# EDGAR Filing Document

**Accession Number:** 0001145022
**File Stem:** 0001104659-23-025919
**Filing Date:** 2023-2
**Character Count:** 420527
**Document Hash:** d00b9c5870abc6a5071adba830f07266
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-025919.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001104659-23-025919

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**EFFECTIVENESS DATE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HOTCHKIS & WILEY FUNDS /DE/
- **CENTRAL INDEX KEY:** 0001145022
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10487
- **FILM NUMBER:** 23673891

**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 Diversified Value Fund (Series ID: S000006212)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017123 | Class I      | HWCIX           |
| C000017124 | Class A      | HWCAX           |
| C000017125 | Class C      | HWCCX           |
| C000205766 | Class Z      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017126 | Class I      | HWLIX           |
| C000017127 | Class A      | HWLAX           |
| C000017128 | Class C      | HWLCX           |
| 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           |
| C000017132 | Class C      | HWMCX           |
| 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           |
| C000075209 | Class C      | HWHCX           |
| 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           |
| C000121674 | Class C      |  |
| C000205772 | Class Z      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000142947 | Class I      | HWVIX           |
| C000142948 | Class A      | HWVAX           |
| C000142949 | Class C      |  |
| C000205773 | Class Z      | HWVZX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000164215 | Class I      | HWNIX           |
| C000164216 | Class A      |  |
| C000164217 | Class C      |  |
| C000205774 | Class Z      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000220293 | Class Z      |  |
| C000220294 | Class I      | HWTIX           |
| C000220295 | Class A      |  |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES**

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

**Hotchkis & Wiley Funds**<br> (Exact name of registrant as specified in charter)

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

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

**Anna Marie Lopez**

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

**Los Angeles, California 90017-5704**<br> (Name and address of agent for service)

Copy to:

**Maureen A. Miller, Esq.**

**Joseph M. Mannon, Esq.**

**Vedder Price P.C.**

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

**Chicago, IL 60601**

(Counsel for the registrant)

**(213) 430-1000** 

Registrant's telephone number, including area code

Date of fiscal year end: **June 30, 2023**

Date of reporting period: **December 31, 2022**

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

(a) ![](j2324902_aa001.jpg)

Hotchkis & Wiley Funds

Semi-annual Report

DECEMBER 31, 2022

DIVERSIFIED VALUE FUND

LARGE CAP VALUE FUND

MID-CAP VALUE FUND

SMALL CAP VALUE FUND

SMALL CAP DIVERSIFIED VALUE FUND

GLOBAL VALUE FUND

INTERNATIONAL VALUE FUND

INTERNATIONAL SMALL CAP DIVERSIFIED VALUE FUND

VALUE OPPORTUNITIES FUND

HIGH YIELD FUND

![](j2324902_aa002.jpg)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| SHAREHOLDER LETTER | 1 |
| FUND INFORMATION | 4 |
| FUND PERFORMANCE DATA | 6 |
| SCHEDULE OF INVESTMENTS: | SCHEDULE OF INVESTMENTS: |
| DIVERSIFIED VALUE FUND | 16 |
| LARGE CAP VALUE FUND | 19 |
| MID-CAP VALUE FUND | 21 |
| SMALL CAP VALUE FUND | 24 |
| SMALL CAP DIVERSIFIED VALUE FUND | 26 |
| GLOBAL VALUE FUND | 33 |
| INTERNATIONAL VALUE FUND | 35 |
| INTERNATIONAL SMALL CAP DIVERSIFIED VALUE FUND | 37 |
| VALUE OPPORTUNITIES FUND | 43 |
| HIGH YIELD FUND | 46 |
| STATEMENTS OF ASSETS & LIABILITIES | 53 |
| STATEMENTS OF OPERATIONS | 55 |
| STATEMENTS OF CHANGES IN NET ASSETS | 57 |
| FINANCIAL HIGHLIGHTS | 62 |
| NOTES TO THE FINANCIAL STATEMENTS | 67 |
| FUND EXPENSE EXAMPLES | 81 |
| INFORMATION ABOUT THE FUNDS | BACK COVER |

---

------

**DEAR SHAREHOLDER:**

The following investment review and shareholder report relates to the activities of the Hotchkis & Wiley Funds for the six months ended December 31, 2022.

**OVERVIEW**

In the six-month period ended December 31, 2022, the S&P 500<sup>®</sup> Index returned +2.3%, the MSCI World Index returned +3.0%, and the ICE BofA U.S. High Yield Index (high yield market) returned +3.3%. Value stocks outperformed growth stocks significantly. Throughout the year, the economy and capital markets experienced numerous milestones that had not been observed for quite some time. The S&P 500<sup>®</sup> Index declined –18.1% over the full calendar year. Since the Great Depression, only three years have been worse: 1974 (oil crisis), 2002 (tech bubble burst), and 2008 (financial crisis). Value stocks declined but held up much better than growth stocks. The Russell 1000<sup>®</sup> Value Index declined –7.5% compared to the Russell 1000<sup>®</sup> Growth Index's –29.1% decline. The more than 21 percentage point difference represented value's largest advantage since 2000. Despite the outperformance, the price-to-earnings gap between growth and value remains almost a full standard deviation wider than average<sup>1</sup>. Considering the still wide valuation gap and value's significant outperformance in periods of elevated/rising inflation and interest rates, we are optimistic that value's outperformance can persist.

Inflation peaked midyear at 9.1%, the highest reading in more than 40 years<sup>2</sup>. To combat rising prices, the Federal Open Market Committee (FOMC) increased the Fed Funds rate by more than 400 basis points over the course of 2022, from 0.25% to 4.5% (upper bounds). This was the largest rate hike in any calendar year since 1973, and the current 4.5% level is its highest in more than 15 years. Other interest rates followed suit. 10-year treasury yields peaked above 4% for the first time in more than a decade; 30-year mortgage rates peaked above 7% for the first time in more than 2 decades. Yields on corporate credit also increased significantly. The treasury yield curve remains significantly inverted, which has been a harbinger of recessions historically. The tight labor market exhibited strong contrasting signals, however, with the unemployment rate reaching a 50-year low. Expectations for future corporate earnings are roughly flat, thus the stock market's decline was entirely due to a compression in valuation multiples as opposed to an actual or expected decline in earnings.

Forecasting economic growth and/or predicting recessions is not our expertise. We do, however, fully acknowledge current warnings signs, e.g., continued Fed tightening and the inverted yield curve. Two things providing solace in the event of an economic slowdown are modest financial leverage and attractive valuations. There are fewer excesses in the system compared to prior recessionary periods like 2008. Unlike then, balance sheets of both consumers and financial institutions are quite strong today. Further, equity and high yield credit valuations are reasonable, and in select market segments, unusually attractive. A strong argument could be made that a recession is already priced into equity markets, at least in certain market segments, which is different compared to recessionary periods like 2002. While several signs point to an economic slowdown, several others suggest that the

severity would be manageable and/or much of the pain has already been felt.

Specific to credit, we continue to view the high yield market's prospects as roughly average relative to history. Questionable growth and increased cost pressures could very well increase distressed situations, though much of this appears priced in, i.e., valuations are attractive. Valuation dispersion is sufficiently wide, which is conducive for our bottom-up credit picking approach and our penchant for small and mid cap credits.

**HOTCHKIS & WILEY DIVERSIFIED VALUE FUND**

The Fund's Class I shares had a total return of 8.84% for the six months ended December 31, 2022 compared to the Russell 1000<sup>®</sup> Value Index return of 6.11%.

The Fund's outperformance in the six-month period was largely driven by positive stock selection. Stock selection in information technology, industrials, and financials was particularly helpful. The overweight position in energy, the best performing sector by a substantial margin, was also a positive contributor to relative performance. The overweight positions in information technology and communication services, along with stock selection in communication services and consumer discretionary detracted from relative performance. The largest positive contributors to relative performance in the period were General Electric, AIG, APA Corp., CNH Industrial, and Workday; the largest detractors were Warner Bros. Discovery, FedEx, Alphabet, Vodafone, and Microsoft.

**HOTCHKIS & WILEY LARGE CAP VALUE FUND**

The Fund's Class I shares had a total return of 7.98% for the six months ended December 31, 2022 compared to the Russell 1000<sup>®</sup> Value Index return of 6.11%.

Over the six-month period, the Fund outperformed the benchmark. The overweight position in energy was the largest positive contributor. The underweight exposure to real estate also helped, along with positive stock selection in financials, information technology, industrials, and utilities. Stock selection in communication services and energy detracted from performance, along with the overweight position in information technology. The largest positive contributors to relative performance in the period were General Electric, AIG, APA Corp., CNH Industrial, and Hess Corp.; the largest detractors were Warner Bros. Discovery, FedEx, Vodafone, Ericsson, and F5, Inc.

**HOTCHKIS & WILEY MID-CAP VALUE FUND**

The Fund's Class I shares had a total return of 10.52% for the six months ended December 31, 2022 compared to the Russell Midcap<sup>®</sup> Value Index return of 5.01%.

The Fund outperformed the benchmark over the period by a considerable margin. The overweight exposure and positive stock selection in energy was the largest contributor over the six months. The underweight allocation to real estate, which was among the worst performing sectors, also helped. Positive stock selection in consumer

*<sup>1</sup> Based on price/FYI consensus estimates dating back to the mid-1990s (longest available).*

*<sup>2</sup> US Consumer Price Index (CPI) Urban Consumer year-over-year, not seasonally adjusted.*

------

discretionary, financials, and health care were also meaningfully positive. Stock selection in information technology, consumer staples, and utilities detracted from performance, along with the overweight exposure to communication services. The largest positive contributors to relative performance in the period were Fluor, APA Corp., ODP Corp., Murphy Oil, and Universal Health Services; the largest detractors were Popular, Warner Bros. Discovery, Ericsson, Credit Suisse, and International Distributions.

**HOTCHKIS & WILEY SMALL CAP VALUE FUND**

The Fund's Class I shares had a total return of 12.59% for the six months ended December 31, 2022 compared to the Russell 2000<sup>®</sup> Value Index return of 3.42%.

The Fund's considerable outperformance over the six-month period was largely driven by positive stock selection. Stock selection was most positive in real estate, communication services, and consumer discretionary. The notable overweight position in energy, the market's best performing sector, was also decidedly positive. The overweight positions in information technology and communication services were modest detractors. The largest positive contributors to relative performance in the period were Seritage Growth Properties, Expro Group Holdings, Murphy Oil, Fluor, and Evercore; the largest detractors were Popular, F5, Inc, Korn Ferry, Brink's, and Euronet Worldwide.

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

The Fund's Class I shares had a total return of 7.88% for the six months ended December 31, 2022 compared to the Russell 2000<sup>®</sup> Value Index return of 3.42%.

Over the six-month period, the Fund outperformed the benchmark. The overweight exposure and positive stock selection in energy contributed to the outperformance. Positive stock selection in information technology, financials, and consumer discretionary also helped, as did the underweight allocation to real estate. Stock selection in consumer staples, health care, and materials hurt relative performance, as did the overweight exposure to information technology.

**HOTCHKIS & WILEY GLOBAL VALUE FUND**

The Fund's Class I shares had a total return of 4.63% for the six months ended December 31, 2022 compared to the MSCI World Index return of 2.97%.

The Fund outperformed the benchmark over the six-month period. The considerable overweight and positive stock selection in financials helped relative performance. The overweight position and positive stock selection in industrials was also favorable. Stock selection in energy, health care, and communication services detracted from performance. The largest positive contributors in the period were General Electric, UniCredit, AIG, NOV, Inc, and Oracle; the largest detractors were Warner Bros. Discovery, Vodafone, FedEx, Ericsson, and F5, Inc.

**HOTCHKIS & WILEY INTERNATIONAL VALUE FUND**

The Fund's Class I shares had a total return of 7.11% for the six months ended December 31, 2022 compared to the MSCI World ex-USA Index return of 5.50%.

Energy was the largest positive contributor to the Fund's outperformance over the period — the overweight allocation and positive stock selection both helped. Positive stock selection in financials and industrials was also beneficial. The overweight allocation to financials and an underweight position in health care also helped. The lack of exposure to materials and stock selection in information technology and health care detracted from performance. The largest positive contributors to relative performance in the period were UniCredit, CNH Industrial, Schlumberger, TechnipFMC, and Subsea 7; the largest detractors were Ericsson, Credit Suisse, Vodafone, Koninklijke Philips, and International Distributions.

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

The Fund's Class I shares had a total return of 7.65% for the six months ended December 31, 2022 compared to the MSCI World ex-USA Small Cap Index return of 4.31%.

Over the six-month period, the Fund outperformed the benchmark. The underweight allocation to real estate, along with positive stock selection in the same sector, was a positive contributor over the six months. The overweight allocation to financials, underweight allocation to health care, and positive stock selection in industrials and consumer discretionary also helped. Stock selection in materials and consumer staples detracted from performance over the six-month period.

**HOTCHKIS & WILEY VALUE OPPORTUNITIES FUND**

The Fund's Class I shares had a total return of 11.31% for the six months ended December 31, 2022 compared to the Russell 3000<sup>®</sup> Value Index return of 5.95%.

The Fund outperformed the benchmark by a considerable margin over the six-month period. Positive security selection drove most of the outperformance. It was particularly positive in communication services, industrials, and real estate. The overweight exposure to energy and underweight exposure to real estate also helped. The overweight exposure to information technology and communication services hurt relative performance in the period. The largest positive contributors to relative performance in the period were General Electric, Seritage Growth Properties, Murphy Oil, Hess Corp., and Range Resources; the largest detractors were F5, Inc, Ericsson, Microsoft, Warner Bros. Discovery, and Alphabet.

**HOTCHKIS & WILEY HIGH YIELD FUND**

The Fund's Class I shares had a total return of 3.26% for the six months ended December 31, 2022 compared to the ICE BofA BB-B U.S. High Yield Constrained Index return of 3.60%.

The Fund slightly underperformed its benchmark over the six-month period. Credit selection in basic industry and media hurt relative performance over the six months. Positive credit selection in energy was the largest contributor to relative performance in the period by a wide margin. Positive credit selection in retail, capital goods, and technology & electronics also helped.

------

**CONCLUSION**

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

Sincerely,

---

| | | |
|:---|:---|:---|
| ![](j2324902_ba003.jpg)  | ![](j2324902_ba004.jpg)  | ![](j2324902_ba005.jpg)  |
| Anna Marie Lopez<br>*President* | George Davis<br>*Fund Manager* | Scott McBride<br>*Fund Manager* |
| ![](j2324902_ba006.jpg)  | ![](j2324902_ba007.jpg)  | ![](j2324902_ba008.jpg)  |
| Patty McKenna<br>*Fund Manager* | James Miles<br>*Fund Manager* | Stan Majcher<br>*Fund Manager* |
| ![](j2324902_ba009.jpg)  | ![](j2324902_ba010.jpg)  | ![](j2324902_ba011.jpg)  |
| David Green<br>*Fund Manager* | Judd Peters<br>*Fund Manager* | Ray Kennedy<br>*Fund Manager* |
| ![](j2324902_ba012.jpg)  | ![](j2324902_ba013.jpg)  | ![](j2324902_ba014.jpg)  |
| Mark Hudoff<br>*Fund Manager* | Patrick Meegan<br>*Fund Manager* | Scott Rosenthal<br>*Fund Manager* |
| ![](j2324902_ba015.jpg)  | ![](j2324902_ba016.jpg)  | ![](j2324902_ba017.jpg)  |
| Richard Mak<br>*Fund Manager* | Ryan Thomes<br>*Fund Manager* | Hunter Doble<br>*Fund Manager* |

---

------

**Fund Information**

**ABOUT FUND PERFORMANCE**

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

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

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

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

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

**FUND RISKS**

**Mutual fund investing involves risk; loss of principal is possible.** The Mid-Cap Value Fund, Small Cap Value Fund, Small Cap Diversified Value Fund, Global Value Fund, International Value Fund, International Small Cap Diversified Value Fund and Value Opportunities Fund invest in small- and mid-capitalization companies which tend to have limited liquidity and greater price volatility than large-capitalization companies. The Value Opportunities Fund is a non-diversified fund which involves greater risk than investing in a diversified fund because a loss resulting from the decline in the value of one security may represent a greater portion of the total assets of a non-diversified fund. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. The Value Opportunities Fund and High Yield Fund invest in debt securities that typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Value Opportunities Fund and High Yield Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Value Opportunities Fund and High Yield Fund may utilize derivative instruments, which derive their performance from the performance of an underlying asset,

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

**MARKET INDEXES**

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

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

**Russell 1000** **<sup>®</sup>** **Index,** an unmanaged index, measures the performance of the 1,000 largest companies in the Russell 3000**<sup>®</sup>** Index.

**Russell 1000** **<sup>®</sup>** **Growth Index** measures the performance of those Russell 1000**<sup>®</sup>** companies with higher price-to-book ratios and higher forecasted growth values.

**Russell 1000** **<sup>®</sup>** **Value Index** measures the performance of those Russell 1000**<sup>®</sup>** companies with lower price-to-book ratios and lower forecasted growth values.

**Russell Midcap** **<sup>®</sup>** **Index,** an unmanaged index, measures the performance of the 800 smallest companies in the Russell 1000**<sup>®</sup>** Index.

**Russell Midcap** **<sup>®</sup>** **Value Index** measures the performance of those Russell Midcap**<sup>®</sup>** companies with lower price-to-book ratios and lower forecasted growth values.

**Russell 2000** **<sup>®</sup>** **Index,** an unmanaged index, measures the performance of the 2,000 smallest companies in the Russell 3000**<sup>®</sup>** Index.

**Russell 2000** **<sup>®</sup>** **Value Index** measures the performance of those Russell 2000**<sup>®</sup>** companies with lower price-to-book ratios and lower forecasted growth values.

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

**Russell 3000** **<sup>®</sup>** **Value Index** measures the performance of those Russell 3000**<sup>®</sup>** companies with lower price-to-book ratios and lower forecasted growth values.

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

------

**Fund Information**

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

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

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

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

**DISCLOSURE**

***Past performance does not guarantee future results.***

*The shareholder letter reflects opinions of Fund managers as of December 31, 2022. They are subject to change and any forecasts made cannot be guaranteed. The Funds might not continue to hold any securities mentioned and have no obligation to disclose purchases or sales in these securities. Please refer to the Schedule of Investments in this report for a complete list of Fund holdings for December 31, 2022. Indexes do not incur expenses or sales loads and are not available for investment.*

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, 24 industry groups,

69 industries and 158 sub-industries. Each stock that is classified will have a coding at all four of these levels.

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

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

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

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

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

Standard deviation is a measure of how dispersed the data is in relation to the mean.

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

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

During the six months ended December 31, 2022, the Value Opportunities Fund held purchased put options, which resulted in unrealized gains.

------

**Fund Performance Data**

**DIVERSIFIED VALUE FUND**

Total Return Based on a Hypothetical $10,000 Investment

![](j2324902_bc018.jpg)

Comparative Results†††

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For Periods ended December 31, 2022** | **Six Months** | **1 Year** | **5 Years** | **10 Years** | **Since<br>8/30/04\*** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Average annual total return | 8.84% | –4.35% | 6.99% | 10.93% | 7.50% |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Average annual total return (with sales charge) | 2.96% | –9.60% | 5.58% | 10.06% | 6.92% |
| Average annual total return (without sales charge) | 8.68% | –4.60% | 6.73% | 10.66% | 7.23% |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Average annual total return (with CDSC) | 7.32% | –6.25% | 5.93% | 9.83% | 6.45% |
| Average annual total return (without CDSC) | 8.32% | –5.31% | 5.93% | 9.83% | 6.45% |
| **Russell 1000<sup>®</sup> Value Index††** | **Russell 1000<sup>®</sup> Value Index††** | **Russell 1000<sup>®</sup> Value Index††** | **Russell 1000<sup>®</sup> Value Index††** | **Russell 1000<sup>®</sup> Value Index††** | **Russell 1000<sup>®</sup> Value Index††** |
| Average annual total return | 6.11% | –7.54% | 6.67% | 10.29% | 7.92% |
| **Russell 1000<sup>®</sup> Index††** | **Russell 1000<sup>®</sup> Index††** | **Russell 1000<sup>®</sup> Index††** | **Russell 1000<sup>®</sup> Index††** | **Russell 1000<sup>®</sup> Index††** | **Russell 1000<sup>®</sup> Index††** |
| Average annual total return | 2.30% | –19.13% | 9.13% | 12.37% | 9.31% |

---

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

*† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell 1000<sup>®</sup> Index.*

*†† See index descriptions in the Fund Information section.*

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

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

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

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

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

------

**Fund Performance Data**

**LARGE CAP VALUE FUND**

Total Return Based on a Hypothetical $10,000 Investment

![](j2324902_bc019.jpg)

Comparative Results†††

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For Periods ended December 31, 2022** | **Six Months** | **1 Year** | **5 Years** | **10 Years** | **Since <br>6/24/87\*** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Average annual total return | 7.98% | –5.31% | 6.14% | 10.88% | 8.92% |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Average annual total return (with sales charge) | 2.21% | –10.46% | 4.74% | 10.00% | 8.50% |
| Average annual total return (without sales charge) | 7.87% | –5.50% | 5.88% | 10.60% | 8.67% |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Average annual total return (with CDSC) | 6.42% | –7.11% | 5.11% | 9.78% | 7.85% |
| Average annual total return (without CDSC) | 7.42% | –6.24% | 5.11% | 9.78% | 7.85% |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Average annual total return | 8.02% | –5.22% | 6.22% | 10.92% | 8.93% |
| **Russell 1000<sup>®</sup> Value Index††** | **Russell 1000<sup>®</sup> Value Index††** | **Russell 1000<sup>®</sup> Value Index††** | **Russell 1000<sup>®</sup> Value Index††** | **Russell 1000<sup>®</sup> Value Index††** | **Russell 1000<sup>®</sup> Value Index††** |
| Average annual total return | 6.11% | –7.54% | 6.67% | 10.29% | 9.52% |
| **Russell 1000<sup>®</sup> Index††** | **Russell 1000<sup>®</sup> Index††** | **Russell 1000<sup>®</sup> Index††** | **Russell 1000<sup>®</sup> Index††** | **Russell 1000<sup>®</sup> Index††** | **Russell 1000<sup>®</sup> Index††** |
| Average annual total return | 2.30% | –19.13% | 9.13% | 12.37% | 9.80% |

---

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

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

*† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell 1000<sup>®</sup> Index.*

*†† See index descriptions in the Fund Information section.*

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

*\* Commencement of Class I is 6/24/87. Average annual total return for the Russell 1000<sup>®</sup> Value Index reflects a beginning date of 6/30/87.*

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

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

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

------

**Fund Performance Data**

**MID-CAP VALUE FUND**

Total Return Based on a Hypothetical $10,000 Investment

![](j2324902_bc020.jpg)

Comparative Results†††

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For Periods ended December 31, 2022** | **Six Months** | **1 Year** | **5 Years** | **10 Years** | **Since <br>1/2/97\*** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Average annual total return | 10.52% | 1.63% | 5.31% | 8.98% | 10.92% |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Average annual total return (with sales charge) | 4.63% | –3.90% | 3.96% | 8.15% | 10.43% |
| Average annual total return (without sales charge) | 10.43% | 1.42% | 5.09% | 8.73% | 10.66% |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Average annual total return (with CDSC) | 9.00% | –0.37% | 4.29% | 7.91% | 9.86% |
| Average annual total return (without CDSC) | 10.00% | 0.63% | 4.29% | 7.91% | 9.86% |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Average annual total return | 10.60% | 1.78% | 5.41% | 9.03% | 10.94% |
| **Russell Midcap<sup>®</sup> Value Index††** | **Russell Midcap<sup>®</sup> Value Index††** | **Russell Midcap<sup>®</sup> Value Index††** | **Russell Midcap<sup>®</sup> Value Index††** | **Russell Midcap<sup>®</sup> Value Index††** | **Russell Midcap<sup>®</sup> Value Index††** |
| Average annual total return | 5.01% | –12.03% | 5.72% | 10.11% | 9.78% |
| **Russell Midcap<sup>®</sup> Index††** | **Russell Midcap<sup>®</sup> Index††** | **Russell Midcap<sup>®</sup> Index††** | **Russell Midcap<sup>®</sup> Index††** | **Russell Midcap<sup>®</sup> Index††** | **Russell Midcap<sup>®</sup> Index††** |
| Average annual total return | 5.43% | –17.32% | 7.10% | 10.96% | 9.79% |

---

Returns shown for Class A, Class C, and Class Z shares for the periods prior to their inception are derived from the historical performance of Class I shares of the Fund during such periods and have been adjusted to reflect the higher total annual operating expenses of Class A and Class C shares. (Inception dates: Class A, Class C — 1/2/01; Class Z — 9/30/19.)

