| **Aerospace & Defense - 0.8%**<br>|  |  |
| Babcock International Group PLC | 1620 | $26997  |
| QinetiQ Group PLC | 2670 | 15821  |
|  |  | 42818  |
| **Air Freight & Logistics - 1.0%**<br>|  |  |
| Cargojet, Inc. | 180 | 11008  |
| Ferrari Group PLC | 2500 | 26853  |
| Konoike Transport Co. Ltd. | 700 | 14688  |
|  |  | 52549  |
| **Automobile Components - 2.0%**<br>|  |  |
| Exco Technologies Ltd. | 1770 | 8859  |
| Gestamp Automocion SA<sup>(a)</sup> | 3310 | 11782  |
| Linamar Corp. | 210 | 12693  |
| Nifco, Inc. | 900 | 27874  |
| Opmobility | 640 | 11949  |
| Shoei Co. Ltd. | 1200 | 13627  |
| Toyota Boshoku Corp. | 1100 | 17699  |
|  |  | 104483  |
| **Automobiles - 0.2%**<br>|  |  |
| Trigano SA | 60 | 12311  |
| **Banks - 9.5%**<br>|  |  |
| Akita Bank Ltd. | 600 | 15396  |
| AL Sydbank | 200 | 17864  |
| Aozora Bank Ltd. | 1700 | 27190  |
| Awa Bank Ltd. | 600 | 16784  |
| Banca Sistema SpA<sup>(a)(b)</sup> | 6077 | 11957  |
| Banco di Desio e della Brianza SpA | 1020 | 11272  |
| Bank of East Asia Ltd. | 14578 | 24934  |
| Bank of Iwate Ltd. | 500 | 16577  |
| Bank of Queensland Ltd. | 2300 | 10005  |
| Basellandschaftliche Kantonalbank | 14 | 17374  |
| Dah Sing Financial Holdings Ltd. | 5200 | 23626  |
| Ehime Bank Ltd. | 3000 | 28564  |
| Hyakujushi Bank Ltd. | 400 | 17009  |
| Miyazaki Bank Ltd. | 400 | 16675  |
| Morrow Bank ASA | 19200 | 30469  |
| Norion Bank AB<sup>(b)</sup> | 3381 | 25186  |
| Oita Bank Ltd. | 400 | 16529  |
| ProCredit Holding AG | 1100 | 10865  |
| Shikoku Bank Ltd. | 1500 | 16852  |
| Sparebank 1 Oestlandet | 1400 | 28562  |
| SpareBank 1 SMN | 500 | 10212  |
| Sparebanken Norge | 1434 | 28142  |
| Sparekassen Sjaelland-Fyn AS | 200 | 11707  |
| Tochigi Bank Ltd. | 2500 | 11592  |
| TOMONY Holdings, Inc. | 5900 | 29532  |
| VersaBank | 800 | 11949  |
|  |  | 486824  |
| **Beverages - 0.7%**<br>|  |  |
| AG Barr PLC | 1220 | 10248  |
| C&C Group PLC | 9800 | 17834  |
| Ito En Ltd. | 500 | 9809  |
|  |  | 37891  |
| **Biotechnology - 0.6%**<br>|  |  |
| Basilea Pharmaceutica Ag Allschwil<sup>(b)</sup> | 250 | 17232  |
| Pharma Foods International Co. Ltd. | 2800 | 12133  |
|  |  | 29365  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Building Products - 1.3%**<br>|  |  |
| Forbo Holding AG | 28 | $30639  |
| GWA Group Ltd. | 6100 | 10340  |
| Sanko Metal Industrial Co. Ltd. | 1000 | 9370  |
| Schweiter Technologies AG | 43 | 13646  |
|  |  | 63995  |
| **Capital Markets - 2.7%**<br>|  |  |
| CMC Markets PLC<sup>(a)</sup> | 6300 | 25391  |
| Impax Asset Management Group PLC | 6400 | 13050  |
| Leonteq AG | 800 | 13784  |
| Liontrust Asset Management PLC | 6800 | 24185  |
| Man Group PLC | 5750 | 17658  |
| Plus500 Ltd. | 590 | 28818  |
| Traders Holdings Co. Ltd. | 2500 | 15203  |
|  |  | 138089  |
| **Chemicals - 2.5%**<br>|  |  |
| Clariant AG | 1100 | 9840  |
| Dai Nippon Toryo Co. Ltd. | 1200 | 10316  |
| Fuso Chemical Co. Ltd. | 700 | 28534  |
| Hodogaya Chemical Co. Ltd. | 800 | 11445  |
| Israel Corp. Ltd. | 50 | 14440  |
| JCU Corp. | 900 | 28221  |
| Soken Chemical & Engineering Co. Ltd. | 900 | 15109  |
| Taoka Chemical Co. Ltd. | 1300 | 10254  |
|  |  | 128159  |
| **Commercial Services & Supplies - 1.2%**<br>|  |  |
| DO & CO AG | 64 | 15569  |
| ISS AS | 330 | 11243  |
| Loomis AB | 300 | 12672  |
| Mitsubishi Pencil Co. Ltd. | 800 | 11098  |
| Okamura Corp. | 700 | 10242  |
|  |  | 60824  |
| **Communications Equipment - 0.2%**<br>|  |  |
| Evertz Technologies Ltd. | 1000 | 10083  |
| **Construction & Engineering - 1.2%**<br>|  |  |
| Costain Group PLC | 5050 | 10864  |
| Fukuda Corp. | 200 | 9602  |
| JGC Holdings Corp. | 800 | 9705  |
| Meisei Industrial Co. Ltd. | 900 | 9739  |
| Miyaji Engineering Group, Inc. | 1100 | 13216  |
| NRW Holdings Ltd. | 3000 | 10275  |
|  |  | 63401  |
| **Construction Materials - 0.5%**<br>|  |  |
| Cementir Holding NV | 800 | 17552  |
| Forterra PLC<sup>(a)</sup> | 3681 | 9168  |
|  |  | 26720  |
| **Consumer Finance - 1.6%**<br>|  |  |
| Credit Corp. Group Ltd. | 2800 | 26183  |
| Hoist Finance AB<sup>(a)</sup> | 2300 | 28041  |
| International Personal Finance PLC | 9100 | 28583  |
|  |  | 82807  |
|  **Consumer Staples Distribution & Retail - 1.1%**<br>|  |  |
| Create SD Holdings Co. Ltd. | 400 | 8526  |
| Life Corp. | 600 | 9790  |
| MARR SpA | 2420 | 25541  |
| Trial Holdings, Inc. | 600 | 11881  |
|  |  | 55738  |

---

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

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley International Small Cap Diversified Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Containers & Packaging - 1.7%**<br>|  |  |
| Corticeira Amorim SGPS SA | 1300 | $10085  |
| Fuji Seal International, Inc. | 500 | 10032  |
| Mayr Melnhof Karton AG | 160 | 17389  |
| Orora Ltd. | 16800 | 24718  |
| Vetropack Holding AG | 351 | 9700  |
| Winpak Ltd. | 500 | 16251  |
|  |  | 88175  |
| **Distributors - 1.3%**<br>|  |  |
| Central Automotive Products Ltd. | 1300 | 15640  |
| Inchcape PLC | 2400 | 24878  |
| Media Do Co. Ltd. | 1200 | 13761  |
| MEKO AB | 1680 | 13238  |
|  |  | 67517  |
| **Diversified Telecomm Services - 0.2%**<br>|  |  |
| Freebit Co. Ltd. | 900 | 9736  |
| **Electric Utilities - 0.5%**<br>|  |  |
| Elmera Group ASA<sup>(a)</sup> | 7180 | 27352  |
| **Electrical Equipment - 0.3%**<br>|  |  |
| Mersen SA | 600 | 16734  |
|  **Electronic Equipment, Instruments & Components - 3.0%**<br>|  |  |
| A&D HOLON Holdings Co. Ltd. | 1300 | 16954  |
| Enplas Corp. | 200 | 11906  |
| ESPEC Corp. | 500 | 10709  |
| Horiba Ltd. | 100 | 10207  |
| Hosiden Corp. | 600 | 9532  |
| Incap Oyj<sup>(b)</sup> | 900 | 10340  |
| Jenoptik AG | 700 | 15894  |
| Jeol Ltd. | 300 | 9642  |
| Nagano Keiki Co. Ltd. | 700 | 10845  |
| Optex Group Co. Ltd. | 600 | 9802  |
| SEMITEC Corp. | 700 | 10391  |
| Sesa SpA | 250 | 26132  |
|  |  | 152354  |
| **Energy Equipment & Services - 2.7%**<br>|  |  |
| Aker Solutions ASA | 3250 | 9936  |
| CES Energy Solutions Corp. | 1830 | 16359  |
| Enerflex Ltd. | 690 | 10637  |
| Mattr Corp.<sup>(b)</sup> | 2700 | 15698  |
| Pason Systems, Inc. | 1700 | 14851  |
| SBM Offshore NV | 360 | 10358  |
| SBO AG | 330 | 10535  |
| Subsea 7 SA | 1300 | 26091  |
| Technip Energies NV | 340 | 12948  |
| Vallourec SACA | 500 | 9184  |
|  |  | 136597  |
| **Financial Services - 2.7%**<br>|  |  |
| Banca IFIS SpA | 880 | 26134  |
| Financial Partners Group Co. Ltd. | 1600 | 19575  |
| GRENKE AG | 1440 | 26218  |
| OFX Group Ltd.<sup>(b)</sup> | 36598 | 11799  |
| OSB Group PLC | 3620 | 31002  |
| Peugeot Invest SA | 120 | 10665  |
| SBI ARUHI Corp. | 1800 | 10336  |
|  |  | 135729  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Food Products - 2.8%**<br>|  |  |
| Ariake Japan Co. Ltd. | 400 | $13517  |
| Austevoll Seafood ASA | 1190 | 11469  |
| Ebro Foods SA | 800 | 17283  |
| House Foods Group, Inc. | 500 | 9189  |
|  Lassonde Industries, Inc. - Class A (Acquired 6/28/2023 - 5/13/2025, Cost $8,493)<sup>(c)</sup> | 60 | 9595  |
| NewPrinces SpA<sup>(b)</sup> | 700 | 15846  |
| Origin Enterprises PLC | 2856 | 13713  |
| Premier Foods PLC | 6390 | 14867  |
| Riken Vitamin Co. Ltd. | 800 | 15139  |
| Shimadaya Corp. | 900 | 10068  |
| UIE PLC | 200 | 12162  |
|  |  | 142848  |
| **Gas Utilities - 0.2%**<br>|  |  |
| Italgas SpA | 850 | 9481  |
| **Ground Transportation - 2.2%**<br>|  |  |
| Aurizon Holdings Ltd. | 4200 | 10220  |
| ComfortDelGro Corp. Ltd. | 8700 | 10007  |
| Jungfraubahn Holding AG | 50 | 18010  |
| Lindsay Australia Ltd. | 57717 | 27129  |
| Maruzen Showa Unyu Co. Ltd. | 200 | 10482  |
| Mullen Group Ltd. | 900 | 10321  |
| Sakai Moving Service Co. Ltd. | 500 | 9144  |
| Sixt SE | 200 | 16520  |
|  |  | 111833  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 3.0%**<br>|  |  |
| Advanced Medical Solutions Group PLC | 5100 | 14957  |
| Carl Zeiss Meditec AG | 300 | 13943  |
| El.En. SpA | 680 | 11059  |
| Elekta AB - Class B | 5300 | 32413  |
| Japan Lifeline Co. Ltd. | 1000 | 10044  |
| Kitazato Corp.<sup>(b)</sup> | 1000 | 10013  |
| Nagaileben Co. Ltd. | 800 | 9192  |
| Nakanishi, Inc. | 1800 | 22792  |
| Rion Co. Ltd. | 900 | 15084  |
| Riverstone Holdings Ltd. | 15000 | 10145  |
| Surgical Science Sweden AB<sup>(b)</sup> | 1300 | 4567  |
|  |  | 154209  |
| **Health Care Providers & Services - 2.7%**<br>|  |  |
| Charm Care Corp. KK | 1200 | 9737  |
| Fagron | 600 | 14970  |
| Medical Facilities Corp. | 2300 | 26594  |
| Monash IVF Group Ltd. | 16900 | 8290  |
| Oriola Oyj - Class B | 9200 | 12404  |
| Ship Healthcare Holdings, Inc. | 900 | 15080  |
| Solasto Corp. | 2800 | 15154  |
| Suzuken Co. Ltd. | 300 | 11740  |
| Toho Holdings Co. Ltd. | 500 | 14900  |
| Vital KSK Holdings, Inc. | 1200 | 10495  |
|  |  | 139364  |
| **Health Care Technology - 1.2%**<br>|  |  |
| Equasens | 200 | 10529  |
| GENOVA, Inc. | 6400 | 23715  |
| Software Service, Inc. | 300 | 25972  |
|  |  | 60216  |

---

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

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley International Small Cap Diversified Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Hotels, Restaurants & Leisure - 1.9%**<br>|  |  |
| Airtrip Corp. | 5000 | $24225  |
| Brightstar Lottery PLC | 600 | 9288  |
| Doutor Nichires Holdings Co. Ltd. | 600 | 9954  |
| Fast Fitness Japan, Inc. | 1100 | 16201  |
| Flight Centre Travel Group Ltd. | 1200 | 11990  |
| Jumbo Interactive Ltd. | 3400 | 26073  |
|  |  | 97731  |
| **Household Durables - 0.8%**<br>|  |  |
| Berkeley Group Holdings PLC | 190 | 10000  |
| Kaufman & Broad SA | 330 | 11573  |
| MJ Gleeson PLC | 1620 | 9144  |
| Persimmon PLC | 600 | 10967  |
|  |  | 41684  |
| **Insurance - 5.5%**<br>|  |  |
| AUB Group Ltd. | 400 | 8222  |
| Beazley PLC | 2100 | 23483  |
| Coface SA | 1380 | 25381  |
| FBD Holdings PLC | 667 | 12314  |
| Fidelis Insurance Holdings Ltd. | 800 | 15656  |
| FP Partner, Inc. | 600 | 8100  |
| Generation Development Group Ltd. | 6000 | 23503  |
| Hiscox Ltd. | 1510 | 28873  |
| Lancashire Holdings Ltd. | 3200 | 27602  |
| nib holdings Ltd. | 2100 | 9596  |
| Sabre Insurance Group PLC<sup>(a)</sup> | 8600 | 15022  |
| SCOR SE | 430 | 14475  |
| Steadfast Group Ltd. | 7100 | 24939  |
| Vaudoise Assurances Holding SA | 12 | 11015  |
|  Vienna Insurance Group AG Wiener Versicherung Gruppe | 260 | 20477  |
| Wuestenrot & Wuerttembergische AG | 600 | 10220  |
|  |  | 278878  |
| **Interactive Media & Services - 0.2%**<br>|  |  |
| i-mobile Co. Ltd. | 2700 | 8681  |
| **IT Services - 3.2%**<br>|  |  |
| Argo Graphics, Inc. | 1600 | 16561  |
| Aubay | 170 | 11401  |
| Base Co. Ltd. | 700 | 14305  |
| Change Holdings, Inc. | 1400 | 8840  |
| Computacenter PLC | 350 | 13756  |
| Comture Corp. | 900 | 9816  |
| Digital Hearts Holdings Co. Ltd. | 1700 | 9870  |
| GFT Technologies SE | 710 | 15679  |
| Itfor, Inc. | 900 | 9854  |
| Mitsubishi Research Institute, Inc. | 300 | 9552  |
| Pole To Win Holdings, Inc. | 4600 | 9573  |
| Sopra Steria Group | 100 | 18105  |
| Wavestone | 260 | 16958  |
|  |  | 164270  |
| **Leisure Products - 1.0%**<br>|  |  |
| Furyu Corp. | 1400 | 9522  |
| Italian Sea Group SPA | 5300 | 25119  |
| Spin Master Corp.<sup>(a)</sup> | 1050 | 14573  |
|  |  | 49214  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Machinery - 8.5%**<br>|  |  |
| Aalberts NV | 800 | $26370  |
| Ag Growth International, Inc. | 900 | 15213  |
| Airman Corp. | 2000 | 23295  |
| Bucher Industries AG | 23 | 10615  |
| Duerr AG | 660 | 17311  |
| Hiab Oyj | 200 | 11560  |
| Iveco Group NV | 1140 | 24965  |
| Komax Holding AG<sup>(b)</sup> | 110 | 8824  |
| Krones AG | 70 | 11089  |
| Luxfer Holdings PLC | 2000 | 27060  |
| Morgan Advanced Materials PLC | 5600 | 16456  |
| NGK Insulators Ltd. | 500 | 10730  |
| Norma Group SE | 1010 | 17170  |
| Obara Group, Inc. | 1000 | 24460  |
| OKUMA Corp. | 700 | 16221  |
| Pegasus Co. Ltd. | 1900 | 9426  |
| SFS Group AG | 115 | 15645  |
| Stabilus SE | 670 | 15955  |
| Stadler Rail AG | 970 | 24521  |
| Takuma Co. Ltd. | 1000 | 15802  |
| Tocalo Co. Ltd. | 2000 | 28434  |
| Tsugami Corp. | 1400 | 25726  |
| VBG Group AB - Class B | 240 | 10322  |
| Vesuvius PLC | 4890 | 26082  |
|  |  | 433252  |
| **Marine Transportation - 0.2%**<br>|  |  |
| Wallenius Wilhelmsen ASA | 1200 | 11948  |
| **Media - 2.7%**<br>|  |  |
| 4imprint Group PLC | 200 | 10294  |
|  Atresmedia Corp. de Medios de Comunicacion SA | 1600 | 9152  |
| Havas NV | 1430 | 28582  |
| IPSOS SA | 400 | 16052  |
| RTL Group SA | 230 | 9259  |
| Stroeer SE & Co. KGaA | 600 | 25949  |
| Vector, Inc. | 1300 | 9948  |
| WPP PLC | 6100 | 27403  |
|  |  | 136639  |
| **Metals & Mining - 0.6%**<br>|  |  |
| Alleima AB | 1700 | 14980  |
| Perenti Ltd. | 8300 | 15405  |
|  |  | 30385  |
| **Multi-Utilities - 0.8%**<br>|  |  |
| ACEA SpA | 580 | 15027  |
| Iren SpA | 8200 | 24560  |
|  |  | 39587  |
| **Oil, Gas & Consumable Fuels - 2.0%**<br>|  |  |
| Ampol Ltd. | 500 | 10627  |
| Birchcliff Energy Ltd. | 2400 | 13062  |
|  Cardinal Energy Ltd. (Acquired 5/4/2021, Cost $3,572)<sup>(c)</sup> | 1440 | 9117  |
| EnQuest PLC | 70500 | 10098  |
| Gibson Energy, Inc. | 500 | 9151  |
| Harbour Energy PLC | 3440 | 9050  |
| Kosmos Energy Ltd.<sup>(b)</sup> | 12630 | 11460  |

---

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

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley International Small Cap Diversified Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Oil, Gas & Consumable Fuels - (Continued)** | **Oil, Gas & Consumable Fuels - (Continued)** | **Oil, Gas & Consumable Fuels - (Continued)** |
|  NuVista Energy Ltd. (Acquired 5/26/2023, Cost $5,893)<sup>(b)(c)</sup> | 710 | $9373  |
| Pantheon Resources PLC<sup>(b)</sup> | 27218 | 3131  |
| Tamarack Valley Energy Ltd. | 1730 | 10058  |
| Vermilion Energy, Inc. | 1050 | 8736  |
|  |  | 103863  |
| **Paper & Forest Products - 0.3%**<br>|  |  |
| Arctic Paper SA<sup>(b)</sup> | 2200 | 5013  |
| Western Forest Products, Inc.<sup>(b)</sup> | 983 | 7871  |
|  |  | 12884  |
| **Passenger Airlines - 0.8%**<br>|  |  |
| Air Canada<sup>(b)</sup> | 1840 | 25859  |
| easyJet PLC | 2300 | 15778  |
|  |  | 41637  |
| **Personal Care Products - 0.4%**<br>|  |  |
| Intercos SpA | 1000 | 13025  |
| Shinnihonseiyaku Co. Ltd. | 500 | 6462  |
|  |  | 19487  |
| **Pharmaceuticals - 1.4%**<br>|  |  |
| ASKA Pharmaceutical Holdings Co. Ltd. | 700 | 9109  |
| Cipher Pharmaceuticals, Inc.<sup>(b)</sup> | 1000 | 10972  |
| Dermapharm Holding SE | 400 | 18448  |
| Hisamitsu Pharmaceutical Co., Inc. | 400 | 11214  |
| Seikagaku Corp. | 2200 | 9982  |
| Tsumura & Co. | 400 | 10389  |
|  |  | 70114  |
| **Professional Services - 3.6%**<br>|  |  |
| AFRY AB | 880 | 14245  |
| Altech Corp. | 500 | 8640  |
| Amadeus Fire AG | 200 | 10116  |
| Creek & River Co. Ltd. | 1200 | 11579  |
| EJ Holdings, Inc. | 900 | 10127  |
| Gakujo Co. Ltd. | 1000 | 11181  |
| Hito Communications Holdings, Inc. | 1700 | 11155  |
| IPH Ltd. | 4200 | 9843  |
| McMillan Shakespeare Ltd. | 900 | 10227  |
| Nisso Holdings Co. Ltd. | 2300 | 10468  |
| Pagegroup PLC | 3100 | 9768  |
| Pasona Group, Inc. | 800 | 10319  |
| PeopleIN Ltd.<sup>(b)</sup> | 17000 | 10091  |
| Persol Holdings Co. Ltd. | 5200 | 9651  |
| SmartGroup Corp. Ltd. | 2700 | 16416  |
| SThree PLC | 6900 | 17933  |
|  |  | 181759  |
|  **Real Estate Management & Development - 0.2%**<br>|  |  |
| Cedar Woods Properties Ltd. | 1700 | 9710  |
|  **Semiconductors & Semiconductor Equipment - 2.5%**<br>|  |  |
| Melexis NV | 240 | 16109  |
| Optorun Co. Ltd. | 900 | 10973  |
| Rorze Corp. | 800 | 11468  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| RS Technologies Co. Ltd. | 1100 | $26458  |
| Shibaura Mechatronics Corp. | 100 | 12084  |
| SUSS MicroTec SE | 400 | 18094  |
| Tazmo Co. Ltd. | 1800 | 23654  |
| Tri Chemical Laboratories, Inc. | 600 | 10345  |
|  |  | 129185  |
| **Software - 2.2%**<br>|  |  |
| Computer Modelling Group Ltd. | 6700 | 25481  |
| Cresco Ltd. | 1500 | 16683  |
| F-Secure Oyj | 4500 | 10194  |
| Fukui Computer Holdings, Inc. | 1200 | 24046  |
| I'll, Inc. | 1600 | 25986  |
| TeamViewer SE<sup>(a)(b)</sup> | 1800 | 12673  |
|  |  | 115063  |
| **Specialty Retail - 2.5%**<br>|  |  |
| AutoCanada, Inc.<sup>(b)</sup> | 650 | 11200  |
| Card Factory PLC | 10900 | 9924  |
| Douglas AG<sup>(b)</sup> | 700 | 10225  |
| Halfords Group PLC | 6300 | 11940  |
| Komehyo Holdings Co. Ltd. | 600 | 10971  |
| Platform Group AG<sup>(b)</sup> | 2900 | 18586  |
| Shaver Shop Group Ltd. | 10100 | 9955  |
| Shimamura Co. Ltd. | 100 | 6516  |
| Super Retail Group Ltd. | 1400 | 14945  |
| United Arrows Ltd. | 700 | 10983  |
| Vertu Motors PLC | 12040 | 10127  |
|  |  | 125372  |
|  **Technology Hardware, Storage & Peripherals - 0.3%**<br>|  |  |
| Mimaki Engineering Co. Ltd. | 1500 | 15683  |
| &nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury** <br>**Goods - 1.1%**<br>|  |  |
| Burberry Group PLC<sup>(b)</sup> | 1600 | 27206  |
| Dr Martens PLC | 12830 | 13247  |
| HUGO BOSS AG | 340 | 14327  |
|  |  | 54780  |
| &nbsp;&nbsp;&nbsp; **Trading Companies &** <br>**Distributors - 1.2%**<br>|  |  |
| IPD Group Ltd. | 6100 | 17912  |
| Tsubakimoto Kogyo Co. Ltd. | 600 | 11035  |
| Wajax Corp. | 1200 | 23816  |
| Yuasa Trading Co. Ltd. | 300 | 10224  |
|  |  | 62987  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $4,304,858)** |  | 4882995  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 2.3%**<br>|  |  |
| **Diversified REITs - 0.5%**<br>|  |  |
| H&R Real Estate Investment Trust | 3400 | 25341  |
| **Health Care REITs - 0.3%**<br>|  |  |
| Aedifica SA | 180 | 14248  |
| **Industrial REITs - 0.5%**<br>|  |  |
| Tritax Big Box REIT PLC | 12700 | 25951  |

---

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

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley International Small Cap Diversified Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - (Continued)** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - (Continued)** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - (Continued)** |
| **Retail REITs - 1.0%**<br>|  |  |
| Primaris Real Estate Investment Trust | 2200 | $24989  |
| SmartCentres Real Estate Investment Trust | 1320 | 24764  |
|  |  | 49753  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $106,666)** |  | 115293  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 2.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations <br>Fund - Class X, 3.67%<sup>(d)</sup> | 108996 | 108996  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $108,996)** |  | 108996  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $4,520,520)** |  | $5107284  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 6356  |
| **TOTAL NET ASSETS - 100.0%** |  | $5113640 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS<sup>®</sup>) 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, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $155,959 or 3.0% of the Fund's net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Restricted security purchased in a private placement transaction in which resale to the public may require registration. As of December 31, 2025, the value of these securities total $28,085 or 0.5% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

**Allocation of Portfolio Holdings by Country as of December 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Japan | $1657787 | 32.4%  |
| United Kingdom | 746564 | 14.6  |
| Canada | 444474 | 8.8  |
| Australia | 368413 | 7.3  |
| Germany | 299282 | 5.9  |
| Italy | 240118 | 4.7  |
| Switzerland | 200845 | 4.1  |
| France | 198265 | 3.7  |
| Norway | 158090 | 3.1  |
| Sweden | 155664 | 3.0  |
| Denmark | 70528 | 1.3  |
| Netherlands | 65310 | 1.3  |
| Austria | 63970 | 1.2  |
| Hong Kong | 48560 | 1.0  |
| Belgium | 45327 | 0.9  |
| Finland | 44498 | 0.8  |
| Ireland | 43861 | 0.8  |
| Israel | 43258 | 0.9  |
| Spain | 38217 | 0.7  |
| United States | 20748 | 0.4  |
| Singapore | 20152 | 0.4  |
| Portugal | 10085 | 0.2  |
| Luxembourg | 9259 | 0.2  |
| Poland | 5013 | 0.1  |
| Cash and Other | 115352 | 2.2  |
|  | **$5113640** | 100.0% |

---

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

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY VALUE OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.9%**<br>|  |  |
| **Automobile Components - 0.5%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 52400 | $3987116  |
| **Automobiles - 2.3%**<br>|  |  |
| General Motors Co. | 224450 | 18252274  |
| **Banks - 3.4%**<br>|  |  |
| Citigroup, Inc. | 102900 | 12007401  |
| Popular, Inc. | 47000 | 5852440  |
| Wells Fargo & Co. | 98800 | 9208160  |
|  |  | 27068001  |
| **Beverages - 0.9%**<br>|  |  |
| Constellation Brands, Inc. - Class A | 21800 | 3007528  |
| Heineken NV - ADR | 99600 | 4063680  |
|  |  | 7071208  |
| **Broadline Retail - 0.0%<sup>(b)</sup>**<br>|  |  |
| Articore Group Ltd.<sup>(a)</sup> | 1991054 | 344890  |
| **Capital Markets - 1.9%**<br>|  |  |
| Bank of New York Mellon Corp. | 64200 | 7452978  |
| State Street Corp. | 61200 | 7895412  |
|  |  | 15348390  |
| **Chemicals - 9.7%**<br>|  |  |
| Ecovyst, Inc.<sup>(a)</sup> | 848600 | 8256878  |
| Fuso Chemical Co. Ltd. | 563400 | 22966054  |
| &nbsp;&nbsp;&nbsp; Iracore Investments Holdings, Inc. (Acquired 4/13/2017, <br>Cost $6,892,250)<sup>(a)(c)(d)(e)</sup> | 32422 | 7705737  |
| Olin Corp. | 967900 | 20161357  |
| PPG Industries, Inc. | 162600 | 16659996  |
| &nbsp;&nbsp;&nbsp; UTEX Industries, Inc. <br>(Acquired 5/11/2021, <br>Cost $757,278)<sup>(a)(c)(e)</sup> | 24058 | 1222627  |
|  |  | 76972649  |
| **Communications Equipment - 13.2%**<br>|  |  |
| F5, Inc.<sup>(a)</sup> | 208590 | 53244683  |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson - <br>ADR | 5361200 | 51735580  |
|  |  | 104980263  |
| **Construction & Engineering - 0.3%**<br>|  |  |
| Fluor Corp.<sup>(a)</sup> | 61700 | 2445171  |
| **Consumer Finance - 2.3%**<br>|  |  |
| SLM Corp. | 673113 | 18214438  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 0.8%**<br>|  |  |
| Avnet, Inc. | 138800 | 6673504  |
| &nbsp;&nbsp;&nbsp; **Energy Equipment &** <br>**Services - 3.8%**<br>|  |  |
| Mcdermott International Ltd.<sup>(a)</sup> | 6659 | 138845  |
| NOV, Inc. | 394600 | 6167598  |
| SLB Ltd. | 620270 | 23805962  |
|  |  | 30112405  |
| **Financial Services - 0.3%**<br>|  |  |
| Fiserv, Inc.<sup>(a)</sup> | 41300 | 2774121  |
| **Ground Transportation - 3.3%**<br>|  |  |
| U-Haul Holding Co. | 562200 | 26277228  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Health Care Equipment & Supplies - 2.6%**<br>|  |  |
| GE HealthCare Technologies, Inc. | 248200 | $20357364  |
|  **Health Care Providers & Services - 4.0%**<br>|  |  |
| Elevance Health, Inc. | 53600 | 18789480  |
| Humana, Inc. | 24800 | 6352024  |
| UnitedHealth Group, Inc. | 21600 | 7130376  |
|  |  | 32271880  |
| &nbsp;&nbsp;&nbsp; **Hotels, Restaurants &** <br>**Leisure - 0.8%**<br>|  |  |
| Marriott Vacations Worldwide Corp. | 116000 | 6692040  |
| **Household Products - 1.2%**<br>|  |  |
| Henkel AG & Co. KGaA | 122500 | 9323008  |
| **Industrial Conglomerates - 2.2%**<br>|  |  |
| Siemens AG | 42800 | 11987264  |
| Siemens AG - ADR | 42000 | 5877900  |
|  |  | 17865164  |
| **Insurance - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Global Indemnity Group LLC - <br>Class A | 102500 | 2911000  |
| &nbsp;&nbsp;&nbsp; **Interactive Media &** <br>**Services - 1.5%**<br>|  |  |
| Alphabet, Inc. - Class A | 38690 | 12109970  |
| **Machinery - 1.0%**<br>|  |  |
| Stanley Black & Decker, Inc. | 107400 | 7977672  |
| **Media - 7.0%**<br>|  |  |
| Comcast Corp. - Class A | 448600 | 13408654  |
| Havas NV | 1162020 | 23225840  |
| Stagwell, Inc.<sup>(a)</sup> | 3846970 | 18811683  |
|  |  | 55446177  |
| **Metals & Mining - 0.0%<sup>(b)</sup>**<br>|  |  |
|  Metals Recovery Holdings LLC (Acquired 7/24/2014 - 12/10/2019, Cost $6,965,758)<sup>(a)(c)(e)</sup> | 7042 | 2324  |
| **Multi-Utilities - 2.4%**<br>|  |  |
| Dominion Energy, Inc. | 320200 | 18760518  |
| &nbsp;&nbsp;&nbsp; **Oil, Gas & Consumable** <br>**Fuels - 6.5%**<br>|  |  |
| APA Corp. | 598000 | 14627080  |
| California Resources Corp. | 66100 | 2955331  |
| ConocoPhillips | 61900 | 5794459  |
| Murphy Oil Corp. | 235100 | 7346875  |
| Ovintiv, Inc. | 262900 | 10303051  |
| Shell PLC - ADR | 148350 | 10900758  |
|  |  | 51927554  |
| **Passenger Airlines - 2.0%**<br>|  |  |
| Qantas Airways Ltd. | 2359620 | 16301920  |
|  **Real Estate Management & Development - 0.8%**<br>|  |  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 18400 | 6191048  |

