# EDGAR Filing Document

**Accession Number:** 0001145022
**File Stem:** 0001133228-25-009047
**Filing Date:** 2025-8
**Character Count:** 706547
**Document Hash:** 1f43ce1ab744fb632fdbd0879d7a28cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009047.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001133228-25-009047

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 109

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10487
- **FILM NUMBER:** 251266085

**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'? 2025-07-03164198_Hotchkis-WileyDiversifiedValueFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: **811-10487**

**Hotchkis & Wiley Funds** 

(Exact name of registrant as specified in charter)

**601 South Figueroa Street, 39<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, 26th Floor**

**Chicago, Illinois 60601**

(Counsel for the registrant)

**(213) 430-1000**

Registrant's telephone number, including area code

Date of fiscal year end: **June 30, 2025**

Date of reporting period: **June 30, 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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Large Cap Disciplined Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $112 | 1.06% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Large Cap Disciplined Value Fund returned 10.55% for Class A shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight in energy were the primary detractors to performance followed by

stock selection in communication services, industrials, and materials. An overweight in health care also

detracted from performance.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology and financials, along with an overweight position in financials,

contributed to relative performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5056img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 10.55 | 18.43 | 9.55 |
| **Class A (with sales charge)**  | 4.75 | 17.16 | 8.97 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 12.96 |
| **Russell 1000 Value Index**  | 13.70 | 13.93 | 9.19 |
| **Russell 1000 Index**  | 15.66 | 16.30 | 13.35 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $80713765 |
| **Number of Holdings** | 79 |
| **Net Advisory Fee** | $466864 |
| **Portfolio Turnover** | 34% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5056img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  F5, Inc.  | 5.0% |
|  Workday, Inc.  | 4.5% |
|  Citigroup, Inc.  | 3.6% |
|  Telefonaktiebolaget LM Ericsson  | 2.9% |
|  Comcast Corp.  | 2.8% |
|  Wells Fargo & Co.  | 2.8% |
|  American International Group, Inc.  | 2.7% |
|  APA Corp.  | 2.4% |
|  General Motors Co.  | 2.3% |
|  Dominion Energy, Inc.  | 2.3% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective July 1, 2024, Judd Peters no longer serves as a Portfolio Manager to the Fund and Doug Campbell was added as a Portfolio Manager to the Fund. George H. Davis, Jr., Patricia McKenna, and Scott McBride continue to serve as portfolio managers to the Fund and are jointly responsible for the Fund's day-to-day management.

**Fund Name Change:**

Effective August 29, 2024, the Fund changed its name from Hotchkis & Wiley Diversified Value Fund to Hotchkis & Wiley Large Cap Disciplined Value Fund.

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 Large Cap Disciplined Value Fund PAGE 2 TSR-AR-44134R750

------

**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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Large Cap Disciplined Value Fund PAGE 3 TSR-AR-44134R750

9476863911033120891230410129168891545518018213482360010000102141210413893151411613023253200292382529335338221000010286118841268813762125461802616797187352118124083100001029312149139161531016455235432047424438302743501622.614.614.611.710.58.66.44.33.63.1 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Large Cap Disciplined Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $84 | 0.80% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Large Cap Disciplined Value Fund returned 10.81% for Class I shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight in energy were the primary detractors to performance followed by

stock selection in communication services, industrials, and materials. An overweight in health care also

detracted from performance.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology and financials, along with an overweight position in financials,

contributed to relative performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts5057img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I**  | 10.81 | 18.73 | 9.83 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 12.96 |
| **Russell 1000 Value Index**  | 13.70 | 13.93 | 9.19 |
| **Russell 1000 Index**  | 15.66 | 16.30 | 13.35 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $80713765 |
| **Number of Holdings** | 79 |
| **Net Advisory Fee** | $466864 |
| **Portfolio Turnover** | 34% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5057img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  F5, Inc.  | 5.0% |
|  Workday, Inc.  | 4.5% |
|  Citigroup, Inc.  | 3.6% |
|  Telefonaktiebolaget LM Ericsson  | 2.9% |
|  Comcast Corp.  | 2.8% |
|  Wells Fargo & Co.  | 2.8% |
|  American International Group, Inc.  | 2.7% |
|  APA Corp.  | 2.4% |
|  General Motors Co.  | 2.3% |
|  Dominion Energy, Inc.  | 2.3% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective July 1, 2024, Judd Peters no longer serves as a Portfolio Manager to the Fund and Doug Campbell was added as a Portfolio Manager to the Fund. George H. Davis, Jr., Patricia McKenna, and Scott McBride continue to serve as portfolio managers to the Fund and are jointly responsible for the Fund's day-to-day management.

**Fund Name Change:**

Effective August 29, 2024, the Fund changed its name from Hotchkis & Wiley Diversified Value Fund to Hotchkis & Wiley Large Cap Disciplined Value Fund.

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 Large Cap Disciplined Value Fund PAGE 2 TSR-AR-44134R768

------

**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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Large Cap Disciplined Value Fund PAGE 3 TSR-AR-44134R768

25000022852129261632131332799327056845222441480348482957602763828025000025534630260934732937852840324458133450072959563573337684555125000025715029708831720034404331364245065241991946837752953160208725000025733730373434788938274441137658856651184661095775683887539222.614.614.611.710.58.66.44.33.63.1 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Large Cap Fundamental Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $124 | 1.18% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Large Cap Fundamental Value Fund returned 9.62% for Class A shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;•Stock selection and an overweight in energy were the primary detractors to performance followed by

stock selection in communication services, industrials, and materials. An overweight in health care also detracted from performance.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology and financials, along with an overweight position in financials, contributed to relative performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5043img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 9.62 | 16.95 | 8.94 |
| **Class A (with sales charge)**  | 3.87 | 15.69 | 8.35 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 12.96 |
| **Russell 1000 Value Index**  | 13.70 | 13.93 | 9.19 |
| **Russell 1000 Index**  | 15.66 | 16.30 | 13.35 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $369481018 |
| **Number of Holdings** | 67 |
| **Net Advisory Fee** | $2592818 |
| **Portfolio Turnover** | 40% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5043img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 5.0% |
|  Citigroup, Inc.  | 3.8% |
|  Wells Fargo & Co.  | 3.1% |
|  Telefonaktiebolaget LM Ericsson  | 3.0% |
|  Comcast Corp. - Class A  | 3.0% |
|  American International Group, Inc.  | 2.9% |
|  General Motors Co.  | 2.8% |
|  Dominion Energy, Inc.  | 2.5% |
|  Elevance Health, Inc.  | 2.3% |
|  APA Corp.  | 2.3% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective July 1, 2024, Judd Peters no longer serves as a Portfolio Manager to the Fund and Doug Campbell was added as a Portfolio Manager to the Fund. George H. Davis, Jr., Patricia McKenna, and Scott McBride continue to serve as portfolio managers to the Fund and are jointly responsible for the Fund's day-to-day management.

**Fund Name Change:**

Effective August 29, 2024, the Fund changed its name from Hotchkis & Wiley Large Cap Value Fund to Hotchkis & Wiley Large Cap Fundamental Value Fund.

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 Large Cap Fundamental Value Fund PAGE 2 TSR-AR-44134R107

------

**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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Large Cap Fundamental Value Fund PAGE 3 TSR-AR-44134R107

9474884711137122191249310192166961510617233203402229610000102141210413893151411613023253200292382529335338221000010286118841268813762125461802616797187352118124083100001029312149139161531016455235432047424438302743501624.715.511.310.910.79.46.04.24.13.2 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Large Cap Fundamental Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $100 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Large Cap Fundamental Value Fund returned 9.89% for Class I shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;•Stock selection and an overweight in energy were the primary detractors to performance followed by

stock selection in communication services, industrials, and materials. An overweight in health care also detracted from performance.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology and financials, along with an overweight position in financials, contributed to relative performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts5044img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I**  | 9.89 | 17.23 | 9.21 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 12.96 |
| **Russell 1000 Value Index**  | 13.70 | 13.93 | 9.19 |
| **Russell 1000 Index**  | 15.66 | 16.30 | 13.35 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $369481018 |
| **Number of Holdings** | 67 |
| **Net Advisory Fee** | $2592818 |
| **Portfolio Turnover** | 40% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5044img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 5.0% |
|  Citigroup, Inc.  | 3.8% |
|  Wells Fargo & Co.  | 3.1% |
|  Telefonaktiebolaget LM Ericsson  | 3.0% |
|  Comcast Corp. - Class A  | 3.0% |
|  American International Group, Inc.  | 2.9% |
|  General Motors Co.  | 2.8% |
|  Dominion Energy, Inc.  | 2.5% |
|  Elevance Health, Inc.  | 2.3% |
|  APA Corp.  | 2.3% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective July 1, 2024, Judd Peters no longer serves as a Portfolio Manager to the Fund and Doug Campbell was added as a Portfolio Manager to the Fund. George H. Davis, Jr., Patricia McKenna, and Scott McBride continue to serve as portfolio managers to the Fund and are jointly responsible for the Fund's day-to-day management.

**Fund Name Change:**

Effective August 29, 2024, the Fund changed its name from Hotchkis & Wiley Large Cap Value Fund to Hotchkis & Wiley Large Cap Fundamental Value Fund.

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 Large Cap Fundamental Value Fund PAGE 2 TSR-AR-44134R503

------

**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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Large Cap Fundamental Value Fund PAGE 3 TSR-AR-44134R503

25000023395229528832483533298227244344735940571246394654884560314025000025534630260934732937852840324458133450072959563573337684555125000025715029708831720034404331364245065241991946837752953160208725000025733730373434788938274441137658856651184661095775683887539224.715.511.310.910.79.46.04.24.13.2 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Large Cap Fundamental Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $89 | 0.85% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Large Cap Fundamental Value Fund returned 9.98% for Class Z shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;•Stock selection and an overweight in energy were the primary detractors to performance followed by

stock selection in communication services, industrials, and materials. An overweight in health care also detracted from performance.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology and financials, along with an overweight position in financials, contributed to relative performance.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5045img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/30/2019)** |
| **Class Z**  | 9.98 | 17.34 | 11.10 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 14.77 |
| **Russell 1000 Value Index**  | 13.70 | 13.93 | 9.96 |
| **Russell 1000 Index**  | 15.66 | 16.30 | 15.19 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $369481018 |
| **Number of Holdings** | 67 |
| **Net Advisory Fee** | $2592818 |
| **Portfolio Turnover** | 40% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5045img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 5.0% |
|  Citigroup, Inc.  | 3.8% |
|  Wells Fargo & Co.  | 3.1% |
|  Telefonaktiebolaget LM Ericsson  | 3.0% |
|  Comcast Corp. - Class A  | 3.0% |
|  American International Group, Inc.  | 2.9% |
|  General Motors Co.  | 2.8% |
|  Dominion Energy, Inc.  | 2.5% |
|  Elevance Health, Inc.  | 2.3% |
|  APA Corp.  | 2.3% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective July 1, 2024, Judd Peters no longer serves as a Portfolio Manager to the Fund and Doug Campbell was added as a Portfolio Manager to the Fund. George H. Davis, Jr., Patricia McKenna, and Scott McBride continue to serve as portfolio managers to the Fund and are jointly responsible for the Fund's day-to-day management.

**Fund Name Change:**

Effective August 29, 2024, the Fund changed its name from Hotchkis & Wiley Large Cap Value Fund to Hotchkis & Wiley Large Cap Fundamental Value Fund.

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 Large Cap Fundamental Value Fund PAGE 2 TSR-AR-44134R511

------

**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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Large Cap Fundamental Value Fund PAGE 3 TSR-AR-44134R511

1000000823544135337912285981406299166536518316431000000105305315181281307631155547519151792208121100000089944512923541204219134318415185601726632100000010597481516208131856915738891949694225510324.715.511.310.910.79.46.04.24.13.2 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Mid-Cap Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $122 | 1.21% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Mid-Cap Value Fund returned 1.01% for Class A shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight in energy was the primary detractor to performance followed by stock selection in consumer discretionary, materials, and industrials.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology and financials, along with an overweight position in financials, contributed positively to relative performance. Stock selection in health care also contributed to performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5050img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 1.01 | 20.29 | 5.96 |
| **Class A (with sales charge)**  | -4.30 | 18.99 | 5.39 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 12.96 |
| **Russell Midcap Value Index**  | 11.53 | 13.71 | 8.39 |
| **Russell Midcap Index**  | 15.21 | 13.11 | 9.89 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $379156892 |
| **Number of Holdings** | 71 |
| **Net Advisory Fee** | $3090577 |
| **Portfolio Turnover** | 31% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5050img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 4.0% |
|  Popular, Inc.  | 4.0% |
|  Telefonaktiebolaget LM Ericsson  | 3.9% |
|  APA Corp.  | 3.7% |
|  Citizens Financial Group, Inc.  | 3.5% |
|  Fluor Corp.  | 3.5% |
|  Adient PLC  | 2.8% |
|  State Street Corp.  | 2.7% |
|  American International Group, Inc.  | 2.7% |
|  Magna International, 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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Mid-Cap Value Fund PAGE 2 TSR-AR-44134R206

94758201100911150898426713129991266914473167391690710000102141210413893151411613023253200292382529335338221000010325119691287813352117751802316221179252007222387100001005611713131571418713869207761718219746222892567820.314.614.012.79.89.54.63.52.68.4 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Mid-Cap Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $101 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Mid-Cap Value Fund returned 1.21% for Class I shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight in energy was the primary detractor to performance followed by stock selection in consumer discretionary, materials, and industrials.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology and financials, along with an overweight position in financials, contributed positively to relative performance. Stock selection in health care also contributed to performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts5062img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I**  | 1.21 | 20.52 | 6.19 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 12.96 |
| **Russell Midcap Value Index**  | 11.53 | 13.71 | 8.39 |
| **Russell Midcap Index**  | 15.21 | 13.11 | 9.89 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $379156892 |
| **Number of Holdings** | 71 |
| **Net Advisory Fee** | $3090577 |
| **Portfolio Turnover** | 31% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5062img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 4.0% |
|  Popular, Inc.  | 4.0% |
|  Telefonaktiebolaget LM Ericsson  | 3.9% |
|  APA Corp.  | 3.7% |
|  Citizens Financial Group, Inc.  | 3.5% |
|  Fluor Corp.  | 3.5% |
|  Adient PLC  | 2.8% |
|  State Street Corp.  | 2.7% |
|  American International Group, Inc.  | 2.7% |
|  Magna International, 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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Mid-Cap Value Fund PAGE 2 TSR-AR-44134R800

25000021693226762930596326223917931334780033965738879645053645598225000025534630260934732937852840324458133450072959563573337684555125000025811429922032194733379929437145057640553344812550179855967625000025139529283432892835466834672451938842955349366255722364195120.314.614.012.79.89.54.63.52.68.4 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Mid-Cap Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $89 | 0.88% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Mid-Cap Value Fund returned 1.33% for Class Z shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight in energy was the primary detractor to performance followed by stock selection in consumer discretionary, materials, and industrials.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology and financials, along with an overweight position in financials, contributed positively to relative performance. Stock selection in health care also contributed to performance.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5051img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/30/2019)** |
| **Class Z**  | 1.33 | 20.69 | 11.71 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 14.77 |
| **Russell Midcap Value Index**  | 11.53 | 13.71 | 9.17 |
| **Russell Midcap Index**  | 15.21 | 13.11 | 10.78 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $379156892 |
| **Number of Holdings** | 71 |
| **Net Advisory Fee** | $3090577 |
| **Portfolio Turnover** | 31% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5051img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 4.0% |
|  Popular, Inc.  | 4.0% |
|  Telefonaktiebolaget LM Ericsson  | 3.9% |
|  APA Corp.  | 3.7% |
|  Citizens Financial Group, Inc.  | 3.5% |
|  Fluor Corp.  | 3.5% |
|  Adient PLC  | 2.8% |
|  State Street Corp.  | 2.7% |
|  American International Group, Inc.  | 2.7% |
|  Magna International, 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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Mid-Cap Value Fund PAGE 2 TSR-AR-44134R495

100000073836514349831403021160790318659051890723100000010530531518128130763115554751915179220812110000008712181333523120021213262681485120165641410000009729361457446120536313852571563615180136820.314.614.012.79.89.54.63.52.68.4 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Small Cap Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $121 | 1.20% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Small Cap Value Fund returned 1.04% for Class A shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight position in energy were the largest detractors from relative performance, followed by stock selection in communication services, consumer discretionary, and consumer staples. Stock selection in industrials was also a performance detractor.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology, along with an underweight position in the health care sector and an overweight in financials, helped relative performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5046img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 1.04 | 18.56 | 6.87 |
| **Class A (with sales charge)**  | -4.26 | 17.29 | 6.30 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Value Index**  | 5.54 | 12.47 | 6.72 |
| **Russell 2000 Index**  | 7.68 | 10.04 | 7.12 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $743590211 |
| **Number of Holdings** | 69 |
| **Net Advisory Fee** | $5490376 |
| **Portfolio Turnover** | 41% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5046img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 9.2% |
|  NOV, Inc.  | 4.2% |
|  Avnet, Inc.  | 4.0% |
|  Jones Lang LaSalle, Inc.  | 3.8% |
|  Stagwell, Inc.  | 3.8% |
|  U-Haul Holding Co.  | 3.3% |
|  First Hawaiian, Inc.  | 3.3% |
|  Popular, Inc.  | 3.3% |
|  Fluor Corp.  | 3.1% |
|  Ecovyst, Inc.  | 3.1% |

---

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/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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Small Cap Value Fund PAGE 2 TSR-AR-44134R305

9476797610196115261046678641420113696163651823218423100001021412104138931514116130232532002923825293353382210000974212163137571289910645184451544216370181531915810000932711621136631321112335199871495116790184791989821.516.214.711.610.35.54.74.44.36.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Small Cap Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $196 | 1.96% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Small Cap Value Fund returned 0.28% for Class C shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight position in energy were the largest detractors from relative performance, followed by stock selection in communication services, consumer discretionary, and consumer staples. Stock selection in industrials was also a performance detractor.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology, along with an underweight position in the health care sector and an overweight in financials, helped relative performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5047img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 0.28 | 17.68 | 6.08 |
| **Class C (with sales charge)**  | -0.63 | 17.68 | 6.08 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Value Index**  | 5.54 | 12.47 | 6.72 |
| **Russell 2000 Index**  | 7.68 | 10.04 | 7.12 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $743590211 |
| **Number of Holdings** | 69 |
| **Net Advisory Fee** | $5490376 |
| **Portfolio Turnover** | 41% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5047img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 9.2% |
|  NOV, Inc.  | 4.2% |
|  Avnet, Inc.  | 4.0% |
|  Jones Lang LaSalle, Inc.  | 3.8% |
|  Stagwell, Inc.  | 3.8% |
|  U-Haul Holding Co.  | 3.3% |
|  First Hawaiian, Inc.  | 3.3% |
|  Popular, Inc.  | 3.3% |
|  Fluor Corp.  | 3.1% |
|  Ecovyst, Inc.  | 3.1% |

---

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/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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Small Cap Value Fund PAGE 2 TSR-AR-44134R842

10000835410597118911071879951433113722162741799618046100001021412104138931514116130232532002923825293353382210000974212163137571289910645184451544216370181531915810000932711621136631321112335199871495116790184791989821.516.214.711.610.35.54.74.44.36.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Small Cap Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $100 | 0.99% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Small Cap Value Fund returned 1.25% for Class I shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight position in energy were the largest detractors from relative performance, followed by stock selection in communication services, consumer discretionary, and consumer staples. Stock selection in industrials was also a performance detractor.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology, along with an underweight position in the health care sector and an overweight in financials, helped relative performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts5048img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I**  | 1.25 | 18.79 | 7.11 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Value Index**  | 5.54 | 12.47 | 6.72 |
| **Russell 2000 Index**  | 7.68 | 10.04 | 7.12 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $743590211 |
| **Number of Holdings** | 69 |
| **Net Advisory Fee** | $5490376 |
| **Portfolio Turnover** | 41% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5048img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 9.2% |
|  NOV, Inc.  | 4.2% |
|  Avnet, Inc.  | 4.0% |
|  Jones Lang LaSalle, Inc.  | 3.8% |
|  Stagwell, Inc.  | 3.8% |
|  U-Haul Holding Co.  | 3.3% |
|  First Hawaiian, Inc.  | 3.3% |
|  Popular, Inc.  | 3.3% |
|  Fluor Corp.  | 3.1% |
|  Ecovyst, Inc.  | 3.1% |

---

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/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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Small Cap Value Fund PAGE 2 TSR-AR-44134R867

25000021093627030930634527887320998537981736684243922149053549668025000025534630260934732937852840324458133450072959563573337684555125000024354530408334391632247126611346112038604740923945382947895025000023317429053634157133026730838749966637376341976146197249745721.516.214.711.610.35.54.74.44.36.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Small Cap Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $90 | 0.89% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Small Cap Value Fund returned 1.35% for Class Z shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight position in energy were the largest detractors from relative performance, followed by stock selection in communication services, consumer discretionary, and consumer staples. Stock selection in industrials was also a performance detractor.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology, along with an underweight position in the health care sector and an overweight in financials, helped relative performance.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5049img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/30/2019)** |
| **Class Z**  | 1.35 | 18.97 | 11.13 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 14.77 |
| **Russell 2000 Value Index**  | 5.54 | 12.47 | 7.23 |
| **Russell 2000 Index**  | 7.68 | 10.04 | 7.84 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $743590211 |
| **Number of Holdings** | 69 |
| **Net Advisory Fee** | $5490376 |
| **Portfolio Turnover** | 41% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5049img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 9.2% |
|  NOV, Inc.  | 4.2% |
|  Avnet, Inc.  | 4.0% |
|  Jones Lang LaSalle, Inc.  | 3.8% |
|  Stagwell, Inc.  | 3.8% |
|  U-Haul Holding Co.  | 3.3% |
|  First Hawaiian, Inc.  | 3.3% |
|  Popular, Inc.  | 3.3% |
|  Fluor Corp.  | 3.1% |
|  Ecovyst, Inc.  | 3.1% |

---

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/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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Small Cap Value Fund PAGE 2 TSR-AR-44134R487

100000077009313956631350778161958318106831835083100000010530531518128130763115554751915179220812110000008299841438194120404912763831415455149380510000009567181550129115953513022361433191154327721.516.214.711.610.35.54.74.44.36.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Small Cap Diversified Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $106 | 1.06% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Small Cap Diversified Value Fund returned 0.75% for Class A shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in consumer discretionary, industrials, and financials were the primary detractors from relative performance, followed by stock selection and an overweight in energy. Stock selection in consumer staples, information technology, and communication services also detracted from performance.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight in financials and an underweight position in the health care sector helped relative performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5059img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 0.75 | 14.66 | 7.50 |
| **Class A (with sales charge)**  | -4.55 | 13.44 | 6.93 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Value Index**  | 5.54 | 12.47 | 6.72 |
| **Russell 2000 Index**  | 7.68 | 10.04 | 7.12 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $730982432 |
| **Number of Holdings** | 353 |
| **Net Advisory Fee** | $4934657 |
| **Portfolio Turnover** | 60% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5059img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Par Pacific Holdings, Inc.  | 0.6% |
|  Fluor Corp.  | 0.6% |
|  Ecovyst, Inc.  | 0.5% |
|  ScanSource, Inc.  | 0.5% |
|  Cushman & Wakefield PLC  | 0.5% |
|  Sonic Automotive, Inc. - Class A  | 0.5% |
|  NEXTracker, Inc. - Class A  | 0.5% |
|  Hilton Grand Vacations, Inc.  | 0.5% |
|  WEX, Inc.  | 0.5% |
|  NMI Holdings, Inc. - Class A  | 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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Small Cap Diversified Value Fund PAGE 2 TSR-AR-44134R644

9479889711820138501255598581765415964178991939119537100001021412104138931514116130232532002923825293353382210000974212163137571289910645184451544216370181531915810000932711621136631321112335199871495116790184791989833.018.213.510.16.14.03.83.13.15.1 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Small Cap Diversified Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $81 | 0.81% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Small Cap Diversified Value Fund returned 1.01% for Class I shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in consumer discretionary, industrials, and financials were the primary detractors from relative performance, followed by stock selection and an overweight in energy. Stock selection in consumer staples, information technology, and communication services also detracted from performance.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight in financials and an underweight position in the health care sector helped relative performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts5060img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I**  | 1.01 | 14.91 | 7.78 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Value Index**  | 5.54 | 12.47 | 6.72 |
| **Russell 2000 Index**  | 7.68 | 10.04 | 7.12 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $730982432 |
| **Number of Holdings** | 353 |
| **Net Advisory Fee** | $4934657 |
| **Portfolio Turnover** | 60% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5060img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Par Pacific Holdings, Inc.  | 0.6% |
|  Fluor Corp.  | 0.6% |
|  Ecovyst, Inc.  | 0.5% |
|  ScanSource, Inc.  | 0.5% |
|  Cushman & Wakefield PLC  | 0.5% |
|  Sonic Automotive, Inc. - Class A  | 0.5% |
|  NEXTracker, Inc. - Class A  | 0.5% |
|  Hilton Grand Vacations, Inc.  | 0.5% |
|  WEX, Inc.  | 0.5% |
|  NMI Holdings, Inc. - Class A  | 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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Small Cap Diversified Value Fund PAGE 2 TSR-AR-44134R651

25000023549331381336865733461126387947303042883748232052345152875525000025534630260934732937852840324458133450072959563573337684555125000024354530408334391632247126611346112038604740923945382947895025000023317429053634157133026730838749966637376341976146197249745733.018.213.510.16.14.03.83.13.15.1 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Small Cap Diversified Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $78 | 0.78% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Small Cap Diversified Value Fund returned 1.06% for Class Z shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in consumer discretionary, industrials, and financials were the primary detractors from relative performance, followed by stock selection and an overweight in energy. Stock selection in consumer staples, information technology, and communication services also detracted from performance.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight in financials and an underweight position in the health care sector helped relative performance.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5061img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/30/2019)** |
| **Class Z**  | 1.06 | 14.96 | 8.41 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 14.77 |
| **Russell 2000 Value Index**  | 5.54 | 12.47 | 7.23 |
| **Russell 2000 Index**  | 7.68 | 10.04 | 7.84 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $730982432 |
| **Number of Holdings** | 353 |
| **Net Advisory Fee** | $4934657 |
| **Portfolio Turnover** | 60% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5061img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Par Pacific Holdings, Inc.  | 0.6% |
|  Fluor Corp.  | 0.6% |
|  Ecovyst, Inc.  | 0.5% |
|  ScanSource, Inc.  | 0.5% |
|  Cushman & Wakefield PLC  | 0.5% |
|  Sonic Automotive, Inc. - Class A  | 0.5% |
|  NEXTracker, Inc. - Class A  | 0.5% |
|  Hilton Grand Vacations, Inc.  | 0.5% |
|  WEX, Inc.  | 0.5% |
|  NMI Holdings, Inc. - Class A  | 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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Small Cap Diversified Value Fund PAGE 2 TSR-AR-44134R479

100000079248414221511288758145031715746081591237100000010530531518128130763115554751915179220812110000008299841438194120404912763831415455149380510000009567181550129115953513022361433191154327733.018.213.510.16.14.03.83.13.15.1 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Global Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $129 | 1.20% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Global Value Fund returned 15.70% for Class A shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the MSCI World Index, which returned 16.26%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in communication services and energy was the primary detractor to relative performance. An overweight position in energy also detracted from performance.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology and industrials were the primary contributors to relative performance, followed by stock selection in materials.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5039img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 15.70 | 18.74 | 8.47 |
| **Class A (with sales charge)**  | 9.66 | 17.46 | 7.89 |
| **MSCI World Index (Net) USD**  | 16.26 | 14.55 | 10.66 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $39828890 |
| **Number of Holdings** | 69 |
| **Net Advisory Fee** | $165187 |
| **Portfolio Turnover** | 51% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Geographic Breakdown (% of net assets)**

![image](ts5039img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 5.0% |
|  Workday, Inc. - Class A  | 4.4% |
|  Telefonaktiebolaget LM Ericsson  | 3.4% |
|  Dominion Energy, Inc.  | 2.6% |
|  Comcast Corp. - Class A  | 2.5% |
|  GE HealthCare Technologies, Inc.  | 2.5% |
|  Elevance Health, Inc.  | 2.4% |
|  General Motors Co.  | 2.4% |
|  American International Group, Inc.  | 2.3% |
|  Heineken Holding NV  | 2.3% |

---

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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

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

947585781095311978113979052147591297715223184702137010000972211491127651357313959194091662619704236832753358.08.48.05.65.33.42.51.71.65.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Global Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $103 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Global Value Fund returned 16.00% for Class I shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the MSCI World Index, which returned 16.26%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in communication services and energy was the primary detractor to relative performance. An overweight position in energy also detracted from performance.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology and industrials were the primary contributors to relative performance, followed by stock selection in materials.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts5040img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I**  | 16.00 | 19.05 | 8.74 |
| **MSCI World Index (Net) USD**  | 16.26 | 14.55 | 10.66 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $39828890 |
| **Number of Holdings** | 69 |
| **Net Advisory Fee** | $165187 |
| **Portfolio Turnover** | 51% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Geographic Breakdown (% of net assets)**

![image](ts5040img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 5.0% |
|  Workday, Inc. - Class A  | 4.4% |
|  Telefonaktiebolaget LM Ericsson  | 3.4% |
|  Dominion Energy, Inc.  | 2.6% |
|  Comcast Corp. - Class A  | 2.5% |
|  GE HealthCare Technologies, Inc.  | 2.5% |
|  Elevance Health, Inc.  | 2.4% |
|  General Motors Co.  | 2.4% |
|  American International Group, Inc.  | 2.3% |
|  Heineken Holding NV  | 2.3% |

---

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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

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

25000022687029024631809130354424156539515934830840965149800857770325000024305128727631912733933034897848523441566249260259207068833058.08.48.05.65.33.42.51.71.65.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley International Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $108 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The International Value Fund returned 26.60% for Class I shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund outperformed the MSCI World Index, which returned 16.26%.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in industrials and financials, along with an overweight in financials were the primary contributors to relative performance. Stock selection in consumer discretionary and an underweight position in health care also contributed to relative performance.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight in energy were the largest relative detractors to performance, followed by stock selection in communication services and information technology.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts5041img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2015)** |
| **Class I**  | 26.60 | 19.81 | 9.16 |
| **MSCI World Index (Net) USD**  | 16.26 | 14.55 | 11.66 |
| **MSCI World ex-USA Index (Net) USD**  | 18.70 | 11.51 | 7.85 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4795621 |
| **Number of Holdings** | 56 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 35% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Geographic Breakdown (% of net assets)**

![image](ts5041img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Siemens AG  | 4.6% |
|  Telefonaktiebolaget LM Ericsson - Class B  | 4.1% |
|  Henkel AG & Co. KGaA  | 3.9% |
|  Heineken Holding NV  | 3.5% |
|  Akzo Nobel NV  | 3.4% |
|  Shell PLC  | 3.2% |
|  Lloyds Banking Group PLC  | 2.9% |
|  TotalEnergies SE  | 2.8% |
|  BNP Paribas SA  | 2.8% |
|  Societe Generale SA  | 2.7% |

---

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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

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

25000024400030778831855028975923279336169832618139753445389857464425000025163829742533040135131836130750237743034651000561298671264725000024254228980731021931421329717639703233049738805243160951233721.218.113.910.29.47.04.13.73.58.9 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley International Small Cap Diversified Value Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $110 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The International Small Cap Diversified Value Fund returned 19.82% for Class I shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund outperformed the MSCI World Index, which returned 16.26%.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an underweight position in health care, along with an overweight in financials were the largest contributors to relative performance. Stock selection in consumer staples was also a positive contributor.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in industrials and consumer discretionary and an underweight position in

communication services were the main detractors to relative performance. An overweight in energy also negatively impacted returns.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts5042img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/30/2020)** |
| **Class I**  | 19.82 | 16.08 | 16.08 |
| **MSCI World Index (Net) USD**  | 16.26 | 14.55 | 14.55 |
| **MSCI World ex-USA Small Cap Index (Net) USD**  | 22.92 | 9.82 | 9.82 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4665436 |
| **Number of Holdings** | 299 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 63% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Geographic Breakdown (% of net assets)**

![image](ts5042img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Shibaura Mechatronics Corp.  | 0.6% |
|  Sesa SpA  | 0.6% |
|  SUSS MicroTec SE  | 0.6% |
|  Fuso Chemical Co. Ltd.  | 0.6% |
|  Riken Vitamin Co. Ltd.  | 0.6% |
|  GRENKE AG  | 0.6% |
|  RS Technologies Co. Ltd.  | 0.6% |
|  Tocalo Co. Ltd.  | 0.6% |
|  Tazmo Co. Ltd.  | 0.6% |
|  Hyakujushi Bank Ltd.  | 0.6% |

---

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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

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

25000037894232484338030143973052687625000034761129777035288942414549310425000035571127381330132432484039929835.513.68.86.36.14.44.33.32.914.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Value Opportunities Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $128 | 1.20% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Value Opportunities Fund returned 13.31% for Class A shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight position in energy were the largest detractors from relative performance, followed by stock selection in communication services and materials. Stock selection in consumer discretionary was also a performance detractor.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology, industrials, consumer staples and financials helped relative performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5052img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 13.31 | 20.10 | 10.42 |
| **Class A (with sales charge)**  | 7.35 | 18.81 | 9.83 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 12.96 |
| **Russell 3000 Value Index**  | 13.30 | 13.87 | 9.04 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $725124671 |
| **Number of Holdings** | 70 |
| **Net Advisory Fee** | $5074719 |
| **Portfolio Turnover** | 78% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5052img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 8.5% |
|  Workday, Inc. - Class A  | 7.6% |
|  Telefonaktiebolaget LM Ericsson  | 5.5% |
|  Dominion Energy, Inc.  | 4.6% |
|  Schlumberger NV  | 3.6% |
|  Microsoft Corp.  | 3.4% |
|  U-Haul Holding Co.  | 2.9% |
|  Jones Lang LaSalle, Inc.  | 2.5% |
|  Havas NV  | 2.5% |
|  Siemens AG  | 2.4% |

---

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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Value Opportunities Fund PAGE 2 TSR-AR-44134R792

947684621087112158124231022117298152711899222539255401000010214121041389315141161302325320029238252933533822100001024211902127651370112411180451669818572209742376426.314.510.39.68.06.94.64.54.311.0 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Value Opportunities Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $205 | 1.93% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Value Opportunities Fund returned 12.50% for Class C shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight position in energy were the largest detractors from relative performance, followed by stock selection in communication services and materials. Stock selection in consumer discretionary was also a performance detractor.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology, industrials, consumer staples and financials helped relative performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5053img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 12.50 | 19.24 | 9.62 |
| **Class C (with sales charge)**  | 11.50 | 19.24 | 9.62 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 12.96 |
| **Russell 3000 Value Index**  | 13.30 | 13.87 | 9.04 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $725124671 |
| **Number of Holdings** | 70 |
| **Net Advisory Fee** | $5074719 |
| **Portfolio Turnover** | 78% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5053img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 8.5% |
|  Workday, Inc. - Class A  | 7.6% |
|  Telefonaktiebolaget LM Ericsson  | 5.5% |
|  Dominion Energy, Inc.  | 4.6% |
|  Schlumberger NV  | 3.6% |
|  Microsoft Corp.  | 3.4% |
|  U-Haul Holding Co.  | 2.9% |
|  Jones Lang LaSalle, Inc.  | 2.5% |
|  Havas NV  | 2.5% |
|  Siemens AG  | 2.4% |

---

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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Value Opportunities Fund PAGE 2 TSR-AR-44134R826

1000088631130312544127251039417467153121890222276250601000010214121041389315141161302325320029238252933533822100001024211902127651370112411180451669818572209742376426.314.510.39.68.06.94.64.54.311.0 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Value Opportunities Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $104 | 0.97% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Value Opportunities Fund returned 13.58% for Class I shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight position in energy were the largest detractors from relative performance, followed by stock selection in communication services and materials. Stock selection in consumer discretionary was also a performance detractor.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology, industrials, consumer staples and financials helped relative performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts5054img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I**  | 13.58 | 20.41 | 10.70 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 12.96 |
| **Russell 3000 Value Index**  | 13.30 | 13.87 | 9.04 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $725124671 |
| **Number of Holdings** | 70 |
| **Net Advisory Fee** | $5074719 |
| **Portfolio Turnover** | 78% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5054img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 8.5% |
|  Workday, Inc. - Class A  | 7.6% |
|  Telefonaktiebolaget LM Ericsson  | 5.5% |
|  Dominion Energy, Inc.  | 4.6% |
|  Schlumberger NV  | 3.6% |
|  Microsoft Corp.  | 3.4% |
|  U-Haul Holding Co.  | 2.9% |
|  Jones Lang LaSalle, Inc.  | 2.5% |
|  Havas NV  | 2.5% |
|  Siemens AG  | 2.4% |

---

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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Value Opportunities Fund PAGE 2 TSR-AR-44134R834

25000022378828821632311333103427291546333941006551121860821269080025000025534630260934732937852840324458133450072959563573337684555125000025604329754231911834253631026745111641745546429152434159409626.314.510.39.68.06.94.64.54.311.0 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley Value Opportunities Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $94 | 0.88% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The Value Opportunities Fund returned 13.70% for Class Z shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight position in energy were the largest detractors from relative performance, followed by stock selection in communication services and materials. Stock selection in consumer discretionary was also a performance detractor.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in information technology, industrials, consumer staples and financials helped relative performance.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5055img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/30/2019)** |
| **Class Z**  | 13.70 | 20.51 | 13.95 |
| **Russell 3000 Index**  | 15.30 | 15.96 | 14.77 |
| **Russell 3000 Value Index**  | 13.30 | 13.87 | 9.82 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $725124671 |
| **Number of Holdings** | 70 |
| **Net Advisory Fee** | $5074719 |
| **Portfolio Turnover** | 78% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5055img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  F5, Inc.  | 8.5% |
|  Workday, Inc. - Class A  | 7.6% |
|  Telefonaktiebolaget LM Ericsson  | 5.5% |
|  Dominion Energy, Inc.  | 4.6% |
|  Schlumberger NV  | 3.6% |
|  Microsoft Corp.  | 3.4% |
|  U-Haul Holding Co.  | 2.9% |
|  Jones Lang LaSalle, Inc.  | 2.5% |
|  Havas NV  | 2.5% |
|  Siemens AG  | 2.4% |

---

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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley Value Opportunities Fund PAGE 2 TSR-AR-44134R461

100000083388714164771255013156553218639522119254100000010530531518128130763115554751915179220812110000008948261301043120396213390411512227171340726.314.510.39.68.06.94.64.54.311.0 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley High Yield Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $95 | 0.91% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The High Yield Fund returned 8.63% for Class A shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund outperformed the ICE BofA U.S. Corporate Bond Index, which returned 7.03%.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Credit selection was positive across fifteen of the nineteen high yield market sectors, most notably in basic industry and capital goods.

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight within the BB and B rating cohorts were the primary contributors to relative performance.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Credit selection within the energy sector and an underweight within banking detracted from relative performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5036img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 8.63 | 6.45 | 4.18 |
| **Class A (with sales charge)**  | 4.58 | 5.65 | 3.78 |
| **ICE BofA U.S. Corporate Bond Index**  | 7.03 | 0.36 | 2.99 |
| **ICE BofA BB-B U.S. High Yield Constrained Index**  | 9.15 | 5.41 | 5.09 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $775924165 |
| **Number of Holdings** | 208 |
| **Net Advisory Fee** | $4189946 |
| **Portfolio Turnover** | 41% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (% of net assets)**

![image](ts5036img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 2.3% |
|  Carnival Corp.  | 1.5% |
|  Authentic Brands Group LLC  | 1.3% |
|  CSC Holdings LLC  | 1.0% |
|  WR Grace Holdings LLC  | 0.9% |
|  Fortis 333, Inc.  | 0.9% |
|  Gray Media, Inc.  | 0.9% |
|  Venture Global Plaquemines LNG LLC  | 0.8% |
|  Herc Holdings, Inc.  | 0.8% |
|  TransDigm, Inc.  | 0.8% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective July 1, 2024, Daniel McKenzie was added as a Portfolio Manager to the Fund. Ray Kennedy, Mark Hudoff, Patrick Meegan and Richard Mak continue to serve as portfolio managers to the Fund and are jointly responsible for the Fund's day-to-day management.

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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley High Yield Fund PAGE 2 TSR-AR-44134R727

962895001077411063114971060412628112031218913344144951000010738109881091212064131861366411774119401254213424100001021311352115621255912624143211257413665150531643086.86.82.21.60.80.70.30.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley High Yield Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $73 | 0.70% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The High Yield Fund returned 8.82% for Class I shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund outperformed the ICE BofA U.S. Corporate Bond Index, which returned 7.03%.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Credit selection was positive across fifteen of the nineteen high yield market sectors, most notably in basic industry and capital goods.

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight within the BB and B rating cohorts were the primary contributors to relative performance.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Credit selection within the energy sector and an underweight within banking detracted from relative performance.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts5037img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I**  | 8.82 | 6.69 | 4.45 |
| **ICE BofA U.S. Corporate Bond Index**  | 7.03 | 0.36 | 2.99 |
| **ICE BofA BB-B U.S. High Yield Constrained Index**  | 9.15 | 5.41 | 5.09 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $775924165 |
| **Number of Holdings** | 208 |
| **Net Advisory Fee** | $4189946 |
| **Portfolio Turnover** | 41% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (% of net assets)**

![image](ts5037img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 2.3% |
|  Carnival Corp.  | 1.5% |
|  Authentic Brands Group LLC  | 1.3% |
|  CSC Holdings LLC  | 1.0% |
|  WR Grace Holdings LLC  | 0.9% |
|  Fortis 333, Inc.  | 0.9% |
|  Gray Media, Inc.  | 0.9% |
|  Venture Global Plaquemines LNG LLC  | 0.8% |
|  Herc Holdings, Inc.  | 0.8% |
|  TransDigm, Inc.  | 0.8% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective July 1, 2024, Daniel McKenzie was added as a Portfolio Manager to the Fund. Ray Kennedy, Mark Hudoff, Patrick Meegan and Richard Mak continue to serve as portfolio managers to the Fund and are jointly responsible for the Fund's day-to-day management.

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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley High Yield Fund PAGE 2 TSR-AR-44134R735

25000024719028117628924430136027949033349729640132375635510138642925000026844027470327279330159332964334159129434229850131355333561025000025533228378928905331396031560135802531435334162337630741074986.86.82.21.60.80.70.30.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley High Yield Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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 | $63 | 0.60% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The High Yield Fund returned 8.94% for Class Z shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund outperformed the ICE BofA U.S. Corporate Bond Index, which returned 7.03%.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Credit selection was positive across fifteen of the nineteen high yield market sectors, most notably in basic industry and capital goods.