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

*† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell Midcap<sup>®</sup> Index.*

*†† See index descriptions in the Fund Information section.*

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

*\* Commencement of Class I.*

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

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

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

------

**Fund Performance Data**

**SMALL CAP VALUE FUND**

Total Return Based on a Hypothetical $10,000 Investment

![](j2324902_bc021.jpg)

Comparative Results†††

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For Periods ended December 31, 2022** | **Six Months** | **1 Year** | **5 Years** | **10 Years** | **Since <br>9/20/85\*** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Average annual total return | 12.59% | 3.03% | 7.36% | 10.61% | 11.11% |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Average annual total return (with sales charge) | 6.58% | –2.53% | 6.00% | 9.77% | 10.70% |
| Average annual total return (without sales charge) | 12.49% | 2.87% | 7.15% | 10.37% | 10.86% |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Average annual total return (with CDSC) | 11.11% | 1.25% | 6.37% | 9.55% | 10.06% |
| Average annual total return (without CDSC) | 12.07% | 2.12% | 6.37% | 9.55% | 10.06% |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Average annual total return | 12.69% | 3.24% | 7.49% | 10.68% | 11.12% |
| **Russell 2000<sup>®</sup> Value Index††** | **Russell 2000<sup>®</sup> Value Index††** | **Russell 2000<sup>®</sup> Value Index††** | **Russell 2000<sup>®</sup> Value Index††** | **Russell 2000<sup>®</sup> Value Index††** | **Russell 2000<sup>®</sup> Value Index††** |
| Average annual total return | 3.42% | –14.48% | 4.13% | 8.48% | 10.22% |
| **Russell 2000<sup>®</sup> Index††** | **Russell 2000<sup>®</sup> Index††** | **Russell 2000<sup>®</sup> Index††** | **Russell 2000<sup>®</sup> Index††** | **Russell 2000<sup>®</sup> Index††** | **Russell 2000<sup>®</sup> Index††** |
| Average annual total return | 3.91% | –20.44% | 4.13% | 9.01% | 9.22% |

---

Returns shown for Class A, Class C, and Class Z shares for the periods prior to their inception are derived from the historical performance of Class I shares of the Fund during such periods and have been adjusted to reflect the higher total annual operating expenses of Class A and Class C shares. (Inception dates: Class A — 10/6/00; Class C — 2/4/02: Class Z — 9/30/19.)

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

*† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell 2000<sup>®</sup> Index.*

*†† See index descriptions in the Fund Information section.*

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

*\* Commencement of Class I is 9/20/85. Average annual total return for the Russell 2000<sup>®</sup> Value Index reflects a beginning date of 9/30/85.*

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

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

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

------

**Fund Performance Data**

**SMALL CAP DIVERSIFIED VALUE FUND**

Total Return Based on a Hypothetical $10,000 Investment

![](j2324902_bc022.jpg)

Comparative Results†††

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For Periods ended December 31, 2022** | **Six Months** | **1 Year** | **5 Years** | **Since <br>6/30/14\*** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Average annual total return | 7.88% | –6.35% | 5.98% | 7.87% |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Average annual total return (with sales charge) | 2.01% | –11.52% | 4.57% | 6.92% |
| Average annual total return (without sales charge) | 7.70% | –6.59% | 5.70% | 7.59% |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Average annual total return | 7.85% | –6.39% | 5.97% | 7.86% |
| **Russell 2000<sup>®</sup> Value Index††** | **Russell 2000<sup>®</sup> Value Index††** | **Russell 2000<sup>®</sup> Value Index††** | **Russell 2000<sup>®</sup> Value Index††** | **Russell 2000<sup>®</sup> Value Index††** |
| Average annual total return | 3.42% | –14.48% | 4.13% | 5.76% |
| **Russell 2000<sup>®</sup> Index††** | **Russell 2000<sup>®</sup> Index††** | **Russell 2000<sup>®</sup> Index††** | **Russell 2000<sup>®</sup> Index††** | **Russell 2000<sup>®</sup> Index††** |
| Average annual total return | 3.91% | –20.44% | 4.13% | 6.10% |

---

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

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

*† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell 2000<sup>®</sup> Index.*

*†† See index descriptions in the Fund Information section.*

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

*\* Commencement of Class I and Class A.*

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

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

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

------

**Fund Performance Data**

**GLOBAL VALUE FUND**

Total Return Based on a Hypothetical $10,000 Investment

![](j2324902_bc023.jpg)

Comparative Results†††

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For Periods ended December 31, 2022** | **Six Months** | **1 Year** | **5 Years** | **Since <br>12/31/12\*<br>(10 Years)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Average annual total return | 4.63% | –11.66% | 3.07% | 7.54% |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Average annual total return (with sales charge) | –1.06% | –16.58% | 1.67% | 6.69% |
| Average annual total return (without sales charge) | 4.42% | –11.96% | 2.78% | 7.26% |
| **MSCI World Index††** | **MSCI World Index††** | **MSCI World Index††** | **MSCI World Index††** | **MSCI World Index††** |
| Average annual total return | 2.97% | –18.14% | 6.14% | 8.85% |

---

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

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

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

*†† See index description in the Fund Information section.*

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

*\* Commencement of Class I.*

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

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

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

------

**Fund Performance Data**

**INTERNATIONAL VALUE FUND**

Total Return Based on a Hypothetical $10,000 Investment

![](j2324902_bc024.jpg)

Comparative Results†††

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For Periods ended December 31, 2022** | **Six Months** | **1 Year** | **5 Years** | **Since <br>12/31/15\*** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Average annual total return | 7.11% | –5.41% | 1.24% | 4.90% |
| **MSCI World ex-USA Index††** | **MSCI World ex-USA Index††** | **MSCI World ex-USA Index††** | **MSCI World ex-USA Index††** | **MSCI World ex-USA Index††** |
| Average annual total return | 5.50% | –14.29% | 1.79% | 4.87% |

---

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

*†† See index description in the Fund Information section.*

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

*\* Commencement of Class I.*

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

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

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

------

**Fund Performance Data**

**INTERNATIONAL SMALL CAP DIVERSIFIED VALUE FUND**

Total Return Based on a Hypothetical $10,000 Investment

![](j2324902_bc025.jpg)

Comparative Results†††

---

| | | | |
|:---|:---|:---|:---|
| **For Period ended December 31, 2022** | **Six Months** | **1 Year** | **Since <br>6/30/20\*** |
| **Class I** | **Class I** | **Class I** | **Class I** |
| Average annual total return | 7.65% | –8.68% | 14.34% |
| **MSCI World ex-USA Small Cap Index††** | **MSCI World ex-USA Small Cap Index††** | **MSCI World ex-USA Small Cap Index††** | **MSCI World ex-USA Small Cap Index††** |
| Average annual total return | 4.31% | –20.59% | 5.47% |

---

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

*†† See index description in the Fund Information section.*

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

*\* Commencement of Class I.*

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

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

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

------

**Fund Performance Data**

**VALUE OPPORTUNITIES FUND**

Total Return Based on a Hypothetical $10,000 Investment

![](j2324902_bc026.jpg)

Comparative Results†††

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For Periods ended December 31, 2022** | **Six Months** | **1 Year** | **5 Years** | **10 Years** | **Since <br>12/31/02\*** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Average annual total return | 11.31% | –7.88% | 7.84% | 11.26% | 11.71% |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Average annual total return (with sales charge) | 5.34% | –12.95% | 6.41% | 10.38% | 11.17% |
| Average annual total return (without sales charge) | 11.17% | –8.13% | 7.56% | 10.98% | 11.47% |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Average annual total return (with CDSC) | 9.73% | –9.70% | 6.79% | 10.16% | 10.63% |
| Average annual total return (without CDSC) | 10.73% | –8.81% | 6.79% | 10.16% | 10.63% |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Average annual total return | 11.32% | –7.82% | 7.90% | 11.29% | 11.73% |
| **Russell 3000<sup>®</sup> Value Index††** | **Russell 3000<sup>®</sup> Value Index††** | **Russell 3000<sup>®</sup> Value Index††** | **Russell 3000<sup>®</sup> Value Index††** | **Russell 3000<sup>®</sup> Value Index††** | **Russell 3000<sup>®</sup> Value Index††** |
| Average annual total return | 5.95% | –7.98% | 6.50% | 10.16% | 8.84% |
| **Russell 3000<sup>®</sup> Index††** | **Russell 3000<sup>®</sup> Index††** | **Russell 3000<sup>®</sup> Index††** | **Russell 3000<sup>®</sup> Index††** | **Russell 3000<sup>®</sup> Index††** | **Russell 3000<sup>®</sup> Index††** |
| Average annual total return | 2.40% | –19.21% | 8.79% | 12.13% | 9.88% |

---

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

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

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

*†† See index descriptions in the Fund Information section.*

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

*\* Commencement of Class I and Class A.*

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

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

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

------

**Fund Performance Data**

**HIGH YIELD FUND**

Total Return Based on a Hypothetical $10,000 Investment

![](j2324902_bc027.jpg)

Comparative Results†††

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For Periods ended December 31, 2022** | **Six Months** | **1 Year** | **5 Years** | **10 Years** | **Since <br>3/31/09\*** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Average annual total return | 3.26% | –9.80% | 1.13% | 3.40% | 7.40% |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Average annual total return (with sales charge) | –0.93% | –13.50% | 0.05% | 2.71% | 6.76% |
| Average annual total return (without sales charge) | 2.93% | –10.13% | 0.81% | 3.11% | 7.05% |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Average annual total return (with CDSC) | 1.73% | –11.48% | 0.14% | 2.37% | 6.34% |
| Average annual total return (without CDSC) | 2.73% | –10.62% | 0.14% | 2.37% | 6.34% |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Average annual total return | 3.31% | –9.70% | 1.22% | 3.44% | 7.43% |
| **ICE BofA BB-B U.S. High Yield Constrained Index††** | **ICE BofA BB-B U.S. High Yield Constrained Index††** | **ICE BofA BB-B U.S. High Yield Constrained Index††** | **ICE BofA BB-B U.S. High Yield Constrained Index††** | **ICE BofA BB-B U.S. High Yield Constrained Index††** | **ICE BofA BB-B U.S. High Yield Constrained Index††** |
| Average annual total return | 3.60% | –10.53% | 2.32% | 3.94% | 7.74% |

---

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

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

*† The Fund invests primarily in high yield securities.*

*†† See index description in the Fund Information section.*

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

*\* Commencement of Class I.*

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

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

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Diversified Value Fund (Unaudited)**

![](j2324902_ca028.jpg)

---

| | |
|:---|:---|
| **Largest Equity Holdings** | **Percent of <br>net assets** |
| General Electric Company | 5.91% |
| Citigroup, Inc. | 4.57% |
| Wells Fargo & Company | 3.86% |
| American International Group, Inc. | 3.45% |
| Microsoft Corp. | 3.42% |
| Oracle Corp. | 2.91% |
| Workday, Inc. | 2.77% |
| General Motors Company | 2.53% |
| FedEx Corp. | 2.51% |
| APA Corp. | 2.41% |

---

---

| | | |
|:---|:---|:---|
| **COMMON <br>STOCKS — 99.69%** | **Shares<br>Held** | **Value** |
| ***COMMUNICATION SERVICES — 8.46%<br>Entertainment — 1.22%*** | ***COMMUNICATION SERVICES — 8.46%<br>Entertainment — 1.22%*** | ***COMMUNICATION SERVICES — 8.46%<br>Entertainment — 1.22%*** |
| Warner Bros. Discovery, Inc. (a) | 112000 | $1061760 |
| ***Interactive Media & Services — 2.24%*** | ***Interactive Media & Services — 2.24%*** | ***Interactive Media & Services — 2.24%*** |
| Alphabet, Inc. (a) | 22100 | 1949883 |
| ***Media — 4.15%*** | ***Media — 4.15%*** | ***Media — 4.15%*** |
| Comcast Corp. | 48200 | 1685554 |
| News Corp. | 51300 | 933660 |
| Omnicom Group, Inc. | 6100 | 497577 |
| Paramount Global (l) | 28700 | 484456 |
|  |  | 3601247 |
| ***Wireless Telecommunication Services — 0.85%*** | ***Wireless Telecommunication Services — 0.85%*** | ***Wireless Telecommunication Services — 0.85%*** |
| Vodafone Group PLC — ADR | 72963 | 738385 |
| TOTAL COMMUNICATION SERVICES | TOTAL COMMUNICATION SERVICES | 7351275 |
| ***CONSUMER DISCRETIONARY — 6.44%<br>Auto Components — 3.15%*** | ***CONSUMER DISCRETIONARY — 6.44%<br>Auto Components — 3.15%*** | ***CONSUMER DISCRETIONARY — 6.44%<br>Auto Components — 3.15%*** |
| Adient PLC (a) | 8974 | 311308 |
| Aptiv PLC (a) | 6700 | 623971 |
| The Goodyear Tire & Rubber Company (a) | 20600 | 209090 |
| Magna International, Inc. | 28300 | 1589894 |
|  |  | 2734263 |
| ***Automobiles — 2.53%*** | ***Automobiles — 2.53%*** | ***Automobiles — 2.53%*** |
| General Motors Company | 65300 | 2196692 |
| ***Hotels, Restaurants & Leisure — 0.76%*** | ***Hotels, Restaurants & Leisure — 0.76%*** | ***Hotels, Restaurants & Leisure — 0.76%*** |
| Booking Holdings, Inc. (a) | 330 | 665043 |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY | 5595998 |
| ***CONSUMER STAPLES — 1.83%<br>Personal Products — 1.83%*** | ***CONSUMER STAPLES — 1.83%<br>Personal Products — 1.83%*** | ***CONSUMER STAPLES — 1.83%<br>Personal Products — 1.83%*** |
| Unilever PLC — ADR | 31600 | 1591060 |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES | 1591060 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***ENERGY — 12.90%<br>Energy Equipment & Services — 3.67%*** | ***ENERGY — 12.90%<br>Energy Equipment & Services — 3.67%*** | ***ENERGY — 12.90%<br>Energy Equipment & Services — 3.67%*** |
| Baker Hughes Company | 14000 | $413420 |
| Halliburton Company | 25200 | 991620 |
| NOV, Inc. | 66500 | 1389185 |
| Schlumberger Ltd. | 7400 | 395604 |
|  |  | 3189829 |
| ***Oil, Gas & Consumable Fuels — 9.23%*** | ***Oil, Gas & Consumable Fuels — 9.23%*** | ***Oil, Gas & Consumable Fuels — 9.23%*** |
| APA Corp. | 44900 | 2095932 |
| Cenovus Energy, Inc. | 28800 | 559008 |
| Hess Corp. | 4600 | 652372 |
| Marathon Oil Corp. | 48100 | 1302067 |
| Murphy Oil Corp. | 19100 | 821491 |
| Ovintiv, Inc. | 21400 | 1085194 |
| Shell PLC — ADR | 26362 | 1501316 |
|  |  | 8017380 |
| TOTAL ENERGY | TOTAL ENERGY | 11207209 |
| ***FINANCIALS — 24.66%<br>Banks — 11.93%*** | ***FINANCIALS — 24.66%<br>Banks — 11.93%*** | ***FINANCIALS — 24.66%<br>Banks — 11.93%*** |
| Citigroup, Inc. | 87874 | 3974541 |
| Citizens Financial Group, Inc. | 34000 | 1338580 |
| First Citizens BancShares, Inc. | 772 | 585454 |
| U.S. Bancorp | 25600 | 1116416 |
| Wells Fargo & Company | 81234 | 3354152 |
|  |  | 10369143 |
| ***Capital Markets — 6.07%*** | ***Capital Markets — 6.07%*** | ***Capital Markets — 6.07%*** |
| The Bank of New York Mellon Corp. | 39000 | 1775280 |
| The Goldman Sachs Group, Inc. | 5250 | 1802745 |
| State Street Corp. | 21900 | 1698783 |
|  |  | 5276808 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Diversified Value Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Consumer Finance — 0.45%*** | ***Consumer Finance — 0.45%*** | ***Consumer Finance — 0.45%*** |
| Capital One Financial Corp. | 4200 | $390432 |
| ***Diversified Financial Services — 0.49%*** | ***Diversified Financial Services — 0.49%*** | ***Diversified Financial Services — 0.49%*** |
| Equitable Holdings, Inc. | 14700 | 421890 |
| ***Insurance — 5.72%*** | ***Insurance — 5.72%*** | ***Insurance — 5.72%*** |
| American International Group, Inc. | 47400 | 2997576 |
| Corebridge Financial, Inc. (l) | 21100 | 423266 |
| The Hartford Financial Services Group, Inc. | 20400 | 1546932 |
|  |  | 4967774 |
| TOTAL FINANCIALS | TOTAL FINANCIALS | 21426047 |
| ***HEALTH CARE — 10.07%<br>Health Care Equipment & Supplies — 1.99%*** | ***HEALTH CARE — 10.07%<br>Health Care Equipment & Supplies — 1.99%*** | ***HEALTH CARE — 10.07%<br>Health Care Equipment & Supplies — 1.99%*** |
| Medtronic PLC | 14582 | 1133313 |
| Zimmer Biomet Holdings, Inc. | 4700 | 599250 |
|  |  | 1732563 |
| ***Health Care Providers & Services — 7.05%*** | ***Health Care Providers & Services — 7.05%*** | ***Health Care Providers & Services — 7.05%*** |
| Centene Corp. (a) | 12800 | 1049728 |
| Cigna Corp. | 2000 | 662680 |
| CVS Health Corp. | 12600 | 1174194 |
| Elevance Health, Inc. | 3200 | 1641504 |
| HCA Healthcare, Inc. | 4300 | 1031828 |
| Humana, Inc. | 1100 | 563409 |
|  |  | 6123343 |
| ***Pharmaceuticals — 1.03%*** | ***Pharmaceuticals — 1.03%*** | ***Pharmaceuticals — 1.03%*** |
| GSK PLC — ADR | 12240 | 430114 |
| Sanofi — ADR | 9500 | 460085 |
|  |  | 890199 |
| TOTAL HEALTH CARE | TOTAL HEALTH CARE | 8746105 |
| ***INDUSTRIALS — 14.58%<br>Aerospace & Defense — 2.41%*** | ***INDUSTRIALS — 14.58%<br>Aerospace & Defense — 2.41%*** | ***INDUSTRIALS — 14.58%<br>Aerospace & Defense — 2.41%*** |
| The Boeing Company (a) | 6000 | 1142940 |
| Raytheon Technologies Corp. | 9400 | 948648 |
|  |  | 2091588 |
| ***Air Freight & Logistics — 2.51%*** | ***Air Freight & Logistics — 2.51%*** | ***Air Freight & Logistics — 2.51%*** |
| FedEx Corp. | 12620 | 2185784 |
| ***Construction & Engineering — 0.42%*** | ***Construction & Engineering — 0.42%*** | ***Construction & Engineering — 0.42%*** |
| Fluor Corp. (a) | 10500 | 363930 |
| ***Industrial Conglomerates — 5.91%*** | ***Industrial Conglomerates — 5.91%*** | ***Industrial Conglomerates — 5.91%*** |
| General Electric Company | 61237 | 5131048 |
| ***Machinery — 3.33%*** | ***Machinery — 3.33%*** | ***Machinery — 3.33%*** |
| CNH Industrial NV | 53700 | 862422 |
| Cummins, Inc. | 5000 | 1211450 |
| PACCAR, Inc. | 8300 | 821451 |
|  |  | 2895323 |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS | 12667673 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***INFORMATION TECHNOLOGY — 16.98%<br>Communications Equipment — 3.40%*** | ***INFORMATION TECHNOLOGY — 16.98%<br>Communications Equipment — 3.40%*** | ***INFORMATION TECHNOLOGY — 16.98%<br>Communications Equipment — 3.40%*** |
| F5, Inc. (a) | 14200 | $2037842 |
| Telefonaktiebolaget LM Ericsson — ADR | 156700 | 915128 |
|  |  | 2952970 |
| ***Electronic Equipment, Instruments & Components — 1.90%*** | ***Electronic Equipment, Instruments & Components — 1.90%*** | ***Electronic Equipment, Instruments & Components — 1.90%*** |
| Corning, Inc. | 26600 | 849604 |
| TE Connectivity Ltd. | 7000 | 803600 |
|  |  | 1653204 |
| ***IT Services — 1.72%*** | ***IT Services — 1.72%*** | ***IT Services — 1.72%*** |
| Cognizant Technology Solutions Corp. | 7000 | 400330 |
| Fidelity National Information Services, Inc. | 9300 | 631005 |
| Fiserv, Inc. (a) | 4600 | 464922 |
|  |  | 1496257 |
| ***Semiconductors & Semiconductor Equipment — 0.85%*** | ***Semiconductors & Semiconductor Equipment — 0.85%*** | ***Semiconductors & Semiconductor Equipment — 0.85%*** |
| Micron Technology, Inc. | 14800 | 739704 |
| ***Software — 9.11%*** | ***Software — 9.11%*** | ***Software — 9.11%*** |
| Microsoft Corp. | 12400 | 2973768 |
| Oracle Corp. | 30900 | 2525766 |
| Workday, Inc. (a) | 14400 | 2409552 |
|  |  | 7909086 |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY | 14751221 |
| ***MATERIALS — 1.57%<br>Chemicals — 1.26%*** | ***MATERIALS — 1.57%<br>Chemicals — 1.26%*** | ***MATERIALS — 1.57%<br>Chemicals — 1.26%*** |
| Olin Corp. | 20600 | 1090564 |
| ***Containers & Packaging — 0.31%*** | ***Containers & Packaging — 0.31%*** | ***Containers & Packaging — 0.31%*** |
| International Paper Company | 7900 | 273577 |
| TOTAL MATERIALS | TOTAL MATERIALS | 1364141 |
| ***UTILITIES — 2.20%<br>Electric Utilities — 2.20%*** | ***UTILITIES — 2.20%<br>Electric Utilities — 2.20%*** | ***UTILITIES — 2.20%<br>Electric Utilities — 2.20%*** |
| PPL Corp. | 65300 | 1908066 |
| TOTAL UTILITIES | TOTAL UTILITIES | 1908066 |
| Total common stocks <br>(Cost $77,219,398) |  | 86608795 |
| Total long-term investments <br>(Cost $77,219,398) |  | 86608795 |
| **COLLATERAL FOR SECURITIES ON LOAN — 0.80%** | **COLLATERAL FOR SECURITIES ON LOAN — 0.80%** | **COLLATERAL FOR SECURITIES ON LOAN — 0.80%** |
| ***Money Market Funds — 0.80%*** | ***Money Market Funds — 0.80%*** | ***Money Market Funds — 0.80%*** |
| Invesco Short-Term Investments Trust <br>Government & Agency Portfolio — <br>Institutional Class, 4.22%^ | 697004 | 697004 |
| Total collateral for securities on loan <br>(Cost $697,004) | Total collateral for securities on loan <br>(Cost $697,004) | 697004 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Diversified Value Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| **SHORT-TERM <br>INVESTMENTS — 0.28%** | **Principal<br>Amount** | **Value** |
| ***Time Deposits — 0.28%*** | ***Time Deposits — 0.28%*** | ***Time Deposits — 0.28%*** |
| Banco Bilbao Vizcaya Argentaria SA, <br>3.69%, 01/03/2023\* | $247173 | $247173 |
| Citigroup, Inc., 1.10%, 01/02/2023\* | 3 | 4 |
| Total short-term investments <br>(Cost $247,176) | Total short-term investments <br>(Cost $247,176) | 247177 |
| Total investments — 100.77% <br>(Cost $78,163,578) |  | 87552976 |
| Liabilities in excess of other assets — (0.77)% |  | (672171) |
| Net assets — 100.00% | Net assets — 100.00% | $86880805 |