---

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

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY VALUE OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Software - 16.1%**<br>|  |  |
| Microsoft Corp. | 32310 | $15625762  |
| Salesforce, Inc. | 138400 | 36663544  |
| Workday, Inc. - Class A<sup>(a)</sup> | 333720 | 71676382  |
| Workiva, Inc.<sup>(a)</sup> | 48800 | 4209000  |
|  |  | 128174688  |
| **Specialty Retail - 0.8%**<br>|  |  |
| Lithia Motors, Inc. | 19300 | 6413969  |
| **Tobacco - 0.9%**<br>|  |  |
| Philip Morris International, Inc. | 46260 | 7420104  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $630,194,443)** |  | 740668058  |
| **EXCHANGE TRADED FUNDS - 1.6%**<br>|  |  |
| **Investment Companies - 1.6%**<br>|  |  |
| Vanguard Long-Term Treasury ETF | 230100 | 12839580  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $12,700,554)** |  | 12839580 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 0.6%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 0.6%<sup>(f)(g)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc., <br>Expiration: 01/15/2027; <br>Exercise Price: <br>$170.00 | $5414850 | 350 | 948500  |
| United Parcel Service, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 01/15/2027; <br>Exercise Price: <br>$90.00 | 39080860 | 3940 | 3329300  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 01/21/2028; <br>Exercise Price: <br>$80.00 | 5058690 | 510 | 411825  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $6,228,906)** |  |  | 4689625 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **PREFERRED STOCKS - 0.4%**<br>|  |  |
| **Financial Services - 0.4%**<br>|  |  |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp; Series K, 5.79%, Perpetual<sup>(a)</sup> | 33300 | 775058  |
| &nbsp;&nbsp;&nbsp; Series N, 0.00%, Perpetual<sup>(a)(h)</sup> | 116400 | 2183664  |
| &nbsp;&nbsp;&nbsp; Series S, 0.00%, Perpetual<sup>(a)(h)</sup> | 18400 | 385112  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $268,508)** |  | 3343834 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **BANK LOANS - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Energy Equipment &** <br>**Services - 0.2%**<br>|  |  |
| Lealand Finance Co. BV First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.83% (1 mo. Term SOFR + 3.00%), 06/30/2027 (Acquired 6/30/2020, Cost $442,883)<sup>(e)</sup> | $442883 | $372021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% Cash and 3.00% PIK <br>(1 mo. Term SOFR + 1.00%), 12/31/2027 (Acquired <br>6/30/2020 - 12/31/2025, <br>Cost $1,551,275)<sup>(e)</sup> | 1527648 | 1194109  |
|  |  | 1566130  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $1,994,158)** |  | 1566130  |
|  | **Shares** |  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.1%**<br>|  |  |
|  **Real Estate Management & Development - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Seritage Growth Properties - <br>Class A<sup>(a)</sup> | 307200 | 998400  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $1,374,890)** |  | 998400  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 3.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(i)</sup> | 29551986 | 29551986  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $29,551,986)** |  | 29551986  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $682,313,445)** |  | $793657613  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 4100483  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $797758096 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS<sup>®</sup>) 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, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels.

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

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY VALUE OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

PIK - Payment in Kind

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $8,930,688 or 1.1% of net assets as of December 31, 2025.

<sup>(d)</sup> Affiliated security as defined by the Investment Company Act of 1940. See Note 5.

<sup>(e)</sup> Restricted security purchased in a private placement transaction in which resale to the public may require registration. As of December 31, 2025, the value of these securities total $10,496,818 or 1.3% of the Fund's net assets.

<sup>(f)</sup> 100 shares per contract.

<sup>(g)</sup> Exchange-traded.

<sup>(h)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.

<sup>(i)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 87.7%**<br>|  |  |
| **Advertising - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Stagwell Global LLC, <br>5.63%, 08/15/2029<sup>(a)</sup> | $5635000 | $5499269  |
| **Aerospace & Defense - 1.4%**<br>|  |  |
|  Amentum Holdings, Inc., 7.25%, 08/01/2032<sup>(a)</sup> | 2980000 | 3142943  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/2031<sup>(a)</sup> | 1854000 | 1950816  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/31/2034<sup>(a)</sup> | 5772000 | 6016267  |
|  |  | 11110026  |
| **Auto Parts & Equipment - 2.8%**<br>|  |  |
|  Adient Global Holdings Ltd., 8.25%, 04/15/2031<sup>(a)</sup> | 3606000 | 3793831  |
|  American Axle & Manufacturing, Inc., 6.88%, 07/01/2028 | 2432000 | 2443885  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | 4295000 | 4418320  |
|  Goodyear Tire & Rubber Co., 5.25%, 07/15/2031 | 2743000 | 2604240  |
| Phinia, Inc., 6.63%, 10/15/2032<sup>(a)</sup> | 3808000 | 3957311  |
|  ZF North America Capital, Inc., 6.88%, 04/23/2032<sup>(a)</sup> | 4288000 | 4196581  |
|  |  | 21414168  |
| **Automakers - 0.6%**<br>|  |  |
|  New Flyer Holdings, Inc., 9.25%, 07/01/2030<sup>(a)</sup> | 4352000 | 4699690  |
| **Banking - 5.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, 7.45% to 06/27/2035 then <br>5 yr. CMT Rate + 3.13%, Perpetual<sup>(a)</sup> | 5756000 | 6025945  |
|  BW Real Estate, Inc., 9.50% to 03/30/2030 then 5 yr. CMT Rate + 5.40%, Perpetual<sup>(a)</sup> | 4905000 | 5046563  |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc., 6.88% to 08/15/2030 then <br>5 yr. CMT Rate + 2.89%, Perpetual | 3752000 | 3901142  |
|  First Citizens BancShares, Inc., 7.00% to 12/15/2030 then 5 yr. CMT Rate + 3.30%, Perpetual | 3129000 | 3201464  |
|  ING Groep NV, 7.00% to 11/16/2032 then USISSO05 + 3.59%, Perpetual | 5844000 | 6099161  |
|  Lloyds Banking Group PLC, 6.63% to 09/27/2035 then 5 yr. CMT Rate + 2.68%, Perpetual | 7775000 | 7766167  |
| Rocket Cos., Inc., 6.38%, 08/01/2033<sup>(a)</sup> | 3762000 | 3927035  |
|  Synovus Financial Corp., 7.54% to 02/07/2029 then 5 yr. Mid Swap Rate USD + 3.38%, 02/07/2029 | 1945000 | 2051715  |
|  Texas Capital Bancshares, Inc., 4.00% to 05/06/2026 then 5 yr. CMT Rate + 3.15%, 05/06/2031 | 3489000 | 3447863  |
|  |  | 41467055  |
| **Brokerage - 0.5%**<br>|  |  |
|  Stonex Escrow Issuer LLC, 6.88%, 07/15/2032<sup>(a)</sup> | 3853000 | 3999094  |
| **Building & Construction - 2.5%**<br>|  |  |
| Adams Homes, Inc., 9.25%, 10/15/2028<sup>(a)</sup> | 3957000 | 4141922  |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 4.88%, 02/15/2030<sup>(a)</sup> | 3807000 | 3549376  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(a)</sup> | $4353000 | $4265840  |
| LGI Homes, Inc., 7.00%, 11/15/2032<sup>(a)</sup> | 4108000 | 3930482  |
|  Weekley Homes LLC / Weekley Finance Corp., 6.75%, 01/15/2034<sup>(a)</sup> | 3846000 | 3898996  |
|  |  | 19786616  |
| **Building Materials - 2.6%**<br>|  |  |
|  BlueLinx Holdings, Inc., 6.00%, 11/15/2029<sup>(a)</sup> | 3918000 | 3858508  |
| Knife River Corp., 7.75%, 05/01/2031<sup>(a)</sup> | 3126000 | 3288230  |
|  Quikrete Holdings, Inc., 6.75%, 03/01/2033<sup>(a)</sup> | 3782000 | 3952119  |
| &nbsp;&nbsp;&nbsp; Specialty Building Products Holdings LLC / SBP Finance Corp., <br>7.75%, 10/15/2029<sup>(a)</sup> | 3901000 | 3809716  |
|  Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(a)</sup> | 5348000 | 5509756  |
|  |  | 20418329  |
| **Cable & Satellite TV - 5.3%**<br>|  |  |
|  Bausch Health Cos., Inc., 11.00%, 09/30/2028<sup>(a)</sup> | 719000 | 745326  |
|  Block Communications, Inc., 4.88%, 03/01/2028<sup>(a)</sup> | 4808000 | 4494869  |
| Cable One, Inc., 4.00%, 11/15/2030<sup>(a)</sup> | 5702000 | 4400828  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029<sup>(a)</sup> | 5556000 | 5497105  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(a)</sup> | 13275000 | 12142406  |
| CSC Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.75%, 01/31/2029<sup>(a)</sup> | 2423000 | 1801676  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030<sup>(a)</sup> | 11102000 | 4113286  |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027<sup>(a)</sup> | 925000 | 930948  |
| DISH DBS Corp., 7.75%, 07/01/2026 | 3854000 | 3809518  |
|  Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/2028<sup>(a)</sup> | 3200000 | 3189725  |
|  |  | 41125687  |
| **Chemicals - 4.9%**<br>|  |  |
| Celanese US Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2031 | 972000 | 995769  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2033 | 3951000 | 3933846  |
|  Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028<sup>(a)</sup> | 585000 | 588836  |
| &nbsp;&nbsp;&nbsp; INEOS Finance PLC, 7.50%, <br>04/15/2029<sup>(a)</sup> | 4279000 | 3721043  |
| Mativ Holdings, Inc., 8.00%, 10/01/2029<sup>(a)</sup> | 4281000 | 4329268  |
|  NOVA Chemicals Corp., 7.00%, 12/01/2031<sup>(a)</sup> | 4397000 | 4697684  |
| Olin Corp., 6.63%, 04/01/2033<sup>(a)</sup> | 5962000 | 5924551  |
| &nbsp;&nbsp;&nbsp; Rain Carbon, Inc., 12.25%, <br>09/01/2029<sup>(a)</sup> | 3538000 | 3688668  |
|  Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV LLC<sup>(a)</sup> | 7003420 | 630308  |
| WR Grace Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/2029<sup>(a)</sup> | 7708000 | 7367119  |
| &nbsp;&nbsp;&nbsp; 6.63%, 08/15/2032<sup>(a)</sup> | 1947000 | 1973264  |
|  |  | 37850356  |

---

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

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
|  **Consumer/Commercial/Lease Financing - 2.0%**<br>|  |  |
|  Burford Capital Global Finance LLC, 7.50%, 07/15/2033<sup>(a)</sup> | $6194000 | $5918436  |
|  Credit Acceptance Corp., 6.63%, 03/15/2030<sup>(a)</sup> | 5839000 | 5861465  |
|  PennyMac Financial Services, Inc., 6.88%, 02/15/2033<sup>(a)</sup> | 3697000 | 3862081  |
|  |  | 15641982  |
| **Consumer-Products - 0.5%**<br>|  |  |
|  Winnebago Industries, Inc., 6.25%, 07/15/2028<sup>(a)</sup> | 3928000 | 3940412  |
| **Diversified Capital Goods - 1.5%**<br>|  |  |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030<sup>(a)</sup> | 3674000 | 3831108  |
| &nbsp;&nbsp;&nbsp; Patrick Industries, Inc., <br>6.38%, 11/01/2032<sup>(a)</sup> | 3762000 | 3862855  |
|  Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028<sup>(a)</sup> | 4137000 | 4176426  |
|  |  | 11870389  |
| **Electric-Generation - 0.5%**<br>|  |  |
| NRG Energy, Inc., 6.25%, 11/01/2034<sup>(a)</sup> | 3581000 | 3681107  |
| **Electric-Integrated - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC, <br>6.25%, 01/15/2034<sup>(a)</sup> | 4880000 | 4932909  |
|  Hawaiian Electric Co., Inc., 6.00%, 10/01/2033<sup>(a)</sup> | 3877000 | 3932844  |
|  |  | 8865753  |
| **Electronics - 0.5%**<br>|  |  |
|  Sensata Technologies, Inc., 6.63%, 07/15/2032<sup>(a)</sup> | 3681000 | 3857309  |
|  **Energy - Exploration & Production - 3.8%**<br>|  |  |
|  Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029<sup>(a)</sup> | 3183000 | 3336376  |
|  California Resources Corp., 7.00%, 01/15/2034<sup>(a)</sup> | 3135000 | 3089992  |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., <br>6.75%, 03/15/2033<sup>(a)</sup> | 3857000 | 3991135  |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc., <br>8.75%, 07/01/2031<sup>(a)</sup> | 2910000 | 3022475  |
|  DBR Land Holdings LLC, 6.25%, 12/01/2030<sup>(a)</sup> | 3228000 | 3303858  |
|  Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 02/01/2031<sup>(a)</sup> | 4213000 | 4021357  |
|  Kraken Oil & Gas Partners LLC, 7.63%, 08/15/2029<sup>(a)</sup> | 2247000 | 2227362  |
|  Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/2032<sup>(a)</sup> | 4118000 | 4252465  |
| &nbsp;&nbsp;&nbsp; Talos Production, Inc., <br>9.38%, 02/01/2031<sup>(a)</sup> | 2566000 | 2681449  |
|  |  | 29926469  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Environmental - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Waste Pro USA, Inc., <br>7.00%, 02/01/2033<sup>(a)</sup> | $3598000 | $3712473  |
| **Food - Wholesale - 0.4%**<br>|  |  |
|  Central Garden & Pet Co., 4.13%, 04/30/2031<sup>(a)</sup> | 3363000 | 3185252  |
| **Forestry/Paper - 1.0%**<br>|  |  |
|  Ahlstrom Holding 3 Oy, 4.88%, 02/04/2028<sup>(a)</sup> | 3925000 | 3866855  |
| Mercer International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 12.88%, 10/01/2028<sup>(a)</sup> | 784000 | 608751  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/01/2029 | 4691000 | 3011405  |
|  |  | 7487011  |
| **Gaming - 1.8%**<br>|  |  |
|  Jacobs Entertainment, Inc., 6.75%, 02/15/2029<sup>(a)</sup> | 214000 | 210410  |
|  MGM Resorts International, 6.50%, 04/15/2032 | 4171000 | 4299885  |
|  Penn Entertainment, Inc., 5.63%, 01/15/2027<sup>(a)</sup> | 4150000 | 4160597  |
|  Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030<sup>(a)</sup> | 6289000 | 5593881  |
|  |  | 14264773  |
| **Gas Distribution - 3.7%**<br>|  |  |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC, 7.50%, 12/15/2033<sup>(a)</sup> | 3259000 | 3507724  |
|  Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033 | 3225000 | 3350217  |
| Golar LNG Ltd., 7.50%, 10/02/2030<sup>(a)</sup> | 3128000 | 3024552  |
|  Harvest Midstream I LP, 7.50%, 09/01/2028<sup>(a)</sup> | 3733000 | 3791056  |
| ITT Holdings LLC, 6.50%, 08/01/2029<sup>(a)</sup> | 2538000 | 2437156  |
|  Rockies Express Pipeline LLC, 6.75%, 03/15/2033<sup>(a)</sup> | 3646000 | 3852255  |
| Sunoco LP, 6.63%, 08/15/2032<sup>(a)</sup> | 3663000 | 3767090  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% to 09/30/2029 then 5 yr. <br>CMT Rate + 5.44%, Perpetual<sup>(a)</sup> | 871000 | 688491  |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032<sup>(a)</sup> | 718000 | 742195  |
|  Venture Global Plaquemines LNG LLC, 7.75%, 05/01/2035<sup>(a)</sup> | 3433000 | 3760812  |
|  |  | 28921548  |
| **Health Facilities - 1.8%**<br>|  |  |
|  Acadia Healthcare Co., Inc., 7.38%, 03/15/2033<sup>(a)</sup> | 5497000 | 5558863  |
|  CHS/Community Health Systems, Inc., 9.75%, 01/15/2034<sup>(a)</sup> | 4679000 | 4920337  |
|  Concentra Health Services, Inc., 6.88%, 07/15/2032<sup>(a)</sup> | 3610000 | 3779865  |
|  |  | 14259065  |
| **Health Services - 1.0%**<br>|  |  |
|  Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032<sup>(a)</sup> | 6123000 | 5552704  |
|  Sotera Health Holdings LLC, 7.38%, 06/01/2031<sup>(a)</sup> | 1815000 | 1905879  |
|  |  | 7458583  |

---

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

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Hotels - 1.2%**<br>|  |  |
|  Marriott Ownership Resorts, Inc., 6.50%, 10/01/2033<sup>(a)</sup> | $5869000 | $5646803  |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 4.88%, 05/15/2029<sup>(a)</sup> | 3920000 | 3830851  |
|  |  | 9477654  |
| **Insurance Brokerage - 2.5%**<br>|  |  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031<sup>(a)</sup> | 3290000 | 3415564  |
| &nbsp;&nbsp;&nbsp; AmWINS Group, Inc., <br>4.88%, 06/30/2029<sup>(a)</sup> | 3992000 | 3929106  |
|  Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, 8.13%, 02/15/2032<sup>(a)</sup> | 2273000 | 2348264  |
|  Jones Deslauriers Insurance Management, Inc., 6.88%, 10/01/2033<sup>(a)</sup> | 3132000 | 3026271  |
| &nbsp;&nbsp;&nbsp; Ryan Specialty LLC, <br>5.88%, 08/01/2032<sup>(a)</sup> | 2616000 | 2674619  |
| USI, Inc./NY, 7.50%, 01/15/2032<sup>(a)</sup> | 3910000 | 4102876  |
|  |  | 19496700  |
|  **Investments & Miscellaneous Financial Services - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Armor Holdco, Inc., <br>8.50%, 11/15/2029<sup>(a)</sup> | 3966000 | 4013041  |
| &nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., <br>8.00%, 08/01/2033<sup>(a)</sup> | 4205000 | 4396248  |
| WEX, Inc., 6.50%, 03/15/2033<sup>(a)</sup> | 3195000 | 3283680  |
|  |  | 11692969  |
| **Leisure - 0.5%**<br>|  |  |
|  Lindblad Expeditions LLC, 7.00%, 09/15/2030<sup>(a)</sup> | 3860000 | 4028508  |
| **Machinery - 1.6%**<br>|  |  |
| Arcosa, Inc., 6.88%, 08/15/2032<sup>(a)</sup> | 3670000 | 3882840  |
|  JB Poindexter & Co., Inc., 8.75%, 12/15/2031<sup>(a)</sup> | 4210000 | 4415137  |
|  NESCO Holdings II, Inc., 5.50%, 04/15/2029<sup>(a)</sup> | 4195000 | 4135669  |
|  |  | 12433646  |
| **Managed Care - 0.6%**<br>|  |  |
|  Molina Healthcare, Inc., 6.50%, 02/15/2031<sup>(a)</sup> | 4213000 | 4332143  |
| **Media - Broadcast - 1.6%**<br>|  |  |
| CMG Media Corp., 8.88%, 12/15/2027<sup>(a)</sup> | 2132000 | 1950780  |
| EW Scripps Co., 9.88%, 08/15/2030<sup>(a)</sup> | 3901000 | 3898926  |
| Gray Media, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/2029<sup>(a)</sup> | 1587000 | 1709351  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031<sup>(a)</sup> | 6306000 | 4734261  |
|  |  | 12293318  |
| **Media - Services - 0.3%**<br>|  |  |
|  Champions Financing, Inc., 8.75%, 02/15/2029<sup>(a)</sup> | 2392000 | 2360007  |
| **Media Content - 0.4%**<br>|  |  |
|  Versant Media Group, Inc., 7.25%, 01/30/2031<sup>(a)</sup> | 2865000 | 2957409  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Medical Products - 2.3%**<br>|  |  |
| Grifols SA, 4.75%, 10/15/2028<sup>(a)</sup> | $4331000 | $4280500  |
| Insulet Corp., 6.50%, 04/01/2033<sup>(a)</sup> | 3774000 | 3948423  |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, <br>5.25%, 10/01/2029<sup>(a)</sup> | 3111000 | 3129654  |
|  Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029<sup>(a)</sup> | 2934000 | 3036723  |
| &nbsp;&nbsp;&nbsp; Varex Imaging Corp., <br>7.88%, 10/15/2027<sup>(a)</sup> | 3742000 | 3830397  |
|  |  | 18225697  |
| **Metals/Mining Excluding Steel - 0.5%**<br>|  |  |
|  Kaiser Aluminum Corp., 4.50%, 06/01/2031<sup>(a)</sup> | 3925000 | 3807914  |
| **Oil Field Equipment & Services - 4.8%**<br>|  |  |
|  Borr IHC Ltd. / Borr Finance LLC, 10.00%, 11/15/2028<sup>(a)</sup> | 3917650 | 3942553  |
| Enerflex, Inc., 6.88%, 01/15/2031<sup>(a)</sup> | 3835000 | 3922982  |
|  Kodiak Gas Services LLC, 6.75%, 10/01/2035<sup>(a)</sup> | 3873000 | 3984075  |
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC, <br>8.00%, 04/15/2030<sup>(a)</sup> | 3692000 | 3838069  |
| SESI LLC, 7.88%, 09/30/2030<sup>(a)</sup> | 2936000 | 2892271  |
|  Transocean International Ltd., 8.75%, 02/15/2030<sup>(a)</sup> | 2149500 | 2247061  |
| Valaris Ltd., 8.38%, 04/30/2030<sup>(a)</sup> | 4256000 | 4430832  |
| &nbsp;&nbsp;&nbsp; WBI Operating LLC, <br>6.50%, 10/15/2033<sup>(a)</sup> | 5873000 | 5853898  |
| Weatherford International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 04/30/2030<sup>(a)</sup> | 1746000 | 1790872  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/2033<sup>(a)</sup> | 4702000 | 4817867  |
|  |  | 37720480  |
| **Oil Refining & Marketing - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc., <br>9.63%, 06/15/2033<sup>(a)</sup> | 964000 | 1041451  |
|  International Petroleum Corp., 7.50%, 10/10/2030 | 1954000 | 1984247  |
| PBF Holding Co. LLC / PBF Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.88%, 03/15/2030<sup>(a)</sup> | 1975000 | 2032990  |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/15/2030<sup>(a)</sup> | 4197000 | 4045229  |
|  |  | 9103917  |
| **Packaging - 2.5%**<br>|  |  |
|  Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030<sup>(a)</sup> | 3663000 | 3818714  |
|  Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032<sup>(a)</sup> | 3826000 | 3936742  |
|  Sealed Air Corp./Sealed Air Corp. US, 7.25%, 02/15/2031<sup>(a)</sup> | 3384000 | 3528131  |
| Trivium Packaging Finance BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 07/15/2030<sup>(a)</sup> | 2655000 | 2848154  |
| &nbsp;&nbsp;&nbsp; 12.25%, 01/15/2031<sup>(a)</sup> | 769000 | 835054  |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co., <br>10.50%, 11/30/2030<sup>(a)</sup> | 3860000 | 4155147  |
|  |  | 19121942  |
| **Personal & Household Products - 1.1%**<br>|  |  |
|  Energizer Holdings, Inc., 6.00%, 09/15/2033<sup>(a)</sup> | 5089000 | 4887752  |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co., <br>4.38%, 02/01/2032 | 4147000 | 3898309  |
|  |  | 8786061  |

---

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

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Pharmaceuticals - 1.9%**<br>|  |  |
| 1261229 BC Ltd., 10.00%, 04/15/2032<sup>(a)</sup> | $3306000 | $3440775  |
| &nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., <br>8.38%, 10/01/2028<sup>(a)</sup> | 3218000 | 3362810  |
| Harrow, Inc., 8.63%, 09/15/2030<sup>(a)</sup> | 3070000 | 3228612  |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 04/30/2031<sup>(a)</sup> | 4634000 | 3841285  |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/2034<sup>(a)</sup> | 1442000 | 1175492  |
|  |  | 15048974  |
| **Printing & Publishing - 0.6%**<br>|  |  |
| Cimpress PLC, 7.38%, 09/15/2032<sup>(a)</sup> | 4648000 | 4746788  |
|  **Real Estate Development & Management - 0.5%**<br>|  |  |
|  Cushman & Wakefield US Borrower LLC, 8.88%, 09/01/2031<sup>(a)</sup> | 3489000 | 3735529  |
| **Recreation & Travel - 2.0%**<br>|  |  |
| Boyne USA, Inc., 4.75%, 05/15/2029<sup>(a)</sup> | 3809000 | 3759427  |
| Carnival Corp., 6.13%, 02/15/2033<sup>(a)</sup> | 9453000 | 9766036  |
| &nbsp;&nbsp;&nbsp; Motion Bondco DAC, <br>6.63%, 11/15/2027<sup>(a)</sup> | 1998000 | 1941361  |
|  |  | 15466824  |
| **Reinsurance - 0.1%**<br>|  |  |
|  Enstar Group Ltd., 7.50% to 04/01/2035 then 5 yr. CMT Rate + 3.19%, 04/01/2045<sup>(a)</sup> | 875000 | 921942  |
| **REITs - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Rithm Capital Corp., <br>8.00%, 04/01/2029<sup>(a)</sup> | 2416000 | 2482261  |
|  Service Properties Trust, 8.63%, 11/15/2031<sup>(a)</sup> | 1098000 | 1155586  |
|  |  | 3637847  |
| **Restaurants - 0.4%**<br>|  |  |
|  Papa John's International, Inc., 3.88%, 09/15/2029<sup>(a)</sup> | 3498000 | 3335168  |
| **Software/Services - 4.7%**<br>|  |  |
|  Boost Newco Borrower LLC, 7.50%, 01/15/2031<sup>(a)</sup> | 3641000 | 3871748  |
| &nbsp;&nbsp;&nbsp; Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., <br>8.00%, 06/15/2029<sup>(a)</sup> | 8356000 | 7273007  |
|  Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028<sup>(a)</sup> | 4075000 | 4109931  |
|  Fortress Intermediate 3, Inc., 7.50%, 06/01/2031<sup>(a)</sup> | 3543000 | 3701337  |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., <br>4.88%, 11/15/2031<sup>(a)</sup> | 4065000 | 3943542  |
| &nbsp;&nbsp;&nbsp; Titan International, Inc., <br>7.00%, 04/30/2028 | 3870000 | 3892400  |
| UKG, Inc., 6.88%, 02/01/2031<sup>(a)</sup> | 3489000 | 3589459  |
| Virtusa Corp., 7.13%, 12/15/2028<sup>(a)</sup> | 2518000 | 2483622  |
| &nbsp;&nbsp;&nbsp; VM Consolidated, Inc., <br>5.50%, 04/15/2029<sup>(a)</sup> | 3868000 | 3873144  |
|  |  | 36738190  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Specialty Retail - 0.8%**<br>|  |  |
|  Cougar JV Subsidiary LLC, 8.00%, 05/15/2032<sup>(a)</sup> | $2268000 | $2433135  |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., <br>7.63%, 01/30/2032<sup>(a)</sup> | 3443000 | 3645552  |
|  |  | 6078687  |
| **Steel Producers/Products - 0.9%**<br>|  |  |
|  Calderys Financing LLC, 11.25%, 06/01/2028<sup>(a)</sup> | 3733000 | 3968541  |
|  Commercial Metals Co., 6.00%, 12/15/2035<sup>(a)</sup> | 2905000 | 2979763  |
|  |  | 6948304  |
| **Support-Services - 3.2%**<br>|  |  |
|  Albion Financing 1 SARL / Aggreko Holdings, Inc., 7.00%, 05/21/2030<sup>(a)</sup> | 3873000 | 4057958  |
| EquipmentShare.com, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 05/15/2032<sup>(a)</sup> | 3825000 | 4045022  |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/15/2033<sup>(a)</sup> | 2037000 | 2145937  |
| Herc Holdings, Inc., 7.25%, 06/15/2033<sup>(a)</sup> | 4228000 | 4485799  |
| Sotheby's, 7.38%, 10/15/2027<sup>(a)</sup> | 2703000 | 2688870  |
|  Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/2029<sup>(a)</sup> | 2516000 | 2353450  |
| ZipRecruiter, Inc., 5.00%, 01/15/2030<sup>(a)</sup> | 6145000 | 4830412  |
|  |  | 24607448  |
|  **Technology Hardware & Equipment - 0.7%**<br>|  |  |
|  Seagate Data Storage Technology Pte Ltd., 8.50%, 07/15/2031<sup>(a)</sup> | 3594000 | 3823700  |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp., <br>8.88%, 11/30/2029<sup>(a)</sup> | 4700000 | 1915216  |
|  |  | 5738916  |
| **Telecom - Satellite - 1.1%**<br>|  |  |
|  Telesat Canada / Telesat LLC, 5.63%, 12/06/2026<sup>(a)</sup> | 5575000 | 4456097  |
| &nbsp;&nbsp;&nbsp; Upbound Group, Inc., <br>6.38%, 02/15/2029<sup>(a)</sup> | 3958000 | 3903650  |
|  |  | 8359747  |
|  **Telecom - Wireline Integrated & Services - 0.5%**<br>|  |  |
|  VZ Secured Financing BV, 7.50%, 01/15/2033<sup>(a)</sup> | 3904000 | 3958882  |
| **Tobacco - 0.5%**<br>|  |  |
|  Turning Point Brands, Inc., 7.63%, 03/15/2032<sup>(a)</sup> | 3773000 | 4025082  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $694,351,763)** |  | 683629109  |
| **BANK LOANS - 5.5%**<br>|  |  |
| **Advertising - 0.4%**<br>|  |  |
|  AP Core Holdings II LLC, 9.33% (1 mo. Term SOFR + 5.50%), 09/01/2027 (Acquired 7/21/2021 - 2/10/2023, Cost $3,015,562)<sup>(b)</sup> | 3036337 | 3039374  |
| **Building Materials - 0.5%**<br>|  |  |
|  Covia Holdings LLC, First Lien, 6.71% (3 mo. Term SOFR + 2.75%), 02/26/2032<sup>(b)</sup> | 3919306 | 3897260  |