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight within the BB and B rating cohorts were the primary contributors to relative performance.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Credit selection within the energy sector and an underweight within banking detracted from relative performance.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5038img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/29/2018)** |
| **Class Z**  | 8.94 | 6.80 | 4.26 |
| **ICE BofA U.S. Corporate Bond Index**  | 7.03 | 0.36 | 2.77 |
| **ICE BofA BB-B U.S. High Yield Constrained Index**  | 9.15 | 5.41 | 5.06 |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $775924165 |
| **Number of Holdings** | 208 |
| **Net Advisory Fee** | $4189946 |
| **Portfolio Turnover** | 41% |

---

Visit https://www.hwcm.com/mutual-funds/resources/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (% of net assets)**

![image](ts5038img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 2.3% |
|  Carnival Corp.  | 1.5% |
|  Authentic Brands Group LLC  | 1.3% |
|  CSC Holdings LLC  | 1.0% |
|  WR Grace Holdings LLC  | 0.9% |
|  Fortis 333, Inc.  | 0.9% |
|  Gray Media, Inc.  | 0.9% |
|  Venture Global Plaquemines LNG LLC  | 0.8% |
|  Herc Holdings, Inc.  | 0.8% |
|  TransDigm, Inc.  | 0.8% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective July 1, 2024, Daniel McKenzie was added as a Portfolio Manager to the Fund. Ray Kennedy, Mark Hudoff, Patrick Meegan and Richard Mak continue to serve as portfolio managers to the Fund and are jointly responsible for the Fund's day-to-day management.

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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley High Yield Fund PAGE 2 TSR-AR-44134R529

100000010058571049955973940116330710348931130422124233113533581000000990679109527211971381240530106893910840421138706121880910000001006700109344410991581246912109481311897871310583143053486.86.82.21.60.80.70.30.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the Hotchkis & Wiley SMID Cap Diversified Value Fund (the Fund) for the period of March 28, 2025, to June 30, 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 PAST YEAR?** (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** **\*** |
| SMID Cap Diversified Value Fund | $14 | 0.55% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The SMID Cap Diversified Value Fund returned 2.11% at net asset value (NAV) from March 28, 2025 (Fund inception) through June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 11.50% for the same period.

**TOP DETRACTORS FROM PERFORMANCE**

• Stock selection in information technology, along with an overweight in energy and an underweight position in technology, were the primary detractors from performance. Stock selection in industrials, consumer staples, and communication services also detracted from returns.

**TOP CONTRIBUTORS TO PERFORMANCE**

• Stock selection in real estate and an underweight in health care helped relative performance.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5064img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(03/28/2025)** |
| **SMID Cap Diversified Value Fund - NAV Return**  | 2.11 |
| **Russell 3000 Index**  | 11.50 |
| **Russell 2500 Value Index**  | 7.50 |
| **Russell 2500 Index**  | 8.49 |

---

Visit https://www.hwcm.com/etfs/hw-smid-cap-diversified-value-fund/summary/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2002254 |
| **Number of Holdings** | 156 |
| **Net Advisory Fee** | $2319 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.hwcm.com/etfs/hw-smid-cap-diversified-value-fund/summary/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5064img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Synchrony Financial  | 1.2% |
|  Franklin Resources, Inc.  | 1.2% |
|  Popular, Inc.  | 1.2% |
|  BorgWarner, Inc.  | 1.2% |
|  Huntington Ingalls Industries, Inc.  | 1.2% |
|  State Street Corp.  | 1.1% |
|  TE Connectivity PLC  | 1.1% |
|  WESCO International, Inc.  | 1.1% |
|  Corebridge Financial, Inc.  | 1.1% |
|  Magna International, Inc.  | 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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hotchkis & Wiley SMID Cap Diversified Value Fund PAGE 2 TSR-AR-44134R438

100001021110000111501000010750100001084931.115.212.68.38.37.54.83.83.15.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img30615_202502121839571.jpg) |

---

This annual shareholder report contains important information about the HW Opportunities MP Fund (the Fund) for the period of July 1, 2024, to June 30, 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 PAST YEAR?** (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% |

---

**HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED ITS PERFORMANCE?**

**PERFORMANCE HIGHLIGHTS**

The HW Opportunities MP Fund returned 4.26% at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Index, which returned 15.30%.

**TOP DETRACTORS FROM PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• The largest relative detractor was stock selection in energy and communication services. Additional headwinds came from an overweight in energy and miscellaneous put positions, along with security selection in materials.

**TOP CONTRIBUTORS TO PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in industrials and information technology and an underweight in health care contributed to relative performance.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5058img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/30/2020)** |
| **Fund**  | 4.26 | 13.76 |
| **Russell 3000 Index**  | 15.30 | 12.32 |
| **Russell 3000 Value Index**  | 13.30 | 10.54 |

---

Visit https://www.hwcm.com/HOMPX for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $69365301 |
| **Number of Holdings** | 49 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 107% |

---

Visit https://www.hwcm.com/HOMPX for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts5058img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  U-Haul Holding Co.  | 8.0% |
|  Havas NV  | 6.6% |
|  Qantas Airways Ltd.  | 6.4% |
|  Ecovyst, Inc.  | 5.9% |
|  Fuso Chemical Co. Ltd.  | 5.5% |
|  Henkel AG & Co. KGaA  | 4.5% |
|  Stagwell, Inc.  | 4.4% |
|  Jones Lang LaSalle, Inc.  | 4.3% |
|  Vanguard Long-Term Treasury ETF  | 4.1% |
|  Siemens AG  | 3.9% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Fund commenced operations following the completion of the reorganization of the HW Opportunities MP Fund, a series of Series Portfolio Trust (the "Predecessor Fund"), into the Fund, which occurred after close of business on December 15, 2023 (the "Reorganization"). During the Fund's two most recent fiscal years, as a result of the Reorganization after the close of business on December 15, 2023, there was a change in accountants from Cohen & Company, Ltd., the Predecessor Fund's independent registered public accounting firm, to Deloitte & Touche LLP, the independent registered public accounting firm that the Board selected for the Fund at a meeting held on August 15, 2023, upon the recommendation of the Trust's Audit Committee.

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.

HW Opportunities MP Fund PAGE 2 TSR-AR-44134R446

------

**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 Fund documents not be householded, please contact the Fund at 866-HW-FUNDS (866-493-8637), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

HW Opportunities MP Fund PAGE 3 TSR-AR-44134R446

1000012900111091421117134178631000011598999011884146321687010000119221103312270138571570119.414.311.411.17.95.95.84.94.614.7 ------

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

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

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

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

As of the end of the period covered by this report, the registrant's Board of Trustees (the "Board") has determined that Robert Fitzgerald, a member of the registrant's Audit Committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to professional services performed by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees". "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The principal accountant did not provide any other services.

The following table details the aggregate fees billed or expected to be billed to the Funds for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 6/30/2025 | FYE 6/30/2024 |
| (a) Audit Fees | $269350 | $250800 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $0 | $0 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The registrant's Audit Committee (the "Committee") has adopted policies and procedures with regard to the pre-approval of services. The Committee shall pre-approve any engagements of the independent auditors to provide any non-prohibited services to the registrant, including the fees and other compensation to be paid to the independent auditors. The Committee has delegated certain pre-approval responsibilities to its Chair, who may grant the pre-approval of

services to the registrant for non-prohibited services for engagements of less than $5,000. The Committee shall also pre-approve any engagement of the independent auditors, including the fees and other compensation to be paid to the independent auditors, to provide any non-audit services to the registrant's investment advisor, Hotchkis & Wiley Capital Management, LLC (the "Advisor") (or any "control affiliate" of the Advisor providing ongoing services to the registrant), if the engagement relates directly to the operations and financial reporting of the registrant. The Chair of the Committee may grant the pre-approval for non-prohibited services to the Advisor for engagements of less than $5,000. All such delegated pre-approvals shall be presented to the Committee no later than the next Committee meeting.

(e)(2) The Committee approved in advance all audit services and non-audit services that Deloitte & Touche LLP ("D&T") provided to the Funds, except for any non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The percentage of fees billed by D&T applicable to non-audit services pursuant to the pre-approval exception were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 6/30/2025 | FYE 6/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the full time permanent employees of the principal accountant.

(g) During the last two fiscal years, D&T has served as the auditor to the Advisor and/or affiliates of the Advisor, and has rendered non-audit services to the Advisor and/or affiliates of the Advisor. The non-audit services that D&T provided to the Advisor and/or affiliates of the Advisor in 2025 and 2024 consisted of preparing state and federal tax returns. D&T charged $233,320 and $53,032 for such non-audit services to the Advisor and/or affiliates of the Advisor for 2025 and 2024, respectively. None of the non-audit services provided by D&T to the Advisor and/or affiliates of the Advisor directly related to the operations or financial reporting of the registrant.

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

Items 4(i) and 4(j) are not applicable to the registrant.

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

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Randall H. Breitenbach, Alejandra C. Edwards, Marcy Elkind, Robert Fitzgerald and H. Thomas Hicks.

(b) Not applicable.

**<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>**

![](hotchkis-logo_cover.jpg)

![](hotchkis-logo_cover2.jpg)

**Hotchkis & Wiley Funds** 

**Annual Financial Statements and** 

**Additional Information** 

JUNE 30, 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:](#soi1a)<br>|  |
| &nbsp;&nbsp;&nbsp; [Large Cap Disciplined Value Fund](#soi1a) | &nbsp;&nbsp; [1](#soi1a) |
| &nbsp;&nbsp;&nbsp; [Large Cap Fundamental Value Fund](#soi2a) | &nbsp;&nbsp; [3](#soi2a) |
| &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; [17](#soi7) |
| &nbsp;&nbsp;&nbsp; [International Small Cap Diversified Value Fund](#soi8) | &nbsp;&nbsp; [19](#soi8) |
| &nbsp;&nbsp;&nbsp; [Value Opportunities Fund](#soi9) | &nbsp;&nbsp; [24](#soi9) |
| &nbsp;&nbsp;&nbsp; [High Yield Fund](#soi10) | &nbsp;&nbsp; [27](#soi10) |
| [Statements of Assets and Liabilities](#sal) | &nbsp;&nbsp; [33](#sal) |
| [Statements of Operations](#sop) | &nbsp;&nbsp; [37](#sop) |
| [Statements of Changes in Net Assets](#scna) | &nbsp;&nbsp; [41](#scna) |
| [Financial Highlights](#fihi) | &nbsp;&nbsp; [46](#fihi) |
| [Notes to the Financial Statements](#notes) | &nbsp;&nbsp; [49](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | &nbsp;&nbsp; [65](#report) |
| [Additional Information (Unaudited)](#add) | &nbsp;&nbsp; [66](#add) |

---

------

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

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

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.1%**<br>|  |  |
| **Aerospace & Defense - 2.2%**<br>|  |  |
| Boeing Co.<sup>(a)</sup> | 3760 | $787833  |
| General Dynamics Corp. | 2100 | 612486  |
| RTX Corp. | 2700 | 394254  |
|  |  | 1794573  |
| **Air Freight & Logistics - 2.0%**<br>|  |  |
| FedEx Corp. | 7120 | 1618447  |
| **Automobile Components - 3.6%** |  |  |
| Aptiv PLC<sup>(a)</sup> | 14400 | 982368  |
| BorgWarner, Inc. | 11800 | 395064  |
| Magna International, Inc. | 38700 | 1494207  |
|  |  | 2871639  |
| **Automobiles - 2.3%**<br>|  |  |
| General Motors Co. | 38100 | 1874901  |
| **Banks - 13.1%**<br>|  |  |
| Bank of America Corp. | 25800 | 1220856  |
| Citigroup, Inc. | 33904 | 2885909  |
| Citizens Financial Group, Inc. | 27500 | 1230625  |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc./NC - <br>Class A | 435 | 851064  |
| Truist Financial Corp. | 15100 | 649149  |
| US Bancorp | 31600 | 1429900  |
| Wells Fargo & Co. | 28434 | 2278132  |
|  |  | 10545635  |
| **Beverages - 1.5%**<br>|  |  |
| Anheuser-Busch InBev SA/NV - ADR | 5600 | 384832  |
| Constellation Brands, Inc. - Class A | 4900 | 797132  |
|  |  | 1181964  |
| **Capital Markets - 2.6%**<br>|  |  |
| Goldman Sachs Group, Inc. | 640 | 452960  |
| State Street Corp. | 15400 | 1637636  |
|  |  | 2090596  |
| **Chemicals - 2.2%**<br>|  |  |
| Olin Corp. | 27200 | 546448  |
| PPG Industries, Inc. | 10700 | 1217125  |
|  |  | 1763573  |
| **Communications Equipment - 7.9%** |  |  |
| F5, Inc.<sup>(a)</sup> | 13700 | 4032184  |
| Telefonaktiebolaget LM Ericsson - ADR | 276150 | 2341752  |
|  |  | 6373936  |
| **Construction & Engineering - 0.5%** |  |  |
| Fluor Corp.<sup>(a)</sup> | 7200 | 369144  |
| **Consumer Finance - 0.9%**<br>|  |  |
| Capital One Financial Corp. | 3500 | 744660  |
| **Electric Utilities - 1.3%**<br>|  |  |
| PPL Corp. | 30900 | 1047201  |
|  **Electronic Equipment, Instruments & Components - 1.2%**<br>|  |  |
| Ralliant Corp.<sup>(a)</sup> | 1833 | 88898  |
| TE Connectivity PLC | 5400 | 910818  |
|  |  | 999716  |
| **Energy Equipment & Services - 4.1%** |  |  |
| Baker Hughes Co. | 26800 | 1027512  |
| NOV, Inc. | 96100 | 1194523  |
| Schlumberger NV | 32500 | 1098500  |
|  |  | 3320535 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Entertainment - 0.7%**<br>|  |  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 51300 | $587898  |
| **Financial Services - 2.3%**<br>|  |  |
| Corebridge Financial, Inc. | 24200 | 859100  |
|  Fidelity National Information Services, Inc. | 12300 | 1001343  |
|  |  | 1860443  |
| **Food Products - 2.1%**<br>|  |  |
| Conagra Brands, Inc. | 18900 | 386883  |
| Kraft Heinz Co. | 49900 | 1288418  |
|  |  | 1675301  |
| **Ground Transportation - 0.8%** |  |  |
| Norfolk Southern Corp. | 2600 | 665522  |
|  **Health Care Equipment & Supplies - 5.0%**<br>|  |  |
| GE HealthCare Technologies, Inc. | 21412 | 1585987  |
| Medtronic PLC | 18082 | 1576208  |
| Solventum Corp.<sup>(a)</sup> | 5400 | 409536  |
| Zimmer Biomet Holdings, Inc. | 5140 | 468819  |
|  |  | 4040550  |
|  **Health Care Providers & Services - 8.7%**<br>|  |  |
| Centene Corp.<sup>(a)</sup> | 11800 | 640504  |
| Cigna Group | 1900 | 628102  |
| CVS Health Corp. | 16900 | 1165762  |
| Elevance Health, Inc. | 4180 | 1625853  |
| HCA Healthcare, Inc. | 2460 | 942426  |
| Humana, Inc. | 4100 | 1002368  |
| Labcorp Holdings, Inc. | 1600 | 420016  |
| UnitedHealth Group, Inc. | 2000 | 623940  |
|  |  | 7048971  |
| **Insurance - 3.7%**<br>|  |  |
| American International Group, Inc. | 25900 | 2216781  |
| Hartford Insurance Group, Inc. | 6200 | 786594  |
|  |  | 3003375  |
| **Interactive Media & Services - 1.6%** |  |  |
| Alphabet, Inc. - Class A | 7390 | 1302340  |
| **IT Services - 0.5%**<br>|  |  |
|  Cognizant Technology Solutions Corp. - Class A | 4900 | 382347  |
| **Machinery - 6.2%**<br>|  |  |
| CNH Industrial NV | 66700 | 864432  |
| Cummins, Inc. | 4570 | 1496675  |
| Deere & Co. | 900 | 457641  |
| Fortive Corp. | 5500 | 286715  |
| PACCAR, Inc. | 11000 | 1045660  |
| Stanley Black & Decker, Inc. | 6700 | 453925  |
| Timken Co. | 5500 | 399025  |
|  |  | 5004073  |
| **Media -6.3%**<br>|  |  |
| Comcast Corp. - Class A | 64000 | 2284160  |
| Omnicom Group, Inc. | 16700 | 1201398  |
| Paramount Global - Class B<sup>(b)</sup> | 35000 | 451500  |
| WPP PLC - ADR | 32500 | 1137825  |
|  |  | 5074883  |
| **Multi-Utilities - 2.3%**<br>|  |  |
| Dominion Energy, Inc. | 33000 | 1865160  |

---

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

1<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Oil, Gas & Consumable Fuels - 6.4%** | **Oil, Gas & Consumable Fuels - 6.4%** |  |  |
| APA Corp. |  | 104600 | $1913134  |
| ConocoPhillips |  | 6869 | 616424  |
| Murphy Oil Corp. |  | 9100 | 204750  |
| Ovintiv, Inc. |  | 25700 | 977885  |
| Shell PLC - ADR |  | 20062 | 1412566  |
|  |  |  | 5124759  |
| **Personal Care Products - 0.7%** | **Personal Care Products - 0.7%** |  |  |
| Unilever PLC - ADR |  | 9700 | 593349  |
| **Pharmaceuticals - 0.9%**<br>|  |  |  |
| GSK PLC - ADR |  | 9940 | 381696  |
| Sanofi SA - ADR |  | 7000 | 338170  |
|  |  |  | 719866  |
| **Software - 5.0%**<br>|  |  |  |
| Microsoft Corp. |  | 800 | 397928  |
| Workday, Inc. - Class A<sup>(a)</sup> |  | 15100 | 3624000  |
|  |  |  | 4021928  |
| **Specialty Retail - 0.5%**<br>|  |  |  |
| Lithia Motors, Inc. |  | 1200 | 405384  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $66,467,764)** |  |  | 79972669  |
| **SHORT-TERM INVESTMENTS - 1.7%** | **SHORT-TERM INVESTMENTS - 1.7%** | **SHORT-TERM INVESTMENTS - 1.7%** | **SHORT-TERM INVESTMENTS - 1.7%** |
|  **Investments Purchased with Proceeds from Securities Lending - 0.4%**<br>|  |  |  |
|  Invesco Government & Agency Portfolio - Class Institutional, 4.26%<sup>(c)</sup> |  | 295680 | 295680  |
|  |  | **Par** |  |
| **Time Deposits - 1.3%**<br>|  |  |  |
| Citigroup, Inc., 0.86%, 07/01/2025<sup>(d)</sup> | EUR | 3 | 3  |
|  Royal Bank of Canada, 3.68%, 07/01/2025<sup>(d)</sup> |  | 1100508 | 1100508  |
|  |  |  | 1100511  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,396,191)** |  |  | 1396191  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.8%** <br>**(Cost $67,863,955)** |  |  | $81368860  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.8)% |  |  | (655095)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $80713765 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

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

EUR - Euro

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 June 30, 2025. The fair value of these securities was $289,443.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> Invested through a cash management account administered by Brown Brothers Harriman & Co.

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

2<br>

------

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

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

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.4%**<br>|  |  |
| **Aerospace & Defense - 1.7%**<br>|  |  |
| General Dynamics Corp. | 6500 | $1895790  |
| Huntington Ingalls Industries, Inc. | 18500 | 4467010  |
|  |  | 6362800  |
| **Air Freight & Logistics - 2.0%**<br>|  |  |
| FedEx Corp. | 32100 | 7296651  |
| **Automobile Components - 3.2%** | **Automobile Components - 3.2%** | **Automobile Components - 3.2%** |
| Aptiv PLC<sup>(a)</sup> | 61300 | 4181886  |
| Magna International, Inc. | 197800 | 7637058  |
|  |  | 11818944  |
| **Automobiles - 2.8%**<br>|  |  |
| General Motors Co. | 208000 | 10235680  |
| **Banks - 13.0%**<br>|  |  |
| Bank of America Corp. | 118000 | 5583760  |
| Citigroup, Inc. | 163888 | 13950146  |
| Citizens Financial Group, Inc. | 126300 | 5651925  |
| Truist Financial Corp. | 90600 | 3894894  |
| US Bancorp | 164740 | 7454485  |
| Wells Fargo & Co. | 143363 | 11486244  |
|  |  | 48021454  |
| **Beverages - 0.5%**<br>|  |  |
| Constellation Brands, Inc. - Class A | 11300 | 1838284  |
| **Capital Markets - 2.7%**<br>|  |  |
| Goldman Sachs Group, Inc. | 3000 | 2123250  |
| State Street Corp. | 75200 | 7996768  |
|  |  | 10120018  |
| **Chemicals - 2.6%**<br>|  |  |
| Olin Corp. | 202800 | 4074252  |
| PPG Industries, Inc. | 49100 | 5585125  |
|  |  | 9659377  |
| **Communications Equipment - 8.0%** | **Communications Equipment - 8.0%** | **Communications Equipment - 8.0%** |
| F5, Inc.<sup>(a)</sup> | 62800 | 18483296  |
| Telefonaktiebolaget LM Ericsson - ADR | 1323500 | 11223280  |
|  |  | 29706576  |
| **Consumer Finance - 0.9%**<br>|  |  |
| Capital One Financial Corp. | 16400 | 3489264  |
| **Electric Utilities - 1.6%**<br>|  |  |
| PPL Corp. | 171700 | 5818913  |
|  **Electronic Equipment, Instruments & Components - 1.9%**<br>|  |  |
| Corning, Inc. | 39400 | 2072046  |
| TE Connectivity PLC | 28770 | 4852636  |
|  |  | 6924682  |
| **Energy Equipment & Services - 4.4%** | **Energy Equipment & Services - 4.4%** | **Energy Equipment & Services - 4.4%** |
| Baker Hughes Co. | 121800 | 4669812  |
| NOV, Inc. | 532500 | 6618975  |
| Schlumberger NV | 146500 | 4951700  |
|  |  | 16240487  |
| **Entertainment - 1.1%**<br>|  |  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 353200 | 4047672  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Financial Services - 3.8%**<br>|  |  |
| Corebridge Financial, Inc. | 117600 | $4174800  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 35600 | 3609128  |
|  Fidelity National Information Services, Inc. | 78800 | 6415108  |
|  |  | 14199036  |
| **Food Products - 2.7%**<br>|  |  |
| Conagra Brands, Inc. | 90000 | 1842300  |
| General Mills, Inc. | 32400 | 1678644  |
| Kraft Heinz Co. | 243600 | 6289752  |
|  |  | 9810696  |
| **Ground Transportation - 1.2%** | **Ground Transportation - 1.2%** | **Ground Transportation - 1.2%** |
| Norfolk Southern Corp. | 16800 | 4300296  |
|  **Health Care Equipment & Supplies - 5.1%**<br>|  |  |
| GE HealthCare Technologies, Inc. | 103462 | 7663430  |
| Medtronic PLC | 93500 | 8150395  |
| Zimmer Biomet Holdings, Inc. | 33500 | 3055535  |
|  |  | 18869360  |
|  **Health Care Providers & Services - 8.8%**<br>|  |  |
| Cigna Group | 10900 | 3603322  |
| CVS Health Corp. | 86030 | 5934349  |
| Elevance Health, Inc. | 21800 | 8479328  |
| HCA Healthcare, Inc. | 14900 | 5708190  |
| Humana, Inc. | 20500 | 5011840  |
| UnitedHealth Group, Inc. | 12100 | 3774837  |
|  |  | 32511866  |
| **Insurance - 4.3%**<br>|  |  |
| American International Group, Inc. | 124900 | 10690191  |
| Hartford Insurance Group, Inc. | 41400 | 5252418  |
|  |  | 15942609  |
| **Interactive Media & Services - 1.7%** | **Interactive Media & Services - 1.7%** | **Interactive Media & Services - 1.7%** |
| Alphabet, Inc. - Class A | 34880 | 6146903  |
| **IT Services - 1.0%**<br>|  |  |
| Amdocs Ltd. | 40000 | 3649600  |
| **Machinery - 5.8%**<br>|  |  |
| CNH Industrial NV | 317900 | 4119984  |
| Cummins, Inc. | 24900 | 8154750  |
| PACCAR, Inc. | 49950 | 4748247  |
| Stanley Black & Decker, Inc. | 66300 | 4491825  |
|  |  | 21514806  |
| **Media - 6.6%**<br>|  |  |
| Comcast Corp. - Class A | 313500 | 11188815  |
| Omnicom Group, Inc. | 76200 | 5481828  |
| Paramount Global - Class B<sup>(b)</sup> | 190400 | 2456160  |
| WPP PLC - ADR | 148500 | 5198985  |
|  |  | 24325788  |
| **Multi-Utilities - 2.5%**<br>|  |  |
| Dominion Energy, Inc. | 166600 | 9416232  |
| **Oil, Gas & Consumable Fuels - 6.9%** | **Oil, Gas & Consumable Fuels - 6.9%** | **Oil, Gas & Consumable Fuels - 6.9%** |
| APA Corp. | 459200 | 8398768  |
| ConocoPhillips | 34960 | 3137310  |
| Murphy Oil Corp. | 66670 | 1500075  |
| Ovintiv, Inc. | 164680 | 6266074  |
| Shell PLC - ADR | 86072 | 6060330  |
|  |  | 25362557  |

---

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

3<br>

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Personal Care Products - 1.0%** | **Personal Care Products - 1.0%** | **Personal Care Products - 1.0%** | **Personal Care Products - 1.0%** |
| Unilever PLC - ADR |  | 58900 | $3602913  |
| **Pharmaceuticals - 1.6%**<br>|  |  |  |
| GSK PLC - ADR |  | 112540 | 4321536  |
| Sanofi SA - ADR |  | 32300 | 1560413  |
|  |  |  | 5881949  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $309,937,783)** |  |  | 367115413  |
| **SHORT-TERM INVESTMENTS - 1.0%** | **SHORT-TERM INVESTMENTS - 1.0%** | **SHORT-TERM INVESTMENTS - 1.0%** | **SHORT-TERM INVESTMENTS - 1.0%** |
|  **Investments Purchased with Proceeds from Securities Lending - 0.5%**<br>|  |  |  |
|  Invesco Government & Agency Portfolio - Class Institutional, 4.26%<sup>(c)</sup> |  | 1827840 | 1827840  |
|  |  | **Par** |  |
| **Time Deposits - 0.5%**<br>|  |  |  |
| Citigroup, Inc., 0.86%, 07/01/2025<sup>(d)</sup> | EUR | 17 | 20  |
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken, <br>3.68%, 07/01/2025<sup>(d)</sup> |  | 1942026 | 1942026  |
|  |  |  | 1942046  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,769,882)** |  |  | 3769886  |
|  **TOTAL INVESTMENTS - 100.4% (Cost $313,707,665)** |  |  | $370885299 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.4)% |  |  | (1404281)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $369481018 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

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

EUR - Euro

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 June 30, 2025. The fair value of these securities was $1,789,284.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> Invested through a cash management account administered by Brown Brothers Harriman & Co.

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

4<br>

------

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

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

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 94.4%**<br>|  |  |
| **Aerospace & Defense - 1.5%** | **Aerospace & Defense - 1.5%** | **Aerospace & Defense - 1.5%** |
| Huntington Ingalls Industries, Inc. | 23800 | $5746748  |
| **Air Freight & Logistics - 0.5%** | **Air Freight & Logistics - 0.5%** | **Air Freight & Logistics - 0.5%** |
| FedEx Corp. | 8500 | 1932135  |
| **Automobile Components - 8.9%** | **Automobile Components - 8.9%** | **Automobile Components - 8.9%** |
| Adient PLC<sup>(a)</sup> | 542800 | 10562888  |
| Aptiv PLC<sup>(a)</sup> | 58900 | 4018158  |
| BorgWarner, Inc. | 111300 | 3726324  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 190100 | 1971337  |
| Lear Corp. | 39700 | 3770706  |
| Magna International, Inc. | 253500 | 9787635  |
|  |  | 33837048  |
| **Banks - 10.7%**<br>|  |  |
| Citizens Financial Group, Inc. | 296600 | 13272850  |
| Comerica, Inc. | 65200 | 3889180  |
|  First Citizens BancShares, Inc./NC - Class A | 1087 | 2126683  |
| First Horizon Corp. | 188100 | 3987720  |
| KeyCorp | 127800 | 2226276  |
| Popular, Inc. | 137100 | 15109791  |
|  |  | 40612500  |
| **Capital Markets - 3.8%**<br>|  |  |
| Northern Trust Corp. | 33000 | 4184070  |
| State Street Corp. | 96400 | 10251176  |
|  |  | 14435246  |
| **Chemicals - 2.6%**<br>|  |  |
| Huntsman Corp. | 182800 | 1904776  |
| Olin Corp. | 400900 | 8054081  |
|  |  | 9958857  |
| **Commercial Services & Supplies - 1.6%** | **Commercial Services & Supplies - 1.6%** | **Commercial Services & Supplies - 1.6%** |
| Brink's Co. | 68100 | 6080649  |
| **Communications Equipment - 7.9%** | **Communications Equipment - 7.9%** | **Communications Equipment - 7.9%** |
| F5, Inc.<sup>(a)</sup> | 51700 | 15216344  |
|  Telefonaktiebolaget LM Ericsson - ADR | 1756800 | 14897664  |
|  |  | 30114008  |
| **Construction & Engineering - 3.5%** | **Construction & Engineering - 3.5%** | **Construction & Engineering - 3.5%** |
| Fluor Corp.<sup>(a)</sup> | 257600 | 13207152  |
| **Consumer Finance - 2.7%**<br>|  |  |
| Ally Financial, Inc. | 184700 | 7194065  |
| SLM Corp. | 97400 | 3193746  |
|  |  | 10387811  |
| **Electric Utilities - 1.6%**<br>|  |  |
| NRG Energy, Inc. | 17600 | 2826208  |
| PPL Corp. | 94500 | 3202605  |
|  |  | 6028813  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 1.2%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 1.2%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 1.2%** |
| Avnet, Inc. | 85500 | 4538340  |
| **Energy Equipment & Services - 1.7%** | **Energy Equipment & Services - 1.7%** | **Energy Equipment & Services - 1.7%** |
| Expro Group Holdings NV<sup>(a)</sup> | 115883 | 995435  |
| Halliburton Co. | 85100 | 1734338  |
| NOV, Inc. | 283500 | 3523905  |
|  |  | 6253678  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Entertainment - 1.8%**<br>|  |  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 604600 | $6928716  |
| **Financial Services - 0.4%**<br>|  |  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 16100 | 1632218  |
| **Food Products - 1.3%**<br>|  |  |
| Conagra Brands, Inc. | 93000 | 1903710  |
| Kraft Heinz Co. | 111200 | 2871184  |
|  |  | 4774894  |
| **Ground Transportation - 1.4%** | **Ground Transportation - 1.4%** | **Ground Transportation - 1.4%** |
| U-Haul Holding Co. | 101000 | 5491370  |
|  **Health Care Equipment & Supplies - 2.3%**<br>|  |  |
| GE HealthCare Technologies, Inc. | 66200 | 4903434  |
| Solventum Corp.<sup>(a)</sup> | 51100 | 3875424  |
|  |  | 8778858  |
|  **Health Care Providers & Services - 6.4%**<br>|  |  |
| Centene Corp.<sup>(a)</sup> | 141500 | 7680620  |
| Humana, Inc. | 31400 | 7676672  |
| Labcorp Holdings, Inc. | 8200 | 2152582  |
|  Universal Health Services, Inc. - Class B | 36900 | 6684435  |
|  |  | 24194309  |
|  **Hotels, Restaurants & Leisure - 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide <br>Corp. | 68000 | 4917080  |
| **Household Durables - 1.4%** | **Household Durables - 1.4%** | **Household Durables - 1.4%** |
| Whirlpool Corp. | 52800 | 5354976  |
| **Insurance - 2.7%**<br>|  |  |
| American International Group, Inc. | 119200 | 10202328  |
| **Machinery - 3.8%**<br>|  |  |
| AGCO Corp. | 22800 | 2352048  |
| CNH Industrial NV | 519800 | 6736608  |
| Stanley Black & Decker, Inc. | 76800 | 5203200  |
|  |  | 14291856  |
| **Media - 2.8%**<br>|  |  |
| Omnicom Group, Inc. | 39500 | 2841630  |
| Paramount Global - Class B<sup>(b)</sup> | 236800 | 3054720  |
| WPP PLC - ADR | 131900 | 4617819  |
|  |  | 10514169  |
| **Multi-Utilities - 1.9%**<br>|  |  |
| Dominion Energy, Inc. | 124800 | 7053696  |
| **Oil, Gas & Consumable Fuels - 11.0%** | **Oil, Gas & Consumable Fuels - 11.0%** | **Oil, Gas & Consumable Fuels - 11.0%** |
| APA Corp. | 758766 | 13877830  |
| Baytex Energy Corp.<sup>(b)</sup> | 1949800 | 3490142  |
| California Resources Corp. | 81500 | 3722105  |
| Crescent Energy Co. - Class A | 570787 | 4908768  |
| Kosmos Energy Ltd.<sup>(a)</sup> | 4795120 | 8247607  |
| Murphy Oil Corp. | 76900 | 1730250  |
| Ovintiv, Inc. | 155300 | 5909165  |
|  |  | 41885867  |
| **Personal Care Products - 1.0%** | **Personal Care Products - 1.0%** | **Personal Care Products - 1.0%** |
| Herbalife Ltd.<sup>(a)</sup> | 422600 | 3642812  |

---

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

5<br>

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Pharmaceuticals - 0.8%**<br>|  |  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 29600 | $3141152  |
| **Professional Services - 1.0%** | **Professional Services - 1.0%** | **Professional Services - 1.0%** |
| ManpowerGroup, Inc. | 89700 | 3623880  |
|  **Real Estate Management & Development - 0.5%**<br>|  |  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 7800 | 1995084  |
| **Software - 0.7%**<br>|  |  |
| Workday, Inc. - Class A<sup>(a)</sup> | 11400 | 2736000  |
| **Specialty Retail - 1.9%**<br>|  |  |
| Lithia Motors, Inc. | 13000 | 4391660  |
| ODP Corp.<sup>(a)</sup> | 145645 | 2640544  |
|  |  | 7032204  |
| &nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury** <br>**Goods - 0.5%** | &nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury** <br>**Goods - 0.5%** | &nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury** <br>**Goods - 0.5%** |
| Capri Holdings Ltd.<sup>(a)</sup> | 98800 | 1748760  |
|  **Trading Companies & Distributors - 1.3%**<br>|  |  |
| WESCO International, Inc. | 27500 | 5093000  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $358,205,109)** |  | 358166214  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.4%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.4%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.4%** |
| **Hotel & Resort REITs - 0.4%** |  |  |
| Pebblebrook Hotel Trust | 161600 | 1614384  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $2,124,935)** |  | 1614384  |
| **SHORT-TERM INVESTMENTS - 6.4%** | **SHORT-TERM INVESTMENTS - 6.4%** | **SHORT-TERM INVESTMENTS - 6.4%** |
| &nbsp;&nbsp;&nbsp; **Investments Purchased with** <br>**Proceeds from** <br>**Securities Lending - 1.2%** | &nbsp;&nbsp;&nbsp; **Investments Purchased with** <br>**Proceeds from** <br>**Securities Lending - 1.2%** | &nbsp;&nbsp;&nbsp; **Investments Purchased with** <br>**Proceeds from** <br>**Securities Lending - 1.2%** |
|  Invesco Government & Agency Portfolio - Class Institutional, 4.26%<sup>(c)</sup> | 4424397 | 4424397 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value** |
| **Time Deposits - 5.2%**<br>|  |  |  |
|  Brown Brothers Harriman and Co., 0.86%, 07/01/2025<sup>(d)</sup>  | EUR | 0<sup>(e)</sup> | $0<sup>(e)</sup>  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, <br>3.68%, 07/01/2025<sup>(d)</sup> |  | 19676897 | 19676897  |
|  |  |  | 19676897  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $24,101,295)** |  |  | 24101294  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.2%** <br>**(Cost $384,431,339)** |  |  | $383881892  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.2)% |  |  | (4725000)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $379156892 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

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 codingat all four of these levels.

ADR - American Depositary Receipt

EUR - Euro

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 June 30, 2025. The fair value of these securities was $4,330,407.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> Invested through a cash management account administered by Brown Brothers Harriman & Co.

<sup>(e)</sup> Rounds to zero.

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

6<br>

------

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

**HOTCHKIS & WILEY SMALL CAP VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.3%**<br>|  |  |
| **Automobile Components - 4.0%** | **Automobile Components - 4.0%** |  |
| Adient PLC<sup>(a)</sup> | 672800 | $13092688  |
| Lear Corp. | 176600 | 16773468  |
|  |  | 29866156  |
| **Banks - 10.5%**<br>|  |  |
| Associated Banc-Corp. | 335700 | 8187723  |
| Bank of NT Butterfield & Son Ltd. | 378100 | 16742268  |
| First Hawaiian, Inc. | 973400 | 24296064  |
| Popular, Inc. | 219800 | 24224158  |
| Synovus Financial Corp. | 63300 | 3275775  |
| WaFd, Inc. | 40098 | 1174069  |
|  |  | 77900057  |
| **Capital Markets - 3.0%**<br>|  |  |
| Evercore, Inc. - Class A | 11300 | 3051226  |
| Perella Weinberg Partners | 60200 | 1169084  |
| Stifel Financial Corp. | 174100 | 18068098  |
|  |  | 22288408  |
| **Chemicals - 5.5%**<br>|  |  |
| Ecovyst, Inc.<sup>(a)</sup> | 2764700 | 22753481  |
| Olin Corp. | 912700 | 18336143  |
|  |  | 41089624  |
| **Commercial Services & Supplies - 1.6%** | **Commercial Services & Supplies - 1.6%** |  |
| Brink's Co. | 91600 | 8178964  |
| MillerKnoll, Inc. | 82000 | 1592440  |
| Quad/Graphics, Inc. | 408500 | 2308025  |
|  |  | 12079429  |
| **Communications Equipment - 9.2%** | **Communications Equipment - 9.2%** |  |
| F5, Inc.<sup>(a)</sup> | 233300 | 68664856  |
| **Construction & Engineering - 3.1%** | **Construction & Engineering - 3.1%** |  |
| Fluor Corp.<sup>(a)</sup> | 447500 | 22943325  |
| **Consumer Finance - 2.5%** | **Consumer Finance - 2.5%** |  |
| SLM Corp. | 575000 | 18854250  |
| **Electric Utilities - 1.9%**<br>|  |  |
| OGE Energy Corp. | 324400 | 14396872  |
|  **Electronic Equipment, Instruments & Components - 4.3%**<br>|  |  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 17800 | 2268254  |
| Avnet, Inc. | 555300 | 29475324  |
|  |  | 31743578  |
| **Energy Equipment & Services - 4.8%** | **Energy Equipment & Services - 4.8%** |  |
| Expro Group Holdings NV<sup>(a)</sup> | 357982 | 3075065  |
| NOV, Inc. | 2486800 | 30910924  |
| Weatherford International PLC | 36900 | 1856439  |
|  |  | 35842428  |
| **Financial Services - 2.7%**<br>|  |  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 39200 | 3974096  |
| WEX, Inc.<sup>(a)</sup> | 111500 | 16378235  |
|  |  | 20352331  |
| **Gas Utilities - 0.7%**<br>|  |  |
| MDU Resources Group, Inc. | 307000 | 5117690  |
| **Ground Transportation - 3.3%**<br>|  |  |
| U-Haul Holding Co. | 457100 | 24852527  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 4.0%**<br>|  |  |
| LivaNova PLC<sup>(a)</sup> | 315100 | $14185802  |
| Solventum Corp.<sup>(a)</sup> | 200500 | 15205920  |
|  |  | 29391722  |
| **Hotels, Restaurants & Leisure - 3.1%** | **Hotels, Restaurants & Leisure - 3.1%** |  |
| International Game Technology PLC | 238000 | 3762780  |
| Marriott Vacations Worldwide Corp. | 262300 | 18966913  |
|  |  | 22729693  |
| **Insurance - 2.8%**<br>|  |  |
| Enstar Group Ltd.<sup>(a)</sup> | 6619 | 2226367  |
| Global Indemnity Group LLC - Class A | 316036 | 9910889  |
| Horace Mann Educators Corp. | 208500 | 8959245  |
|  |  | 21096501  |
| **IT Services - 1.2%**<br>|  |  |
| ASGN, Inc.<sup>(a)</sup> | 182300 | 9102239  |
| **Machinery - 5.3%**<br>|  |  |
| Atmus Filtration Technologies, Inc. | 132000 | 4807440  |
| Greenbrier Cos., Inc. | 73650 | 3391583  |
| Miller Industries, Inc./TN | 122300 | 5437458  |
| Stanley Black & Decker, Inc. | 69600 | 4715400  |
| Timken Co. | 286300 | 20771065  |
|  |  | 39122946  |
| **Media - 4.7%**<br>|  |  |
| National CineMedia, Inc. | 1402700 | 6796082  |
| Stagwell, Inc.<sup>(a)</sup> | 6237247 | 28067611  |
|  |  | 34863693  |
| **Multi-Utilities - 1.7%**<br>|  |  |
| Avista Corp. | 226600 | 8599470  |
| Black Hills Corp. | 71800 | 4027980  |
|  |  | 12627450  |
| **Oil, Gas & Consumable Fuels - 5.5%** | **Oil, Gas & Consumable Fuels - 5.5%** |  |
| APA Corp. | 515308 | 9424983  |
| Baytex Energy Corp.<sup>(b)</sup> | 1739786 | 3114217  |
| Berry Corp. | 681500 | 1887755  |
| Crescent Energy Co. - Class A | 155400 | 1336440  |
| Kosmos Energy Ltd.<sup>(a)</sup> | 2782900 | 4786588  |
| Murphy Oil Corp. | 584900 | 13160250  |
| NextDecade Corp.<sup>(a)</sup> | 330500 | 2944755  |
| Ovintiv, Inc. | 103200 | 3926760  |
|  |  | 40581748  |
| **Personal Care Products - 0.0%<sup>(c)</sup>**<br>|  |  |
| Herbalife Ltd.<sup>(a)</sup> | 900 | 7758  |
| **Pharmaceuticals - 0.4%**<br>|  |  |
| SIGA Technologies, Inc. | 419600 | 2735792  |
| **Professional Services - 1.3%**<br>|  |  |
| Hudson Global, Inc.<sup>(a)</sup> | 134360 | 1143404  |
| ManpowerGroup, Inc. | 202700 | 8189080  |
|  |  | 9332484  |
|  **Real Estate Management & Development - 4.1%**<br>|  |  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 111200 | 28442736  |
| RMR Group, Inc. - Class A | 119100 | 1947285  |
|  |  | 30390021  |

---

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

7<br>

------

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

**HOTCHKIS & WILEY SMALL CAP VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Specialty Retail - 4.5%**<br>|  |  |
| Lithia Motors, Inc. | 51700 | $17465294  |
| ODP Corp.<sup>(a)</sup> | 362480 | 6571762  |
| Sonic Automotive, Inc. - Class A | 120900 | 9663537  |
|  |  | 33700593  |
| &nbsp;&nbsp;&nbsp; **Trading Companies &** <br>**Distributors - 1.6%**<br>|  |  |
| Rush Enterprises, Inc. - Class A | 169400 | 8725794  |
| WESCO International, Inc. | 17600 | 3259520  |
|  |  | 11985314  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $695,783,669)** |  | 723659485  |
| &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 INVESTMENT** <br>**TRUSTS - COMMON - 0.3%** |
|  **Real Estate Management & Development - 0.3%**<br>|  |  |
| Seritage Growth Properties - Class A<sup>(a)</sup> | 794210 | 2446167  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $7,557,996)** |  | 2446167  |
| **SHORT-TERM INVESTMENTS - 2.9%** | **SHORT-TERM INVESTMENTS - 2.9%** | **SHORT-TERM INVESTMENTS - 2.9%** |
|  **Investments Purchased with Proceeds from Securities Lending - 0.3%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Class Institutional, 4.26%<sup>(d)</sup> | 2229135 | 2229135 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** |  |
| **Time Deposits - 2.6%**<br>|  |  |  |
|  Brown Brothers Harriman and Co., 3.17%, 07/01/2025<sup>(e)</sup>  | GBP | 0<sup>(f)</sup> | 0<sup>(f)</sup>  |
|  Skandinaviska Enskilda Banken, 3.68%, 07/01/2025<sup>(e)</sup> |  | 19006361 | 19006362  |
|  |  |  | 19006362 |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $21,235,497)** |  |  | 21235497  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.5%**<br>**(Cost $724,577,162)** |  |  | $747341149  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.5)% |  |  | (3750938)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $743590211 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

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

GBP - British Pound

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 June 30, 2025. The fair value of these securities was $2,106,788.