---

*(a) — Non-income producing security.*

*(l) — All or a portion of this security is on loan. The total market value of securities on loan was $680,292. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.*

*ADR — American Depositary Receipt*

*EUR — Euro*

*^ — Rate shown is the 7-day yield as of December 31, 2022.*

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

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Large Cap Value Fund (Unaudited)**

![](j2324902_ca029.jpg)

+ Sum of sectors shown is greater than 100% due to short-term securities and liabilities in excess of other assets of (0.08)%.

---

| | |
|:---|:---|
| **Largest Equity Holdings** | **Percent of <br>net assets** |
| General Electric Company | 6.05% |
| Citigroup, Inc. | 4.79% |
| Wells Fargo & Company | 3.88% |
| American International Group, Inc. | 3.69% |
| Microsoft Corp. | 3.54% |
| Oracle Corp. | 3.45% |
| F5, Inc. | 3.37% |
| General Motors Company | 2.92% |
| FedEx Corp. | 2.78% |
| The Goldman Sachs Group, Inc. | 2.68% |

---

---

| | | |
|:---|:---|:---|
| **COMMON <br>STOCKS — 100.08%** | **Shares<br>Held** | **Value** |
| ***COMMUNICATION SERVICES — 6.55%<br>Entertainment — 1.39%*** | ***COMMUNICATION SERVICES — 6.55%<br>Entertainment — 1.39%*** | ***COMMUNICATION SERVICES — 6.55%<br>Entertainment — 1.39%*** |
| Warner Bros. Discovery, Inc. (a) | 550200 | $5215896 |
| ***Interactive Media & Services — 1.49%*** | ***Interactive Media & Services — 1.49%*** | ***Interactive Media & Services — 1.49%*** |
| Alphabet, Inc. (a) | 63000 | 5558490 |
| ***Media — 2.61%*** | ***Media — 2.61%*** | ***Media — 2.61%*** |
| Comcast Corp. | 230800 | 8071076 |
| Paramount Global (l) | 99700 | 1682936 |
|  |  | 9754012 |
| ***Wireless Telecommunication Services — 1.06%*** | ***Wireless Telecommunication Services — 1.06%*** | ***Wireless Telecommunication Services — 1.06%*** |
| Vodafone Group PLC — ADR | 390944 | 3956353 |
| TOTAL COMMUNICATION SERVICES | TOTAL COMMUNICATION SERVICES | 24484751 |
| ***CONSUMER DISCRETIONARY — 6.32%<br>Auto Components — 2.54%*** | ***CONSUMER DISCRETIONARY — 6.32%<br>Auto Components — 2.54%*** | ***CONSUMER DISCRETIONARY — 6.32%<br>Auto Components — 2.54%*** |
| Adient PLC (a) | 41891 | 1453199 |
| Magna International, Inc. | 143300 | 8050594 |
|  |  | 9503793 |
| ***Automobiles — 2.92%*** | ***Automobiles — 2.92%*** | ***Automobiles — 2.92%*** |
| General Motors Company | 324100 | 10902724 |
| ***Hotels, Restaurants & Leisure — 0.86%*** | ***Hotels, Restaurants & Leisure — 0.86%*** | ***Hotels, Restaurants & Leisure — 0.86%*** |
| Booking Holdings, Inc. (a) | 1600 | 3224448 |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY | 23630965 |
| ***CONSUMER STAPLES — 1.82%<br>Personal Products — 1.82%*** | ***CONSUMER STAPLES — 1.82%<br>Personal Products — 1.82%*** | ***CONSUMER STAPLES — 1.82%<br>Personal Products — 1.82%*** |
| Unilever PLC — ADR | 135500 | 6822425 |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES | 6822425 |
| ***ENERGY — 14.11%<br>Energy Equipment & Services — 3.78%*** | ***ENERGY — 14.11%<br>Energy Equipment & Services — 3.78%*** | ***ENERGY — 14.11%<br>Energy Equipment & Services — 3.78%*** |
| Baker Hughes Company | 64400 | 1901732 |
| Halliburton Company | 84200 | 3313270 |
| NOV, Inc. | 329600 | 6885344 |
| Schlumberger Ltd. | 38250 | 2044845 |
|  |  | 14145191 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Oil, Gas & Consumable Fuels — 10.33%*** | ***Oil, Gas & Consumable Fuels — 10.33%*** | ***Oil, Gas & Consumable Fuels — 10.33%*** |
| APA Corp. | 190700 | $8901876 |
| Hess Corp. | 28200 | 3999324 |
| Marathon Oil Corp. | 243700 | 6596959 |
| Murphy Oil Corp. | 90570 | 3895416 |
| Ovintiv, Inc. | 96600 | 4898586 |
| Shell PLC — ADR | 125372 | 7139935 |
| Suncor Energy, Inc. | 101500 | 3220595 |
|  |  | 38652691 |
| TOTAL ENERGY | TOTAL ENERGY | 52797882 |
| ***FINANCIALS — 26.22%<br>Banks — 11.73%*** | ***FINANCIALS — 26.22%<br>Banks — 11.73%*** | ***FINANCIALS — 26.22%<br>Banks — 11.73%*** |
| Citigroup, Inc. | 396188 | 17919583 |
| Citizens Financial Group, Inc. | 143800 | 5661406 |
| U.S. Bancorp | 132500 | 5778325 |
| Wells Fargo & Company | 351363 | 14507778 |
|  |  | 43867092 |
| ***Capital Markets — 7.25%*** | ***Capital Markets — 7.25%*** | ***Capital Markets — 7.25%*** |
| The Bank of New York Mellon Corp. | 194200 | 8839984 |
| The Goldman Sachs Group, Inc. | 29200 | 10026696 |
| State Street Corp. | 106600 | 8268962 |
|  |  | 27135642 |
| ***Consumer Finance — 0.49%*** | ***Consumer Finance — 0.49%*** | ***Consumer Finance — 0.49%*** |
| Capital One Financial Corp. | 19600 | 1822016 |
| ***Diversified Financial Services — 0.49%*** | ***Diversified Financial Services — 0.49%*** | ***Diversified Financial Services — 0.49%*** |
| Equitable Holdings, Inc. | 64600 | 1854020 |
| ***Insurance — 6.26%*** | ***Insurance — 6.26%*** | ***Insurance — 6.26%*** |
| American International Group, Inc. | 218500 | 13817940 |
| Corebridge Financial, Inc. (l) | 91900 | 1843514 |
| The Hartford Financial Services Group, Inc. | 102100 | 7742243 |
|  |  | 23403697 |
| TOTAL FINANCIALS | TOTAL FINANCIALS | 98082467 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Large Cap Value Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***HEALTH CARE — 9.65%<br>Health Care Equipment & Supplies — 2.60%*** | ***HEALTH CARE — 9.65%<br>Health Care Equipment & Supplies — 2.60%*** | ***HEALTH CARE — 9.65%<br>Health Care Equipment & Supplies — 2.60%*** |
| Medtronic PLC | 82500 | $6411900 |
| Zimmer Biomet Holdings, Inc. | 25800 | 3289500 |
|  |  | 9701400 |
| ***Health Care Providers & Services — 6.02%*** | ***Health Care Providers & Services — 6.02%*** | ***Health Care Providers & Services — 6.02%*** |
| Cigna Corp. | 11300 | 3744142 |
| CVS Health Corp. | 57900 | 5395701 |
| Elevance Health, Inc. | 15200 | 7797144 |
| HCA Healthcare, Inc. | 23300 | 5591068 |
|  |  | 22528055 |
| ***Pharmaceuticals — 1.03%*** | ***Pharmaceuticals — 1.03%*** | ***Pharmaceuticals — 1.03%*** |
| GSK PLC — ADR | 53340 | 1874368 |
| Sanofi — ADR | 40900 | 1980787 |
|  |  | 3855155 |
| TOTAL HEALTH CARE | TOTAL HEALTH CARE | 36084610 |
| ***INDUSTRIALS — 14.12%<br>Aerospace & Defense — 0.50%*** | ***INDUSTRIALS — 14.12%<br>Aerospace & Defense — 0.50%*** | ***INDUSTRIALS — 14.12%<br>Aerospace & Defense — 0.50%*** |
| Huntington Ingalls Industries, Inc. | 8100 | 1868508 |
| ***Air Freight & Logistics — 2.78%*** | ***Air Freight & Logistics — 2.78%*** | ***Air Freight & Logistics — 2.78%*** |
| FedEx Corp. | 60100 | 10409320 |
| ***Industrial Conglomerates — 6.05%*** | ***Industrial Conglomerates — 6.05%*** | ***Industrial Conglomerates — 6.05%*** |
| General Electric Company | 269987 | 22622211 |
| ***Machinery — 4.79%*** | ***Machinery — 4.79%*** | ***Machinery — 4.79%*** |
| CNH Industrial NV | 254700 | 4090482 |
| Cummins, Inc. | 28500 | 6905265 |
| PACCAR, Inc. | 42700 | 4226019 |
| Stanley Black & Decker, Inc. | 35900 | 2696808 |
|  |  | 17918574 |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS | 52818613 |
| ***INFORMATION TECHNOLOGY — 17.30%<br>Communications Equipment — 4.95%*** | ***INFORMATION TECHNOLOGY — 17.30%<br>Communications Equipment — 4.95%*** | ***INFORMATION TECHNOLOGY — 17.30%<br>Communications Equipment — 4.95%*** |
| F5, Inc. (a) | 87800 | 12600178 |
| Telefonaktiebolaget LM Ericsson — ADR | 1016200 | 5934608 |
|  |  | 18534786 |
| ***Electronic Equipment, Instruments & Components — 2.12%*** | ***Electronic Equipment, Instruments & Components — 2.12%*** | ***Electronic Equipment, Instruments & Components — 2.12%*** |
| Corning, Inc. | 114100 | 3644354 |
| TE Connectivity Ltd. | 37200 | 4270560 |
|  |  | 7914914 |
| ***IT Services — 3.24%*** | ***IT Services — 3.24%*** | ***IT Services — 3.24%*** |
| Amdocs Ltd. | 21500 | 1954350 |
| Euronet Worldwide, Inc. (a) | 57000 | 5379660 |
| Fidelity National Information Services, Inc. | 41100 | 2788635 |
| Fiserv, Inc. (a) | 19600 | 1980972 |
|  |  | 12103617 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Software — 6.99%*** | ***Software — 6.99%*** | ***Software — 6.99%*** |
| Microsoft Corp. | 55200 | $13238064 |
| Oracle Corp. | 158000 | 12914920 |
|  |  | 26152984 |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY | 64706301 |
| ***MATERIALS — 1.74%<br>Chemicals — 1.23%*** | ***MATERIALS — 1.74%<br>Chemicals — 1.23%*** | ***MATERIALS — 1.74%<br>Chemicals — 1.23%*** |
| Olin Corp. | 87000 | 4605780 |
| ***Containers & Packaging — 0.51%*** | ***Containers & Packaging — 0.51%*** | ***Containers & Packaging — 0.51%*** |
| International Paper Company | 54800 | 1897724 |
| TOTAL MATERIALS | TOTAL MATERIALS | 6503504 |
| ***UTILITIES — 2.25%<br>Electric Utilities — 2.25%*** | ***UTILITIES — 2.25%<br>Electric Utilities — 2.25%*** | ***UTILITIES — 2.25%<br>Electric Utilities — 2.25%*** |
| PPL Corp. | 288100 | 8418282 |
| TOTAL UTILITIES | TOTAL UTILITIES | 8418282 |
| Total common stocks <br>(Cost $325,122,163) |  | 374349800 |
| Total long-term investments <br>(Cost $325,122,163) |  | 374349800 |
| **COLLATERAL FOR SECURITIES ON LOAN — 0.42%** | **COLLATERAL FOR SECURITIES ON LOAN — 0.42%** | **COLLATERAL FOR SECURITIES ON LOAN — 0.42%** |
| ***Money Market Funds — 0.42%*** | ***Money Market Funds — 0.42%*** | ***Money Market Funds — 0.42%*** |
| Invesco Short-Term Investments Trust <br>Government & Agency Portfolio — <br>Institutional Class, 4.22%^ | 1568228 | 1568228 |
| Total collateral for securities on loan <br>(Cost $1,568,228) | Total collateral for securities on loan <br>(Cost $1,568,228) | 1568228 |
| **SHORT-TERM <br>INVESTMENTS — 0.20%** | **Principal<br>Amount** |  |
| ***Time Deposits — 0.20%*** | ***Time Deposits — 0.20%*** | ***Time Deposits — 0.20%*** |
| Citigroup, Inc., 1.10%, 01/02/2023\* | 17 | 18 |
| Royal Bank of Canada, 3.69%, 01/03/2023\* | $763281 | 763281 |
| Total short-term investments <br>(Cost $763,298) | Total short-term investments <br>(Cost $763,298) | 763299 |
| Total investments — 100.70% <br>(Cost $327,453,689) |  | 376681327 |
| Liabilities in excess of other assets — (0.70)% |  | (2603658) |
| Net assets — 100.00% | Net assets — 100.00% | $374077669 |

---

*(a) — Non-income producing security.*

*(l) — All or a portion of this security is on loan. The total market value of securities on loan was $1,531,547. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.*

*ADR — American Depositary Receipt*

*EUR — Euro*

*^ — Rate shown is the 7-day yield as of December 31, 2022.*

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

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Mid-Cap Value Fund (Unaudited)**

![](j2324902_ca030.jpg)

---

| | |
|:---|:---|
| **Largest Equity Holdings** | **Percent of <br>net assets** |
| Kosmos Energy Ltd. | 5.20% |
| Fluor Corp. | 4.46% |
| Popular, Inc. | 4.35% |
| APA Corp. | 4.19% |
| Citizens Financial Group, Inc. | 3.99% |
| First Citizens BancShares, Inc. | 3.52% |
| American International Group, Inc. | 3.10% |
| Adient PLC | 3.06% |
| State Street Corp. | 2.72% |
| F5, Inc. | 2.71% |