---

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

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**<br>|  |  |
| **Cable & Satellite TV - 0.0%<sup>(c)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC, First Lien, 9.10% (3 mo. Term SOFR + 5.00%), <br>08/02/2027 (Acquired 8/17/2022, Cost $104,974)<sup>(b)</sup> | $105886 | $106217  |
| **Chemicals - 2.0%**<br>|  |  |
|  Fortis 333, Inc., First Lien, 7.17% (3 mo. Term SOFR + 3.50%), 03/27/2032<sup>(b)</sup> | 6872465 | 6824358  |
|  Mativ Holdings, Inc., 7.58% (1 mo. Term SOFR + 3.75%), 04/20/2028 (Acquired 2/23/2021, Cost $1,166,473)<sup>(b)</sup> | 1178256 | 1172364  |
|  SCIL USA Holdings LLC, 7.79% (1 mo. Term SOFR + 4.00%), 11/08/2032<sup>(b)</sup> | 7304000 | 7329126  |
|  |  | 15325848  |
| **Machinery - 0.7%**<br>|  |  |
|  Cleanova US Holdings LLC, 8.48% (1 mo. Term SOFR + 4.75%), 06/14/2032<sup>(b)</sup> | 5859315 | 5888611  |
| **Oil Refining & Marketing - 0.5%**<br>|  |  |
|  Par Petroleum LLC, First Lien, 6.95% (3 mo. Term SOFR + 3.25%), 02/28/2030<sup>(b)</sup> | 3687805 | 3707019  |
| **Personal & Household Products - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Journey Personal Care Corp., 7.47% (1 mo. Term SOFR + 3.75%), 03/01/2028 (Acquired 2/19/2021, <br>Cost $4,018,234)<sup>(b)</sup> | 4038427 | 4038427  |
| **Restaurants - 0.5%**<br>|  |  |
|  Dave & Buster's, Inc., First Lien, 7.13% (3 mo. Term SOFR + 3.25%), 06/29/2029 (Acquired 8/2/2022 - 9/27/2024, Cost $4,143,640)<sup>(b)</sup> | 4177306 | 3863361  |
| **Support-Services - 0.4%**<br>|  |  |
|  Summer BC Holdco B SARL, First Lien, 8.93% (3 mo. Term SOFR + 5.00%), 02/15/2029<sup>(b)</sup> | 3328655 | 3121662  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $43,168,647)** |  | 42987779  |
|  | **Shares** |  |
| **COMMON STOCKS - 2.5%**<br>|  |  |
| **Advertising - 0.1%**<br>|  |  |
| National CineMedia, Inc. | 207497 | 807164  |
| &nbsp;&nbsp;&nbsp; National CineMedia, Inc. 5.75% <br>(Acquired 8/17/2023, Cost $0)<sup>(b)(e)(f)</sup> | 6230000 | 0  |
|  |  | 807164  |
| **Electronics - 0.1%**<br>|  |  |
| Avnet, Inc. | 15129 | 727402  |
| **Food - Wholesale - 0.1%**<br>|  |  |
| Conagra Brands, Inc. | 45788 | 792590  |
| **Health Care Providers & Services - 0.1%**<br>|  |  |
| Elevance Health, Inc. | 2517 | 882335  |
| **Machinery - 0.1%**<br>|  |  |
| Stanley Black & Decker, Inc. | 10222 | 759290 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Metals/Mining Excluding Steel - 0.0%<sup>(c)</sup>**<br>|  |  |
|  Metals Recovery Holdings LLC (Acquired 7/19/2012 - 12/10/2019, Cost $27,352,487)<sup>(b)(d)(e)</sup> | 116127 | $38322  |
| **Multi-Utilities - 0.1%**<br>|  |  |
| Dominion Energy, Inc. | 13797 | 808366  |
| **Oil Field Equipment & Services - 0.7%**<br>|  |  |
|  Iracore Investments Holdings, Inc. (Acquired 4/13/2017, Cost $4,753,500)<sup>(b)(d)(e)(f)</sup> | 22361 | 5314539  |
| **Specialty Retail - 1.2%**<br>|  |  |
| Authentic Brands Group<sup>(b)(e)(f)</sup> | 65219 | 9193900  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $67,916,934)** |  | 19323908  |
|  **CONVERTIBLE PREFERRED STOCKS - 0.7%**<br>|  |  |
| **Aerospace & Defense - 0.7%**<br>|  |  |
| Boeing Co., 6.00%, 10/15/2027 | 76930 | 5312786  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE PREFERRED STOCKS** <br>**(Cost $3,981,790)** |  | 5312786  |
|  **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 0.4%**<br>|  |  |
| **Hotels - 0.4%**<br>|  |  |
|  Pebblebrook Hotel Trust, Series F, 6.30%, Perpetual | 142464 | 2713939  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** <br>**(Cost $2,786,040)** |  | 2713939  |
|  | **Par** |  |
| **CONVERTIBLE BONDS - 0.1%**<br>|  |  |
|  **Investments & Miscellaneous Financial Services - 0.1%**<br>|  |  |
|  Euronet Worldwide, Inc., 0.63%, 10/01/2030<sup>(a)</sup> | $1161000 | 1061589  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $1,161,000)** |  | 1061589  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations <br>Fund - Class X, 3.67%<sup>(g)</sup> | 551971 | 551971  |
|  JPMorgan US Government Money Market Fund - Class IM, 3.72%<sup>(g)</sup> | 7798652 | 7798652  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $8,350,623)** |  | 8350623  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.0%** <br>**(Cost $821,716,797)** |  | $763379733  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 2.0% |  | 15739588  |
| **TOTAL NET ASSETS - 100.0%** |  | $779119321 |

---

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

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS<sup>®</sup>) 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, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

USISSO05- 5 Year US Dollar SOFR Swap Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $623,999,465 or 80.1% of the Fund's net assets.

<sup>(b)</sup> Restricted security purchased in a private placement transaction in which resale to the public may require registration. As of December 31, 2025, the value of these securities total $57,534,540 or 7.4% of the Fund's net assets.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Affiliated security as defined by the Investment Company Act of 1940. See Note 5.

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $14,546,761 or 1.9% of net assets as of December 31, 2025.

<sup>(f)</sup> Non-income producing security.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

31<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley Funds** 

**Statements of Assets AND Liabilities** 

**December 31, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap** <br>**Disciplined** <br>**Value Fund** | **Large Cap** <br>**Fundamental** <br>**Value Fund** | **Mid-Cap** <br>**Value Fund** | **Small Cap** <br>**Value Fund** | **Small Cap** <br>**Diversified** <br>**Value Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $83215660 | $360469498 | $379542127 | $654285339 | $821891705  |
| Dividends receivable | 105967 | 518651 | 352881 | 400589 | 1119144  |
| Receivable for fund shares sold | 11009 | 18812 | 24572 | 620350 | 499142  |
| Dividend tax reclaims receivable | 6278 | 22974 | 9075 |  | 2293  |
| Securities lending income receivable | 817 | 3651 | 1533 |  | 5528  |
| Prepaid expenses and other assets | 18699 | 34944 | 27117 | 46358 | 72697  |
| &nbsp;&nbsp;&nbsp; Total assets | 83358430 | 361068530 | 379957305 | 655352636 | 823590509  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable upon return of securities loaned | 2747099 | 3106220 | 452678 |  | 4749250  |
|  Payable for distribution and shareholder servicing fees | 53079 | 243087 | 236324 | 217102 | 97643  |
| Payable to Advisor | 36972 | 210327 | 242989 | 365331 | 427933  |
|  Payable for fund administration and accounting fees | 14906 | 40510 | 39062 | 72571 | 80982  |
| Payable for audit fees | 10128 | 13381 | 13376 | 14234 | 13241  |
| Payable for custodian fees | 8855 | 2152 | 2882 | 6103 | 5229  |
| Payable for capital shares redeemed | 2284 | 248367 | 430585 | 535402 | 224639  |
| Payable for investments purchased |  | 363773 |  |  | —  |
| Payable for expenses and other liabilities | 16114 | 55876 | 31356 | 58793 | 36883  |
| Total liabilities | 2889437 | 4283693 | 1449252 | 1269536 | 5635800  |
| Commitments and contingencies (Note 7)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NET ASSETS | $80468993 | $356784837 | $378508053 | $654083100 | $817954709  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
|  Capital stock ($0.001, 0.001, 0.001, 0.001 and 0.001 per share) | $2673 | $7948 | $6522 | $8766 | $65162  |
| Additional paid-in capital | 70972088 | 267493733 | 489558930 | 615281087 | 799343064  |
|  Total accumulated distributable earnings (losses) | 9494232 | 89283156 | (111057399)  | 38793247 | 18546483  |
| Total net assets | $80468993 | $356784837 | $378508053 | $654083100 | $817954709  |
| **Class A**<br>|  |  |  |  |  |
| Net assets | $37111443 | $123223343 | $114594148 | $50360787 | $42938240  |
| Shares issued and outstanding<sup>(a)</sup> | 1228563 | 2754750 | 1998522 | 677639 | 3444628  |
| Net asset value per share | $30.21 | $44.73 | $57.34 | $74.32 | $12.47  |
|  Max offering price per share (net asset value per share divided by 0.9475, 0.9475, 0.9475, 0.9475 and 0.9475)<sup>(1)</sup> | $31.88 | $47.21 | $60.52 | $78.44 | $13.16  |
| **Class C**<br>|  |  |  |  |  |
| Net assets | $— | $— | $— | $3521080 | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  |  |  | 64256 | —  |
| Net asset value per share | $— | $— | $— | $54.80 | $—  |
| **Class I**<br>|  |  |  |  |  |
| Net assets | $43357550 | $218491669 | $240740938 | $550502813 | $566472364  |
| Shares issued and outstanding<sup>(a)</sup> | 1443984 | 4857612 | 4126278 | 7358870 | 45097628  |
| Net asset value per share | $30.03 | $44.98 | $58.34 | $74.81 | $12.56  |

---

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

32<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley Funds** 

**Statements of Assets AND Liabilities** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap** <br>**Disciplined** <br>**Value Fund** | **Large Cap** <br>**Fundamental** <br>**Value Fund** | **Mid-Cap** <br>**Value Fund** | **Small Cap** <br>**Value Fund** | **Small Cap** <br>**Diversified** <br>**Value Fund**  |
| **Class Z**<br>|  |  |  |  |  |
| Net assets | $— | $15069825 | $23172967 | $49698420 | $208544105  |
| Shares issued and outstanding<sup>(a)</sup> |  | 335499 | 397660 | 664852 | 16619399  |
| Net asset value per share | $— | $44.92 | $58.27 | $74.75 | $12.55  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $67303053 | $296346017 | $366458208 | $613766438 | $806125175  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $2657734 | $3024668 | $442795 | $— | $4549965 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley Funds** 

**Statements of Assets AND Liabilities** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Value Fund** | **International** <br>**Value Fund** | **International** <br>**Small Cap** <br>**Diversified** <br>**Value Fund** | **Value** <br>**Opportunities** <br>**Fund** | **High Yield** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
|  Investments in unaffiliated securities, at value | $39882878 | &nbsp;&nbsp; $4193010 | &nbsp;&nbsp; $5107284 | $785951876 | $758026872  |
|  Investments in affiliated securities, at value |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 7705737 | 5352861  |
| Receivable for fund shares sold | 110051 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1535706 | 1170621  |
| Dividends receivable | 62227 | &nbsp;&nbsp; 5737 | &nbsp;&nbsp; 6080 | 633209 | 151616  |
| Dividend tax reclaims receivable | 23470 | &nbsp;&nbsp; 9093 | &nbsp;&nbsp; 14458 | 175935 | —  |
| Receivable for investments sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 4116451 | 4037434  |
| Interest receivable |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 183 | 13382863  |
| Securities lending income receivable |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 540 | —  |
| Foreign currency, at value |  | &nbsp;&nbsp; 20486 | &nbsp;&nbsp; — |  | —  |
| Receivable from Advisor |  | &nbsp;&nbsp; 7924 | &nbsp;&nbsp; 18559 |  | —  |
| Prepaid expenses and other assets | 16180 | &nbsp;&nbsp; 8681 | &nbsp;&nbsp; 11818 | 72005 | 59181  |
| &nbsp;&nbsp;&nbsp; Total assets | 40094806 | &nbsp;&nbsp; 4244931 | &nbsp;&nbsp; 5158199 | 800191642 | 782181448  |
| **LIABILITIES:**<br>|  |  |  |  |  |
|  Payable for fund administration and accounting fees | 18094 | &nbsp;&nbsp; 17499 | &nbsp;&nbsp; 30638 | 71315 | 89192  |
| Payable to Advisor | 17680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 507269 | 326263  |
| Payable for audit fees | 8913 | &nbsp;&nbsp; 7714 | &nbsp;&nbsp; 7716 | 16341 | 23165  |
| Payable for custodian fees | 5614 | &nbsp;&nbsp; 2712 | &nbsp;&nbsp; 2298 | 10470 | 5723  |
|  Payable for distribution and shareholder servicing fees | 5295 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 | 168984 | 71769  |
| Payable for capital shares redeemed | 2362 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 112580 | 1333430  |
| Distributions payable |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 1183646  |
| Payable for investments purchased |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1524510 | —  |
| Payable to custodian |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 56 |  | —  |
| Payable for expenses and other liabilities | 6300 | &nbsp;&nbsp; 3709 | &nbsp;&nbsp; 3839 | 22077 | 28939  |
| &nbsp;&nbsp;&nbsp; Total liabilities | 64258 | &nbsp;&nbsp; 31634 | &nbsp;&nbsp; 44559 | 2433546 | 3062127  |
| Commitments and contingencies (Note 7)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NET ASSETS | $40030548 | &nbsp;&nbsp; $4213297 | &nbsp;&nbsp; $5113640 | $797758096 | $779119321  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
|  Capital stock ($0.001, 0.001, 0.001, 0.001 and 0.001 per share) | $2553 | &nbsp;&nbsp; $309 | &nbsp;&nbsp; $434 | $19363 | $73146  |
| Additional paid-in capital | 31337668 | &nbsp;&nbsp; 3103681 | &nbsp;&nbsp; 4209430 | 663645165 | 1225415001  |
|  Total accumulated distributable earnings (losses) | 8690327 | &nbsp;&nbsp; 1109307 | &nbsp;&nbsp; 903776 | 134093568 | (446368826)  |
| Total net assets | $40030548 | &nbsp;&nbsp; $4213297 | &nbsp;&nbsp; $5113640 | $797758096 | $779119321  |
| **Class A**<br>|  |  |  |  |  |
| Net assets | $2872755 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $112416658 | $27380156  |
| Shares issued and outstanding<sup>(a)</sup> | 182584 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 2722015 | 2594847  |
| Net asset value per share | $15.73 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $41.30 | $10.55  |
|  Max offering price per share (net asset value per share divided by 0.9475, 0.9475 and 0.9625)<sup>(2)</sup> | $16.60 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $43.59 | $10.96  |

---

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

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley Funds** 

**Statements of Assets AND Liabilities** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Value Fund** | **International** <br>**Value Fund** | **International** <br>**Small Cap** <br>**Diversified** <br>**Value Fund** | **Value** <br>**Opportunities** <br>**Fund** | **High Yield** <br>**Fund**  |
| **Class C**<br>|  |  |  |  |  |
| Net assets | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $10820676 | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 297505 | —  |
| Net asset value per share | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $36.37 | $—  |
| **Class I**<br>|  |  |  |  |  |
| Net assets | $37157793 | &nbsp;&nbsp; $4213297 | &nbsp;&nbsp; $5113640 | $594794751 | $444866167  |
| Shares issued and outstanding<sup>(a)</sup> | 2370529 | &nbsp;&nbsp; 309434 | &nbsp;&nbsp; 433923 | 14412105 | 41744691  |
| Net asset value per share | $15.67 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $11.78 | $41.27 | $10.66  |
| **Class Z**<br>|  |  |  |  |  |
| Net assets | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $79726011 | $306872998  |
| Shares issued and outstanding<sup>(a)</sup> |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1931553 | 28806189  |
| Net asset value per share | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $41.28 | $10.65  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $33903026 | &nbsp;&nbsp; $3220425 | &nbsp;&nbsp; $4520520 | $675421195 | $789610810  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $6892250 | $32105987  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $— | &nbsp;&nbsp; $20412 | &nbsp;&nbsp; $— | $0 | $— |

---

<sup>(a)</sup> Unlimited shares authorized.

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

35<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley Funds** 

**Statements of Operations** 

**For the Period Ended December 31, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap** <br>**Disciplined** <br>**Value Fund** | **Large Cap** <br>**Fundamental** <br>**Value Fund** | **Mid-Cap** <br>**Value Fund** | **Small Cap** <br>**Value Fund** | **Small Cap** <br>**Diversified** <br>**Value Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp; $907774 | $4476930 | $4327825 | $7312581 | $9891988  |
| Less: issuance fees | &nbsp;&nbsp; (9941) | (45402) | (60033) | (226) | (64)  |
| Less: dividend withholding taxes | &nbsp;&nbsp; (12254) | (50686) | (122035) | (45682) | (7760)  |
| Interest income | &nbsp;&nbsp; 6318 | 35095 | 158842 | 98126 | 88791  |
| Securities lending income | &nbsp;&nbsp; 3047 | 12887 | 14309 | 217 | 15939  |
| Other income | &nbsp;&nbsp; — |  |  |  | 816  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 894944 | 4428824 | 4318908 | 7365016 | 9989710  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 283184 | 1290204 | 1437546 | 2778097 | 2626536  |
| Distribution expenses - Class A | &nbsp;&nbsp; 47305 | 154428 | 142830 | 67954 | 53182  |
| Distribution expenses - Class C | &nbsp;&nbsp; — |  |  | 17933 | —  |
| Fund administration and accounting fees | &nbsp;&nbsp; 32477 | 83513 | 79024 | 147208 | 150952  |
| Shareholder servicing costs - Class I | &nbsp;&nbsp; 14066 | 152787 | 153440 | 628786 | 301205  |
| Shareholder servicing costs - Class A | &nbsp;&nbsp; 12604 | 53349 | 47798 | 21921 | 21960  |
| Shareholder servicing costs - Class C | &nbsp;&nbsp; — |  |  | 1684 | —  |
| Federal and state registration fees | &nbsp;&nbsp; 21043 | 31609 | 28056 | 32404 | 41584  |
| Audit fees | &nbsp;&nbsp; 10145 | 13473 | 13485 | 14463 | 13434  |
| Transfer agent fees | &nbsp;&nbsp; 7986 | 47214 | 30505 | 28322 | 29207  |
| ReFlow fees | &nbsp;&nbsp; 7003 | 53062 |  | 124905 | 21130  |
| Trustees' fees | &nbsp;&nbsp; 4663 | 21521 | 21863 | 43476 | 43842  |
| Custodian fees | &nbsp;&nbsp; 3993 | 5854 | 4548 | 10040 | 12974  |
| Legal fees | &nbsp;&nbsp; 3797 | 17610 | 17932 | 35843 | 36344  |
| Reports to shareholders | &nbsp;&nbsp; 3342 | 10778 | 11691 | 32542 | 21917  |
| Compliance fees | &nbsp;&nbsp; 1105 | 5367 | 5177 | 10311 | 10449  |
| Other expenses and fees | &nbsp;&nbsp; 6026 | 17551 | 19224 | 34877 | 36121  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 458739 | 1958320 | 2013119 | 4030766 | 3420837  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Advisor | &nbsp;&nbsp; (80793) | (21889) |  | (264400) | (168572)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 377946 | 1936431 | 2013119 | 3766366 | 3252265  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp; 516998 | 2492393 | 2305789 | 3598650 | 6737445  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 5537950 | 35573745 | 21663790 | 20446545 | 10279868  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 5537950 | 35573745 | 21663790 | 20446545 | 10279868  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 2407702 | 6945847 | 13633366 | 17754914 | 52299890  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2407702 | 6945847 | 13633366 | 17754914 | 52299890  |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 7945652 | 42519592 | 35297156 | 38201459 | 62579758  |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations**  | &nbsp;&nbsp; $8462650 | $45011985 | $37602945 | $41800109 | $69317203 |

---

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

36<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley Funds** 

**Statements of Operations** 

**For the Period Ended December 31, 2025 (Unaudited) (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Value Fund** | **International** <br>**Value Fund** | **International** <br>**Small Cap** <br>**Diversified** <br>**Value Fund** | **Value** <br>**Opportunities** <br>**Fund** | **High Yield** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
|  Dividend income from unaffiliated securities | &nbsp;&nbsp; $418273 | &nbsp;&nbsp;&nbsp; $52379 | &nbsp;&nbsp;&nbsp; $66248 | $6817226 | $809876  |
| Less: issuance fees | &nbsp;&nbsp; (5665) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (162666) | —  |
| Less: dividend withholding taxes | &nbsp;&nbsp; (34258) | &nbsp;&nbsp;&nbsp; (8672) | &nbsp;&nbsp;&nbsp; (12772) | (286659) | (2106)  |
| Dividend income from affiliated securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | 31089  |
| Interest income | &nbsp;&nbsp; 6358 | &nbsp;&nbsp;&nbsp; 1860 | &nbsp;&nbsp;&nbsp; 643 | 340888 | 26564499  |
| Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 4397 | —  |
| Other income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | 20247  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 384708 | &nbsp;&nbsp;&nbsp; 45567 | &nbsp;&nbsp;&nbsp; 54119 | 6713186 | 27423605  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 150145 | &nbsp;&nbsp;&nbsp; 18942 | &nbsp;&nbsp;&nbsp; 19637 | 2902353 | 2152887  |
| Fund administration and accounting fees | &nbsp;&nbsp; 34255 | &nbsp;&nbsp;&nbsp; 37514 | &nbsp;&nbsp;&nbsp; 66424 | 155409 | 176608  |
| Federal and state registration fees | &nbsp;&nbsp; 16377 | &nbsp;&nbsp;&nbsp; 10123 | &nbsp;&nbsp;&nbsp; 9065 | 34786 | 31479  |
| Shareholder servicing costs - Class I | &nbsp;&nbsp; 12628 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; — | 265923 | 241025  |
| Shareholder servicing costs - Class A | &nbsp;&nbsp; 1128 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 42298 | 9466  |
| Shareholder servicing costs - Class C | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 3790 | —  |
| Audit fees | &nbsp;&nbsp; 8924 | &nbsp;&nbsp;&nbsp; 7716 | &nbsp;&nbsp;&nbsp; 7717 | 16542 | 23331  |
| Custodian fees | &nbsp;&nbsp; 4707 | &nbsp;&nbsp;&nbsp; 6844 | &nbsp;&nbsp;&nbsp; 32035 | 14834 | 16404  |
| ReFlow fees | &nbsp;&nbsp; 3951 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 44004 | —  |
| Distribution expenses - Class A | &nbsp;&nbsp; 3611 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 136048 | 34979  |
| Distribution expenses - Class C | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 55892 | —  |
| Trustees' fees | &nbsp;&nbsp; 2266 | &nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp; 273 | 42227 | 45580  |
| Legal fees | &nbsp;&nbsp; 1857 | &nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp; 224 | 34710 | 37239  |
| Transfer agent fees | &nbsp;&nbsp; 1421 | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 166 | 27912 | 21762  |
| Reports to shareholders | &nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp; 993 | &nbsp;&nbsp;&nbsp; 1036 | 9865 | 14641  |
| Compliance fees | &nbsp;&nbsp; 536 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 64 | 10021 | 10826  |
| Overdraft fees | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 669 |  | 10  |
| Other expenses and fees | &nbsp;&nbsp; 3499 | &nbsp;&nbsp;&nbsp; 1898 | &nbsp;&nbsp;&nbsp; 2141 | 34943 | 37337  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 246595 | &nbsp;&nbsp;&nbsp; 84779 | &nbsp;&nbsp;&nbsp; 139451 | 3831557 | 2853574  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Advisor | &nbsp;&nbsp; (48847) | &nbsp;&nbsp;&nbsp; (62286) | &nbsp;&nbsp;&nbsp; (114482) |  | (236284)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 197748 | &nbsp;&nbsp;&nbsp; 22493 | &nbsp;&nbsp;&nbsp; 24969 | 3831557 | 2617290  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp; 186960 | &nbsp;&nbsp;&nbsp; 23074 | &nbsp;&nbsp;&nbsp; 29150 | 2881629 | 24806315  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 4224597 | &nbsp;&nbsp;&nbsp; 476061 | &nbsp;&nbsp;&nbsp; 461769 | 37417948 | 2607133  |
| &nbsp;&nbsp;&nbsp; Taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2077) |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; (5006) | &nbsp;&nbsp;&nbsp; (49) | &nbsp;&nbsp;&nbsp; (1301) | (24333) | (3)  |
| Net realized gain (loss) | &nbsp;&nbsp; 4219591 | &nbsp;&nbsp;&nbsp; 476012 | &nbsp;&nbsp;&nbsp; 458391 | 37393615 | 2607130  |

---

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

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley Funds** 

**Statements of Operations** 

**For the Period Ended December 31, 2025 (Unaudited) (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Value Fund** | **International** <br>**Value Fund** | **International** <br>**Small Cap** <br>**Diversified** <br>**Value Fund** | **Value** <br>**Opportunities** <br>**Fund** | **High Yield** <br>**Fund**  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | &nbsp;&nbsp; $(932051) | &nbsp;&nbsp;&nbsp; $4299 | &nbsp;&nbsp;&nbsp; $(39060) | $10752328 | $(5248750)  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (160488) | (142041)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; (1165) | &nbsp;&nbsp;&nbsp; (480) | &nbsp;&nbsp;&nbsp; (372) | (15393) | 2  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (933216) | &nbsp;&nbsp;&nbsp; 3819 | &nbsp;&nbsp;&nbsp; (39432) | 10576447 | (5390789)  |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 3286375 | &nbsp;&nbsp;&nbsp; 479831 | &nbsp;&nbsp;&nbsp; 418959 | 47970062 | (2783659)  |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp; $3473335 | &nbsp;&nbsp;&nbsp; $502905 | &nbsp;&nbsp;&nbsp; $448109 | $50851691 | $22022656 |

---

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

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap** <br>**Disciplined Value Fund** | **Large Cap** <br>**Disciplined Value Fund** | **Large Cap** <br>**Fundamental Value Fund**  | **Large Cap** <br>**Fundamental Value Fund**  |
|  | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025** | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $516998 | $1379016 | $2492393 | $6159278  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5537950 | 11281701 | 35573745 | 31277052  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2407702 | (2603363) | 6945847 | (2149291)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 8462650 | 10057354 | 45011985 | 35287039  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (3909959) | (949154) | (9345526) | (13129045)  |
| &nbsp;&nbsp;&nbsp; From return of capital - Class A |  | (3836546) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (4440075) | (1456722) | (17114711) | (25452648)  |
| &nbsp;&nbsp;&nbsp; From return of capital - Class I |  | (5888168) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class Z |  |  | (935392) | (1206805)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (8350034) | (12130590) | (27395629) | (39788498)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 838062 | 1092363 | 2903817 | 3846318  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 1607812 | 1919741 | 4949580 | 6308628  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (1622006) | (9189817) | (9142852) | (22509481)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 6003795 | 8285638 | 9822458 | 59119226  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - <br>Class I | 4215322 | 6934702 | 15295544 | 23064893  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (11400373) | (37511814) | (57310841) | (49386749)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z |  |  | 38171022 | 11336544  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class Z |  |  | 866128 | 1176751  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z |  |  | (35867393) | (14430183)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (357388) | (28469187) | (30312537) | 18525947  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (244772) | (30542423) | (12696181) | 14024488  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 80713765 | 111256188 | 369481018 | 355456530  |
| &nbsp;&nbsp;&nbsp; End of the period | $80468993 | $80713765 | $356784837 | $369481018  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 28014 | 34910 | 64920 | 89288  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 54539 | 63758 | 113392 | 146508  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (52667) | (287178) | (204601) | (523006)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 198923 | 279725 | 218021 | 1336372  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - <br>Class I | 143868 | 231930 | 348577 | 532431  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (376467) | (1258955) | (1261739) | (1151832)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z |  |  | 846743 | 280964  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class Z |  |  | 19766 | 27183  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z |  |  | (788843) | (347381)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (3790) | (935810) | (643764) | 390527 |