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

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(e)</sup> Invested through a cash management account administered by Brown Brothers Harriman & Co.

<sup>(f)</sup> Rounds to zero.

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

8<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 94.9%**<br>|  |  |
| **Aerospace & Defense - 0.3%**<br>|  |  |
| AerSale Corp.<sup>(a)</sup> | 191600 | $1151516  |
| National Presto Industries, Inc. | 8014 | 785051  |
|  |  | 1936567  |
| **Automobile Components - 2.3%** | **Automobile Components - 2.3%** |  |
| Adient PLC<sup>(a)</sup> | 152905 | 2975531  |
| Fox Factory Holding Corp.<sup>(a)</sup> | 77700 | 2015538  |
| Gentex Corp. | 136900 | 3010431  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 139200 | 1443504  |
| Lear Corp. | 31600 | 3001368  |
| Phinia, Inc. | 34000 | 1512660  |
| Visteon Corp.<sup>(a)</sup> | 27300 | 2547090  |
|  |  | 16506122  |
| **Automobiles - 0.7%**<br>|  |  |
| Harley-Davidson, Inc. | 113200 | 2671520  |
| Thor Industries, Inc. | 30000 | 2664300  |
|  |  | 5335820  |
| **Banks - 22.1%**<br>|  |  |
| 1st Source Corp. | 48166 | 2989664  |
| Amerant Bancorp, Inc. | 110900 | 2021707  |
| Arrow Financial Corp. | 30200 | 797884  |
| Associated Banc-Corp. | 118900 | 2899971  |
| Banc of California, Inc. | 218918 | 3075798  |
| Bank of Marin Bancorp | 33600 | 767424  |
| BankUnited, Inc. | 80380 | 2860724  |
| BayCom Corp. | 36300 | 1005873  |
| Berkshire Hills Bancorp, Inc. | 81300 | 2035752  |
| Bridgewater Bancshares, Inc.<sup>(a)</sup> | 74590 | 1186727  |
| Brookline Bancorp, Inc. | 270099 | 2849544  |
| Burke & Herbert Financial Services Corp. | 26200 | 1564926  |
| California BanCorp<sup>(a)</sup> | 53200 | 838432  |
| Camden National Corp. | 36816 | 1493993  |
| Capital Bancorp, Inc. | 26700 | 896586  |
| Capitol Federal Financial, Inc. | 467600 | 2852360  |
| Carter Bankshares, Inc.<sup>(a)</sup> | 53100 | 920754  |
| Cathay General Bancorp | 36032 | 1640537  |
| Central Pacific Financial Corp. | 79480 | 2227824  |
| Civista Bancshares, Inc. | 39000 | 904800  |
| CNB Financial Corp./PA | 65500 | 1497330  |
| Columbia Banking System, Inc. | 90100 | 2106538  |
| Community Trust Bancorp, Inc. | 27610 | 1461121  |
| ConnectOne Bancorp, Inc. | 136034 | 3150551  |
| Dime Community Bancshares, Inc. | 50600 | 1363164  |
| Eagle Bancorp, Inc. | 130130 | 2534932  |
| Enterprise Financial Services Corp. | 41500 | 2286650  |
| Farmers National Banc Corp. | 39271 | 541547  |
| Financial Institutions, Inc. | 90761 | 2330743  |
| First Busey Corp. | 133151 | 3047161  |
| First Financial Corp. | 32763 | 1775427  |
| First Foundation, Inc.<sup>(a)</sup> | 407397 | 2077725  |
| First Hawaiian, Inc. | 117640 | 2936294  |
| First Internet Bancorp | 34289 | 922374  |
| First Interstate BancSystem, Inc. - Class A | 84400 | 2432408  |
| First Merchants Corp. | 22302 | 854167  |
| First Mid Bancshares, Inc. | 24100 | 903509  |
| Five Star Bancorp | 12200 | 348188  |
| Flagstar Financial, Inc. | 237000 | 2512200  |
| Flushing Financial Corp. | 224718 | 2669650  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 27110 | $1593526  |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 117527 | 2900566  |
| Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 296500 | 2944245  |
| Heritage Financial Corp./WA | &nbsp;&nbsp;&nbsp;&nbsp; 59700 | 1423248  |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 92100 | 2795235  |
| Hingham Institution For Savings The<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7900 | 1961965  |
| Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 19700 | 1020066  |
| HomeStreet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 52600 | 687482  |
| Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 265133 | 2844877  |
| Horizon Bancorp, Inc./IN | &nbsp;&nbsp;&nbsp;&nbsp; 137600 | 2116288  |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 35900 | 2257572  |
| Kearny Financial Corp./MD | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | 2067200  |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 74700 | 2226060  |
| Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 34000 | 1577940  |
| Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 28800 | 812160  |
| Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 78400 | 1357888  |
| MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48294 | 1389418  |
| NB Bancorp, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 120900 | 2159274  |
| NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17472 | 725962  |
| Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp; 6200 | 551738  |
| Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 204507 | 2347740  |
| Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16340 | 1523868  |
| OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 166110 | 2925197  |
| Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 64300 | 2298082  |
| Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 127214 | 2682943  |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 71400 | 2017050  |
| Peoples Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | 789920  |
| Preferred Bank/Los Angeles CA | &nbsp;&nbsp;&nbsp;&nbsp; 32740 | 2833483  |
| Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 162472 | 2848134  |
| RBB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 53432 | 919565  |
| Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 64512 | 1014129  |
| Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 37800 | 1122282  |
| Simmons First National Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 147100 | 2789016  |
| South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 26500 | 955060  |
| Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 28300 | 1550274  |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 28420 | 1782787  |
| Towne Bank/Portsmouth VA | &nbsp;&nbsp;&nbsp;&nbsp; 27400 | 936532  |
| TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp; 57000 | 2307930  |
| TrustCo Bank Corp. NY | &nbsp;&nbsp;&nbsp;&nbsp; 74192 | 2479497  |
| Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 77470 | 2327199  |
| Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 246700 | 2203031  |
| Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 124000 | 3236400  |
| WaFd, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 100834 | 2952420  |
| Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 93930 | 2656340  |
| WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 93648 | 2962086  |
|  |  | 161456634  |
| **Beverages - 0.1%**<br>|  |  |
| MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 22400 | 671328  |
| **Building Products - 2.1%**<br>|  |  |
| American Woodmark Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38300 | 2044071  |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 43600 | 1770160  |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15060 | 2446347  |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5740 | 542315  |
| Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 43000 | 1600030  |
| Janus International Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 338400 | 2754576  |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 376800 | 1477056  |
| Resideo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 139000 | 3066340  |
|  |  | 15700895  |

---

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

9<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Capital Markets - 1.0%**<br>|  |  |
| Diamond Hill Investment Group, Inc. | 10900 | $1583879  |
| Federated Hermes, Inc. | 66260 | 2936643  |
| Virtus Investment Partners, Inc. | 16500 | 2993100  |
|  |  | 7513622  |
| **Chemicals - 1.9%**<br>|  |  |
| AdvanSix, Inc. | 56600 | 1344250  |
| American Vanguard Corp.<sup>(a)</sup> | 147300 | 577416  |
| Cabot Corp. | 19500 | 1462500  |
| Ecovyst, Inc.<sup>(a)</sup> | 452500 | 3724075  |
| Huntsman Corp. | 153400 | 1598428  |
| Ingevity Corp.<sup>(a)</sup> | 39100 | 1684819  |
| Innospec, Inc. | 15600 | 1311804  |
| Olin Corp. | 120400 | 2418836  |
|  |  | 14122128  |
| **Commercial Services & Supplies - 2.3%** | **Commercial Services & Supplies - 2.3%** |  |
| ABM Industries, Inc. | 48500 | 2289685  |
| Brady Corp. - Class A | 11400 | 774858  |
| Brink's Co. | 29200 | 2607268  |
| Ennis, Inc. | 41500 | 752810  |
| Healthcare Services Group, Inc.<sup>(a)</sup> | 201000 | 3021030  |
| Interface, Inc. | 25230 | 528064  |
| MillerKnoll, Inc. | 156000 | 3029520  |
| Steelcase, Inc. - Class A | 208000 | 2169440  |
| UniFirst Corp./MA | 7700 | 1449294  |
|  |  | 16621969  |
| **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** |  |
| Aviat Networks, Inc.<sup>(a)</sup> | 39200 | 942760  |
| **Construction & Engineering - 1.0%** | **Construction & Engineering - 1.0%** |  |
| Fluor Corp.<sup>(a)</sup> | 86700 | 4445109  |
| Tutor Perini Corp.<sup>(a)</sup> | 66051 | 3089866  |
|  |  | 7534975  |
| **Construction Materials - 0.3%**<br>|  |  |
| Knife River Corp.<sup>(a)</sup> | 22800 | 1861392  |
| **Consumer Finance - 1.3%** | **Consumer Finance - 1.3%** |  |
| Bread Financial Holdings, Inc. | 56190 | 3209573  |
| Navient Corp. | 209060 | 2947746  |
| SLM Corp. | 95190 | 3121280  |
|  |  | 9278599  |
|  **Consumer Staples Distribution & Retail - 0.3%**<br>|  |  |
| Andersons, Inc. | 55300 | 2032275  |
| **Containers & Packaging - 1.4%**<br>|  |  |
| Myers Industries, Inc. | 176800 | 2561832  |
| Silgan Holdings, Inc. | 40100 | 2172618  |
| Sonoco Products Co. | 61700 | 2687652  |
| TriMas Corp. | 88800 | 2540568  |
|  |  | 9962670  |
| **Diversified Consumer Services - 0.4%** | **Diversified Consumer Services - 0.4%** |  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 4540 | 577624  |
| Laureate Education, Inc.<sup>(a)</sup> | 105100 | 2457238  |
|  |  | 3034862  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Electric Utilities - 1.0%**<br>|  |  |
| Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 22850 | $1761506  |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | 2600320  |
| TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 51440 | 2897101  |
|  |  | 7258927  |
| **Electrical Equipment - 1.7%**<br>|  |  |
| Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36100 | 2546855  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 66500 | 3615605  |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp; 103800 | 3125418  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 101223 | 2842342  |
|  |  | 12130220  |
|  **Electronic Equipment, Instruments & Components - 4.8%**<br>|  |  |
| Arrow Electronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 19200 | 2446656  |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 41770 | 2217152  |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7400 | 856920  |
| Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp; 60500 | 3260950  |
| ePlus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32100 | 2314410  |
| IPG Photonics Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 37700 | 2588105  |
| Itron, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11340 | 1492684  |
| Kimball Electronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 99200 | 1907616  |
| Methode Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 343200 | 3263832  |
| OSI Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8300 | 1866338  |
| PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13100 | 861718  |
| Plexus Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 16223 | 2195134  |
| Sanmina Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15145 | 1481635  |
| ScanSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 88400 | 3696004  |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 177026 | 2811173  |
| Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 44100 | 1627290  |
|  |  | 34887617  |
| **Energy Equipment & Services - 3.3%** | **Energy Equipment & Services - 3.3%** |  |
| Cactus, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 35400 | 1547688  |
| Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 102600 | 1181952  |
| Expro Group Holdings NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 302503 | 2598501  |
| Innovex International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 171400 | 2677268  |
| Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 169750 | 1948730  |
| National Energy Services Reunited Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 270900 | 1630818  |
| NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 221400 | 2752002  |
| Oil States International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 322400 | 1728064  |
| ProFrac Holding Corp. - Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | 1862400  |
| ProPetro Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | 2358150  |
| RPC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 395800 | 1872134  |
| Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 236600 | 2044224  |
|  |  | 24201931  |
| **Financial Services - 3.9%**<br>|  |  |
| Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 39700 | 1724965  |
| Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 75600 | 2808540  |
| Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 44970 | 2731028  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 27800 | 2818364  |
| International Money Express, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 147400 | 1487266  |
| Merchants Bancorp/IN | &nbsp;&nbsp;&nbsp;&nbsp; 79500 | 2629065  |
| MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 75030 | 2088835  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 79070 | 3335964  |
| Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 84400 | 3040088  |
| Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp; 269100 | 2265822  |
| WEX, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22800 | 3349092  |
|  |  | 28279029  |

---

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

10<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Food Products - 0.6%**<br>|  |  |
| Hain Celestial Group, Inc.<sup>(a)</sup> | 169164 | $257129  |
| John B Sanfilippo & Son, Inc. | 33000 | 2086920  |
| WK Kellogg Co.<sup>(b)</sup> | 139400 | 2222036  |
|  |  | 4566085  |
| **Gas Utilities - 1.5%**<br>|  |  |
| MDU Resources Group, Inc. | 168100 | 2802227  |
| Northwest Natural Holding Co. | 61800 | 2454696  |
| Southwest Gas Holdings, Inc. | 39300 | 2923527  |
| Spire, Inc. | 35873 | 2618370  |
|  |  | 10798820  |
| **Ground Transportation - 0.5%**<br>|  |  |
| Heartland Express, Inc. | 148200 | 1280448  |
| Marten Transport Ltd. | 56000 | 727440  |
| Schneider National, Inc. - Class B | 59300 | 1432095  |
|  |  | 3439983  |
|  **Health Care Equipment & Supplies - 1.2%**<br>|  |  |
| Envista Holdings Corp.<sup>(a)</sup> | 78600 | 1535844  |
| Inmode Ltd.<sup>(a)</sup> | 187800 | 2711832  |
| LivaNova PLC<sup>(a)</sup> | 71400 | 3214428  |
| Utah Medical Products, Inc. | 25900 | 1474228  |
|  |  | 8936332  |
| **Health Care Providers & Services - 1.3%** | **Health Care Providers & Services - 1.3%** |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 121600 | 2759104  |
| Astrana Health, Inc.<sup>(a)</sup> | 66300 | 1649544  |
| Concentra Group Holdings Parent, Inc. | 98831 | 2032954  |
| National Research Corp. | 62900 | 1056720  |
| Select Medical Holdings Corp. | 111100 | 1686498  |
|  |  | 9184820  |
| **Hotels, Restaurants & Leisure - 3.8%** | **Hotels, Restaurants & Leisure - 3.8%** |  |
| Accel Entertainment, Inc.<sup>(a)</sup> | 178000 | 2095060  |
| Bloomin' Brands, Inc. | 311005 | 2677753  |
| Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 31600 | 950528  |
| Denny's Corp.<sup>(a)</sup> | 533500 | 2187350  |
| El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 138500 | 1524885  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 82300 | 3417919  |
| International Game Technology PLC | 175000 | 2766750  |
| Marriott Vacations Worldwide Corp. | 43200 | 3123792  |
| Monarch Casino & Resort, Inc. | 26600 | 2299304  |
| Papa John's International, Inc. | 21900 | 1071786  |
| Travel + Leisure Co. | 61000 | 3148210  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 60600 | 2857290  |
|  |  | 28120627  |
| **Household Durables - 1.8%**<br>|  |  |
| Beazer Homes USA, Inc.<sup>(a)</sup> | 26500 | 592805  |
| Century Communities, Inc. | 18696 | 1052959  |
| Green Brick Partners, Inc.<sup>(a)</sup> | 20520 | 1290298  |
| Helen of Troy Ltd.<sup>(a)</sup> | 65500 | 1858890  |
| KB Home | 22100 | 1170637  |
| Legacy Housing Corp.<sup>(a)</sup> | 65000 | 1472900  |
| Leggett & Platt, Inc. | 189300 | 1688556  |
| LGI Homes, Inc.<sup>(a)</sup> | 23300 | 1200416  |
| M/I Homes, Inc.<sup>(a)</sup> | 10913 | 1223565  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 62717 | 2003808  |
|  |  | 13554834  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Household Products - 0.4%**<br>|  |  |
| Central Garden & Pet Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40500 | $1424790  |
| Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 58700 | 1183392  |
|  |  | 2608182  |
| **Insurance - 3.8%**<br>|  |  |
| Ambac Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 181200 | 1286520  |
| Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 15130 | 1317823  |
| CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 66086 | 2549598  |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 37705 | 1778922  |
| F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 80300 | 2567994  |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16600 | 2819842  |
| Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 74614 | 3206164  |
| Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 45700 | 2949478  |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 42200 | 1460120  |
| Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 9060 | 610100  |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 22200 | 1923630  |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 27490 | 1789599  |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 31300 | 898310  |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | 2693580  |
|  |  | 27851680  |
| **Interactive Media & Services - 0.6%** | **Interactive Media & Services - 0.6%** |  |
| Shutterstock, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 154800 | 2935008  |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 179100 | 1812492  |
|  |  | 4747500  |
| **IT Services - 0.3%**<br>|  |  |
| ASGN, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 46000 | 2296780  |
| **Leisure Products - 1.0%**<br>|  |  |
| Brunswick Corp./DE | &nbsp;&nbsp;&nbsp;&nbsp; 50800 | 2806192  |
| Johnson Outdoors, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 50600 | 1531662  |
| Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 69300 | 2817045  |
|  |  | 7154899  |
| **Machinery - 5.4%**<br>|  |  |
| Albany International Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 42600 | 2987538  |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60890 | 2217614  |
| Blue Bird Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 46000 | 1985360  |
| Columbus McKinnon Corp./NY | &nbsp;&nbsp;&nbsp;&nbsp; 96400 | 1472028  |
| Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 88700 | 2613989  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 119760 | 2758073  |
| Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60189 | 2771703  |
| Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 122520 | 2458976  |
| Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 69700 | 1600312  |
| L B Foster Co. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 43500 | 951345  |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | 2308000  |
| Miller Industries, Inc./TN | &nbsp;&nbsp;&nbsp;&nbsp; 28530 | 1268444  |
| Proto Labs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38600 | 1545544  |
| REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24680 | 1174521  |
| Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | 2324400  |
| Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp; 41900 | 3039845  |
| Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 276482 | 2939004  |
| Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 44300 | 2819252  |
|  |  | 39235948  |
| **Media - 0.7%**<br>|  |  |
| Emerald Holding, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 154580 | 749713  |
| National CineMedia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 132100 | 640024  |
| Stagwell, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 269000 | 1210500  |
| TEGNA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 137667 | 2307299  |
|  |  | 4907536  |

---

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

11<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Metals & Mining - 0.1%**<br>|  |  |
| Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 78300 | $1041390  |
| **Multi-Utilities - 1.2%**<br>|  |  |
| Avista Corp. | &nbsp;&nbsp;&nbsp; 66961 | 2541170  |
| Black Hills Corp. | &nbsp;&nbsp;&nbsp; 46600 | 2614260  |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp; 48800 | 2503440  |
| Unitil Corp. | &nbsp;&nbsp;&nbsp; 23000 | 1199450  |
|  |  | 8858320  |
| **Oil, Gas & Consumable Fuels - 6.8%** | **Oil, Gas & Consumable Fuels - 6.8%** |  |
| Baytex Energy Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1450442 | 2596291  |
| California Resources Corp. | &nbsp;&nbsp;&nbsp; 35690 | 1629962  |
| Crescent Energy Co. - Class A | &nbsp;&nbsp;&nbsp; 317145 | 2727447  |
| CVR Energy, Inc. | &nbsp;&nbsp;&nbsp; 111500 | 2993775  |
| Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp; 142800 | 3024504  |
| Excelerate Energy, Inc. - Class A | &nbsp;&nbsp;&nbsp; 52300 | 1533436  |
| International Seaways, Inc. | &nbsp;&nbsp;&nbsp; 45700 | 1667136  |
| Kosmos Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1364713 | 2347306  |
| Murphy Oil Corp. | &nbsp;&nbsp;&nbsp; 125400 | 2821500  |
| NextDecade Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 366450 | 3265070  |
| Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp; 93260 | 2643921  |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 174900 | 4640097  |
| PBF Energy, Inc. - Class A | &nbsp;&nbsp;&nbsp; 145500 | 3152985  |
| REX American Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 66500 | 3239215  |
| Talos Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 360900 | 3060432  |
| VAALCO Energy, Inc. | &nbsp;&nbsp;&nbsp; 758200 | 2737102  |
| Vital Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 147300 | 2370057  |
| World Kinect Corp. | &nbsp;&nbsp;&nbsp; 108024 | 3062481  |
|  |  | 49512717  |
| **Paper & Forest Products - 0.1%**<br>|  |  |
| Sylvamo Corp. | &nbsp;&nbsp;&nbsp; 21900 | 1097190  |
| **Passenger Airlines - 0.1%**<br>|  |  |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 71600 | 841300  |
| **Personal Care Products - 0.3%**<br>|  |  |
| Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp; 51300 | 1200933  |
| Interparfums, Inc. | &nbsp;&nbsp;&nbsp; 6500 | 853515  |
|  |  | 2054448  |
| **Pharmaceuticals - 0.6%**<br>|  |  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 78100 | 1793176  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20800 | 1357200  |
| SIGA Technologies, Inc. | &nbsp;&nbsp;&nbsp; 218800 | 1426576  |
|  |  | 4576952  |
| **Professional Services - 3.2%**<br>|  |  |
| Forrester Research, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 48100 | 476190  |
| Franklin Covey Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22700 | 518014  |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp; 52710 | 2412010  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9500 | 1306630  |
| Insperity, Inc. | &nbsp;&nbsp;&nbsp; 32300 | 1941876  |
| Kforce, Inc. | &nbsp;&nbsp;&nbsp; 61900 | 2545947  |
| Korn Ferry | &nbsp;&nbsp;&nbsp; 43896 | 3218894  |
| ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp; 65400 | 2642160  |
| Maximus, Inc. | &nbsp;&nbsp;&nbsp; 40400 | 2836080  |
| Resources Connection, Inc. | &nbsp;&nbsp;&nbsp; 365585 | 1963191  |
| Science Applications International Corp. | &nbsp;&nbsp;&nbsp; 11200 | 1261232  |
| TrueBlue, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 324300 | 2101464  |
|  |  | 23223688  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Real Estate Management & Development - 1.0%**<br>|  |  |
| Cushman & Wakefield PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 330730 | $3661181  |
| Douglas Elliman, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 434900 | 1008968  |
| Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 45100 | 1385021  |
| RMR Group, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 82900 | 1355415  |
|  |  | 7410585  |
|  **Semiconductors & Semiconductor Equipment - 0.6%**<br>|  |  |
| Diodes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 37249 | 1970100  |
| Photronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 110780 | 2085987  |
|  |  | 4056087  |
| **Software - 0.3%**<br>|  |  |
| Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 170800 | 2415112  |
| **Specialty Retail - 2.5%**<br>|  |  |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 35100 | 1631799  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5654 | 1348705  |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4588 | 2003625  |
| Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 122500 | 2492875  |
| MarineMax, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65300 | 1641642  |
| OneWater Marine, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 135900 | 1819701  |
| PetMed Express, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 231300 | 767916  |
| Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 36700 | 2919485  |
| Sonic Automotive, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 45750 | 3656798  |
|  |  | 18282546  |
|  **Textiles, Apparel & Luxury Goods - 1.0%**<br>|  |  |
| Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 34000 | 1024420  |
| G-III Apparel Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49090 | 1099616  |
| Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 51200 | 2060800  |
| PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 21600 | 1481760  |
| Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 65300 | 1565894  |
|  |  | 7232490  |
|  **Trading Companies & Distributors - 1.6%**<br>|  |  |
| Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp; 92057 | 2486460  |
| McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp; 8900 | 1032044  |
| MSC Industrial Direct Co., Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 34600 | 2941692  |
| Rush Enterprises, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 48090 | 2477116  |
| Titan Machinery, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 158800 | 3145828  |
|  |  | 12083140  |
| **Water Utilities - 0.3%**<br>|  |  |
| H2O America | &nbsp;&nbsp;&nbsp;&nbsp; 48200 | 2504954  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $722,172,525)** |  | 693865287  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 3.0%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 3.0%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 3.0%** |
| **Diversified REITs - 0.2%**<br>|  |  |
| American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 75400 | 1489150  |
| **Hotel & Resort REITs - 1.1%**<br>|  |  |
| DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp; 292700 | 2242082  |
| Park Hotels & Resorts, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 291900 | 2986137  |
| Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp; 303100 | 3027969  |
|  |  | 8256188  |

---

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

12<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (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)**  |
| **Mortgage REITs - 0.9%**<br>|  |  |
|  Apollo Commercial Real Estate Finance, Inc. | 153500 | $1485880  |
| Ares Commercial Real Estate Corp.<sup>(b)</sup> | 296600 | 1414782  |
| BrightSpire Capital, Inc. | 300400 | 1517020  |
| Claros Mortgage Trust, Inc. | 290300 | 827355  |
| Granite Point Mortgage Trust, Inc. | 404300 | 998621  |
|  |  | 6243658  |
| **Office REITs - 0.4%**<br>|  |  |
| Empire State Realty Trust, Inc. - Class A | 381300 | 3084717  |
|  **Real Estate Management & Development - 0.2%**<br>|  |  |
| Seritage Growth Properties - Class A<sup>(a)</sup> | 393348 | 1211512  |
| **Retail REITs - 0.2%**<br>|  |  |
| Alexander's, Inc. | 6500 | 1464580  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $29,975,926)** |  | 21749805  |
| **SHORT-TERM INVESTMENTS - 3.4%** | **SHORT-TERM INVESTMENTS - 3.4%** | **SHORT-TERM INVESTMENTS - 3.4%** |
|  **Investments Purchased with Proceeds from Securities Lending - 1.3%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Class Institutional, 4.26%<sup>(c)</sup> | 9537888 | 9537888  |
|  | **Par** |  |
| **Time Deposits - 2.1%**<br>|  |  |
| Citigroup, Inc., 3.68%, 07/01/2025<sup>(d)</sup> | $15392037 | 15392037  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $24,929,926)** |  | 24929925  |
|  **TOTAL INVESTMENTS - 101.3% (Cost $777,078,377)** |  | $740545017  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.3)% |  | (9562585)  |
| **TOTAL NET ASSETS - 100.0%** |  | $730982432 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

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.

AMBAC - American Municipal Bond Assurance Corporation

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 June 30, 2025. The fair value of these securities was $9,320,584.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> Invested through a cash management account administered by Brown Brothers Harriman & Co.

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

13<br>

------

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

**HOTCHKIS & WILEY GLOBAL VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.3%**<br>|  |  |
| **Aerospace & Defense - 2.2%**<br>|  |  |
| Airbus SE | 3100 | $648524  |
| Babcock International Group PLC | 13500 | 212623  |
|  |  | 861147  |
| **Air Freight & Logistics - 1.1%**<br>|  |  |
| FedEx Corp. | 1970 | 447801  |
| **Automobile Components - 0.6%** | **Automobile Components - 0.6%** | **Automobile Components - 0.6%** |
| Magna International, Inc. | 6261 | 241737  |
| **Automobiles - 3.0%**<br>|  |  |
| General Motors Co. | 19145 | 942125  |
| Mercedes-Benz Group AG | 4500 | 262172  |
|  |  | 1204297  |
| **Banks - 11.7%**<br>|  |  |
| Banca Monte dei Paschi di Siena SpA | 50600 | 429168  |
| BNP Paribas SA | 6756 | 606026  |
| Citigroup, Inc. | 9984 | 849838  |
| ING Groep NV | 12856 | 281775  |
| Lloyds Banking Group PLC | 477500 | 502098  |
| Popular, Inc. | 4160 | 458474  |
| Societe Generale SA | 5393 | 308503  |
| Truist Financial Corp. | 7200 | 309528  |
| US Bancorp | 11000 | 497750  |
| Wells Fargo & Co. | 5280 | 423034  |
|  |  | 4666194  |
| **Beverages - 2.3%**<br>|  |  |
| Heineken Holding NV | 12100 | 902900  |
| **Capital Markets - 1.1%**<br>|  |  |
| State Street Corp. | 4300 | 457262  |
| **Chemicals - 4.8%**<br>|  |  |
| Akzo Nobel NV | 9100 | 638491  |
| Nippon Sanso Holdings Corp. | 17600 | 666011  |
| PPG Industries, Inc. | 5200 | 591500  |
|  |  | 1896002  |
| **Communications Equipment - 8.4%** | **Communications Equipment - 8.4%** | **Communications Equipment - 8.4%** |
| F5, Inc.<sup>(a)</sup> | 6700 | 1971944  |
| Telefonaktiebolaget LM Ericsson - ADR | 161672 | 1370979  |
|  |  | 3342923  |
| **Energy Equipment & Services - 3.0%** | **Energy Equipment & Services - 3.0%** | **Energy Equipment & Services - 3.0%** |
| Baker Hughes Co. | 10300 | 394902  |
| NOV, Inc. | 26669 | 331496  |
| Schlumberger NV | 14000 | 473200  |
|  |  | 1199598  |
| **Entertainment - 0.8%**<br>|  |  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 26500 | 303690  |
| **Financial Services - 1.9%**<br>|  |  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 3600 | 364968  |
|  Fidelity National Information Services, Inc. | 4800 | 390768  |
|  |  | 755736  |
| **Food Products - 2.6%**<br>|  |  |
| JDE Peet's NV | 21100 | 602714  |
| Kraft Heinz Co. | 6200 | 160084  |
| Mondelez International, Inc. - Class A | 4000 | 269760  |
|  |  | 1032558  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Ground Transportation - 1.5%** | **Ground Transportation - 1.5%** | **Ground Transportation - 1.5%** |
| U-Haul Holding Co. | 11315 | $615197  |
|  **Health Care Equipment & Supplies - 4.9%**<br>|  |  |
| GE HealthCare Technologies, Inc. | 13318 | 986464  |
| Koninklijke Philips NV | 15448 | 370944  |
| Medtronic PLC | 6700 | 584039  |
|  |  | 1941447  |
|  **Health Care Providers & Services - 6.2%**<br>|  |  |
| CVS Health Corp. | 7500 | 517350  |
| Elevance Health, Inc. | 2504 | 973956  |
| Humana, Inc. | 2300 | 562304  |
| UnitedHealth Group, Inc. | 1300 | 405561  |
|  |  | 2459171  |
| **Hotels, Restaurants & Leisure - 1.7%** | **Hotels, Restaurants & Leisure - 1.7%** | **Hotels, Restaurants & Leisure - 1.7%** |
| Accor SA | 13100 | 686553  |
| **Household Products - 2.0%**<br>|  |  |
| Henkel AG & Co. KGaA | 10900 | 790528  |
| **Industrial Conglomerates - 1.9%** | **Industrial Conglomerates - 1.9%** | **Industrial Conglomerates - 1.9%** |
| Siemens AG | 2900 | 744891  |
| **Insurance - 3.3%**<br>|  |  |
| American International Group, Inc. | 10569 | 904601  |
| Hartford Insurance Group, Inc. | 3100 | 393297  |
|  |  | 1297898  |
| **Interactive Media & Services - 2.1%** | **Interactive Media & Services - 2.1%** | **Interactive Media & Services - 2.1%** |
| Alphabet, Inc. - Class A | 4700 | 828281  |
| **Machinery - 3.8%**<br>|  |  |
| CNH Industrial NV | 31800 | 412128  |
| Cummins, Inc. | 2170 | 710675  |
| PACCAR, Inc. | 4200 | 399252  |
|  |  | 1522055  |
| **Media - 6.0%**<br>|  |  |
| Comcast Corp. - Class A | 28300 | 1010027  |
| Omnicom Group, Inc. | 11800 | 848892  |
| WPP PLC | 77600 | 546379  |
|  |  | 2405298  |
| **Multi-Utilities - 3.4%**<br>|  |  |
| Dominion Energy, Inc. | 18400 | 1039968  |
| National Grid PLC | 20800 | 305315  |
|  |  | 1345283  |
| **Oil, Gas & Consumable Fuels - 4.0%** | **Oil, Gas & Consumable Fuels - 4.0%** | **Oil, Gas & Consumable Fuels - 4.0%** |
| Kosmos Energy Ltd.<sup>(a)</sup> | 72300 | 124356  |
| Ovintiv, Inc. | 18200 | 692510  |
| Shell PLC - ADR | 11100 | 781551  |
|  |  | 1598417  |
| **Passenger Airlines - 1.6%**<br>|  |  |
| Qantas Airways Ltd. | 87500 | 618150  |
| **Personal Care Products - 0.9%** | **Personal Care Products - 0.9%** | **Personal Care Products - 0.9%** |
| Unilever PLC | 5700 | 347849  |
| **Pharmaceuticals - 1.0%**<br>|  |  |
| GSK PLC - ADR | 10600 | 407040 |

---

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

14<br>

------

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

**HOTCHKIS & WILEY GLOBAL VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Professional Services - 1.3%**<br>|  |  |  |
| Randstad NV |  | 11500 | $531542  |
|  **Semiconductors & Semiconductor Equipment - 1.2%** | **Semiconductors & Semiconductor Equipment - 1.2%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR |  | 2200 | 498278  |
| **Software - 4.8%**<br>|  |  |  |
| Microsoft Corp. |  | 400 | 198964  |
| Workday, Inc. - Class A<sup>(a)</sup> |  | 7220 | 1732800  |
|  |  |  | 1931764  |
|  **Wireless Telecommunication Services - 0.2%**<br>|  |  |  |
| Vodafone Group PLC - ADR |  | 6800 | 72488  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $31,099,794)** |  |  | 37953975  |
| **PREFERRED STOCKS - 0.8%**<br>|  |  |  |
| **Automobiles - 0.8%**<br>|  |  |  |
| Bayerische Motoren Werke AG, 0.00% |  | 3800 | 315575  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $257,855)** |  |  | 315575  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 2.5%** | **SHORT-TERM INVESTMENTS - 2.5%** | **SHORT-TERM INVESTMENTS - 2.5%** | **SHORT-TERM INVESTMENTS - 2.5%** |
| **Time Deposits - 2.5%**<br>|  |  |  |
|  Brown Brothers Harriman and Co., 3.17%, 07/01/2025<sup>(b)</sup>  | GBP | 0<sup>(c)</sup> | 0<sup>(c)</sup>  |
| Citigroup, Inc., 0.86%, 07/01/2025<sup>(b)</sup> | EUR | 19 | 22  |
|  Skandinaviska Enskilda Banken, 3.68%, 07/01/2025<sup>(b)</sup> |  | 1009374 | 1009374  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,009,394)** |  |  | 1009396  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.6%**<br>**(Cost $32,367,043)** |  |  | $39278946  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.4% |  |  | 549944  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $39828890 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

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

EUR - Euro

GBP - British Pound

PLC - Public Limited Company

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

<sup>(b)</sup> Invested through a cash management account administered by Brown Brothers Harriman & Co.

<sup>(c)</sup> Rounds to zero.

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

15<br>

------

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

**HOTCHKIS & WILEY GLOBAL VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

**Allocation of Portfolio Holdings by Country as of June 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
|  | **Value** |  |
| United States | $23120272 | 58.0%  |
| Netherlands | 3328366 | 8.4  |
| United Kingdom | 3175343 | 8.0  |
| France | 2249606 | 5.6  |
| Germany | 2113166 | 5.3  |
| Sweden | 1370979 | 3.4  |
| Japan | 666011 | 1.7  |
| Australia | 618150 | 1.6  |
| Taiwan | 498278 | 1.2  |
| Puerto Rico | 458474 | 1.2  |
| Italy | 429168 | 1.1  |
| Canada | 241737 | 0.6  |
| Cash and Other | 1559340 | 3.9  |
|  | **$39828890** | 100.0% |

---

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

16<br>

------

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

**HOTCHKIS & WILEY INTERNATIONAL VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.2%**<br>|  |  |
| **Aerospace & Defense - 3.1%**<br>|  |  |
| Airbus SE | 450 | $94141  |
| Babcock International Group PLC | 3265 | 51423  |
|  |  | 145564  |
| **Automobile Components - 1.7%** | **Automobile Components - 1.7%** |  |
| Magna International, Inc. | 2092 | 80772  |
| **Automobiles - 0.8%**<br>|  |  |
| Mercedes-Benz Group AG | 665 | 38743  |
| **Banks - 19.1%**<br>|  |  |
| ABN AMRO Bank NV<sup>(a)</sup> | 3200 | 87379  |
| Banca Monte dei Paschi di Siena SpA | 10530 | 89311  |
| Banco Santander SA | 8670 | 71795  |
| Barclays PLC | 22582 | 104346  |
| BNP Paribas SA | 1474 | 132221  |
| ING Groep NV | 5342 | 117085  |
| Lloyds Banking Group PLC | 130000 | 136697  |
| NatWest Group PLC | 6584 | 46239  |
| Societe Generale SA | 2296 | 131341  |
|  |  | 916414  |
| **Beverages - 6.0%**<br>|  |  |
| Arca Continental SAB de CV | 6700 | 70983  |
| Coca-Cola Europacific Partners PLC | 535 | 49605  |
| Heineken Holding NV | 2237 | 166925  |
|  |  | 287513  |
| **Chemicals - 8.2%**<br>|  |  |
| Akzo Nobel NV | 2350 | 164885  |
| Fuso Chemical Co. Ltd. | 4200 | 112568  |
| Nippon Sanso Holdings Corp. | 3100 | 117309  |
|  |  | 394762  |
| **Communications Equipment - 4.6%**<br>|  |  |
| Nokia Oyj | 4315 | 22389  |
| Telefonaktiebolaget LM Ericsson - Class B | 23179 | 198072  |
|  |  | 220461  |
| **Energy Equipment & Services - 0.9%**<br>|  |  |
| Subsea 7 SA | 2185 | 41016  |
| **Food Products - 2.0%**<br>|  |  |
| JDE Peet's NV | 3385 | 96691  |
|  **Health Care Equipment & Supplies - 2.2%**<br>|  |  |
| Koninklijke Philips NV | 2854 | 68531  |
| Medtronic PLC | 440 | 38355  |
|  |  | 106886  |
| **Hotels, Restaurants & Leisure - 4.2%**<br>|  |  |
| Accor SA | 2320 | 121588  |
| Lottomatica Group SpA | 2900 | 80501  |
|  |  | 202089  |
| **Household Durables - 1.3%**<br>|  |  |
| Panasonic Holdings Corp. | 5900 | 63126  |
| **Household Products - 4.0%**<br>|  |  |
| Henkel AG & Co. KGaA | 2610 | 189292  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrial Conglomerates - 6.7%**<br>|  |  |
| Siemens AG | 850 | $218330  |
| Smiths Group PLC | 3295 | 101632  |
|  |  | 319962  |
| **Insurance - 1.8%**<br>|  |  |
| Tokio Marine Holdings, Inc. | 1000 | 42381  |
| Zurich Insurance Group AG | 64 | 44782  |
|  |  | 87163  |
| **IT Services - 1.1%**<br>|  |  |
| Capgemini SE | 315 | 53940  |
| **Machinery - 0.4%**<br>|  |  |
| CNH Industrial NV | 1568 | 20321  |
| **Media - 4.5%**<br>|  |  |
| Havas NV | 38855 | 66802  |
| RTL Group SA | 680 | 29833  |
| WPP PLC | 16745 | 117901  |
|  |  | 214536  |
| **Metals & Mining - 0.5%**<br>|  |  |
| Glencore PLC | 6085 | 23711  |
| **Multi-Utilities - 1.5%**<br>|  |  |
| National Grid PLC | 4985 | 73173  |
| **Oil, Gas & Consumable Fuels - 8.6%** | **Oil, Gas & Consumable Fuels - 8.6%** |  |
| Baytex Energy Corp. | 8920 | 15983  |
| Cenovus Energy, Inc. | 1775 | 24153  |
| Kosmos Energy Ltd.<sup>(b)</sup> | 15788 | 27155  |
| &nbsp;&nbsp;&nbsp; Parkland Corp. (Acquired 1/30/2023, <br>Cost $10,486)<sup>(c)</sup> | 440 | 12446  |
| Shell PLC | 4437 | 155826  |
| Suncor Energy, Inc. | 1165 | 43640  |
| TotalEnergies SE | 2170 | 132637  |
|  |  | 411840  |
| **Passenger Airlines - 2.5%**<br>|  |  |
| Qantas Airways Ltd. | 16800 | 118685  |
| **Personal Care Products - 0.9%**<br>|  |  |
| Unilever PLC | 713 | 43512  |
| **Pharmaceuticals - 0.7%**<br>|  |  |
| GSK PLC | 1767 | 33690  |
| **Professional Services - 2.1%**<br>|  |  |
| Randstad NV | 2155 | 99606  |
|  **Semiconductors & Semiconductor Equipment - 1.8%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 385 | 87199  |
|  **Textiles, Apparel & Luxury Goods - 0.8%**<br>|  |  |
| Burberry Group PLC<sup>(b)</sup> | 2460 | 39958  |
|  **Wireless Telecommunication Services - 1.2%**<br>|  |  |
| Vodafone Group PLC | 53741 | 57527  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,506,464)** |  | 4468152  |

---

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

17<br>

------

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

**HOTCHKIS & WILEY INTERNATIONAL VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 0.9%**<br>|  |  |
| **Automobiles - 0.9%**<br>|  |  |
| Bayerische Motoren Werke AG, 0.00% | 511 | $42437  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $35,839)** |  | 42437  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 9.4%** | **SHORT-TERM INVESTMENTS - 9.4%** | **SHORT-TERM INVESTMENTS - 9.4%** |
| **Time Deposits - 9.4%**<br>|  |  |
|  Royal Bank of Canada, 3.68%, 07/01/2025<sup>(d)</sup> | $452235 | 452235  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $452,235)** |  | 452235  |
|  **TOTAL INVESTMENTS - 103.5% (Cost $3,994,538)** |  | $4962824  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.5)% |  | (167203)  |
| **TOTAL NET ASSETS - 100.0%** |  | $4795621 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

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 June 30, 2025, the value of these securities total $87,379 or 1.8% 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 June 30, 2025, the value of these securities total $12,446 or 0.3% of the Fund's net assets.