---

---

| | | |
|:---|:---|:---|
| **COMMON <br>STOCKS — 94.55%** | **Shares<br>Held** | **Value** |
| ***COMMUNICATION SERVICES — 4.45%<br>Entertainment — 1.63%*** | ***COMMUNICATION SERVICES — 4.45%<br>Entertainment — 1.63%*** | ***COMMUNICATION SERVICES — 4.45%<br>Entertainment — 1.63%*** |
| Warner Bros. Discovery, Inc. (a) | 844800 | $8008704 |
| ***Media — 2.82%*** | ***Media — 2.82%*** | ***Media — 2.82%*** |
| News Corp. | 247900 | 4511780 |
| Omnicom Group, Inc. | 61200 | 4992084 |
| Paramount Global (l) | 256500 | 4329720 |
|  |  | 13833584 |
| TOTAL COMMUNICATION SERVICES | TOTAL COMMUNICATION SERVICES | 21842288 |
| ***CONSUMER DISCRETIONARY — 10.91%<br>Auto Components — 6.52%*** | ***CONSUMER DISCRETIONARY — 10.91%<br>Auto Components — 6.52%*** | ***CONSUMER DISCRETIONARY — 10.91%<br>Auto Components — 6.52%*** |
| Adient PLC (a) | 433100 | 15024239 |
| The Goodyear Tire & Rubber Company (a) | 537500 | 5455625 |
| Lear Corp. | 14900 | 1847898 |
| Magna International, Inc. | 171700 | 9646106 |
|  |  | 31973868 |
| ***Automobiles — 0.37%*** | ***Automobiles — 0.37%*** | ***Automobiles — 0.37%*** |
| Harley-Davidson, Inc. | 43900 | 1826240 |
| ***Household Durables — 1.73%*** | ***Household Durables — 1.73%*** | ***Household Durables — 1.73%*** |
| Tri Pointe Homes, Inc. (a) | 65100 | 1210209 |
| Whirlpool Corp. | 51600 | 7299336 |
|  |  | 8509545 |
| ***Specialty Retail — 1.47%*** | ***Specialty Retail — 1.47%*** | ***Specialty Retail — 1.47%*** |
| The ODP Corp. (a) | 158745 | 7229247 |
| ***Textiles, Apparel & Luxury Goods — 0.82%*** | ***Textiles, Apparel & Luxury Goods — 0.82%*** | ***Textiles, Apparel & Luxury Goods — 0.82%*** |
| Capri Holdings Ltd. (a) | 70000 | 4012400 |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY | 53551300 |
| ***CONSUMER STAPLES — 0.97%<br>Personal Products — 0.97%*** | ***CONSUMER STAPLES — 0.97%<br>Personal Products — 0.97%*** | ***CONSUMER STAPLES — 0.97%<br>Personal Products — 0.97%*** |
| Herbalife Nutrition Ltd. (a) | 318500 | 4739280 |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES | 4739280 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***ENERGY — 20.25%<br>Energy Equipment & Services — 3.37%*** | ***ENERGY — 20.25%<br>Energy Equipment & Services — 3.37%*** | ***ENERGY — 20.25%<br>Energy Equipment & Services — 3.37%*** |
| Expro Group Holdings NV (a) | 91183 | $1653148 |
| Halliburton Company | 135600 | 5335860 |
| NOV, Inc. | 254600 | 5318594 |
| TechnipFMC PLC (a) | 349600 | 4261624 |
|  |  | 16569226 |
| ***Oil, Gas & Consumable Fuels — 16.88%*** | ***Oil, Gas & Consumable Fuels — 16.88%*** | ***Oil, Gas & Consumable Fuels — 16.88%*** |
| APA Corp. | 440700 | 20571876 |
| Cenovus Energy, Inc. | 250700 | 4866087 |
| Chord Energy Corp. | 49300 | 6744733 |
| Kosmos Energy Ltd. (a) | 4016520 | 25545067 |
| Murphy Oil Corp. | 220900 | 9500909 |
| PDC Energy, Inc. | 176400 | 11197872 |
| Range Resources Corp. | 176100 | 4406022 |
|  |  | 82832566 |
| TOTAL ENERGY | TOTAL ENERGY | 99401792 |
| ***FINANCIALS — 25.14%<br>Banks — 11.86%*** | ***FINANCIALS — 25.14%<br>Banks — 11.86%*** | ***FINANCIALS — 25.14%<br>Banks — 11.86%*** |
| Citizens Financial Group, Inc. | 497600 | 19590512 |
| First Citizens BancShares, Inc. | 22787 | 17280749 |
| Popular, Inc. | 321800 | 21341776 |
|  |  | 58213037 |
| ***Capital Markets — 3.61%*** | ***Capital Markets — 3.61%*** | ***Capital Markets — 3.61%*** |
| Lazard Ltd. | 42000 | 1456140 |
| Northern Trust Corp. | 33000 | 2920170 |
| State Street Corp. | 172100 | 13349797 |
|  |  | 17726107 |
| ***Consumer Finance — 1.27%*** | ***Consumer Finance — 1.27%*** | ***Consumer Finance — 1.27%*** |
| SLM Corp. | 373400 | 6198440 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Mid-Cap Value Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Insurance — 8.40%*** | ***Insurance — 8.40%*** | ***Insurance — 8.40%*** |
| American International Group, Inc. | 240300 | $15196572 |
| CNO Financial Group, Inc. | 460300 | 10517855 |
| Enstar Group Ltd. (a) | 44700 | 10327488 |
| The Hartford Financial Services Group, Inc. | 68300 | 5179189 |
|  |  | 41221104 |
| TOTAL FINANCIALS | TOTAL FINANCIALS | 123358688 |
| ***HEALTH CARE — 2.71%<br>Health Care Providers & Services — 2.19%*** | ***HEALTH CARE — 2.71%<br>Health Care Providers & Services — 2.19%*** | ***HEALTH CARE — 2.71%<br>Health Care Providers & Services — 2.19%*** |
| Universal Health Services, Inc. | 76300 | 10749907 |
| ***Pharmaceuticals — 0.52%*** | ***Pharmaceuticals — 0.52%*** | ***Pharmaceuticals — 0.52%*** |
| Jazz Pharmaceuticals PLC (a) | 16000 | 2548960 |
| TOTAL HEALTH CARE | TOTAL HEALTH CARE | 13298867 |
| ***INDUSTRIALS — 15.51%<br>Air Freight & Logistics — 2.91%*** | ***INDUSTRIALS — 15.51%<br>Air Freight & Logistics — 2.91%*** | ***INDUSTRIALS — 15.51%<br>Air Freight & Logistics — 2.91%*** |
| FedEx Corp. | 35700 | 6183240 |
| International Distributions Services PLC (v) | 3165000 | 8112936 |
|  |  | 14296176 |
| ***Commercial Services & Supplies — 1.71%*** | ***Commercial Services & Supplies — 1.71%*** | ***Commercial Services & Supplies — 1.71%*** |
| The Brink's Company | 156500 | 8405615 |
| ***Construction & Engineering — 4.46%*** | ***Construction & Engineering — 4.46%*** | ***Construction & Engineering — 4.46%*** |
| Fluor Corp. (a) | 630900 | 21866994 |
| ***Machinery — 4.11%*** | ***Machinery — 4.11%*** | ***Machinery — 4.11%*** |
| Allison Transmission Holdings, Inc. | 125000 | 5200000 |
| CNH Industrial NV | 225500 | 3621530 |
| Iveco Group NV (a) (v) | 154080 | 916790 |
| PACCAR, Inc. | 44600 | 4414062 |
| Stanley Black & Decker, Inc. | 79700 | 5987064 |
|  |  | 20139446 |
| ***Professional Services — 1.05%*** | ***Professional Services — 1.05%*** | ***Professional Services — 1.05%*** |
| ManpowerGroup, Inc. | 62100 | 5167341 |
| ***Road & Rail — 1.27%*** | ***Road & Rail — 1.27%*** | ***Road & Rail — 1.27%*** |
| U-Haul Holding Company | 113500 | 6240230 |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS | 76115802 |
| ***INFORMATION TECHNOLOGY — 7.84%<br>Communications Equipment — 5.31%*** | ***INFORMATION TECHNOLOGY — 7.84%<br>Communications Equipment — 5.31%*** | ***INFORMATION TECHNOLOGY — 7.84%<br>Communications Equipment — 5.31%*** |
| CommScope Holding Company, Inc. (a) | 259100 | 1904385 |
| F5, Inc. (a) | 92700 | 13303377 |
| Telefonaktiebolaget LM Ericsson — ADR | 1863800 | 10884592 |
|  |  | 26092354 |
| ***Electronic Equipment, Instruments & Components — 1.49%*** | ***Electronic Equipment, Instruments & Components — 1.49%*** | ***Electronic Equipment, Instruments & Components — 1.49%*** |
| Arrow Electronics, Inc. (a) | 69800 | 7298986 |
| ***IT Services — 1.04%*** | ***IT Services — 1.04%*** | ***IT Services — 1.04%*** |
| Euronet Worldwide, Inc. (a) | 53900 | 5087082 |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY | 38478422 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***MATERIALS — 3.31%<br>Chemicals — 3.31%*** | ***MATERIALS — 3.31%<br>Chemicals — 3.31%*** | ***MATERIALS — 3.31%<br>Chemicals — 3.31%*** |
| Huntsman Corp. | 184500 | $5070060 |
| Olin Corp. | 211400 | 11191516 |
| TOTAL MATERIALS | TOTAL MATERIALS | 16261576 |
| ***REAL ESTATE — 0.36%<br>Equity Real Estate Investment Trusts — 0.36%*** | ***REAL ESTATE — 0.36%<br>Equity Real Estate Investment Trusts — 0.36%*** | ***REAL ESTATE — 0.36%<br>Equity Real Estate Investment Trusts — 0.36%*** |
| Pebblebrook Hotel Trust | 43100 | 577109 |
| Vornado Realty Trust | 58000 | 1206980 |
| TOTAL REAL ESTATE | TOTAL REAL ESTATE | 1784089 |
| ***UTILITIES — 3.10%<br>Electric Utilities — 0.82%*** | ***UTILITIES — 3.10%<br>Electric Utilities — 0.82%*** | ***UTILITIES — 3.10%<br>Electric Utilities — 0.82%*** |
| NRG Energy, Inc. | 126100 | 4012502 |
| ***Independent Power and Renewable Electricity <br>Producers — 2.28%*** | ***Independent Power and Renewable Electricity <br>Producers — 2.28%*** | ***Independent Power and Renewable Electricity <br>Producers — 2.28%*** |
| Vistra Corp. | 482900 | 11203280 |
| TOTAL UTILITIES | TOTAL UTILITIES | 15215782 |
| Total common stocks <br>(Cost $407,711,272) |  | 464047886 |
| Total long-term investments <br>(Cost $407,711,272) |  | 464047886 |
| **COLLATERAL FOR SECURITIES ON LOAN — 0.64%** | **COLLATERAL FOR SECURITIES ON LOAN — 0.64%** | **COLLATERAL FOR SECURITIES ON LOAN — 0.64%** |
| ***Money Market Funds — 0.64%*** | ***Money Market Funds — 0.64%*** | ***Money Market Funds — 0.64%*** |
| Invesco Short-Term Investments Trust <br>Government & Agency Portfolio — <br>Institutional Class, 4.22%^ | 3157315 | 3157315 |
| Total collateral for securities on loan <br>(Cost $3,157,315) | Total collateral for securities on loan <br>(Cost $3,157,315) | 3157315 |
| **SHORT-TERM <br>INVESTMENTS — 5.42%** | **Principal<br>Amount** |  |
| ***Time Deposits — 5.42%*** | ***Time Deposits — 5.42%*** | ***Time Deposits — 5.42%*** |
| Royal Bank of Canada, 3.69%, 01/03/2023\* | $26618161 | 26618161 |
| Total short-term investments <br>(Cost $26,618,161) | Total short-term investments <br>(Cost $26,618,161) | 26618161 |
| Total investments — 100.61% <br>(Cost $437,486,748) |  | 493823362 |
| Liabilities in excess of other assets — (0.61)% |  | (3017246) |
| Net assets — 100.00% | Net assets — 100.00% | $490806116 |

---

*(a) — Non-income producing security.*

*(l) — All or a portion of this security is on loan. The total market value of securities on loan was $3,087,357. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.*

*(v) — Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $9,029,726, which represented 1.84% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.*

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Mid-Cap Value Fund (Unaudited)**

*ADR — American Depositary Receipt*

*^ — Rate shown is the 7-day yield as of December 31, 2022.*

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

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Small Cap Value Fund (Unaudited)**

![](j2324902_cc031.jpg)

---

| | |
|:---|:---|
| **Largest Equity Holdings** | **Percent of <br>net assets** |
| F5, Inc. | 6.46% |
| Evercore, Inc. | 4.80% |
| Stagwell, Inc. | 3.94% |
| Popular, Inc. | 3.79% |
| SLM Corp. | 3.43% |
| Kosmos Energy Ltd. | 3.40% |
| Murphy Oil Corp. | 3.22% |
| Enstar Group Ltd. | 3.10% |
| Seritage Growth Properties | 3.08% |
| Expro Group Holdings NV | 2.96% |

---

---

| | | |
|:---|:---|:---|
| **COMMON<br>STOCKS — 97.60%** | **Shares<br>Held** | **Value** |
| ***COMMUNICATION SERVICES — 3.94%<br>Media — 3.94%*** | ***COMMUNICATION SERVICES — 3.94%<br>Media — 3.94%*** | ***COMMUNICATION SERVICES — 3.94%<br>Media — 3.94%*** |
| Stagwell, Inc. (a) | 4181400 | $25966494 |
| TOTAL COMMUNICATION SERVICES | TOTAL COMMUNICATION SERVICES | 25966494 |
| ***CONSUMER DISCRETIONARY — 9.20%<br>Auto Components — 2.85%*** | ***CONSUMER DISCRETIONARY — 9.20%<br>Auto Components — 2.85%*** | ***CONSUMER DISCRETIONARY — 9.20%<br>Auto Components — 2.85%*** |
| Adient PLC (a) | 541500 | 18784635 |
| ***Automobiles — 0.57%*** | ***Automobiles — 0.57%*** | ***Automobiles — 0.57%*** |
| Thor Industries, Inc. | 49600 | 3744304 |
| ***Diversified Consumer Services — 1.62%*** | ***Diversified Consumer Services — 1.62%*** | ***Diversified Consumer Services — 1.62%*** |
| Adtalem Global Education, Inc. (a) | 300600 | 10671300 |
| ***Hotels, Restaurants & Leisure — 0.32%*** | ***Hotels, Restaurants & Leisure — 0.32%*** | ***Hotels, Restaurants & Leisure — 0.32%*** |
| International Game Technology PLC | 94200 | 2136456 |
| ***Specialty Retail — 3.24%*** | ***Specialty Retail — 3.24%*** | ***Specialty Retail — 3.24%*** |
| The ODP Corp. (a) | 236180 | 10755637 |
| Sonic Automotive, Inc. | 214400 | 10563488 |
|  |  | 21319125 |
| ***Textiles, Apparel & Luxury Goods — 0.60%*** | ***Textiles, Apparel & Luxury Goods — 0.60%*** | ***Textiles, Apparel & Luxury Goods — 0.60%*** |
| Capri Holdings Ltd. (a) | 68800 | 3943616 |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY | 60599436 |
| ***CONSUMER STAPLES — 0.32%<br>Personal Products — 0.32%*** | ***CONSUMER STAPLES — 0.32%<br>Personal Products — 0.32%*** | ***CONSUMER STAPLES — 0.32%<br>Personal Products — 0.32%*** |
| Herbalife Nutrition Ltd. (a) | 142900 | 2126352 |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES | 2126352 |
| ***ENERGY — 15.65%<br>Energy Equipment & Services — 2.96%*** | ***ENERGY — 15.65%<br>Energy Equipment & Services — 2.96%*** | ***ENERGY — 15.65%<br>Energy Equipment & Services — 2.96%*** |
| Expro Group Holdings NV (a) | 1076582 | 19518432 |
| ***Oil, Gas & Consumable Fuels — 12.69%*** | ***Oil, Gas & Consumable Fuels — 12.69%*** | ***Oil, Gas & Consumable Fuels — 12.69%*** |
| Berry Corp. | 2358400 | 18867200 |
| Equitrans Midstream Corp. | 1350000 | 9045000 |
| Kinetik Holdings, Inc. (l) | 31390 | 1038381 |
| Kosmos Energy Ltd. (a) | 3527100 | 22432356 |
| Murphy Oil Corp. | 492900 | 21199629 |
| Range Resources Corp. | 313800 | 7851276 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares<br>Held** | **Value** | **Value** |
| Ranger Oil Corp. | 71400 | $| 2886702 |
| Rockhopper Exploration PLC (a) | 2566400 |  | 279240 |
|  |  |  | 83599784 |
| TOTAL ENERGY | TOTAL ENERGY |  | 103118216 |
| ***FINANCIALS — 24.21%<br>Banks — 7.92%*** | ***FINANCIALS — 24.21%<br>Banks — 7.92%*** | ***FINANCIALS — 24.21%<br>Banks — 7.92%*** | ***FINANCIALS — 24.21%<br>Banks — 7.92%*** |
| Associated Banc-Corp | 66800 |  | 1542412 |
| The Bank of NT Butterfield & Son Ltd. | 569300 |  | 16970833 |
| First Hawaiian, Inc. | 334800 |  | 8718192 |
| Popular, Inc. | 376300 |  | 24956216 |
|  |  |  | 52187653 |
| ***Capital Markets — 6.85%*** | ***Capital Markets — 6.85%*** | ***Capital Markets — 6.85%*** | ***Capital Markets — 6.85%*** |
| Evercore, Inc. | 289800 |  | 31611384 |
| Perella Weinberg Partners | 509800 |  | 4996040 |
| Stifel Financial Corp. | 145800 |  | 8510346 |
|  |  |  | 45117770 |
| ***Consumer Finance — 3.43%*** | ***Consumer Finance — 3.43%*** | ***Consumer Finance — 3.43%*** | ***Consumer Finance — 3.43%*** |
| SLM Corp. | 1363000 |  | 22625800 |
| ***Insurance — 5.81%*** | ***Insurance — 5.81%*** | ***Insurance — 5.81%*** | ***Insurance — 5.81%*** |
| CNO Financial Group, Inc. | 121900 |  | 2785415 |
| Enstar Group Ltd. (a) | 88519 |  | 20451430 |
| Global Indemnity Group LLC | 316036 |  | 7366799 |
| Horace Mann Educators Corp. | 205600 |  | 7683272 |
|  |  |  | 38286916 |
| ***Thrifts & Mortgage Finance — 0.20%*** | ***Thrifts & Mortgage Finance — 0.20%*** | ***Thrifts & Mortgage Finance — 0.20%*** | ***Thrifts & Mortgage Finance — 0.20%*** |
| Luther Burbank Corp. | 117800 |  | 1308758 |
| TOTAL FINANCIALS | TOTAL FINANCIALS |  | 159526897 |
| ***INDUSTRIALS — 20.03%<br>Commercial Services & Supplies — 2.73%*** | ***INDUSTRIALS — 20.03%<br>Commercial Services & Supplies — 2.73%*** | ***INDUSTRIALS — 20.03%<br>Commercial Services & Supplies — 2.73%*** | ***INDUSTRIALS — 20.03%<br>Commercial Services & Supplies — 2.73%*** |
| The Brink's Company | 304600 |  | 16360066 |
| Quad/Graphics, Inc. (a) | 402700 |  | 1643016 |
|  |  |  | 18003082 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Small Cap Value Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Construction & Engineering — 2.45%*** | ***Construction & Engineering — 2.45%*** | ***Construction & Engineering — 2.45%*** |
| Fluor Corp. (a) | 465400 | $16130764 |
| ***Machinery — 6.79%*** | ***Machinery — 6.79%*** | ***Machinery — 6.79%*** |
| Allison Transmission Holdings, Inc. | 192600 | 8012160 |
| Crane Holdings Company | 92800 | 9321760 |
| Flowserve Corp. | 623700 | 19135116 |
| The Greenbrier Companies, Inc. | 136400 | 4573492 |
| Miller Industries, Inc. | 138300 | 3687078 |
|  |  | 44729606 |
| ***Professional Services — 7.79%*** | ***Professional Services — 7.79%*** | ***Professional Services — 7.79%*** |
| Hudson Global, Inc. (a) (o) | 147460 | 3337020 |
| Korn Ferry | 334300 | 16922266 |
| ManpowerGroup, Inc. | 188000 | 15643480 |
| TrueBlue, Inc. (a) | 786650 | 15402607 |
|  |  | 51305373 |
| ***Trading Companies & Distributors — 0.27%*** | ***Trading Companies & Distributors — 0.27%*** | ***Trading Companies & Distributors — 0.27%*** |
| Rush Enterprises, Inc. | 34350 | 1795818 |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS | 131964643 |
| ***INFORMATION TECHNOLOGY — 17.00%<br>Communications Equipment — 6.68%*** | ***INFORMATION TECHNOLOGY — 17.00%<br>Communications Equipment — 6.68%*** | ***INFORMATION TECHNOLOGY — 17.00%<br>Communications Equipment — 6.68%*** |
| CommScope Holding Company, Inc. (a) | 201300 | 1479555 |
| F5, Inc. (a) | 296500 | 42550715 |
|  |  | 44030270 |
| ***Electronic Equipment, Instruments & Components — 6.89%*** | ***Electronic Equipment, Instruments & Components — 6.89%*** | ***Electronic Equipment, Instruments & Components — 6.89%*** |
| Arrow Electronics, Inc. (a) | 148700 | 15549559 |
| Belden, Inc. | 123700 | 8894030 |
| Itron, Inc. (a) | 235100 | 11907815 |
| Plexus Corp. (a) | 87800 | 9037254 |
|  |  | 45388658 |
| ***IT Services — 2.90%*** | ***IT Services — 2.90%*** | ***IT Services — 2.90%*** |
| Euronet Worldwide, Inc. (a) | 132700 | 12524226 |
| WEX, Inc. (a) | 40200 | 6578730 |
|  |  | 19102956 |
| ***Semiconductors & Semiconductor Equipment — 0.53%*** | ***Semiconductors & Semiconductor Equipment — 0.53%*** | ***Semiconductors & Semiconductor Equipment — 0.53%*** |
| Diodes, Inc. (a) | 45900 | 3494826 |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY | 112016710 |
| ***MATERIALS — 2.97%<br>Chemicals — 2.97%*** | ***MATERIALS — 2.97%<br>Chemicals — 2.97%*** | ***MATERIALS — 2.97%<br>Chemicals — 2.97%*** |
| Ecovyst, Inc. (a) | 1531300 | 13567318 |
| Olin Corp. | 113900 | 6029866 |
| TOTAL MATERIALS | TOTAL MATERIALS | 19597184 |
| ***REAL ESTATE — 3.58%<br>Real Estate Management & Development — 3.58%*** | ***REAL ESTATE — 3.58%<br>Real Estate Management & Development — 3.58%*** | ***REAL ESTATE — 3.58%<br>Real Estate Management & Development — 3.58%*** |
| The RMR Group, Inc. | 117400 | 3316550 |
| Seritage Growth Properties (a) (l) | 1716310 | 20303947 |
| TOTAL REAL ESTATE | TOTAL REAL ESTATE | 23620497 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***UTILITIES — 0.70%<br>Multi-Utilities — 0.70%*** | ***UTILITIES — 0.70%<br>Multi-Utilities — 0.70%*** | ***UTILITIES — 0.70%<br>Multi-Utilities — 0.70%*** |
| Avista Corp. | 104500 | $4633530 |
| TOTAL UTILITIES | TOTAL UTILITIES | 4633530 |
| Total common stocks <br>(Cost $617,893,985) |  | 643169959 |
| Total long-term investments <br>(Cost $617,893,985) |  | 643169959 |
| **COLLATERAL FOR SECURITIES ON LOAN — 2.04%** | **COLLATERAL FOR SECURITIES ON LOAN — 2.04%** | **COLLATERAL FOR SECURITIES ON LOAN — 2.04%** |
| ***Money Market Funds — 2.04%*** | ***Money Market Funds — 2.04%*** | ***Money Market Funds — 2.04%*** |
| Invesco Short-Term Investments Trust <br>Government & Agency Portfolio — <br>Institutional Class, 4.22%^ | 13475294 | 13475294 |
| Total collateral for securities on loan <br>(Cost $13,475,294) | Total collateral for securities on loan <br>(Cost $13,475,294) | 13475294 |
| **SHORT-TERM <br>INVESTMENTS — 2.03%** | **Principal<br>Amount** |  |
| ***Time Deposits — 2.03%*** | ***Time Deposits — 2.03%*** | ***Time Deposits — 2.03%*** |
| Australia and New Zealand Banking <br>Group Ltd., 3.69%, 01/03/2023\* | $13355028 | 13355028 |
| Total short-term investments <br>(Cost $13,355,028) | Total short-term investments <br>(Cost $13,355,028) | 13355028 |
| Total investments — 101.67% <br>(Cost $644,724,307) |  | 670000281 |
| Liabilities in excess of other assets — (1.67)% |  | (11037082) |
| Net assets — 100.00% | Net assets — 100.00% | $658963199 |

---

*(a) — Non-income producing security.*

*(l) — All or a portion of this security is on loan. The total market value of securities on loan was $13,160,202. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.*

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

*^ — Rate shown is the 7-day yield as of December 31, 2022.*

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

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)**

![](j2324902_cc032.jpg)

---

| | |
|:---|:---|
| **Largest Equity Holdings** | **Percent of<br>net assets** |
| V2X, Inc. | 0.48% |
| Dril-Quip, Inc. | 0.48% |
| Employers Holdings, Inc. | 0.47% |
| Hawaiian Electric Industries, Inc. | 0.46% |
| Itron, Inc. | 0.45% |
| CNO Financial Group, Inc. | 0.45% |
| MillerKnoll, Inc. | 0.45% |
| AZZ, Inc. | 0.45% |
| Vishay Intertechnology, Inc. | 0.45% |
| Hilltop Holdings, Inc. | 0.44% |