---

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

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Small Cap Value Fund**  | **Small Cap Value Fund**  |
|  | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025** | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2305789 | $5084729 | $3598650 | $5979974  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 21663790 | 57002019 | 20446545 | 66764042  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13633366 | (56805824) | 17754914 | (70577104)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 37602945 | 5280924 | 41800109 | 2166912  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (1347910) | (1166692) | (354164) | (4268106)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C |  |  | (3002) | (350542)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (3319018) | (3038308) | (5828328) | (57064006)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class Z | (367070) | (462743) | (642779) | (2233025)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5033998) | (4667743) | (6828273) | (63915679)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 1056799 | 3086593 | 6530998 | 12436053  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 739023 | 647278 | 297536 | 3548899  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (6443885) | (13853906) | (11128689) | (12346946)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C |  |  | 487601 | 1033252  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C |  |  | 2356 | 275924  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C |  |  | (445553) | (1074531)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 8280917 | 35568785 | 341392915 | 196225037  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 3003037 | 2727862 | 2454595 | 24108477  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (38466806) | (67200836) | (465731004) | (221067354)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z | 599542 | 2992191 | 91450544 | 122685515  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class Z | 350684 | 438334 | 504241 | 1841126  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z | (2337097) | (18033928) | (90294487) | (99556960)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (33217786) | (53627627) | (124478947) | 28108492  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (648839) | (53014446) | (89507111) | (33640275)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 379156892 | 432171338 | 743590211 | 777230486  |
| &nbsp;&nbsp;&nbsp; End of the period | $378508053 | $379156892 | $654083100 | $743590211  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 19030 | 57599 | 86476 | 166003  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 12981 | 11479 | 3951 | 45203  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (115686) | (259901) | (148163) | (166659)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C |  |  | 8870 | 18889  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C |  |  | 42 | 4756  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C |  |  | (8129) | (20189)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 146150 | 653132 | 4447882 | 2601482  |

---

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

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Small Cap Value Fund**  | **Small Cap Value Fund**  |
|  | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025** | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025**  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | $51848 | $47540 | $32383 | $304823  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (675445) | (1240865) | (6082130) | (3088976)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z | 10759 | 55588 | 1215638 | 1701130  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class Z | 6063 | 7643 | 6658 | 23288  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z | (41237) | (331577) | (1201633) | (1393244)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (585537) | (999362) | (1638155) | 196506 |

---

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

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Diversified** <br>**Value Fund** | **Small Cap Diversified** <br>**Value Fund** | **Global Value Fund**  | **Global Value Fund**  |
|  | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025** | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $6737445 | $13017618 | $186960 | $644986  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10279868 | 74450527 | 4219591 | 3343894  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 52299890 | (81525089) | (933216) | 1671724  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 69317203 | 5943056 | 3473335 | 5660604  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (308694) | (3145029) | (244148) | (367047)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (6425458) | (34284965) | (3415446) | (4731507)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class Z | (2478602) | (14757752) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (9212754) | (52187746) | (3659594) | (5098554)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 8319774 | 16556903 | 298055 | 474554  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 173732 | 1800882 | 242483 | 360952  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (9939863) | (21546487) | (732357) | (448651)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 67588314 | 159142227 | 3885836 | 4878958  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 6363241 | 33974118 | 3414505 | 4730846  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (48990545) | (214507415) | (6720605) | (8309853)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z | 42362132 | 170745052 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class Z | 2282049 | 13366643 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z | (41291006) | (170874724) |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 26867828 | (11342801) | 387917 | 1686806  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 86972277 | (57587491) | 201658 | 2248856  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 730982432 | 788569923 | 39828890 | 37580034  |
| &nbsp;&nbsp;&nbsp; End of the period | $817954709 | $730982432 | $40030548 | $39828890  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 679311 | 1361276 | 18752 | 30108  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 13854 | 137999 | 15921 | 24892  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (801136) | (1804590) | (46133) | (29736)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 5459480 | 13459396 | 246093 | 315117  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 503820 | 2579660 | 225083 | 326942  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (3940734) | (18221822) | (430314) | (555469)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z | 3417315 | 14200460 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class Z | 180828 | 1016475 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z | (3299102) | (14570455) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 2213636 | (1841601) | 29402 | 111854 |

---

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

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Value Fund** | **International Value Fund** | **International Small Cap** <br>**Diversified Value Fund**  | **International Small Cap** <br>**Diversified Value Fund**  |
|  | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025** | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $23074 | &nbsp;&nbsp; $101424 | &nbsp;&nbsp; $29150 | &nbsp;&nbsp; $141683  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 476012 | &nbsp;&nbsp; 304955 | &nbsp;&nbsp; 458391 | &nbsp;&nbsp; 480694  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 3819 | &nbsp;&nbsp; 537582 | &nbsp;&nbsp; (39432) | &nbsp;&nbsp; 160201  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 502905 | &nbsp;&nbsp; 943961 | &nbsp;&nbsp; 448109 | &nbsp;&nbsp; 782578  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | &nbsp;&nbsp; (649725) | &nbsp;&nbsp; (443946) | &nbsp;&nbsp; (228334) | &nbsp;&nbsp; (1110034)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (649725) | &nbsp;&nbsp; (443946) | &nbsp;&nbsp; (228334) | &nbsp;&nbsp; (1110034)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp; 99348 | &nbsp;&nbsp; 526631 | &nbsp;&nbsp; 2630 | &nbsp;&nbsp; 1527190  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | &nbsp;&nbsp; 359556 | &nbsp;&nbsp; 247522 | &nbsp;&nbsp; 228334 | &nbsp;&nbsp; 1110034  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp; (894408) | &nbsp;&nbsp; (125526) | &nbsp;&nbsp; (2535) | &nbsp;&nbsp; (5707711)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; (435504) | &nbsp;&nbsp; 648627 | &nbsp;&nbsp; 228429 | &nbsp;&nbsp; (3070487)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; (582324) | &nbsp;&nbsp; 1148642 | &nbsp;&nbsp; 448204 | &nbsp;&nbsp; (3397943)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 4795621 | &nbsp;&nbsp; 3646979 | &nbsp;&nbsp; 4665436 | &nbsp;&nbsp; 8063379  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $4213297 | &nbsp;&nbsp; $4795621 | &nbsp;&nbsp; $5113640 | &nbsp;&nbsp; $4665436  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp; 6716 | &nbsp;&nbsp; 39140 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 122951  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | &nbsp;&nbsp; 27363 | &nbsp;&nbsp; 21191 | &nbsp;&nbsp; 19942 | &nbsp;&nbsp; 114910  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp; (59546) | &nbsp;&nbsp; (10017) | &nbsp;&nbsp; (221) | &nbsp;&nbsp; (477179)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; (25467) | &nbsp;&nbsp; 50314 | &nbsp;&nbsp; 19942 | &nbsp;&nbsp; (239318) |

---

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

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value Opportunities Fund** | **Value Opportunities Fund** | **High Yield Fund**  | **High Yield Fund**  |
|  | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025** | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2881629 | $7758121 | $24806315 | $54508378  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 37393615 | 51728867 | 2607130 | (22997337)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 10576447 | 28444086 | (5390789) | 39912711  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 50851691 | 87931074 | 22022656 | 71423752  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (3622308) | (9254885) | (852253) | (2452990)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (310267) | (1084233) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (21270746) | (45016051) | (14152020) | (40110586)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class Z | (2922613) | (6072200) | (9822510) | (11967496)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (28125934) | (61427369) | (24826783) | (54531072)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 15927636 | 16922004 | 2140717 | 3335967  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 2842759 | 7426079 | 761465 | 1469725  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (10248353) | (28740150) | (3360113) | (37317195)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 391928 | 1462517 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 248890 | 908024 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (1208492) | (3864595) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 98391312 | 124625492 | 35762976 | 155886483  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 12978059 | 25896915 | 13732260 | 29067903  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (75363509) | (105474556) | (52666908) | (462498106)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z | 35130297 | 67952997 | 32992048 | 267331607  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class Z | 2901312 | 6072194 | 3464060 | 5687877  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z | (32084171) | (67674672) | (26827222) | (101729300)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 49907668 | 45512249 | 5999283 | (138765039)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 72633425 | 72015954 | 3195156 | (121872359)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 725124671 | 653108717 | 775924165 | 897796524  |
| &nbsp;&nbsp;&nbsp; End of the period | $797758096 | $725124671 | $779119321 | $775924165  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 387047 | 430588 | 202545 | 317547  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 69573 | 189489 | 71995 | 139958  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (247230) | (733263) | (316621) | (3528416)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 10721 | 42431 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 6914 | 26213 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (33219) | (111922) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 2369832 | 3236272 | 3348152 | 14695488  |

---

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

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value Opportunities Fund** | **Value Opportunities Fund** | **High Yield Fund**  | **High Yield Fund**  |
|  | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025** | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025**  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | $317934 | $660635 | $1285664 | $2740050  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (1830083) | (2697336) | (4931174) | (43725422)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z | 855886 | 1738834 | 3090897 | 25250504  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class Z | 71076 | 154903 | 324478 | 536909  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z | (777632) | (1731611) | (2512135) | (9796197)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1200819 | 1205233 | 563801 | (13369579) |

---

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

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley Funds** 

**Financial Highlights** 

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | | | | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**For** <br>**the** <br>**period** <br>**ended** | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of** <br>**period** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>(a)</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain** <br>(loss) on <br>**investments<sup>(b)</sup>** | **Total** <br>**from** <br>**investment** <br>**operations** | **Net** <br>**investment** <br>**income** | **Net** <br>**realized** <br>**gains** | **Return** <br>**of** <br>**capital** | **Total** <br>**distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end** <br>**of** <br>**period** | <br>**Total** <br>**return<sup>(c)</sup>** | <br>**Net** <br>**assets,** <br>**end of** <br>**period** <br>**(in thousands)** | **Ratio of** <br>**expenses to** <br>**average** <br>**net** <br>**assets** <br>**before** <br>**expense** <br>**reimbursement<sup>(d)(e)</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**expense** <br>**reimbursement<sup>(d)(e)</sup>** | **Ratio of** <br>**overdraft** <br>**and** <br>**ReFlow** <br>**fees to** <br>**average** <br>**net** <br>**assets<sup>(d)(e)</sup>** | **Ratio of** <br>**operational** <br>**expenses to** <br>**average** <br>**net assets** <br>**excluding** <br>**overdraft** <br>**and ReFlow** <br>**fees<sup>(d)(e)</sup>** | **Ratio of** <br>**net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**net** <br>**assets<sup>(d)(e)</sup>** | **Portfolio** <br>**turnover** <br>**rate<sup>(c)</sup>**  |
| **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $30.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp; (0.44) | (2.87) |  | &nbsp;&nbsp;&nbsp; (3.31) | $30.21 | 11.07% | &nbsp;&nbsp; $37111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 24%  |
| 6/30/2025 | &nbsp;&nbsp; $30.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp; (0.77) |  | (3.10) | &nbsp;&nbsp;&nbsp; (3.87) | $30.25 | 10.55% | &nbsp;&nbsp; $36258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 34%  |
| 6/30/2024 | &nbsp;&nbsp; $26.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp; (0.36) |  |  | &nbsp;&nbsp;&nbsp; (0.36) | $30.88 | 18.48% | &nbsp;&nbsp; $42843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 34%  |
| 6/30/2023 | &nbsp;&nbsp; $22.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp; (0.20) |  |  | &nbsp;&nbsp;&nbsp; (0.20) | $26.41 | 16.58% | &nbsp;&nbsp; $34785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 26%  |
| 6/30/2022 | &nbsp;&nbsp; $25.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp; (2.30) | &nbsp;&nbsp; (2.11) | &nbsp;&nbsp;&nbsp; (0.23) |  |  | &nbsp;&nbsp;&nbsp; (0.23) | $22.84 | -8.49% | &nbsp;&nbsp; $32489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 28%  |
| 6/30/2021 | &nbsp;&nbsp; $15.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;&nbsp; (0.34) |  |  | &nbsp;&nbsp;&nbsp; (0.34) | $25.18 | 66.74% | &nbsp;&nbsp; $43719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 32%  |
| **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Disciplined Value Fund - Class I**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $30.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp; (0.48) | (2.87) |  | &nbsp;&nbsp;&nbsp; (3.35) | $30.03 | 11.20% | &nbsp;&nbsp; $43358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 24%  |
| 6/30/2025 | &nbsp;&nbsp; $30.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp; (0.79) |  | (3.17) | &nbsp;&nbsp;&nbsp; (3.96) | $30.09 | 10.81% | &nbsp;&nbsp; $44456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp; 34%  |
| 6/30/2024 | &nbsp;&nbsp; $26.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp; (0.45) |  |  | &nbsp;&nbsp;&nbsp; (0.45) | $30.75 | 18.81% | &nbsp;&nbsp; $68413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp; 34%  |
| 6/30/2023 | &nbsp;&nbsp; $22.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp; (0.27) |  |  | &nbsp;&nbsp;&nbsp; (0.27) | $26.31 | 16.88% | &nbsp;&nbsp; $46907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp; 26%  |
| 6/30/2022 | &nbsp;&nbsp; $25.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; (2.30) | &nbsp;&nbsp; (2.05) | &nbsp;&nbsp;&nbsp; (0.28) |  |  | &nbsp;&nbsp;&nbsp; (0.28) | $22.76 | -8.27% | &nbsp;&nbsp; $50757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 28%  |
| 6/30/2021 | &nbsp;&nbsp; $15.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp; (0.39) |  |  | &nbsp;&nbsp;&nbsp; (0.39) | $25.09 | 67.14% | &nbsp;&nbsp; $63906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 32%  |
| **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class A**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $42.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp; (0.66) | (2.83) |  | &nbsp;&nbsp;&nbsp; (3.49) | $44.73 | 12.91% | &nbsp;&nbsp; $123223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 30%  |
| 6/30/2025 | &nbsp;&nbsp; $43.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp; (0.59) | (3.96) |  | &nbsp;&nbsp;&nbsp; (4.55) | $42.79 | 9.62% | &nbsp;&nbsp; $119011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp; 40%  |
| 6/30/2024 | &nbsp;&nbsp; $40.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp; (0.58) | (3.81) |  | &nbsp;&nbsp;&nbsp; (4.39) | $43.16 | 18.03% | &nbsp;&nbsp; $132425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp; 22%  |
| 6/30/2023 | &nbsp;&nbsp; $38.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp; (0.40) | (2.76) |  | &nbsp;&nbsp;&nbsp; (3.16) | $40.80 | 14.08% | &nbsp;&nbsp; $134901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 26%  |
| 6/30/2022 | &nbsp;&nbsp; $43.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp; (4.38) | &nbsp;&nbsp; (4.07) | &nbsp;&nbsp;&nbsp; (0.31) |  |  | &nbsp;&nbsp;&nbsp; (0.31) | $38.66 | -9.53% | &nbsp;&nbsp; $150260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 35%  |
| 6/30/2021 | &nbsp;&nbsp; $26.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;16.56 | &nbsp;&nbsp;&nbsp;&nbsp;16.89 | &nbsp;&nbsp;&nbsp; (0.52) |  |  | &nbsp;&nbsp;&nbsp; (0.52) | $43.04 | 63.82% | &nbsp;&nbsp; $149051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 25%  |
| **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class I**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $43.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp; (0.82) | (2.83) |  | &nbsp;&nbsp;&nbsp; (3.65) | $44.98 | 13.02% | &nbsp;&nbsp; $218492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp; 30%  |
| 6/30/2025 | &nbsp;&nbsp; $43.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp; (0.70) | (3.96) |  | &nbsp;&nbsp;&nbsp; (4.66) | $43.11 | 9.89% | &nbsp;&nbsp; $239357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp; 40%  |
| 6/30/2024 | &nbsp;&nbsp; $41.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp;&nbsp; (0.69) | (3.81) |  | &nbsp;&nbsp;&nbsp; (4.50) | $43.45 | 18.30% | &nbsp;&nbsp; $210124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp; 22%  |
| 6/30/2023 | &nbsp;&nbsp; $38.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp; (0.53) | (2.76) |  | &nbsp;&nbsp;&nbsp; (3.29) | $41.06 | 14.35% | &nbsp;&nbsp; $219456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp; 26%  |
| 6/30/2022 | &nbsp;&nbsp; $43.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp; (4.40) | &nbsp;&nbsp; (3.99) | &nbsp;&nbsp;&nbsp; (0.38) |  |  | &nbsp;&nbsp;&nbsp; (0.38) | $38.92 | -9.31% | &nbsp;&nbsp; $214692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 35%  |
| 6/30/2021 | &nbsp;&nbsp; $26.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;16.64 | &nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp; (0.57) |  |  | &nbsp;&nbsp;&nbsp; (0.57) | $43.29 | 64.20% | &nbsp;&nbsp; $293318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 25%  |
| **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  | **Hotchkis & Wiley Large Cap Fundamental Value Fund - Class Z**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $43.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp; (0.90) | (2.83) |  | &nbsp;&nbsp;&nbsp; (3.73) | $44.92 | 13.11% | &nbsp;&nbsp; $15070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp; 30%  |
| 6/30/2025 | &nbsp;&nbsp; $43.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp; (0.75) | (3.96) |  | &nbsp;&nbsp;&nbsp; (4.71) | $43.10 | 9.98% | &nbsp;&nbsp; $11114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 1.78% | &nbsp;&nbsp;&nbsp; 40%  |
| 6/30/2024 | &nbsp;&nbsp; $41.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.93 | &nbsp;&nbsp;&nbsp; (0.73) | (3.81) |  | &nbsp;&nbsp;&nbsp; (4.54) | $43.45 | 18.42% | &nbsp;&nbsp; $12907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp; 22%  |
| 6/30/2023 | &nbsp;&nbsp; $38.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp; (0.57) | (2.76) |  | &nbsp;&nbsp;&nbsp; (3.33) | $41.06 | 14.46% | &nbsp;&nbsp; $13023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 26%  |
| 6/30/2022 | &nbsp;&nbsp; $43.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp; (4.40) | &nbsp;&nbsp; (3.94) | &nbsp;&nbsp;&nbsp; (0.44) |  |  | &nbsp;&nbsp;&nbsp; (0.44) | $38.92 | -9.22% | &nbsp;&nbsp; $35081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 35%  |
| 6/30/2021 | &nbsp;&nbsp; $26.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;16.63 | &nbsp;&nbsp;&nbsp;&nbsp;17.10 | &nbsp;&nbsp;&nbsp; (0.62) |  |  | &nbsp;&nbsp;&nbsp; (0.62) | $43.30 | 64.34% | &nbsp;&nbsp; $12958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp; 25%  |
| **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class A**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $52.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp; (0.67) |  |  | &nbsp;&nbsp;&nbsp; (0.67) | $57.34 | 10.19% | &nbsp;&nbsp; $114594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 21%  |
| 6/30/2025 | &nbsp;&nbsp; $52.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp; (0.54) |  |  | &nbsp;&nbsp;&nbsp; (0.54) | $52.65 | 1.01% | &nbsp;&nbsp; $109621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp; 31%  |
| 6/30/2024 | &nbsp;&nbsp; $45.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.73 | &nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp;&nbsp; (0.06) |  |  | &nbsp;&nbsp;&nbsp; (0.06) | $52.62 | 15.65% | &nbsp;&nbsp; $119610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 28%  |
| 6/30/2023 | &nbsp;&nbsp; $39.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;5.69 | &nbsp;&nbsp;&nbsp; (0.13) |  |  | &nbsp;&nbsp;&nbsp; (0.13) | $45.55 | 14.24% | &nbsp;&nbsp; $120783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 35%  |
| 6/30/2022 | &nbsp;&nbsp; $41.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; (1.15) | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp; (0.51) |  |  | &nbsp;&nbsp;&nbsp; (0.51) | $39.99 | -2.54% | &nbsp;&nbsp; $111771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 41%  |
| 6/30/2021 | &nbsp;&nbsp; $21.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;19.87 | &nbsp;&nbsp;&nbsp;&nbsp;20.30 | &nbsp;&nbsp;&nbsp; (0.71) |  |  | &nbsp;&nbsp;&nbsp; (0.71) | $41.52 | 93.63% | &nbsp;&nbsp; $118947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 37%  |
| **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class I**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $53.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp; (0.81) |  |  | &nbsp;&nbsp;&nbsp; (0.81) | $58.34 | 10.31% | &nbsp;&nbsp; $240741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 21%  |
| 6/30/2025 | &nbsp;&nbsp; $53.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp; (0.63) |  |  | &nbsp;&nbsp;&nbsp; (0.63) | $53.63 | 1.21% | &nbsp;&nbsp; $246896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 31%  |
| 6/30/2024 | &nbsp;&nbsp; $46.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp; (0.15) |  |  | &nbsp;&nbsp;&nbsp; (0.15) | $53.57 | 15.88% | &nbsp;&nbsp; $275563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 28%  |
| 6/30/2023 | &nbsp;&nbsp; $40.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp; (0.22) |  |  | &nbsp;&nbsp;&nbsp; (0.22) | $46.37 | 14.47% | &nbsp;&nbsp; $289249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 35%  |
| 6/30/2022 | &nbsp;&nbsp; $42.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp; (1.18) | &nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp; (0.56) |  |  | &nbsp;&nbsp;&nbsp; (0.56) | $40.71 | -2.34% | &nbsp;&nbsp; $286887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp; 41%  |
| 6/30/2021 | &nbsp;&nbsp; $22.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;20.20 | &nbsp;&nbsp;&nbsp;&nbsp;20.68 | &nbsp;&nbsp;&nbsp; (0.72) |  |  | &nbsp;&nbsp;&nbsp; (0.72) | $42.23 | 93.96% | &nbsp;&nbsp; $302584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp; 37%  |
| **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  | **Hotchkis & Wiley Mid-Cap Value Fund - Class Z**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $53.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp; (0.93) |  |  | &nbsp;&nbsp;&nbsp; (0.93) | $58.27 | 10.38% | &nbsp;&nbsp; $23173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 21%  |
| 6/30/2025 | &nbsp;&nbsp; $53.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp; (0.71) |  |  | &nbsp;&nbsp;&nbsp; (0.71) | $53.64 | 1.33% | &nbsp;&nbsp; $22640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp; 31%  |
| 6/30/2024 | &nbsp;&nbsp; $46.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp; (0.22) |  |  | &nbsp;&nbsp;&nbsp; (0.22) | $53.59 | 16.05% | &nbsp;&nbsp; $36998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 28%  |
| 6/30/2023 | &nbsp;&nbsp; $40.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp; (0.28) |  |  | &nbsp;&nbsp;&nbsp; (0.28) | $46.38 | 14.60% | &nbsp;&nbsp; $30591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp; 35%  |
| 6/30/2022 | &nbsp;&nbsp; $42.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (0.90) | &nbsp;&nbsp;&nbsp; (0.63) |  |  | &nbsp;&nbsp;&nbsp; (0.63) | $40.72 | -2.23% | &nbsp;&nbsp; $30870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; 41%  |
| 6/30/2021 | &nbsp;&nbsp; $22.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;20.19 | &nbsp;&nbsp;&nbsp;&nbsp;20.75 | &nbsp;&nbsp;&nbsp; (0.76) |  |  | &nbsp;&nbsp;&nbsp; (0.76) | $42.25 | 94.35% | &nbsp;&nbsp; $22879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp; 37%  |
| **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Value Fund - Class A**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $71.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp; (0.52) |  |  | &nbsp;&nbsp;&nbsp; (0.52) | $74.32 | 5.36% | &nbsp;&nbsp; $50361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 11%  |
| 6/30/2025 | &nbsp;&nbsp; $75.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp; (0.64) | (5.40) |  | &nbsp;&nbsp;&nbsp; (6.04) | $71.02 | 1.04% | &nbsp;&nbsp; $52228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp; 41%  |
| 6/30/2024 | &nbsp;&nbsp; $69.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;&nbsp;&nbsp;7.80 | &nbsp;&nbsp;&nbsp; (0.37) | (0.99) |  | &nbsp;&nbsp;&nbsp; (1.36) | $75.70 | 11.41% | &nbsp;&nbsp; $52298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 45%  |
| 6/30/2023 | &nbsp;&nbsp; $65.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;&nbsp;12.32 | &nbsp;&nbsp;&nbsp; (0.34) | (8.39) |  | &nbsp;&nbsp;&nbsp; (8.73) | $69.26 | 19.49% | &nbsp;&nbsp; $50327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 42%  |
| 6/30/2022 | &nbsp;&nbsp; $68.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp; (2.58) | &nbsp;&nbsp; (2.42) | &nbsp;&nbsp;&nbsp; (0.15) |  |  | &nbsp;&nbsp;&nbsp; (0.15) | $65.67 | -3.56% | &nbsp;&nbsp; $33250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp; 49%  |
| 6/30/2021 | &nbsp;&nbsp; $38.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;30.41 | &nbsp;&nbsp;&nbsp;&nbsp;30.55 | &nbsp;&nbsp;&nbsp; (0.34) |  |  | &nbsp;&nbsp;&nbsp; (0.34) | $68.24 | 80.58% | &nbsp;&nbsp; $35039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp; 36%  |
| **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  | **Hotchkis & Wiley Small Cap Value Fund - Class C**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $52.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp; (0.05) |  |  | &nbsp;&nbsp;&nbsp; (0.05) | $54.80 | 4.97% | &nbsp;&nbsp; $3521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.98% | &nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 11%  |
| 6/30/2025 | &nbsp;&nbsp; $57.33 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp; (0.41) | (5.40) |  | &nbsp;&nbsp;&nbsp; (5.81) | $52.25 | 0.28% | &nbsp;&nbsp; $3317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.96% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 1.94% | &nbsp;&nbsp;&nbsp; (0.22)% | &nbsp;&nbsp;&nbsp; 41%  |
| 6/30/2024 | &nbsp;&nbsp; $53.05 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp; (0.25) | (0.99) |  | &nbsp;&nbsp;&nbsp; (1.24) | $57.33 | 10.60% | &nbsp;&nbsp; $3441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; (0.02)% | &nbsp;&nbsp;&nbsp; 45%  |
| 6/30/2023 | &nbsp;&nbsp; $52.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;9.29 | &nbsp;&nbsp;&nbsp; (0.08) | (8.39) |  | &nbsp;&nbsp;&nbsp; (8.47) | $53.05 | 18.60% | &nbsp;&nbsp; $2181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.96% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.96% | &nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp; 42%  |
| 6/30/2022 | &nbsp;&nbsp; $54.55 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; (2.05) | &nbsp;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; — | $52.23 | -4.25% | &nbsp;&nbsp; $1157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.94% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.94% | &nbsp;&nbsp;&nbsp; (0.48)% | &nbsp;&nbsp;&nbsp; 49%  |
| 6/30/2021 | &nbsp;&nbsp; $30.49 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;24.33 | &nbsp;&nbsp;&nbsp;&nbsp;24.14 | &nbsp;&nbsp;&nbsp; (0.08) |  |  | &nbsp;&nbsp;&nbsp; (0.08) | $54.55 | 79.25% | &nbsp;&nbsp; $2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.99% | &nbsp;&nbsp;&nbsp; (0.46)% | &nbsp;&nbsp;&nbsp; 36% |