<sup>(d)</sup> Invested through a cash management account administered by Brown Brothers Harriman & Co.

**Allocation of Portfolio Holdings by Country as of June 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
|  | **Value**  |  |
| United Kingdom | $1018855 | 21.2%  |
| Netherlands | 867904 | 18.1  |
| France | 665868 | 13.9  |
| Germany | 488802 | 10.2  |
| Japan | 335384 | 7.0  |
| Sweden | 198072 | 4.1  |
| Canada | 176994 | 3.7  |
| Italy | 169812 | 3.5  |
| Australia | 142396 | 3.0  |
| United States | 119521 | 2.5  |
| Taiwan | 87199 | 1.8  |
| Spain | 71795 | 1.5  |
| Mexico | 70983 | 1.5  |
| Switzerland | 44782 | 0.9  |
| Luxembourg | 29833 | 0.6  |
| Finland | 22389 | 0.5  |
| Cash and Other | 285032 | 6.0  |
|  | **$4795621** | 100.0% |

---

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

18<br>

------

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

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

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.5%**<br>|  |  |
| **Aerospace & Defense - 1.2%**<br>|  |  |
| Babcock International Group PLC | 1520 | $23940  |
| Electro Optic Systems Holdings Ltd.<sup>(a)</sup> | 9700 | 18215  |
| QinetiQ Group PLC | 1770 | 12524  |
|  |  | 54679  |
| **Air Freight & Logistics - 0.5%**<br>|  |  |
| Cargojet, Inc. | 130 | 9053  |
| Sankyu, Inc. | 300 | 16091  |
|  |  | 25144  |
| **Automobile Components - 2.2%** | **Automobile Components - 2.2%** | **Automobile Components - 2.2%** |
| Exco Technologies Ltd. | 1770 | 9007  |
| Gestamp Automocion SA<sup>(b)</sup> | 3310 | 11433  |
| Linamar Corp. | 210 | 9993  |
| Nifco, Inc./Japan | 900 | 21326  |
| Opmobility | 940 | 12016  |
| Shoei Co. Ltd. | 2000 | 24149  |
| Toyota Boshoku Corp. | 1100 | 14996  |
|  |  | 102920  |
| **Automobiles - 0.4%**<br>|  |  |
| Trigano SA | 100 | 17475  |
| **Banks - 8.8%**<br>|  |  |
| Aozora Bank Ltd. | 1700 | 25515  |
| Awa Bank Ltd. | 1200 | 23879  |
| Banca Sistema SpA<sup>(a)(b)</sup> | 6077 | 12454  |
| Banco di Desio e della Brianza SpA | 1620 | 13550  |
| Bank of East Asia Ltd. | 14578 | 22471  |
| Basellandschaftliche Kantonalbank | 9 | 10373  |
| Dah Sing Financial Holdings Ltd. | 6000 | 22757  |
| First Bank of Toyama Ltd. | 3300 | 22607  |
| Hachijuni Bank Ltd. | 1700 | 13808  |
| Hyakugo Bank Ltd. | 2800 | 13396  |
| Hyakujushi Bank Ltd. | 900 | 26103  |
| Iyogin Holdings, Inc. | 2300 | 25201  |
| Norion Bank AB<sup>(a)</sup> | 2581 | 13877  |
| ProCredit Holding AG | 700 | 7772  |
| Seven Bank Ltd. | 7700 | 14055  |
| Sparebank 1 Oestlandet | 500 | 9657  |
| SpareBank 1 SMN | 700 | 13500  |
| Sparebanken Norge | 1634 | 25947  |
| Suruga Bank Ltd. | 1600 | 14890  |
| Sydbank AS | 200 | 14835  |
| TF Bank AB | 200 | 7434  |
| TOMONY Holdings, Inc. | 5900 | 22086  |
| Unicaja Banco SA<sup>(b)</sup> | 10470 | 24729  |
| VersaBank | 800 | 9159  |
|  |  | 410055  |
| **Beverages - 0.7%**<br>|  |  |
| AG Barr PLC | 1220 | 11530  |
| C&C Group PLC | 9800 | 21900  |
|  |  | 33430  |
| **Biotechnology - 0.8%**<br>|  |  |
| Basilea Pharmaceutica Ag Allschwil<sup>(a)</sup> | 250 | 14832  |
| Pharma Foods International Co. Ltd. | 3700 | 21366  |
|  |  | 36198  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Building Products - 0.8%**<br>|  |  |
| Forbo Holding AG | &nbsp;&nbsp; 15 | $15602  |
| Sanko Metal Industrial Co. Ltd. | &nbsp;&nbsp; 200 | 8841  |
| Schweiter Technologies AG | &nbsp;&nbsp; 28 | 13349  |
|  |  | 37792  |
| **Capital Markets - 2.6%**<br>|  |  |
| AGF Management Ltd. - Class B | &nbsp;&nbsp; 1100 | 10679  |
| Azimut Holding SpA | &nbsp;&nbsp; 323 | 10362  |
| CMC Markets PLC<sup>(b)</sup> | &nbsp;&nbsp; 2600 | 8993  |
| Impax Asset Management Group PLC | &nbsp;&nbsp; 4000 | 10180  |
| Jupiter Fund Management PLC | &nbsp;&nbsp; 8740 | 11997  |
| Leonteq AG | &nbsp;&nbsp; 500 | 12130  |
| Linc AB<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 9221  |
| Liontrust Asset Management PLC | &nbsp;&nbsp; 1800 | 10216  |
| Man Group PLC/Jersey | &nbsp;&nbsp; 5750 | 13358  |
| Plus500 Ltd. | &nbsp;&nbsp; 550 | 25665  |
|  |  | 122801  |
| **Chemicals - 2.9%**<br>|  |  |
| Dai Nippon Toryo Co. Ltd. | &nbsp;&nbsp; 1200 | 9898  |
| Fuso Chemical Co. Ltd. | &nbsp;&nbsp; 1000 | 26802  |
| Hodogaya Chemical Co. Ltd. | &nbsp;&nbsp; 2200 | 22173  |
| JCU Corp. | &nbsp;&nbsp; 1000 | 22978  |
| MEC Co. Ltd. | &nbsp;&nbsp; 1300 | 24305  |
| Soken Chemical & Engineering Co. Ltd. | &nbsp;&nbsp; 1300 | 13692  |
| Tokuyama Corp. | &nbsp;&nbsp; 800 | 16717  |
|  |  | 136565  |
| **Commercial Services & Supplies - 1.4%** | **Commercial Services & Supplies - 1.4%** | **Commercial Services & Supplies - 1.4%** |
| DO & CO AG<sup>(a)</sup> | &nbsp;&nbsp; 64 | 13672  |
| ISS AS | &nbsp;&nbsp; 530 | 14793  |
| Mitsubishi Pencil Co. Ltd. | &nbsp;&nbsp; 800 | 11302  |
| Okamura Corp. | &nbsp;&nbsp; 1100 | 16938  |
| Prestige International, Inc. | &nbsp;&nbsp; 2000 | 8370  |
|  |  | 65075  |
| **Communications Equipment - 0.2%** | **Communications Equipment - 0.2%** | **Communications Equipment - 0.2%** |
| Evertz Technologies Ltd. | &nbsp;&nbsp; 1000 | 9106  |
| **Construction & Engineering - 1.9%** | **Construction & Engineering - 1.9%** | **Construction & Engineering - 1.9%** |
| Costain Group PLC | &nbsp;&nbsp; 8550 | 17393  |
| Fukuda Corp. | &nbsp;&nbsp; 200 | 6925  |
| Hazama Ando Corp. | &nbsp;&nbsp; 1600 | 16108  |
| JGC Holdings Corp. | &nbsp;&nbsp; 1700 | 14710  |
| Mitsubishi Kakoki Kaisha Ltd. | &nbsp;&nbsp; 700 | 9755  |
| Miyaji Engineering Group, Inc. | &nbsp;&nbsp; 1100 | 14334  |
| NRW Holdings Ltd. | &nbsp;&nbsp; 4800 | 9448  |
|  |  | 88673  |
| **Construction Materials - 0.5%**<br>|  |  |
| Cementir Holding NV | &nbsp;&nbsp; 800 | 13981  |
| Forterra PLC<sup>(b)</sup> | &nbsp;&nbsp; 3521 | 9521  |
|  |  | 23502  |
| **Consumer Finance - 0.7%**<br>|  |  |
| Credit Corp. Group Ltd. | &nbsp;&nbsp; 1500 | 13341  |
| Hoist Finance AB<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 8818  |
| International Personal Finance PLC | &nbsp;&nbsp; 4500 | 10518  |
|  |  | 32677  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.8%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.8%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.8%** |
| Life Corp. | &nbsp;&nbsp; 900 | 13804  |
| MARR SpA | &nbsp;&nbsp; 2220 | 25387  |
|  |  | 39191  |

---

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

19<br>

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Containers & Packaging - 1.3%** | **Containers & Packaging - 1.3%** | **Containers & Packaging - 1.3%** |
| Fuji Seal International, Inc. | &nbsp;&nbsp; 900 | $17390  |
| Mayr Melnhof Karton AG | &nbsp;&nbsp; 140 | 12623  |
| Orora Ltd. | &nbsp;&nbsp; 13900 | 17318  |
| Vetropack Holding AG | &nbsp;&nbsp; 351 | 14149  |
|  |  | 61480  |
| **Distributors - 0.9%**<br>|  |  |
| Inchcape PLC | &nbsp;&nbsp; 2400 | 23913  |
| MEKO AB | &nbsp;&nbsp; 1680 | 19141  |
|  |  | 43054  |
| **Electric Utilities - 0.5%**<br>|  |  |
| Elmera Group ASA<sup>(b)</sup> | &nbsp;&nbsp; 6580 | 23077  |
| **Electrical Equipment - 0.3%**<br>|  |  |
| Mersen SA | &nbsp;&nbsp; 600 | 15664  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 3.1%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 3.1%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 3.1%** |
| Daitron Co. Ltd. | &nbsp;&nbsp; 600 | 15642  |
| Enplas Corp. | &nbsp;&nbsp; 500 | 15214  |
| ESPEC Corp. | &nbsp;&nbsp; 800 | 17153  |
| Esprinet SpA | &nbsp;&nbsp; 2240 | 10567  |
| Horiba Ltd. | &nbsp;&nbsp; 200 | 15559  |
| Optex Group Co. Ltd. | &nbsp;&nbsp; 1300 | 15707  |
| Renishaw PLC | &nbsp;&nbsp; 200 | 7857  |
| Sesa SpA | &nbsp;&nbsp; 280 | 28460  |
| Sun-Wa Technos Corp. | &nbsp;&nbsp; 1000 | 16885  |
|  |  | 143044  |
| **Energy Equipment & Services - 2.6%** | **Energy Equipment & Services - 2.6%** | **Energy Equipment & Services - 2.6%** |
| Aker Solutions ASA | &nbsp;&nbsp; 4250 | 14667  |
| CES Energy Solutions Corp. | &nbsp;&nbsp; 3030 | 14752  |
| Enerflex Ltd. | &nbsp;&nbsp; 1190 | 9394  |
| Mattr Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1700 | 14993  |
| Pason Systems, Inc. | &nbsp;&nbsp; 1600 | 14429  |
| SBM Offshore NV | &nbsp;&nbsp; 460 | 12162  |
| SBO AG | &nbsp;&nbsp; 330 | 11731  |
| Subsea 7 SA | &nbsp;&nbsp; 800 | 15018  |
| Technip Energies NV | &nbsp;&nbsp; 340 | 14305  |
|  |  | 121451  |
| **Financial Services - 4.5%**<br>|  |  |
| Australian Finance Group Ltd. | &nbsp;&nbsp; 9000 | 13553  |
| Banca IFIS SpA | &nbsp;&nbsp; 880 | 23561  |
| BFF Bank SpA<sup>(a)(b)</sup> | &nbsp;&nbsp; 2300 | 25252  |
| Financial Partners Group Co. Ltd. | &nbsp;&nbsp; 1400 | 23204  |
| GRENKE AG | &nbsp;&nbsp; 1440 | 26430  |
| Kinnevik AB | &nbsp;&nbsp; 2750 | 24367  |
| OFX Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17500 | 8650  |
| OSB Group PLC | &nbsp;&nbsp; 3620 | 26008  |
| PayPoint PLC | &nbsp;&nbsp; 1430 | 16626  |
| Peugeot Invest SA | &nbsp;&nbsp; 100 | 8679  |
| Worldline SA/France<sup>(a)(b)</sup> | &nbsp;&nbsp; 3750 | 15856  |
|  |  | 212186  |
| **Food Products - 2.7%**<br>|  |  |
| Austevoll Seafood ASA | &nbsp;&nbsp; 1490 | 14341  |
| Ebro Foods SA | &nbsp;&nbsp; 800 | 16300  |
| Elders Ltd. | &nbsp;&nbsp; 2800 | 11619  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Lassonde Industries, Inc. - Class A (Acquired 7/12/2022 - 5/13/2025, Cost $10,915)<sup>(c)</sup> | &nbsp;&nbsp; 90 | $13787  |
| NewPrinces SpA<sup>(a)</sup> | &nbsp;&nbsp; 700 | 14147  |
| Origin Enterprises PLC | &nbsp;&nbsp; 2856 | 12456  |
| Premier Foods PLC | &nbsp;&nbsp; 5890 | 16128  |
| Riken Vitamin Co. Ltd. | &nbsp;&nbsp; 1400 | 26561  |
|  |  | 125339  |
| **Gas Utilities - 0.5%**<br>|  |  |
| Italgas SpA | &nbsp;&nbsp; 2750 | 23328  |
| **Ground Transportation - 1.2%**<br>|  |  |
| Jungfraubahn Holding AG | &nbsp;&nbsp; 70 | 17831  |
| Lindsay Australia Ltd. | &nbsp;&nbsp; 19517 | 9248  |
| Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp; 300 | 14593  |
| Sakai Moving Service Co. Ltd. | &nbsp;&nbsp; 900 | 16585  |
|  |  | 58257  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 3.0%** | &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 3.0%** | &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 3.0%** |
| &nbsp;&nbsp;&nbsp; Advanced Medical Solutions <br>Group PLC | &nbsp;&nbsp; 5100 | 15185  |
| El.En. SpA | &nbsp;&nbsp; 1280 | 16773  |
| Elekta AB - Class B | &nbsp;&nbsp; 2500 | 12897  |
| Japan Lifeline Co. Ltd. | &nbsp;&nbsp; 1400 | 14503  |
| Nakanishi, Inc. | &nbsp;&nbsp; 1700 | 22338  |
| Paramount Bed Holdings Co. Ltd. | &nbsp;&nbsp; 1400 | 24913  |
| Rion Co. Ltd. | &nbsp;&nbsp; 1300 | 23416  |
| Riverstone Holdings Ltd. | &nbsp;&nbsp; 15000 | 7902  |
|  |  | 137927  |
| &nbsp;&nbsp;&nbsp; **Health Care Providers &** <br>**Services - 2.0%** | &nbsp;&nbsp;&nbsp; **Health Care Providers &** <br>**Services - 2.0%** | &nbsp;&nbsp;&nbsp; **Health Care Providers &** <br>**Services - 2.0%** |
| Charm Care Corp. KK | &nbsp;&nbsp; 2600 | 23355  |
| Medical Facilities Corp. | &nbsp;&nbsp; 2000 | 23205  |
| Oriola Oyj - Class B | &nbsp;&nbsp; 9200 | 11362  |
| Ship Healthcare Holdings, Inc. | &nbsp;&nbsp; 1600 | 21535  |
| Toho Holdings Co. Ltd. | &nbsp;&nbsp; 400 | 12926  |
|  |  | 92383  |
| **Health Care Technology - 0.7%** | **Health Care Technology - 0.7%** | **Health Care Technology - 0.7%** |
| GENOVA, Inc. | &nbsp;&nbsp; 3200 | 16012  |
| Software Service, Inc. | &nbsp;&nbsp; 200 | 18267  |
|  |  | 34279  |
| **Hotels, Restaurants & Leisure - 1.6%** | **Hotels, Restaurants & Leisure - 1.6%** | **Hotels, Restaurants & Leisure - 1.6%** |
| Airtrip Corp. | &nbsp;&nbsp; 3400 | 20472  |
| Fast Fitness Japan, Inc. | &nbsp;&nbsp; 1500 | 15322  |
| Flight Centre Travel Group Ltd. | &nbsp;&nbsp; 1000 | 8207  |
| International Game Technology PLC | &nbsp;&nbsp; 500 | 7905  |
| Jumbo Interactive Ltd. | &nbsp;&nbsp; 3400 | 21924  |
|  |  | 73830  |
| **Household Durables - 1.1%**<br>|  |  |
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 160 | 8478  |
| Kaufman & Broad SA | &nbsp;&nbsp; 630 | 24562  |
| MJ Gleeson PLC | &nbsp;&nbsp; 1620 | 8817  |
| Persimmon PLC | &nbsp;&nbsp; 500 | 8895  |
|  |  | 50752  |
| **Insurance - 6.3%**<br>|  |  |
| Brookfield Wealth Solutions Ltd. | &nbsp;&nbsp; 370 | 22872  |
| Coface SA | &nbsp;&nbsp; 1180 | 22653  |
| FBD Holdings PLC | &nbsp;&nbsp; 667 | 10934  |

---

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

20<br>

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Insurance - (Continued)** | **Insurance - (Continued)** | **Insurance - (Continued)** |
| Generation Development Group Ltd. | &nbsp;&nbsp; 6000 | $21717  |
| Grupo Catalana Occidente SA | &nbsp;&nbsp; 410 | 23786  |
| Hiscox Ltd. | &nbsp;&nbsp; 1510 | 26063  |
| Just Group PLC | &nbsp;&nbsp; 11300 | 20574  |
| Lancashire Holdings Ltd. | &nbsp;&nbsp; 2900 | 22889  |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 620 | 17945  |
| Sabre Insurance Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 12500 | 25422  |
| SCOR SE | &nbsp;&nbsp; 730 | 24245  |
| Steadfast Group Ltd. | &nbsp;&nbsp; 6200 | 24556  |
|  Vienna Insurance Group AG Wiener Versicherung Gruppe | &nbsp;&nbsp; 460 | 23688  |
| Wuestenrot & Wuerttembergische AG | &nbsp;&nbsp; 500 | 8049  |
|  |  | 295393  |
| **IT Services - 3.1%**<br>|  |  |
| Argo Graphics, Inc. | &nbsp;&nbsp; 400 | 14567  |
| Aubay | &nbsp;&nbsp; 170 | 10036  |
| Computacenter PLC | &nbsp;&nbsp; 350 | 11536  |
| Digital Hearts Holdings Co. Ltd. | &nbsp;&nbsp; 1700 | 11787  |
| GFT Technologies SE | &nbsp;&nbsp; 510 | 15015  |
| Indra Sistemas SA | &nbsp;&nbsp; 430 | 18656  |
| Itfor, Inc. | &nbsp;&nbsp; 1500 | 15598  |
| Mitsubishi Research Institute, Inc. | &nbsp;&nbsp; 700 | 22244  |
| Pole To Win Holdings, Inc. | &nbsp;&nbsp; 3600 | 9213  |
| Wavestone | &nbsp;&nbsp; 230 | 16048  |
|  |  | 144700  |
| **Leisure Products - 1.4%**<br>|  |  |
| Furyu Corp. | &nbsp;&nbsp; 3500 | 24559  |
| Italian Sea Group SPA | &nbsp;&nbsp; 3200 | 21726  |
|  Kawai Musical Instruments Manufacturing Co. Ltd. | &nbsp;&nbsp; 700 | 12588  |
| Spin Master Corp.<sup>(b)</sup> | &nbsp;&nbsp; 450 | 7637  |
|  |  | 66510  |
| **Machinery - 8.2%**<br>|  |  |
| Aalberts NV | &nbsp;&nbsp; 400 | 14528  |
| Airman Corp. | &nbsp;&nbsp; 800 | 10895  |
| Bucher Industries AG | &nbsp;&nbsp; 23 | 11432  |
| Danieli & C Officine Meccaniche SpA | &nbsp;&nbsp; 250 | 7545  |
| Duerr AG | &nbsp;&nbsp; 960 | 25609  |
| Iveco Group NV | &nbsp;&nbsp; 540 | 10634  |
| Komax Holding AG<sup>(a)</sup> | &nbsp;&nbsp; 110 | 13439  |
| Luxfer Holdings PLC | &nbsp;&nbsp; 1800 | 21924  |
| METAWATER Co. Ltd. | &nbsp;&nbsp; 900 | 13854  |
| Morgan Advanced Materials PLC | &nbsp;&nbsp; 4800 | 14495  |
| NGK Insulators Ltd. | &nbsp;&nbsp; 1100 | 13807  |
| Norma Group SE | &nbsp;&nbsp; 710 | 11461  |
| Obara Group, Inc. | &nbsp;&nbsp; 900 | 22383  |
| Okamoto Machine Tool Works Ltd. | &nbsp;&nbsp; 500 | 16998  |
| OKUMA Corp. | &nbsp;&nbsp; 900 | 22858  |
| Pegasus Co. Ltd. | &nbsp;&nbsp; 3200 | 11829  |
| Rieter Holding AG | &nbsp;&nbsp; 90 | 7715  |
| SFS Group AG | &nbsp;&nbsp; 95 | 13056  |
| Stabilus SE | &nbsp;&nbsp; 370 | 12075  |
| Stadler Rail AG | &nbsp;&nbsp; 470 | 11607  |
| Takuma Co. Ltd. | &nbsp;&nbsp; 1000 | 14193  |
| Tocalo Co. Ltd. | &nbsp;&nbsp; 2000 | 26352  |
| Tsugami Corp. | &nbsp;&nbsp; 1100 | 14153  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| VBG Group AB - Class B | &nbsp;&nbsp; 500 | $13743  |
| Vesuvius PLC | &nbsp;&nbsp; 4490 | 24184  |
|  |  | 380769  |
| **Marine Transportation - 0.2%**<br>|  |  |
| Wallenius Wilhelmsen ASA | &nbsp;&nbsp; 1200 | 9866  |
| **Media - 2.2%**<br>|  |  |
| 4imprint Group PLC | &nbsp;&nbsp; 200 | 10040  |
|  Atresmedia Corp. de Medios de Comunicacion SA | &nbsp;&nbsp; 3400 | 20709  |
| Havas NV | &nbsp;&nbsp; 8300 | 14270  |
| IPSOS SA | &nbsp;&nbsp; 200 | 10743  |
| ReWorld Media SA | &nbsp;&nbsp; 4800 | 9632  |
| RTL Group SA | &nbsp;&nbsp; 230 | 10091  |
| Team Internet Group PLC | &nbsp;&nbsp; 9700 | 8441  |
| Vector, Inc. | &nbsp;&nbsp; 2200 | 16641  |
|  |  | 100567  |
| **Metals & Mining - 0.6%**<br>|  |  |
| Alleima AB | &nbsp;&nbsp; 1700 | 13431  |
| Perenti Ltd. | &nbsp;&nbsp; 14700 | 15702  |
|  |  | 29133  |
| **Multi-Utilities - 1.1%**<br>|  |  |
| ACEA SpA | &nbsp;&nbsp; 980 | 23692  |
| Iren SpA | &nbsp;&nbsp; 8200 | 25333  |
|  |  | 49025  |
| **Oil, Gas & Consumable Fuels - 3.3%** | **Oil, Gas & Consumable Fuels - 3.3%** | **Oil, Gas & Consumable Fuels - 3.3%** |
| Ampol Ltd. | &nbsp;&nbsp; 700 | 11863  |
| Baytex Energy Corp. | &nbsp;&nbsp; 7470 | 13385  |
| Birchcliff Energy Ltd. | &nbsp;&nbsp; 2400 | 13165  |
| &nbsp;&nbsp;&nbsp; Cardinal Energy Ltd. (Acquired <br>5/4/2021, Cost $6,301)<sup>(c)</sup> | &nbsp;&nbsp; 2540 | 12572  |
| EnQuest PLC | &nbsp;&nbsp; 70500 | 12261  |
| Harbour Energy PLC | &nbsp;&nbsp; 5440 | 14583  |
| Kosmos Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5830 | 10027  |
|  NuVista Energy Ltd. (Acquired 5/26/2023, Cost $9,213)<sup>(a)(c)</sup> | &nbsp;&nbsp; 1110 | 12211  |
| Pantheon Resources PLC<sup>(a)</sup> | &nbsp;&nbsp; 27218 | 8734  |
|  Parkland Corp. (Acquired 11/21/2024, Cost $9,731)<sup>(c)</sup> | &nbsp;&nbsp; 400 | 11315  |
| Tamarack Valley Energy Ltd. | &nbsp;&nbsp; 3730 | 13230  |
| Tullow Oil PLC<sup>(a)</sup> | &nbsp;&nbsp; 30859 | 6752  |
| Vermilion Energy, Inc. | &nbsp;&nbsp; 2150 | 15694  |
|  |  | 155792  |
| **Paper & Forest Products - 0.3%** | **Paper & Forest Products - 0.3%** | **Paper & Forest Products - 0.3%** |
| Arctic Paper SA<sup>(a)</sup> | &nbsp;&nbsp; 2200 | 6605  |
| Western Forest Products, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29500 | 8665  |
|  |  | 15270  |
| **Passenger Airlines - 0.9%**<br>|  |  |
| Air Canada<sup>(a)</sup> | &nbsp;&nbsp; 1640 | 25375  |
| easyJet PLC | &nbsp;&nbsp; 2100 | 15369  |
|  |  | 40744  |
| **Personal Care Products - 0.2%**<br>|  |  |
| Shinnihonseiyaku Co. Ltd. | &nbsp;&nbsp; 500 | 8080  |
| **Pharmaceuticals - 0.6%**<br>|  |  |
| COSMO Pharmaceuticals NV | &nbsp;&nbsp; 200 | 14362  |
| Dermapharm Holding SE | &nbsp;&nbsp; 300 | 12261  |
|  |  | 26623  |

---

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

21<br>

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Professional Services - 4.5%**<br>|  |  |
| AFRY AB | &nbsp;&nbsp; 780 | $13057  |
| Altech Corp. | &nbsp;&nbsp; 500 | 9577  |
| Bewith, Inc. | &nbsp;&nbsp; 1100 | 11137  |
| Career Design Center Co. Ltd. | &nbsp;&nbsp; 700 | 9119  |
| Creek & River Co. Ltd. | &nbsp;&nbsp; 1200 | 12516  |
| EJ Holdings, Inc. | &nbsp;&nbsp; 800 | 8187  |
| Gakujo Co. Ltd. | &nbsp;&nbsp; 1400 | 17133  |
| Hays PLC | &nbsp;&nbsp; 13160 | 12866  |
| Hito Communications Holdings, Inc. | &nbsp;&nbsp; 1700 | 12034  |
| McMillan Shakespeare Ltd. | &nbsp;&nbsp; 1300 | 13295  |
| Nisso Holdings Co. Ltd. | &nbsp;&nbsp; 1900 | 8540  |
| Pagegroup PLC | &nbsp;&nbsp; 2400 | 8818  |
| Pasona Group, Inc. | &nbsp;&nbsp; 1100 | 17078  |
| PeopleIN Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17000 | 8217  |
| SmartGroup Corp. Ltd. | &nbsp;&nbsp; 2700 | 13104  |
| SThree PLC | &nbsp;&nbsp; 4100 | 13748  |
| UT Group Co. Ltd. | &nbsp;&nbsp; 800 | 13669  |
| Will Group, Inc. | &nbsp;&nbsp; 1500 | 9712  |
|  |  | 211807  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 4.3%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 4.3%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 4.3%** |
| AIXTRON SE | &nbsp;&nbsp; 900 | 16555  |
| Melexis NV | &nbsp;&nbsp; 240 | 20458  |
| Optorun Co. Ltd. | &nbsp;&nbsp; 2200 | 24878  |
| RS Technologies Co. Ltd. | &nbsp;&nbsp; 1200 | 26359  |
| Shibaura Mechatronics Corp. | &nbsp;&nbsp; 400 | 30133  |
| SUSS MicroTec SE | &nbsp;&nbsp; 500 | 27482  |
| Tazmo Co. Ltd. | &nbsp;&nbsp; 1700 | 26118  |
| UMS Integration Ltd. | &nbsp;&nbsp; 11525 | 12048  |
| Yamaichi Electronics Co. Ltd. | &nbsp;&nbsp; 900 | 16656  |
|  |  | 200687  |
| **Software - 1.8%**<br>|  |  |
| Cresco Ltd. | &nbsp;&nbsp; 1300 | 15645  |
| F-Secure Oyj | &nbsp;&nbsp; 4500 | 10156  |
| Fukui Computer Holdings, Inc. | &nbsp;&nbsp; 500 | 10345  |
| Justsystems Corp. | &nbsp;&nbsp; 1000 | 25593  |
| TeamViewer SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 1800 | 20314  |
|  |  | 82053  |
| **Specialty Retail - 2.6%**<br>|  |  |
| AutoCanada, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 650 | 10463  |
| Card Factory PLC | &nbsp;&nbsp; 10900 | 13606  |
| Douglas AG<sup>(a)</sup> | &nbsp;&nbsp; 700 | 8678  |
| Eagers Automotive Ltd. | &nbsp;&nbsp; 1100 | 12644  |
| Halfords Group PLC | &nbsp;&nbsp; 6300 | 13420  |
| Shaver Shop Group Ltd. | &nbsp;&nbsp; 10100 | 8875  |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 200 | 14033  |
| Super Retail Group Ltd. | &nbsp;&nbsp; 1900 | 17812  |
| United Arrows Ltd. | &nbsp;&nbsp; 600 | 8898  |
| Vertu Motors PLC | &nbsp;&nbsp; 12040 | 10494  |
|  |  | 118923  |
| &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 0.3%** | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 0.3%** | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 0.3%** |
| MIMAKI ENGINEERING CO Ltd. | &nbsp;&nbsp; 1000 | 13270  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury** <br>**Goods - 0.6%** | &nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury** <br>**Goods - 0.6%** | &nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury** <br>**Goods - 0.6%** | &nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury** <br>**Goods - 0.6%** |
| Dr Martens PLC |  | &nbsp;&nbsp; 12830 | $13217  |
| HUGO BOSS AG |  | &nbsp;&nbsp; 290 | 13438  |
|  |  |  | 26655  |
|  **Trading Companies & Distributors - 1.6%**<br>|  |  |  |
| Kamei Corp. |  | &nbsp;&nbsp; 1100 | 18866  |
| Wajax Corp. |  | &nbsp;&nbsp; 1500 | 25126  |
| Yamazen Corp. |  | &nbsp;&nbsp; 1600 | 13895  |
| Yuasa Trading Co. Ltd. |  | &nbsp;&nbsp; 500 | 15612  |
|  |  |  | 73499  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,883,106)** |  |  | 4500700  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 2.3%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 2.3%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 2.3%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 2.3%** |
| **Diversified REITs - 0.5%**<br>|  |  |  |
| H&R Real Estate Investment Trust |  | &nbsp;&nbsp; 3100 | 24313  |
| **Health Care REITs - 0.3%**<br>|  |  |  |
| Aedifica SA |  | &nbsp;&nbsp; 180 | 14045  |
| **Industrial REITs - 0.5%**<br>|  |  |  |
| Tritax Big Box REIT PLC |  | &nbsp;&nbsp; 11800 | 24027  |
| **Retail REITs - 1.0%**<br>|  |  |  |
| Primaris Real Estate Investment Trust |  | &nbsp;&nbsp; 2100 | 22700  |
|  SmartCentres Real Estate Investment Trust |  | &nbsp;&nbsp; 1220 | 22926  |
|  |  |  | 45626  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON**<br>**(Cost $99,783)** |  |  | 108011  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 1.2%** | **SHORT-TERM INVESTMENTS - 1.2%** | **SHORT-TERM INVESTMENTS - 1.2%** | **SHORT-TERM INVESTMENTS - 1.2%** |
| **Time Deposits - 1.2%**<br>|  |  |  |
|  Brown Brothers Harriman and Co., 0.46%, 07/01/2025<sup>(d)</sup>  | SGD | &nbsp;&nbsp; 0<sup>(e)</sup> | 0<sup>(e)</sup>  |
|  Brown Brothers Harriman and Co., 0.02%, 07/01/2025<sup>(d)</sup>  | HKD | &nbsp;&nbsp; 0<sup>(e)</sup> | 0<sup>(e)</sup>  |
| Citigroup, Inc., 0.86%, 07/01/2025<sup>(d)</sup>  | EUR | &nbsp;&nbsp; 17 | 21  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase and Company, <br>3.68%, 07/01/2025<sup>(d)</sup> |  | &nbsp;&nbsp; 57346 | 57346  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $57,365)** |  |  | 57367  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $4,040,254)** |  |  | $4666078  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Other Assets - (0.0)%<sup>(f)</sup> |  |  | (642)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $4665436 |

---

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

22<br>

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Continued)** 

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

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.

ASA - Advanced Subscription Agreement

EUR - Euro

HKD - Hong Kong Dollar

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SGD - Singapore Dollar

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

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

<sup>(b)</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 June 30, 2025, the value of these securities total $193,506 or 4.1% of the Fund's net assets.

<sup>(c)</sup> Restricted security purchased in a private placement transaction in which resale to the public may require registration. As of June 30, 2025, the value of these securities total $49,885 or 1.1% of the Fund's net assets.

<sup>(d)</sup> Invested through a cash management account administered by Brown Brothers Harriman & Co.

<sup>(e)</sup> Rounds to zero.

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

**Allocation of Portfolio Holdings by Country as of June 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
|  | **Value** |  |
| Japan | $1656274 | 35.5%  |
| United Kingdom | 633806 | 13.6  |
| Canada | 409206 | 8.8  |
| Italy | 292771 | 6.3  |
| Australia | 279308 | 6.1  |
| Germany | 205139 | 4.4  |
| France | 201914 | 4.3  |
| Switzerland | 155515 | 3.3  |
| Sweden | 135986 | 2.9  |
| Spain | 115613 | 2.5  |
| Norway | 111055 | 2.4  |
| Austria | 61714 | 1.3  |
| Ireland | 59652 | 1.3  |
| Hong Kong | 45228 | 1.0  |
| Israel | 43610 | 0.9  |
| Denmark | 43609 | 0.9  |
| Netherlands | 40960 | 0.9  |
| Belgium | 34503 | 0.7  |
| Finland | 21518 | 0.5  |
| Singapore | 19950 | 0.4  |
| United States | 17932 | 0.4  |
| Luxembourg | 10091 | 0.2  |
| Ghana | 6752 | 0.1  |
| Poland | 6605 | 0.1  |
| Cash and Other | 56725 | 1.2  |
|  | **$4665436** | 100.0% |

---

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

23<br>

------

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

**HOTCHKIS & WILEY VALUE OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 94.8%**<br>|  |  |
| **Automobile Components - 0.7%** |  |  |
| Aptiv PLC<sup>(a)</sup> | 77400 | $5280228  |
| **Automobiles - 2.0%**<br>|  |  |
| General Motors Co. | 298250 | 14676883  |
| **Banks - 4.6%**<br>|  |  |
| Citigroup, Inc. | 150800 | 12836096  |
| Citizens Financial Group, Inc. | 92000 | 4117000  |
| Popular, Inc. | 62000 | 6833020  |
| Wells Fargo & Co. | 118500 | 9494220  |
|  |  | 33280336  |
| **Beverages - 1.1%**<br>|  |  |
| Constellation Brands, Inc. - Class A | 21800 | 3546424  |
| Heineken NV - ADR<sup>(b)</sup> | 99600 | 4352520  |
|  |  | 7898944  |
| **Broadline Retail - 0.0%<sup>(c)</sup>**<br>|  |  |
| Articore Group Ltd.<sup>(a)</sup> | 1991054 | 260857  |
| **Capital Markets - 3.5%**<br>|  |  |
| Bank of New York Mellon Corp. | 87800 | 7999458  |
| Goldman Sachs Group, Inc. | 14800 | 10474700  |
| State Street Corp. | 66900 | 7114146  |
|  |  | 25588304  |
| **Chemicals - 5.6%**<br>|  |  |
| Ecovyst, Inc.<sup>(a)</sup> | 2010800 | 16548884  |
| Fuso Chemical Co. Ltd. | 563400 | 15100184  |
| &nbsp;&nbsp;&nbsp; Iracore Investments Holdings, Inc. (Acquired 4/13/2017, <br>Cost $6,892,250)<sup>(d)(e)(f)</sup> | 32422 | 7866225  |
|  UTEX Industries, Inc. (Acquired 5/11/2021, Cost $757,278)<sup>(d)(f)</sup> | 24058 | 996242  |
|  |  | 40511535  |
| **Communications Equipment - 13.9%** | **Communications Equipment - 13.9%** |  |
| F5, Inc.<sup>(a)</sup> | 208190 | 61274481  |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson - <br>ADR | 4689200 | 39764416  |
|  |  | 101038897  |
| **Construction & Engineering - 0.4%**<br>|  |  |
| Fluor Corp.<sup>(a)</sup> | 61700 | 3163359  |
| **Consumer Finance - 0.6%**<br>|  |  |
| SLM Corp. | 139813 | 4584468  |
|  **Electronic Equipment, Instruments & Components - 1.0%**<br>|  |  |
| Avnet, Inc. | 138800 | 7367504  |
| **Energy Equipment & Services - 7.3%**<br>|  |  |
| Baker Hughes Co. | 447100 | 17141814  |
| McDermott International Ltd.<sup>(a)</sup> | 6659 | 73252  |
| NOV, Inc. | 765800 | 9518894  |
| Schlumberger NV | 770370 | 26038506  |
|  |  | 52772466  |
| **Ground Transportation - 2.9%**<br>|  |  |
| U-Haul Holding Co. | 385200 | 20943324  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Health Care Equipment & Supplies - 2.6%**<br>|  |  |
| GE HealthCare Technologies, Inc. | 169500 | $12554865  |
| Medtronic PLC | 70300 | 6128051  |
|  |  | 18682916  |
|  **Health Care Providers & Services - 4.3%** |  |  |
| CVS Health Corp. | 71700 | 4945866  |
| Elevance Health, Inc. | 24000 | 9335040  |
| Humana, Inc. | 29700 | 7261056  |
| UnitedHealth Group, Inc. | 29600 | 9234312  |
|  |  | 30776274  |
| **Hotels, Restaurants & Leisure - 0.9%**<br>|  |  |
| Marriott Vacations Worldwide Corp. | 86800 | 6276508  |
| **Household Products - 1.6%**<br>|  |  |
| Henkel AG & Co. KGaA | 159900 | 11596827  |
| **Industrial Conglomerates - 4.2%**<br>|  |  |
| Siemens AG | 68900 | 17697581  |
| Siemens AG - ADR | 98400 | 12680808  |
|  |  | 30378389  |
| **Insurance - 0.5%** |  |  |
| Global Indemnity Group LLC - Class A | 102500 | 3214400  |
| **Interactive Media & Services - 1.3%**<br>|  |  |
| Alphabet, Inc. - Class A | 52600 | 9269698  |
| **Machinery - 0.5%**<br>|  |  |
| Cummins, Inc. | 11200 | 3668000  |
| **Media - 6.7%**<br>|  |  |
| Comcast Corp. - Class A | 302600 | 10799794  |
| Havas NV | 10625400 | 18267833  |
| Stagwell, Inc.<sup>(a)</sup> | 2558600 | 11513700  |
| WPP PLC - ADR | 235400 | 8241354  |
|  |  | 48822681  |
| **Metals & Mining - 0.0%<sup>(c)</sup>**<br>|  |  |
|  Metals Recovery Holdings LLC (Acquired 7/24/2014 - 12/10/2019, Cost $6,965,758)<sup>(a)(d)(f)</sup> | 7042 | 4225  |
| **Multi-Utilities - 4.6%**<br>|  |  |
| Dominion Energy, Inc. | 593200 | 33527664  |
| **Oil, Gas & Consumable Fuels - 5.7%**<br>|  |  |
| APA Corp. | 598000 | 10937420  |
| ConocoPhillips | 36600 | 3284484  |
| Kosmos Energy Ltd.<sup>(a)</sup> | 788800 | 1356736  |
| Murphy Oil Corp. | 235100 | 5289750  |
| Ovintiv, Inc. | 262900 | 10003345  |
| Shell PLC - ADR | 148350 | 10445324  |
|  |  | 41317059  |
| **Passenger Airlines - 2.3%**<br>|  |  |
| Qantas Airways Ltd. | 2359620 | 16669713  |
|  **Real Estate Management & Development - 2.6%**<br>|  |  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 72000 | 18416160  |

---

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

24<br>

------

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

**HOTCHKIS & WILEY VALUE OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Semiconductors & Semiconductor Equipment - 0.4%**<br>|  |  |
| Micron Technology, Inc. | 24400 | $3007300  |
| **Software - 11.0%**<br>|  |  |
| Microsoft Corp. | 49010 | 24378064  |
| Workday, Inc. - Class A<sup>(a)</sup> | 231000 | 55440000  |
|  |  | 79818064  |
| **Specialty Retail - 0.4%**<br>|  |  |
| Lithia Motors, Inc. | 9400 | 3175508  |
| **Tobacco - 1.6%**<br>|  |  |
| Philip Morris International, Inc. | 64000 | 11656320  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $588,573,698)** |  | 687644811  |
| **EXCHANGE TRADED FUNDS - 1.8%** | **EXCHANGE TRADED FUNDS - 1.8%** | **EXCHANGE TRADED FUNDS - 1.8%** |
| **Investment Companies -1.8%**<br>|  |  |
| Vanguard Long-Term Treasury ETF | 230100 | 12913212  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $12,700,553)** |  | 12913212  |
| **PREFERRED STOCKS - 0.4%**<br>|  |  |
| **Financial Services - 0.4%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K, Perpetual<sup>(a)</sup>  | 33300 | 658507  |
| &nbsp;&nbsp;&nbsp; Series N, Perpetual<sup>(a)(g)</sup>  | 116400 | 2067264  |
| &nbsp;&nbsp;&nbsp; Series S, Perpetual<sup>(a)(g)</sup> | 18400 | 336536  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $268,508)** |  | 3062307  |
|  | **Par** |  |
| **BANK LOANS - 0.4%**<br>|  |  |
| **Chemicals - 0.2%**<br>|  |  |
|  Iracore International, Inc., 13.45% (3 mo. SOFR US + 9.00%), 04/12/2026 (Acquired 4/13/2017, Cost $1,685,735)<sup>(d)(f)</sup> | $1685735 | 1685735  |
| **Energy Equipment & Services - 0.2%**<br>|  |  |
| Lealand Finance Co. BV First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.33% (1 mo. Term SOFR + 3.00%), 06/30/2027 (Acquired 6/30/2020, Cost $442,883)<sup>(f)</sup> | 442883 | 290088  |
| &nbsp;&nbsp;&nbsp; 5.33% Cash and 3.00% PIK (1 mo. Term SOFR + 1.00%), 12/31/2027 (Acquired 6/30/2020 - 6/30/2025, Cost $1,533,598)<sup>(f)</sup> | 1504432 | 789827 |
|  |  | 1079915  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $3,662,216)** |  | 2765650  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.1%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.1%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.1%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.1%** |
|  **Real Estate Management & Development - 0.1%**<br>|  |  |  |
| Seritage Growth Properties - Class A<sup>(a)</sup> |  | 307200 | $946176  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $1,374,890)** |  |  | 946176  |
| **SHORT-TERM INVESTMENTS - 2.6%** | **SHORT-TERM INVESTMENTS - 2.6%** | **SHORT-TERM INVESTMENTS - 2.6%** | **SHORT-TERM INVESTMENTS - 2.6%** |
|  **Investments Purchased with Proceeds from Securities Lending - 0.3%**<br>|  |  |  |
|  Invesco Government & Agency Portfolio - Class Institutional, 4.26%<sup>(h)</sup> |  | 1962150 | 1962150  |
|  |  | **Par** |  |
| **Time Deposits - 2.3%** | **Time Deposits - 2.3%** | **Time Deposits - 2.3%** | **Time Deposits - 2.3%** |
| Citigroup, Inc., 3.68%, 07/01/2025<sup>(i)</sup> |  | $16558537 | 16558537  |
| Citigroup, Inc., 0.86%, 07/01/2025<sup>(i)</sup>  | EUR | 494 | 582  |
| Citigroup, Inc., 3.17%, 07/01/2025<sup>(i)</sup>  | GBP | 1 | 1  |
|  |  |  | 16559120  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $18,521,233)** |  |  | 18521270  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%**<br>**(Cost $625,101,098)** |  |  | $725853426 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  |  | (728755)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $725124671 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

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

EUR - Euro

GBP - British Pound

LLC - Limited Liability Company

PIK - Payment in Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

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

25<br>

------

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

**HOTCHKIS & WILEY VALUE OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

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

<sup>(b)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $1,923,375. 