---

---

| | | |
|:---|:---|:---|
| **COMMON<br>STOCKS — 98.56%** | **Shares<br>Held** | **Value** |
| ***COMMUNICATION SERVICES — 0.50%<br>Interactive Media & Services — 0.07%*** | ***COMMUNICATION SERVICES — 0.50%<br>Interactive Media & Services — 0.07%*** | ***COMMUNICATION SERVICES — 0.50%<br>Interactive Media & Services — 0.07%*** |
| Outbrain, Inc. (a) | 111600 | $403992 |
| ***Media — 0.43%*** | ***Media — 0.43%*** | ***Media — 0.43%*** |
| Emerald Holding, Inc. (a) | 169050 | 598437 |
| Stagwell, Inc. (a) | 238100 | 1478601 |
| TEGNA, Inc. | 23067 | 488790 |
|  |  | 2565828 |
| TOTAL COMMUNICATION SERVICES | TOTAL COMMUNICATION SERVICES | 2969820 |
| ***CONSUMER DISCRETIONARY — 11.58%<br>Auto Components — 0.55%*** | ***CONSUMER DISCRETIONARY — 11.58%<br>Auto Components — 0.55%*** | ***CONSUMER DISCRETIONARY — 11.58%<br>Auto Components — 0.55%*** |
| Adient PLC (a) | 67805 | 2352155 |
| The Goodyear Tire & Rubber Company (a) | 89500 | 908425 |
|  |  | 3260580 |
| ***Automobiles — 0.30%*** | ***Automobiles — 0.30%*** | ***Automobiles — 0.30%*** |
| Thor Industries, Inc. | 23800 | 1796662 |
| ***Distributors — 0.16%*** | ***Distributors — 0.16%*** | ***Distributors — 0.16%*** |
| Funko, Inc. (a) | 86000 | 938260 |
| ***Diversified Consumer Services — 0.10%*** | ***Diversified Consumer Services — 0.10%*** | ***Diversified Consumer Services — 0.10%*** |
| Graham Holdings Company | 1000 | 604210 |
| ***Hotels, Restaurants & Leisure — 1.45%*** | ***Hotels, Restaurants & Leisure — 1.45%*** | ***Hotels, Restaurants & Leisure — 1.45%*** |
| Bloomin' Brands, Inc. | 69305 | 1394417 |
| Brinker International, Inc. (a) | 49170 | 1569015 |
| Dine Brands Global, Inc. | 21700 | 1401820 |
| El Pollo Loco Holdings, Inc. | 60400 | 601584 |
| Jack in the Box, Inc. | 8300 | 566309 |
| Ruth's Hospitality Group, Inc. | 93800 | 1452024 |
| Travel + Leisure Company | 43780 | 1593591 |
|  |  | 8578760 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Household Durables — 2.14%*** | ***Household Durables — 2.14%*** | ***Household Durables — 2.14%*** |
| Century Communities, Inc. | 29796 | $1490098 |
| Green Brick Partners, Inc. (a) | 58150 | 1408975 |
| Hooker Furnishings Corp. | 82275 | 1538542 |
| KB Home | 42000 | 1337700 |
| La-Z-Boy, Inc. | 51000 | 1163820 |
| M/I Homes, Inc. (a) | 29123 | 1344900 |
| Meritage Homes Corp. (a) | 16300 | 1502860 |
| Taylor Morrison Home Corp. (a) | 49710 | 1508699 |
| Tri Pointe Homes, Inc. (a) | 74887 | 1392149 |
|  |  | 12687743 |
| ***Leisure Products — 1.14%*** | ***Leisure Products — 1.14%*** | ***Leisure Products — 1.14%*** |
| JAKKS Pacific, Inc. (a) | 60399 | 1056379 |
| Johnson Outdoors, Inc. | 35600 | 2353872 |
| Latham Group, Inc. (a) | 303700 | 977914 |
| Vista Outdoor, Inc. (a) | 97800 | 2383386 |
|  |  | 6771551 |
| ***Specialty Retail — 4.65%*** | ***Specialty Retail — 4.65%*** | ***Specialty Retail — 4.65%*** |
| The Aaron's Company, Inc. | 150300 | 1796085 |
| Asbury Automotive Group, Inc. (a) | 8764 | 1570947 |
| Big 5 Sporting Goods Corp. (l) | 5000 | 44150 |
| Boot Barn Holdings, Inc. (a) | 29300 | 1831836 |
| The Cato Corp. | 112000 | 1044960 |
| Genesco, Inc. (a) | 21330 | 981607 |
| Group 1 Automotive, Inc. | 10128 | 1826787 |
| Haverty Furniture Companies, Inc. | 61400 | 1835860 |
| Hibbett, Inc. | 25973 | 1771878 |
| LL Flooring Holdings, Inc. (a) | 231400 | 1300468 |
| MarineMax, Inc. (a) | 55700 | 1738954 |
| OneWater Marine, Inc. (a) | 69400 | 1984840 |
| Rent-A-Center, Inc. | 99900 | 2252745 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares<br>Held** | **Value** | **Value** |
| Signet Jewelers Ltd. | 26900 | $| 1829200 |
| Sleep Number Corp. (a) | 25600 |  | 665088 |
| Sonic Automotive, Inc. | 50050 |  | 2465964 |
| TravelCenters of America, Inc. (a) | 32000 |  | 1432960 |
| Urban Outfitters, Inc. (a) | 27310 |  | 651344 |
| Zumiez, Inc. (a) | 23800 |  | 517412 |
|  |  |  | 27543085 |
| ***Textiles, Apparel & Luxury Goods — 1.09%*** | ***Textiles, Apparel & Luxury Goods — 1.09%*** | ***Textiles, Apparel & Luxury Goods — 1.09%*** | ***Textiles, Apparel & Luxury Goods — 1.09%*** |
| Carter's, Inc. | 7000 |  | 522270 |
| G-III Apparel Group Ltd. (a) | 134240 |  | 1840430 |
| Kontoor Brands, Inc. | 14600 |  | 583854 |
| Lakeland Industries, Inc. (a) | 62100 |  | 825930 |
| Steven Madden Ltd. | 46000 |  | 1470160 |
| Vera Bradley, Inc. (a) | 270600 |  | 1225818 |
|  |  |  | 6468462 |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY |  | 68649313 |
| ***CONSUMER STAPLES — 1.75%<br>Food & Staples Retailing — 0.34%*** | ***CONSUMER STAPLES — 1.75%<br>Food & Staples Retailing — 0.34%*** | ***CONSUMER STAPLES — 1.75%<br>Food & Staples Retailing — 0.34%*** | ***CONSUMER STAPLES — 1.75%<br>Food & Staples Retailing — 0.34%*** |
| The Andersons, Inc. | 41600 |  | 1455584 |
| Natural Grocers by Vitamin Cottage, Inc. | 59400 |  | 542916 |
|  |  |  | 1998500 |
| ***Food Products — 0.22%*** | ***Food Products — 0.22%*** | ***Food Products — 0.22%*** | ***Food Products — 0.22%*** |
| B&G Foods, Inc. (l) | 119800 |  | 1335770 |
| ***Household Products — 0.20%*** | ***Household Products — 0.20%*** | ***Household Products — 0.20%*** | ***Household Products — 0.20%*** |
| Central Garden & Pet Company (a) | 31500 |  | 1179675 |
| ***Personal Products — 0.99%*** | ***Personal Products — 0.99%*** | ***Personal Products — 0.99%*** | ***Personal Products — 0.99%*** |
| Herbalife Nutrition Ltd. (a) | 105300 |  | 1566864 |
| Medifast, Inc. | 12500 |  | 1441875 |
| Nu Skin Enterprises, Inc. | 32550 |  | 1372308 |
| USANA Health Sciences, Inc. (a) | 28000 |  | 1489600 |
|  |  |  | 5870647 |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES |  | 10384592 |
| ***ENERGY — 9.82%<br>Energy Equipment & Services — 4.03%*** | ***ENERGY — 9.82%<br>Energy Equipment & Services — 4.03%*** | ***ENERGY — 9.82%<br>Energy Equipment & Services — 4.03%*** | ***ENERGY — 9.82%<br>Energy Equipment & Services — 4.03%*** |
| ChampionX Corp. | 52500 |  | 1521975 |
| Dril-Quip, Inc. (a) | 104800 |  | 2847416 |
| Expro Group Holdings NV (a) | 115003 |  | 2085004 |
| Helix Energy Solutions Group, Inc. (a) | 233700 |  | 1724706 |
| Liberty Energy, Inc. | 93700 |  | 1500137 |
| National Energy Services Reunited Corp. (a) | 328800 |  | 2281872 |
| Newpark Resources, Inc. (a) | 382700 |  | 1588205 |
| NexTier Oilfield Solutions, Inc. (a) | 157800 |  | 1458072 |
| Noble Corp. PLC (a) | 18700 |  | 705177 |
| Precision Drilling Corp. (a) | 23900 |  | 1833130 |
| ProPetro Holding Corp. (a) | 127050 |  | 1317509 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares<br>Held** | **Value** | **Value** |
| Solaris Oilfield Infrastructure, Inc. | 126400 | $| 1255152 |
| TechnipFMC PLC (a) | 141800 |  | 1728542 |
| Tidewater, Inc. (a) | 56300 |  | 2074655 |
|  |  |  | 23921552 |
| ***Oil, Gas & Consumable Fuels — 5.79%*** | ***Oil, Gas & Consumable Fuels — 5.79%*** | ***Oil, Gas & Consumable Fuels — 5.79%*** | ***Oil, Gas & Consumable Fuels — 5.79%*** |
| Alto Ingredients, Inc. (a) | 119400 |  | 343872 |
| Berry Corp. | 286570 |  | 2292560 |
| California Resources Corp. | 36700 |  | 1596817 |
| Chord Energy Corp. | 17773 |  | 2431524 |
| Civitas Resources, Inc. | 38730 |  | 2243629 |
| Crescent Energy Company | 196100 |  | 2351239 |
| Denbury, Inc. (a) | 15900 |  | 1383618 |
| Equitrans Midstream Corp. | 347200 |  | 2326240 |
| Kinetik Holdings, Inc. | 49440 |  | 1635475 |
| Kosmos Energy Ltd. (a) | 401413 |  | 2552987 |
| Laredo Petroleum, Inc. (a) | 28300 |  | 1455186 |
| Northern Oil and Gas, Inc. | 61300 |  | 1889266 |
| Par Pacific Holdings, Inc. (a) | 83000 |  | 1929750 |
| Permian Resources Corp. | 247600 |  | 2327440 |
| Ranger Oil Corp. | 45800 |  | 1851694 |
| REX American Resources Corp. (a) | 47034 |  | 1498503 |
| Talos Energy, Inc. (a) | 75400 |  | 1423552 |
| Vertex Energy, Inc. (a) (l) | 245700 |  | 1523340 |
| World Fuel Services Corp. | 46924 |  | 1282433 |
|  |  |  | 34339125 |
| TOTAL ENERGY | TOTAL ENERGY |  | 58260677 |
| ***FINANCIALS — 32.30%<br>Banks — 17.45%*** | ***FINANCIALS — 32.30%<br>Banks — 17.45%*** | ***FINANCIALS — 32.30%<br>Banks — 17.45%*** | ***FINANCIALS — 32.30%<br>Banks — 17.45%*** |
| 1st Source Corp. | 27806 |  | 1476221 |
| ACNB Corp. | 19100 |  | 760371 |
| Ameris Bancorp | 23500 |  | 1107790 |
| Associated Banc-Corp | 112700 |  | 2602242 |
| Bank of Marin Bancorp | 20400 |  | 670752 |
| BankUnited, Inc. | 71110 |  | 2415607 |
| BayCom Corp. | 28300 |  | 537134 |
| BCB Bancorp, Inc. | 28500 |  | 512715 |
| Brookline Bancorp, Inc. | 81776 |  | 1157130 |
| Cadence Bank | 47610 |  | 1174063 |
| Camden National Corp. | 27816 |  | 1159649 |
| Cathay General Bancorp | 58432 |  | 2383441 |
| Central Pacific Financial Corp. | 97000 |  | 1967160 |
| Central Valley Community Bancorp | 38700 |  | 819666 |
| Civista Bancshares, Inc. | 31000 |  | 682310 |
| CNB Financial Corp. | 21000 |  | 499590 |
| Columbia Banking System, Inc. | 78100 |  | 2353153 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| The Community Financial Corp. | 11600 | $462840 |
| Community Trust Bancorp, Inc. | 22610 | 1038477 |
| ConnectOne Bancorp, Inc. | 98000 | 2372580 |
| CrossFirst Bankshares, Inc. (a) | 31200 | 387192 |
| Customers Bancorp, Inc. (a) | 77200 | 2187848 |
| Eagle Bancorp, Inc. | 56230 | 2478056 |
| Enterprise Financial Services Corp. | 23700 | 1160352 |
| FB Financial Corp. | 32725 | 1182682 |
| Financial Institutions, Inc. | 20261 | 493558 |
| First BanCorp | 187886 | 2389910 |
| First Busey Corp. | 66100 | 1633992 |
| First Business Financial Services, Inc. | 13765 | 503111 |
| First Financial Corp. | 25663 | 1182551 |
| First Hawaiian, Inc. | 88140 | 2295166 |
| First Internet Bancorp | 52989 | 1286573 |
| First Merchants Corp. | 26502 | 1089497 |
| First Mid Bancshares, Inc. | 17300 | 554984 |
| The First of Long Island Corp. | 43680 | 786240 |
| Flushing Financial Corp. | 97218 | 1884085 |
| FNB Corp. | 138880 | 1812384 |
| Great Southern Bancorp, Inc. | 17110 | 1017874 |
| Hanmi Financial Corp. | 87567 | 2167283 |
| Hilltop Holdings, Inc. | 87700 | 2631876 |
| HomeStreet, Inc. | 93478 | 2578122 |
| Hope Bancorp, Inc. | 190433 | 2439447 |
| Horizon Bancorp, Inc. | 82800 | 1248624 |
| Independent Bank Corp. | 77100 | 1844232 |
| Investar Holding Corp. | 25800 | 555474 |
| Lakeland Bancorp, Inc. | 98330 | 1731591 |
| Live Oak Bancshares, Inc. | 51900 | 1567380 |
| Macatawa Bank Corp. | 57000 | 628710 |
| Mercantile Bank Corp. | 31300 | 1047924 |
| Midland States Bancorp, Inc. | 40213 | 1070470 |
| MidWestOne Financial Group, Inc. | 25594 | 812610 |
| National Bankshares, Inc. | 10700 | 431210 |
| Northeast Bank | 13200 | 555720 |
| Northrim BanCorp, Inc. | 11584 | 632139 |
| OceanFirst Financial Corp. | 100810 | 2142213 |
| Orrstown Financial Services, Inc. | 6604 | 152949 |
| Pacific Premier Bancorp, Inc. | 32500 | 1025700 |
| PacWest Bancorp | 97400 | 2235330 |
| Parke Bancorp, Inc. | 25700 | 533018 |
| PCB Bancorp | 45100 | 797819 |
| Popular, Inc. | 36800 | 2440576 |
| Preferred Bank | 31700 | 2365454 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares<br>Held** | **Value** | **Value** |
| Premier Financial Corp. | 67660 | $| 1824790 |
| Primis Financial Corp. | 40456 |  | 479404 |
| RBB Bancorp | 33032 |  | 688717 |
| Republic Bancorp, Inc. | 16570 |  | 678044 |
| Sandy Spring Bancorp, Inc. | 67400 |  | 2374502 |
| Sierra Bancorp | 24200 |  | 514008 |
| Simmons First National Corp. | 112400 |  | 2425592 |
| Southern First Bancshares, Inc. (a) | 12577 |  | 575398 |
| Texas Capital Bancshares, Inc. (a) | 39190 |  | 2363549 |
| Towne Bank | 42000 |  | 1295280 |
| Univest Financial Corp. | 35950 |  | 939374 |
| Washington Federal, Inc. | 68744 |  | 2306361 |
| Washington Trust Bancorp, Inc. | 28030 |  | 1322455 |
| Wintrust Financial Corp. | 18550 |  | 1567846 |
|  |  |  | 103470137 |
| ***Capital Markets — 3.19%*** | ***Capital Markets — 3.19%*** | ***Capital Markets — 3.19%*** | ***Capital Markets — 3.19%*** |
| Artisan Partners Asset Management, Inc. | 55900 |  | 1660230 |
| B. Riley Financial, Inc. | 14500 |  | 495900 |
| Diamond Hill Investment Group, Inc. | 7200 |  | 1332144 |
| Evercore, Inc. | 21710 |  | 2368127 |
| Federated Hermes, Inc. | 59000 |  | 2142290 |
| Greenhill & Company, Inc. | 116625 |  | 1195406 |
| Janus Henderson Group PLC | 97400 |  | 2290848 |
| Perella Weinberg Partners | 137300 |  | 1345540 |
| Silvercrest Asset Management Group, Inc. | 31400 |  | 589378 |
| Victory Capital Holdings, Inc. | 61127 |  | 1640037 |
| Virtu Financial, Inc. | 115600 |  | 2359396 |
| Virtus Investment Partners, Inc. | 7900 |  | 1512376 |
|  |  |  | 18931672 |
| ***Consumer Finance — 1.19%*** | ***Consumer Finance — 1.19%*** | ***Consumer Finance — 1.19%*** | ***Consumer Finance — 1.19%*** |
| Bread Financial Holdings, Inc. | 61600 |  | 2319856 |
| Navient Corp. | 140620 |  | 2313199 |
| SLM Corp. | 145500 |  | 2415300 |
|  |  |  | 7048355 |
| ***Insurance — 5.35%*** | ***Insurance — 5.35%*** | ***Insurance — 5.35%*** | ***Insurance — 5.35%*** |
| American Equity Investment Life Holding Company | 55526 |  | 2533096 |
| Assured Guaranty Ltd. | 38300 |  | 2384558 |
| Axis Capital Holdings Ltd. | 32700 |  | 1771359 |
| Brighthouse Financial, Inc. (a) | 22200 |  | 1138194 |
| CNO Financial Group, Inc. | 115686 |  | 2643425 |
| Employers Holdings, Inc. | 64435 |  | 2779081 |
| Enstar Group Ltd. (a) | 10539 |  | 2434931 |
| Greenlight Capital Re Ltd. (a) | 59200 |  | 482480 |
| Horace Mann Educators Corp. | 57314 |  | 2141824 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares<br>Held** | **Value** | **Value** |
| Kemper Corp. | 45700 | $| 2248440 |
| Mercury General Corp. | 34100 |  | 1166220 |
| National Western Life Group, Inc. | 4955 |  | 1392355 |
| Primerica, Inc. | 4300 |  | 609826 |
| Safety Insurance Group, Inc. | 13600 |  | 1145936 |
| Selectquote, Inc. (a) | 615600 |  | 413622 |
| SiriusPoint Ltd. (a) | 392178 |  | 2313850 |
| Stewart Information Services Corp. | 40500 |  | 1730565 |
| United Fire Group, Inc. | 20094 |  | 549772 |
| White Mountains Insurance Group Ltd. | 1300 |  | 1838629 |
|  |  |  | 31718163 |
| ***Mortgage Real Estate Investment Trusts — 0.80%*** | ***Mortgage Real Estate Investment Trusts — 0.80%*** | ***Mortgage Real Estate Investment Trusts — 0.80%*** | ***Mortgage Real Estate Investment Trusts — 0.80%*** |
| Apollo Commercial Real Estate Finance, Inc. | 70500 |  | 758580 |