---

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

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley Funds** 

**Financial Highlights (Continued)** 

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | | | | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**For** <br>**the** <br>**period** <br>**ended** | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of** <br>**period** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>(a)</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain** <br>(loss) on <br>**investments<sup>(b)</sup>** | **Total** <br>**from** <br>**investment** <br>**operations** | **Net** <br>**investment** <br>**income** | **Net** <br>**realized** <br>**gains** | **Return** <br>**of** <br>**capital** | **Total** <br>**distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end** <br>**of** <br>**period** | <br>**Total** <br>**return<sup>(c)</sup>** | <br>**Net** <br>**assets,** <br>**end of** <br>**period** <br>**(in thousands)** | **Ratio of** <br>**expenses to** <br>**average** <br>**net** <br>**assets** <br>**before** <br>**expense** <br>**reimbursement<sup>(d)(e)</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**expense** <br>**reimbursement<sup>(d)(e)</sup>** | **Ratio of** <br>**overdraft** <br>**and** <br>**ReFlow** <br>**fees to** <br>**average** <br>**net** <br>**assets<sup>(d)(e)</sup>** | **Ratio of** <br>**operational** <br>**expenses to** <br>**average** <br>**net assets** <br>**excluding** <br>**overdraft** <br>**and ReFlow** <br>**fees<sup>(d)(e)</sup>** | **Ratio of** <br>**net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**net** <br>**assets<sup>(d)(e)</sup>** | **Portfolio** <br>**turnover** <br>**rate<sup>(c)</sup>**  |
| **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Value Fund - Class I**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $71.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp; (0.75) |  |  | &nbsp;&nbsp;&nbsp; (0.75) | $74.81 | 5.48% | &nbsp;&nbsp; $550503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 11%  |
| 6/30/2025 | &nbsp;&nbsp; $76.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp; (0.81) | (5.40) |  | &nbsp;&nbsp;&nbsp; (6.21) | $71.63 | 1.25% | &nbsp;&nbsp; $641874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 41%  |
| 6/30/2024 | &nbsp;&nbsp; $69.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp;&nbsp;&nbsp;8.03 | &nbsp;&nbsp;&nbsp; (0.46) | (0.99) |  | &nbsp;&nbsp;&nbsp; (1.45) | $76.30 | 11.68% | &nbsp;&nbsp; $697603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 45%  |
| 6/30/2023 | &nbsp;&nbsp; $66.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;11.79 | &nbsp;&nbsp;&nbsp;&nbsp;12.53 | &nbsp;&nbsp;&nbsp; (0.42) | (8.39) |  | &nbsp;&nbsp;&nbsp; (8.81) | $69.72 | 19.73% | &nbsp;&nbsp; $627132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 42%  |
| 6/30/2022 | &nbsp;&nbsp; $68.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp; (2.59) | &nbsp;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp; (0.26) |  |  | &nbsp;&nbsp;&nbsp; (0.26) | $66.00 | -3.42% | &nbsp;&nbsp; $510545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp; 49%  |
| 6/30/2021 | &nbsp;&nbsp; $38.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;30.56 | &nbsp;&nbsp;&nbsp;&nbsp;30.79 | &nbsp;&nbsp;&nbsp; (0.43) |  |  | &nbsp;&nbsp;&nbsp; (0.43) | $68.58 | 80.88% | &nbsp;&nbsp; $512396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp; 36%  |
| **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Value Fund - Class Z**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $71.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp; (0.90) |  |  | &nbsp;&nbsp;&nbsp; (0.90) | $74.75 | 5.54% | &nbsp;&nbsp; $49698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp; 11%  |
| 6/30/2025 | &nbsp;&nbsp; $76.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp; (0.86) | (5.40) |  | &nbsp;&nbsp;&nbsp; (6.26) | $71.67 | 1.35% | &nbsp;&nbsp; $46172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 41%  |
| 6/30/2024 | &nbsp;&nbsp; $69.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;7.30 | &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp; (0.53) | (0.99) |  | &nbsp;&nbsp;&nbsp; (1.52) | $76.32 | 11.80% | &nbsp;&nbsp; $23889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp; 45%  |
| 6/30/2023 | &nbsp;&nbsp; $66.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp;&nbsp;&nbsp;12.63 | &nbsp;&nbsp;&nbsp; (0.55) | (8.39) |  | &nbsp;&nbsp;&nbsp; (8.94) | $69.73 | 19.90% | &nbsp;&nbsp; $11434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp; 42%  |
| 6/30/2022 | &nbsp;&nbsp; $68.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp; (2.60) | &nbsp;&nbsp; (2.18) | &nbsp;&nbsp;&nbsp; (0.40) |  |  | &nbsp;&nbsp;&nbsp; (0.40) | $66.04 | -3.22% | &nbsp;&nbsp; $9394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp; 49%  |
| 6/30/2021 | &nbsp;&nbsp; $38.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;30.55 | &nbsp;&nbsp;&nbsp;&nbsp;30.90 | &nbsp;&nbsp;&nbsp; (0.51) |  |  | &nbsp;&nbsp;&nbsp; (0.51) | $68.62 | 81.23% | &nbsp;&nbsp; $10246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; 36%  |
| **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class A**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $11.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp; (0.09) |  |  | &nbsp;&nbsp;&nbsp; (0.09) | $12.47 | 9.22% | &nbsp;&nbsp; $42938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp; 24%  |
| 6/30/2025 | &nbsp;&nbsp; $12.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (0.08) | (0.67) |  | &nbsp;&nbsp;&nbsp; (0.75) | $11.50 | 0.75% | &nbsp;&nbsp; $40858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 60%  |
| 6/30/2024 | &nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp; (0.18) | (0.87) |  | &nbsp;&nbsp;&nbsp; (1.05) | $12.07 | 8.33% | &nbsp;&nbsp; $46561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 54%  |
| 6/30/2023 | &nbsp;&nbsp; $11.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp; (0.16) | (0.91) |  | &nbsp;&nbsp;&nbsp; (1.07) | $12.16 | 12.12% | &nbsp;&nbsp; $36173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp; 52%  |
| 6/30/2022 | &nbsp;&nbsp; $13.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp;&nbsp; (0.12) | (0.73) |  | &nbsp;&nbsp;&nbsp; (0.85) | $11.83 | -9.57% | &nbsp;&nbsp; $5839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 38%  |
| 6/30/2021 | &nbsp;&nbsp; $7.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.06 | &nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp; (0.09) |  |  | &nbsp;&nbsp;&nbsp; (0.09) | $13.91 | 79.09% | &nbsp;&nbsp; $8668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 42%  |
| **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class I**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $11.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp; (0.14) |  |  | &nbsp;&nbsp;&nbsp; (0.14) | $12.56 | 9.32% | &nbsp;&nbsp; $566472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp; 24%  |
| 6/30/2025 | &nbsp;&nbsp; $12.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; (0.11) | (0.67) |  | &nbsp;&nbsp;&nbsp; (0.78) | $11.62 | 1.01% | &nbsp;&nbsp; $500585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp; 60%  |
| 6/30/2024 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp; (0.20) | (0.87) |  | &nbsp;&nbsp;&nbsp; (1.07) | $12.18 | 8.53% | &nbsp;&nbsp; $551237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp; 54%  |
| 6/30/2023 | &nbsp;&nbsp; $11.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp; (0.19) | (0.91) |  | &nbsp;&nbsp;&nbsp; (1.10) | $12.26 | 12.47% | &nbsp;&nbsp; $551324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp; 52%  |
| 6/30/2022 | &nbsp;&nbsp; $13.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp; (0.14) | (0.73) |  | &nbsp;&nbsp;&nbsp; (0.87) | $11.91 | -9.34% | &nbsp;&nbsp; $461866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 38%  |
| 6/30/2021 | &nbsp;&nbsp; $7.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp; (0.10) |  |  | &nbsp;&nbsp;&nbsp; (0.10) | $13.99 | 79.26% | &nbsp;&nbsp; $427708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 42%  |
| **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  | **Hotchkis & Wiley Small Cap Diversified Value Fund - Class Z**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $11.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp; (0.15) |  |  | &nbsp;&nbsp;&nbsp; (0.15) | $12.55 | 9.39% | &nbsp;&nbsp; $208544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 1.72% | &nbsp;&nbsp;&nbsp; 24%  |
| 6/30/2025 | &nbsp;&nbsp; $12.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; (0.11) | (0.67) |  | &nbsp;&nbsp;&nbsp; (0.78) | $11.61 | 1.06% | &nbsp;&nbsp; $189539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp; 60%  |
| 6/30/2024 | &nbsp;&nbsp; $12.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp; (0.20) | (0.87) |  | &nbsp;&nbsp;&nbsp; (1.07) | $12.17 | 8.57% | &nbsp;&nbsp; $190772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp; 54%  |
| 6/30/2023 | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp; (0.19) | (0.91) |  | &nbsp;&nbsp;&nbsp; (1.10) | $12.25 | 12.54% | &nbsp;&nbsp; $77815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 1.72% | &nbsp;&nbsp;&nbsp; 52%  |
| 6/30/2022 | &nbsp;&nbsp; $13.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; (1.39) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp; (0.15) | (0.73) |  | &nbsp;&nbsp;&nbsp; (0.88) | $11.90 | -9.38% | &nbsp;&nbsp; $2458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp; 38%  |
| 6/30/2021 | &nbsp;&nbsp; $7.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp; (0.10) |  |  | &nbsp;&nbsp;&nbsp; (0.10) | $13.99 | 79.45% | &nbsp;&nbsp; $1186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 42%  |
| **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  | **Hotchkis & Wiley Global Value Fund - Class A**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $15.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp; (0.22) | (1.23) |  | &nbsp;&nbsp;&nbsp; (1.45) | $15.73 | 9.04% | &nbsp;&nbsp; $2873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 35%  |
| 6/30/2025 | &nbsp;&nbsp; $15.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp; (0.18) | (1.88) |  | &nbsp;&nbsp;&nbsp; (2.06) | $15.80 | 15.70% | &nbsp;&nbsp; $3066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp; 51%  |
| 6/30/2024 | &nbsp;&nbsp; $14.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp; (0.21) | (1.34) |  | &nbsp;&nbsp;&nbsp; (1.55) | $15.60 | 21.33% | &nbsp;&nbsp; $2632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.49% | &nbsp;&nbsp;&nbsp; 48%  |
| 6/30/2023 | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp; (0.10) | (0.36) |  | &nbsp;&nbsp;&nbsp; (0.46) | $14.30 | 17.30% | &nbsp;&nbsp; $1535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 39%  |
| 6/30/2022 | &nbsp;&nbsp; $14.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp; (1.84) | &nbsp;&nbsp; (1.73) | &nbsp;&nbsp;&nbsp; (0.07) |  |  | &nbsp;&nbsp;&nbsp; (0.07) | $12.63 | -12.07% | &nbsp;&nbsp; $1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp; 38%  |
| 6/30/2021 | &nbsp;&nbsp; $8.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp; (0.15) |  |  | &nbsp;&nbsp;&nbsp; (0.15) | $14.43 | 63.05% | &nbsp;&nbsp; $1484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 39%  |
| **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  | **Hotchkis & Wiley Global Value Fund - Class I**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $15.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp; (0.28) | (1.23) |  | &nbsp;&nbsp;&nbsp; (1.51) | $15.67 | 9.19% | &nbsp;&nbsp; $37158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 35%  |
| 6/30/2025 | &nbsp;&nbsp; $15.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp; (0.22) | (1.88) |  | &nbsp;&nbsp;&nbsp; (2.10) | $15.78 | 16.00% | &nbsp;&nbsp; $36763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.72% | &nbsp;&nbsp;&nbsp; 51%  |
| 6/30/2024 | &nbsp;&nbsp; $14.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp; (0.26) | (1.34) |  | &nbsp;&nbsp;&nbsp; (1.60) | $15.58 | 21.57% | &nbsp;&nbsp; $34948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp; 48%  |
| 6/30/2023 | &nbsp;&nbsp; $12.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp; (0.14) | (0.36) |  | &nbsp;&nbsp;&nbsp; (0.50) | $14.31 | 17.61% | &nbsp;&nbsp; $31599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp; 39%  |
| 6/30/2022 | &nbsp;&nbsp; $14.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp; (1.84) | &nbsp;&nbsp; (1.70) | &nbsp;&nbsp;&nbsp; (0.10) |  |  | &nbsp;&nbsp;&nbsp; (0.10) | $12.64 | -11.86% | &nbsp;&nbsp; $31800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 38%  |
| 6/30/2021 | &nbsp;&nbsp; $8.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp; (0.18) |  |  | &nbsp;&nbsp;&nbsp; (0.18) | $14.44 | 63.58% | &nbsp;&nbsp; $36025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 39%  |
| **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  | **Hotchkis & Wiley International Value Fund - Class I**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $14.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp; (0.38) | (1.92) |  | &nbsp;&nbsp;&nbsp; (2.30) | $13.62 | 11.77% | &nbsp;&nbsp; $4213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 18%  |
| 6/30/2025 | &nbsp;&nbsp; $12.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp; (0.29) | (1.27) |  | &nbsp;&nbsp;&nbsp; (1.56) | $14.32 | 26.60% | &nbsp;&nbsp; $4796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.64% | &nbsp;&nbsp;&nbsp; 35%  |
| 6/30/2024 | &nbsp;&nbsp; $12.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp; (0.31) | (0.70) |  | &nbsp;&nbsp;&nbsp; (1.01) | $12.81 | 14.18% | &nbsp;&nbsp; $3647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.66% | &nbsp;&nbsp;&nbsp; 35%  |
| 6/30/2023 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp; (0.23) | (0.12) |  | &nbsp;&nbsp;&nbsp; (0.35) | $12.22 | 21.88% | &nbsp;&nbsp; $3310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.37% | &nbsp;&nbsp;&nbsp; 26%  |
| 6/30/2022 | &nbsp;&nbsp; $11.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp; (1.41) | &nbsp;&nbsp; (1.14) | &nbsp;&nbsp;&nbsp; (0.17) |  |  | &nbsp;&nbsp;&nbsp; (0.17) | $10.35 | -9.82% | &nbsp;&nbsp; $2708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.35% | &nbsp;&nbsp;&nbsp; 20%  |
| 6/30/2021 | &nbsp;&nbsp; $7.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp; (0.12) |  |  | &nbsp;&nbsp;&nbsp; (0.12) | $11.66 | 55.37% | &nbsp;&nbsp; $2554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp; 29%  |
| **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  | **Hotchkis & Wiley International Small Cap Diversified Value Fund - Class I**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp; (0.34) | (0.21) |  | &nbsp;&nbsp;&nbsp; (0.55) | $11.78 | 9.56% | &nbsp;&nbsp; $5114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 33%  |
| 6/30/2025 | &nbsp;&nbsp; $12.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp; (0.70) | (2.32) |  | &nbsp;&nbsp;&nbsp; (3.02) | $11.27 | 19.82% | &nbsp;&nbsp; $4665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 2.45% | &nbsp;&nbsp;&nbsp; 63%  |
| 6/30/2024 | &nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp; (0.51) | (0.28) |  | &nbsp;&nbsp;&nbsp; (0.79) | $12.34 | 15.63% | &nbsp;&nbsp; $8063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 2.48% | &nbsp;&nbsp;&nbsp; 62%  |
| 6/30/2023 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp; (0.20) | (0.36) |  | &nbsp;&nbsp;&nbsp; (0.56) | $11.43 | 17.07% | &nbsp;&nbsp; $6607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 2.72% | &nbsp;&nbsp;&nbsp; 78%  |
| 6/30/2022 | &nbsp;&nbsp; $14.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp;&nbsp; (0.39) | (2.39) |  | &nbsp;&nbsp;&nbsp; (2.78) | $10.29 | -14.28% | &nbsp;&nbsp; $5709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 1.92% | &nbsp;&nbsp;&nbsp; 45%  |
| 6/30/2021<sup>(i)</sup> | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp; (0.08) | (0.20) |  | &nbsp;&nbsp;&nbsp; (0.28) | $14.83 | 51.58% | &nbsp;&nbsp; $6661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 1.91% | &nbsp;&nbsp;&nbsp; 63%  |
| **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  | **Hotchkis & Wiley Value Opportunities Fund - Class A**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $39.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp; (0.32) | (1.06) |  | &nbsp;&nbsp;&nbsp; (1.38) | $41.30 | 6.87% | &nbsp;&nbsp; $112417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 29%  |
| 6/30/2025 | &nbsp;&nbsp; $38.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp; (0.39) | (3.28) |  | &nbsp;&nbsp;&nbsp; (3.67) | $39.95 | 13.31% | &nbsp;&nbsp; $100388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 78%  |
| 6/30/2024 | &nbsp;&nbsp; $35.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp; (0.29) | (2.70) |  | &nbsp;&nbsp;&nbsp; (2.99) | $38.56 | 18.68% | &nbsp;&nbsp; $101253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 71%  |
| 6/30/2023 | &nbsp;&nbsp; $29.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;7.01 | &nbsp;&nbsp;&nbsp; (0.04) | (0.72) |  | &nbsp;&nbsp;&nbsp; (0.76) | $35.34 | 24.36% | &nbsp;&nbsp; $81197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 88%  |
| 6/30/2022 | &nbsp;&nbsp; $37.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp; (3.68) | &nbsp;&nbsp; (3.61) | &nbsp;&nbsp;&nbsp; (0.36) | (4.37) |  | &nbsp;&nbsp;&nbsp; (4.73) | $29.09 | -11.72% | &nbsp;&nbsp; $70350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp; 75%  |
| 6/30/2021 | &nbsp;&nbsp; $22.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;15.06 | &nbsp;&nbsp;&nbsp;&nbsp;15.49 | &nbsp;&nbsp;&nbsp; (0.72) |  |  | &nbsp;&nbsp;&nbsp; (0.72) | $37.43 | 69.24% | &nbsp;&nbsp; $83243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 76% |

---

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

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hotchkis & Wiley Funds** 

**Financial Highlights (Continued)** 

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | | | | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**For** <br>**the** <br>**period** <br>**ended** | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of** <br>**period** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>(a)</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain** <br>(loss) on <br>**investments<sup>(b)</sup>** | **Total** <br>**from** <br>**investment** <br>**operations** | **Net** <br>**investment** <br>**income** | **Net** <br>**realized** <br>**gains** | **Return** <br>**of** <br>**capital** | **Total** <br>**distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end** <br>**of** <br>**period** | <br>**Total** <br>**return<sup>(c)</sup>** | <br>**Net** <br>**assets,** <br>**end of** <br>**period** <br>**(in thousands)** | **Ratio of** <br>**expenses to** <br>**average** <br>**net** <br>**assets** <br>**before** <br>**expense** <br>**reimbursement<sup>(d)(e)</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**expense** <br>**reimbursement<sup>(d)(e)</sup>** | **Ratio of** <br>**overdraft** <br>**and** <br>**ReFlow** <br>**fees to** <br>**average** <br>**net** <br>**assets<sup>(d)(e)</sup>** | **Ratio of** <br>**operational** <br>**expenses to** <br>**average** <br>**net assets** <br>**excluding** <br>**overdraft** <br>**and ReFlow** <br>**fees<sup>(d)(e)</sup>** | **Ratio of** <br>**net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**net** <br>**assets<sup>(d)(e)</sup>** | **Portfolio** <br>**turnover** <br>**rate<sup>(c)</sup>**  |
| **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  | **Hotchkis & Wiley Value Opportunities Fund - Class C**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $35.17 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp; — | (1.06) |  | &nbsp;&nbsp;&nbsp; (1.06) | $36.37 | 6.45% | &nbsp;&nbsp; $10821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 1.92% | &nbsp;&nbsp;&nbsp; (0.19)% | &nbsp;&nbsp;&nbsp; 29%  |
| 6/30/2025 | &nbsp;&nbsp; $34.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp; (0.13) | (3.28) |  | &nbsp;&nbsp;&nbsp; (3.41) | $35.17 | 12.50% | &nbsp;&nbsp; $11010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 1.91% | &nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp; 78%  |
| 6/30/2024 | &nbsp;&nbsp; $31.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp; (0.04) | (2.70) |  | &nbsp;&nbsp;&nbsp; (2.74) | $34.34 | 17.85% | &nbsp;&nbsp; $12237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 71%  |
| 6/30/2023 | &nbsp;&nbsp; $26.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp; — | (0.72) |  | &nbsp;&nbsp;&nbsp; (0.72) | $31.76 | 23.44% | &nbsp;&nbsp; $18818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.92% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.92% | &nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp; 88%  |
| 6/30/2022 | &nbsp;&nbsp; $34.31 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (3.31) | &nbsp;&nbsp; (3.49) | &nbsp;&nbsp;&nbsp; (0.08) | (4.37) |  | &nbsp;&nbsp;&nbsp; (4.45) | $26.37 | -12.34% | &nbsp;&nbsp; $19575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.91% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.91% | &nbsp;&nbsp;&nbsp; (0.55)% | &nbsp;&nbsp;&nbsp; 75%  |
| 6/30/2021 | &nbsp;&nbsp; $20.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;13.83 | &nbsp;&nbsp;&nbsp;&nbsp;14.04 | &nbsp;&nbsp;&nbsp; (0.60) |  |  | &nbsp;&nbsp;&nbsp; (0.60) | $34.31 | 68.05% | &nbsp;&nbsp; $27089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 76%  |
| **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  | **Hotchkis & Wiley Value Opportunities Fund - Class I**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $40.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp; (0.46) | (1.06) |  | &nbsp;&nbsp;&nbsp; (1.52) | $41.27 | 6.99% | &nbsp;&nbsp; $594795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 29%  |
| 6/30/2025 | &nbsp;&nbsp; $38.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp; (0.49) | (3.28) |  | &nbsp;&nbsp;&nbsp; (3.77) | $40.01 | 13.58% | &nbsp;&nbsp; $542351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 78%  |
| 6/30/2024 | &nbsp;&nbsp; $35.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp; (0.38) | (2.70) |  | &nbsp;&nbsp;&nbsp; (3.08) | $38.61 | 18.97% | &nbsp;&nbsp; $477029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 71%  |
| 6/30/2023 | &nbsp;&nbsp; $29.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp; (0.08) | (0.72) |  | &nbsp;&nbsp;&nbsp; (0.80) | $35.38 | 24.67% | &nbsp;&nbsp; $384206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 88%  |
| 6/30/2022 | &nbsp;&nbsp; $37.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp; (3.67) | &nbsp;&nbsp; (3.51) | &nbsp;&nbsp;&nbsp; (0.45) | (4.37) |  | &nbsp;&nbsp;&nbsp; (4.82) | $29.09 | -11.50% | &nbsp;&nbsp; $326559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp; 75%  |
| 6/30/2021 | &nbsp;&nbsp; $22.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;15.06 | &nbsp;&nbsp;&nbsp;&nbsp;15.56 | &nbsp;&nbsp;&nbsp; (0.75) |  |  | &nbsp;&nbsp;&nbsp; (0.75) | $37.42 | 69.77% | &nbsp;&nbsp; $390241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp; 76%  |
| **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  | **Hotchkis & Wiley Value Opportunities Fund - Class Z**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $40.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp; (0.52) | (1.06) |  | &nbsp;&nbsp;&nbsp; (1.58) | $41.28 | 7.05% | &nbsp;&nbsp; $79726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 29%  |
| 6/30/2025 | &nbsp;&nbsp; $38.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp; (0.51) | (3.28) |  | &nbsp;&nbsp;&nbsp; (3.79) | $40.05 | 13.70% | &nbsp;&nbsp; $71376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 78%  |
| 6/30/2024 | &nbsp;&nbsp; $35.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.34 | &nbsp;&nbsp;&nbsp; (0.41) | (2.70) |  | &nbsp;&nbsp;&nbsp; (3.11) | $38.63 | 19.06% | &nbsp;&nbsp; $62589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 71%  |
| 6/30/2023 | &nbsp;&nbsp; $29.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp; (0.09) | (0.72) |  | &nbsp;&nbsp;&nbsp; (0.81) | $35.40 | 24.74% | &nbsp;&nbsp; $51068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 88%  |
| 6/30/2022 | &nbsp;&nbsp; $37.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp; (3.68) | &nbsp;&nbsp; (3.49) | &nbsp;&nbsp;&nbsp; (0.48) | (4.37) |  | &nbsp;&nbsp;&nbsp; (4.85) | $29.09 | -11.40% | &nbsp;&nbsp; $40582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp; 75%  |
| 6/30/2021 | &nbsp;&nbsp; $22.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;15.04 | &nbsp;&nbsp;&nbsp;&nbsp;15.59 | &nbsp;&nbsp;&nbsp; (0.78) |  |  | &nbsp;&nbsp;&nbsp; (0.78) | $37.43 | 69.86% | &nbsp;&nbsp; $43886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 1.81% | &nbsp;&nbsp;&nbsp; 76%  |
| **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  | **Hotchkis & Wiley High Yield Fund - Class A**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; (0.32) |  |  | &nbsp;&nbsp;&nbsp; (0.32) | $10.55 | 2.72% | &nbsp;&nbsp; $27380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 6.09% | &nbsp;&nbsp;&nbsp; 26%  |
| 6/30/2025 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp; (0.63) |  |  | &nbsp;&nbsp;&nbsp; (0.63) | $10.59 | 8.63% | &nbsp;&nbsp; $27917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 5.97% | &nbsp;&nbsp;&nbsp; 41%  |
| 6/30/2024 | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp; (0.62) |  |  | &nbsp;&nbsp;&nbsp; (0.62) | $10.35 | 9.48% | &nbsp;&nbsp; $59081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 6.06% | &nbsp;&nbsp;&nbsp; 44%  |
| 6/30/2023 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp; (0.55) |  |  | &nbsp;&nbsp;&nbsp; (0.55) | $10.04 | 8.80% | &nbsp;&nbsp; $28521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 5.52% | &nbsp;&nbsp;&nbsp; 36%  |
| 6/30/2022 | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp; (1.73) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp; (0.48) |  |  | &nbsp;&nbsp;&nbsp; (0.48) | $9.75 | -11.28% | &nbsp;&nbsp; $29066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 4.33% | &nbsp;&nbsp;&nbsp; 40%  |
| 6/30/2021 | &nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp; (0.54) |  |  | &nbsp;&nbsp;&nbsp; (0.54) | $11.48 | 19.09% | &nbsp;&nbsp; $39312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 5.12% | &nbsp;&nbsp;&nbsp; 82%  |
| **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  | **Hotchkis & Wiley High Yield Fund - Class I**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; (0.34) |  |  | &nbsp;&nbsp;&nbsp; (0.34) | $10.66 | 2.93% | &nbsp;&nbsp; $444866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 6.31% | &nbsp;&nbsp;&nbsp; 26%  |
| 6/30/2025 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; (0.66) |  |  | &nbsp;&nbsp;&nbsp; (0.66) | $10.69 | 8.82% | &nbsp;&nbsp; $449519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 6.18% | &nbsp;&nbsp;&nbsp; 41%  |
| 6/30/2024 | &nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp; (0.64) |  |  | &nbsp;&nbsp;&nbsp; (0.64) | $10.45 | 9.68% | &nbsp;&nbsp; $714184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 6.25% | &nbsp;&nbsp;&nbsp; 44%  |
| 6/30/2023 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp; (0.57) |  |  | &nbsp;&nbsp;&nbsp; (0.57) | $10.14 | 9.23% | &nbsp;&nbsp; $723548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 5.73% | &nbsp;&nbsp;&nbsp; 36%  |
| 6/30/2022 | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp; (1.75) | &nbsp;&nbsp; (1.24) | &nbsp;&nbsp;&nbsp; (0.51) |  |  | &nbsp;&nbsp;&nbsp; (0.51) | $9.83 | -11.12% | &nbsp;&nbsp; $642934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 4.56% | &nbsp;&nbsp;&nbsp; 40%  |
| 6/30/2021 | &nbsp;&nbsp; $10.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp; (0.57) |  |  | &nbsp;&nbsp;&nbsp; (0.57) | $11.58 | 19.32% | &nbsp;&nbsp; $857715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 5.34% | &nbsp;&nbsp;&nbsp; 82%  |
| **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  | **Hotchkis & Wiley High Yield Fund - Class Z**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp; (0.34) |  |  | &nbsp;&nbsp;&nbsp; (0.34) | $10.65 | 2.89% | &nbsp;&nbsp; $306873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 6.41% | &nbsp;&nbsp;&nbsp; 26%  |
| 6/30/2025 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; (0.67) |  |  | &nbsp;&nbsp;&nbsp; (0.67) | $10.69 | 8.94% | &nbsp;&nbsp; $298236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 6.40% | &nbsp;&nbsp;&nbsp; 41%  |
| 6/30/2024 | &nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp; (0.65) |  |  | &nbsp;&nbsp;&nbsp; (0.65) | $10.45 | 9.90% | &nbsp;&nbsp; $124439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 6.34% | &nbsp;&nbsp;&nbsp; 44%  |
| 6/30/2023 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp; (0.58) |  |  | &nbsp;&nbsp;&nbsp; (0.58) | $10.14 | 9.23% | &nbsp;&nbsp; $149231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 5.84% | &nbsp;&nbsp;&nbsp; 36%  |
| 6/30/2022 | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp; (1.75) | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp;&nbsp; (0.52) |  |  | &nbsp;&nbsp;&nbsp; (0.52) | $9.83 | -11.04% | &nbsp;&nbsp; $131847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 4.66% | &nbsp;&nbsp;&nbsp; 40%  |
| 6/30/2021 | &nbsp;&nbsp; $10.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp; (0.58) |  |  | &nbsp;&nbsp;&nbsp; (0.58) | $11.58 | 19.44% | &nbsp;&nbsp; $211034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 5.56% | &nbsp;&nbsp;&nbsp; 82% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year. Total return for Class A and Class C shares of the Funds do not reflect applicable sales loads.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Unaudited.

<sup>(g)</sup> Amount represents less than $0.005 per share.

<sup>(h)</sup> Amount represents less than 0.005%.

<sup>(i)</sup> Period from June 30, 2020 (commencement of operations) to June 30, 2021.

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

48<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)** 

**NOTE 1. ORGANIZATION.** 

Hotchkis & Wiley Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company. The Trust was organized as a Delaware statutory trust on July 23, 2001 and consists of twelve series. The Hotchkis & Wiley Large Cap Disciplined Value Fund, the Hotchkis & Wiley Large Cap Fundamental 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. On August 29, 2024, the Hotchkis & Wiley Diversified Value Fund was renamed the Hotchkis & Wiley Large Cap Disciplined Value Fund and the Hotchkis & Wiley Large Cap Value Fund was renamed the Hotchkis & Wiley Large Cap Fundamental Value Fund. Two other series of the Trust are included in separate reports.

The Large Cap Disciplined Value Fund, Large Cap Fundamental Value Fund, Mid-Cap Value Fund, Small Cap Diversified Value Fund, Global Value Fund, International Value Fund, International Small Cap Diversified Value Fund and High Yield Fund have three authorized classes of shares: Class I, Class A and Class Z. The Small Cap Value Fund and Value Opportunities Fund have four authorized classes of shares: Class I, Class A, Class C and Class Z. Class A shares are sold with a front-end sales charge. Class C shares may be subject to a contingent deferred sales charge. Class C shares are automatically converted to Class A shares approximately eight years after purchase and will then be subject to lower distribution and service fees. All classes have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that Class A and Class C shares bear certain expenses related to the distribution and servicing expenditures. Currently, the International Value Fund and International Small Cap Diversified Value Fund are not offering Class A shares to investors and the Large Cap Disciplined 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. Equity securities traded on a national stock exchange or Nasdaq Global Markets, Nasdaq Select Market and the Nasdaq Capital Markets (together, "Nasdaq") are valued at the last reported sale price or Nasdaq Official Closing Price, as applicable, on that day, or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or Nasdaq. Over-the-counter securities not traded on Nasdaq are valued at the last sale price on the valuation day, 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 each Fund's net asset value. Any Fund assets or liabilities initially valued in terms of non-U.S. dollar currencies are translated into U.S. dollars at the prevailing foreign currency exchange market rates as provided by an independent Pricing Service.** 

The Trust's Board of Trustees (the "Board") has designated Hotchkis & Wiley Capital Management, LLC (the "Advisor") as the Funds' "valuation designee" to perform all fair valuations of the Funds' portfolio investments, subject to the Board's oversight. The Advisor, as the Funds' valuation designee, has established procedures for its fair valuation of the Funds' portfolio investments, which address, among other things, determining when market quotations are not readily available or reliable and certain methodologies for the fair valuation of such portfolio investments, as well as the use and oversight of Pricing Services.

Fixed-income securities are generally valued at their evaluated mean prices provided by Pricing Services. Pricing Services generally provide an evaluated price that takes into account appropriate factors such as institutional-sized trading in similar

49<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data, and may provide a price determined by a matrix pricing method or other analytical pricing models. If valuations from the Pricing Services are unavailable or deemed unreliable, the fixed-income security shall be priced according to the average of the bid and ask prices of broker quotes (or a single broker quote) for such security or the last sale price reported on FINRA's Trade Reporting and Compliance Engine ("TRACE") (excluding cross and retail trades).

For portfolio holdings which trade in markets that close prior to the close of trading on the New York Stock Exchange (which is generally 4:00 p.m. Eastern time), the Funds generally utilize a Pricing Service's fair value price which is designed to capture events occurring after a foreign exchange closes that may affect the value of certain portfolio holdings traded on those foreign exchanges. When this fair value pricing is employed, the value of the portfolio holdings 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.