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

<sup>(d)</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 $10,552,427 or 1.5% of net assets as of June 30, 2025. 

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

<sup>(f)</sup> Restricted security purchased in a private placement transaction in which resale to the public may require registration. As of June 30, 2025, the value of these securities total $11,632,342 or 1.6% of the Fund's net assets. 

<sup>(g)</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 June 30, 2025.

<sup>(h)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(i)</sup> Invested through a cash management account administered by Brown Brothers Harriman & Co.

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

26<br>

------

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

**HOTCHKIS & WILEY HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS – 85.5%**<br>|  |  |
| **Advertising - 0.7%**<br>|  |  |
|  Stagwell Global LLC, 5.63%, 08/15/2029<sup>(a)</sup> | $5291000 | $5066475  |
| **Aerospace & Defense - 1.5%**<br>|  |  |
|  Amentum Holdings, Inc., 7.25%, 08/01/2032<sup>(a)</sup> | 2980000 | 3068977  |
|  Spirit AeroSystems, Inc., 9.75%, 11/15/2030<sup>(a)</sup> | 2408000 | 2658675  |
| TransDigm, Inc., 7.13%, 12/01/2031<sup>(a)</sup> | 5673000 | 5950796  |
|  |  | 11678448  |
| **Auto Parts & Equipment - 3.0%** |  |  |
|  Adient Global Holdings Ltd., 8.25%, 04/15/2031<sup>(a)</sup> | 3606000 | 3792401  |
|  American Axle & Manufacturing, Inc., 6.88%, 07/01/2028 | 3897000 | 3901595  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | 3815000 | 3867659  |
|  Goodyear Tire & Rubber Co., 5.25%, 07/15/2031 | 2743000 | 2631860  |
|  Phinia Holdings Jersey Ltd., 5.00%, 10/01/2025<sup>(a)</sup> | 1596000 | 1557983  |
| Phinia, Inc., 6.63%, 10/15/2032<sup>(a)</sup> | 3808000 | 3870064  |
|  ZF North America Capital, Inc., 6.88%, 04/23/2032<sup>(a)</sup> | 4288000 | 3966533  |
|  |  | 23588095  |
| **Automakers - 0.2%**<br>|  |  |
|  New Flyer Holdings, Inc., 9.25%, 07/01/2030<sup>(a)</sup> | 1709000 | 1804416  |
| **Banking - 2.6%**<br>|  |  |
|  BNP Paribas SA, 7.45% to 06/27/2035 then 5 yr. CMT Rate + 3.13%, Perpetual<sup>(a)</sup> | 5756000 | 5804926  |
|  BW Real Estate, Inc., 9.50% to 03/30/2030 then 5 yr. CMT Rate + 5.40%, Perpetual<sup>(a)</sup> | 4522000 | 4660165  |
| Rocket Cos., Inc., 6.38%, 08/01/2033<sup>(a)</sup> | 3762000 | 3853983  |
|  Synovus Financial Corp., 7.54% to 02/07/2029 then 5 yr. Mid Swap Rate USD + 3.38%, 02/07/2029 | 2226000 | 2260564  |
|  Texas Capital Bancshares, Inc., 4.00% to 05/06/2026 then 5 yr. CMT Rate + 3.15%, 05/06/2031 | 3489000 | 3387069  |
|  |  | 19966707  |
| **Brokerage - 0.5%**<br>|  |  |
|  Stonex Escrow Issuer LLC, 6.88%, 07/15/2032<sup>(a)</sup> | 3853000 | 3894857  |
| **Building & Construction - 1.5%** |  |  |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 4.88%, 02/15/2030<sup>(a)</sup> | 3807000 | 3401791  |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(a)</sup> | 4353000 | 4186803  |
| LGI Homes, Inc., 7.00%, 11/15/2032<sup>(a)</sup> | 2819000 | 2685802  |
|  Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/2028<sup>(a)</sup> | 1585000 | 1536231  |
|  |  | 11810627  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Building Materials - 2.8%**<br>|  |  |
|  BlueLinx Holdings, Inc., 6.00%, 11/15/2029<sup>(a)</sup> | $5071000 | $4883217  |
| Knife River Corp., 7.75%, 05/01/2031<sup>(a)</sup> | 3451000 | 3640781  |
|  Quikrete Holdings, Inc., 6.75%, 03/01/2033<sup>(a)</sup> | 3782000 | 3904730  |
|  Specialty Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/2029<sup>(a)</sup> | 3835000 | 3772227  |
|  Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(a)</sup> | 5348000 | 5483219  |
|  |  | 21684174  |
| **Building-Residential-Commercial - 0.5%** |  |  |
|  Adams Homes, Inc., 9.25%, 10/15/2028<sup>(a)</sup> | 3957000 | 4081899  |
| **Cable & Satellite TV - 6.2%**<br>|  |  |
|  Block Communications, Inc., 4.88%, 03/01/2028<sup>(a)</sup> | 4808000 | 4623256  |
| Cable One, Inc., 4.00%, 11/15/2030<sup>(a)</sup> | 5702000 | 4497248  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029<sup>(a)</sup> | 5556000 | 5539546  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(a)</sup> | 13275000 | 12599991  |
| CSC Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.75%, 01/31/2029<sup>(a)</sup> | 2414000 | 2297599  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030<sup>(a)</sup> | 11102000 | 5502270  |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027<sup>(a)</sup> | 2256000 | 2250047  |
|  DISH Network Corp., 11.75%, 11/15/2027<sup>(a)</sup> | 2145000 | 2212773  |
|  Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/2028<sup>(a)</sup> | 3200000 | 3181738  |
| Ziggo BV, 4.88%, 01/15/2030<sup>(a)</sup> | 5428000 | 5075878  |
|  |  | 47780346  |
| **Chemicals - 5.7%**<br>|  |  |
|  Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/2031<sup>(a)</sup> | 2752000 | 2904838  |
|  Celanese US Holdings LLC, 6.75%, 04/15/2033 | 3951000 | 3995235  |
|  Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028<sup>(a)</sup> | 2741000 | 2756309  |
|  INEOS Finance PLC, 7.50%, 04/15/2029<sup>(a)</sup> | 1696000 | 1701634  |
|  Mativ Holdings, Inc., 8.00%, 10/01/2029<sup>(a)</sup> | 4281000 | 3884265  |
|  NOVA Chemicals Corp., 7.00%, 12/01/2031<sup>(a)</sup> | 4347000 | 4557428  |
| Olin Corp., 6.63%, 04/01/2033<sup>(a)</sup> | 5962000 | 5875368  |
|  Rain Carbon, Inc., 12.25%, 09/01/2029<sup>(a)</sup> | 3538000 | 3798754  |
|  SCIL IV LLC / SCIL USA Holdings LLC, 5.38%, 11/01/2026<sup>(a)</sup> | 3892000 | 3869197  |
|  Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV LLC<sup>(a)</sup> | 6903700 | 4159479  |
|  WR Grace Holdings LLC, 5.63%, 08/15/2029<sup>(a)</sup> | 7708000 | 6984420  |
|  |  | 44486927  |

---

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

27<br>

------

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

**HOTCHKIS & WILEY HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS – (Continued)** | **CORPORATE BONDS – (Continued)** | **CORPORATE BONDS – (Continued)** |
|  **Consumer/Commercial/Lease Financing - 1.7%**<br>|  |  |
|  Burford Capital Global Finance LLC, 9.25%, 07/01/2031<sup>(a)</sup> | $5283000 | $5566745  |
|  Credit Acceptance Corp., 6.63%, 03/15/2030<sup>(a)</sup> | 3919000 | 3974689  |
|  PennyMac Financial Services, Inc., 6.88%, 02/15/2033<sup>(a)</sup> | 3697000 | 3794046  |
|  |  | 13335480  |
| **Consumer-Products- 0.5%**<br>|  |  |
|  Winnebago Industries, Inc., 6.25%, 07/15/2028<sup>(a)</sup> | 3928000 | 3935404  |
| **Diversified Capital Goods - 1.5%** | **Diversified Capital Goods - 1.5%** |  |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030<sup>(a)</sup> | 3674000 | 3760053  |
|  Patrick Industries, Inc., 6.38%, 11/01/2032<sup>(a)</sup> | 4266000 | 4280726  |
|  Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028<sup>(a)</sup> | 3658000 | 3743103  |
|  |  | 11783882  |
| **Electric-Generation - 1.3%**<br>|  |  |
|  Alpha Generation LLC, 6.75%, 10/15/2032<sup>(a)</sup> | 3734000 | 3851658  |
| NRG Energy, Inc., 6.25%, 11/01/2034<sup>(a)</sup> | 3581000 | 3650733  |
|  Vistra Operations Co. LLC, 6.88%, 04/15/2032<sup>(a)</sup> | 2349000 | 2457364  |
|  |  | 9959755  |
| **Electronics - 0.9%**<br>|  |  |
| Coherent Corp., 5.00%, 12/15/2029<sup>(a)</sup> | 3615000 | 3554167  |
|  Sensata Technologies, Inc., 6.63%, 07/15/2032<sup>(a)</sup> | 3681000 | 3791320  |
|  |  | 7345487  |
| &nbsp;&nbsp;&nbsp; **Energy - Exploration &** <br>**Production - 3.9%** | &nbsp;&nbsp;&nbsp; **Energy - Exploration &** <br>**Production - 3.9%** | &nbsp;&nbsp;&nbsp; **Energy - Exploration &** <br>**Production - 3.9%** |
|  Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029<sup>(a)</sup> | 3183000 | 3341128  |
|  Chord Energy Corp., 6.75%, 03/15/2033<sup>(a)</sup> | 3857000 | 3942810  |
|  Civitas Resources, Inc., 8.75%, 07/01/2031<sup>(a)</sup> | 2910000 | 2945965  |
|  Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 02/01/2031<sup>(a)</sup> | 4213000 | 4078729  |
|  Kraken Oil & Gas Partners LLC, 7.63%, 08/15/2029<sup>(a)</sup> | 2247000 | 2209410  |
|  Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/2032<sup>(a)</sup> | 4118000 | 4150886  |
|  Matador Resources Co., 6.50%, 04/15/2032<sup>(a)</sup> | 2753000 | 2756251  |
| Murphy Oil Corp., 6.00%, 10/01/2032 | 4010000 | 3827262  |
|  Talos Production, Inc., 9.38%, 02/01/2031<sup>(a)</sup> | 2566000 | 2621848  |
|  |  | 29874289  |
| **Environmental - 0.5%**<br>|  |  |
|  Waste Pro USA, Inc., 7.00%, 02/01/2033<sup>(a)</sup> | 3598000 | 3744144  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Food - Wholesale - 0.4%**<br>|  |  |
|  Central Garden & Pet Co., 4.13%, 04/30/2031<sup>(a)</sup> | $3363000 | $3125828  |
| **Forestry/Paper - 1.1%**<br>|  |  |
|  Ahlstrom Holding 3 Oy, 4.88%, 02/04/2028<sup>(a)</sup> | 3925000 | 3748752  |
| Mercer International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 12.88%, 10/01/2028<sup>(a)</sup> | 708000 | 718984  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/01/2029 | 4691000 | 3830522  |
|  |  | 8298258  |
| **Gaming - 3.3%**<br>|  |  |
|  Allwyn Entertainment Financing UK PLC, 7.88%, 04/30/2029<sup>(a)</sup> | 3527000 | 3682501  |
|  Boyd Gaming Corp., 4.75%, 06/15/2031<sup>(a)</sup> | 3581000 | 3434434  |
|  Jacobs Entertainment, Inc., 6.75%, 02/15/2029<sup>(a)</sup> | 4308000 | 4149573  |
|  MGM Resorts International, 6.50%, 04/15/2032 | 4171000 | 4241656  |
|  Penn Entertainment, Inc., 5.63%, 01/15/2027<sup>(a)</sup> | 4150000 | 4140296  |
|  Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030<sup>(a)</sup> | 5963000 | 5751185  |
|  |  | 25399645  |
| **Gas Distribution - 3.6%**<br>|  |  |
|  Buckeye Partners LP, 6.75%, 02/01/2030<sup>(a)</sup> | 3759000 | 3904781  |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC, 7.50%, 12/15/2033<sup>(a)</sup> | 3320000 | 3615855  |
|  Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033 | 3690000 | 3861076  |
|  Harvest Midstream I LP, 7.50%, 09/01/2028<sup>(a)</sup> | 3733000 | 3799246  |
| ITT Holdings LLC, 6.50%, 08/01/2029<sup>(a)</sup> | 2538000 | 2415671  |
|  Rockies Express Pipeline LLC, 6.75%, 03/15/2033<sup>(a)</sup> | 3646000 | 3809775  |
| Venture Global Plaquemines LNG LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/01/2035<sup>(a)</sup> | 5519000 | 5978688  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2036<sup>(a)</sup> | 390000 | 390000  |
|  |  | 27775092  |
| **Health Facilities - 1.7%**<br>|  |  |
|  Acadia Healthcare Co., Inc., 7.38%, 03/15/2033<sup>(a)</sup> | 3906000 | 4028969  |
|  CHS/Community Health Systems, Inc., 5.25%, 05/15/2030<sup>(a)</sup> | 5817000 | 5163736  |
|  Concentra Health Services, Inc., 6.88%, 07/15/2032<sup>(a)</sup> | 3610000 | 3742175  |
|  |  | 12934880  |
| **Health Services - 0.2%**<br>|  |  |
|  Sotera Health Holdings LLC, 7.38%, 06/01/2031<sup>(a)</sup> | 1815000 | 1890673  |
| **Hotels - 1.3%**<br>|  |  |
|  Marriott Ownership Resorts, Inc., 4.50%, 06/15/2029<sup>(a)</sup> | 4638000 | 4457264  |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 4.88%, 05/15/2029<sup>(a)</sup> | 3920000 | 3800557  |

---

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

28<br>

------

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

**HOTCHKIS & WILEY HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS – (Continued)** | **CORPORATE BONDS – (Continued)** | **CORPORATE BONDS – (Continued)** |
| **Hotels - (Continued)** | **Hotels - (Continued)** | **Hotels - (Continued)** |
|  Pebblebrook Hotel LP / PEB Finance Corp., 6.38%, 10/15/2029<sup>(a)</sup> | $1953000 | $1964831  |
|  |  | 10222652  |
| **Insurance Brokerage - 2.7%**<br>|  |  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031<sup>(a)</sup> | 3290000 | 3405693  |
|  AmWINS Group, Inc., 4.88%, 06/30/2029<sup>(a)</sup> | 3992000 | 3881978  |
|  AssuredPartners, Inc., 7.50%, 02/15/2032<sup>(a)</sup> | 3926000 | 4223701  |
|  Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, 8.13%, 02/15/2032<sup>(a)</sup> | 2273000 | 2375294  |
|  Ryan Specialty LLC, 5.88%, 08/01/2032<sup>(a)</sup> | 2616000 | 2638252  |
| USI, Inc./NY, 7.50%, 01/15/2032<sup>(a)</sup> | 3910000 | 4130559  |
|  |  | 20655477  |
|  **Investments & Miscellaneous Financial Services - 0.9%**<br>|  |  |
|  Armor Holdco, Inc., 8.50%, 11/15/2029<sup>(a)</sup> | 3966000 | 3804598  |
| WEX, Inc., 6.50%, 03/15/2033<sup>(a)</sup> | 3195000 | 3225439  |
|  |  | 7030037  |
| **Machinery - 2.0%**<br>|  |  |
| Arcosa, Inc., 6.88%, 08/15/2032<sup>(a)</sup> | 3670000 | 3811093  |
|  JB Poindexter & Co., Inc., 8.75%, 12/15/2031<sup>(a)</sup> | 3867000 | 3940275  |
|  NESCO Holdings II, Inc., 5.50%, 04/15/2029<sup>(a)</sup> | 4195000 | 4089788  |
|  Titan International, Inc., 7.00%, 04/30/2028 | 3870000 | 3888499  |
|  |  | 15729655  |
| **Media - Broadcast - 1.1%**<br>|  |  |
| CMG Media Corp., 8.88%, 12/15/2027<sup>(a)</sup> | 2132000 | 1876160  |
| Gray Media, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/2029<sup>(a)</sup> | 1763000 | 1895357  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031<sup>(a)</sup> | 6456000 | 4846495  |
|  |  | 8618012  |
| **Media - Services - 0.3%**<br>|  |  |
|  Champions Financing, Inc., 8.75%, 02/15/2029<sup>(a)</sup> | 2392000 | 2312035  |
| **Medical Products - 2.5%**<br>|  |  |
| Grifols SA, 4.75%, 10/15/2028<sup>(a)</sup> | 4331000 | 4166214  |
| Insulet Corp., 6.50%, 04/01/2033<sup>(a)</sup> | 3825000 | 3990588  |
|  Medline Borrower LP, 5.25%, 10/01/2029<sup>(a)</sup> | 3111000 | 3089020  |
|  Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029<sup>(a)</sup> | 2934000 | 3017719  |
|  Varex Imaging Corp., 7.88%, 10/15/2027<sup>(a)</sup> | 4928000 | 4995864  |
|  |  | 19259405 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **Metals/Mining Excluding** <br>**Steel - 1.0%** <br>|  |  |
|  Kaiser Aluminum Corp., 4.50%, 06/01/2031<sup>(a)</sup>  | $3925000  | $3674705  |
| Novelis Corp., 6.88%, 01/30/2030<sup>(a)</sup>  | 3652000  | 3778198  |
|  |  | 7452903  |
| &nbsp;&nbsp;&nbsp; **Oil Field Equipment &** <br>**Services - 3.4%**<br>|  |  |
|  Borr IHC Ltd. / Borr Finance LLC, 10.00%, 11/15/2028<sup>(a)</sup>  | 4094703  | 3743156  |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup>  | 3186000  | 3296427  |
|  Noble Finance II LLC, 8.00%, 04/15/2030<sup>(a)</sup>  | 5240000  | 5339968  |
|  Transocean Poseidon Ltd., 6.88%, 02/01/2027<sup>(a)</sup>  | 2052225  | 2056931  |
| Transocean, Inc., 8.75%, 02/15/2030<sup>(a)</sup> | 2292800  | 2359656  |
| Valaris Ltd., 8.38%, 04/30/2030<sup>(a)</sup>  | 4256000  | 4369907  |
|  Weatherford International Ltd., 8.63%, 04/30/2030<sup>(a)</sup>  | 4770000  | 4919717  |
|  |  | 26085762  |
| **Oil Refining & Marketing - 1.3%** |  |  |
|  Civitas Resources, Inc., 9.63%, 06/15/2033<sup>(a)</sup>  | 964000  | 988988  |
| Parkland Corp., 6.63%, 08/15/2032<sup>(a)</sup> | 3663000  | 3746172  |
| PBF Holding Co. LLC / PBF Finance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.88%, 03/15/2030<sup>(a)</sup>  | 1975000  | 1922596  |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/15/2030<sup>(a)</sup>  | 4197000  | 3771323  |
|  |  | 10429079  |
| **Packaging - 2.5%**<br>|  |  |
|  Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030<sup>(a)</sup>  | 3830000  | 3851908  |
|  Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032<sup>(a)</sup>  | 3826000  | 3928896  |
|  Sealed Air Corp./Sealed Air Corp. US, 7.25%, 02/15/2031<sup>(a)</sup>  | 3384000  | 3565815  |
| Trivium Packaging Finance BV <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 07/15/2030<sup>(a)</sup>  | 2949000  | 3120785  |
| &nbsp;&nbsp;&nbsp; 12.25%, 01/15/2031<sup>(a)</sup>  | 769000  | 824909  |
|  Veritiv Operating Co., 10.50%, 11/30/2030<sup>(a)</sup>  | 3860000  | 4183256  |
|  |  | 19475569  |
|  **Personal & Household Products - 1.0%**<br>|  |  |
|  Energizer Holdings, Inc., 4.38%, 03/31/2029<sup>(a)</sup>  | 4052000  | 3836067  |
|  Scotts Miracle-Gro Co., 4.38%, 02/01/2032  | 4147000  | 3812468  |
|  |  | 7648535  |
| **Pharmaceuticals - 1.6%**<br>|  |  |
| 1261229 BC Ltd., 10.00%, 04/15/2032<sup>(a)</sup>  | 2234000  | 2255201  |
|  Bausch + Lomb Corp., 8.38%, 10/01/2028<sup>(a)</sup>  | 3218000  | 3362810  |
|  Bausch Health Cos., Inc., 11.00%, 09/30/2028<sup>(a)</sup>  | 1770000  | 1753557  |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 04/30/2031<sup>(a)</sup>  | 4634000  | 4025489  |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/2034<sup>(a)</sup>  | 1379000  | 1247027  |
|  |  | 12644084  |

---

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

29<br>

------

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

**HOTCHKIS & WILEY HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS – (Continued)** | **CORPORATE BONDS – (Continued)** | **CORPORATE BONDS – (Continued)** |
| **Printing & Publishing - 0.6%**<br>|  |  |
| Cimpress PLC, 7.38%, 09/15/2032<sup>(a)</sup>  | $4457000  | $4259789  |
|  **Real Estate Development & Management - 0.9%**<br>|  |  |
|  Cushman & Wakefield US Borrower LLC, 8.88%, 09/01/2031<sup>(a)</sup>  | 3894000  | 4184550  |
|  Five Point Operating Co. LP / Five Point Capital Corp., 10.50%, 01/15/2028<sup>(a)(b)</sup>  | 2841070  | 2892184  |
|  |  | 7076734  |
| **Recreation & Travel - 2.0%**<br>|  |  |
| Boyne USA, Inc., 4.75%, 05/15/2029<sup>(a)</sup> | 3809000  | 3698416  |
| Carnival Corp., 6.13%, 02/15/2033<sup>(a)</sup>  | 11384000  | 11654678  |
|  |  | 15353094  |
| **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  | 902255  |
| **REITs - 0.8%**<br>|  |  |
|  Rithm Capital Corp., 8.00%, 04/01/2029<sup>(a)</sup>  | 2416000  | 2442738  |
|  Service Properties Trust, 8.63%, 11/15/2031<sup>(a)</sup>  | 3517000  | 3778144  |
|  |  | 6220882  |
| **Restaurants - 1.0%**<br>|  |  |
|  Papa John's International, Inc., 3.88%, 09/15/2029<sup>(a)</sup>  | 3912000  | 3818261  |
|  Raising Cane's Restaurants LLC, 9.38%, 05/01/2029<sup>(a)</sup>  | 3484000  | 3681080  |
|  |  | 7499341  |
| **Software/Services - 3.5%**<br>|  |  |
|  Boost Newco Borrower LLC, 7.50%, 01/15/2031<sup>(a)</sup>  | 3741000  | 3973784  |
|  Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029<sup>(a)</sup>  | 6484000  | 5367788  |
|  Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028<sup>(a)</sup>  | 4075000  | 4057727  |
|  Fortress Intermediate 3, Inc., 7.50%, 06/01/2031<sup>(a)</sup>  | 3543000  | 3716136  |
| UKG, Inc., 6.88%, 02/01/2031<sup>(a)</sup>  | 3792000  | 3936854  |
| Virtusa Corp., 7.13%, 12/15/2028<sup>(a)</sup>  | 2518000  | 2401992  |
|  VM Consolidated, Inc., 5.50%, 04/15/2029<sup>(a)</sup>  | 3868000  | 3800122  |
|  |  | 27254403  |
| **Specialty Retail – 3.3%**<br>|  |  |
| Academy Ltd., 6.00%, 11/15/2027<sup>(a)</sup>  | 985000  | 988291  |
|  Cougar JV Subsidiary LLC, 8.00%, 05/15/2032<sup>(a)</sup>  | 2268000  | 2419768  |
|  LCM Investments Holdings II LLC, 8.25%, 08/01/2031<sup>(a)</sup>  | 3332000  | 3545308  |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc., <br>4.38%, 01/15/2031<sup>(a)</sup>  | 4140000  | 3939436  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  PetSmart, Inc. / PetSmart Finance Corp., 4.75%, 02/15/2028<sup>(a)</sup>  | $4056000  | $3958714  |
|  Sonic Automotive, Inc., 4.88%, 11/15/2031<sup>(a)</sup>  | 4361000  | 4147753  |
|  Upbound Group, Inc., 6.38%, 02/15/2029<sup>(a)</sup>  | 2831000  | 2803972  |
|  Wand NewCo 3, Inc., 7.63%, 01/30/2032<sup>(a)</sup>  | 3905000  | 4107392  |
|  |  | 25910634  |
| **Steel Producers/Products - 0.5%** |  |  |
|  Calderys Financing LLC, 11.25%, 06/01/2028<sup>(a)</sup>  | 3733000  | 3962151  |
| **Support-Services- 3.2%**<br>|  |  |
|  Albion Financing 1 SARL / Aggreko Holdings, Inc., 7.00%, 05/21/2030<sup>(a)</sup> | 3873000  | 3962185  |
|  EquipmentShare.com, Inc., 8.63%, 05/15/2032<sup>(a)</sup>  | 3825000  | 4069570  |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc., <br>7.25%, 06/15/2033<sup>(a)</sup>  | 5767000  | 6046418  |
|  Matthews International Corp., 8.63%, 10/01/2027<sup>(a)</sup>  | 4023000  | 4188430  |
| Sotheby's, 7.38%, 10/15/2027<sup>(a)</sup>  | 80000  | 79479  |
|  Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/2029<sup>(a)</sup>  | 2516000  | 2278293  |
| ZipRecruiter, Inc., 5.00%, 01/15/2030<sup>(a)</sup> | 5196000  | 4440871  |
|  |  | 25065246  |
|  **Technology Hardware & Equipment - 1.0%**<br>|  |  |
|  Seagate Data Storage Technology Pte Ltd., 8.50%, 07/15/2031<sup>(a)</sup>  | 3594000  | 3865998  |
|  Xerox Holdings Corp., 8.88%, 11/30/2029<sup>(a)</sup>  | 4700000  | 3553380  |
|  |  | 7419378  |
| **Telecom - Satellite - 0.4%**<br>|  |  |
|  Telesat Canada / Telesat LLC, 5.63%, 12/06/2026<sup>(a)</sup>  | 5575000  | 3372875  |
|  **Telecom - Wireline Integrated & Services - 0.3%**<br>|  |  |
|  Frontier Communications Holdings LLC, 8.63%, 03/15/2031<sup>(a)</sup>  | 2380000  | 2530696  |
| **Tobacco - 0.5%**<br>|  |  |
|  Turning Point Brands, Inc., 7.63%, 03/15/2032<sup>(a)</sup>  | 3773000  | 3959628  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $670,085,067)**  |  | 663596099  |
| **CONVERTIBLE BONDS – 1.3%**<br>|  |  |
|  **Specialty Retail – 1.3% Authentic Brands Group LLC, 5.00%, 09/01/2029 (Acquired 7/11/2013 - 4/1/2025, Cost $29,694,225)<sup>(c)(d)</sup>**  | 9962745  | 9962745  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $29,694,225)**  |  | 9962745  |

---

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

30<br>

------

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

**HOTCHKIS & WILEY HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - 6.8%**<br>|  |  |
| **Advertising - 0.4%**<br>|  |  |
|  AP Core Holdings II LLC, 9.94% (1 mo. Term SOFR + 5.50%), 09/01/2027 (Acquired 7/21/2021 - 2/10/2023, Cost $3,109,681)<sup>(d)</sup>  | $3135859  | $2834597  |
| **Building Materials - 0.9%**<br>|  |  |
|  Covia Holdings LLC, First Lien, 7.56% (3 mo. Term SOFR + 3.25%), 02/26/2032<sup>(d)</sup>  | 3939001  | 3957061  |
|  Foundation Building Materials, Inc., First Lien, 8.32% (3 mo. Term SOFR + 4.00%), 01/29/2031 (Acquired 1/25/2024 - 1/31/2024, Cost $2,707,096)<sup>(d)</sup>  | 2719212  | 2669682  |
|  |  | 6626743  |
| **Cable & Satellite TV - 0.0%<sup>(f)</sup>** <br>|  |  |
|  Directv Financing LLC, First Lien, 9.54% (3 mo. Term SOFR + 5.00%), 08/02/2027 (Acquired 8/17/2022, Cost $298,491)<sup>(d)</sup>  | 301834  | 303367  |
| **Chemicals - 1.0%**<br>|  |  |
|  Fortis 333, Inc., First Lien, 7.80% (3 mo. Term SOFR + 3.50%), 04/02/2032<sup>(d)(e)</sup>  | 6907000  | 6914563  |
|  Mativ Holdings, Inc., 8.19% (1 mo. Term SOFR + 3.75%), 04/20/2028 (Acquired 2/23/2021, Cost $1,166,473)<sup>(d)</sup>  | 1178256  | 1172365  |
|  |  | 8086928  |
| **Diversified Capital Goods - 0.8%** |  |  |
|  Cleanova US Holdings LLC, 9.08% (1 mo. Term SOFR + 4.75%), 05/24/2032<sup>(d)</sup> | 5874000  | 5771205  |
| **Gas Distribution - 0.5%**<br>|  |  |
|  EPIC Crude Services LP, First Lien, 7.30% (3 mo. Term SOFR + 3.00%), 10/15/2031 (Acquired 10/9/2024 - 10/11/2024, Cost $3,846,182)<sup>(d)</sup>  | 3841373  | 3858985  |
| **Machinery - 0.5%**<br>|  |  |
|  TK Elevator US Newco, Inc., First Lien, 7.24% (1 mo. Term SOFR + 3.00%), 04/30/2030<sup>(d)</sup>  | 3878280  | 3892824  |
| **Metals/Mining Excluding Steel - 0.4%** | **Metals/Mining Excluding Steel - 0.4%** | **Metals/Mining Excluding Steel - 0.4%** |
| &nbsp;&nbsp;&nbsp; Arsenal AIC Parent LLC, First Lien, 7.08% <br>(1 mo. Term SOFR + 2.75%), 08/18/2030<sup>(d)</sup>  | 2770020  | 2771405  |
| **Oil Field Equipment & Services - 0.1%**  | **Oil Field Equipment & Services - 0.1%**  | **Oil Field Equipment & Services - 0.1%**  |
| &nbsp;&nbsp;&nbsp; Iracore International, Inc., 13.48% <br>(3 mo. SOFR US + 9.00%), 04/12/2026 (Acquired 4/13/2017, Cost $1,162,631)<sup>(c)(d)</sup>  | 1162631  | 1162631  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Oil Refining & Marketing - 0.5%** | **Oil Refining & Marketing - 0.5%** | **Oil Refining & Marketing - 0.5%** |
|  Par Petroleum LLC, First Lien, 8.04% (3 mo. Term SOFR + 3.75%), 02/28/2030 (Acquired 2/14/2023, Cost $3,664,921)<sup>(d)</sup>  | $3706721  | $3681256  |
| **Personal & Household Products - 0.5%** | **Personal & Household Products - 0.5%** | **Personal & Household Products - 0.5%** |
|  Journey Personal Care Corp., 8.05% (1 mo. Term SOFR + 3.75%), 03/01/2028 (Acquired 2/19/2021, Cost $4,038,582)<sup>(d)</sup>  | 4058876  | 4065634  |
| **Restaurants - 0.5%**<br>|  |  |
|  Dave & Buster's, Inc., First Lien, 7.56% (3 mo. Term SOFR + 3.25%), 06/29/2029 (Acquired 8/2/2022 - 9/27/2024, Cost $4,141,394)<sup>(d)</sup>  | 4177306  | 4059067  |
| **Specialty Retail - 0.3%**<br>|  |  |
|  Upbound Group, Inc., First Lien, 7.04% (3 mo. Term SOFR + 2.75%), 02/17/2028 (Acquired 2/14/2023, Cost $1,928,988)<sup>(d)</sup>  | 1949067  | 1958812  |
| **Support-Services - 0.4%**<br>|  |  |
|  Summer BC Holdco B SARL, First Lien, 9.56% (3 mo. Term SOFR + 5.00%), 02/15/2029<sup>(d)</sup>  | 3345552  | 3366461  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $52,568,135)**  |  | 52439915  |
|  | **Shares**  |  |
| **COMMON STOCKS - 0.8%**<br>|  |  |
| **Advertising - 0.1%**<br>|  |  |
| National CineMedia, Inc.  | 207497  | 1005323  |
|  National CineMedia, Inc. 5.75% (Acquired 8/17/2023, Cost $0)<sup>(c)(d)(g)</sup> | 6230000  | 0  |
|  |  | 1005323  |
| **Metals/Mining Excluding Steel - 0.0%<sup>(f)</sup>**  | **Metals/Mining Excluding Steel - 0.0%<sup>(f)</sup>**  | **Metals/Mining Excluding Steel - 0.0%<sup>(f)</sup>**  |
|  Metals Recovery Holdings LLC (Acquired 7/19/2012 - 12/10/2019, Cost $27,352,487)<sup>(c)(d)(g)(j)</sup>  | 116127  | 69676  |
| **Oil Field Equipment & Services - 0.7%** | **Oil Field Equipment & Services - 0.7%** | **Oil Field Equipment & Services - 0.7%** |
|  Iracore Investments Holdings, Inc. (Acquired 4/13/2017, Cost $4,753,500)<sup>(c)(d)(j)</sup>  | 22361  | 5425226  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $34,041,142)**  |  | 6500225  |
| **CONVERTIBLE PREFERRED STOCKS - 0.7%** | **CONVERTIBLE PREFERRED STOCKS - 0.7%** | **CONVERTIBLE PREFERRED STOCKS - 0.7%** |
| **Aerospace & Defense - 0.7%**<br>|  |  |
| Boeing Co., 6.00%, 10/15/2027  | 76930  | 5231240  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE PREFERRED STOCKS** <br>**(Cost $3,981,790)**  |  | 5231240 |

---

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

31<br>

------

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

**HOTCHKIS & WILEY HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 0.3%**<br>|  |  |  |
| **Hotels - 0.3%**<br>|  |  |  |
|  Pebblebrook Hotel Trust, Series F, 6.30%, Perpetual  |  | 142464  | $2500243  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** <br>**(Cost $2,806,383)**  |  |  | 2500243  |
| **SHORT-TERM INVESTMENTS - 3.8%** | **SHORT-TERM INVESTMENTS - 3.8%** | **SHORT-TERM INVESTMENTS - 3.8%** | **SHORT-TERM INVESTMENTS - 3.8%** |
| **Money Market Funds - 2.2%** <br>|  |  |  |
|  JPMorgan US Government Money Market Fund - Class IM, 4.26%<sup>(h)</sup>  |  | 16905895  | 16905895  |
|  |  | **Par**  |  |
| **Time Deposits - 1.6%**<br>|  |  |  |
| Citigroup, Inc., 3.68%, 07/01/2025<sup>(i)</sup> |  | $12776029  | 12776029  |
| Citigroup, Inc., 3.68%, 07/01/2025<sup>(i)</sup> |  | 24362  | 24362  |
| Citigroup, Inc., 0.86%, 07/01/2025<sup>(i)</sup> | EUR  | 258  | 303  |
|  |  |  | 12800694  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $29,706,587)**  |  |  | 29706589  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.2%**<br>**(Cost $822,883,329)**  |  |  | $769937056  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.8%  |  |  | 5987109  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $775924165 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

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

EUR - Euro

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing 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 June 30, 2025, the value of these securities total $623,958,293 or 80.4% of the Fund's net assets. 

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of June 30, 2025.

<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 $16,620,278 or 2.1% of net assets as of June 30, 2025. 

<sup>(d)</sup> Restricted security purchased in a private placement transaction in which resale to the public may require registration. As of June 30, 2025, the value of these securities total $67,897,562 or 8.8% of the Fund's net assets. 

<sup>(e)</sup> Security or a portion of the security purchased on a when-issued or delayed delivery basis.

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

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

<sup>(h)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(i)</sup> Invested through a cash management account administered by Brown Brothers Harriman & Co.