| BrightSpire Capital, Inc. | 88100 |  | 548863 |
| Granite Point Mortgage Trust, Inc. | 85400 |  | 457744 |
| Great Ajax Corp. | 83934 |  | 608522 |
| MFA Financial, Inc. | 78400 |  | 772240 |
| New York Mortgage Trust, Inc. | 396500 |  | 1015040 |
| TPG RE Finance Trust, Inc. | 86500 |  | 587335 |
|  |  |  | 4748324 |
| ***Thrifts & Mortgage Finance — 4.32%*** | ***Thrifts & Mortgage Finance — 4.32%*** | ***Thrifts & Mortgage Finance — 4.32%*** | ***Thrifts & Mortgage Finance — 4.32%*** |
| Bridgewater Bancshares, Inc. (a) | 30490 |  | 540893 |
| Capitol Federal Financial, Inc. | 141900 |  | 1227435 |
| Enact Holdings, Inc. (l) | 47600 |  | 1148112 |
| Essent Group Ltd. | 65000 |  | 2527200 |
| FS Bancorp, Inc. | 15080 |  | 504275 |
| Home Bancorp, Inc. | 12800 |  | 512384 |
| Kearny Financial Corp. | 95400 |  | 968310 |
| Luther Burbank Corp. | 40245 |  | 447122 |
| Merchants Bancorp | 18200 |  | 442624 |
| MGIC Investment Corp. | 137900 |  | 1792700 |
| New York Community Bancorp, Inc. | 264700 |  | 2276420 |
| NMI Holdings, Inc. (a) | 115400 |  | 2411860 |
| Northeast Community Bancorp, Inc. | 44800 |  | 668416 |
| Northfield Bancorp, Inc. | 68107 |  | 1071323 |
| Provident Financial Services, Inc. | 110400 |  | 2358144 |
| Radian Group, Inc. | 116200 |  | 2215934 |
| Southern Missouri Bancorp, Inc. | 10200 |  | 467466 |
| Territorial Bancorp, Inc. | 35352 |  | 848802 |
| TrustCo Bank Corp. | 36892 |  | 1386770 |
| Waterstone Financial, Inc. | 77900 |  | 1342996 |
| William Penn Bancorp | 36000 |  | 436320 |
|  |  |  | 25595506 |
| TOTAL FINANCIALS | TOTAL FINANCIALS |  | 191512157 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***HEALTH CARE — 2.56%<br>Biotechnology — 1.14%*** | ***HEALTH CARE — 2.56%<br>Biotechnology — 1.14%*** | ***HEALTH CARE — 2.56%<br>Biotechnology — 1.14%*** |
| Emergent BioSolutions, Inc. (a) | 204400 | $2413964 |
| Ironwood Pharmaceuticals, Inc. (a) | 193300 | 2394987 |
| Organogenesis Holdings, Inc. (a) | 86900 | 233761 |
| Vanda Pharmaceuticals, Inc. (a) | 227400 | 1680486 |
|  |  | 6723198 |
| ***Health Care Providers & Services — 0.89%*** | ***Health Care Providers & Services — 0.89%*** | ***Health Care Providers & Services — 0.89%*** |
| National HealthCare Corp. | 23100 | 1374450 |
| Premier, Inc. | 70200 | 2455596 |
| Select Medical Holdings Corp. | 58900 | 1462487 |
|  |  | 5292533 |
| ***Pharmaceuticals — 0.53%*** | ***Pharmaceuticals — 0.53%*** | ***Pharmaceuticals — 0.53%*** |
| Phibro Animal Health Corp. | 86900 | 1165329 |
| Taro Pharmaceutical Industries Ltd. (a) | 67980 | 1974139 |
|  |  | 3139468 |
| TOTAL HEALTH CARE | TOTAL HEALTH CARE | 15155199 |
| ***INDUSTRIALS — 15.88%<br>Aerospace & Defense — 1.31%*** | ***INDUSTRIALS — 15.88%<br>Aerospace & Defense — 1.31%*** | ***INDUSTRIALS — 15.88%<br>Aerospace & Defense — 1.31%*** |
| AerSale Corp. (a) | 61300 | 994286 |
| Moog, Inc. | 22700 | 1992152 |
| National Presto Industries, Inc. | 28614 | 1958914 |
| V2X, Inc. (a) | 69055 | 2851281 |
|  |  | 7796633 |
| ***Air Freight & Logistics — 0.56%*** | ***Air Freight & Logistics — 0.56%*** | ***Air Freight & Logistics — 0.56%*** |
| Atlas Air Worldwide Holdings, Inc. (a) | 15100 | 1522080 |
| Forward Air Corp. | 17200 | 1804108 |
|  |  | 3326188 |
| ***Building Products — 1.07%*** | ***Building Products — 1.07%*** | ***Building Products — 1.07%*** |
| Insteel Industries, Inc. | 37600 | 1034752 |
| JELD-WEN Holding, Inc. (a) | 234500 | 2262925 |
| PGT Innovations, Inc. (a) | 43400 | 779464 |
| Resideo Technologies, Inc. (a) | 88100 | 1449245 |
| UFP Industries, Inc. | 10100 | 800425 |
|  |  | 6326811 |
| ***Commercial Services & Supplies — 1.95%*** | ***Commercial Services & Supplies — 1.95%*** | ***Commercial Services & Supplies — 1.95%*** |
| ABM Industries, Inc. | 33200 | 1474744 |
| ACCO Brands Corp. | 306109 | 1711149 |
| The Brink's Company | 28400 | 1525364 |
| Healthcare Services Group, Inc. | 116300 | 1395600 |
| Interface, Inc. | 145800 | 1439046 |
| Kimball International, Inc. | 213900 | 1390350 |
| MillerKnoll, Inc. | 125800 | 2643058 |
|  |  | 11579311 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Construction & Engineering — 1.11%*** | ***Construction & Engineering — 1.11%*** | ***Construction & Engineering — 1.11%*** |
| Fluor Corp. (a) | 69430 | $2406443 |
| Great Lakes Dredge & Dock Corp. (a) | 152000 | 904400 |
| Matrix Service Company (a) | 66000 | 410520 |
| Primoris Services Corp. | 27953 | 613289 |
| Sterling Infrastructure, Inc. (a) | 18800 | 616640 |
| Tutor Perini Corp. (a) | 216421 | 1633979 |
|  |  | 6585271 |
| ***Electrical Equipment — 1.54%*** | ***Electrical Equipment — 1.54%*** | ***Electrical Equipment — 1.54%*** |
| AZZ, Inc. | 65700 | 2641139 |
| Encore Wire Corp. | 4196 | 577202 |
| EnerSys | 22610 | 1669522 |
| GrafTech International Ltd. | 366780 | 1745873 |
| Powell Industries, Inc. | 2500 | 87950 |
| Preformed Line Products Company | 8927 | 743530 |
| Thermon Group Holdings, Inc. (a) | 84183 | 1690395 |
|  |  | 9155611 |
| ***Machinery — 4.42%*** | ***Machinery — 4.42%*** | ***Machinery — 4.42%*** |
| Allison Transmission Holdings, Inc. | 55200 | 2296320 |
| Barnes Group, Inc. | 36900 | 1507365 |
| Blue Bird Corp. (a) | 57800 | 619038 |
| Columbus McKinnon Corp. | 46900 | 1522843 |
| Enerpac Tool Group Corp. | 53500 | 1361575 |
| Flowserve Corp. | 84800 | 2601665 |
| Gates Industrial Corp. PLC (a) | 119000 | 1357790 |
| The Greenbrier Companies, Inc. | 66499 | 2229711 |
| Hillenbrand, Inc. | 44320 | 1891134 |
| Miller Industries, Inc. | 39820 | 1061601 |
| Mueller Industries, Inc. | 23800 | 1404200 |
| Mueller Water Products, Inc. | 160400 | 1725904 |
| Proto Labs, Inc. (a) | 87300 | 2228769 |
| The Timken Company | 34800 | 2459317 |
| Wabash National Corp. | 84282 | 1904773 |
|  |  | 26172005 |
| ***Marine — 0.25%*** | ***Marine — 0.25%*** | ***Marine — 0.25%*** |
| Matson, Inc. | 23813 | 1488551 |
| ***Professional Services — 2.39%*** | ***Professional Services — 2.39%*** | ***Professional Services — 2.39%*** |
| BGSF, Inc. | 27260 | 417623 |
| Heidrick & Struggles International, Inc. | 90710 | 2537159 |
| Kelly Services, Inc. | 95150 | 1608035 |
| Kforce, Inc. | 27200 | 1491376 |
| Korn Ferry | 43456 | 2199743 |
| ManpowerGroup, Inc. | 17500 | 1456175 |
| Resources Connection, Inc. | 107785 | 1981088 |
| TrueBlue, Inc. (a) | 125800 | 2463164 |
|  |  | 14154363 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Road & Rail — 0.34%*** | ***Road & Rail — 0.34%*** | ***Road & Rail — 0.34%*** |
| Heartland Express, Inc. | 102700 | $1575418 |
| PAM Transportation Services, Inc. (a) | 15900 | 411810 |
|  |  | 1987228 |
| ***Trading Companies & Distributors — 0.94%*** | ***Trading Companies & Distributors — 0.94%*** | ***Trading Companies & Distributors — 0.94%*** |
| BlueLinx Holdings, Inc. (a) | 27200 | 1934192 |
| Boise Cascade Company | 24700 | 1696149 |
| Global Industrial Company | 18357 | 431940 |
| Rush Enterprises, Inc. | 29247 | 1529033 |
|  |  | 5591314 |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS | 94163286 |
| ***INFORMATION TECHNOLOGY — 10.73%<br>Electronic Equipment, Instruments & Components — 4.99%*** | ***INFORMATION TECHNOLOGY — 10.73%<br>Electronic Equipment, Instruments & Components — 4.99%*** | ***INFORMATION TECHNOLOGY — 10.73%<br>Electronic Equipment, Instruments & Components — 4.99%*** |
| Avnet, Inc. | 60600 | 2519748 |
| Belden, Inc. | 35970 | 2586243 |
| Benchmark Electronics, Inc. | 22200 | 592518 |
| Coherent Corp. (a) | 67100 | 2355210 |
| ePlus, Inc. (a) | 31980 | 1416074 |
| Insight Enterprises, Inc. (a) | 17568 | 1761543 |
| IPG Photonics Corp. (a) | 25500 | 2414085 |
| Itron, Inc. (a) | 53000 | 2684450 |
| Kimball Electronics, Inc. (a) | 55400 | 1251486 |
| PC Connection, Inc. | 12006 | 563081 |
| Plexus Corp. (a) | 23400 | 2408562 |
| Sanmina Corp. (a) | 29595 | 1695498 |
| ScanSource, Inc. (a) | 20433 | 597052 |
| TTM Technologies, Inc. (a) | 115900 | 1747772 |
| Vishay Intertechnology, Inc. | 122426 | 2640729 |
| Vontier Corp. | 120500 | 2329265 |
|  |  | 29563316 |
| ***IT Services — 1.89%*** | ***IT Services — 1.89%*** | ***IT Services — 1.89%*** |
| Cass Information Systems, Inc. | 38900 | 1782398 |
| Euronet Worldwide, Inc. (a) | 24300 | 2293434 |
| International Money Express, Inc. (a) | 106900 | 2605153 |
| Maximus, Inc. | 22200 | 1627926 |
| TTEC Holdings, Inc. | 32400 | 1429812 |
| Verra Mobility Corp. (a) | 104500 | 1445235 |
|  |  | 11183958 |
| ***Semiconductors & Semiconductor Equipment — 1.82%*** | ***Semiconductors & Semiconductor Equipment — 1.82%*** | ***Semiconductors & Semiconductor Equipment — 1.82%*** |
| ACM Research, Inc. (a) | 269900 | 2080929 |
| Cirrus Logic, Inc. (a) | 22800 | 1698144 |
| Diodes, Inc. (a) | 18149 | 1381865 |
| MaxLinear, Inc. (a) | 42400 | 1439480 |
| Photronics, Inc. (a) | 106200 | 1787346 |
| Semtech Corp. (a) | 84200 | 2415698 |
|  |  | 10803462 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Software — 1.41%*** | ***Software — 1.41%*** | ***Software — 1.41%*** |
| ACI Worldwide, Inc. (a) | 111800 | $2571400 |
| CoreCard Corp. (a) | 21100 | 611267 |
| Ebix, Inc. | 61970 | 1236921 |
| InterDigital, Inc. | 48500 | 2399780 |
| Telos Corp. (a) | 277900 | 1414511 |
| Xperi, Inc. (a) | 15360 | 132250 |
|  |  | 8366129 |
| ***Technology Hardware, Storage & Peripherals — 0.62%*** | ***Technology Hardware, Storage & Peripherals — 0.62%*** | ***Technology Hardware, Storage & Peripherals — 0.62%*** |
| NCR Corp. (a) | 80400 | 1882164 |
| Super Micro Computer, Inc. (a) | 22000 | 1806200 |
|  |  | 3688364 |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY | 63605229 |
| ***MATERIALS — 4.44%<br>Chemicals — 2.20%*** | ***MATERIALS — 4.44%<br>Chemicals — 2.20%*** | ***MATERIALS — 4.44%<br>Chemicals — 2.20%*** |
| AdvanSix, Inc. | 44600 | 1695692 |
| Cabot Corp. | 21770 | 1455107 |
| Chase Corp. | 15000 | 1293900 |
| Ecovyst, Inc. (a) | 245700 | 2176902 |
| Hawkins, Inc. | 13100 | 505660 |
| Ingevity Corp. (a) | 8200 | 577608 |
| Minerals Technologies, Inc. | 24100 | 1463352 |
| NewMarket Corp. | 1700 | 528887 |
| Tredegar Corp. | 103530 | 1058077 |
| Trinseo PLC | 101350 | 2301658 |
|  |  | 13056843 |
| ***Containers & Packaging — 0.45%*** | ***Containers & Packaging — 0.45%*** | ***Containers & Packaging — 0.45%*** |
| Myers Industries, Inc. | 63900 | 1420497 |
| TriMas Corp. | 44600 | 1237204 |
|  |  | 2657701 |
| ***Metals & Mining — 1.16%*** | ***Metals & Mining — 1.16%*** | ***Metals & Mining — 1.16%*** |
| Arconic Corp. (a) | 55400 | 1172264 |
| Constellium SE (a) | 115000 | 1360450 |
| Kaiser Aluminum Corp. | 26167 | 1987645 |
| Olympic Steel, Inc. | 18100 | 607798 |
| Ryerson Holding Corp. | 40000 | 1210400 |
| Worthington Industries, Inc. | 11050 | 549296 |
|  |  | 6887853 |
| ***Paper & Forest Products — 0.63%*** | ***Paper & Forest Products — 0.63%*** | ***Paper & Forest Products — 0.63%*** |
| Louisiana-Pacific Corp. | 37700 | 2231840 |
| Mercer International, Inc. | 130650 | 1520766 |
|  |  | 3752606 |
| TOTAL MATERIALS | TOTAL MATERIALS | 26355003 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***REAL ESTATE — 3.68%<br>Equity Real Estate Investment Trusts — 1.70%*** | ***REAL ESTATE — 3.68%<br>Equity Real Estate Investment Trusts — 1.70%*** | ***REAL ESTATE — 3.68%<br>Equity Real Estate Investment Trusts — 1.70%*** |
| Alexander's, Inc. | 9700 | $2134582 |
| Braemar Hotels & Resorts, Inc. | 344900 | 1417539 |
| Empire State Realty Trust, Inc. | 345100 | 2325974 |
| Park Hotels & Resorts, Inc. | 182800 | 2155212 |
| Pebblebrook Hotel Trust | 152900 | 2047331 |
|  |  | 10080638 |
| ***Real Estate Management & Development — 1.98%*** | ***Real Estate Management & Development — 1.98%*** | ***Real Estate Management & Development — 1.98%*** |
| Cushman & Wakefield PLC (a) | 207600 | 2586696 |
| Douglas Elliman, Inc. | 107000 | 435490 |
| Marcus & Millichap, Inc. | 64900 | 2235805 |
| RE/MAX Holdings, Inc. | 123000 | 2292720 |
| The RMR Group, Inc. | 61200 | 1728900 |
| Seritage Growth Properties (a) (l) | 208648 | 2468306 |
|  |  | 11747917 |
| TOTAL REAL ESTATE | TOTAL REAL ESTATE | 21828555 |
| ***UTILITIES — 5.32%<br>Electric Utilities — 2.05%*** | ***UTILITIES — 5.32%<br>Electric Utilities — 2.05%*** | ***UTILITIES — 5.32%<br>Electric Utilities — 2.05%*** |
| ALLETE, Inc. | 36076 | 2327263 |
| Hawaiian Electric Industries, Inc. | 65600 | 2745360 |
| Otter Tail Corp. | 37240 | 2186360 |
| PNM Resources, Inc. | 47602 | 2322502 |
| Portland General Electric Company | 52800 | 2587200 |
|  |  | 12168685 |
| ***Gas Utilities — 2.03%*** | ***Gas Utilities — 2.03%*** | ***Gas Utilities — 2.03%*** |
| Northwest Natural Holding Company | 50300 | 2393777 |
| ONE Gas, Inc. | 31400 | 2377608 |
| South Jersey Industries, Inc. | 72344 | 2570382 |
| Southwest Gas Holdings, Inc. | 36600 | 2264808 |
| Spire, Inc. | 35373 | 2435785 |
|  |  | 12042360 |
| ***Multi-Utilities — 1.24%*** | ***Multi-Utilities — 1.24%*** | ***Multi-Utilities — 1.24%*** |
| Avista Corp. | 54861 | 2432537 |
| Black Hills Corp. | 35200 | 2475968 |
| NorthWestern Corp. | 41100 | 2438874 |
|  |  | 7347379 |
| TOTAL UTILITIES | TOTAL UTILITIES | 31558424 |
| Total common stocks <br>(Cost $560,612,079) |  | 584442255 |
| Total long-term investments <br>(Cost $560,612,079) |  | 584442255 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COLLATERAL FOR <br>SECURITIES ON LOAN — 0.49%** | **Shares<br>Held** | **Value** |
| ***Money Market Funds — 0.49%*** | ***Money Market Funds — 0.49%*** | ***Money Market Funds — 0.49%*** |
| Invesco Short-Term Investments Trust <br>Government & Agency Portfolio — <br>Institutional Class, 4.22%^ | 2938120 | $2938120 |
| Total collateral for securities on loan <br>(Cost $2,938,120) | Total collateral for securities on loan <br>(Cost $2,938,120) | 2938120 |
| **SHORT-TERM <br>INVESTMENTS** **—** **0.96%** | **Principal<br>Amount** |  |
| ***Time Deposits — 0.96%*** | ***Time Deposits — 0.96%*** | ***Time Deposits — 0.96%*** |
| Royal Bank of Canada, 3.69%, 01/03/2023\*  | $5679863 | 5679863 |
| Total short-term investments <br>(Cost $5,679,863) | Total short-term investments <br>(Cost $5,679,863) | 5679863 |
| Total investments — 100.01% <br>(Cost $569,230,062) | Total investments — 100.01% <br>(Cost $569,230,062) | 593060238 |
| Liabilities in excess of other assets — (0.01)% |  | (57006) |
| Net assets — 100.00% | Net assets — 100.00% | $593003232 |