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| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Significant unobservable inputs including model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect assumptions that market participants would use to price the asset or liability based on the best available information.  |

---

The following tables present the valuation levels of each Fund's assets as of December 31, 2025:

**Large Cap Disciplined Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $78834560 | $— | $— | $78834560  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 2747099  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1634001 |  |  | 1634001  |
| Total Investments | $80468561 | $— | $— | $83215660 |

---

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of these investments is $2,657,734. The collateral amount presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

**Large Cap Fundamental Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $354888961 | $— | $— | $354888961  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 3106220  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2474317 |  |  | 2474317  |
| Total Investments | $357363278 | $— | $— | $360469498 |

---

50<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of these investments is $3,024,668. The collateral amount presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

**Mid-Cap Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $352164758 | $— | $— | $352164758  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 1829312 |  |  | 1829312  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 25095379 |  |  | 25095379  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 452678  |
| Total Investments | $379089449 | $— | $— | $379542127 |

---

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of these investments is $442,795. The collateral amount presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

**Small Cap Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $610065048 | $— | $— | $610065048  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 2963383 |  |  | 2963383  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 41256908 |  |  | 41256908  |
| Total Investments | $654285339 | $— | $— | $654285339 |

---

**Small Cap Diversified Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $781300862 | $— | $— | $781300862  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 26506918 |  |  | 26506918  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 9334675 |  |  | 9334675  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending |  |  |  | 4749250  |
| Total Investments | $817142455 | $— | $— | $821891705 |

---

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of these investments is $4,549,965. The collateral amount presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

**Global Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $27836982 | $11005798 | $— | $38842780  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks |  | 372961 |  | 372961  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 667137 |  |  | 667137  |
| Total Investments | $28504119 | $11378759 | $— | $39882878 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**International Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $360771 | $3756328 | $— | $4117099  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks |  | 44862 |  | 44862  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 31049 |  |  | 31049  |
| Total Investments | $391820 | $3801190 | $— | $4193010 |

---

**International Small Cap Diversified Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $722911 | $4160084 | $— | $4882995  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 75094 | 40199 |  | 115293  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 108996 |  |  | 108996  |
| Total Investments | $907001 | $4200283 | $— | $5107284 |

---

**Value Opportunities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments:<br>|  |  |  |  |
| Common Stocks | $647588394 | $84148976 | $8930688 | $740668058  |
| Exchange Traded Funds | 12839580 |  |  | 12839580  |
| Purchased Options | 4277800 | 411825 |  | 4689625  |
| Preferred Stocks | 385112 | 2958722 |  | 3343834  |
| Bank Loans |  | 1566130 |  | 1566130  |
| Real Estate Investment Trusts - Common | 998400 |  |  | 998400  |
| Money Market Funds | 29551986 |  |  | 29551986  |
| Total Investments | $695641272 | $89085653 | $8930688 | $793657613 |

---

**High Yield** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $683629109 | $— | $683629109  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 42987779 |  | 42987779  |
| &nbsp;&nbsp;&nbsp; Common Stocks | 4777147 |  | 14546761 | 19323908  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | 5312786 |  |  | 5312786  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Preferred | 2713939 |  |  | 2713939  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds |  | 1061589 |  | 1061589  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 8350623 |  |  | 8350623  |
| Total Investments | $21154495 | $727678477 | $14546761 | $763379733 |

---

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

52<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

The following table provides information about the Level 3 values, as well as their inputs, as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**December 31,** <br>**2025** | **Valuation Techniques** | **Unobservable** <br>**Inputs** | **Input Values** <br>**(Weighted** <br>**Average)\*** | **Impact to** <br>**Valuation** <br>**from an** <br>**Increase** <br>**to Input**  |
| **Value Opportunities**<br>|  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $2324 | Estimated recovery value | Probability of asset recovery | $0.60 | Increase  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 8928364 | Market comparable companies | EBIT multiple | 10.0x - 11.3x (10.2x) | Increase  |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 8930688 |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $8930688 |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**December 31,** <br>**2025** | **Valuation Techniques** | **Unobservable** <br>**Inputs** | **Input Values** <br>**(Weighted** <br>**Average)\*** | **Impact to** <br>**Valuation** <br>**from an** <br>**Increase** <br>**to Input**  |
| **High Yield**<br>|  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp; $38322 | Estimated recovery value | Probability of asset recover | $0.00 - $0.60 ($0.60) | Increase  |
|  | &nbsp;&nbsp;&nbsp; 14508439 | Market comparable securities | EBIT multiple | 10.0x – 17.7x (14.9x) | Increase  |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 14546761 |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; $14546761 |  |  |  |  |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Value Opportunities**  | **Value Opportunities**  | **Value Opportunities**  |
|  | **Common Stocks** | **Bank Loans** | **Total**  |
| Balance at June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8866692 | $1685735 | $10552427  |
| &nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Sales | &nbsp;&nbsp;&nbsp;&nbsp; — | (1685735) | (1685735)  |
| &nbsp;&nbsp;&nbsp; Accrued discounts (premiums) | &nbsp;&nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 63996 |  | 63996  |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | —  |
| Balance at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8930688 | $— | $8930688  |
| Change in unrealized appreciation/depreciation for Level 3 |  |  |  |
| &nbsp;&nbsp;&nbsp; assets held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $63996 | $— | $63996 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield**  | **High Yield**  | **High Yield**  | **High Yield**  |
|  | **Bank Loans** | **Convertible** <br>**Bonds** | **Common** <br>**Stocks** | **Total**  |
| Balance at June 30, 2025 | $1162631 | $9962745 | $5494902 | $16620278  |
| &nbsp;&nbsp;&nbsp; Purchases |  | 191208 |  | 191208  |
| &nbsp;&nbsp;&nbsp; Sales | (1162631) |  |  | (1162631)  |
| &nbsp;&nbsp;&nbsp; Corporate Actions |  | (29885433) | 29885433 | —  |
| &nbsp;&nbsp;&nbsp; Realized gains (losses) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation |  | 19731480 | (20833574) | (1102094)  |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 |  |  |  | —  |
| Balance at December 31, 2025 | $— | $— | $14546761 | $14546761  |
|  Change in unrealized appreciation/depreciation for Level 3 assets held at December 31, 2025 | $— | $19731480 | $(20833574) | $(1102094) |

---

53<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**Income and Expense Allocation. Expenses incurred by or attributable to a specific Fund are allocated entirely to that Fund. Expenses incurred by the Trust which do not relate to a specific Fund or Funds are allocated among the Funds per capita. Alternatively, such expenses may be allocated based upon the Funds' relative net assets as of a recent date or using another methodology based upon a determination by persons authorized by the Board, including either the President or Treasurer of the Trust, that the alternative allocation methodology is fair and equitable taking into consideration the nature and type of the expense.** 

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).

**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 Large Cap Disciplined Value Fund, Large Cap Fundamental 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.

**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 do not isolate the portion of realized gains or losses and 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 and 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.** 

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**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**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 and 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 for the put option. If the Fund exercises a call option, the cost of the security acquired is increased by the premium paid for the call option.

**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. The Funds did not enter into any futures contracts during the six months ended December 31, 2025.** 

**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

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**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

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 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 six months ended December 31, 2025.

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

The following is a summary of the Funds' derivative instrument holdings categorized by primary risk exposure as of December 31, 2025:

Asset Derivatives

---

| | | |
|:---|:---|:---|
|  | **Location on Statements of** <br>**Assets and Liabilities** | **Value** <br>**Opportunities**  |
| Equity Contracts:<br>|  |  |
| Purchased Put Options | Investments in unaffiliated securities, at value | &nbsp;&nbsp; $4689625 |

---

The following is a summary of the Funds' realized gain (loss) and change in unrealized appreciation (depreciation) on derivative instruments recognized in the Statements of Operations categorized by primary risk exposure for the six months ended December 31, 2025:

Realized Gain (Loss) on Derivatives

---

| | |
|:---|:---|
|  | **Value Opportunities**  |
| Equity Contracts:<br>|  |
| Purchased Put Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1754576)\* |

---

\* Included with net realized gain (loss) from investments.

Change in Unrealized Appreciation (Depreciation) on Derivatives

---

| | |
|:---|:---|
|  | **Value Opportunities**  |
| Equity Contracts:<br>|  |
| Purchased Put Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1539281)\* |

---

\* Included with net change in unrealized appreciation (depreciation) on investments in unaffiliated securities.

The following is a summary of the Funds' average quarterly balance of outstanding derivative instruments categorized by primary risk exposure for the six months ended December 31, 2025:

Average Quarterly Balance of Outstanding Derivatives

---

| | |
|:---|:---|
|  | **Value Opportunities**  |
| Equity Contracts:<br>|  |
| Average Number of Contracts — Purchased Put Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3457  |
| Average Notional Amount — Purchased Put Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46334847 |

---

56<br>

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**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**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 and Liabilities.** 

The following is a summary of the arrangements subject to offsetting as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Gross Amounts Not Offset in the** <br>**Statements of Assets and Liabilities**  | **Gross Amounts Not Offset in the** <br>**Statements of Assets and Liabilities**  | **Gross Amounts Not Offset in the** <br>**Statements of Assets and Liabilities**  |
|  | <br>**Gross Amounts** <br>**Presented in the** <br>**Statements of** <br>**Assets and Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Received\*** | **Net** <br>**Amount**  |
| Securities Lending:<br>|  |  |  |  |
| Large Cap Disciplined Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2657734 | $— | $(2657734) | $—  |
| Large Cap Fundamental Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3024668 |  | (3024668) | —  |
| Mid-Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442795 |  | (442795) | —  |
| Small Cap Diversified Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4549965 |  | (4549865) |  |

---

\* 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 certain 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 an Advisory fee, computed daily and payable monthly, at the annual rates presented below as applied to each Fund's daily net assets. During the six months ended December 31, 2025, the Advisor contractually agreed to waive its Advisory fees or reimburse regular Fund operating expenses so that a Fund's annual operating expenses (excluding sales loads, taxes, leverage interest, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation) will be limited to the annual rates presented below as applied to such Fund's and share class's average daily net assets.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap** <br>**Disciplined** <br>**Value** | **Large Cap** <br>**Fundamental** <br>**Value** | **Mid-Cap** <br>**Value** | **Small Cap** <br>**Value** | **Small Cap** <br>**Diversified** <br>**Value** | **Global** <br>**Value** | **International** <br>**Value** | **International** <br>**Small Cap** <br>**Diversified** <br>**Value** | **Value** <br>**Opportunities** | **High** <br>**Yield**  |
| &nbsp;&nbsp;&nbsp; Annual Advisory<br>Fee Rate | &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<sup>2</sup> | &nbsp;&nbsp; 0.75%<sup>3</sup> | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% | 0.55%  |
| &nbsp;&nbsp;&nbsp; Annual cap on<br>expenses - Class I | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15% | 0.70%  |
| &nbsp;&nbsp;&nbsp; Annual cap on expenses -<br>Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40% | 0.95%  |
| &nbsp;&nbsp;&nbsp; Annual cap on expenses -<br>Class C | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp; 1.97% | &nbsp;&nbsp;&nbsp;&nbsp; n/a | n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | n/a  |
| &nbsp;&nbsp;&nbsp; Annual cap on expenses -<br>Class Z. | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15% | 0.60% |

---

<sup>1</sup> 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. 

<sup>2</sup> 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. 

<sup>3</sup> 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. 

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**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

The following rates were effective prior to August 29, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Global** <br>**Value** | **International** <br>**Value** | **International** <br>**Small Cap** <br>**Diversified** <br>**Value**  |
| Annual Advisory Fee Rate | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  |
| Annual cap on expenses - Class I | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99%  |
| Annual cap on expenses - Class A | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24%  |
| Annual cap on expenses - Class Z | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% |

---

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** <br>**Service Fee**  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 "Shareholder servicing costs" in the Statements of Operations. Class Z shares are not subject to these fees.

The Funds are permitted to purchase securities from or sell securities to another Fund or affiliated person under procedures adopted by the Board. During the six months ended December 31, 2025, 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 six months ended December 31, 2025 were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap** <br>**Disciplined** <br>**Value** | **Large Cap** <br>**Fundamental** <br>**Value** | **Mid-Cap** <br>**Value** | **Small Cap** <br>**Value** | **Small Cap** <br>**Diversified** <br>**Value** | **Global** <br>**Value** | **International** <br>**Value** | **International** <br>**Small Cap** <br>**Diversified** <br>**Value** | **Value** <br>**Opportunities** | **High** <br>**Yield**  |
| Purchases | $19412357 | &nbsp;&nbsp; $109469407 | $74953925 | $79504614 | $220411917 | $13503258 | &nbsp;&nbsp;&nbsp; $800283 | &nbsp;&nbsp;&nbsp; $1604553 | &nbsp;&nbsp; $224513614 | $207364030  |
| Sales | 28157865 | &nbsp;&nbsp; 162355501 | 113616022 | 230783296 | 190376816 | 15846366 | &nbsp;&nbsp;&nbsp; 1630577 | &nbsp;&nbsp;&nbsp; 1633592 | &nbsp;&nbsp; 217320936 | 194013045 |

---

The Funds did not have any purchases or sales of U.S. Government securities for the six months ended December 31, 2025.

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**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**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, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap** <br>**Disciplined** <br>**Value** | **Large Cap** <br>**Fundamental** <br>**Value** | **Mid-Cap** <br>**Value** | **Small Cap** <br>**Value** | **Small Cap** <br>**Diversified** <br>**Value** | **Global** <br>**Value** | **International** <br>**Value** | **International** <br>**Small Cap** <br>**Diversified** <br>**Value** | **Value** <br>**Opportunities** | **High** <br>**Yield**  |
| Tax cost of investments | $69517668 | &nbsp;&nbsp; $318133880 | $389965269 | $728435016 | $781454646 | $32581336 | &nbsp;&nbsp;&nbsp; $3996179 | &nbsp;&nbsp;&nbsp; $4156844 | &nbsp;&nbsp; $625561922 | $823239927  |
|  Gross unrealized appreciation | 18413935 | &nbsp;&nbsp; 84476952 | 77666273 | 134831980 | 86358927 | 8196721 | &nbsp;&nbsp;&nbsp; 1218210 | &nbsp;&nbsp;&nbsp; 839766 | &nbsp;&nbsp; 129299484 | 19103052  |
|  Gross unrealized depreciation | (6562743) | &nbsp;&nbsp; (31725533) | (83749650) | (115925847) | (127268556) | (1496601) | &nbsp;&nbsp;&nbsp; (250448) | &nbsp;&nbsp;&nbsp; (328933) | &nbsp;&nbsp; (28989889) | (72405925)  |
|  Net unrealized appreciation (depreciation) | 11851192 | &nbsp;&nbsp; 52751419 | (6083377) | 18906133 | (40909629) | 6700120 | &nbsp;&nbsp;&nbsp; 967762 | &nbsp;&nbsp;&nbsp; 510833 | &nbsp;&nbsp; 100309595 | (53302873)  |
| &nbsp;&nbsp;&nbsp; Distributable ordinary income <br>(as of 6/30/25)\* |  | &nbsp;&nbsp; 3147530 | 4886311 | 4009270 | 6229907 | 551669 | &nbsp;&nbsp;&nbsp; 90440 | &nbsp;&nbsp;&nbsp; 104248 | &nbsp;&nbsp; 5624241 | 1094386  |
|  Distributable long-term gains (as of 6/30/25) |  | &nbsp;&nbsp; 16757885 |  |  |  | 1624797 | &nbsp;&nbsp;&nbsp; 201467 | &nbsp;&nbsp;&nbsp; 88688 | &nbsp;&nbsp; 6155278 | —  |
| &nbsp;&nbsp;&nbsp; Total distributable <br>earnings |  | &nbsp;&nbsp; 19905415 | 4886311 | 4009270 | 6229907 | 2176466 | &nbsp;&nbsp;&nbsp; 291907 | &nbsp;&nbsp;&nbsp; 192936 | &nbsp;&nbsp; 11779519 | 1094386  |
|  Other accumulated gain (loss) | (2469576) | &nbsp;&nbsp; (990034) | (142429280) | (19093992) | (6878244) |  | &nbsp;&nbsp;&nbsp; (3542) | &nbsp;&nbsp;&nbsp; (19768) | &nbsp;&nbsp; (721303) | (391356212)  |
|  Total accumulated gain (loss) | $9381616 | &nbsp;&nbsp; $71666800 | $(143626346) | $3821411 | $(41557966) | $8876586 | &nbsp;&nbsp;&nbsp; $1256127 | &nbsp;&nbsp;&nbsp; $684001 | &nbsp;&nbsp; $111367811 | $(443564699) |

---

\* Includes distributable short-term gains of $66,302 for the Global 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, 2025, the Global Value Fund no longer held securities 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, 2025, the Small Cap Diversified Value Fund held securities with $9,238 of net unrealized appreciation relating to the transfers.

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**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

The tax components of distributions paid during the fiscal years ended June 30, 2025 and 2024, capital loss carryovers as of June 30, 2025, and any tax basis late year losses as of June 30, 2025, which are not recognized for tax purposes until the first day of the following fiscal year, are:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024**  | **June 30, 2024**  |
|  | **Ordinary** <br>**Income** <br>**Distributions** | **Return of** <br>**Capital** | **Long-Term** <br>**Capital Gains** <br>**Distributions** | **Short-Term** <br>**Capital Loss** <br>**Carryovers<sup>1</sup>** | **Long-Term** <br>**Capital Loss** <br>**Carryovers<sup>2</sup>** | **Capital Loss** <br>**Carryovers** <br>**Utilized** | **Late Year** <br>**Losses** | **Ordinary** <br>**Income** <br>**Distributions** | **Long-Term** <br>**Capital Gains** <br>**Distributions**  |
| &nbsp;&nbsp;&nbsp; Large Cap Disciplined <br>Value | &nbsp;&nbsp; $2405876 | $9724714 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $697056 | $1772520 | &nbsp;&nbsp; $9355082 | $— | &nbsp;&nbsp; $1589935 | &nbsp;&nbsp; $—  |
|  Large Cap Fundamental Value | &nbsp;&nbsp; 6233653 |  | &nbsp;&nbsp; 33554845 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | 990034<sup>3</sup> | &nbsp;&nbsp; 5693697 | &nbsp;&nbsp; 33320090  |
| Mid-Cap Value | &nbsp;&nbsp; 4667743 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 73379100 | 69050180 | &nbsp;&nbsp; 55327819 |  | &nbsp;&nbsp; 1203269 | &nbsp;&nbsp; —  |
| Small Cap Value | &nbsp;&nbsp; 23156344 |  | &nbsp;&nbsp; 40759335 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | 19070394<sup>4</sup> | &nbsp;&nbsp; 7137121 | &nbsp;&nbsp; 7893778  |
| &nbsp;&nbsp;&nbsp; Small Cap Diversified <br>Value | &nbsp;&nbsp; 17109734 |  | &nbsp;&nbsp; 35078012 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | 6878244<sup>3</sup> | &nbsp;&nbsp; 31751876 | &nbsp;&nbsp; 32753872  |
| Global Value | &nbsp;&nbsp; 1349640 |  | &nbsp;&nbsp; 3748914 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; 579768 | &nbsp;&nbsp; 3001856  |
| International Valu | &nbsp;&nbsp; 105813 |  | &nbsp;&nbsp; 338133 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | 3542<sup>3</sup> | &nbsp;&nbsp; 109301 | &nbsp;&nbsp; 172471  |
|  International Small Cap Diversified Value | &nbsp;&nbsp; 476148 |  | &nbsp;&nbsp; 633886 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | 19768<sup>3</sup> | &nbsp;&nbsp; 454903 | &nbsp;&nbsp; —  |
| Value Opportunities | &nbsp;&nbsp; 14107815 |  | &nbsp;&nbsp; 47319554 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | 717058<sup>3</sup> | &nbsp;&nbsp; 17192487 | &nbsp;&nbsp; 30766728  |
| High Yield<sup>5</sup> | &nbsp;&nbsp; 54531072 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 12062845 | 378190467 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; 57749731 | &nbsp;&nbsp; — |

---

<sup>1</sup> Short-term with no expiration.

<sup>2</sup> Long-term with no expiration.

<sup>3</sup> Short-term post-October loss.

<sup>4</sup> Short-term post-October loss of $9,995,774 and long-term post-October loss of $9,074,620. 

<sup>5</sup> The High Yield Fund inherited a short-term capital loss carryover of $922,717 and a long-term capital loss carryover of $3,566,005 as a result of the reorganization of the Hotchkis & Wiley Capital Income Fund into the High Yield Fund, which are included in the totals. These capital loss carryovers are further subject to an annual limitation of $171,228 pursuant to Internal Revenue Code Section 382. 

As of and during the year ended June 30, 2025, 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, 2025, the Funds did not incur any interest or penalties. The tax years ended June 30, 2022 through June 30, 2025 remain open and subject to examination by tax jurisdictions.

**NOTE 5. INVESTMENTS IN AFFILIATED ISSUERS** 

An issuer in which a Fund's holdings represent 5% or more of the outstanding voting securities of the issuer is an "affiliated" issuer as defined in the 1940 Act. A schedule of each Fund's investments in securities of affiliated issuers held during the six months ended December 31, 2025, is set forth below:

**Value Opportunities Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Value at** <br>**June 30,** <br>**2025** | **Purchases** | **Sales** | **Net** <br>**Realized** <br>**Gains** <br>(Losses) | **Net Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation** | **Value at** <br>**December 31,** <br>**2025** | **Dividends** | **Shares** <br>**Held at** <br>**December 31,** <br>**2025**  |
|  Iracore Investments Holdings, Inc. | $7866225 | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(160488) | &nbsp;&nbsp;&nbsp;&nbsp; $7705737 | $— | &nbsp;&nbsp;&nbsp;&nbsp; $32422  |
|  | $7866225 | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(160488) | &nbsp;&nbsp;&nbsp;&nbsp; $7705737 | $— |  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**High Yield Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Value at** <br>**June 30,** <br>**2025** | **Purchases** | **Sales** | **Net** <br>**Realized** <br>**Gains** <br>(Losses) | **Net Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation** | **Value at** <br>**December 31,** <br>**2025** | **Dividends** | **Shares** <br>**Held at** <br>**December 31,** <br>**2025**  |
|  Iracore Investments Holdings, Inc. | $5425226 | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(110687) | &nbsp;&nbsp;&nbsp;&nbsp; $5314539 | $— | &nbsp;&nbsp;&nbsp;&nbsp; $22361  |
|  Metals Recovery Holdings LLC | 69676 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (31354) | &nbsp;&nbsp;&nbsp;&nbsp; 38322 | 31090 | &nbsp;&nbsp;&nbsp;&nbsp; 116127  |
|  | $5494902 | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(142041) | &nbsp;&nbsp;&nbsp;&nbsp; $5352861 | $31090 |  |

---

**NOTE 6. SECURITIES LENDING** 

The Trust, on behalf of the Funds, entered into a securities lending arrangement with U.S. Bank National Association (the "Custodian"). Prior to September 30, 2025, the custodian and securities lending agent was Brown Brothers Harriman & Co. 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 for domestic securities and at least 105% of the value of the securities loaned plus accrued interest for foreign securities. 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 lending income" in 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 7. 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 liabilities 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 December 31, 2025, the Funds did not have any outstanding bridge loan commitments.

Unfunded loan commitments are contractual obligations for funding to a borrower. At December 31, 2025, the Funds did not have any outstanding unfunded loan commitments.

**NOTE 8. 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

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**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

rates may cause an issuer to redeem, "call" or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Longer maturity debt securities generally have higher rates of interest and may be subject to greater price fluctuations than shorter maturity debt securities.

Certain Funds may invest in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers and investments in securities of foreign issuers may be subject to foreign withholding and other taxes. 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.

Certain Funds invest a significant portion of their assets in companies in the financial sector, and therefore the performance of the Funds could be negatively impacted by events affecting this sector. This sector can be significantly affected by changes in interest rates, the rate of corporate and consumer debt defaults, the availability and cost of borrowing and raising capital, reduced credit market liquidity, regulatory changes, price competition, bank failures and other financial crises, and general economic and market conditions.

The Funds are subject to active 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, 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. These events can include changes in economic, political or financial market conditions due to war, acts of terrorism, the spread of infectious illness or other public health issues, financial crises, and recessions, as well as investor sentiment regarding these issues.

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 9. REFLOW LIQUIDITY PROGRAM** 

A Fund may participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC ("ReFlow") provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed by other shareholders that are to settle that business day. A Fund is not guaranteed to receive cash from ReFlow on any given day as allocation of ReFlow's cash is based on the results of ReFlow's automated daily auction process among participating mutual funds. Following purchases of Fund shares, ReFlow then generally redeems those shares when the Fund experiences net shareholder purchases at the end of a maximum holding period determined by ReFlow, or at other times at ReFlow's discretion. While ReFlow holds Fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder.

For use of the ReFlow service, a Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through the auction process. The current minimum fee rate (which is subject to change) is 0.14% of the value of the Fund shares purchased by ReFlow, although the Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. ReFlow's purchases of Fund shares through the liquidity program are made on an investment-blind basis without regard to the Fund's objective, policies, or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. ReFlow will periodically redeem its entire share position in a Fund and may request that such redemption be met in-kind in accordance with redemption in-kind policies described in the Prospectus.

The fees paid to ReFlow are included in "ReFlow fees" in the Statements of Operations. The Funds recognize a gain on in-kind redemptions to the extent that the value of the distributed securities on the date of redemption exceeds the cost of

62<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

those securities and recognizes a loss to the extent that the cost of those securities exceeds the value of the distributed securities on the date of redemption. Such net gains are not taxable to the Funds and are not required to be distributed to shareholders. During the six months ended December 31, 2025, the Funds' activity is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br>**Provided** | **Capital** <br>**Provided** <br>**in Shares** | **In-Kind** <br>**Redemptions** | **Cash** <br>**Redemptions** | **Total** <br>**Redemptions** | **Total** <br>**Redemptions** <br>**in Shares**  | **Realized** <br>**Capital** <br>**Gains** | **Fees** | **Expense** <br>**Ratio** <br>**Impact**  |
| &nbsp;&nbsp;&nbsp; Large Cap <br>Disciplined Value | $5001738 | $166621 | &nbsp;&nbsp;&nbsp; $4329619 | &nbsp;&nbsp;&nbsp; $363999 | &nbsp;&nbsp;&nbsp; $4693618 | &nbsp;&nbsp;&nbsp; $155847 | $2936795 | $7003 | &nbsp;&nbsp;&nbsp; 0.02%  |
| &nbsp;&nbsp;&nbsp; Large Cap <br>Fundamental Value | 37888938 | 840310 | &nbsp;&nbsp;&nbsp; 33460425 | &nbsp;&nbsp;&nbsp; 1165974 | &nbsp;&nbsp;&nbsp; 34626399 | &nbsp;&nbsp;&nbsp; 761517 | 22253581 | 53062 | &nbsp;&nbsp;&nbsp; 0.03%  |
| Small Cap Value | 88611971 | 1177949 | &nbsp;&nbsp;&nbsp; 82405378 | &nbsp;&nbsp;&nbsp; 2461555 | &nbsp;&nbsp;&nbsp; 84866933 | &nbsp;&nbsp;&nbsp; 1129249 | 46064256 | 124905 | &nbsp;&nbsp;&nbsp; 0.03%  |
| &nbsp;&nbsp;&nbsp; Small Cap <br>Diversified Value | 15092206 | 1209896 | &nbsp;&nbsp;&nbsp; 13346307 | &nbsp;&nbsp;&nbsp; 1819814 | &nbsp;&nbsp;&nbsp; 15166121 | &nbsp;&nbsp;&nbsp; 1209896 | 8383512 | 21130 | &nbsp;&nbsp;&nbsp; 0.01%  |
| Global Value | 2822473 | 180884 | &nbsp;&nbsp;&nbsp; 2748552 | &nbsp;&nbsp;&nbsp; 101257 | &nbsp;&nbsp;&nbsp; 2849809 | &nbsp;&nbsp;&nbsp; 180884 | 1789155 | 3951 | &nbsp;&nbsp;&nbsp; 0.02%  |
| Value Opportunities | 31181613 | 761252 | &nbsp;&nbsp;&nbsp; 28504097 | &nbsp;&nbsp;&nbsp; 2906285 | &nbsp;&nbsp;&nbsp; 31410382 | &nbsp;&nbsp;&nbsp; 761252 | 14161050 | 44004 | &nbsp;&nbsp;&nbsp; 0.01% |

---

**NOTE 10. SEGMENT REPORTING** 

The Funds represent a single operating segment as the operating results of the Funds are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the Funds' portfolio management team. A senior executive team comprised of the Funds' Principal Executive Officer and Principal Financial Officer, serves as the Funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the Funds' profits and losses and to make resource allocation decisions. Segment assets are reflected in the Statements of Assets and Liabilities as Net Assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying Statements of Operations.

**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. FEDERAL TAX DISCLOSURE (UNAUDITED)** 

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, 2025.

For the year ended June 30, 2025, the following percentages of ordinary distributions paid qualify for the dividend received deduction available to corporate shareholders: Large Cap Disciplined Value Fund — 100.00%, Large Cap Fundamental Value Fund — 100.00%, Mid-Cap Value Fund — 100.00%, Small Cap Value Fund — 64.40%, Small Cap Diversified Value Fund — 75.13%, Global Value Fund — 33.74%, International Value Fund — 0.00%, International Small Cap Diversified Value Fund — 0.00%, Value Opportunities Fund — 65.32%, High Yield Fund — 0.14%.

For the year ended June 30, 2025, the following percentages of ordinary distributions paid are designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003: Large Cap Disciplined Value Fund — 100.00%, Large Cap Fundamental Value Fund — 100.00%, Mid-Cap Value Fund — 100.00%, Small Cap Value Fund — 66.86%, Small Cap Diversified Value Fund — 76.40%, Global Value Fund — 90.47%, International Value Fund — 100.00%, International Small Cap Diversified Value Fund — 64.29%, Value Opportunities Fund — 100.00%, High Yield Fund — 0.14%. Shareholders should consult their tax advisors.