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

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

32<br>

------

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

**Hotchkis & Wiley Funds** 

**Statements of Assets & Liabilities** 

**June 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $81368860 | $370885299 | $383881892 | $747341149 | $740545017  |
| Dividends receivable | 124428 | 661059 | 514935 | 295339 | 801196  |
| Receivable for fund shares sold | 43828 | 136129 | 15477 | 848411 | 377388  |
| Receivable for investments sold | 29527 | 1884366 | 3414684 | 230 | —  |
| Dividend tax reclaims receivable | 6666 | 20431 | 20850 | 2834 | 2363  |
| Cash | 3469 | 7786 | 54022 | 61271 | 20952  |
| Securities lending income receivable | 132 | 584 | 828 | 415 | 18525  |
| Interest receivable | 111 | 196 | 2399 | 1916 | 1552  |
| Prepaid expenses and other assets | 6160 | 23595 | 23989 | 37533 | 27737  |
| &nbsp;&nbsp;&nbsp; Total assets | $81583181 | $373619445 | $387929076 | $748589098 | $741794730  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable for investments purchased | $413618 | $1542642 | $3693784 | $1326856 | $—  |
| Payable upon return of securities loaned | 295680 | 1827840 | 4424397 | 2229135 | 9537888  |
|  Payable for distribution and shareholder servicing fees | 51609 | 250022 | 216967 | 209030 | 83700  |
| Payable to Advisor | 29391 | 202722 | 229646 | 407090 | 339902  |
| Payable for capital shares redeemed | 26416 | 216471 | 112424 | 663498 | 698607  |
| Payable for audit fees | 19439 | 25854 | 25857 | 27662 | 25659  |
|  Payable for fund administration and accounting fees | 10943 | 29062 | 33787 | 62675 | 74009  |
| Payable for custodian fees | 8796 | 4263 | 3698 | 7039 | 8557  |
| Payable for printing and mailing | 5230 | 8984 | 12298 | 36480 | 18489  |
| Payable for expenses and other liabilities | 8294 | 30567 | 19326 | 29422 | 25487  |
| &nbsp;&nbsp;&nbsp; Total liabilities | 869416 | 4138427 | 8772184 | 4998887 | 10812298  |
| Commitments and contingencies (Note 7)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NET ASSETS | $80713765 | $369481018 | $379156892 | $743590211 | $730982432  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
|  Capital stock ($0.001, 0.001, 0.001, 0.001 and 0.001 per share) | $2676 | $8592 | $7108 | $10404 | $62948  |
| Additional paid-in capital | 71329473 | 297805626 | 522776130 | 739758396 | 772477450  |
|  Total accumulated distributable earnings (losses) | 9381616 | 71666800 | (143626346) | 3821411 | (41557966)  |
| Total net assets | $80713765 | $369481018 | $379156892 | $743590211 | $730982432  |
| **Class A**<br>|  |  |  |  |  |
| Net assets | $36257786 | $119010723 | $109620837 | $52228156 | $40858424  |
| Shares issued and outstanding<sup>(a)</sup> | 1198677 | 2781039 | 2082197 | 735375 | 3552599  |
| Net asset value per share | $30.25 | $42.79 | $52.65 | $71.02 | $11.50  |
|  Max offering price per share (Net asset value per share divided by 0.9475, 0.9475, 0.9475, 0.9475 and 0.9475)<sup>(1)</sup> | $31.93 | $45.16 | $55.57 | $74.96 | $12.14  |
| **Class C**<br>|  |  |  |  |  |
| Net assets | $— | $— | $— | $3316823 | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  |  |  | 63473 | —  |
| Net asset value per share | $— | $— | $— | $52.25 | $—  |

---

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

33<br>

------

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

**Hotchkis & Wiley Funds** 

**Statements of Assets & Liabilities** 

**June 30, 2025 (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 I**<br>|  |  |  |  |  |
| Net assets | $44455979 | $239356636 | $246895614 | $641873561 | $500585327  |
| Shares issued and outstanding<sup>(a)</sup> | 1477660 | 5552753 | 4603725 | 8960735 | 43075062  |
| Net asset value per share | $30.09 | $43.11 | $53.63 | $71.63 | $11.62  |
| **Class Z**<br>|  |  |  |  |  |
| Net assets | $— | $11113659 | $22640441 | $46171671 | $189538681  |
| Shares issued and outstanding<sup>(a)</sup> |  | 257833 | 422075 | 644189 | 16320358  |
| Net asset value per share | $— | $43.10 | $53.64 | $71.67 | $11.61  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $67863955 | $313707665 | $384431339 | $724577162 | $777078377  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $289443 | $1789284 | $4330407 | $2106788 | $9320584 |

---

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

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

34<br>

------

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

**Hotchkis & Wiley Funds** 

**Statements of Assets & Liabilities** 

**June 30, 2025 (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 | $39278946 | &nbsp;&nbsp; $4962824 | &nbsp;&nbsp; $4666078 | $717987201 | $764442154  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at <br>value |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 7866225 | 5494902  |
| Receivable for investments sold | 458225 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; — | 2705135 | 1278779  |
| Dividends receivable | 84417 | &nbsp;&nbsp; 9128 | &nbsp;&nbsp; 8867 | 796154 | 56095  |
| Dividend tax reclaims receivable | 40433 | &nbsp;&nbsp; 12690 | &nbsp;&nbsp; 20703 | 325879 | 2106  |
| Receivable for fund shares sold | 14980 | &nbsp;&nbsp; 50578 | &nbsp;&nbsp; — | 476455 | 698083  |
| Cash | 3366 | &nbsp;&nbsp; 803 | &nbsp;&nbsp; 146 | 39095 | 49544  |
| Interest receivable | 104 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 6 | 2889 | 12260053  |
| Foreign currency, at value |  | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | 429 | —  |
| Securities lending income receivable |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 2347 | —  |
| Receivable from Advisor |  | &nbsp;&nbsp; 10124 | &nbsp;&nbsp; 15823 |  | —  |
| Prepaid expenses and other assets | 3990 | &nbsp;&nbsp; 1656 | &nbsp;&nbsp; 2812 | 21715 | 45304  |
| &nbsp;&nbsp;&nbsp; Total assets | $39884461 | &nbsp;&nbsp; $5047961 | &nbsp;&nbsp; $4714442 | $730223524 | $784327020  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable for audit fees | $17089 | &nbsp;&nbsp; $14760 | &nbsp;&nbsp; $14761 | $31636 | $44829  |
|  Payable for fund administration and accounting fees | 11551 | &nbsp;&nbsp; 12258 | &nbsp;&nbsp; 21448 | 50544 | 69281  |
| Payable for custodian fees | 7318 | &nbsp;&nbsp; 5512 | &nbsp;&nbsp; 8306 | 11118 | 8394  |
| Payable to Advisor | 6785 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 436967 | 297356  |
|  Payable for distribution and shareholder servicing fees | 4755 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 95 | 157063 | 75974  |
| Payable for printing and mailing | 2820 | &nbsp;&nbsp; 2187 | &nbsp;&nbsp; 2288 | 7536 | 11501  |
| Payable for investments purchased | 1367 | &nbsp;&nbsp; 215653 | &nbsp;&nbsp; — | 2068497 | 5345144  |
| Payable for capital shares redeemed | 1000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 342166 | 1425364  |
| Distributions payable |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 1102900  |
| Payable upon return of securities loaned |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1962150 | —  |
| Payable for expenses and other liabilities | 2886 | &nbsp;&nbsp; 1968 | &nbsp;&nbsp; 2108 | 31176 | 22112  |
| &nbsp;&nbsp;&nbsp; Total liabilities | 55571 | &nbsp;&nbsp; 252340 | &nbsp;&nbsp; 49006 | 5098853 | 8402855  |
| Commitments and contingencies (Note 7)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $39828890 | &nbsp;&nbsp; $4795621 | &nbsp;&nbsp; $4665436 | $725124671 | $775924165  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
|  Capital stock ($0.001, 0.001, 0.001, 0.001 and 0.001 per share) | $2524 | &nbsp;&nbsp; $335 | &nbsp;&nbsp; $414 | $18162 | $72582  |
| Additional paid-in capital | 30949780 | &nbsp;&nbsp; 3539159 | &nbsp;&nbsp; 3981021 | 613738698 | 1219416282  |
|  Total accumulated distributable earnings (losses) | 8876586 | &nbsp;&nbsp; 1256127 | &nbsp;&nbsp; 684001 | 111367811 | (443564699)  |
| Total net assets | $39828890 | &nbsp;&nbsp; $4795621 | &nbsp;&nbsp; $4665436 | $725124671 | $775924165  |

---

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

35<br>

------

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

**Hotchkis & Wiley Funds** 

**Statements of Assets & Liabilities** 

**June 30, 2025 (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 A**<br>|  |  |  |  |  |
| Net assets | $3065620 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $100387560 | $27926157  |
| Shares issued and outstanding<sup>(a)</sup> | 194044 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 2512625 | 2636928  |
| Net asset value per share | $15.80 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $39.95 | $10.59  |
|  Max offering price per share (Net asset value per share divided by 0.9475, 0.9475 and 0.9625)<sup>(2)</sup> | $16.68 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $42.16 | $11.00  |
| **Class C**<br>|  |  |  |  |  |
| Net assets | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $11010451 | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 313089 | —  |
| Net asset value per share | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $35.17 | $—  |
| **Class I**<br>|  |  |  |  |  |
| Net assets | $36763270 | &nbsp;&nbsp; $4795621 | &nbsp;&nbsp; $4665436 | $542350884 | $449664825  |
| Shares issued and outstanding<sup>(a)</sup> | 2329667 | &nbsp;&nbsp; 334901 | &nbsp;&nbsp; 413981 | 13554422 | 42042049  |
| Net asset value per share | $15.78 | &nbsp;&nbsp; $14.32 | &nbsp;&nbsp; $11.27 | $40.01 | $10.69  |
| **Class Z**<br>|  |  |  |  |  |
| Net assets | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $71375776 | $298333183  |
| Shares issued and outstanding<sup>(a)</sup> |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1782223 | 27902949  |
| Net asset value per share | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $40.05 | $10.69  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, <br>at cost | $32367043 | &nbsp;&nbsp; $3994538 | &nbsp;&nbsp; $4040254 | $618208848 | $790777342  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, <br>at cost | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $6892250 | $32105987  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $— | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $7 | $429 | $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $1923375 | $— |

---

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

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

36<br>

------

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

**Hotchkis & Wiley Funds** 

**Statements of Operations** 

**For the Year Ended June 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $2247905 | $9969916 | $8986206 | $13337801 | $18914748  |
| Interest income | 50512 | 267721 | 727085 | 829579 | 678569  |
| Securities lending income | 6340 | 26502 | 31764 | 27115 | 136363  |
| Less: Issuance fees | (21682) | (78459) | (94900) | (68597) | —  |
| Less: Dividend withholding taxes | (34148) | (132406) | (236423) | (169683) | (11883)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2248927 | 10053274 | 9413732 | 13956215 | 19717797  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 669465 | 2655820 | 3090577 | 5979435 | 5322032  |
| Distribution expenses - Class A | 99917 | 318042 | 289048 | 134033 | 118462  |
| Distribution expenses - Class C |  |  |  | 35129 | —  |
| Fund administration and accounting fees | 74015 | 181224 | 199151 | 363520 | 394424  |
| Shareholder servicing costs - Class A | 25941 | 105834 | 93480 | 40687 | 48669  |
| Shareholder servicing costs - Class I | 43536 | 317709 | 328645 | 1277448 | 576559  |
| Shareholder servicing costs - Class C |  |  |  | 2979 | —  |
| Federal and state registration fees | 48350 | 61864 | 60240 | 68738 | 84969  |
| Transfer agent fees | 21933 | 120159 | 69630 | 63932 | 66846  |
| Audit fees | 19448 | 25938 | 25916 | 27838 | 25885  |
| Custodian fees | 18940 | 13907 | 12592 | 25238 | 32638  |
| Trustees' fees | 10866 | 40897 | 45909 | 87049 | 89562  |
| Reports to shareholders | 9564 | 20842 | 24726 | 68114 | 42329  |
| Legal fees | 8926 | 34596 | 38077 | 72502 | 74784  |
| Compliance fees | 2154 | 8377 | 9012 | 17027 | 17593  |
| ReFlow fees | 4892 | 14846 |  | 132463 | 122209  |
| Other expenses and fees | 14565 | 36943 | 42000 | 69168 | 70593  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1072512 | 3956998 | 4329003 | 8465300 | 7087554  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Advisor | (202601) | (63002) |  | (489059) | (387375)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 869911 | 3893996 | 4329003 | 7976241 | 6700179  |
| **Net investment income** | 1379016 | 6159278 | 5084729 | 5979974 | 13017618  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 11281701 | 31277052 | 57002019 | 68932079 | 74450527  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  |  |  | (2168037) | —  |
| Net realized gain (loss) | 11281701 | 31277052 | 57002019 | 66764042 | 74450527  |

---

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

37<br>

------

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

**Hotchkis & Wiley Funds** 

**Statements of Operations** 

**For the Year Ended June 30, 2025 (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**  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | $(2603363) | $(2149291) | $(56805824) | $(58877463) | $(81525089)  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  |  |  | (11699641) | —  |
|  Net change in unrealized appreciation (depreciation) | (2603363) | (2149291) | (56805824) | (70577104) | (81525089)  |
| Net realized and unrealized gain (loss) | 8678338 | 29127761 | 196195 | (3813062) | (7074562)  |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations**  | $10057354 | $35287039 | $5280924 | $2166912 | $5943056 |

---

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

38<br>

------

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

**Hotchkis & Wiley Funds** 

**Statements of Operations** 

**For the Year Ended June 30, 2025 (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 | &nbsp;&nbsp; $1048332 | &nbsp;&nbsp;&nbsp; $147998 | &nbsp;&nbsp;&nbsp; $224407 | $14545419 | $973925  |
| Interest income | &nbsp;&nbsp; 40605 | &nbsp;&nbsp;&nbsp; 6466 | &nbsp;&nbsp;&nbsp; 5840 | 981661 | 59569068  |
| Less: Issuance fees | &nbsp;&nbsp; (8690) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (260995) | —  |
| Less: Dividend withholding taxes | &nbsp;&nbsp; (68148) | &nbsp;&nbsp;&nbsp; (16468) | &nbsp;&nbsp;&nbsp; (30845) | (737584) | —  |
| Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 63757 | —  |
| Other income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | 6323  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 1012099 | &nbsp;&nbsp;&nbsp; 137996 | &nbsp;&nbsp;&nbsp; 199402 | 14592258 | 60549316  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 283590 | &nbsp;&nbsp;&nbsp; 30756 | &nbsp;&nbsp;&nbsp; 46231 | 5074719 | 4822510  |
| Fund administration and accounting fees | &nbsp;&nbsp; 75681 | &nbsp;&nbsp;&nbsp; 75255 | &nbsp;&nbsp;&nbsp; 127176 | 304744 | 430664  |
| Federal and state registration fees | &nbsp;&nbsp; 33005 | &nbsp;&nbsp;&nbsp; 20818 | &nbsp;&nbsp;&nbsp; 20929 | 70676 | 68763  |
| Shareholder servicing costs - Class A | &nbsp;&nbsp; 2506 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 76913 | 29441  |
| Shareholder servicing costs - Class I | &nbsp;&nbsp; 22853 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 646 | 461427 | 783683  |
| Shareholder servicing costs - Class C | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 6840 | —  |
| Audit fees | &nbsp;&nbsp; 17098 | &nbsp;&nbsp;&nbsp; 14761 | &nbsp;&nbsp;&nbsp; 14762 | 31789 | 45047  |
| Custodian fees | &nbsp;&nbsp; 16260 | &nbsp;&nbsp;&nbsp; 12931 | &nbsp;&nbsp;&nbsp; 61484 | 34841 | 35793  |
| Distribution expenses - Class A | &nbsp;&nbsp; 7101 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 251605 | 102699  |
| Distribution expenses - Class C | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 113137 | —  |
| Reports to shareholders | &nbsp;&nbsp; 5729 | &nbsp;&nbsp;&nbsp; 4623 | &nbsp;&nbsp;&nbsp; 4901 | 17400 | 26930  |
| Trustees' fees | &nbsp;&nbsp; 4080 | &nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 685 | 72384 | 97523  |
| Legal fees | &nbsp;&nbsp; 3516 | &nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp; 570 | 62537 | 81579  |
| Transfer agent fees | &nbsp;&nbsp; 2707 | &nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp; 397 | 52376 | 52055  |
| Compliance fees | &nbsp;&nbsp; 782 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 134 | 13847 | 18565  |
| ReFlow fees | &nbsp;&nbsp; 798 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 105113 | —  |
| Other expenses and fees | &nbsp;&nbsp; 9810 | &nbsp;&nbsp;&nbsp; 6482 | &nbsp;&nbsp;&nbsp; 7489 | 83789 | 78250  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 485516 | &nbsp;&nbsp;&nbsp; 166819 | &nbsp;&nbsp;&nbsp; 285404 | 6834137 | 6673502  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Advisor | &nbsp;&nbsp; (118403) | &nbsp;&nbsp;&nbsp; (130247) | &nbsp;&nbsp;&nbsp; (227685) |  | (632564)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 367113 | &nbsp;&nbsp;&nbsp; 36572 | &nbsp;&nbsp;&nbsp; 57719 | 6834137 | 6040938  |
| **Net investment income** | &nbsp;&nbsp; 644986 | &nbsp;&nbsp;&nbsp; 101424 | &nbsp;&nbsp;&nbsp; 141683 | 7758121 | 54508378  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | &nbsp;&nbsp; 3353657 | &nbsp;&nbsp;&nbsp; 306163 | &nbsp;&nbsp;&nbsp; 494017 | 51773931 | 25274  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | (23022611)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; (9763) | &nbsp;&nbsp;&nbsp; (1208) | &nbsp;&nbsp;&nbsp; (13323) | (45064) | —  |
| Net realized gain (loss) | &nbsp;&nbsp; 3343894 | &nbsp;&nbsp;&nbsp; 304955 | &nbsp;&nbsp;&nbsp; 480694 | 51728867 | (22997337)  |

---

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

39<br>

------

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

**Hotchkis & Wiley Funds** 

**Statements of Operations** 

**For the Year Ended June 30, 2025 (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 <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | &nbsp;&nbsp; $1668076 | &nbsp;&nbsp;&nbsp; $536192 | &nbsp;&nbsp;&nbsp; $157844 | $31540055 | $19038100  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (3114458) | 20874613  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; 3648 | &nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp;&nbsp; 2357 | 18489 | (2)  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1671724 | &nbsp;&nbsp;&nbsp; 537582 | &nbsp;&nbsp;&nbsp; 160201 | 28444086 | 39912711  |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 5015618 | &nbsp;&nbsp;&nbsp; 842537 | &nbsp;&nbsp;&nbsp; 640895 | 80172953 | 16915374  |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations**  | &nbsp;&nbsp; $5660604 | &nbsp;&nbsp;&nbsp; $943961 | &nbsp;&nbsp;&nbsp; $782578 | $87931074 | $71423752 |

---

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

40<br>

------

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

**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**  |
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1379016 | $1580332 | $6159278 | $5713554  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11281701 | 11554657 | 31277052 | 42903297  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2603363) | 4763619 | (2149291) | 13771670  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 10057354 | 17898608 | 35287039 | 62388521  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (949154) | (515324) | (13129045) | (13655912)  |
| &nbsp;&nbsp;&nbsp; From return of capital - Class A  | (3836546) |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C |  | (405) |  | (248868)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (1456722) | (1074206) | (25452648) | (23760122)  |
| &nbsp;&nbsp;&nbsp; From return of capital - Class I  | (5888168) |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class Z |  |  | (1206805) | (1348885)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (12130590) | (1589935) | (39788498) | (39013787)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 1092363 | 4964393 | 3846318 | 12354535  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | 1919741 | 231304 | 6308628 | 6271287  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (9189817) | (3361175) | (22509481) | (28817685)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C |  | 7021 |  | 416870  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C |  | 378 |  | 212149  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C |  | (669974) |  | (4173538)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 8285638 | 23905326 | 59119226 | 20488087  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | 6934702 | 1024253 | 23064893 | 21421902  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (37511814) | (13414369) | (49386749) | (65819036)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z |  |  | 11336544 | 1038182  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class Z |  |  | 1176751 | 1325184  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z |  |  | (14430183) | (3326067)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (28469187) | 12687157 | 18525947 | (38608130)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (30542423) | 28995830 | 14024488 | (15233396)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 111256188 | 82260358 | 355456530 | 370689926  |
| &nbsp;&nbsp;&nbsp; End of the year | $80713765 | $111256188 | $369481018 | $355456530  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 34910 | 178257 | 89288 | 297593  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | 63758 | 8485 | 146508 | 164990  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (287178) | (116676) | (523006) | (700337)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C |  | 246 |  | 10320  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C |  | 14 |  | 5608  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C |  | (21851) |  | (97925)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 279725 | 868645 | 1336372 | 495689  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | 231930 | 37795 | 532431 | 560489  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (1258955) | (464149) | (1151832) | (1564616)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z |  |  | 280964 | 25240  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class Z |  |  | 27183 | 34700  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z |  |  | (347381) | (80004)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (935810) | 490766 | 390527 | (848253) |

---

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

41<br>

------

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

**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**  |
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $5084729 | $4412072 | $5979974 | $7013736  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 57002019 | 50976014 | 66764042 | 26851340  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (56805824) | 12864828 | (70577104) | 49688975  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 5280924 | 68252914 | 2166912 | 83554051  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (1166692) | (139180) | (4268106) | (968833)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C |  |  | (350542) | (58787)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (3038308) | (917195) | (57064006) | (13689240)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class Z | (462743) | (146894) | (2233025) | (314039)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (4667743) | (1203269) | (63915679) | (15030899)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 3086593 | 11946705 | 12436053 | 12079750  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | 647278 | 70312 | 3548899 | 810594  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (13853906) | (31135070) | (12346946) | (15695609)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C |  | 302017 | 1033252 | 1418105  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C |  |  | 275924 | 45139  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C |  | (5503934) | (1074531) | (375691)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 35568785 | 46767268 | 196225037 | 203513689  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | 2727862 | 841345 | 24108477 | 5273317  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (67200836) | (104748233) | (221067354) | (200441122)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z | 2992191 | 8339702 | 122685515 | 14439630  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class Z | 438334 | 140115 | 1841126 | 268509  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z | (18033928) | (7002936) | (99556960) | (3703081)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (53627627) | (79982709) | 28108492 | 17633230  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (53014446) | (12933064) | (33640275) | 86156382  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 432171338 | 445104402 | 777230486 | 691074104  |
| &nbsp;&nbsp;&nbsp; End of the year | $379156892 | $432171338 | $743590211 | $777230486  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 57599 | 234538 | 166003 | 165446  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | 11479 | 1433 | 45203 | 11530  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (259901) | (614601) | (166659) | (212816)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C |  | 7176 | 18889 | 24732  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C |  |  | 4756 | 844  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C |  | (121397) | (20189) | (6673)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 653132 | 910020 | 2601482 | 2781820  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | 47540 | 16857 | 304823 | 74524  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (1240865) | (2021150) | (3088976) | (2707515)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z | 55588 | 162880 | 1701130 | 194945  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class Z | 7643 | 2808 | 23288 | 3796  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z | (331577) | (134809) | (1393244) | (49699)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (999362) | (1556245) | 196506 | 280934 |

---

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

42<br>

------

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

**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**  |
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $13017618 | $12024753 | $644986 | $574151  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 74450527 | 45188966 | 3343894 | 4598972  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (81525089) | 8534153 | 1671724 | 1539093  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 5943056 | 65747872 | 5660604 | 6712216  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (3145029) | (3594905) | (367047) | (186356)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (34284965) | (50745104) | (4731507) | (3395268)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class Z | (14757752) | (10165739) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (52187746) | (64505748) | (5098554) | (3581624)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 16556903 | 19506115 | 474554 | 1232247  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | 1800882 | 2270482 | 360952 | 183319  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (21546487) | (11141173) | (448651) | (546970)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 159142227 | 259865010 | 4878958 | 2201670  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | 33974118 | 50376673 | 4730846 | 3394554  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (214507415) | (310597822) | (8309853) | (5149439)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z | 170745052 | 158348397 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class Z | 13366643 | 8369184 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z | (170874724) | (54981292) |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (11342801) | 122015574 | 1686806 | 1315381  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (57587491) | 123257698 | 2248856 | 4445973  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 788569923 | 665312225 | 37580034 | 33134061  |
| &nbsp;&nbsp;&nbsp; End of the year | $730982432 | $788569923 | $39828890 | $37580034  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 1361276 | 1612238 | 30108 | 84895  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | 137999 | 198295 | 24892 | 13284  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (1804590) | (926759) | (29736) | (36729)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 13459396 | 21438459 | 315117 | 149916  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | 2579660 | 4365396 | 326942 | 246518  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (18221822) | (25532554) | (555469) | (361825)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z | 14200460 | 13089554 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class Z | 1016475 | 725862 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z | (14570455) | (4495635) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1841601) | 10474856 | 111854 | 96059 |

---

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

43<br>

------

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

**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**  |
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $101424 | $93392 | $141683 | $177087  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 304955 | 335158 | 480694 | 617740  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 537582 | 28764 | 160201 | 217723  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 943961 | 457314 | 782578 | 1012550  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (443946) | (281772) | (1110034) | (454903)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (443946) | (281772) | (1110034) | (454903)  |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 526631 | 183444 | 1527190 | 644280  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | 247522 | 153363 | 1110034 | 256223  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (125526) | (175678) | (5707711) | (1967)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 648627 | 161129 | (3070487) | 898536  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 1148642 | 336671 | (3397943) | 1456183  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 3646979 | 3310308 | 8063379 | 6607196  |
| &nbsp;&nbsp;&nbsp; End of the year | $4795621 | $3646979 | $4665436 | $8063379  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 39140 | 14834 | 122951 | 52106  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | 21191 | 13301 | 114910 | 23125  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (10017) | (14358) | (477179) | (178)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 50314 | 13777 | (239318) | 75053 |

---

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

44<br>

------

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

**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**  |
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $7758121 | $7781440 | $54508378 | $57759466  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 51728867 | 43820752 | (22997337) | (15961774)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 28444086 | 53086894 | 39912711 | 43654850  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 87931074 | 104689086 | 71423752 | 85452542  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (9254885) | (6909438) | (2452990) | (1881831)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (1084233) | (1291316) |  | (26438)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (45016051) | (35076900) | (40110586) | (46797332)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class Z | (6072200) | (4681561) | (11967496) | (9044130)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (61427369) | (47959215) | (54531072) | (57749731)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 16922004 | 24515551 | 3335967 | 34357084  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | 7426079 | 5379603 | 1469725 | 1447611  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (28740150) | (18270560) | (37317195) | (6154737)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 1462517 | 2030425 |  | 85322  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | 908024 | 1124178 |  | 15872  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (3864595) | (11021597) |  | (730320)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 124625492 | 143022217 | 155886483 | 231355976  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | 25896915 | 18468178 | 29067903 | 30647327  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (105474556) | (110212686) | (462498106) | (293513157)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z | 67952997 | 3893477 | 267331607 | 18474009  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class Z | 6072194 | 4681561 | 5687877 | 6365197  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z | (67674672) | (2520546) | (101729300) | (54170790)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 45512249 | 61089801 | (138765039) | (31820606)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 72015954 | 117819672 | (121872359) | (4117795)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 653108717 | 535289045 | 897796524 | 901914319  |
| &nbsp;&nbsp;&nbsp; End of the year | $725124671 | $653108717 | $775924165 | $897796524  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 430588 | 668418 | 317547 | 3330853  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | 189489 | 157575 | 139958 | 141833  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (733263) | (497985) | (3528416) | (605464)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 42431 | 62553 |  | 8212  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | 26213 | 36822 |  | 1545  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (111922) | (335448) |  | (70284)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 3236272 | 3936507 | 14695488 | 22470789  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | 660635 | 540954 | 2740050 | 2973741  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (2697336) | (2981991) | (43725422) | (28471433)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Z | 1738834 | 107042 | 25250504 | 1791682  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class Z | 154903 | 137088 | 536909 | 618600  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Z | (1731611) | (66756) | (9796197) | (5222856) |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding**  | 1205233 | 1764779 | (13369579) | (3032782) |

---

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

45<br>

------

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

**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**  |
| <br>**For the** <br>**year** <br>**ended** | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>(a)(b)</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss) on** <br>**investments<sup>(c)</sup>** | **Total 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 of** <br>**year** | <br>**Total** <br>**return** | <br>**Net** <br>**assets,** <br>**end of** <br>**year (in** <br>**thousands)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**expense** <br>**reimbursement<sup>(d)</sup>** | **Ratio of** <br>**expenses to** <br>**average** <br>**net** <br>**assets** <br>**after** <br>**expense** <br>**reimbursement<sup>(d)</sup>** | **Ratio of** <br>**net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**net** <br>**assets<sup>(d)</sup>** | **Portfolio** <br>**turnover** <br>**rate**  |
| **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** |
| 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) | &nbsp;&nbsp; — | (3.10) | &nbsp;&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%<sup>(e)</sup> | &nbsp;&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;&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;&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;&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;&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;&nbsp; (2.11) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp; — |  | &nbsp;&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;&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;&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;&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** |
| 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) | &nbsp;&nbsp; — | (3.17) | &nbsp;&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;&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;&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;&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;&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;&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;&nbsp; (2.05) | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp; — |  | &nbsp;&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;&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;&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;&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** |
| 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) | &nbsp;&nbsp; (3.96) |  | &nbsp;&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;&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) | &nbsp;&nbsp; (3.81) |  | &nbsp;&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;&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) | &nbsp;&nbsp; (2.76) |  | &nbsp;&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;&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;&nbsp; (4.07) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp; — |  | &nbsp;&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;&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;&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;&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** |
| 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) | &nbsp;&nbsp; (3.96) |  | &nbsp;&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;&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) | &nbsp;&nbsp; (3.81) |  | &nbsp;&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;&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) | &nbsp;&nbsp; (2.76) |  | &nbsp;&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;&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;&nbsp; (3.99) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp; — |  | &nbsp;&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;&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;&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;&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** |
| 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) | &nbsp;&nbsp; (3.96) |  | &nbsp;&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;&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) | &nbsp;&nbsp; (3.81) |  | &nbsp;&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;&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) | &nbsp;&nbsp; (2.76) |  | &nbsp;&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;&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;&nbsp; (3.94) | &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp; — |  | &nbsp;&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;&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;&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;&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** |
| 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;&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;&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;&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;&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;&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;&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;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp; — |  | &nbsp;&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;&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;&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;&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** |
| 6/30/2025 | &nbsp;&nbsp; $53.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp; (0.63) | &nbsp;&nbsp; — |  | &nbsp;&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;&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;&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;&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;&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;&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;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp; — |  | &nbsp;&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;&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;&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;&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** |
| 6/30/2025 | &nbsp;&nbsp; $53.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp; (0.71) | &nbsp;&nbsp; — |  | &nbsp;&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;&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;&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;&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;&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;&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;&nbsp; (0.90) | &nbsp;&nbsp;&nbsp; (0.63) | &nbsp;&nbsp; — |  | &nbsp;&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;&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;&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;&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** |
| 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) | &nbsp;&nbsp; (5.40) |  | &nbsp;&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;&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) | &nbsp;&nbsp; (0.99) |  | &nbsp;&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;&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) | &nbsp;&nbsp; (8.39) |  | &nbsp;&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;&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;&nbsp; (2.42) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp; — |  | &nbsp;&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;&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;&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;&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**  |
| 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) | &nbsp;&nbsp; (5.40) |  | &nbsp;&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;&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) | &nbsp;&nbsp; (0.99) |  | &nbsp;&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;&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) | &nbsp;&nbsp; (8.39) |  | &nbsp;&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;&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;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp; — | &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;&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;&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;&nbsp; (0.46)% | &nbsp;&nbsp;&nbsp; 36%  |
| **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** |
| 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) | &nbsp;&nbsp; (5.40) |  | &nbsp;&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%<sup>(e)</sup> | &nbsp;&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) | &nbsp;&nbsp; (0.99) |  | &nbsp;&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;&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) | &nbsp;&nbsp; (8.39) |  | &nbsp;&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;&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;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — |  | &nbsp;&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;&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;&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;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp; 36% |

---

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

46<br>

------

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

**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**  |
| <br>**For the** <br>**year** <br>**ended** | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>(a)(b)</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss) on** <br>**investments<sup>(c)</sup>** | **Total 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 of** <br>**year** | <br>**Total** <br>**return** | <br>**Net** <br>**assets,** <br>**end of** <br>**year (in** <br>**thousands)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**expense** <br>**reimbursement<sup>(d)</sup>** | **Ratio of** <br>**expenses to** <br>**average** <br>**net** <br>**assets** <br>**after** <br>**expense** <br>**reimbursement<sup>(d)</sup>** | **Ratio of** <br>**net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**net** <br>**assets<sup>(d)</sup>** | **Portfolio** <br>**turnover** <br>**rate**  |
| **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** |
| 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) | &nbsp;&nbsp; (5.40) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (0.99) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (8.39) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (2.18) | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; — | &nbsp;&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;&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** |
| 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) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; — | &nbsp;&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%<sup>(e)</sup> | &nbsp;&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) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (1.23) | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; — | &nbsp;&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;&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** |
| 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) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; — | &nbsp;&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%<sup>(e)</sup> | &nbsp;&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) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; — | &nbsp;&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;&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** |
| 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) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; — | &nbsp;&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;&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** |
| 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) | &nbsp;&nbsp; (1.88) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (1.34) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (1.73) | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; — | &nbsp;&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;&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** |
| 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) | &nbsp;&nbsp; (1.88) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (1.34) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (1.70) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; — | &nbsp;&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;&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** |
| 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) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (1.14) | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; — | &nbsp;&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;&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** |
| 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) | &nbsp;&nbsp; (2.32) | &nbsp;&nbsp; — | &nbsp;&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%<sup>(g)</sup> | &nbsp;&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) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (1.76) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (2.39) | &nbsp;&nbsp; — | &nbsp;&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;&nbsp; 1.92% | &nbsp;&nbsp;&nbsp; 45%  |
| 6/30/2021<sup>(h)</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) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; — | &nbsp;&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;&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** |
| 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) | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (2.70) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (3.61) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (4.37) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; — | &nbsp;&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;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 76%  |
| **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** |
| 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) | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (2.70) | &nbsp;&nbsp; — | &nbsp;&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;&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; — | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (3.49) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (4.37) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; — | &nbsp;&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;&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** |
| 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) | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (2.70) | &nbsp;&nbsp; — | &nbsp;&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;&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) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (3.51) | &nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (4.37) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; — | &nbsp;&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;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp; 76% |

---

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

47<br>

------

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

**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**  |
| <br>**For the** <br>**year** <br>**ended** | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>(a)(b)</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss) on** <br>**investments<sup>(c)</sup>** | **Total 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 of** <br>**year** | <br>**Total** <br>**return** | <br>**Net** <br>**assets,** <br>**end of** <br>**year (in** <br>**thousands)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**expense** <br>**reimbursement<sup>(d)</sup>** | **Ratio of** <br>**expenses to** <br>**average** <br>**net** <br>**assets** <br>**after** <br>**expense** <br>**reimbursement<sup>(d)</sup>** | **Ratio of** <br>**net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**net** <br>**assets<sup>(d)</sup>** | **Portfolio** <br>**turnover** <br>**rate**  |
| **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** |
| 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;&nbsp; (0.51) | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (0.41) | &nbsp;&nbsp; (2.70) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (0.09) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (3.49) | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (4.37) | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (0.78) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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** |
| 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;&nbsp; (0.63) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (0.62) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (0.55) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (0.54) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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** |
| 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;&nbsp; (0.66) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (0.64) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (0.57) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (1.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (0.57) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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** |
| 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;&nbsp; (0.67) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (0.65) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (0.58) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (1.23) | &nbsp;&nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&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;&nbsp; (0.58) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&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;&nbsp; 5.56% | &nbsp;&nbsp;&nbsp; 82% |

---

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

<sup>(a)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests. 

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

<sup>(c)</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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

<sup>(d)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests. 

<sup>(e)</sup> The ratio of expenses to average net assets after expense reimbursement excluding ReFlow fees was 1.05% for Hotchkis & Wiley Large Cap Disciplined Value Fund - Class A, 0.97% for Hotchkis & Wiley Small Cap Value Fund - Class I, 1.05% for Hotchkis & Wiley Small Cap Diversified Value Fund - Class A and 0.80% for Hotchkis & Wiley Small Cap Diversified Value Fund - Class I. 

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

<sup>(g)</sup> The ratio of expenses to average net assets after expense reimbursement excluding overdraft fees was 0.99%. 

<sup>(h)</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>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025** 

**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. Effective May 31, 2024, Class C shares converted to Class A shares for the Large Cap Disciplined Value Fund, Large Cap Fundamental Value Fund, Mid-Cap Value Fund and High Yield Fund.

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

**Security Valuation. 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.

49<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (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).

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.

---

| | |
|:---|:---|
| 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 June 30, 2025:

**Large Cap Disciplined Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $79972669 | $— | $— | $79972669  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending | 295680 |  |  | 295680  |
| &nbsp;&nbsp;&nbsp; Time Deposits |  | 1100511 |  | 1100511  |
| Total Investments | $80268349 | $1100511 | $— | $81368860 |

---

**Large Cap Fundamental Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $367115413 | $— | $— | $367115413  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending | 1827840 |  |  | 1827840  |
| &nbsp;&nbsp;&nbsp; Time Deposits |  | 1942046 |  | 1942046  |
| Total Investments | $368943253 | $1942046 | $— | $370885299 |

---

50<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

**Mid-Cap Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $358166214 | $— | $— | $358166214  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 1614384 |  |  | 1614384  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending | 4424397 |  |  | 4424397  |
| &nbsp;&nbsp;&nbsp; Time Deposits |  | 19676897 |  | 19676897  |
| Total Investments | $364204995 | $19676897 | $— | $383881892 |

---

**Small Cap Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $723659485 | $— | $— | $723659485  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 2446167 |  |  | 2446167  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending | 2229135 |  |  | 2229135  |
| &nbsp;&nbsp;&nbsp; Time Deposits |  | 19006362 |  | 19006362  |
| Total Investments | $728334787 | $19006362 | $— | $747341149 |

---

**Small Cap Diversified Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $693865287 | $— | $— | $693865287  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 21749805 |  |  | 21749805  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending | 9537888 |  |  | 9537888  |
| &nbsp;&nbsp;&nbsp; Time Deposits |  | 15392037 |  | 15392037  |
| Total Investments | $725152980 | $15392037 | $— | $740545017 |

---

**Global Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $26950817 | $11003158 | $— | $37953975  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks |  | 315575 |  | 315575  |
| &nbsp;&nbsp;&nbsp; Time Deposits |  | 1009396 |  | 1009396  |
| Total Investments | $26950817 | $12328129 | $— | $39278946 |

---

**International Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $470613 | $3997539 | $— | $4468152  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks |  | 42437 |  | 42437  |
| &nbsp;&nbsp;&nbsp; Time Deposits |  | 452235 |  | 452235  |
| Total Investments | $470613 | $4492211 | $— | $4962824 |

---

51<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

**International Small Cap Diversified Value** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $618735 | $3881965 | $— | $4500700  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 69939 | 38072 |  | 108011  |
| &nbsp;&nbsp;&nbsp; Time Deposits |  | 57367 |  | 57367  |
| Total Investments | $688674 | $3977404 | $— | $4666078 |

---

**Value Opportunities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $599185123 | $79592995 | $8866693 | $687644811  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 12913212 |  |  | 12913212  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 3062307 |  |  | 3062307  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 1079915 | 1685735 | 2765650  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 946176 |  |  | 946176  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending | 1962150 |  |  | 1962150  |
| &nbsp;&nbsp;&nbsp; Time Deposits |  | 16559120 |  | 16559120  |
| Total Investments | $618068968 | $97232030 | $10552428 | $725853426 |

---

**High Yield** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $663596099 | $— | $663596099  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds |  |  | 9962745 | 9962745  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 51277284 | 1162631 | 52439915  |
| &nbsp;&nbsp;&nbsp; Common Stocks | 1005323 |  | 5494902 | 6500225  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | 5231240 |  |  | 5231240  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Preferred | 2500243 |  |  | 2500243  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 16905895 |  |  | 16905895  |
| &nbsp;&nbsp;&nbsp; Time Deposits |  | 12800694 |  | 12800694  |
| Total Investments | $25642701 | $727674077 | $16620278 | $769937056 |

---

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

The following table provides information about the Level 3 values, as well as their inputs, as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**June 30, 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>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp; $4225 | Estimated recovery value | Probability of asset recovery | $0.60 | Increase  |
|  | &nbsp;&nbsp;&nbsp; 8862467 | Market comparable companies | EBIT multiple | 8.9x - 10.2x (10.1x) | Increase  |
| &nbsp;&nbsp;&nbsp; Total Common Stocks | &nbsp;&nbsp;&nbsp; 8866692 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans | &nbsp;&nbsp;&nbsp; 1685735 | Market comparable securities | N/A | $100.00 | Increase  |
|  | &nbsp;&nbsp;&nbsp; $10552427 |  |  |  |  |

---

52<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**June 30, 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>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans | &nbsp;&nbsp;&nbsp; $1162631 | Market comparable securities | N/A | $100.00 | Increase  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp;&nbsp; 9962745 | Estimated recovery value | Probability of asset recovery | $100.00 | Increase  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp; 69676 | Estimated recovery value | Probability of asset recovery | $0.00 - $0.60 ($0.60) | Increase  |
|  | &nbsp;&nbsp;&nbsp; 5425226 | Market comparable companies | EBIT multiple | 10.2x | Increase  |
| &nbsp;&nbsp;&nbsp; Total Common Stocks | &nbsp;&nbsp;&nbsp; 5494902 |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; $16620278 |  |  |  |  |

---

\* 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, 2024 | &nbsp;&nbsp;&nbsp; $10984908 | $2649013 | $13633921  |
| &nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Sales | &nbsp;&nbsp;&nbsp; — | (963278) | (963278)  |
| &nbsp;&nbsp;&nbsp; Accrued discounts (premiums) | &nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Realized gains (losses) | &nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (3114458) |  | (3114458)  |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp;&nbsp; 996242 |  | 996242  |
| Balance at June 30, 2025 | &nbsp;&nbsp;&nbsp; $8866692 | $1685735 | $10552427  |
|  Change in unrealized appreciation/depreciation for Level 3 assets held at June 30, 2025 | &nbsp;&nbsp;&nbsp; $(3114458) | $— | $(3114458) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield**  | **High Yield**  | **High Yield**  | **High Yield**  |
|  | **Bank Loans** | **Convertible** <br>**Bonds** | **Common** <br>**Stocks** | **Total**  |
| Balance at June 30, 2024 | $1826992 | $9480821 | $7642900 | $18950713  |
| &nbsp;&nbsp;&nbsp; Purchases |  | 481924 |  | 481924  |
| &nbsp;&nbsp;&nbsp; Sales | (664361) |  |  | (664361)  |
| &nbsp;&nbsp;&nbsp; Accrued discounts (premiums) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Realized gains (losses) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation |  |  | (2147998) | (2147998)  |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 |  |  |  | —  |
| Balance at June 30, 2025 | $1162631 | $9962745 | $5494902 | $16620278  |
|  Change in unrealized appreciation/depreciation forLevel 3 assets held at June 30, 2025 | $— | $— | $(2147998) | $(2147998) |

---

**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.** 

53<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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 isolate the portion of realized gains or losses and do not isolate the portion of unrealized appreciation or depreciation resulting from changes in foreign exchange rates on securities from the fluctuations arising from changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of securities, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid.** 

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

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

**Options. The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds may purchase put options on securities to protect holdings in an underlying or related security against a substantial decline in market value. The Funds may purchase call options on securities and security indexes. A Fund may write a call or put option only if the option is "covered" by the Fund holding a position in the underlying securities or by other means which would permit immediate satisfaction of the Fund's obligation as writer of the option. Prior to exercise or expiration, an option may be closed by an offsetting purchase or sale of an option of the same series. The purchase and writing of options involves certain** 

54<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

risks. If a put or call option purchased by a Fund is not sold when it has remaining value, and if the market price of the underlying security, in the case of a put, remains equal to or greater than the exercise price or, in the case of a call, remains less than or equal to the exercise price, the Fund will lose its entire investment in the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position. Furthermore, if trading restrictions or suspensions are imposed on the options markets, the Fund may be unable to close out a position. With options, there is minimal counterparty risk to the Funds since options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees the options against default.

When a Fund purchases a put or call option, an amount equal to the premium paid is included on the Statements of Assets & Liabilities as an investment, and is subsequently adjusted to reflect the fair market value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid 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. The Funds did not have any outstanding options as of June 30, 2025.

**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 year ended June 30, 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 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

55<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

into credit default swaps, the Fund will either deliver collateral to the counterparty or the counterparty will deliver collateral to the Fund. The amount of this collateral is calculated based upon the notional value and the current price of the swap. In the event of default, the Fund has recourse against any collateral posted to it by the counterparty. When entering into swap agreements as a seller, the notional amounts would be partially offset by any recovery values of the respective reference obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same reference entity. Unrealized appreciation or depreciation is recorded daily as the difference between the prior day and current day closing price. The Funds did not enter into any credit default swap contracts during the year ended June 30, 2025.

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

The following is a summary of the Funds' 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 year ended June 30, 2025:

Realized Gain (Loss) on Derivatives

---

| | |
|:---|:---|
|  | **Value Opportunities**  |
| Equity Contracts:<br>|  |
| Purchased Put Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(9199653)\* |

---

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

Change in Unrealized Appreciation (Depreciation) on Derivatives

---

| | |
|:---|:---|
|  | **Value Opportunities**  |
| Equity Contracts:<br>|  |
| Purchased Put Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $448,963\* |

---

\* 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 year ended June 30, 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; 2019  |
| Average Notional Amount — Purchased Put Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37277949 |

---

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

56<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

The following is a summary of the arrangements subject to offsetting as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Gross Amounts Not Offset in the** <br>**Statements of Assets & Liabilities**  | **Gross Amounts Not Offset in the** <br>**Statements of Assets & Liabilities**  | **Gross Amounts Not Offset in the** <br>**Statements of Assets & Liabilities**  |
|  | <br>**Gross Amounts** <br>**Presented in the** <br>**Statements of** <br>**Assets & Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Received\*** | **Net** <br>**Amount**  |
| Securities Lending:<br>|  |  |  |  |
| Large Cap Disciplined Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $289443 | $— | $(289443) | $—  |
| Large Cap Fundamental Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1789284 |  | (1789284) | —  |
| Mid-Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4330407 |  | (4330407) | —  |
| Small Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2106788 |  | (2106788) | —  |
| Small Cap Diversified Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9320584 |  | (9320584) | —  |
| Value Opportunities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1923375 |  | (1923375) |  |

---

\* 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 year ended June 30, 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% | 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &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% | 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15% | 0.70%  |
|  Annual cap on expenses - 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% | 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40% | 0.95%  |
|  Annual cap on expenses - 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  |
|  Annual cap on expenses - 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% | 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &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. 

57<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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 year ended June 30, 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 year ended June 30, 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  | $31945068  | &nbsp;&nbsp; $150608058  | $123043530  | $320306898  | $485098880  | $18880695  | &nbsp;&nbsp;&nbsp; $1407054  | &nbsp;&nbsp;&nbsp; $3549645  | &nbsp;&nbsp; $519323022  | $349714991  |
| Sales | 70941320  | &nbsp;&nbsp; 160069464  | 187797913  | 345705475  | 535022031  | 22241301  | &nbsp;&nbsp;&nbsp; 1308990  | &nbsp;&nbsp;&nbsp; 7459880  | &nbsp;&nbsp; 531570179  | 489779471 |

---

The Funds did not have any purchases or sales of U.S. Government securities for the year ended June 30, 2025.

**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.

58<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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.

On the Statements of Assets & Liabilities, the following adjustments were made for permanent tax differences. These differences are due primarily to differing treatment for items such as equalization and redemption in-kind transactions.