---

*(a) — Non-income producing security.*

*(l) — All or a portion of this security is on loan. The total market value of securities on loan was $2,862,054. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.*

*^ — Rate shown is the 7-day yield as of December 31, 2022.*

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

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Global Value Fund (Unaudited)**

![](j2324902_cc033.jpg)

\* Based on country of risk.

---

| | |
|:---|:---|
| **Largest Equity Holdings** | **Percent of <br>net assets** |
| General Electric Company | 5.12% |
| F5, Inc. | 4.01% |
| Oracle Corp. | 3.68% |
| American International Group, Inc. | 3.64% |
| Microsoft Corp. | 3.50% |
| Euronet Worldwide, Inc. | 3.26% |
| Telefonaktiebolaget LM Ericsson | 3.04% |
| Citigroup, Inc. | 2.98% |
| Popular, Inc. | 2.67% |
| FedEx Corp. | 2.63% |

---

---

| | | |
|:---|:---|:---|
| **COMMON <br>STOCKS — 99.83%** | **Shares<br>Held** | **Value** |
| ***COMMUNICATION SERVICES — 8.29%<br>Entertainment — 1.50%*** | ***COMMUNICATION SERVICES — 8.29%<br>Entertainment — 1.50%*** | ***COMMUNICATION SERVICES — 8.29%<br>Entertainment — 1.50%*** |
| Warner Bros. Discovery, Inc. (a) | 52650 | $499122 |
| ***Interactive Media & Services — 2.52%*** | ***Interactive Media & Services — 2.52%*** | ***Interactive Media & Services — 2.52%*** |
| Alphabet, Inc. (a) | 9500 | 838185 |
| ***Media — 3.16%*** | ***Media — 3.16%*** | ***Media — 3.16%*** |
| Comcast Corp. | 20300 | 709891 |
| News Corp. | 18800 | 342160 |
|  |  | 1052051 |
| ***Wireless Telecommunication Services — 1.11%*** | ***Wireless Telecommunication Services — 1.11%*** | ***Wireless Telecommunication Services — 1.11%*** |
| Vodafone Group PLC — ADR | 36572 | 370109 |
| TOTAL COMMUNICATION SERVICES | TOTAL COMMUNICATION SERVICES | 2759467 |
| ***CONSUMER DISCRETIONARY — 7.81%<br>Auto Components — 2.57%*** | ***CONSUMER DISCRETIONARY — 7.81%<br>Auto Components — 2.57%*** | ***CONSUMER DISCRETIONARY — 7.81%<br>Auto Components — 2.57%*** |
| Magna International, Inc. | 15211 | 854554 |
| ***Automobiles — 2.06%*** | ***Automobiles — 2.06%*** | ***Automobiles — 2.06%*** |
| General Motors Company | 20445 | 687770 |
| ***Hotels, Restaurants & Leisure — 3.18%*** | ***Hotels, Restaurants & Leisure — 3.18%*** | ***Hotels, Restaurants & Leisure — 3.18%*** |
| Accor SA (a) (v) | 31100 | 775867 |
| Booking Holdings, Inc. (a) | 140 | 282139 |
|  |  | 1058006 |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY | 2600330 |
| ***CONSUMER STAPLES — 1.25%<br>Household Products — 1.25%*** | ***CONSUMER STAPLES — 1.25%<br>Household Products — 1.25%*** | ***CONSUMER STAPLES — 1.25%<br>Household Products — 1.25%*** |
| Henkel AG & Company KGaA (v) | 6500 | 417719 |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES | 417719 |
| ***ENERGY — 11.26%<br>Energy Equipment & Services — 2.62%*** | ***ENERGY — 11.26%<br>Energy Equipment & Services — 2.62%*** | ***ENERGY — 11.26%<br>Energy Equipment & Services — 2.62%*** |
| NOV, Inc. | 41769 | 872554 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Oil, Gas & Consumable Fuels — 8.64%*** | ***Oil, Gas & Consumable Fuels — 8.64%*** | ***Oil, Gas & Consumable Fuels — 8.64%*** |
| Cenovus Energy, Inc. | 36500 | $708165 |
| Kosmos Energy Ltd. (a) | 90300 | 574308 |
| Marathon Oil Corp. | 13600 | 368152 |
| Ovintiv, Inc. | 9800 | 496958 |
| Suncor Energy, Inc. | 23000 | 729579 |
|  |  | 2877162 |
| TOTAL ENERGY | TOTAL ENERGY | 3749716 |
| ***FINANCIALS — 25.45%<br>Banks — 15.75%*** | ***FINANCIALS — 25.45%<br>Banks — 15.75%*** | ***FINANCIALS — 25.45%<br>Banks — 15.75%*** |
| BNP Paribas SA (v) | 12156 | 692150 |
| Citigroup, Inc. | 21904 | 990718 |
| ING Groep NV (v) | 39956 | 486709 |
| Lloyds Banking Group PLC (v) | 644300 | 351605 |
| Popular, Inc. | 13400 | 888688 |
| Societe Generale SA (v) | 9993 | 250660 |
| UniCredit SpA (v) | 55600 | 788937 |
| Wells Fargo & Company | 19230 | 794007 |
|  |  | 5243474 |
| ***Capital Markets — 3.59%*** | ***Capital Markets — 3.59%*** | ***Capital Markets — 3.59%*** |
| The Bank of New York Mellon Corp. | 11400 | 518928 |
| The Goldman Sachs Group, Inc. | 1968 | 675772 |
|  |  | 1194700 |
| ***Insurance — 6.11%*** | ***Insurance — 6.11%*** | ***Insurance — 6.11%*** |
| American International Group, Inc. | 19169 | 1212247 |
| Tokio Marine Holdings, Inc. (v) | 38500 | 822452 |
|  |  | 2034699 |
| TOTAL FINANCIALS | TOTAL FINANCIALS | 8472873 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Global Value Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***HEALTH CARE — 5.36%<br>Health Care Equipment & Supplies — 1.63%*** | ***HEALTH CARE — 5.36%<br>Health Care Equipment & Supplies — 1.63%*** | ***HEALTH CARE — 5.36%<br>Health Care Equipment & Supplies — 1.63%*** |
| Koninklijke Philips NV (v) | 17900 | $269345 |
| Medtronic PLC | 3500 | 272020 |
|  |  | 541365 |
| ***Health Care Providers & Services — 3.73%*** | ***Health Care Providers & Services — 3.73%*** | ***Health Care Providers & Services — 3.73%*** |
| CVS Health Corp. | 7700 | 717563 |
| Elevance Health, Inc. | 1025 | 525794 |
|  |  | 1243357 |
| TOTAL HEALTH CARE | TOTAL HEALTH CARE | 1784722 |
| ***INDUSTRIALS — 18.65%<br>Aerospace & Defense — 4.38%*** | ***INDUSTRIALS — 18.65%<br>Aerospace & Defense — 4.38%*** | ***INDUSTRIALS — 18.65%<br>Aerospace & Defense — 4.38%*** |
| Airbus SE (v) | 4600 | 546949 |
| Babcock International Group PLC (a) (v) | 123600 | 422712 |
| BAE Systems PLC (v) | 30359 | 313561 |
| Safran SA (v) | 1400 | 175355 |
|  |  | 1458577 |
| ***Air Freight & Logistics — 3.94%*** | ***Air Freight & Logistics — 3.94%*** | ***Air Freight & Logistics — 3.94%*** |
| FedEx Corp. | 5050 | 874660 |
| International Distributions Services PLC (v) | 170387 | 436758 |
|  |  | 1311418 |
| ***Airlines — 0.98%*** | ***Airlines — 0.98%*** | ***Airlines — 0.98%*** |
| Qantas Airways Ltd. (a) (v) | 80900 | 327460 |
| ***Industrial Conglomerates — 5.12%*** | ***Industrial Conglomerates — 5.12%*** | ***Industrial Conglomerates — 5.12%*** |
| General Electric Company | 20334 | 1703786 |
| ***Machinery — 2.85%*** | ***Machinery — 2.85%*** | ***Machinery — 2.85%*** |
| CNH Industrial NV | 20982 | 336971 |
| Cummins, Inc. | 2529 | 612751 |
|  |  | 949722 |
| ***Road & Rail — 1.38%*** | ***Road & Rail — 1.38%*** | ***Road & Rail — 1.38%*** |
| U-Haul Holding Company | 8315 | 457159 |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS | 6208122 |
| ***INFORMATION TECHNOLOGY — 21.76%<br>Communications Equipment — 7.05%*** | ***INFORMATION TECHNOLOGY — 21.76%<br>Communications Equipment — 7.05%*** | ***INFORMATION TECHNOLOGY — 21.76%<br>Communications Equipment — 7.05%*** |
| F5, Inc. (a) | 9300 | 1334643 |
| Telefonaktiebolaget LM Ericsson — ADR | 173272 | 1011909 |
|  |  | 2346552 |
| ***IT Services — 3.26%*** | ***IT Services — 3.26%*** | ***IT Services — 3.26%*** |
| Euronet Worldwide, Inc. (a) | 11500 | 1085370 |
| ***Semiconductors & Semiconductor Equipment — 0.93%*** | ***Semiconductors & Semiconductor Equipment — 0.93%*** | ***Semiconductors & Semiconductor Equipment — 0.93%*** |
| Micron Technology, Inc. | 6200 | 309876 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Software — 9.79%*** | ***Software — 9.79%*** | ***Software — 9.79%*** |
| Microsoft Corp. | 4863 | $1166245 |
| Oracle Corp. | 14975 | 1224056 |
| Workday, Inc. (a) | 5200 | 870116 |
|  |  | 3260417 |
| ***Technology Hardware, Storage & Peripherals — 0.73%*** | ***Technology Hardware, Storage & Peripherals — 0.73%*** | ***Technology Hardware, Storage & Peripherals — 0.73%*** |
| Samsung Electronics Company Ltd. (v) | 5500 | 241413 |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY | 7243628 |
| Total common stocks <br>(Cost $31,884,490) |  | 33236577 |
| Total long-term investments <br>(Cost $31,884,490) |  | 33236577 |
| **SHORT-TERM <br>INVESTMENTS** **—** **1.45%** | **Principal<br>Amount** |  |
| ***Time Deposits — 1.45%*** | ***Time Deposits — 1.45%*** | ***Time Deposits — 1.45%*** |
| Australia and New Zealand Banking <br>Group Ltd., 3.69%, 01/03/2023\* | $482275 | 482275 |
| Citigroup, Inc., 1.10%, 01/02/2023\* | 7 | 7 |
| Total short-term investments <br>(Cost $482,282) | Total short-term investments <br>(Cost $482,282) | 482282 |
| Total investments — 101.28% <br>(Cost $32,366,772) | Total investments — 101.28% <br>(Cost $32,366,772) | 33718859 |
| Liabilities in excess of other assets — (1.28)% |  | (427506) |
| Net assets — 100.00% | Net assets — 100.00% | $33291353 |

---

*(a) — Non-income producing security.*

*(v) — Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $7,319,652, which represented 21.99% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.*

*ADR — American Depositary Receipt*

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

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley International Value Fund (Unaudited)**

![](j2324902_ce034.jpg)

\* Based on country of risk.

---

| | |
|:---|:---|
| **Largest Equity Holdings** | **Percent of <br>net assets** |
| BNP Paribas SA | 4.10% |
| Tokio Marine Holdings, Inc. | 4.02% |
| Telefonaktiebolaget LM Ericsson | 3.79% |
| Kosmos Energy Ltd. | 3.46% |
| Airbus SE | 3.46% |
| UniCredit SpA | 3.46% |
| Accor SA | 3.43% |
| ING Groep NV | 3.10% |
| Medtronic PLC | 3.01% |
| Samsung Electronics Company Ltd. | 2.98% |

---

---

| | | |
|:---|:---|:---|
| **COMMON<br>STOCKS — 98.00%** | **Shares<br>Held** | **Value** |
| ***COMMUNICATION SERVICES — 2.73%<br>Media — 1.13%*** | ***COMMUNICATION SERVICES — 2.73%<br>Media — 1.13%*** | ***COMMUNICATION SERVICES — 2.73%<br>Media — 1.13%*** |
| RTL Group SA (v) | 770 | $32429 |
| ***Wireless Telecommunication Services — 1.60%*** | ***Wireless Telecommunication Services — 1.60%*** | ***Wireless Telecommunication Services — 1.60%*** |
| Vodafone Group PLC (v) | 45246 | 45822 |
| TOTAL COMMUNICATION SERVICES | TOTAL COMMUNICATION SERVICES | 78251 |
| ***CONSUMER DISCRETIONARY — 7.94%<br>Auto Components — 2.84%*** | ***CONSUMER DISCRETIONARY — 7.94%<br>Auto Components — 2.84%*** | ***CONSUMER DISCRETIONARY — 7.94%<br>Auto Components — 2.84%*** |
| Magna International, Inc. | 1452 | 81573 |
| ***Automobiles — 1.14%*** | ***Automobiles — 1.14%*** | ***Automobiles — 1.14%*** |
| Bayerische Motoren Werke AG (v) | 386 | 32575 |
| ***Hotels, Restaurants & Leisure — 3.96%*** | ***Hotels, Restaurants & Leisure — 3.96%*** | ***Hotels, Restaurants & Leisure — 3.96%*** |
| Accor SA (a) (v) | 3940 | 98293 |
| Compass Group PLC (v) | 660 | 15241 |
|  |  | 113534 |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY | 227682 |
| ***CONSUMER STAPLES — 8.79%<br>Beverages — 4.51%*** | ***CONSUMER STAPLES — 8.79%<br>Beverages — 4.51%*** | ***CONSUMER STAPLES — 8.79%<br>Beverages — 4.51%*** |
| Britvic PLC (v) | 2800 | 26087 |
| Coca-Cola Europacific Partners PLC | 570 | 31533 |
| Heineken Holding NV (v) | 927 | 71592 |
|  |  | 129212 |
| ***Food & Staples Retailing — 0.56%*** | ***Food & Staples Retailing — 0.56%*** | ***Food & Staples Retailing — 0.56%*** |
| Tesco PLC (v) | 5938 | 16002 |
| ***Household Products — 2.60%*** | ***Household Products — 2.60%*** | ***Household Products — 2.60%*** |
| Henkel AG & Company KGaA (v) | 1160 | 74547 |
| ***Personal Products — 1.12%*** | ***Personal Products — 1.12%*** | ***Personal Products — 1.12%*** |
| Unilever PLC (v) | 638 | 32211 |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES | 251972 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***ENERGY — 16.64%<br>Energy Equipment & Services — 4.71%*** | ***ENERGY — 16.64%<br>Energy Equipment & Services — 4.71%*** | ***ENERGY — 16.64%<br>Energy Equipment & Services — 4.71%*** |
| Expro Group Holdings NV (a) | 1559 | $28265 |
| Schlumberger Ltd. | 960 | 51321 |
| Subsea 7 SA (v) | 4800 | 55582 |
|  |  | 135168 |
| ***Oil, Gas & Consumable Fuels — 11.93%*** | ***Oil, Gas & Consumable Fuels — 11.93%*** | ***Oil, Gas & Consumable Fuels — 11.93%*** |
| Cenovus Energy, Inc. | 3970 | 77026 |
| Kosmos Energy Ltd. (a) | 15618 | 99331 |
| Shell PLC (v) | 2027 | 57480 |
| Suncor Energy, Inc. | 2370 | 75178 |
| TotalEnergies SE (v) | 525 | 32956 |
|  |  | 341971 |
| TOTAL ENERGY | TOTAL ENERGY | 477139 |
| ***FINANCIALS — 30.39%<br>Banks — 20.21%*** | ***FINANCIALS — 30.39%<br>Banks — 20.21%*** | ***FINANCIALS — 30.39%<br>Banks — 20.21%*** |
| ABN AMRO Bank NV (r) (v) | 4200 | 58161 |
| Barclays PLC (v) | 23317 | 44368 |
| BNP Paribas SA (v) | 2064 | 117522 |
| ING Groep NV (v) | 7307 | 89008 |
| Lloyds Banking Group PLC (v) | 105600 | 57627 |
| NatWest Group PLC (v) | 10214 | 32575 |
| Societe Generale SA (v) | 3241 | 81296 |
| UniCredit SpA (v) | 6990 | 99184 |
|  |  | 579741 |
| ***Capital Markets — 2.73%*** | ***Capital Markets — 2.73%*** | ***Capital Markets — 2.73%*** |
| Rothschild & Company (v) | 1960 | 78292 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley International Value Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Insurance — 7.45%*** | ***Insurance — 7.45%*** | ***Insurance — 7.45%*** |
| Enstar Group Ltd. (a) | 299 | $69081 |
| Tokio Marine Holdings, Inc. (v) | 5400 | 115357 |
| Zurich Insurance Group AG (v) | 61 | 29163 |
|  |  | 213601 |
| TOTAL FINANCIALS | TOTAL FINANCIALS | 871634 |
| ***HEALTH CARE — 5.44%<br>Health Care Equipment & Supplies — 4.36%*** | ***HEALTH CARE — 5.44%<br>Health Care Equipment & Supplies — 4.36%*** | ***HEALTH CARE — 5.44%<br>Health Care Equipment & Supplies — 4.36%*** |
| Koninklijke Philips NV (v) | 2577 | 38777 |
| Medtronic PLC | 1110 | 86269 |
|  |  | 125046 |
| ***Pharmaceuticals — 1.08%*** | ***Pharmaceuticals — 1.08%*** | ***Pharmaceuticals — 1.08%*** |
| Euroapi SA (a) (v) | 5 | 74 |
| GSK PLC (v) | 1047 | 18096 |
| Sanofi (v) | 133 | 12825 |
|  |  | 30995 |
| TOTAL HEALTH CARE | TOTAL HEALTH CARE | 156041 |
| ***INDUSTRIALS — 18.49%<br>Aerospace & Defense — 9.42%*** | ***INDUSTRIALS — 18.49%<br>Aerospace & Defense — 9.42%*** | ***INDUSTRIALS — 18.49%<br>Aerospace & Defense — 9.42%*** |
| Airbus SE (v) | 835 | 99283 |
| Babcock International Group PLC (a) (v) | 16000 | 54720 |
| BAE Systems PLC (v) | 5775 | 59647 |
| Safran SA (v) | 450 | 56364 |
|  |  | 270014 |
| ***Air Freight & Logistics — 2.63%*** | ***Air Freight & Logistics — 2.63%*** | ***Air Freight & Logistics — 2.63%*** |
| International Distributions Services PLC (v) | 29429 | 75436 |
| ***Airlines — 2.02%*** | ***Airlines — 2.02%*** | ***Airlines — 2.02%*** |
| Qantas Airways Ltd. (a) (v) | 14300 | 57882 |
| ***Industrial Conglomerates — 1.92%*** | ***Industrial Conglomerates — 1.92%*** | ***Industrial Conglomerates — 1.92%*** |
| Siemens AG (v) | 400 | 55140 |
| ***Machinery — 2.19%*** | ***Machinery — 2.19%*** | ***Machinery — 2.19%*** |
| CNH Industrial NV | 3493 | 56098 |
| Iveco Group NV (a) (v) | 1110 | 6605 |
|  |  | 62703 |
| ***Professional Services — 0.31%*** | ***Professional Services — 0.31%*** | ***Professional Services — 0.31%*** |
| Hudson Global, Inc. (a) | 399 | 9029 |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS | 530204 |
| ***INFORMATION TECHNOLOGY — 7.58%<br>Communications Equipment — 3.79%*** | ***INFORMATION TECHNOLOGY — 7.58%<br>Communications Equipment — 3.79%*** | ***INFORMATION TECHNOLOGY — 7.58%<br>Communications Equipment — 3.79%*** |
| Telefonaktiebolaget LM Ericsson (v) | 18544 | 108657 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Semiconductors & Semiconductor Equipment — 0.81%*** | ***Semiconductors & Semiconductor Equipment — 0.81%*** | ***Semiconductors & Semiconductor Equipment — 0.81%*** |
| Taiwan Semiconductor Manufacturing <br>Company Ltd. — ADR | 310 | $23092 |
| ***Technology Hardware, Storage & Peripherals — 2.98%*** | ***Technology Hardware, Storage & Peripherals — 2.98%*** | ***Technology Hardware, Storage & Peripherals — 2.98%*** |
| Samsung Electronics Company Ltd. (v) | 1950 | 85592 |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY | 217341 |
| Total common stocks <br>(Cost $2,664,699) | Total common stocks <br>(Cost $2,664,699) | 2810264 |
| Total long-term investments <br>(Cost $2,664,699) |  | 2810264 |
| **SHORT-TERM <br>INVESTMENTS — 1.91%** | **Principal<br>Amount** |  |
| ***Time Deposits — 1.91%*** | ***Time Deposits — 1.91%*** | ***Time Deposits — 1.91%*** |
| Royal Bank of Canada, 3.69%, 01/03/2023\* | $54834 | 54834 |
| Total short-term investments <br>(Cost $54,834) | Total short-term investments <br>(Cost $54,834) | 54834 |
| Total investments — 99.91% <br>(Cost $2,719,533) | Total investments — 99.91% <br>(Cost $2,719,533) | 2865098 |
| Other assets in excess of liabilities — 0.09% |  | 2568 |
| Net assets — 100.00% | Net assets — 100.00% | $2867666 |

---

*(a) — Non-income producing security.*

*(r) — Rule 144A security under the Securities Act of 1933. Purchased in a private placement transaction; resale to the public may require registration or be limited to qualified institutional buyers. The total market value of these securities was $58,161, which represented 2.03% of net assets.*

*(v) — Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $2,122,468, which represented 74.01% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.*

*ADR — American Depositary Receipt*

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

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley International Small Cap Diversified Value Fund (Unaudited)**

![](j2324902_ce035.jpg)

\* Based on country of risk.

---

| | |
|:---|:---|
| **Largest Equity Holdings** | **Percent of <br>net assets** |
| The First Bank of Toyama Ltd. | 0.69% |
| Collector Bank AB | 0.68% |
| Lancashire Holdings Ltd. | 0.64% |
| Trigano SA | 0.63% |
| Resurs Holding AB | 0.61% |
| Rieter Holding AG | 0.60% |
| ASAHI YUKIZAI Corp. | 0.60% |
| Halfords Group PLC | 0.59% |
| FUCHS PETROLUB SE | 0.59% |
| GAM Holding AG | 0.58% |