63<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

For the year ended June 30, 2025, the International Value Fund and International Small Cap Diversified Value Fund earned foreign source income of $147,998 and $224,407, respectively, and paid foreign taxes of $16,468 and $30,073, 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, 2025, the Funds designate the following percentages of ordinary distributions paid as interest-related dividends under Internal Revenue Code Section 871(k)(1)(c): Large Cap Disciplined Value Fund — 3.07%, Large Cap Fundamental Value Fund — 7.17%, Mid-Cap Value Fund — 7.26%, Small Cap Value Fund — 4.11%, Small Cap Diversified Value Fund — 3.37%, Global Value Fund — 3.39%, International Value Fund — 3.72%, International Small Cap Diversified Value Fund — 1.68%, Value Opportunities Fund — 6.76%, High Yield Fund — 100.00%.** 

For the year ended June 30, 2025, 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): Large Cap Disciplined Value Fund — 22.79%, Large Cap Fundamental Value Fund — 8.29%, Mid-Cap Value Fund — 0.00%, Small Cap Value Fund — 64.49%, Small Cap Diversified Value Fund — 56.79%, Global Value Fund — 60.71%, International Value Fund — 22.60%, International Small Cap Diversified Value Fund — 46.04%, Value Opportunities Fund — 45.81%, High Yield Fund — 0.00%.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOTCHKIS & WILEY FUNDS** 

**ADDITIONAL INFORMATION** 

**December 31, 2025 (Unaudited)** 

The below information is required disclosure from Form N-CSR:

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Management Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Remuneration paid to directors, officers and others is included in the Statements of Operations under the line items "Compliance fees" and "Trustees' fees" in the semi-annual financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

65<br>

------

![](hotchkis-logo_cover.jpg)

![](hotchkis-logo_cover2.jpg)

**Hotchkis & Wiley SMID Cap Diversified** 

**Value Fund** 

**Semi-Annual Financial Statements** 

**and Additional Information** 

DECEMBER 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi2) | &nbsp;&nbsp; [1](#soi2) |
| [Statement of Assets and Liabilities](#sal2) | &nbsp;&nbsp; [4](#sal2) |
| [Statement of Operations](#sop2) | &nbsp;&nbsp; [5](#sop2) |
| [Statements of Changes in Net Assets](#scna2) | &nbsp;&nbsp; [6](#scna2) |
| [Financial Highlights](#fihi2) | &nbsp;&nbsp; [7](#fihi2) |
| [Notes to the Financial Statements](#notes2) | &nbsp;&nbsp; [8](#notes2) |
| [Additional Information](#add2) | &nbsp;&nbsp; [14](#add2) |

---

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Hotchkis & Wiley SMID Cap Diversified Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.5%**<br>|  |  |
| Aerospace & Defense - 1.0%<br>|  |  |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp; 75 | $25505  |
| **Air Freight & Logistics - 0.7%**<br>|  |  |
| FedEx Corp. | &nbsp;&nbsp;&nbsp; 56 | 16176  |
| **Automobile Components - 4.1%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 175 | 13316  |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp; 321 | 14464  |
| Gentex Corp. | &nbsp;&nbsp;&nbsp; 1023 | 23805  |
| Lear Corp. | &nbsp;&nbsp;&nbsp; 132 | 15127  |
| Magna International, Inc. | &nbsp;&nbsp;&nbsp; 483 | 25744  |
| Visteon Corp. | &nbsp;&nbsp;&nbsp; 91 | 8654  |
|  |  | 101110  |
| **Automobiles - 0.9%**<br>|  |  |
| Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp; 376 | 7704  |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp; 138 | 14169  |
|  |  | 21873  |
| **Banks - 11.2%**<br>|  |  |
| Associated Banc-Corp. | &nbsp;&nbsp;&nbsp; 421 | 10845  |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp; 235 | 10474  |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp; 207 | 10017  |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 466 | 27219  |
| Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp; 536 | 14981  |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp; 426 | 10778  |
| First Interstate BancSystem, Inc. - Class A | &nbsp;&nbsp;&nbsp; 298 | 10311  |
| First Merchants Corp. | &nbsp;&nbsp;&nbsp; 271 | 10157  |
| Flagstar Bank NA | &nbsp;&nbsp;&nbsp; 916 | 11533  |
| KeyCorp | &nbsp;&nbsp;&nbsp; 1366 | 28194  |
| Popular, Inc. | &nbsp;&nbsp;&nbsp; 210 | 26149  |
| Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp; 562 | 11100  |
| Simmons First National Corp. - Class A | &nbsp;&nbsp;&nbsp; 538 | 10141  |
| Valley National Bancorp | &nbsp;&nbsp;&nbsp; 1404 | 16399  |
| WaFd, Inc. | &nbsp;&nbsp;&nbsp; 345 | 11050  |
| Western Alliance Bancorp | &nbsp;&nbsp;&nbsp; 315 | 26482  |
| Zions Bancorp NA | &nbsp;&nbsp;&nbsp; 460 | 26928  |
|  |  | 272758  |
| **Biotechnology - 0.6%**<br>|  |  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 208 | 13998  |
| **Building Products - 2.0%**<br>|  |  |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp; 451 | 22559  |
| Resideo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 343 | 12046  |
| UFP Industries, Inc. | &nbsp;&nbsp;&nbsp; 154 | 14022  |
|  |  | 48627  |
| **Capital Markets - 4.0%**<br>|  |  |
| Federated Hermes, Inc. | &nbsp;&nbsp;&nbsp; 199 | 10362  |
| Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp; 1017 | 24296  |
| Invesco Ltd. | &nbsp;&nbsp;&nbsp; 610 | 16025  |
| Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp; 238 | 11322  |
| State Street Corp. | &nbsp;&nbsp;&nbsp; 203 | 26189  |
| T Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp; 96 | 9828  |
|  |  | 98022  |
| **Chemicals - 2.0%**<br>|  |  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 894 | 28885  |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp; 126 | 9644  |
| Olin Corp. | &nbsp;&nbsp;&nbsp; 458 | 9540  |
|  |  | 48069  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Commercial Services & Supplies - 0.9%** | **Commercial Services & Supplies - 0.9%** |  |
| Brink's Co. | &nbsp;&nbsp;&nbsp; 88 | $10272  |
| UniFirst Corp./MA | &nbsp;&nbsp;&nbsp; 58 | 11188  |
|  |  | 21460  |
| **Communications Equipment - 2.0%**<br>|  |  |
| F5, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 97 | 24760  |
| Telefonaktiebolaget LM Ericsson - ADR | &nbsp;&nbsp;&nbsp; 2412 | 23276  |
|  |  | 48036  |
| **Construction & Engineering - 0.8%**<br>|  |  |
| Fluor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 511 | 20251  |
| **Consumer Finance - 2.7%**<br>|  |  |
| Ally Financial, Inc. | &nbsp;&nbsp;&nbsp; 597 | 27038  |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp; 150 | 11105  |
| Synchrony Financial | &nbsp;&nbsp;&nbsp; 322 | 26864  |
|  |  | 65007  |
| **Containers & Packaging - 0.4%**<br>|  |  |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp; 228 | 9950  |
| **Electric Utilities - 4.7%**<br>|  |  |
| Eversource Energy | &nbsp;&nbsp;&nbsp; 320 | 21546  |
| Exelon Corp. | &nbsp;&nbsp;&nbsp; 509 | 22187  |
| FirstEnergy Corp. | &nbsp;&nbsp;&nbsp; 307 | 13745  |
| OGE Energy Corp. | &nbsp;&nbsp;&nbsp; 226 | 9650  |
| Otter Tail Corp. | &nbsp;&nbsp;&nbsp; 126 | 10182  |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp; 299 | 14349  |
| PPL Corp. | &nbsp;&nbsp;&nbsp; 652 | 22833  |
|  |  | 114492  |
| **Electrical Equipment - 1.0%**<br>|  |  |
| Atkore, Inc. | &nbsp;&nbsp;&nbsp; 138 | 8729  |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp; 480 | 15979  |
|  |  | 24708  |
|  **Electronic Equipment, Instruments & Components - 3.7%**<br>|  |  |
| Arrow Electronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 129 | 14213  |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp; 313 | 15049  |
| Crane NXT Co. | &nbsp;&nbsp;&nbsp; 149 | 7013  |
| Ingram Micro Holding Corp. | &nbsp;&nbsp;&nbsp; 425 | 9070  |
| Plexus Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 67 | 9849  |
| Sanmina Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 86 | 12906  |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp; 641 | 9288  |
| Vontier Corp. | &nbsp;&nbsp;&nbsp; 372 | 13831  |
|  |  | 91219  |
| **Energy Equipment & Services - 1.0%** | **Energy Equipment & Services - 1.0%** |  |
| Halliburton Co. | &nbsp;&nbsp;&nbsp; 353 | 9976  |
| NOV, Inc. | &nbsp;&nbsp;&nbsp; 961 | 15020  |
|  |  | 24996  |
| **Entertainment - 0.7%**<br>|  |  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 627 | 18070  |
| **Financial Services - 3.7%**<br>|  |  |
| Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp; 447 | 13486  |
| Essent Group Ltd. | &nbsp;&nbsp;&nbsp; 229 | 14887  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 113 | 8601  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 270 | 11013  |
| Radian Group, Inc. | &nbsp;&nbsp;&nbsp; 414 | 14900  |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp; 192 | 14302  |
| WEX, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 91 | 13557  |
|  |  | 90746  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Hotchkis & Wiley SMID Cap Diversified Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Food - Wholesale - 0.4%**<br>|  |  |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 544 | $9417  |
| **Food Products - 0.6%**<br>|  |  |
| Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp; 569 | 13798  |
| **Gas Utilities - 1.0%**<br>|  |  |
| New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 329 | 15174  |
| Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 106 | 8766  |
|  |  | 23940  |
| **Ground Transportation - 1.4%**<br>|  |  |
| Schneider National, Inc. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 415 | 11010  |
| U-Haul Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp; 502 | 23463  |
|  |  | 34473  |
| **Health Care Equipment & Supplies - 3.3%** | **Health Care Equipment & Supplies - 3.3%** |  |
| Envista Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 510 | 11072  |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 318 | 26082  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 246 | 16371  |
| LivaNova PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 175 | 10768  |
| Solventum Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 212 | 16799  |
|  |  | 81092  |
| **Health Care Providers & Services - 4.2%** | **Health Care Providers & Services - 4.2%** |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 471 | 6683  |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 619 | 25472  |
| Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 517 | 10175  |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 84 | 21515  |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60 | 15053  |
| Universal Health Services, Inc. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 105 | 22892  |
|  |  | 101790  |
| **Hotels, Restaurants & Leisure - 2.0%** | **Hotels, Restaurants & Leisure - 2.0%** |  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 348 | 15573  |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 151 | 8711  |
| Travel + Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp; 226 | 15940  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 216 | 7841  |
|  |  | 48065  |
| **Household Durables - 1.0%**<br>|  |  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 306 | 9630  |
| Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 201 | 14500  |
|  |  | 24130  |
| **Household Products - 0.9%**<br>|  |  |
| Central Garden & Pet Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 286 | 9195  |
| Reynolds Consumer Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 577 | 13225  |
|  |  | 22420  |
| **Insurance - 8.5%**<br>|  |  |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 312 | 26692  |
| Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 114 | 10935  |
| CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 229 | 9726  |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 46 | 15610  |
| F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | 751  |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 406 | 22164  |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 111 | 15524  |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 81 | 11162  |
| Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 216 | 8757  |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 352 | 15675  |
| Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 94 | 9899  |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 288 | 25404  |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 99 | 11175  |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 38 | 11022  |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 7 | 14546  |
|  |  | 209042  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **IT Services - 0.4%**<br>|  |  |
| ASGN, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 202 | $9730  |
| **Leisure Products - 0.8%**<br>|  |  |
| Brunswick Corp. | &nbsp;&nbsp;&nbsp; 147 | 10913  |
| Polaris, Inc. | &nbsp;&nbsp;&nbsp; 147 | 9298  |
|  |  | 20211  |
| **Machinery - 4.5%**<br>|  |  |
| AGCO Corp. | &nbsp;&nbsp;&nbsp; 136 | 14188  |
| Albany International Corp. - Class A | &nbsp;&nbsp;&nbsp; 176 | 8923  |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp; 207 | 10745  |
| CNH Industrial NV | &nbsp;&nbsp;&nbsp; 2297 | 21178  |
| Flowserve Corp. | &nbsp;&nbsp;&nbsp; 203 | 14084  |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp; 338 | 25107  |
| Timken Co. | &nbsp;&nbsp;&nbsp; 185 | 15564  |
|  |  | 109789  |
| **Marine Transportation - 0.5%**<br>|  |  |
| Matson, Inc. | &nbsp;&nbsp;&nbsp; 92 | 11367  |
| **Media - 1.5%**<br>|  |  |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp; 141 | 11386  |
| Paramount Skydance Corp. | &nbsp;&nbsp;&nbsp; 637 | 8536  |
| WPP PLC - ADR | &nbsp;&nbsp;&nbsp; 752 | 16890  |
|  |  | 36812  |
| **Multi-Utilities - 2.4%**<br>|  |  |
| Avista Corp. | &nbsp;&nbsp;&nbsp; 240 | 9250  |
| Black Hills Corp. | &nbsp;&nbsp;&nbsp; 219 | 15203  |
| Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp; 399 | 23377  |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp; 155 | 10004  |
|  |  | 57834  |
| **Oil, Gas & Consumable Fuels - 3.7%** | **Oil, Gas & Consumable Fuels - 3.7%** |  |
| APA Corp. | &nbsp;&nbsp;&nbsp; 1071 | 26197  |
| Crescent Energy Co. - Class A | &nbsp;&nbsp;&nbsp; 1024 | 8591  |
| Excelerate Energy, Inc. - Class A | &nbsp;&nbsp;&nbsp; 410 | 11500  |
| Murphy Oil Corp. | &nbsp;&nbsp;&nbsp; 353 | 11031  |
| NextDecade Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1584 | 8348  |
| Ovintiv, Inc. | &nbsp;&nbsp;&nbsp; 382 | 14971  |
| SM Energy Co. | &nbsp;&nbsp;&nbsp; 506 | 9462  |
|  |  | 90100  |
| **Pharmaceuticals - 1.2%**<br>|  |  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 172 | 29240  |
| **Professional Services - 2.9%**<br>|  |  |
| Amentum Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 405 | 11745  |
| Insperity, Inc. | &nbsp;&nbsp;&nbsp; 255 | 9874  |
| Korn Ferry | &nbsp;&nbsp;&nbsp; 151 | 9969  |
| Maximus, Inc. | &nbsp;&nbsp;&nbsp; 168 | 14502  |
| Robert Half, Inc. | &nbsp;&nbsp;&nbsp; 371 | 10076  |
| Science Applications International Corp. | &nbsp;&nbsp;&nbsp; 155 | 15602  |
|  |  | 71768  |
|  **Real Estate Management & Development - 0.4%**<br>|  |  |
| Cushman & Wakefield Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 605 | 9795  |
|  **Semiconductors & Semiconductor Equipment - 0.4%**<br>|  |  |
| Diodes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 185 | 9128  |

---

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

2<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Hotchkis & Wiley SMID Cap Diversified Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Software - 1.5%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 299 | $14295  |
| Workday, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 101 | 21693  |
|  |  | 35988  |
| **Specialty Retail - 2.2%**<br>|  |  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 66 | 15347  |
| Group 1 Automotive, Inc. | &nbsp;&nbsp; 36 | 14159  |
| Lithia Motors, Inc. | &nbsp;&nbsp; 47 | 15620  |
| Sonic Automotive, Inc. - Class A | &nbsp;&nbsp; 141 | 8722  |
|  |  | 53848  |
| **Trading Companies & Distributors - 2.7%** | **Trading Companies & Distributors - 2.7%** |  |
| Herc Holdings, Inc. | &nbsp;&nbsp; 105 | 15580  |
| MSC Industrial Direct Co., Inc. - Class A | &nbsp;&nbsp; 164 | 13792  |
| Rush Enterprises, Inc. - Class A | &nbsp;&nbsp; 273 | 14726  |
| WESCO International, Inc. | &nbsp;&nbsp; 93 | 22751  |
|  |  | 66849  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,184,353)** |  | 2355699  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 2.7%**<br>|  |  |
| **Hotel & Resort REITs - 1.5%**<br>|  |  |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 1473 | 26116  |
| Park Hotels & Resorts, Inc. | &nbsp;&nbsp; 979 | 10241  |
|  |  | 36357  |
| **Office REITs - 1.2%**<br>|  |  |
| Douglas Emmett, Inc. | &nbsp;&nbsp; 678 | 7451  |
| Vornado Realty Trust | &nbsp;&nbsp; 653 | 21732  |
|  |  | 29183  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $65,499)** |  | 65540  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(b)</sup> | &nbsp;&nbsp; 18152 | 18152  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $18,152)** |  | 18152  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $2,268,004)** |  | $2439391  |
| Other Assets in Excess of Liabilities - 0.1% |  | 1959  |
| **TOTAL NET ASSETS - 100.0%** |  | $2441350 |

---

Percentages are stated as a percent of net assets.

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, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels.

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

3<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Hotchkis & Wiley SMID Cap Diversified Value Fund** 

**Statement of Assets and Liabilities** 

**December 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $2439391  |
| Dividends receivable | 3107  |
| &nbsp;&nbsp;&nbsp; Total assets | 2442498  |
| **LIABILITIES:**<br>|  |
| Payable to Advisor | 1148  |
| Total liabilities | 1148  |
| Commitments and contingencies (Note 5)<br>|  |
| &nbsp;&nbsp;&nbsp; Net Assets | $2441350  |
| **Net Assets Consists of:**<br>|  |
| Capital stock ($0.01 per share) | $900  |
| Additional paid-in capital | 2181225  |
| Total accumulated distributable earnings | 259225  |
| Total net assets | $2441350  |
| Net assets | $2441350  |
| Shares issued and outstanding<sup>(a)</sup> | 90000  |
| Net asset value per share | $27.13  |
| **Cost:**<br>|  |
| Investments, at cost | $2268004 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

4<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Hotchkis & Wiley SMID Cap Diversified Value Fund** 

**Statement of Operations** 

**For the Period Ended December 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $28626  |
| Less: issuance fees | (106)  |
| Less: dividend withholding taxes | (231)  |
| &nbsp;&nbsp;&nbsp; Total investment income | 28289  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 6030  |
| &nbsp;&nbsp;&nbsp; Total expenses | 6030  |
| Net investment income | 22259  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp; Investments | 87177  |
| Net realized gain (loss) | 87177  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 91191  |
| Net change in unrealized appreciation (depreciation) | 91191  |
| Net realized and unrealized gain (loss) | 178368  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $200627 |

---

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

5<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Hotchkis & Wiley SMID Cap Diversified Value Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Period Ended** <br>**June 30,** <br>**2025<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $22259 | &nbsp;&nbsp; $10932  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 87177 | &nbsp;&nbsp; 18  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 91191 | &nbsp;&nbsp; 80196  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | &nbsp;&nbsp; 200627 | &nbsp;&nbsp; 91146  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (32548) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp; (32548) | &nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 1040126 | &nbsp;&nbsp; 1911106  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (769109) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions | &nbsp;&nbsp; 271017 | &nbsp;&nbsp; 1911108  |
| &nbsp;&nbsp;&nbsp; Net Increase (Decrease) In Net Assets | &nbsp;&nbsp; 439096 | &nbsp;&nbsp; 2002254  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 2002254 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $2441350 | &nbsp;&nbsp; $2002254  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 80000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (30000) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Total increase (decrease) in shares outstanding | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 80000 |

---

<sup>(a)</sup> Inception date of the Fund was March 28, 2025.

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

6<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Financial Highlights** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Less distributions from:**  | **Less distributions from:**  | | | | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| <br>**For the period ended** | <br>**Net asset** <br>**value,** <br>**beginning** <br>**of period** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>(a)</sup> | **Net realized** <br>**and unrealized** <br>**gain (loss) on** <br>**investments<sup>(b)</sup>** | **Total** <br>**from** <br>**investment** <br>**operations** | **Net** <br>**investment** <br>**income** | **Total** <br>**distributions** | <br>**ETF** <br>**transaction** <br>**fees** <br>**per share** | <br>**Net asset** <br>**value,** <br>**end of** <br>**period** | <br>**Total** <br>**return<sup>(c)</sup>** | **Net assets,** <br>**end of** <br>**period (in** <br>**thousands)** | **Ratio of** <br>**expense to** <br>**average** <br>**net assets<sup>(d)</sup>** | **Ratio of** <br>**net investment** <br>**income (loss)** <br>**to average** <br>**net assets<sup>(d)</sup>** | **Portfolio** <br>**turnover** <br>**rate<sup>(c)</sup>**  |
| Hotchkis & Wiley SMID Cap Diversified Value Fund  | Hotchkis & Wiley SMID Cap Diversified Value Fund  | Hotchkis & Wiley SMID Cap Diversified Value Fund  | Hotchkis & Wiley SMID Cap Diversified Value Fund  | Hotchkis & Wiley SMID Cap Diversified Value Fund  | Hotchkis & Wiley SMID Cap Diversified Value Fund  | Hotchkis & Wiley SMID Cap Diversified Value Fund  | Hotchkis & Wiley SMID Cap Diversified Value Fund  | Hotchkis & Wiley SMID Cap Diversified Value Fund  | Hotchkis & Wiley SMID Cap Diversified Value Fund  | Hotchkis & Wiley SMID Cap Diversified Value Fund  | Hotchkis & Wiley SMID Cap Diversified Value Fund  | Hotchkis & Wiley SMID Cap Diversified Value Fund  | Hotchkis & Wiley SMID Cap Diversified Value Fund  |
| 12/31/2025<sup>(e)</sup> | &nbsp;&nbsp; $25.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; — | $27.13 | &nbsp;&nbsp; 9.84% | &nbsp;&nbsp; $2441 | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 2.03% | &nbsp;&nbsp;&nbsp; 30% |
| 6/30/2025<sup>(f)</sup> | &nbsp;&nbsp; $24.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(g)</sup> | $25.03 | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; $2002 | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 2.59% | &nbsp;&nbsp;&nbsp; 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Unaudited.

<sup>(f)</sup> Inception date of the Fund was March 28, 2025.

<sup>(g)</sup> Amount represents less than $0.005 per share. 

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

7<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**HOTCHKIS & WILEY SMID CAP DIVERSIFIED VALUE FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)** 

**NOTE 1. ORGANIZATION** 

The Hotchkis & Wiley SMID Cap Diversified Value Fund (the "Fund") is a diversified series of shares of beneficial interest of Hotchkis & Wiley Funds (the "Trust"), a Delaware statutory trust organized on July 23, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company and the offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). Eleven other series of the Trust are included in separate reports.

Shares of the Fund are listed and traded on the Nasdaq Stock Market LLC ("Nasdaq"). Market prices for the Shares may be different from the net asset value ("NAV"). The Fund issues and redeems Shares on a continuous basis at NAV, called "Creation Units", which generally consist of 20,000 shares. Creation Units are issued and redeemed primarily in-kind for securities included in a specified index. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Quasar Distributors, LLC (the "Distributor"). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and may be subject to customary brokerage commissions or fees.

The Fund currently offers one class of Shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. These fees may vary based upon various facts-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The fixed transaction fee may be waived on certain orders if the Fund's Custodian has determined to waive some or all of the costs associated with the order, or another party, such as Hotchkis & Wiley Capital Management, LLC (the "Advisor"), has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Fund. Variable fees, if any, received by the Fund are displayed in the Capital Share Transaction section of the Statements of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with $0.01 par value.

**Significant Accounting Policies. The Fund's 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. The 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 Fund.** 

**Security Valuation. Equity securities traded on a national stock exchange or Nasdaq Global Markets, Nasdaq Select Market and the Nasdaq Capital Markets (together, "Nasdaq") are valued at the last reported sale price or Nasdaq Official Closing Price, as applicable, on that day, or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or Nasdaq. Over-the-counter securities not traded on Nasdaq are valued at the last sale price on the valuation day, 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. Any Fund assets or liabilities initially valued in terms of non-U.S. dollar currencies are translated into U.S. dollars at the prevailing foreign currency exchange market rates as provided by an independent Pricing Service.** 

The Trust's Board of Trustees (the "Board") has designated the Advisor as the Fund's "valuation designee" to perform all fair valuations of the Fund's portfolio investments, subject to the Board's oversight. The Advisor, as the Fund's valuation designee, has established procedures for its fair valuation of the Fund's portfolio investments, which address, among other things, determining when market quotations are not readily available or reliable and certain methodologies for the fair valuation of such portfolio investments, as well as the use and oversight of Pricing Services.

8<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**HOTCHKIS & WILEY SMID CAP DIVERSIFIED VALUE FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

Fixed-income securities are generally valued at their evaluated mean prices provided by Pricing Services. Pricing Services generally provide an evaluated price that takes into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data, and may provide a price determined by a matrix pricing method or other analytical pricing models. If valuations from the Pricing Services are unavailable or deemed unreliable, the fixed-income security shall be priced according to the average of the bid and ask prices of broker quotes (or a single broker quote) for such security or the last sale price reported on FINRA's Trade Reporting and Compliance Engine ("TRACE") (excluding cross and retail trades).

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

Level 1 –

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

Level 2 –

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

Level 3 –

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

The following table presents the valuation levels of the Fund's assets as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $2355699 | $— | $— | $2355699  |
| Real Estate Investment Trusts - Common  | 65540 |  |  | 65540  |
| Money Market Funds | 18152 |  |  | 18152  |
| Total Investments | $2439391 | $— | $— | $2439391 |

---

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

**Expense Allocation. Expenses incurred by or attributable to a specific Fund are allocated entirely to that Fund. Expenses incurred by the Trust which do not relate to a specific Fund or Funds are allocated among the Funds per capita. Alternatively, such expenses may be allocated based upon the Fund's relative net assets as of a recent date or using another methodology based upon a determination by persons authorized by the Board, including either the President or Treasurer of the Trust, that the alternative allocation methodology is fair and equitable taking into consideration the nature and type of the expense.** 

**Distributions to Shareholders. The Fund intends to make distributions of net investment income and net capital gains, if any, at least annually. The Fund will declare and pay income and capital gain distributions in cash. Distributions in cash may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.** 

**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** 

9<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**HOTCHKIS & WILEY SMID CAP DIVERSIFIED VALUE FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

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.

**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 Fund does not isolate the portion of realized gains or losses and 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 Fund's books and the U.S. dollar equivalent of the amounts actually received or paid.** 

**Offsetting Assets and Liabilities. The Fund is subject to various master netting arrangements, which govern the terms of certain transactions with counterparties. The arrangements allow the Fund to close out and net its 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 Fund does not offset financial assets and liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. The Fund was not subject to offsetting arrangements as of December 31, 2025.** 

**NOTE 2. FEES AND TRANSACTIONS WITH AFFILIATES** 

The Fund has entered into an Investment Advisory Agreement with the Advisor, with which certain 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.

Pursuant to the Investment Advisory Agreement, the investments and business operations of the Fund are managed by the Advisor subject to oversight by the Board of Trustees. The Advisor is also responsible for selecting brokers and dealers to execute the Fund's portfolio transactions. For its services to the Fund, the Advisor receives a unitary management fee from the Fund, which is calculated daily and paid monthly by the Fund at an annual rate of 0.55% of the Fund's average daily net assets. Under the Investment Advisory Agreement, the Advisor has agreed to pay all expenses of the Fund except Advisor's management fees, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, litigation expenses, other non-routine or extraordinary expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

Quasar Distributors, LLC (the "Distributor"), serves as the distributor in connection with the continuous offering of the Fund's shares only in Creation Units. The Distributor will not distribute shares in amounts less than a Creation Unit and does not maintain a secondary market in shares. Currently, the Advisor compensates the Distributor for services that the Distributor provides to the Fund.

U.S. Bank Global Fund Services, a subsidiary of U.S. Bancorp, serves as the Fund's fund accountant, administrator and transfer agent pursuant to certain fund accounting servicing, fund administration servicing and transfer agent servicing agreements.

U.S. Bank National Association, a subsidiary of U.S. Bancorp, serves as the Fund's custodian pursuant to a custody agreement. Under the terms of these agreements, the Advisor pays the Fund's accounting, administration, custody, and transfer agency fees.

10<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**HOTCHKIS & WILEY SMID CAP DIVERSIFIED VALUE FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**NOTE 3. INVESTMENTS** 

For the six months ended December 31, 2025, the aggregate purchases and sales of securities by the Fund, excluding short-term securities and in-kind transactions, the in-kind transactions associated with creations and redemptions, and short-term and long-term gains on in-kind transactions were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Purchases** | **Sales** | **In-Kind** <br>**Purchases** | **In-Kind** <br>**Sales** | **Short-Term** <br>**Gains** | **Long-Term** <br>**Gains**  |
| $641217 | &nbsp;&nbsp;&nbsp; $662367 | &nbsp;&nbsp; $1013458 | &nbsp;&nbsp;&nbsp; $727992 | &nbsp;&nbsp;&nbsp; $152275 | &nbsp;&nbsp; $— |

---

The Fund did not have any purchases or sales of U.S. Government securities for the six months ended December 31, 2025.

**NOTE 4. FEDERAL INCOME TAXES.** 

It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and the 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 Fund for financial reporting purposes. The Fund 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, 2025:

---

| | |
|:---|:---|
| Tax cost of investments | $1919282  |
| Gross unrealized appreciation | 149950  |
| Gross unrealized depreciation | (69754)  |
| Net unrealized appreciation (depreciation) | 80196  |
| Distributable ordinary income (as of 6/30/25) | 10932  |
| Distributable long-term gains (as of 6/30/25) | 18  |
| Total distributable earnings | 10950  |
| Other accumulated gain (loss) |  |
| Total accumulated gain (loss) | $91146 |

---

As of June 30, 2025, the Fund did not have any capital loss carryovers or tax basis late year losses, which are not recognized for tax purposes until the first day of the following fiscal year. As of and during the period ended June 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period ended June 30, 2025, the Fund did not incur any interest or penalties. The tax period ended June 30, 2025 remains open and subject to examination by tax jurisdictions.

**NOTE 5. 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 liabilities 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 Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund.

11<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**HOTCHKIS & WILEY SMID CAP DIVERSIFIED VALUE FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**NOTE 6. RISK FACTORS** 

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

The Fund 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, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers and investments in securities of foreign issuers may be subject to foreign withholding and other taxes. 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 the Fund's investments in a foreign country.

The Fund may invest a significant portion of its assets in companies in the financial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. This sector can be significantly affected by changes in interest rates, the rate of corporate and consumer debt defaults, the availability and cost of borrowing and raising capital, reduced credit market liquidity, regulatory changes, price competition, bank failures and other financial crises, and general economic and market conditions.

The Fund may invest a significant portion of its assets in companies in the industrial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. This sector can be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, and government regulation.

The Fund may invest a significant portion of its assets in companies in the consumer discretionary sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Companies engaged in the consumer discretionary sector are affected by fluctuations in supply and demand and changes in consumer preferences, social trends and marketing campaigns. Changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations also may adversely affect these companies.

The Fund is subject to active management risk because the Fund is an actively managed investment portfolio. Consequently, the Fund is 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 Fund.

The prices of, and the income generated by, securities held by the 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. These events can include changes in economic, political or financial market conditions due to war, acts of terrorism, the spread of infectious illness or other public health issues, financial crises, and recessions, as well as investor sentiment regarding these issues.