---

| | | |
|:---|:---|:---|
|  | **Additional** <br>**paid-in capital** | **Total** <br>**accumulated** <br>**distributable** <br>**earnings** <br>(losses)  |
| Large Cap Disciplined Value | &nbsp;&nbsp; $2124639 | $(2124639)  |
| Large Cap Fundamental Value | &nbsp;&nbsp; 11220496 | (11220496)  |
| Mid-Cap Value | &nbsp;&nbsp; — | —  |
| Small Cap Value | &nbsp;&nbsp; 56668777 | (56668777)  |
| Small Cap Diversified Value | &nbsp;&nbsp; 48402178 | (48402178)  |
| Global Value | &nbsp;&nbsp; 459055 | (459055)  |
| International Value | &nbsp;&nbsp; — | —  |
| International Small Cap Diversified Value | &nbsp;&nbsp; 140506 | (140506)  |
| Value Opportunities | &nbsp;&nbsp; 34715656 | (34715656)  |
| High Yield | &nbsp;&nbsp; — |  |

---

59<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (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 Value | &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 year ended June 30, 2025, is set forth below:

**Small Cap Value** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Value at**<br>**June 30,**<br>**2024** | **Purchases** | **Sales** | **Net**<br>**Realized**<br>**Gain**<br>(Loss) | **Net Change in**<br>**Unrealized** <br>**Appreciation**<br>(Depreciation) | **Value at**<br>**June 30,**<br>**2025** | **Dividends** | **Shares**<br>**Held at**<br>**June 30,**<br>**2025**  |
| Hudson Global, Inc.+  | $2449310 | $— | $(121875) | $(2221454) | &nbsp;&nbsp;&nbsp; $1037423 | $1143404 | &nbsp;&nbsp; $— | 134360 |
| Stagwell, Inc.\* | 37676408 | 4132042 | (1057192) | 53417 | &nbsp;&nbsp;&nbsp; (12737064) | 28067611 | &nbsp;&nbsp; — | 6237247  |
|  | $40125718 | $4132042 | $(1179067) | $(2168037) | &nbsp;&nbsp;&nbsp; $(11699641) | $29211015 | &nbsp;&nbsp; $— |  |

---

+ Issuer was not an affiliate as of June 30, 2025.

\* Issuer was not an affiliate as of June 30, 2024 or June 30, 2025.

60<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

**Value Opportunities** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Value at**<br>**June 30,**<br>**2024** | **Purchases** | **Sales** | **Net**<br>**Realized**<br>**Gain**<br>(Loss) | **Net Change in**<br>**Unrealized** <br>**Appreciation**<br>(Depreciation) | **Value at**<br>**June 30,**<br>**2025** | **Dividends** | **Shares**<br>**Held at**<br>**June 30,**<br>**2025**  |
| Iracore Investments |  |  |  |  |  |  |  |  |
| Holdings, Inc | $10980683 | &nbsp;&nbsp; $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3114458) | $7866225 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 32422  |
|  | $10980683 | &nbsp;&nbsp; $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3114458) | $7866225 | &nbsp;&nbsp; $— |  |

---

**High Yield** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Value at**<br>**June 30,**<br>**2024** | **Purchases** | **Sales** | **Net**<br>**Realized**<br>**Gain**<br>(Loss) | **Net Change in**<br>**Unrealized** <br>**Appreciation**<br>(Depreciation) | **Value at**<br>**June 30,**<br>**2025** | **Dividends** | **Shares**<br>**Held at**<br>**June 30,**<br>**2025**  |
| Iracore Investments |  |  |  |  |  |  |  |  |
| Holdings, Inc | $7573224 | &nbsp;&nbsp; $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2147998) | $5425226 | &nbsp;&nbsp; $— | 22361  |
| Metals Recovery |  |  |  |  |  |  |  |  |
| Holdings LLC | 69676 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 69676 | &nbsp;&nbsp; — | 116127  |
| &nbsp;&nbsp;&nbsp; PetroQuest Energy, <br>Inc.+ | 0 | &nbsp;&nbsp; — |  | (23022611) | &nbsp;&nbsp;&nbsp;&nbsp; 23022611 |  | &nbsp;&nbsp; — | —  |
|  | $7642900 | &nbsp;&nbsp; $— | $— | $(23022611) | &nbsp;&nbsp;&nbsp;&nbsp; $20874613 | $5494902 | &nbsp;&nbsp; $— |  |

---

+ Issuer was not an affiliate as of June 30, 2025.

**NOTE 6. SECURITIES LENDING** 

The Trust, on behalf of the Funds, entered into a securities lending arrangement with Brown Brothers Harriman & Co. (the "Custodian"). Under the securities lending agreement, the Custodian is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, the Funds receive cash collateral in the amount of at least 102% of the value of the securities loaned plus accrued interest. The total market value of securities on loan for each Fund is disclosed on the Schedule of Investments. The cash collateral is invested in short-term instruments as noted on the Schedule of Investments. The contractual maturity of the cash collateral received under the securities lending agreement is classified as overnight and continuous. Income earned from these investments is included in "Securities 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 June 30, 2025, the Funds did not have any outstanding bridge loan commitments.

Unfunded loan commitments are contractual obligations for funding to a borrower. At June 30, 2025, the Funds did not have any outstanding unfunded loan commitments.

61<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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

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

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 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. CLASS C SHARES** 

The Board approved closing the Class C shares of the Large Cap Disciplined Value Fund, Large Cap Fundamental Value Fund, Mid-Cap Value Fund and High Yield Fund and converting Class C shares to Class A shares of each respective Fund effective on May 31, 2024 (the "Conversion"). The Conversion was accomplished by a tax-free exchange of Class C shares for Class A shares in the following amounts and at the following conversion ratios:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class C Prior to** <br>**Conversion** | **Class C Prior to** <br>**Conversion** | **Conversion** <br>**Ratio** | **Class A Shares**  |
|  | **Dollars** | **Shares** | **Conversion** <br>**Ratio** | **Class A Shares**  |
| Large Cap Disciplined Value | $585816 | 18764 | 1.001636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18795  |
| Large Cap Fundamental Value | 2928480 | 67703 | 0.991691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67140  |
| Mid-Cap Value | 3965899 | 85609 | 0.856339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73310  |
| High Yield | 474575 | 45557 | 1.009252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45979 |

---

62<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

**NOTE 10. 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 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 year ended June 30, 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** | **Realized** <br>**Capital** <br>**Gains** | **Fees** | **Expense** <br>**Ratio** <br>**Impact**  |
|  Large Cap Disciplined Value | $3491366 | 121538 | $3335646 | $144658 | $3480304 | $2280798 | $4892 | &nbsp;&nbsp;&nbsp; 0.01%  |
|  Large Cap Fundamental Value | 10598375 | 263978 | 10371158 | 390468 | 10761626 | 7480570 | 14846 | &nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Small Cap <br>Value | 89133846 | 1256654 | 84114766 | 5356758 | 89471524 | 53419313 | 132463 | &nbsp;&nbsp;&nbsp; 0.02%  |
| &nbsp;&nbsp;&nbsp; Small Cap Diversified <br>Value | 77241672 | 6388245 | 74073052 | 3713983 | 77787035 | 42228989 | 122209 | &nbsp;&nbsp;&nbsp; 0.01%  |
| Global Value | 570202 | 38670 | 567539 | 22572 | 590111 | 395842 | 798 | &nbsp;&nbsp;&nbsp; 0.00%  |
|  Value Opportunities | 64820987 | 1658022 | 52813461 | 11989550 | 64803011 | 27717604 | 105113 | &nbsp;&nbsp;&nbsp; 0.02% |

---

**NOTE 11. SEGMENT REPORTING** 

In the reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. 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

63<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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 12. SUBSEQUENT EVENTS** 

The Board approved a reduction in the annual advisory fee rate and annual cap on expenses for certain Funds to be effective August 29, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Global** <br>**Value** | **International** <br>**Value** | **International** <br>**Small Cap** <br>**Diversified** <br>**Value** |
| Annual Advisory Fee Rate | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% |
| Annual Cap on Expenses – Class I | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% |
| Annual Cap on Expenses – Class A | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14% |
| Annual Cap on Expenses – Class Z | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% |

---

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

**NOTE 13. 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.

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**](#TOCM)**

**HOTCHKIS & WILEY FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Trustees

of Hotchkis & Wiley Funds

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets & liabilities of Hotchkis & Wiley Funds (the "Funds") comprising the Large Cap Disciplined Value Fund (formerly known as Diversified Value Fund), Large Cap Fundamental Value Fund (formerly known as Large Cap Value Fund), Mid-Cap Value Fund, Small Cap Value Fund, Small Cap Diversified Value Fund, Global Value Fund, International Value Fund, International Small Cap Diversified Value Fund, Value Opportunities Fund, and High Yield Fund, including the schedules of investments, as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended (as to International Small Cap Diversified Value Fund, the financial highlights for each of the four years in the period ended June 30, 2025, and for the period from June 30, 2020 (commencement of operations) through June 30, 2021), and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting Hotchkis & Wiley Funds, as of June 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (as to International Small Cap Diversified Value Fund, the financial highlights for each of the four years in the period ended June 30, 2025, and for the period from June 30, 2020 (commencement of operations) through June 30, 2021), in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](signature_efp-17265.jpg)

Costa Mesa, California

August 21, 2025

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

65<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**ADDITIONAL INFORMATION** 

**June 30, 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 annual financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

**<u>BOARD CONSIDERATIONS IN APPROVING CONTINUATION OF INVESTMENT ADVISORY</u> <u>AGREEMENTS</u>** 

**<u>Background and Approval Process</u>** 

Hotchkis and Wiley Capital Management, LLC (the "Advisor") serves as investment adviser to the Hotchkis and Wiley Large Cap Disciplined Value Fund, the Hotchkis and Wiley Large Cap Fundamental Value Fund, the Hotchkis and Wiley Mid-Cap Value Fund, the Hotchkis and Wiley Small Cap Value Fund, the Hotchkis and Wiley Small Cap Diversified Value Fund, the Hotchkis and Wiley Global Value Fund, the Hotchkis and Wiley International Value Fund, the Hotchkis and Wiley International Small Cap Diversified Value Fund, the Hotchkis and Wiley Value Opportunities Fund and the Hotchkis and Wiley High Yield Fund (each a "Fund" and collectively the "Funds") pursuant to separate investment advisory agreements (the "Advisory Agreements") with the Hotchkis and Wiley Funds (the "Trust"), of which each Fund is a series. The Advisory Agreements were initially approved by the Board of Trustees of the Trust at the inception of each Fund and continue thereafter if approved annually by the Board of Trustees of the Trust, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) (the "Independent Trustees"). The Advisory Agreements for each Fund were renewed by the Board at a meeting held in May 2025.

As part of the annual contract review process, the Independent Trustees, through their independent legal counsel, requested and received extensive materials, including information relating to: (i) the nature, extent and quality of services provided by the Advisor, (ii) short-term and longer-term total return of each Fund relative to its respective peer group and benchmark index(es), (iii) the advisory fees and expense ratios of each Fund as compared to the advisory fees and expense ratios of funds in its peer group, (iv) the costs of the services provided and the Advisor's estimated profitability with respect to the management of each Fund, (v) the extent to which the Advisor has in the past, or is likely in the future, to experience economies of scale in connection with the investment advisory services it provides to each Fund, and (vi) fall-out benefits to the Advisor from its relationship with the Funds.

The Independent Trustees met with their independent legal counsel prior to the May 2025 Board meeting to review the materials provided by the Advisor and were advised regarding their fiduciary duties pertaining to renewal of investment advisory contracts and the factors they should consider in evaluating advisory agreements. The Independent Trustees, through their legal counsel, then provided follow-up questions to the Advisor which were addressed by the Advisor. The Independent Trustees noted that the information provided by the Advisor was thorough and responsive to their requests. The information provided in response to their requests was in addition to information received by the Board throughout the year, both in writing and during meetings, regarding the Funds, including Fund performance, expense ratios, portfolio composition and regulatory compliance.

At the May 2025 Board meeting, representatives of the Advisor discussed the Independent Trustees' requests and follow-up questions with the Board and responded to further questions. The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to renew each Advisory Agreement.

66<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**ADDITIONAL INFORMATION** 

**June 30, 2025 (Unaudited) (Continued)** 

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

**<u>Nature, Extent and Quality of Services</u>** 

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

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

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

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

**<u>Investment Performance of the Funds and the Advisor</u>** 

The Board noted that it reviews data on the short-term and longer-term total returns of the Funds in connection with each quarterly Board meeting. For the contract review meeting, the Board reviewed a report prepared by the Trust's administrator (the "Report") using information provided by Morningstar, Inc., an independent provider of mutual fund data, that compared the annualized total returns of Class I shares of each Fund to the median annualized total returns of a group of funds that are similar, primarily in terms of investment style (each a "Peer Group"), and to the annualized total returns of the Fund's primary and secondary (for Funds that have secondary benchmarks) benchmark indexes for the one-, three-, five- and ten-year periods, as applicable, ended December 31, 2024 and for the three- and six-month, one-, three-, five- and ten-year periods, as applicable, ended March 31, 2025. The Board noted that the Peer Groups were reviewed and selected by the Advisor based on its criteria to determine an appropriate group of competitor funds. In addition, data regarding performance of the Peer Group is provided at each quarterly Board meeting. The Board also considered that the International Small Cap Diversified Value Fund commenced operations on June 30, 2020 and does not have five years of performance history as of December 31, 2024.

The Board noted that all Funds underperformed the median returns of their respective primary benchmarks for the one-year period except for the High Yield Fund; all Funds outperformed the median returns of their respective primary benchmarks for the 3-year period except for the Large Cap Fundamental Value Fund, Small Cap Diversified Value Fund, International Value Fund and International Small Cap Diversified Value Fund; all Funds with a five-year performance history underperformed the median returns of their respective primary benchmarks for the five-year period except for the International Value Fund and High Yield Fund; and all Funds with a ten-year performance history underperformed the median returns of their respective primary benchmarks for the ten-year period except for the High Yield Fund.

The Board noted that the Large Cap Disciplined Value Fund, Large Cap Fundamental Value Fund, Global Value Fund and International Value Fund outperformed the median returns of their respective Peer Group for the one-year period; all Funds outperformed the median returns of their respective Peer Group for the three-year period; all Funds with a five-year performance history outperformed the median returns of their respective Peer Group for the five-year period except the Small Cap Diversified Value Fund; and all Funds with a ten-year performance history outperformed the median returns of their

67<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**ADDITIONAL INFORMATION** 

**June 30, 2025 (Unaudited) (Continued)** 

respective Peer Group for the ten-year period except the Large Cap Fundamental Value Fund, Mid-Cap Value Fund, Small Cap Value Fund, Small Cap Diversified Value Fund, and High Yield Fund. The Board considered that the Advisor had been consistent in its approach to managing the Funds. The Board concluded that the Advisor's services in managing each Fund's portfolio were satisfactory.

**<u>Fees, Expenses and Profitability</u>** 

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

With respect to the advisory fee for each Fund, the Board noted that the Report showed that the Large Cap Disciplined Value, Large Cap Fundamental Value, Small Cap Diversified Value, and Value Opportunities Funds' contractual advisory fees were higher than the median contractual advisory fees of their respective Peer Group, that the Small Cap Value, Global Value, and International Small Cap Diversified Value Funds' contractual advisory fees were lower than the median contractual advisory fees of their respective Peer Group, and that the Mid-Cap Value, International Value, and High Yield Funds' contractual advisory fees were the same as the median contractual advisory fees of their respective Peer Group. The Board also noted that the net expense ratios, after implementation of the expense caps for the Class I shares of all the Funds were above the median net expense ratio of their Peer Group, except for the Small Cap Diversified Value Fund and International Small Cap Diversified Value Fund. The Board noted that the Advisor uses a fundamental research-intensive process. The Board considered the expense caps put in place by the Advisor for each Fund (as further described below). The Board concluded that the advisory fee was fair and reasonable for each Fund in light of the nature, extent and quality of services provided by the Advisor.

The Board reviewed information concerning the estimated profitability to the Advisor of the Advisory Agreements, including information regarding the methodology for allocating expenses. The Board reviewed data regarding the Advisor's variable expenses and fixed expenses. The Board considered that in 2024, as in recent prior years, the Advisor had absorbed costs above expense caps for which it would not be reimbursed for the Large Cap Disciplined Value, Large Cap Fundamental Value, Small Cap Value, Small Cap Diversified Value, Global Value, International Value, International Small Cap Diversified Value and High Yield Funds. The Board considered that the Advisor has agreed to continue the expense caps for the share classes of each Fund through at least August 29, 2026. The Board also recognized that individual fund or product line profitability of other advisers is generally not publicly available, and that profitability may be affected by numerous factors, so that the comparability of profitability among advisory firms is limited. The Board noted the importance of the Advisor's profitability—which is derived solely from investment management fees – in maintaining its entrepreneurial environment in a private, primarily employee-owned structure. The Board also noted that the Advisor's compensation/profit structure facilitates retention of its management and investment professionals. The Board concluded that the level of estimated profitability to the Advisor under the Advisory Agreements was not unreasonable.

**<u>Economies of Scale and Whether Fee Levels Reflect These Economies of Scale</u>** 

The Board reviewed the information provided by the Advisor as to the extent to which it has in the past or is likely in the future to realize economies of scale in connection with the investment advisory services it provides as each Fund grows. The Board noted the low level of assets under management in certain Funds. The Board considered that the breakpoints in the Large Cap Disciplined Value, Large Cap Fundamental Value, and Mid-Cap Value Funds' advisory fee schedules can enable shareholders to share in economies of scale. The Board considered the amount of advisory fees that the Advisor waived and Fund operating expenses that the Advisor reimbursed in 2024 to the benefit of certain Funds and their shareholders. The Board also considered information regarding the investment, compliance and client service personnel employed by the Advisor. The Board concluded, after taking into consideration the factors above, that each Fund's fee level was appropriate.

68<br>

------

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

**HOTCHKIS & WILEY FUNDS** 

**ADDITIONAL INFORMATION** 

**June 30, 2025 (Unaudited) (Continued)** 

**<u>Fall-Out Benefits to the Advisor from its Relationship to the Funds</u>** 

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

\* \* \* \*

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

69<br>

------

![](hotchkis-logo_cover.jpg)

![](hotchkis-logo_cover2.jpg)

**Hotchkis & Wiley SMID Cap Diversified Value Fund** 

**Annual Financial Statements and Additional Information** 

JUNE 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi1) | &nbsp;&nbsp; [1](#soi1) |
| [Statement of Assets and Liabilities](#sal1) | &nbsp;&nbsp; [4](#sal1) |
| [Statement of Operations](#sop1) | &nbsp;&nbsp; [5](#sop1) |
| [Statement of Changes in Net Assets](#scna1) | &nbsp;&nbsp; [6](#scna1) |
| [Financial Highlights](#fihi1) | &nbsp;&nbsp; [7](#fihi1) |
| [Notes to the Financial Statements](#notes1) | &nbsp;&nbsp; [8](#notes1) |
| [Report of Independent Registered Public Accounting Firm](#report1) | &nbsp;&nbsp; [14](#report1) |
| [Additional Information (Unaudited)](#add1) | &nbsp;&nbsp; [15](#add1) |

---

------

**[**TABLE OF CONTENTS**](#FIN2)**

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

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.9%**<br>|  |  |
| **Aerospace & Defense - 1.2%**<br>|  |  |
| Huntington Ingalls Industries, Inc. | 96 | $23180  |
| **Automobile Components - 5.4%**<br>|  |  |
| Adient PLC<sup>(a)</sup> | 592 | 11520  |
| Aptiv PLC<sup>(a)</sup> | 320 | 21830  |
| BorgWarner, Inc. | 696 | 23302  |
| Gentex Corp. | 336 | 7389  |
| Lear Corp. | 136 | 12917  |
| Magna International, Inc. | 568 | 21930  |
| Visteon Corp.<sup>(a)</sup> | 104 | 9703  |
|  |  | 108591  |
| **Automobiles - 1.4%**<br>|  |  |
| General Motors Co. | 424 | 20865  |
| Harley-Davidson, Inc. | 312 | 7363  |
|  |  | 28228  |
| **Banks - 10.4%**<br>|  |  |
| Associated Banc-Corp. | 528 | 12878  |
| BankUnited, Inc. | 224 | 7972  |
| Cathay General Bancorp | 184 | 8378  |
| Citizens Financial Group, Inc. | 488 | 21838  |
| Columbia Banking System, Inc. | 312 | 7295  |
| Comerica, Inc. | 336 | 20042  |
| First Hawaiian, Inc. | 320 | 7987  |
| First Horizon Corp. | 624 | 13229  |
| Flagstar Financial, Inc. | 672 | 7123  |
| KeyCorp | 1240 | 21601  |
| Popular, Inc. | 216 | 23805  |
| Simmons First National Corp. - Class A | 384 | 7281  |
| Valley National Bancorp | 888 | 7930  |
| WaFd, Inc. | 280 | 8198  |
| Western Alliance Bancorp | 152 | 11853  |
| Zions Bancorp NA | 400 | 20776  |
|  |  | 208186  |
| **Capital Markets - 4.6%**<br>|  |  |
| Federated Hermes, Inc. | 192 | 8510  |
| Franklin Resources, Inc. | 1008 | 24041  |
| Invesco Ltd. | 768 | 12111  |
| Northern Trust Corp. | 120 | 15215  |
| State Street Corp. | 216 | 22969  |
| Virtu Financial, Inc. - Class A | 216 | 9675  |
|  |  | 92521  |
| **Chemicals - 0.9%**<br>|  |  |
| Cabot Corp. | 96 | 7200  |
| Huntsman Corp. | 496 | 5168  |
| Olin Corp. | 320 | 6429  |
|  |  | 18797  |
| **Commercial Services & Supplies - 1.2%**<br>|  |  |
| ABM Industries, Inc. | 168 | 7931  |
| Brink's Co. | 88 | 7858  |
| MillerKnoll, Inc. | 392 | 7613  |
|  |  | 23402  |
| **Communications Equipment - 2.1%**<br>|  |  |
| F5, Inc.<sup>(a)</sup> | 72 | 21191  |
| Telefonaktiebolaget LM Ericsson - ADR | 2544 | 21573  |
|  |  | 42764  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Construction & Engineering - 0.8%**<br>|  |  |
| Fluor Corp.<sup>(a)</sup> | 320 | $16406  |
| **Consumer Finance - 2.3%**<br>|  |  |
| Ally Financial, Inc. | 536 | 20877  |
| Synchrony Financial | 368 | 24561  |
|  |  | 45438  |
| **Containers & Packaging - 0.8%**<br>|  |  |
| Silgan Holdings, Inc. | 152 | 8236  |
| Sonoco Products Co. | 168 | 7318  |
|  |  | 15554  |
| **Electric Utilities - 2.1%**<br>|  |  |
| OGE Energy Corp. | 264 | 11716  |
| Portland General Electric Co. | 272 | 11051  |
| PPL Corp. | 568 | 19250  |
|  |  | 42017  |
| **Electrical Equipment - 0.5%**<br>|  |  |
| Sensata Technologies Holding PLC | 304 | 9153  |
|  **Electronic Equipment, Instruments & Components - 4.2%**<br>|  |  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 112 | 14272  |
| Avnet, Inc. | 248 | 13164  |
| Corning, Inc. | 168 | 8835  |
| Crane NXT Co. | 152 | 8193  |
| IPG Photonics Corp.<sup>(a)</sup> | 120 | 8238  |
| TE Connectivity PLC | 136 | 22939  |
| Vishay Intertechnology, Inc. | 480 | 7623  |
|  |  | 83264  |
| **Energy Equipment & Services - 2.8%**<br>|  |  |
| Baker Hughes Co. | 456 | 17483  |
| Expro Group Holdings NV<sup>(a)</sup> | 760 | 6529  |
| Halliburton Co. | 472 | 9619  |
| Liberty Energy, Inc. | 496 | 5694  |
| NOV, Inc. | 1312 | 16308  |
|  |  | 55633  |
| **Entertainment - 1.0%**<br>|  |  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 1816 | 20811  |
| **Financial Services - 5.7%**<br>|  |  |
| Corebridge Financial, Inc. | 624 | 22152  |
| Essent Group Ltd. | 208 | 12632  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 72 | 7299  |
| Fidelity National Information Services, Inc. | 264 | 21492  |
| Radian Group, Inc. | 360 | 12967  |
| Voya Financial, Inc. | 176 | 12496  |
| Western Union Co. | 752 | 6332  |
| WEX, Inc.<sup>(a)</sup> | 128 | 18802  |
|  |  | 114172  |
| **Food Products - 2.9%**<br>|  |  |
| Cal-Maine Foods, Inc. | 88 | 8767  |
| Conagra Brands, Inc. | 752 | 15394  |
| General Mills, Inc. | 336 | 17408  |
| Kraft Heinz Co. | 664 | 17145  |
|  |  | 58714  |
| **Gas Utilities - 0.4%**<br>|  |  |
| Spire, Inc. | 104 | 7591  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#FIN2)**

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

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Ground Transportation - 0.9%**<br>|  |  |
| U-Haul Holding Co. | 344 | $18703  |
| **Health Care Equipment & Supplies - 3.2%**<br>|  |  |
| GE HealthCare Technologies, Inc. | 248 | 18369  |
| LivaNova PLC<sup>(a)</sup> | 200 | 9004  |
| Solventum Corp.<sup>(a)</sup> | 264 | 20022  |
| Zimmer Biomet Holdings, Inc. | 176 | 16053  |
|  |  | 63448  |
| **Health Care Providers & Services - 4.3%**<br>|  |  |
| Centene Corp.<sup>(a)</sup> | 336 | 18238  |
| Humana, Inc. | 72 | 17602  |
| Labcorp Holdings, Inc. | 48 | 12600  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 64 | 19066  |
| Universal Health Services, Inc. - Class B | 104 | 18840  |
|  |  | 86346  |
| **Hotels, Restaurants & Leisure - 1.6%**<br>|  |  |
| International Game Technology PLC | 488 | 7715  |
| Marriott Vacations Worldwide Corp. | 120 | 8677  |
| Travel + Leisure Co. | 168 | 8671  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 168 | 7921  |
|  |  | 32984  |
| **Household Durables - 1.2%**<br>|  |  |
| KB Home | 136 | 7204  |
| M/I Homes, Inc.<sup>(a)</sup> | 72 | 8073  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 248 | 7923  |
|  |  | 23200  |
| **Insurance - 8.1%**<br>|  |  |
| American International Group, Inc. | 240 | 20542  |
| Assured Guaranty Ltd. | 88 | 7665  |
| CNO Financial Group, Inc. | 192 | 7407  |
| Everest Group Ltd. | 56 | 19032  |
| Fidelity National Financial, Inc. | 184 | 10315  |
| Globe Life, Inc. | 88 | 10938  |
| Hartford Insurance Group, Inc. | 96 | 12179  |
| Kemper Corp. | 176 | 11359  |
| Loews Corp. | 128 | 11732  |
| Principal Financial Group, Inc. | 232 | 18428  |
| Prudential Financial, Inc. | 176 | 18909  |
| Travelers Cos., Inc. | 48 | 12842  |
|  |  | 161348  |
| **IT Services - 1.5%**<br>|  |  |
| Amdocs Ltd. | 128 | 11679  |
| ASGN, Inc.<sup>(a)</sup> | 128 | 6391  |
| Cognizant Technology Solutions Corp. - Class A | 152 | 11860  |
|  |  | 29930  |
| **Leisure Products - 0.8%**<br>|  |  |
| Brunswick Corp./DE | 144 | 7954  |
| Polaris, Inc. | 184 | 7480  |
|  |  | 15434  |
| **Machinery - 6.9%**<br>|  |  |
| AGCO Corp. | 120 | 12379  |
| Albany International Corp. - Class A | 112 | 7855  |
| Allison Transmission Holdings, Inc. | 80 | 7599  |
| Atmus Filtration Technologies, Inc. | 208 | 7575  |
| CNH Industrial NV | 1568 | 20321  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Cummins, Inc. | 64 | $20960  |
| Greenbrier Cos., Inc. | 152 | 7000  |
| Hillenbrand, Inc. | 312 | 6262  |
| PACCAR, Inc. | 200 | 19012  |
| Stanley Black & Decker, Inc. | 256 | 17344  |
| Timken Co. | 160 | 11608  |
|  |  | 137915  |
| **Media - 2.1%**<br>|  |  |
| Omnicom Group, Inc. | 152 | 10935  |
| Paramount Global - Class B | 1024 | 13210  |
| WPP PLC - ADR | 512 | 17925  |
|  |  | 42070  |
| **Multi-Utilities - 2.3%**<br>|  |  |
| Avista Corp. | 200 | 7590  |
| Black Hills Corp. | 200 | 11220  |
| Dominion Energy, Inc. | 368 | 20800  |
| Northwestern Energy Group, Inc. | 144 | 7387  |
|  |  | 46997  |
| **Oil, Gas & Consumable Fuels - 4.7%**<br>|  |  |
| APA Corp. | 944 | 17266  |
| Baytex Energy Corp. | 3528 | 6315  |
| Cenovus Energy, Inc. | 1416 | 19257  |
| Crescent Energy Co. - Class A | 712 | 6123  |
| Kosmos Energy Ltd.<sup>(a)</sup> | 3464 | 5958  |
| Murphy Oil Corp. | 280 | 6300  |
| Northern Oil & Gas, Inc. | 256 | 7258  |
| Ovintiv, Inc. | 464 | 17655  |
| PBF Energy, Inc. - Class A | 416 | 9015  |
|  |  | 95147  |
| **Passenger Airlines - 0.4%**<br>|  |  |
| Alaska Air Group, Inc.<sup>(a)</sup> | 152 | 7521  |
| **Pharmaceuticals - 0.8%**<br>|  |  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 160 | 16979  |
| **Professional Services - 1.4%**<br>|  |  |
| Insperity, Inc. | 88 | 5291  |
| Korn Ferry | 120 | 8800  |
| ManpowerGroup, Inc. | 136 | 5494  |
| Maximus, Inc. | 120 | 8424  |
|  |  | 28009  |
|  **Real Estate Management & Development - 1.4%**<br>|  |  |
| Cushman & Wakefield PLC<sup>(a)</sup> | 768 | 8502  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 80 | 20462  |
|  |  | 28964  |
|  **Semiconductors & Semiconductor Equipment - 0.5%**<br>|  |  |
| Diodes, Inc.<sup>(a)</sup> | 176 | 9309  |
| **Specialty Retail - 1.8%**<br>|  |  |
| Lithia Motors, Inc. | 40 | 13513  |
| Signet Jewelers Ltd. | 136 | 10819  |
| Sonic Automotive, Inc. - Class A | 144 | 11510  |
|  |  | 35842  |
| **Textiles, Apparel & Luxury Goods - 0.4%**<br>|  |  |
| Steven Madden Ltd. | 296 | 7098  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#FIN2)**

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

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Trading Companies & Distributors - 1.9%**<br>|  |  |
| MSC Industrial Direct Co., Inc. - Class A | 96 | $8162  |
| Rush Enterprises, Inc. - Class A | 144 | 7417  |
| WESCO International, Inc. | 120 | 22224  |
|  |  | 37803  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,861,616)** |  | 1939469  |
| **REAL ESTATE INVESTMENT TRUSTS - 2.4%** | **REAL ESTATE INVESTMENT TRUSTS - 2.4%** | **REAL ESTATE INVESTMENT TRUSTS - 2.4%** |
| **Hotel & Resort REITs - 1.4%**<br>|  |  |
| Host Hotels & Resorts, Inc. | 1376 | 21135  |
| Park Hotels & Resorts, Inc. | 720 | 7366  |
|  |  | 28501  |
| **Office REITs - 1.0%**<br>|  |  |
| Vornado Realty Trust | 528 | 20191  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $46,349)** |  | 48692  |
| **SHORT-TERM INVESTMENTS - 0.6%** | **SHORT-TERM INVESTMENTS - 0.6%** | **SHORT-TERM INVESTMENTS - 0.6%** |
| **Money Market Funds - 0.6%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 11317 | 11317  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $11,317)** |  | 11317  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $1,919,282)** |  | $1999478  |
| Other Assets in Excess of Liabilities - 0.1% |  | 2776  |
| **TOTAL NET ASSETS - 100.0%** |  | $2002254 |

---

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 codingat 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 effective yield as of June 30, 2025.

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

3<br>

------

**[**TABLE OF CONTENTS**](#FIN2)**

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

**STATEMENT OF ASSETS AND LIABILITIES** 

**June 30, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $1999478  |
| Dividends receivable | 3437  |
| Cash | 156  |
| Dividend tax reclaims receivable | 51  |
| Interest receivable | 19  |
| &nbsp;&nbsp;&nbsp; Total assets | 2003141  |
| **LIABILITIES:**<br>|  |
| Payable to advisor | 887  |
| Total liabilities | 887  |
| Commitments and contingencies (Note 5)<br>|  |
| &nbsp;&nbsp;&nbsp; Net assets | $2002254  |
| **Net Assets Consist of:**<br>|  |
| Capital stock ($0.01 per share) | $800  |
| Additional paid-in capital | 1910308  |
| Total accumulated distributable earnings | 91146  |
| Total net assets | $2002254  |
| Net assets | $2002254  |
| Shares issued and outstanding<sup>(a)</sup> | 80000  |
| Net asset value per share | $25.03  |
| **Cost:**<br>|  |
| Investments, at cost | $1919282 |

---

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

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

4<br>

------

**[**TABLE OF CONTENTS**](#FIN2)**

**HOTCHKIS & WILEY SMID CAP DIVERSIFIED VALUE FUND<sup>(a)</sup>** 

**STATEMENT OF OPERATIONS** 

**For the Period Ended June 30, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $13342  |
| Less: Dividend withholding taxes | (91)  |
| &nbsp;&nbsp;&nbsp; Total investment income | 13251  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 2319  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2319  |
| NET INVESTMENT INCOME | 10932  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 18  |
| Net realized gain (loss) | 18  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 80196  |
| Net change in unrealized appreciation (depreciation) | 80214  |
| Net realized and unrealized gain (loss) | 80214  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $91146 |

---

<sup>(a)</sup> Inception date of the Fund was March 28, 2025.

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

5<br>

------

**[**TABLE OF CONTENTS**](#FIN2)**

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

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $10932  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 18  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 80196  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | &nbsp;&nbsp;&nbsp; 91146  |
| **CAPITAL TRANSACTIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 1911106  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | &nbsp;&nbsp;&nbsp; 2  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions | &nbsp;&nbsp;&nbsp; 1911108  |
| &nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | &nbsp;&nbsp;&nbsp; 2002254  |
| **NET ASSETS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp; $2002254  |
| **SHARES TRANSACTIONS**<br>|  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 80000  |
| &nbsp;&nbsp;&nbsp; Total increase (decrease) in shares outstanding | &nbsp;&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>

------

**[**TABLE OF CONTENTS**](#FIN2)**

**Financial Highlights** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment operations:** | **Investment operations:** | **Investment operations:** | | | **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** | <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 |
| 6/30/2025<sup>(e)</sup> | &nbsp;&nbsp; $24.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.52<br> &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(f)</sup> | &nbsp;&nbsp; $25.03 | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp;&nbsp; $2002 | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.59% | &nbsp;&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> Inception date of the Fund was March 28, 2025.

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

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

7<br>

------

**[**TABLE OF CONTENTS**](#FIN2)**

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025** 

**NOTE 1. ORGANIZATION** 

The Hotchkis & Wiley SMID Cap Diversified Value Fund (the "Fund") is a series of shares of beneficial interest of Hotchkis & Wiley Funds (the "Trust"), a Delaware business 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 the 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 the 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 Statement 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>

------

**[**TABLE OF CONTENTS**](#FIN2)**

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (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 – <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 the Fund's assets as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $1939469 | $— | $— | $1939469  |
| Real Estate Investment Trusts | 48692 |  |  | 48692  |
| Money Market Funds | 11317 |  |  | 11317  |
| Total Investments | $1999478 | $— | $— | $1999478 |

---

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 gain, 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>

------

**[**TABLE OF CONTENTS**](#FIN2)**

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (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 isolates the portion of realized gains or losses and does not isolate the portion of unrealized appreciation or depreciation resulting from changes in foreign exchange rates on securities from the fluctuations arising from changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of securities, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the 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 June 30, 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 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 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, administrative, custody, and transfer agency fees.

10<br>

------

**[**TABLE OF CONTENTS**](#FIN2)**

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

**NOTE 3. INVESTMENTS** 

For the period ended June 30, 2025, the aggregate purchases and sales of securities by the Fund, excluding short-term securities and in-kind transactions, and the in-kind transactions associated with creations and redemptions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **In-Kind**<br>**Purchases** | **In-Kind**<br>**Sales**  |
| Hotchkis & Wiley SMID Cap Diversified Value Fund | &nbsp;&nbsp; $8231 | $— | $1899734 | $— |

---

For the period ended June 30, 2025, short-term and long-term gains on in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Hotchkis & Wiley SMID Cap Diversified Value Fund | $— | $— |

---

The Fund did not have any purchases or sales of U.S. Government securities for the period ended June 30, 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 |

---

There were no adjustments made on the Statement of Assets and Liabilities for permanent tax differences.

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.

11<br>

------

**[**TABLE OF CONTENTS**](#FIN2)**

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

**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.

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, 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 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** 

In the reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. 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

12<br>

------

**[**TABLE OF CONTENTS**](#FIN2)**

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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 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>

------

**[**TABLE OF CONTENTS**](#FIN2)**

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

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Trustees

of Hotchkis & Wiley Funds

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets & liabilities, including the schedule of investments, of Hotchkis & Wiley SMID Cap Diversified Value Fund (the "Fund"), one of the funds constituting the Hotchkis & Wiley Funds (the "Trust"), as of June 30, 2025, the related statement of operations, the statement of changes in net assets, and the financial highlights for the period from March 28, 2025 (commencement of operations) through June 30, 2025, and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund, as of June 30, 2025, and the results of its operations, the changes in its net assets, and the financial highlights for the period from March 28, 2025 (commencement of operations) through June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](17265_3signature.jpg)

Costa Mesa, California

August 21, 2025

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

14<br>

------

**[**TABLE OF CONTENTS**](#FIN2)**

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

**ADDITIONAL INFORMATION (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.**

**<u>Board Considerations in Approving the Investment Advisory Agreement for the Hotchkis</u> <u>and Wiley SMID Cap</u> <u>Diversified Value Fund</u>** 

The Board of Trustees of the Hotchkis and Wiley Funds (the "Trust"), including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) (the "Independent Trustees"), approved the Investment Advisory Agreement (the "Advisory Agreement") between the Trust, on behalf of the Hotchkis & Wiley SMID Cap Diversified Value Fund, a newly established series of the Trust (the "Fund"), and Hotchkis and Wiley Capital Management, LLC (the "Advisor"), at a meeting held on February 19, 2025. The Board determined that the terms of the Advisory Agreement are fair and reasonable and that the Advisory Agreement is in the best interests of the Fund.

The Board considered its duties under the 1940 Act, as well as under the general principles of state law in reviewing and approving investment advisory contracts; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the Advisory Agreement, the Independent Trustees participated in the November 12, 2024 Board meeting at which the portfolio managers discussed their background and relevant experience and the investment strategy for the Fund. The Independent Trustees received a report from the Advisor in advance of the February 19, 2025 meeting that responded to an information request for data relevant to consideration of the Advisory Agreement from counsel to the Independent Trustees. The report, among other things, noted the services to be provided by the Advisor would be consistent with the services provided to the other funds in the Trust (noting that the Advisor does not currently manage an ETF or any other account in this strategy); the proposed unitary advisory fee for the Fund as compared to fees charged by investment advisers to peer SMID cap value ETFs; estimated expenses of the Fund as compared to expense ratios of the peer funds; the nature of expenses to be incurred in providing services to the Fund; and financial data on the Advisor. The Independent Trustees considered the extensive information provided by the Advisor as part of the annual contract renewal process. The Independent Trustees also met separately with their independent legal counsel to discuss the information provided by the Advisor. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor are reasonable business arrangements from the Fund's perspective as well as from the perspective of prospective shareholders.

The Board determined that given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreement. In deciding to approve the Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis, including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**<u>Nature, Extent and Quality of Services</u>** 

In reviewing the Advisory Agreement, the Board considered the nature, extent and quality of services to be provided by the Advisor. At the preliminary meeting held in November 2024, the Trustees received a presentation from the portfolio managers and asked questions about the proposed investment strategy for the Fund and how portfolio trades would be executed. The Board considered that the Advisor will be responsible for the overall management of the Fund, that the Advisor manages the other funds in the Trust, and that the services provided by the Advisor to the Fund are anticipated to be of the same

15<br>

------

**[**TABLE OF CONTENTS**](#FIN2)**

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

**ADDITIONAL INFORMATION (UNAUDITED) (Continued)** 

nature and quality as the services provided by the Advisor to the other funds in the Trust. The Board noted that due to the Advisor's management of the other funds in the Trust, the Board is familiar with the background and experience of the Fund's portfolio managers and their investment style, the depth and quality of the Advisor's investment process, the low turnover rates of the Advisor's key personnel, the overall stability of the Advisor's organization, and the experience, capability and integrity of its senior management.

The Board also considered other non-advisory services to be provided by the Advisor to the Fund, such as the services of Advisor employees as Trust officers and other personnel provided that are necessary for Fund operations. The Board noted that the Advisor will organize Board meetings and prepare Board meeting materials, and those Advisor employees serving as Trust officers will oversee and manage the other Fund service providers. The Board concluded that the nature, extent and quality of services to be provided to the Fund by the Advisor under the Advisory Agreement were expected to be satisfactory.

**<u>Fees, Expenses, Profitability and Economies of Scale</u>** 

The Trustees reviewed and discussed the information provided by the Advisor on the Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee to be charged to the Fund is a unitary advisory fee and that the Advisor will pay all other operating expenses of the Fund, excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act, and litigation expenses and other non-routine or extraordinary expenses. The Trustees compared the Fund's net expense ratio to information compiled by the Advisor from Morningstar on the net expense ratios of comparable ETFs. The Trustees noted that the net expense ratio for the Fund was lower than the median net expense ratios of its ETF peer funds.

Since the Fund is newly organized, the Board did not consider investment performance of the Fund. Based on all of the information provided, the Board concluded that the unitary advisory fee to be charged to the Fund was reasonable and appropriate in light of the services to be provided and the administrative, operational, and management oversight costs for the Advisor.

**<u>Fall-Out Benefits to the Advisor from its Relationship to the Fund</u>** 

The Board noted that the Fund had not commenced operations so there were no economies of scale to consider. The Board considered that the Advisor had identified as a fall-out benefit to the Advisor its ability to use the Fund's soft dollars to obtain third-party research.

\* \* \* \*

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined that the terms of the Advisory Agreement are fair and reasonable and that the approval of the Agreement is in the best interests of the Fund. No single factor was determinative in the Board's analysis.

16<br>

------

![](hotchkis-logo_cover.jpg)

![](hotchkis-logo_cover2.jpg)

**HW Opportunities MP Fund** 

**Annual Financial Statements and** 

**Additional Information** 

JUNE 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi2) | &nbsp;&nbsp; [1](#soi2) |
| [Statement of Assets and Liabilities](#sal2) | &nbsp;&nbsp; [3](#sal2) |
| [Statement of Operations](#sop2) | &nbsp;&nbsp; [4](#sop2) |
| [Statements of Changes in Net Assets](#scna2) | &nbsp;&nbsp; [5](#scna2) |
| [Financial Highlights](#fihi2) | &nbsp;&nbsp; [6](#fihi2) |
| [Notes to the Financial Statements](#notes2) | &nbsp;&nbsp; [7](#notes2) |
| [Report of Independent Registered Public Accounting Firm](#report2) | &nbsp;&nbsp; [14](#report2) |
| [Additional Information (Unaudited)](#add2) | &nbsp;&nbsp; [15](#add2) |

---

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW Opportunities MP Fund** 

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 89.6%** |  |  |
| **Automobile Components - 1.5%** |  |  |
| Aptiv PLC<sup>(a)</sup> | 15300 | $1043766  |
| **Automobiles - 0.7%**<br>|  |  |
| General Motors Co. | 9100 | 447811  |
| **Banks - 2.1%**<br>|  |  |
| Citigroup, Inc. | 11200 | 953344  |
| Citizens Financial Group, Inc. | 11630 | 520442  |
|  |  | 1473786  |
| **Beverages - 1.4%**<br>|  |  |
| Heineken NV - ADR | 22800 | 996360  |
| **Broadline Retail - 0.1%**<br>|  |  |
| Articore Group Ltd.<sup>(a)</sup> | 339600 | 44493  |
| **Capital Markets - 1.1%**<br>|  |  |
| Bank of New York Mellon Corp. | 3700 | 337107  |
| State Street Corp. | 4200 | 446628  |
|  |  | 783735  |
| **Chemicals - 11.4%**<br>|  |  |
| Ecovyst, Inc.<sup>(a)</sup> | 495400 | 4077142  |
| Fuso Chemical Co. Ltd. | 141900 | 3803188  |
|  |  | 7880330  |
|  **Communications Equipment - 2.9%**<br>|  |  |
| F5, Inc.<sup>(a)</sup> | 6900 | 2030808  |
| **Consumer Finance - 0.5%** |  |  |
| SLM Corp. | 9608 | 315046  |
|  **Electronic Equipment, Instruments & Components - 1.1%**<br>|  |  |
| Avnet, Inc. | 14000 | 743120  |
| **Energy Equipment & Services - 6.9%** |  |  |
| Baker Hughes Co. | 41630 | 1596094  |
| NOV, Inc. | 73200 | 909876  |
| Schlumberger NV | 67000 | 2264600  |
|  |  | 4770570  |
| **Ground Transportation - 8.0%** |  |  |
| U-Haul Holding Co. | 102450 | 5570207  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 2.2%** |  |  |
| GE HealthCare Technologies, Inc. | 20600 | 1525842  |
|  **Health Care Providers & Services - 2.4%**<br>|  |  |
| Humana, Inc. | 6900 | 1686912  |
|  **Hotels, Restaurants & Leisure - 2.4%**<br>|  |  |
|  Marriott Vacations Worldwide Corp. | 22800 | 1648668  |
| **Household Products - 4.5%** |  |  |
| Henkel AG & Co. KGaA | 42800 | 3104091  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrial Conglomerates - 5.0%** |  |  |
| Siemens AG - ADR | 21100 | $2719157  |
| Siemens AG | 3000 | 770577  |
|  |  | 3489734  |
| **Insurance - 0.8%**<br>|  |  |
|  Global Indemnity Group LLC - Class A | 18154 | 569309  |
|  **Interactive Media & Services - 1.4%**<br>|  |  |
| Alphabet, Inc. - Class A | 5480 | 965740  |
| **Media - 12.9%**<br>|  |  |
| Comcast Corp. - Class A | 8200 | 292658  |
| Havas NV | 2663000 | 4578391  |
| Stagwell, Inc.<sup>(a)</sup> | 684560 | 3080520  |
| WPP PLC - ADR | 28900 | 1011789  |
|  |  | 8963358  |
| **Multi-Utilities - 0.4%**<br>|  |  |
| Dominion Energy, Inc. | 5300 | 299556  |
| **Oil, Gas & Consumable Fuels - 4.2%** |  |  |
| APA Corp. | 38600 | 705994  |
| Kosmos Energy Ltd.<sup>(a)</sup> | 210300 | 361716  |
| Murphy Oil Corp. | 14300 | 321750  |
| Ovintiv, Inc. | 40000 | 1522000  |
|  |  | 2911460  |
| **Passenger Airlines - 6.4%** |  |  |
| Qantas Airways Ltd. | 625670 | 4420093  |
| **Professional Services - 0.0%<sup>(b)</sup>** |  |  |
| Hudson Global, Inc.<sup>(a)</sup> | 1874 | 15948  |
|  **Real Estate Management & Development - 4.3%** |  |  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 11600 | 2967048  |
| **Software - 3.9%**<br>|  |  |
| Microsoft Corp. | 760 | 378032  |
| Workday, Inc. - Class A<sup>(a)</sup> | 9700 | 2328000  |
|  |  | 2706032  |
| **Specialty Retail - 1.1%**<br>|  |  |
| Lithia Motors, Inc. | 2300 | 776986  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $58,858,431)** |  | 62150809  |
| **EXCHANGE TRADED FUNDS - 4.7%** |  |  |
| **Investment Companies - 4.7%** |  |  |
|  iShares 20+ Year Treasury Bond ETF | 4800 | 423600  |
| Vanguard Long-Term Treasury ETF | 50900 | 2856508  |
|  |  | 3280108  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $3,224,282)** |  | 3280108  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW Opportunities MP Fund** 

**Schedule of Investments** 

**June 30, 2025 (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)(c)</sup> |  | 18200 | $259350  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $41,760)** |  |  | 259350  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.3%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.3%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.3%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.3%** |
|  **Real Estate Management & Development - 0.3%** | **Real Estate Management & Development - 0.3%** |  |  |
|  Seritage Growth Properties - Class A<sup>(a)</sup> |  | 69700 | 214676  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $311,614)** |  |  | 214676  |
|  |  | **Par**  |  |
| **SHORT-TERM INVESTMENTS - 3.9%** | **SHORT-TERM INVESTMENTS - 3.9%** |  |  |
| **Time Deposits - 3.9%**<br>|  |  |  |
|  Australia and New Zealand Banking Group Ltd., 2.61%, 07/01/2025<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; AUD | 133 | 88  |
|  Brown Brothers Harriman and Co., 0.12%, 07/01/2025<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; JPY | 4566396 | 31710  |
|  Citigroup, Inc., 3.68%, 07/01/2025<sup>(d)</sup> |  | 2443303 | 2443303  |
|  Citigroup, Inc., 0.86%, 07/01/2025<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; EUR | 160120 | 188614  |
|  Citigroup, Inc., 3.17%, 07/01/2025<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; GBP | 32 | 44  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,658,417)** |  |  | 2663759  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $65,094,504)** |  |  | $68568702  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  |  | 796599  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $69365301 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

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

AUD - Australian Dollar

EUR - Euro

GBP - British Pound

JPY - Japanese Yen

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> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2025.

<sup>(d)</sup> Invested through a cash management account administered by Brown Brothers Harriman & Co.

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

2<br>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW Opportunities MP Fund** 

**Statement of Assets and Liabilities** 

**June 30, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $68568702  |
| Receivable for investments sold | 661147  |
| Dividends receivable | 83030  |
| Dividend tax reclaims receivable | 64911  |
| Receivable from Advisor | 20331  |
| Cash | 6150  |
| Receivable for fund shares sold | 1446  |
| Interest receivable | 265  |
| Foreign currency, at value | 127  |
| Prepaid expenses and other assets | 14656  |
| &nbsp;&nbsp;&nbsp; Total assets | $69420765  |
| **LIABILITIES:**<br>|  |
| Payable for audit fees | 20754  |
| Payable for fund administration and accounting fees | 10866  |
| Payable for investments purchased | 9893  |
| Payable for custodian fees | 7713  |
| Payable for printing and mailing | 3797  |
| Payable for capital shares redeemed | 1933  |
| Payable for expenses and other liabilities | 508  |
| Total liabilities | 55464  |
| Commitments and contingencies (Note 5)<br>|  |
| &nbsp;&nbsp;&nbsp; Net assets | $69365301  |
| **Net Assets Consists of:**<br>|  |
| Capital stock ($0.001 per share) | $4701  |
| Additional paid-in capital | 65384370  |
| Total accumulated distributable earnings | 3976230  |
| Total net assets | $69365301  |
| Net assets | $69365301  |
| Shares issued and outstanding<sup>(a)</sup> | 4700995  |
| Net asset value per share | $14.76  |
| **Cost:**<br>|  |
| Investments, at cost | $65094504  |
| Foreign currency, at cost | $127 |

---

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

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

3<br>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW Opportunities MP Fund** 

**Statement of Operations** 

**For the Year Ended June 30, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $1540790  |
| Interest income | 108807  |
| Less: Issuance fees | (3102)  |
| Less: Dividend withholding taxes | (102473)  |
| &nbsp;&nbsp;&nbsp; Total investment income | 1544022  |
| **EXPENSES:**<br>|  |
| Fund administration and accounting fees | 68150  |
| Federal and state registration fees | 25744  |
| Audit fees | 20767  |
| Custodian fees | 15918  |
| Transfer agent fees | 11208  |
| Trustees' fees | 7137  |
| Legal fees | 6075  |
| Reports to shareholders | 4809  |
| Compliance fees | 1382  |
| Overdraft fees | 182  |
| Other expenses and fees | 19542  |
| &nbsp;&nbsp;&nbsp; Total expenses | 180914  |
| Expense reimbursement by Advisor | (180732)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 182  |
| Net Investment Income | 1543840  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 1365172  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 11886  |
| Net realized gain (loss) | 1377058  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (47575)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 3369  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (44206)  |
| Net realized and unrealized gain (loss) | 1332852  |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2876692 |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW Opportunities MP Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1543840 | $1154920  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1377058 | 5186602  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (44206) | 3550694  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 2876692 | 9892216  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (5927035) | (3592945)  |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | (5927035) | (3592945)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 25504951 | 69887096  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (17436330) | (57900643)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions | 8068621 | 11986453  |
| Net Increase (Decrease) In Net Assets | 5018278 | 18285724  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 64347023 | 46061299  |
| &nbsp;&nbsp;&nbsp; End of the year | $69365301 | $64347023  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1750707 | 4864518  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1220569) | (4043023)  |
| Total increase (decrease) in shares outstanding | 530138 | 821495 |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW Opportunities MP Fund** 

**Financial Highlights** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **Net asset** <br>**value,** <br>**end of** <br>**year** | **Total** <br>**return<sup>(d)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**For the** <br>**year ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>(a)(b)</sup> | **Net** <br>**realized and** <br>**unrealized** <br>**gain** <br>(loss) on <br>**investments<sup>(c)</sup>** | **Total from** <br>**investment** <br>**operations** | **Net** <br>**investment** <br>**income** | **Net** <br>**realized** <br>**gains** | **Total** <br>**distributions** | **Net asset** <br>**value,** <br>**end of** <br>**year** | **Total** <br>**return<sup>(d)</sup>** | **Net assets,** <br>**end of year** <br>**(in thousands)** | **Ratio of** <br>**expenses to** <br>**average** <br>**net assets** <br>**before expense** <br>**reimbursement<sup>(e)(f)</sup>** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**expense** <br>**reimbursement<sup>(e)(f)</sup>** | **Ratio of** <br>**net** <br>**investment** <br>**income (loss)** <br>**to average** <br>**net assets<sup>(e)(f)</sup>** | **Portfolio** <br>**turnover** <br>**rate<sup>(d)</sup>**  |
| 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;&nbsp; $69365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&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;&nbsp; $64347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&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;&nbsp; $46061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&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;&nbsp; $29443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&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;&nbsp; $631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 57% |

---

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

<sup>(a)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

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

<sup>(c)</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>(d)</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 for periods less than one year are not annualized.

<sup>(e)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

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

<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>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW OPPORTUNITIES MP FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025** 

**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>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW OPPORTUNITIES MP FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (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 –

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $45429977 | $16720832 | $— | $62150809  |
| Exchange Traded Funds | 3280108 |  |  | 3280108  |
| Preferred Stocks | 259350 |  |  | 259350  |
| Real Estate Investment Trusts - Common | 214676 |  |  | 214676  |
| Time Deposits |  | 2663759 |  | 2663759  |
| Total Investments | <u>$49184111</u> | <u>$19384591</u> | <u>$</u>— | <u>$68568702</u> |

---

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 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.** 

8<br>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW OPPORTUNITIES MP FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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 isolates the portion of realized gains or losses and does not isolate the portion of unrealized appreciation or depreciation resulting from changes in foreign exchange rates on securities from the fluctuations arising from changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of securities, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the 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. The Fund did not have any outstanding options as of June 30, 2025.

**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 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,** 

9<br>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW OPPORTUNITIES MP FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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 year ended June 30, 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 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 year ended June 30, 2025:

Realized Gain (Loss) on Derivatives

---

| | |
|:---|:---|
| Equity Contracts:<br>|  |
| Purchased Put Options | $(2234397)\* |

---

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

Change in Unrealized Appreciation (Depreciation) on Derivatives

---

| | |
|:---|:---|
| Equity Contracts:<br>|  |
| Purchased Put Options | $83,855\* |

---

\* 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 year ended June 30, 2025:

Average Quarterly Balance of Outstanding Derivatives

---

| | |
|:---|:---|
| Equity Contracts: <br>|  |
| Average Number of Contracts – Purchased Put Options  | 416  |
| Average Notional Amount – Purchased Put Options | $8880531 |

---

**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 June 30, 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. 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

10<br>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW OPPORTUNITIES MP FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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 year ended June 30, 2025, the Fund did not have any of these purchases and sales.

**NOTE 3. INVESTMENTS** 

Purchases and sales of investment securities, excluding short-term investments, for the year ended June 30, 2025 were $69,965,097 and $67,885,535, respectively. The Fund did not have any purchases or sales of U.S. Government securities for the year ended June 30, 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 | $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 |

---

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

---

| | |
|:---|:---|
| **Additional paid-in capital** | **Total distributable earnings**  |
| $328184<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(328184) |

---

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<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1767009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $989929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2603016 |

---

11<br>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW OPPORTUNITIES MP FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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, 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 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.

12<br>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW OPPORTUNITIES MP FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

During the Fund's two most recent fiscal years, as a result of the Reorganization of the Fund after the close of business on December 15, 2023, there was a change in accountants from Cohen & Company, Ltd., the Predecessor Fund's independent registered public accounting firm, to Deloitte & Touche LLP, the independent registered public accounting firm that the Board selected for the Fund at a meeting held on August 15, 2023, upon the recommendation of the Trust's Audit Committee.

**NOTE 8. SEGMENT REPORTING** 

In the reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. 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 9. 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 10. 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**](#FIN3)**

**HW OPPORTUNITIES MP FUND** 

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders and Board of Trustees

of Hotchkis & Wiley Funds

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets & liabilities, including the schedule of investments, of HW Opportunities MP Fund (the "Fund"), one of the funds constituting the Hotchkis & Wiley Funds (the "Trust"), as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended, and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund, as of June 30, 2025, and the results of its operations for the year then ended, the changes in its net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights for the years ended June 30, 2023, June 30, 2022, and for the period from December 30, 2020 (commencement of operations) through June 30, 2021, were audited by other auditors whose report, dated August 25, 2023, expressed an unqualified opinion on those statements.

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](signature_efp-17265.jpg)

Costa Mesa, California

August 21, 2025

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

14<br>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW OPPORTUNITIES MP FUND** 

**ADDITIONAL INFORMATION (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.** 

This disclosure is included in the Notes to the Financial Statements in the annual financial statements.

**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 annual financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

**<u>BOARD CONSIDERATIONS IN APPROVING CONTINUATION OF INVESTMENT ADVISORY</u> <u>AGREEMENT</u>** 

**<u>Background and Approval Process</u>** 

Hotchkis and Wiley Capital Management, LLC (the "Advisor") serves as investment adviser to the HW Opportunities MP Fund (the "Fund") pursuant to an investment advisory agreement (the "Advisory Agreement") with the Hotchkis and Wiley Funds (the "Trust"), of which the Fund is a series. The Advisory Agreement was initially approved by the Board of Trustees of the Trust at the inception of the Fund and continues thereafter if approved annually by the Board of Trustees of the Trust, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) (the "Independent Trustees"). The Advisory Agreement for the Fund was renewed by the Board at a meeting held in May 2025.

As part of the annual contract review process, the Independent Trustees, through their independent legal counsel, requested and received extensive materials, including information relating to: (i) the nature, extent and quality of services provided by the Advisor, (ii) short-term and longer-term total return of the Fund relative to its respective peer group and benchmark index(es), (iii) the advisory fees and expense ratios of the Fund, including the Advisor's contractual agreement to limit and reimburse the Fund's operating expenses, (iv) the costs of the services provided and the Advisor's estimated profitability with respect to the management of the Fund, (v) the extent to which the Advisor has in the past, or is likely in the future, to experience economies of scale in connection with the investment advisory services it provides to the Fund, and (vi) fall-out benefits to the Advisor from its relationship with the Fund.

The Independent Trustees met with their independent legal counsel prior to the May 2025 Board meeting to review the materials provided by the Advisor and were advised regarding their fiduciary duties pertaining to renewal of investment advisory contracts and the factors they should consider in evaluating advisory agreements. The Independent Trustees, through their legal counsel, then provided follow-up questions to the Advisor which were addressed by the Advisor. The Independent Trustees noted that the information provided by the Advisor was thorough and responsive to their requests. The information provided in response to their requests was in addition to information received by the Board throughout the year, both in writing and during meetings, regarding the Fund, including Fund performance, expense ratios, portfolio composition and regulatory compliance.

At the May 2025 Board meeting, representatives of the Advisor discussed the Independent Trustees' requests and follow-up questions with the Board and responded to further questions. The Board determined that, given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to renew the Advisory Agreement.

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

15<br>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW OPPORTUNITIES MP FUND** 

**ADDITIONAL INFORMATION (Unaudited) (Continued)** 

**<u>Nature, Extent and Quality of Services</u>** 

As part of the Board's decision-making process, the Board noted that the Advisor has managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious investment adviser is in the best interests of the Fund. The Board also considered that shareholders invest in the Fund specifically seeking the Advisor's investment expertise and style. In this connection, the Board considered, in particular, that the Fund is managed in accordance with its investment objective and policies as disclosed to shareholders.

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

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

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

**<u>Investment Performance of the Funds and the Advisor</u>** 

The Board also considered that the Fund serves as a completion vehicle for a model portfolio strategy of the Adviser and that the Fund's performance alone would not be sufficient to evaluate the overall performance without the separate account composite performance.

The Board noted that it reviews data on the short-term and longer-term total returns of the Fund and the HW Value Opportunities Composite. For the contract review meeting, the Board reviewed a report prepared by the Trust's administrator (the "Report") using information provided by Morningstar, Inc., an independent provider of mutual fund data, that compared the annualized total returns of the Fund and the composite to the median annualized total returns of a group of funds that are similar, primarily in terms of investment style (the "Peer Group"), and to the annualized total returns of the Fund's and composite's primary and secondary benchmark indexes for the one- and three -year periods ended December 31, 2024 and for the three- and six-month, one- and three -year periods ended March 31, 2025. The Board noted that the Peer Group was reviewed and selected by the Advisor based on its criteria to determine an appropriate group of competitor funds. In addition, data regarding performance of the Peer Group is provided at each quarterly Board meeting. The Board also considered that the Fund commenced operations on December 30, 2020 and does not have five years of performance history as of December 31, 2024.

The Board noted that the composite, which is a better approximation of the overall returns, outperformed the median return of its primary benchmark and Peer Group for the one-year period and outperformed the median return of its primary benchmark and Peer Group for the 3-year period. The Board considered that the Advisor had been consistent in its approach to managing the Fund. The Board concluded that the Advisor's services in managing the Fund's portfolio was satisfactory.

**<u>Fees, Expenses, Profitability and Economies of Scale</u>** 

The Board considered that the Fund's shares are available for purchase only to investors in the Advisor's model portfolio product offered by a third party, in which the Fund is a component of the model's overall investment exposure, and that the management fee payable by the Fund to the Advisor pursuant to the Advisory Agreement is 0.00%. The Board also considered that the Advisor has agreed to reimburse the Fund for its operating expenses to limit its annual operating expenses to 0.00% through August 31, 2026, and that the Advisor will not be entitled to subsequent reimbursement of such amounts. Because the Fund has a 0.00% management fee and operating expense ratio, the Board did not review information regarding the management fees and expense ratios of other investment products with similar investment objectives and strategies.

16<br>

------

**[**TABLE OF CONTENTS**](#FIN3)**

**HW OPPORTUNITIES MP FUND** 

**ADDITIONAL INFORMATION (Unaudited) (Continued)** 

The Board considered the asset-based fee that the Advisor receives with respect to the assets invested through its model portfolio product. The Board also considered information provided by the Advisor on the Advisor's estimated gross profitability with respect to the Fund and Fund operating expenses to be reimbursed by the Advisor.

The Board considered that since there is no advisory fee, economies of scale were not a factor.

**<u>Fall-Out Benefits to the Advisor from its Relationship to the Funds</u>** 

The Board considered information regarding any indirect benefits to the Advisor that could be identified from its relationship to the Fund. In particular, the Board considered that the Advisor has the ability to use commission sharing arrangements that allow the Advisor to pay for third-party research using soft dollars from the equity funds' commissions as well as other clients of the Advisor. The Board considered that the bundled research services and the use of commission sharing arrangements provides valuable information or service to the Advisor's investment research process, which benefits the Fund (as well as the Advisor who uses (or can use) the research for the benefit of the Advisor's other clients).

\* \* \* \*

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

17<br>

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

During the HW Opportunities MP Fund's two most recent fiscal years, as a result of the Reorganization of the Fund after the close of business on December 15, 2023, there was a change in accountants from Cohen & Company, Ltd., the Predecessor Fund's independent registered public accounting firm, to Deloitte & Touche LLP, the independent registered public accounting firm that the Board selected for the Fund at a meeting held on August 15, 2023, upon the recommendation of the Trust's Audit Committee.

**<u>Item 9. Proxy Disclosures 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>**

**<u>BOARD CONSIDERATIONS IN APPROVING CONTINUATION OF INVESTMENT ADVISORY AGREEMENTS</u>**

**<u>Background and Approval Process</u>**

Hotchkis and Wiley Capital Management, LLC (the "Advisor") serves as investment adviser to the Hotchkis and Wiley Large Cap Disciplined Value Fund, the Hotchkis and Wiley Large Cap Fundamental Value Fund, the Hotchkis and Wiley Mid-Cap Value Fund, the Hotchkis and Wiley Small Cap Value Fund, the Hotchkis and Wiley Small Cap Diversified Value Fund, the Hotchkis and Wiley Global Value Fund, the Hotchkis and Wiley International Value Fund, the Hotchkis and Wiley International Small Cap Diversified Value Fund, the Hotchkis and Wiley Value Opportunities Fund and the Hotchkis and Wiley High Yield Fund (each a "Fund" and collectively the "Funds") pursuant to separate investment advisory agreements (the "Advisory Agreements") with the Hotchkis and Wiley Funds (the "Trust"), of which each Fund is a series. The Advisory Agreements were initially approved by the Board of Trustees of the Trust at the inception of each Fund and continue thereafter if approved annually by the Board of Trustees of the Trust, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) (the "Independent Trustees"). The Advisory Agreements for each Fund were renewed by the Board at a meeting held in May 2025.

As part of the annual contract review process, the Independent Trustees, through their independent legal counsel, requested and received extensive materials, including information relating to: (i) the nature, extent and quality of services provided by the Advisor, (ii) short-term and longer-term total return of each Fund relative to its respective peer group and benchmark index(es), (iii) the advisory fees and expense ratios of each Fund as compared to the advisory fees and expense ratios of funds in its peer group, (iv) the costs of the services provided and the Advisor's estimated profitability with respect to the management of each Fund, (v) the extent to which the Advisor has in the past, or is likely in the future, to experience economies of scale in connection with the investment advisory services it provides to each Fund, and (vi) fall-out benefits to the Advisor from its relationship with the Funds.

The Independent Trustees met with their independent legal counsel prior to the May 2025 Board meeting to review the materials provided by the Advisor and were advised regarding their fiduciary duties pertaining to renewal of investment advisory contracts and the factors they should consider in evaluating advisory agreements. The Independent Trustees, through their legal counsel, then provided follow-up questions to the Advisor which were addressed by the Advisor. The Independent Trustees noted that the information provided by the Advisor was thorough and responsive to their requests. The information provided in response to their requests was in addition to information received by the Board throughout the year, both in writing and during meetings, regarding the Funds, including Fund performance, expense ratios, portfolio composition and regulatory compliance.

At the May 2025 Board meeting, representatives of the Advisor discussed the Independent Trustees' requests and follow-up questions with the Board and responded to further questions. The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to renew each Advisory Agreement.

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

**<u>Nature, Extent and Quality of Services</u>**

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

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

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

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

**<u>Investment Performance of the Funds and the Advisor</u>**

The Board noted that it reviews data on the short-term and longer-term total returns of the Funds in connection with each quarterly Board meeting. For the contract review meeting, the Board reviewed a report prepared by the Trust's administrator (the "Report") using information provided by Morningstar, Inc., an independent provider of mutual fund data, that compared the annualized total returns of Class I shares of each Fund to the median annualized

total returns of a group of funds that are similar, primarily in terms of investment style (each a "Peer Group"), and to the annualized total returns of the Fund's primary and secondary (for Funds that have secondary benchmarks) benchmark indexes for the one-, three-, five- and ten-year periods, as applicable, ended December 31, 2024 and for the three- and six-month, one-, three-, five- and ten-year periods, as applicable, ended March 31, 2025. The Board noted that the Peer Groups were reviewed and selected by the Advisor based on its criteria to determine an appropriate group of competitor funds. In addition, data regarding performance of the Peer Group is provided at each quarterly Board meeting. The Board also considered that the International Small Cap Diversified Value Fund commenced operations on June 30, 2020 and does not have five years of performance history as of December 31, 2024.

The Board noted that all Funds underperformed the median returns of their respective primary benchmarks for the one-year period except for the High Yield Fund; all Funds outperformed the median returns of their respective primary benchmarks for the 3-year period except for the Large Cap Fundamental Value Fund, Small Cap Diversified Value Fund, International Value Fund and International Small Cap Diversified Value Fund; all Funds with a five-year performance history underperformed the median returns of their respective primary benchmarks for the five-year period except for the International Value Fund and High Yield Fund; and all Funds with a ten-year performance history underperformed the median returns of their respective primary benchmarks for the ten-year period except for the High Yield Fund.

The Board noted that the Large Cap Disciplined Value Fund, Large Cap Fundamental Value Fund, Global Value Fund and International Value Fund outperformed the median returns of their respective Peer Group for the one-year period; all Funds outperformed the median returns of their respective Peer Group for the three-year period; all Funds with a five-year performance history outperformed the median returns of their respective Peer Group for the five-year period except the Small Cap Diversified Value Fund; and all Funds with a ten-year performance history outperformed the median returns of their respective Peer Group for the ten-year period except the Large Cap Fundamental Value Fund, Mid-Cap Value Fund, Small Cap Value Fund, Small Cap Diversified Value Fund, and High Yield Fund. The Board considered that the Advisor had been consistent in its approach to managing the Funds. The Board concluded that the Advisor's services in managing each Fund's portfolio were satisfactory.

**<u>Fees, Expenses and Profitability</u>**

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

With respect to the advisory fee for each Fund, the Board noted that the Report showed that the Large Cap Disciplined Value, Large Cap Fundamental Value, Small Cap Diversified

Value, and Value Opportunities Funds' contractual advisory fees were higher than the median contractual advisory fees of their respective Peer Group, that the Small Cap Value, Global Value, and International Small Cap Diversified Value Funds' contractual advisory fees were lower than the median contractual advisory fees of their respective Peer Group, and that the Mid-Cap Value, International Value, and High Yield Funds' contractual advisory fees were the same as the median contractual advisory fees of their respective Peer Group. The Board also noted that the net expense ratios, after implementation of the expense caps for the Class I shares of all the Funds were above the median net expense ratio of their Peer Group, except for the Small Cap Diversified Value Fund and International Small Cap Diversified Value Fund. The Board noted that the Advisor uses a fundamental research-intensive process. The Board considered the expense caps put in place by the Advisor for each Fund (as further described below). The Board concluded that the advisory fee was fair and reasonable for each Fund in light of the nature, extent and quality of services provided by the Advisor.

The Board reviewed information concerning the estimated profitability to the Advisor of the Advisory Agreements, including information regarding the methodology for allocating expenses. The Board reviewed data regarding the Advisor's variable expenses and fixed expenses. The Board considered that in 2024, as in recent prior years, the Advisor had absorbed costs above expense caps for which it would not be reimbursed for the Large Cap Disciplined Value, Large Cap Fundamental Value, Small Cap Value, Small Cap Diversified Value, Global Value, International Value, International Small Cap Diversified Value and High Yield Funds. The Board considered that the Advisor has agreed to continue the expense caps for the share classes of each Fund through at least August 29, 2026. The Board also recognized that individual fund or product line profitability of other advisers is generally not publicly available, and that profitability may be affected by numerous factors, so that the comparability of profitability among advisory firms is limited. The Board noted the importance of the Advisor's profitability—which is derived solely from investment management fees – in maintaining its entrepreneurial environment in a private, primarily employee-owned structure. The Board also noted that the Advisor's compensation/profit structure facilitates retention of its management and investment professionals. The Board concluded that the level of estimated profitability to the Advisor under the Advisory Agreements was not unreasonable.

**<u>Economies of Scale and Whether Fee Levels Reflect These Economies of Scale</u>**

The Board reviewed the information provided by the Advisor as to the extent to which it has in the past or is likely in the future to realize economies of scale in connection with the investment advisory services it provides as each Fund grows. The Board noted the low level of assets under management in certain Funds. The Board considered that the breakpoints in the Large Cap Disciplined Value, Large Cap Fundamental Value, and Mid-Cap Value Funds' advisory fee schedules can enable shareholders to share in economies of scale. The Board considered the amount of advisory fees that the Advisor waived and Fund operating expenses that the Advisor reimbursed in 2024 to the benefit of certain Funds and their shareholders. The Board also considered information regarding the investment, compliance and client service personnel employed by the Advisor. The Board concluded, after taking into consideration the factors above, that each Fund's fee level was appropriate.

**<u>Fall-Out Benefits to the Advisor from its Relationship to the Funds</u>**

The Board considered information regarding any indirect benefits to the Advisor that could be identified from its relationship to the Funds. In particular, the Board considered that

the Advisor has the ability to use commission sharing arrangements that allow the Advisor to pay for third-party research using soft dollars from the equity Funds' commissions as well as other clients of the Advisor. The Board considered that the bundled research services and the use of commission sharing arrangements provides valuable information or service to the Advisor's investment research process, which benefits the Funds (as well as the Advisor who uses (or can use) the research for the benefit of the Advisor's other clients). The Board also considered that the Advisor indirectly benefits from certain Funds' payment of sub-transfer agency expenses.

\* \* \* \*

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

**<u>BOARD CONSIDERATIONS IN APPROVING CONTINUATION OF INVESTMENT ADVISORY AGREEMENT</u>**

**<u>Background and Approval Process</u>**

Hotchkis and Wiley Capital Management, LLC (the "Advisor") serves as investment adviser to the HW Opportunities MP Fund (the "Fund") pursuant to an investment advisory agreement (the "Advisory Agreement") with the Hotchkis and Wiley Funds (the "Trust"), of which the Fund is a series. The Advisory Agreement was initially approved by the Board of Trustees of the Trust at the inception of the Fund and continues thereafter if approved annually by the Board of Trustees of the Trust, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) (the "Independent Trustees"). The Advisory Agreement for the Fund was renewed by the Board at a meeting held in May 2025.

As part of the annual contract review process, the Independent Trustees, through their independent legal counsel, requested and received extensive materials, including information relating to: (i) the nature, extent and quality of services provided by the Advisor, (ii) short-term and longer-term total return of the Fund relative to its respective peer group and benchmark index(es), (iii) the advisory fees and expense ratios of the Fund, including the Advisor's contractual agreement to limit and reimburse the Fund's operating expenses, (iv) the costs of the services provided and the Advisor's estimated profitability with respect to the management of the Fund, (v) the extent to which the Advisor has in the past, or is likely in the future, to experience economies of scale in connection with the investment advisory services it provides to the Fund, and (vi) fall-out benefits to the Advisor from its relationship with the Fund.

The Independent Trustees met with their independent legal counsel prior to the May 2025 Board meeting to review the materials provided by the Advisor and were advised regarding their fiduciary duties pertaining to renewal of investment advisory contracts and the factors they should consider in evaluating advisory agreements. The Independent Trustees, through their legal counsel, then provided follow-up questions to the Advisor which were addressed by the Advisor. The Independent Trustees noted that the information provided by the Advisor was thorough and responsive to their requests. The information provided in response to their requests was in addition to information received by the Board throughout the

year, both in writing and during meetings, regarding the Fund, including Fund performance, expense ratios, portfolio composition and regulatory compliance.

At the May 2025 Board meeting, representatives of the Advisor discussed the Independent Trustees' requests and follow-up questions with the Board and responded to further questions. The Board determined that, given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to renew the Advisory Agreement.

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

**<u>Nature, Extent and Quality of Services</u>**

As part of the Board's decision-making process, the Board noted that the Advisor has managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious investment adviser is in the best interests of the Fund. The Board also considered that shareholders invest in the Fund specifically seeking the Advisor's investment expertise and style. In this connection, the Board considered, in particular, that the Fund is managed in accordance with its investment objective and policies as disclosed to shareholders.

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

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

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

**<u>Investment Performance of the Funds and the Advisor</u>**

The Board also considered that the Fund serves as a completion vehicle for a model portfolio strategy of the Adviser and that the Fund's performance alone would not be sufficient to evaluate the overall performance without the separate account composite performance.

The Board noted that it reviews data on the short-term and longer-term total returns of the Fund and the HW Value Opportunities Composite. For the contract review meeting, the

Board reviewed a report prepared by the Trust's administrator (the "Report") using information provided by Morningstar, Inc., an independent provider of mutual fund data, that compared the annualized total returns of the Fund and the composite to the median annualized total returns of a group of funds that are similar, primarily in terms of investment style (the "Peer Group"), and to the annualized total returns of the Fund's and composite's primary and secondary benchmark indexes for the one- and three -year periods ended December 31, 2024 and for the three- and six-month, one- and three -year periods ended March 31, 2025. The Board noted that the Peer Group was reviewed and selected by the Advisor based on its criteria to determine an appropriate group of competitor funds. In addition, data regarding performance of the Peer Group is provided at each quarterly Board meeting. The Board also considered that the Fund commenced operations on December 30, 2020 and does not have five years of performance history as of December 31, 2024.

The Board noted that the composite, which is a better approximation of the overall returns, outperformed the median return of its primary benchmark and Peer Group for the one-year period and outperformed the median return of its primary benchmark and Peer Group for the 3-year period. The Board considered that the Advisor had been consistent in its approach to managing the Fund. The Board concluded that the Advisor's services in managing the Fund's portfolio was satisfactory.

**<u>Fees, Expenses, Profitability and Economies of Scale</u>**

The Board considered that the Fund's shares are available for purchase only to investors in the Advisor's model portfolio product offered by a third party, in which the Fund is a component of the model's overall investment exposure, and that the management fee payable by the Fund to the Advisor pursuant to the Advisory Agreement is 0.00%. The Board also considered that the Advisor has agreed to reimburse the Fund for its operating expenses to limit its annual operating expenses to 0.00% through August 31, 2026, and that the Advisor will not be entitled to subsequent reimbursement of such amounts. Because the Fund has a 0.00% management fee and operating expense ratio, the Board did not review information regarding the management fees and expense ratios of other investment products with similar investment objectives and strategies.

The Board considered the asset-based fee that the Advisor receives with respect to the assets invested through its model portfolio product. The Board also considered information provided by the Advisor on the Advisor's estimated gross profitability with respect to the Fund and Fund operating expenses to be reimbursed by the Advisor.

The Board considered that since there is no advisory fee, economies of scale were not a factor.

**<u>Fall-Out Benefits to the Advisor from its Relationship to the Funds</u>**

The Board considered information regarding any indirect benefits to the Advisor that could be identified from its relationship to the Fund. In particular, the Board considered that the Advisor has the ability to use commission sharing arrangements that allow the Advisor to pay for third-party research using soft dollars from the equity funds' commissions as well as other clients of the Advisor. The Board considered that the bundled research services and the use of commission sharing arrangements provides valuable information or service to the Advisor's

investment research process, which benefits the Fund (as well as the Advisor who uses (or can use) the research for the benefit of the Advisor's other clients).

\* \* \* \*

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

**Board Considerations in Approving the Investment Advisory Agreement for the Hotchkis and Wiley SMID Cap Diversified Value Fund**

The Board of Trustees of the Hotchkis and Wiley Funds (the "Trust"), including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) (the "Independent Trustees"), approved the Investment Advisory Agreement (the "Advisory Agreement") between the Trust, on behalf of the Hotchkis & Wiley SMID Cap Diversified Value Fund, a newly established series of the Trust (the "Fund"), and Hotchkis and Wiley Capital Management, LLC (the "Advisor"), at a meeting held on February 19, 2025. The Board determined that the terms of the Advisory Agreement are fair and reasonable and that the Advisory Agreement is in the best interests of the Fund.

The Board considered its duties under the 1940 Act, as well as under the general principles of state law in reviewing and approving investment advisory contracts; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the Advisory Agreement, the Independent Trustees participated in the November 12, 2024 Board meeting at which the portfolio managers discussed their background and relevant experience and the investment strategy for the Fund. The Independent Trustees received a report from the Advisor in advance of the February 19, 2025 meeting that responded to an information request for data relevant to consideration of the Advisory Agreement from counsel to the Independent Trustees. The report, among other things, noted the services to be provided by the Advisor would be consistent with the services provided to the other funds in the Trust (noting that the Advisor does not currently manage an ETF or any other account in this strategy); the proposed unitary advisory fee for the Fund as compared to fees charged by investment advisers to peer SMID cap value ETFs; estimated expenses of the Fund as compared to expense ratios of the peer funds; the nature of expenses to be incurred in providing services to the Fund; and financial data on the Advisor. The Independent Trustees considered the extensive information provided by the Advisor as part of the annual contract renewal process. The Independent Trustees also met separately with their independent legal counsel to discuss the information provided by the Advisor. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor are reasonable business arrangements from the Fund's perspective as well as from the perspective of prospective shareholders.

The Board determined that given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreement. In deciding to approve the Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis, including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**<u>Nature, Extent and Quality of Services</u>**

In reviewing the Advisory Agreement, the Board considered the nature, extent and quality of services to be provided by the Advisor. At the preliminary meeting held in November 2024, the Trustees received a presentation from the portfolio managers and asked questions about the proposed investment strategy for the Fund and how portfolio trades would be executed. The Board considered that the Advisor will be responsible for the overall management of the Fund, that the Advisor manages the other funds in the Trust, and that the services provided by the Advisor to the Fund are anticipated to be of the same nature and quality as the services provided by the Advisor to the other funds in the Trust. The Board noted that due to the Advisor's management of the other funds in the Trust, the Board is familiar with the background and experience of the Fund's portfolio managers and their investment style, the depth and quality of the Advisor's investment process, the low turnover rates of the Advisor's key personnel, the overall stability of the Advisor's organization, and the experience, capability and integrity of its senior management.

The Board also considered other non-advisory services to be provided by the Advisor to the Fund, such as the services of Advisor employees as Trust officers and other personnel provided that are necessary for Fund operations. The Board noted that the Advisor will organize Board meetings and prepare Board meeting materials, and those Advisor employees serving as Trust officers will oversee and manage the other Fund service providers. The Board concluded that the nature, extent and quality of services to be provided to the Fund by the Advisor under the Advisory Agreement were expected to be satisfactory.

**<u>Fees, Expenses, Profitability and Economies of Scale</u>**

The Trustees reviewed and discussed the information provided by the Advisor on the Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee to be charged to the Fund is a unitary advisory fee and that the Advisor will pay all other operating expenses of the Fund, excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act, and litigation expenses and other non-routine or extraordinary expenses. The Trustees compared the Fund's net expense ratio to information compiled by the Advisor from Morningstar on the net expense ratios of comparable ETFs. The Trustees noted that the net expense ratio for the Fund was lower than the median net expense ratios of its ETF peer funds.

Since the Fund is newly organized, the Board did not consider investment performance of the Fund. Based on all of the information provided, the Board concluded that the unitary advisory fee to be charged to the Fund was reasonable and appropriate in light of the services to be provided and the administrative, operational, and management oversight costs for the Advisor.

**<u>Fall-Out Benefits to the Advisor from its Relationship to the Fund</u>**

The Board noted that the Fund had not commenced operations so there were no economies of scale to consider. The Board considered that the Advisor had identified as a

fall-out benefit to the Advisor its ability to use the Fund's soft dollars to obtain third-party research.

\* \* \* \*

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined that the terms of the Advisory Agreement are fair and reasonable and that the approval of the Agreement is in the best interests of the Fund. No single factor was determinative in the Board's analysis.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end 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, as amended (the "Act")) as of a date
 within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the
 Securities Exchange Act of 1934, as amended. Based on their review, such officers have concluded that the disclosure controls and procedures
 are effective.

&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 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.](hcwf-efp17265_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(a) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith.](hcwf-efp17265_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
 & Wiley Funds

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Anna Marie Lopez |
|  | Anna Marie Lopez, Principal Executive Officer |

---

Date <u> August 26, 2025</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> August 26, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ James Menvielle |
|  | James Menvielle, Principal Financial Officer |

---

Date <u> August 26, 2025</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 & 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: | August 26, 2025 | /s/ Anna Marie Lopez |
|  |  | Anna Marie Lopez |
|  |  | 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 & 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: | August 26, 2025 | /s/ James Menvielle |
|  |  | James Menvielle |
|  |  | 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 & Wiley Funds, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Hotchkis & Wiley Funds for the year ended June 30, 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 & Wiley Funds for the stated period.

---

| | |
|:---|:---|
| /s/ Anna Marie Lopez | /s/ James Menvielle |
| Anna Marie Lopez | James Menvielle |
| Principal Executive Officer | Principal Financial Officer |
| Hotchkis & Wiley Funds | Hotchkis & Wiley Funds |

---

Dated: <u>August 26, 2025</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 & Wiley Funds for purposes of Section 18 of the Securities Exchange Act of 1934.