**NOTE 7. SEGMENT REPORTING** 

The Fund represents a single operating segment as the operating results of the Fund is monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on a defined investment objective that is executed by the Fund's portfolio management team. A senior executive team comprised of the Fund's Principal Executive Officer and Principal Financial Officer, serves as the Fund's chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the Fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the Statement of Assets and Liabilities as Net Assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying Statement of Operations.

**NOTE 8. SUBSEQUENT EVENTS** 

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

12<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**HOTCHKIS & WILEY SMID CAP DIVERSIFIED VALUE FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**NOTE 9. FEDERAL TAX DISCLOSURE (UNAUDITED)** 

The Fund 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 Fund related to net capital gains to zero for the tax period ended June 30, 2025.

For the period ended June 30, 2025, the percentage of ordinary distributions paid that qualify for the dividend received deduction available to corporate shareholders was 0.00%.

For the period ended June 30, 2025, the percentage of ordinary distributions paid that are designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003 was 0.00%. Shareholders should consult their tax advisors.

For the period ended June 30, 2025, the percentage of ordinary income distributions paid that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(c) was 0.00%.

13<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**HOTCHKIS & WILEY SMID CAP DIVERSIFIED VALUE FUND** 

**ADDITIONAL INFORMATION** 

**December 31, 2025 (Unaudited)** 

The below information is required disclosure from Form N-CSR:

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Management Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

All fund expenses, including Trustee compensation, are paid by the Advisor pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

14<br>

------

![](hotchkis-logo_cover.jpg)

![](hotchkis-logo_cover2.jpg)

**HW Opportunities MP Fund** 

**Semi-Annual Financial Statements** 

**and Additional Information** 

DECEMBER 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi1) | &nbsp;&nbsp; [1](#soi1) |
| [Statement of Assets and Liabilities](#sal1) | &nbsp;&nbsp; [3](#sal1) |
| [Statement of Operations](#sop1) | &nbsp;&nbsp; [4](#sop1) |
| [Statements of Changes in Net Assets](#scna1) | &nbsp;&nbsp; [5](#scna1) |
| [Financial Highlights](#fihi1) | &nbsp;&nbsp; [6](#fihi1) |
| [Notes to the Financial Statements](#notes1) | &nbsp;&nbsp; [7](#notes1) |
| [Additional Information (Unaudited)](#add1) | &nbsp;&nbsp; [14](#add1) |

---

------

**[**TABLE OF CONTENTS**](#TOC1)**

**HW OPPORTUNITIES MP FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.9%** | **COMMON STOCKS - 92.9%** |  |
| **Automobile Components - 0.9%** | **Automobile Components - 0.9%** |  |
| Aptiv PLC<sup>(a)</sup> | 8100 | $616329  |
| **Banks - 1.6%** |  |  |
| Citigroup, Inc. | 9300 | 1085217  |
| **Beverages - 1.4%** |  |  |
| Heineken NV - ADR | 22800 | 930240  |
| **Broadline Retail - 0.1%** |  |  |
| Articore Group Ltd.<sup>(a)</sup> | 339600 | 58825  |
| **Capital Markets - 1.2%** |  |  |
|  Bank of New York Mellon Corp. | 2500 | 290225  |
| State Street Corp. | 4200 | 541842  |
|  |  | 832067  |
| **Chemicals - 21.1%<sup>(b)</sup>** |  |  |
| Ecovyst, Inc.<sup>(a)</sup> | 225900 | 2198007  |
| Fuso Chemical Co. Ltd. | 141900 | 5784315  |
| Olin Corp. | 240600 | 5011698  |
| PPG Industries, Inc. | 14000 | 1434440  |
|  |  | 14428460  |
| **Communications Equipment - 3.9%** | **Communications Equipment - 3.9%** |  |
| F5, Inc.<sup>(a)</sup> | 6100 | 1557086  |
|  Telefonaktiebolaget LM Ericsson - ADR | 118000 | 1138700  |
|  |  | 2695786  |
| **Consumer Finance - 1.6%** |  |  |
| SLM Corp. | 41308 | 1117795  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 1.0%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 1.0%** |  |
| Avnet, Inc. | 14000 | 673120  |
| **Ground Transportation - 6.3%** |  |  |
| U-Haul Holding Co. | 91750 | 4288395  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 2.6%** |  |  |
|  GE HealthCare Technologies, Inc. | 21400 | 1755228  |
| **Health Care Providers & Services - 0.7%** | **Health Care Providers & Services - 0.7%** |  |
| Humana, Inc. | 1900 | 486647  |
| **Hotels, Restaurants & Leisure - 2.3%** | **Hotels, Restaurants & Leisure - 2.3%** |  |
|  Marriott Vacations Worldwide Corp. | 27600 | 1592244  |
| **Household Products - 3.6%** |  |  |
| Henkel AG & Co. KGaA | 32600 | 2481062  |
| **Industrial Conglomerates - 2.1%** |  |  |
| Siemens AG - ADR | 10100 | 1413495  |
| **Insurance - 0.8%** |  |  |
|  Global Indemnity Group LLC - Class A | 18154 | 515574  |
| **Interactive Media & Services - 0.9%** | **Interactive Media & Services - 0.9%** |  |
| Alphabet, Inc. - Class A | 2080 | 651040  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Machinery - 0.6%** |  |  |
| Stanley Black & Decker, Inc. | 5100 | $378828  |
| **Media - 15.7%<sup>(b)</sup>** |  |  |
| Comcast Corp. - Class A | 8200 | 245098  |
| Havas NV | 289260 | 5781576  |
| Stagwell, Inc.<sup>(a)</sup> | 958860 | 4688825  |
|  |  | 10715499  |
| **Oil, Gas & Consumable Fuels - 5.4%** | **Oil, Gas & Consumable Fuels - 5.4%** | **Oil, Gas & Consumable Fuels - 5.4%** |
| APA Corp. | 38600 | 944156  |
| California Resources Corp. | 15600 | 697476  |
| Murphy Oil Corp. | 14300 | 446875  |
| Ovintiv, Inc. | 40000 | 1567600  |
|  |  | 3656107  |
| **Passenger Airlines - 6.3%** |  |  |
| Qantas Airways Ltd. | 625670 | 4322570  |
| **Software - 11.7%<sup>(b)</sup>** |  |  |
| Microsoft Corp. | 2860 | 1383153  |
| Salesforce, Inc. | 14400 | 3814704  |
| Workday, Inc. - Class A<sup>(a)</sup> | 8200 | 1761196  |
| Workiva, Inc.<sup>(a)</sup> | 12300 | 1060875  |
|  |  | 8019928  |
| **Specialty Retail - 1.1%** |  |  |
| Lithia Motors, Inc. | 2300 | 764359  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $57,174,144)** |  | 63478815  |
| **EXCHANGE TRADED FUNDS - 2.8%** | **EXCHANGE TRADED FUNDS - 2.8%** |  |
| **Investment Companies - 2.8%** | **Investment Companies - 2.8%** |  |
|  Vanguard Long-Term Treasury ETF | 34200 | 1908360  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $1,887,696)** |  | 1908360 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 1.9%<sup>(a)</sup>** | **PURCHASED OPTIONS - 1.9%<sup>(a)</sup>** | **PURCHASED OPTIONS - 1.9%<sup>(a)</sup>** |  |
| **Put Options - 1.9%<sup>(c)(d)</sup>**<br>|  |  |  |
|  Digital Realty Trust, Inc., Expiration: 01/15/2027; Exercise Price: $170.00 | $1547100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 271000  |
| United Parcel Service, Inc.<br>|  |  |  |
|  Expiration: 01/15/2027; Exercise Price: $90.00 | $10613330 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 | 904150  |
|  Expiration: 01/21/2028; Exercise Price: $80.00 | 1289470 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | 104975  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,695,173)** |  |  | 1280125 |

---

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

1<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**HW OPPORTUNITIES MP FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS - 0.4%** | **PREFERRED STOCKS - 0.4%** |  |
| **Financial Services - 0.4%** | **Financial Services - 0.4%** |  |
|  Federal Home Loan Mortgage Corp., Series Z, 8.38%, Perpetual<sup>(a)(e)</sup> | 18200 | $262080  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $41,761)** |  | 262080  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.3%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.3%** |  |
| &nbsp;&nbsp;&nbsp; **Real Estate Management &** <br>**Development - 0.3%**<br>|  |  |
|  Seritage Growth Properties - Class A<sup>(a)</sup> | 69700 | 226525  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Cost $311,614)** |  | 226525  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |  |
|  **MONEY MARKET FUNDS - 1.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - <br>Class X, 3.67%<sup>(f)</sup> | 1151569 | 1151569  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,151,569)** |  | 1151569  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $62,261,957)** |  | $68307474  |
|  Liabilities in Excess of Other Assets - (0.0)%<sup>(g)</sup> |  | (14325)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $68293149 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS<sup>®</sup>) 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, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Exchange-traded.

<sup>(e)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(g)</sup> Represents less than 0.05% of net assets. 

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

2<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**HW OPPORTUNITIES MP FUND** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $68307474  |
| Dividends receivable | 46737  |
| Dividend tax reclaims receivable | 42866  |
| Receivable from Advisor | 12276  |
| Prepaid expenses and other assets | 14461  |
| &nbsp;&nbsp;&nbsp; Total assets | 68423814  |
| **LIABILITIES:**<br>|  |
| Payable for investments purchased | 95232  |
| Payable for fund administration and accounting fees | 15442  |
| Payable for audit fees | 10817  |
| Payable for expenses and other liabilities | 9174  |
| &nbsp;&nbsp;&nbsp; Total liabilities | 130665  |
| Commitments and contingencies (Note 5)<br>|  |
| &nbsp;&nbsp;&nbsp; Net assets | $68293149  |
| **Net Assets Consists of:**<br>|  |
| Capital stock ($0.001 per share) | $4498  |
| Additional paid-in capital | 62007134  |
| Total accumulated distributable earnings | 6281517  |
| Total net assets | $68293149  |
| Net assets | $68293149  |
| Shares issued and outstanding<sup>(a)</sup> | 4498026  |
| Net asset value per share | $15.18  |
| **Cost:**<br>|  |
| Investments, at cost | $62261957 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

3<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**HW OPPORTUNITIES MP FUND** 

**STATEMENT OF OPERATIONS** 

**For the Period Ended December 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $561929  |
| Less: issuance fees | (2397)  |
| Less: dividend withholding taxes | (28912)  |
| Interest income | 17769  |
| &nbsp;&nbsp;&nbsp; Total investment income | 548389  |
| **EXPENSES:**<br>|  |
| Fund administration and accounting fees | 33147  |
| Federal and state registration fees | 13640  |
| Audit fees | 10841  |
| Trustees' fees | 4074  |
| Legal fees | 3357  |
| Custodian fees | 2868  |
| Transfer agent fees | 1600  |
| Reports to shareholders | 1109  |
| Compliance fees | 964  |
| Overdraft fees | 29  |
| Other expenses and fees | 5691  |
| &nbsp;&nbsp;&nbsp; Total expenses | 77320  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Advisor | (77291)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 29  |
| Net investment income | 548360  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 1656975  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 620  |
| Net realized gain (loss) | 1657595  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 2571319  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (2613)  |
| Net change in unrealized appreciation (depreciation) | 2568706  |
| Net realized and unrealized gain (loss) | 4226301  |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $4774661 |

---

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

4<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**HW OPPORTUNITIES MP FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $548360 | $1543840  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1657595 | 1377058  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2568706 | (44206)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 4774661 | 2876692  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (2469374) | (5927035)  |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2469374) | (5927035)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6340096 | 25504951  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (9717535) | (17436330)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions | (3377439) | 8068621  |
| Net Increase (Decrease) In Net Assets | (1072152) | 5018278  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 69365301 | 64347023  |
| &nbsp;&nbsp;&nbsp; End of the period | $68293149 | $69365301  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 419661 | 1750707  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (622630) | (1220569)  |
| &nbsp;&nbsp;&nbsp; Total increase (decrease) in shares outstanding | (202969) | 530138 |

---

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

5<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**HW OPPORTUNITIES MP FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the** <br>**period ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of period** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Less distributions from:** | **Less distributions from:** | **Less distributions from:** | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period** | **Total** <br>**return<sup>(c)</sup>** | **Supplemental data and ratios:**  | **Supplemental data and ratios:**  | **Supplemental data and ratios:**  | **Supplemental data and ratios:**  | **Supplemental data and ratios:**  | **Supplemental data and ratios:**  |
| **For the** <br>**period ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of period** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>(a)</sup> | **Net** <br>**realized and** <br>**unrealized** <br>**gain** <br>(loss) on <br>**investments<sup>(b)</sup>** | **Total from** <br>**investment** <br>**operations** | **Net** <br>**investment** <br>**income** | **Net** <br>**realized** <br>**gains** | **Total** <br>**distributions** | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period** | **Total** <br>**return<sup>(c)</sup>** | **Net assets,** <br>**end of** <br>**period (in** <br>**thousands)** | **Ratio of** <br>**expenses to** <br>**average** <br>**net assets** <br>**before expense** <br>**reimbursement<sup>(d)(e)</sup>** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**expense** <br>**reimbursement<sup>(d)(e)</sup>** | **Ratio of** <br>**overdraft** <br>**fees to** <br>**average net** <br>**assets<sup>(d)(e)</sup>** | **Ratio of** <br>**net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**net** <br>**assets<sup>(d)(e)</sup>** | **Portfolio** <br>**turnover** <br>**rate<sup>(c)</sup>**  |
| 12/31/2025<sup>(f)</sup> | &nbsp;&nbsp; $14.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp; (0.37) | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.55) | $15.18 | 6.60% | &nbsp;&nbsp; $68293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 37%  |
| 6/30/2025 | &nbsp;&nbsp; $15.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; (0.27) | (1.07) | &nbsp;&nbsp;&nbsp;&nbsp; (1.34) | $14.76 | 4.26% | &nbsp;&nbsp; $69365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 107%  |
| 6/30/2024 | &nbsp;&nbsp; $13.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp; (0.28) | (0.73) | &nbsp;&nbsp;&nbsp;&nbsp; (1.01) | $15.43 | 20.57% | &nbsp;&nbsp; $64347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 93%  |
| 6/30/2023 | &nbsp;&nbsp; $10.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp; (0.13) | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | $13.75 | 27.92% | &nbsp;&nbsp; $46061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 2.21% | &nbsp;&nbsp; 140%  |
| 6/30/2022 | &nbsp;&nbsp; $12.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp; (1.96) | &nbsp;&nbsp;&nbsp; (1.76) | &nbsp;&nbsp;&nbsp; (0.09) | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | $10.95 | -13.88% | &nbsp;&nbsp; $29443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 96%  |
| 6/30/2021<sup>(h)</sup> | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp; – | – | &nbsp;&nbsp;&nbsp;&nbsp; – | $12.90 | 29.00% | &nbsp;&nbsp; $631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> The Fund's investment advisor contractually agreed to reimburse 100% of the Fund's operating expenses (See Note 2). Without such reimbursement, the Fund's performance would have been lower. Returns and portfolio turnover rates for periods less than one year are not annualized.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Unaudited.

<sup>(g)</sup> Amount represents less than 0.005%.

<sup>(h)</sup> Inception date of the Fund was December 30, 2020.

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

6<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**HW OPPORTUNITIES MP FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)** 

**NOTE 1. ORGANIZATION** 

Hotchkis & Wiley Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company. The Trust was organized as a Delaware statutory trust on July 23, 2001 and consists of twelve series, including the HW Opportunities MP Fund (the "Fund"). The Fund is a non-diversified series of the Trust. Immediately prior to the Fund's commencement of operations, the assets and liabilities of the HW Opportunities MP Fund, a series of Series Portfolios Trust (the "Predecessor Fund"), were acquired by the Fund in a tax-free reorganization as set forth in an agreement and plan of reorganization between the Trust, on behalf of the Fund, and Series Portfolios Trust, on behalf of the Predecessor Fund (the "Reorganization"). The Reorganization occurred after the close of business on December 15, 2023. As of December 15, 2023, the Predecessor Fund's net assets were $50,954,652, shares outstanding were 3,570,165.790 and NAV was $14.27. As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. All Reorganization costs were borne by Hotchkis & Wiley Capital Management, LLC (the "Advisor"). The Predecessor Fund commenced operations on December 30, 2020. Eleven other series of the Trust are included in separate reports.

Shareholders should be aware that the Fund pays no management fees or operating expenses under its investment advisory and expense reimbursement agreements with the Advisor. However, Fund shares are only offered to participants in separately managed account programs who pay fees to program sponsors for the costs and expenses of the programs, including fees for investment advice, custody and portfolio execution. When a program participant, alone or with his or her program sponsor, elects to allocate assets to an investment strategy managed or advised by the Advisor, the Advisor typically receives a fee from the program sponsor for providing such management or advisory services to the managed account, including with respect to assets that may be invested in the Fund. In certain cases, a program participant will pay a fee for investment advice directly to the advisor in its capacity as manager to the participant's managed account.

**Significant Accounting Policies. The Fund's 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. The 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 Fund.** 

**Security Valuation. Equity securities traded on a national stock exchange or Nasdaq Global Markets, Nasdaq Select Market and the Nasdaq Capital Markets (together, "Nasdaq") are valued at the last reported sale price or Nasdaq Official Closing Price, as applicable, on that day, or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or Nasdaq. Over-the-counter securities not traded on Nasdaq are valued at the last sale price on the valuation day, 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. Any Fund assets or liabilities initially valued in terms of non-U.S. dollar currencies are translated into U.S. dollars at the prevailing foreign currency exchange market rates as provided by an independent Pricing Service.** 

The Trust's Board of Trustees (the "Board") has designated the Advisor as the Fund's "valuation designee" to perform all fair valuations of the Fund's portfolio investments, subject to the Board's oversight. The Advisor, as the Fund's valuation designee, has established procedures for its fair valuation of the Fund's portfolio investments, which address, among other things, determining when market quotations are not readily available or reliable and certain methodologies for the fair valuation of such portfolio investments, as well as the use and oversight of Pricing Services.

Fixed-income securities are generally valued at their evaluated mean prices provided by Pricing Services. Pricing Services generally provide an evaluated price that takes into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data, and may provide a price determined by a matrix pricing method or other analytical pricing models. If valuations from the Pricing Services are unavailable or deemed unreliable, the fixed-income security shall be priced according to the average of the bid and ask prices of broker quotes (or a single broker quote) for such security or the last sale price reported on FINRA's Trade Reporting and Compliance Engine ("TRACE") (excluding cross and retail trades).

7<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**HW OPPORTUNITIES MP FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

For portfolio holdings which trade in markets that close prior to the close of trading on the New York Stock Exchange (which is generally 4:00 p.m. Eastern time), the Fund generally utilizes a Pricing Service's fair value price which is designed to capture events occurring after a foreign exchange closes that may affect the value of certain portfolio holdings traded on those foreign exchanges. When this fair value pricing is employed, the value of the portfolio holdings used to calculate the Fund's net asset value may differ from quoted or official closing prices.

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

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

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Significant unobservable inputs including model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect assumptions that market participants would use to price the asset or liability based on the best available information.  |

---

The following table presents the valuation levels of the Fund's assets as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $45050467 | $18428348 | $— | $63478815  |
| Exchange Traded Funds | 1908360 |  |  | 1908360  |
| Purchased Options | 1175150 | 104975 |  | 1280125  |
| Preferred Stocks | 262080 |  |  | 262080  |
| Real Estate Investment Trusts – Common | 226525 |  |  | 226525  |
| Money Market Funds | 1151569 |  |  | 1151569  |
| Total Investments | $49774151 | $18533323 | $— | $68307474 |

---

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

**Expense Allocation. Expenses incurred by or attributable to the Fund are allocated entirely to the Fund. Expenses incurred by the Trust which do not relate to a specific series of the Trust are allocated among the series of the Trust per capita. Alternatively, such expenses may be allocated based upon the series' relative net assets as of a recent date or using another methodology based upon a determination by persons authorized by the Board, including either the President or Treasurer of the Trust, that the alternative allocation methodology is fair and equitable taking into consideration the nature and type of the expense.** 

**Distributions to Shareholders. Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income are declared and paid annually for the 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** 

8<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**HW OPPORTUNITIES MP FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

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.

**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 Fund does not isolate the portion of realized gains or losses and 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 Fund's books and the U.S. dollar equivalent of the amounts actually received or paid.** 

**Payment In-Kind Securities. The Fund 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 Statement of Assets and Liabilities.** 

**Restricted and Illiquid Securities. The Fund 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 the 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 Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund may purchase put options on securities to protect holdings in an underlying or related security against a substantial decline in market value. The Fund may purchase call options on securities and security indexes. The 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 the 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 the 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 Fund since options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees the options against default.** 

When the Fund purchases a put or call option, an amount equal to the premium paid is included on the Statement of Assets and 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 for the put option. If the Fund exercises a call option, the cost of the security acquired is increased by the premium paid for the call option.

**Futures Contracts. The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objective. The Fund may use futures contracts to gain exposure to, or hedge against, changes in the value of foreign** 

9<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**HW OPPORTUNITIES MP FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

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. The Fund did not enter into any futures contracts during the six months ended December 31, 2025.

**Derivative Instruments. The Fund has adopted authoritative standards regarding disclosures about derivatives and how they affect the Fund's Statement of Assets and Liabilities and Statement of Operations.** 

The following is a summary of the Fund's derivative instrument holdings categorized by primary risk exposure as of December 31, 2025:

Asset Derivatives

---

| | | |
|:---|:---|:---|
|  | **Location on Statement of** <br>**Assets and Liabilities** |  |
| Equity Contracts:<br>|  |  |
| Purchased Put Options | Investments, at value | $1280125 |

---

The following is a summary of the Fund's realized gain (loss) and change in unrealized appreciation (depreciation) on derivative instruments recognized in the Statement of Operations categorized by primary risk exposure for the six months ended December 31, 2025:

Realized Gain (Loss) on Derivatives

---

| | |
|:---|:---|
| Equity Contracts:<br>|  |
| Purchased Put Options | $(479061)\* |

---

\* Included with net realized gain (loss) from investments.

Change in Unrealized Appreciation (Depreciation) on Derivatives

---

| | |
|:---|:---|
| Equity Contracts:<br>|  |
| Purchased Put Options | $(415048)\* |

---

\* Included with net change in unrealized appreciation (depreciation) on investments.

The following is a summary of the Funds' average quarterly balance of outstanding derivative instruments categorized by primary risk exposure for the six months ended December 31, 2025:

Average Quarterly Balance of Outstanding Derivatives

---

| | |
|:---|:---|
| Equity Contracts:<br>|  |
| Average Number of Contracts – Purchased Put Options  | 937  |
| Average Notional Amount – Purchased Put Options | $12603357 |

---

**Offsetting Assets and Liabilities. The Fund is subject to various master netting arrangements, which govern the terms of certain transactions with counterparties. The arrangements allow the Fund to close out and net its 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 Fund does not offset financial assets and liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. The Fund was not subject to offsetting arrangements as of December 31, 2025.** 

10<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**HW OPPORTUNITIES MP FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**NOTE 2. FEES AND TRANSACTIONS WITH AFFILIATES** 

The Fund has entered into an Investment Advisory Agreement with the Advisor, with which certain 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 Fund's investments and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund. The Advisor does not charge a management fee for advisory services to the Fund. Shareholders should be aware, however, that the Fund is an integral part of separately managed account programs, and the Advisor and its affiliates are compensated directly or indirectly by separately managed account program sponsors or program participants for managed account advisory services. The Advisor has contractually agreed to reimburse 100% of the Fund's operating expenses (other than any front-end or contingent deferred sales loads, taxes, leverage interest, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation).

Quasar Distributors, LLC is the principal underwriter and distributor for the shares of the Fund ("Quasar" or the "Distributor"). The Fund does not have a Rule 12b-1 plan and therefore Quasar's fees are paid by the Advisor.

The Fund is permitted to purchase securities from or sell securities to another fund in the Trust or affiliated person under procedures adopted by the Board. During the six months ended December 31, 2025, the Fund did not have any of these purchases and sales.

Effective September 30, 2025, U.S. Bank National Association, a subsidiary of U.S. Bancorp, serves as the Fund's custodian pursuant to a custody agreement.

Prior to September 30, 2025, the custodian was Brown Brothers Harriman & Co.

**NOTE 3. INVESTMENTS** 

Purchases and sales of investment securities, excluding short-term investments, for the six months ended December 31, 2025 were $25,053,787 and $28,511,766, respectively. The Fund did not have any purchases or sales of U.S. Government securities for the six months ended December 31, 2025.

**NOTE 4. FEDERAL INCOME TAXES** 

It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and the 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 Fund for financial reporting purposes. The Fund 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.

11<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**HW OPPORTUNITIES MP FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

The following information is presented on an income tax basis as of June 30, 2025:

---

| | |
|:---|:---|
| Tax cost of investments | $65137276  |
| Gross unrealized appreciation | 7661966  |
| Gross unrealized depreciation | (4227255)  |
| Net unrealized appreciation (depreciation) | 3434711  |
| Distributable ordinary income (as of 6/30/25) | 1101552  |
| Distributable long-term gains (as of 6/30/25) | —  |
| Total distributable earnings | 1101552 |
| Other accumulated gain (loss) | (560033)  |
| Total accumulated gain (loss) | $3976230 |

---

The tax components of distributions paid during the fiscal years ended June 30, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2024**  | **June 30, 2024**  |
| **Ordinary Income** <br>**Distributions** | **Long-Term Capital** <br>**Gains Distributions** | **Ordinary Income** <br>**Distributions** | **Long-Term Capital** <br>**Gains Distributions**  |
| $4160026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1767009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $989929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2603016 |

---

As of June 30, 2025, the Fund had post-October losses of $559,880 and did not have any capital loss carryovers or tax basis late year losses, which are not recognized for tax purposes until the first day of the following fiscal year. As of and during the year ended June 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended June 30, 2025, the Fund did not incur any interest or penalties. The tax years ended June 30, 2022 through June 30, 2025 remain open and subject to examination by tax jurisdictions.

**NOTE 5. 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 liabilities 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 Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund.

**NOTE 6. RISK FACTORS** 

Investing in the 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 the 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 the 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 Fund 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, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers and investments in securities of foreign issuers may be

12<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**HW OPPORTUNITIES MP FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

subject to foreign withholding and other taxes. 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 the Fund's investments in a foreign country.

The Fund may invest a significant portion of its assets in companies in the financial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. This sector can be significantly affected by changes in interest rates, the rate of corporate and consumer debt defaults, the availability and cost of borrowing and raising capital, reduced credit market liquidity, regulatory changes, price competition, bank failures and other financial crises, and general economic and market conditions.

The Fund is subject to active management risk because the Fund is an actively managed investment portfolio. Consequently, the Fund is 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 Fund.

The prices of, and the income generated by, securities held by the 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. These events can include changes in economic, political or financial market conditions due to war, acts of terrorism, the spread of infectious illness or other public health issues, financial crises, and recessions, as well as investor sentiment regarding these issues.

Certain funds, accounts, individuals or affiliates may from time to time own (beneficially or of record) or control a significant percentage of the 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 7. SEGMENT REPORTING** 

The Fund represents a single operating segment as the operating results of the Fund is monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on a defined investment objective that is executed by the Fund's portfolio management team. A senior executive team comprised of the Fund's Principal Executive Officer and Principal Financial Officer, serves as the Fund's chief operating decision maker ("CODM"), who act in accordance with Board reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the Fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the Statement of Assets and Liabilities as Net Assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying Statement of Operations.

**NOTE 8. SUBSEQUENT EVENTS** 

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

**NOTE 9. FEDERAL TAX DISCLOSURE (UNAUDITED)** 

The Fund 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 Fund related to net capital gains to zero for the tax year ended June 30, 2025.

For the year ended June 30, 2025, the percentage of ordinary distributions paid that qualify for the dividend received deduction available to corporate shareholders was 21.67%.

For the year ended June 30, 2025, the percentage of ordinary distributions paid that are designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003 was 44.42%. Shareholders should consult their tax advisors.

For the year ended June 30, 2025, the percentage of ordinary income distributions paid that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(c) was 71.45%.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**HW OPPORTUNITIES MP FUND** 

**ADDITIONAL INFORMATION** 

**December 31, 2025 (Unaudited)** 

The below information is required disclosure from Form N-CSR:

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Management Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Remuneration paid to directors, officers and others is included in the Statement of Operations under the line items "Compliance fees" and "Trustees' fees" in the semi-annual financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

14<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form N-CSR.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Management Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

 

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

Remuneration paid to directors, officers and others is included in the Statements of Operations under the line items "Compliance fees" and "Trustees' fees" as part of the financial statements filed under Item 7 of this Form N-CSR.

For the Hotchkis & Wiley SMID Cap Diversified Value Fund, all fund expenses, including Trustee compensation, are paid by the Advisor pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end management investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end management investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end management investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Principal Executive Officer and Principal Financial Officer have
 reviewed the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the
 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended. Based on their review, such officers
 have concluded that the disclosure controls and procedures are effective.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end management investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) Not applicable because the code of ethics is available without charge, upon request,
 by calling toll-free at 1-800-796-5606.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) Certifications for each principal executive officer and principal financial officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](hwf-efp22737_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes Oxley Act of 2002 are filed herewith.](hwf-efp22737_ex99906cert.htm)

**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
 and Wiley Funds

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Anna Marie Lopez |
|  | Anna Marie Lopez, Principal Executive Officer |

---

Date <u>2/17/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Anna Marie Lopez |
|  | Anna Marie Lopez, Principal Executive Officer |

---

Date <u>2/17/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ James Menvielle |
|  | James Menvielle, Principal Financial Officer |

---

Date <u>2/17/2026</u>

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Anna Marie Lopez, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Hotchkis and Wiley Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/17/2026 | /s/ Anna Marie Lopez |
|  |  | Anna Marie Lopez<br> Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, James Menvielle, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Hotchkis and Wiley Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/17/2026 | /s/ James Menvielle |
|  |  | James Menvielle<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Hotchkis and Wiley Funds, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Hotchkis and Wiley Funds for the period ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Hotchkis and Wiley Funds for the stated period.

---

| | |
|:---|:---|
| /s/ Anna Marie Lopez | /s/ James Menvielle |
| Anna Marie Lopez<br> Principal Executive Officer <br>Hotchkis and Wiley Funds<br>| James Menvielle<br> Principal Financial Officer <br>Hotchkis and Wiley Funds |

---

Dated: <u>2/17/2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Hotchkis and Wiley Funds for purposes of Section 18 of the Securities Exchange Act of 1934.