---

---

| | | |
|:---|:---|:---|
| **COMMON <br>STOCKS — 99.45%** | **Shares<br>Held** | **Value** |
| ***COMMUNICATION SERVICES — 1.68%<br>Entertainment — 0.51%*** | ***COMMUNICATION SERVICES — 1.68%<br>Entertainment — 0.51%*** | ***COMMUNICATION SERVICES — 1.68%<br>Entertainment — 0.51%*** |
| GungHo Online Entertainment, Inc. (v) | 1900 | $30689 |
| ***Media — 1.17%*** | ***Media — 1.17%*** | ***Media — 1.17%*** |
| APG SGA SA (v) | 170 | 29561 |
| Atresmedia Corp. de Medios de Comunicacion SA (v) | 6000 | 20498 |
| ProSiebenSat.1 Media SE (v) | 2300 | 20401 |
|  |  | 70460 |
| TOTAL COMMUNICATION SERVICES | TOTAL COMMUNICATION SERVICES | 101149 |
| ***CONSUMER DISCRETIONARY — 10.87%<br>Auto Components — 2.77%*** | ***CONSUMER DISCRETIONARY — 10.87%<br>Auto Components — 2.77%*** | ***CONSUMER DISCRETIONARY — 10.87%<br>Auto Components — 2.77%*** |
| AKWEL | 700 | 13038 |
| Bulten AB (v) | 2000 | 11410 |
| Cie Plastic Omnium SA (v) | 700 | 10173 |
| Exco Technologies Ltd. | 2100 | 11942 |
| Feintool International Holding AG (v) | 500 | 10912 |
| G-Tekt Corp. (v) | 3000 | 32687 |
| Pirelli & C SpA (r) (v) | 4500 | 19289 |
| Toyota Boshoku Corp. (v) | 2100 | 27872 |
| TS Tech Company Ltd. (v) | 2600 | 29736 |
|  |  | 167059 |
| ***Automobiles — 1.10%*** | ***Automobiles — 1.10%*** | ***Automobiles — 1.10%*** |
| Kabe Group AB (v) | 500 | 9312 |
| Mitsubishi Motors Corp. (a) (v) | 4900 | 18608 |
| Trigano SA (v) | 280 | 38225 |
|  |  | 66145 |
| ***Distributors — 0.34%*** | ***Distributors — 0.34%*** | ***Distributors — 0.34%*** |
| Inchcape PLC (v) | 2100 | 20734 |
| ***Diversified Consumer Services — 0.19%*** | ***Diversified Consumer Services — 0.19%*** | ***Diversified Consumer Services — 0.19%*** |
| Anexo Group PLC | 8700 | 11096 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Household Durables — 1.51%*** | ***Household Durables — 1.51%*** | ***Household Durables — 1.51%*** |
| Bonava AB (v) | 4300 | $12172 |
| Crest Nicholson Holdings PLC (v) | 4900 | 13950 |
| Fleetwood Ltd. (v) | 9900 | 9594 |
| Kaufman & Broad SA (v) | 500 | 14695 |
| MJ Gleeson PLC (v) | 2400 | 9907 |
| Nobia AB (v) | 8800 | 17951 |
| Redrow PLC (v) | 2300 | 12604 |
|  |  | 90873 |
| ***Leisure Products — 2.32%*** | ***Leisure Products — 2.32%*** | ***Leisure Products — 2.32%*** |
| Fountaine Pajot SA | 100 | 12160 |
| Furyu Corp. (v) | 3400 | 27994 |
| Harvia Oyj (v) | 1200 | 22762 |
| Kawai Musical Instruments Manufacturing <br>Company Ltd. (v) | 1500 | 29586 |
| ME Group International PLC | 11000 | 15293 |
| Mizuno Corp. (v) | 1500 | 32119 |
|  |  | 139914 |
| ***Specialty Retail — 2.24%*** | ***Specialty Retail — 2.24%*** | ***Specialty Retail — 2.24%*** |
| Beter Bed Holding NV (v) | 2500 | 7589 |
| City Chic Collective Ltd. (a) (v) | 20200 | 6503 |
| Clas Ohlson AB (v) | 1600 | 11039 |
| Halfords Group PLC (v) | 14200 | 35714 |
| Leon's Furniture Ltd. | 900 | 11426 |
| Matas A/S (v) | 1100 | 11013 |
| Michael Hill International Ltd. (v) | 15800 | 11747 |
| Shaver Shop Group Ltd. (v) | 16200 | 12789 |
| Super Retail Group Ltd. (v) | 1700 | 12339 |
| Vertu Motors PLC (v) | 22900 | 14801 |
|  |  | 134960 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley International Small Cap Diversified Value Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Textiles, Apparel & Luxury Goods — 0.40%*** | ***Textiles, Apparel & Luxury Goods — 0.40%*** | ***Textiles, Apparel & Luxury Goods — 0.40%*** |
| Mavi Giyim Sanayi Ve Ticaret AS (r) (v) | 3400 | $24049 |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY | 654830 |
| ***CONSUMER STAPLES — 5.18%<br>Beverages — 0.76%*** | ***CONSUMER STAPLES — 5.18%<br>Beverages — 0.76%*** | ***CONSUMER STAPLES — 5.18%<br>Beverages — 0.76%*** |
| Britvic PLC (v) | 3200 | 29814 |
| Corby Spirit and Wine Ltd. | 1300 | 15717 |
|  |  | 45531 |
| ***Food & Staples Retailing — 0.34%*** | ***Food & Staples Retailing — 0.34%*** | ***Food & Staples Retailing — 0.34%*** |
| Marks & Spencer Group PLC (a) (v) | 13800 | 20359 |
| ***Food Products — 3.89%*** | ***Food Products — 3.89%*** | ***Food Products — 3.89%*** |
| Austevoll Seafood ASA (v) | 2400 | 21646 |
| Ebara Foods Industry, Inc. (v) | 1200 | 27646 |
| Greencore Group PLC (a) | 14200 | 11013 |
| Itoham Yonekyu Holdings, Inc. (v) | 5800 | 30777 |
| Lassonde Industries, Inc. <br>(Acquired 05/11/2022 — 07/12/2022, <br>Cost $18,109) (m) | 180 | 14794 |
| Newlat Food SpA (a) (v) | 1900 | 8846 |
| Nitto Fuji Flour Milling Company Ltd. (v) | 400 | 13464 |
| Premier Foods PLC | 24300 | 31904 |
| S Foods, Inc. (v) | 900 | 20261 |
| Savencia SA | 500 | 31257 |
| Schouw & Company A/S (v) | 160 | 12046 |
| Wynnstay Group PLC (v) | 1500 | 10827 |
|  |  | 234481 |
| ***Personal Products — 0.19%*** | ***Personal Products — 0.19%*** | ***Personal Products — 0.19%*** |
| Shinnihonseiyaku Company Ltd. (v) | 1100 | 11505 |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES | 311876 |
| ***ENERGY — 6.57%<br>Energy Equipment & Services — 2.23%*** | ***ENERGY — 6.57%<br>Energy Equipment & Services — 2.23%*** | ***ENERGY — 6.57%<br>Energy Equipment & Services — 2.23%*** |
| Expro Group Holdings NV (a) | 1633 | 29606 |
| Schoeller-Bleckmann Oilfield Equipment AG (v) | 330 | 20692 |
| Subsea 7 SA (v) | 2800 | 32424 |
| Technip Energies NV (v) | 1260 | 19809 |
| TechnipFMC PLC (a) | 2600 | 31694 |
|  |  | 134225 |
| ***Oil, Gas & Consumable Fuels — 4.34%*** | ***Oil, Gas & Consumable Fuels — 4.34%*** | ***Oil, Gas & Consumable Fuels — 4.34%*** |
| Birchcliff Energy Ltd. | 3500 | 24376 |
| Capricorn Energy PLC (a) | 9661 | 30577 |
| Cardinal Energy Ltd. <br>(Acquired 05/04/2021 — 05/11/2022, <br>Cost $13,685) (m) | 4300 | 24199 |
| Crescent Point Energy Corp. | 3600 | 25684 |
| Koninklijke Vopak NV (v) | 550 | 16360 |
| Kosmos Energy Ltd. (a) | 4200 | 26712 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares<br>Held** | **Value** | **Value** |
| Pantheon Resources PLC (a) (v) | 15500 | $| 7933 |
| Pilipinas Shell Petroleum Corp. | 34700 |  | 10523 |
| Tamarack Valley Energy Ltd. | 8700 |  | 28656 |
| Tullow Oil PLC (a) (v) | 62800 |  | 28099 |
| Vermilion Energy, Inc. | 1200 |  | 21244 |
| Viva Energy Group Ltd. (r) (v) | 9100 |  | 16845 |
|  |  |  | 261208 |
| TOTAL ENERGY | TOTAL ENERGY |  | 395433 |
| ***FINANCIALS — 27.41%<br>Banks — 10.53%*** | ***FINANCIALS — 27.41%<br>Banks — 10.53%*** | ***FINANCIALS — 27.41%<br>Banks — 10.53%*** | ***FINANCIALS — 27.41%<br>Banks — 10.53%*** |
| Aozora Bank Ltd. (v) | 900 |  | 17689 |
| The Awa Bank Ltd. (v) | 1300 |  | 21008 |
| Bank Danamon Indonesia Tbk PT (v) | 128100 |  | 22447 |
| The Bank of East Asia Ltd. (v) | 24800 |  | 29980 |
| Basellandschaftliche Kantonalbank | 12 |  | 11810 |
| Caisse Regionale de Credit Agricole <br>Mutuel Brie Picardie | 1400 |  | 26190 |
| Caisse Regionale de Credit Agricole <br>Mutuel de Normandie-Seine | 160 |  | 11646 |
| Caisse Regionale de Credit Agricole <br>Mutuel de Paris et d'Ile-de-France | 380 |  | 27302 |
| Caisse Regionale de Credit Agricole <br>Mutuel d'Ille-et-Vilaine | 110 |  | 5664 |
| Caisse Regionale de Credit Agricole <br>Mutuel Nord de France | 1700 |  | 30060 |
| Caisse Regionale de Credit Agricole <br>Mutuel Toulouse 31 | 180 |  | 13584 |
| Canadian Western Bank | 1000 |  | 17770 |
| Collector Bank AB (a) (v) | 11200 |  | 41201 |
| Dah Sing Financial Holdings Ltd. (v) | 12400 |  | 28639 |
| The First Bank of Toyama Ltd. (v) | 9300 |  | 41324 |
| The Hachijuni Bank Ltd. (v) | 4900 |  | 20355 |
| Iyogin Holdings, Inc. (v) | 3400 |  | 18412 |
| Komplett Bank ASA (a) | 11000 |  | 5390 |
| mBank SA (a) (v) | 330 |  | 22364 |
| Raiffeisen Bank International AG (a) (v) | 2100 |  | 34243 |
| Santander Bank Polska SA (v) | 530 |  | 31553 |
| Seven Bank Ltd. (v) | 6200 |  | 12362 |
| Sparebank 1 Oestlandet (v) | 1400 |  | 17260 |
| Sparebanken More | 3900 |  | 33602 |
| Sparebanken Vest (v) | 3300 |  | 31151 |
| Sparekassen Sjaelland-Fyn A/S (v) | 500 |  | 13933 |
| Suruga Bank Ltd. (v) | 10500 |  | 33693 |
| TOMONY Holdings, Inc. (v) | 4900 |  | 13744 |
|  |  |  | 634376 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley International Small Cap Diversified Value Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Capital Markets — 5.84%*** | ***Capital Markets — 5.84%*** | ***Capital Markets — 5.84%*** |
| ABG Sundal Collier Holding ASA | 30600 | $17585 |
| AGF Management Ltd. | 5900 | 30807 |
| Anima Holding SpA (r) (v) | 5300 | 21217 |
| AURELIUS Equity Opportunities SE & <br>Company KGaA (v) | 1300 | 25347 |
| Azimut Holding SpA (v) | 1100 | 24614 |
| Bright Smart Securities & Commodities Group Ltd. (v) | 70000 | 17346 |
| Canaccord Genuity Group, Inc. | 3100 | 19209 |
| CI Financial Corp. | 1600 | 15965 |
| Deutsche Beteiligungs AG (v) | 700 | 20870 |
| GAM Holding AG (a) | 34400 | 34971 |
| HS Holdings Company Ltd. (v) | 3600 | 32975 |
| Jupiter Fund Management PLC (v) | 18950 | 30419 |
| Numis Corp. PLC | 13100 | 30249 |
| Rothschild & Company (v) | 760 | 30358 |
|  |  | 351932 |
| ***Consumer Finance — 1.36%*** | ***Consumer Finance — 1.36%*** | ***Consumer Finance — 1.36%*** |
| Gruppo MutuiOnline SpA (v) | 500 | 14097 |
| Hoist Finance AB (a) (r) (v) | 10900 | 30840 |
| Resurs Holding AB (r) (v) | 15400 | 36817 |
|  |  | 81754 |
| ***Diversified Financial Services — 2.80%*** | ***Diversified Financial Services — 2.80%*** | ***Diversified Financial Services — 2.80%*** |
| Banca IFIS SpA (v) | 2400 | 34164 |
| Banca Mediolanum SpA (v) | 1500 | 12499 |
| BFF Bank SpA (r) (v) | 1600 | 12694 |
| Burford Capital Ltd. (v) | 3500 | 28087 |
| Financial Products Group Company Ltd. (v) | 3400 | 28588 |
| GRENKE AG (v) | 500 | 10443 |
| Plus500 Ltd. (v) | 1400 | 30396 |
| Tokyo Century Corp. (v) | 350 | 11798 |
|  |  | 168669 |
| ***Insurance — 5.89%*** | ***Insurance — 5.89%*** | ***Insurance — 5.89%*** |
| Anicom Holdings, Inc. (v) | 4100 | 17982 |
| Clal Insurance Enterprises Holdings Ltd. (a) (v) | 900 | 15144 |
| Coface SA (v) | 2500 | 32459 |
| Direct Line Insurance Group PLC (v) | 11900 | 31718 |
| FBD Holdings PLC | 1100 | 13011 |
| Grupo Catalana Occidente SA (v) | 1000 | 31597 |
| Hiscox Ltd. (v) | 1100 | 14503 |
| IDI Insurance Company Ltd. (v) | 400 | 8639 |
| Just Group PLC (v) | 15600 | 15430 |
| Lancashire Holdings Ltd. (v) | 4900 | 38529 |
| The Phoenix Holdings Ltd. (v) | 1100 | 11733 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares<br>Held** | **Value** | **Value** |
| Protector Forsikring ASA (v) | 1400 | $| 17915 |
| SCOR SE (v) | 800 |  | 18433 |
| Unipol Gruppo SpA (v) | 6800 |  | 33108 |
| UNIQA Insurance Group AG (v) | 1700 |  | 12707 |
| Vienna Insurance Group AG Wiener Versicherung <br>Gruppe (v) | 1200 |  | 28678 |
| Wuestenrot & Wuerttembergische AG (v) | 800 |  | 13200 |
|  |  |  | 354786 |
| ***Thrifts & Mortgage Finance — 0.99%*** | ***Thrifts & Mortgage Finance — 0.99%*** | ***Thrifts & Mortgage Finance — 0.99%*** | ***Thrifts & Mortgage Finance — 0.99%*** |
| Asax Company Ltd. (v) | 2700 |  | 12186 |
| EQB, Inc. | 370 |  | 15502 |
| Home Capital Group, Inc. | 500 |  | 15724 |
| MCAN Mortgage Corp. | 1500 |  | 16618 |
|  |  |  | 60030 |
| TOTAL FINANCIALS | TOTAL FINANCIALS |  | 1651547 |
| ***HEALTH CARE — 2.73%<br>Health Care Equipment & Supplies — 0.56%*** | ***HEALTH CARE — 2.73%<br>Health Care Equipment & Supplies — 0.56%*** | ***HEALTH CARE — 2.73%<br>Health Care Equipment & Supplies — 0.56%*** | ***HEALTH CARE — 2.73%<br>Health Care Equipment & Supplies — 0.56%*** |
| Elekta AB (v) | 2900 |  | 17493 |
| Guerbet (v) | 900 |  | 16349 |
|  |  |  | 33842 |
| ***Health Care Providers & Services — 1.49%*** | ***Health Care Providers & Services — 1.49%*** | ***Health Care Providers & Services — 1.49%*** | ***Health Care Providers & Services — 1.49%*** |
| Estia Health Ltd. (v) | 21100 |  | 29599 |
| FALCO HOLDINGS Company Ltd. (v) | 2300 |  | 30661 |
| Regis Healthcare Ltd. | 23100 |  | 29646 |
|  |  |  | 89906 |
| ***Health Care Technology — 0.23%*** | ***Health Care Technology — 0.23%*** | ***Health Care Technology — 0.23%*** | ***Health Care Technology — 0.23%*** |
| GPI SpA | 900 |  | 13931 |
| ***Pharmaceuticals — 0.45%*** | ***Pharmaceuticals — 0.45%*** | ***Pharmaceuticals — 0.45%*** | ***Pharmaceuticals — 0.45%*** |
| Eco Animal Health Group PLC (a) | 7700 |  | 9402 |
| Tsumura & Company (v) | 800 |  | 17545 |
|  |  |  | 26947 |
| TOTAL HEALTH CARE | TOTAL HEALTH CARE |  | 164626 |
| ***INDUSTRIALS — 20.90%<br>Aerospace & Defense — 0.46%*** | ***INDUSTRIALS — 20.90%<br>Aerospace & Defense — 0.46%*** | ***INDUSTRIALS — 20.90%<br>Aerospace & Defense — 0.46%*** | ***INDUSTRIALS — 20.90%<br>Aerospace & Defense — 0.46%*** |
| Babcock International Group PLC (a) (v) | 8100 |  | 27702 |
| ***Air Freight & Logistics — 1.46%*** | ***Air Freight & Logistics — 1.46%*** | ***Air Freight & Logistics — 1.46%*** | ***Air Freight & Logistics — 1.46%*** |
| bpost SA (v) | 3000 |  | 15424 |
| International Distributions Services PLC (v) | 12000 |  | 30760 |
| Oesterreichische Post AG (v) | 400 |  | 12593 |
| PostNL NV (v) | 6526 |  | 11900 |
| Wincanton PLC (v) | 4300 |  | 17489 |
|  |  |  | 88166 |
| ***Building Products — 1.02%*** | ***Building Products — 1.02%*** | ***Building Products — 1.02%*** | ***Building Products — 1.02%*** |
| Deceuninck NV (v) | 5400 |  | 14170 |
| Inwido AB (v) | 2000 |  | 21281 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley International Small Cap Diversified Value Fund (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares<br>Held** | **Value** | **Value** |
| Norcros PLC (v) | 5300 | $| 11554 |
| Uponor Oyj (v) | 800 |  | 14227 |
|  |  |  | 61232 |
| ***Commercial Services & Supplies — 1.36%*** | ***Commercial Services & Supplies — 1.36%*** | ***Commercial Services & Supplies — 1.36%*** | ***Commercial Services & Supplies — 1.36%*** |
| Downer EDI Ltd. (v) | 9100 |  | 22869 |
| ISS A/S (a) (v) | 900 |  | 19050 |
| Loomis AB (v) | 400 |  | 10964 |
| Okamura Corp. (v) | 1700 |  | 18229 |
| SG Fleet Group Ltd. (v) | 8700 |  | 10782 |
|  |  |  | 81894 |
| ***Construction & Engineering — 3.73%*** | ***Construction & Engineering — 3.73%*** | ***Construction & Engineering — 3.73%*** | ***Construction & Engineering — 3.73%*** |
| Aecon Group, Inc. | 1500 |  | 10092 |
| Bird Construction, Inc. | 2530 |  | 15173 |
| CTI Engineering Company Ltd. (v) | 800 |  | 19440 |
| Dai-Dan Company Ltd. (v) | 1100 |  | 18278 |
| Fukuda Corp. (v) | 500 |  | 16887 |
| Hazama Ando Corp. (v) | 2800 |  | 17871 |
| HOCHTIEF AG (v) | 330 |  | 18535 |
| JDC Corp. (v) | 4000 |  | 17373 |
| Kumagai Gumi Company Ltd. (v) | 900 |  | 17927 |
| Kyudenko Corp. (v) | 500 |  | 12368 |
| NCC AB (v) | 1400 |  | 13082 |
| Strabag SE (v) | 300 |  | 12561 |
| Tobishima Corp. (v) | 2200 |  | 16819 |
| Yurtec Corp. (v) | 3300 |  | 18358 |
|  |  |  | 224764 |
| ***Electrical Equipment — 0.69%*** | ***Electrical Equipment — 0.69%*** | ***Electrical Equipment — 0.69%*** | ***Electrical Equipment — 0.69%*** |
| Innovatec SpA (a) (v) | 6300 |  | 11334 |
| Nitto Kogyo Corp. (v) | 1000 |  | 17867 |
| Phoenix Mecano AG (v) | 34 |  | 12132 |
|  |  |  | 41333 |
| ***Industrial Conglomerates — 0.52%*** | ***Industrial Conglomerates — 0.52%*** | ***Industrial Conglomerates — 0.52%*** | ***Industrial Conglomerates — 0.52%*** |
| Chargeurs SA (v) | 2100 |  | 31645 |
| ***Machinery — 7.93%*** | ***Machinery — 7.93%*** | ***Machinery — 7.93%*** | ***Machinery — 7.93%*** |
| Aalberts NV (v) | 500 |  | 19477 |
| ANDRITZ AG (v) | 360 |  | 20607 |
| Bucher Industries AG (v) | 50 |  | 20866 |
| Danieli & C Officine Meccaniche SpA (v) | 2000 |  | 30679 |
| Duerr AG (v) | 840 |  | 28142 |
| Frencken Group Ltd. (v) | 28500 |  | 20140 |
| Husqvarna AB (v) | 2800 |  | 19666 |
| Iveco Group NV (a) (v) | 5100 |  | 30345 |
| Konecranes Oyj (v) | 700 |  | 21580 |
| Morita Holdings Corp. (v) | 3100 |  | 27243 |
| Norma Group SE (v) | 1100 |  | 19875 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares<br>Held** | **Value** | **Value** |
| Picanol (v) | 170 | $| 14449 |
| Rieter Holding AG (v) | 320 |  | 36200 |
| Semperit AG Holding (v) | 600 |  | 12711 |
| SFS Group AG (v) | 180 |  | 17031 |
| Sulzer AG (v) | 410 |  | 31894 |
| Takeuchi Manufacturing Company Ltd. (v) | 1400 |  | 30739 |
| Takuma Company Ltd. (v) | 1900 |  | 17708 |
| Tocalo Company Ltd. (v) | 3400 |  | 29512 |
| Tsugami Corp. (v) | 3300 |  | 28917 |
|  |  |  | 477781 |
| ***Professional Services — 2.06%*** | ***Professional Services — 2.06%*** | ***Professional Services — 2.06%*** | ***Professional Services — 2.06%*** |
| Bertrandt AG (v) | 560 |  | 23878 |
| Groupe Crit (v) | 440 |  | 28746 |
| Hito Communications Holdings, Inc. (v) | 1500 |  | 17190 |
| McMillan Shakespeare Ltd. (v) | 1200 |  | 10963 |
| PeopleIN Ltd. (v) | 14200 |  | 30585 |
| SThree PLC | 2600 |  | 12667 |
|  |  |  | 124029 |
| ***Road & Rail — 0.64%*** | ***Road & Rail — 0.64%*** | ***Road & Rail — 0.64%*** | ***Road & Rail — 0.64%*** |
| Redde Northgate PLC (v) | 4500 |  | 22386 |
| Sixt SE (v) | 180 |  | 16479 |
|  |  |  | 38865 |
| ***Trading Companies & Distributors — 1.03%*** | ***Trading Companies & Distributors — 1.03%*** | ***Trading Companies & Distributors — 1.03%*** | ***Trading Companies & Distributors — 1.03%*** |
| Howden Joinery Group PLC (v) | 2900 |  | 19582 |
| Russel Metals, Inc. | 620 |  | 13178 |
| Wajax Corp. | 2000 |  | 29144 |
|  |  |  | 61904 |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS |  | 1259315 |
| ***INFORMATION TECHNOLOGY — 9.30%<br>Communications Equipment — 0.51%*** | ***INFORMATION TECHNOLOGY — 9.30%<br>Communications Equipment — 0.51%*** | ***INFORMATION TECHNOLOGY — 9.30%<br>Communications Equipment — 0.51%*** | ***INFORMATION TECHNOLOGY — 9.30%<br>Communications Equipment — 0.51%*** |
| Evertz Technologies Ltd. | 2000 |  | 18863 |
| EVS Broadcast Equipment SA (v) | 500 |  | 11933 |
|  |  |  | 30796 |
| ***Electronic Equipment, Instruments & Components — 3.43%*** | ***Electronic Equipment, Instruments & Components — 3.43%*** | ***Electronic Equipment, Instruments & Components — 3.43%*** | ***Electronic Equipment, Instruments & Components — 3.43%*** |
| Alps Alpine Company Ltd. (v) | 3600 |  | 32540 |
| Celestica, Inc. (a) | 1100 |  | 12397 |
| Daitron Company Ltd. (v) | 1900 |  | 32800 |
| Elematec Corp. (v) | 1800 |  | 21066 |
| Esprinet SpA (v) | 2600 |  | 18772 |
| Horiba Ltd. (v) | 700 |  | 30347 |
| Japan Aviation Electronics Industry Ltd. (v) | 1900 |  | 30309 |
| V Technology Company Ltd. (v) | 1500 |  | 28564 |
|  |  |  | 206795 |
| ***IT Services — 1.35%*** | ***IT Services — 1.35%*** | ***IT Services — 1.35%*** | ***IT Services — 1.35%*** |
| Global Dominion Access SA (r) (v) | 4600 |  | 17709 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley International Small Cap Diversified Value Fund (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares<br>Held** | **Value** | **Value** |
| KNOW IT AB (v) | 1400 | $| 27353 |
| Ordina NV (v) | 4400 |  | 18290 |
| Sopra Steria Group SACA (v) | 120 |  | 18168 |
|  |  |  | 81520 |
| ***Semiconductors & Semiconductor Equipment — 2.99%*** | ***Semiconductors & Semiconductor Equipment — 2.99%*** | ***Semiconductors & Semiconductor Equipment — 2.99%*** | ***Semiconductors & Semiconductor Equipment — 2.99%*** |
| AEM Holdings Ltd. (v) | 4800 |  | 12273 |
| Kulicke & Soffa Industries, Inc. | 700 |  | 30982 |
| SCREEN Holdings Company Ltd. (v) | 500 |  | 31884 |
| Siltronic AG (v) | 460 |  | 33461 |
| Tokyo Seimitsu Company Ltd. (v) | 900 |  | 29077 |
| u-blox Holding AG (v) | 240 |  | 28649 |
| UMS Holdings Ltd. (v) | 15625 |  | 13764 |
|  |  |  | 180090 |
| ***Software — 1.02%*** | ***Software — 1.02%*** | ***Software — 1.02%*** | ***Software — 1.02%*** |
| Infomedia Ltd. (v) | 20500 |  | 16721 |
| Silverlake Axis Ltd. (v) | 117500 |  | 31617 |
| System Research Company Ltd. (v) | 800 |  | 12868 |
|  |  |  | 61206 |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY |  | 560407 |
| ***MATERIALS — 10.91%<br>Chemicals — 5.58%*** | ***MATERIALS — 10.91%<br>Chemicals — 5.58%*** | ***MATERIALS — 10.91%<br>Chemicals — 5.58%*** | ***MATERIALS — 10.91%<br>Chemicals — 5.58%*** |
| ASAHI YUKIZAI Corp. (v) | 1700 |  | 35980 |
| C Uyemura & Company Ltd. (v) | 400 |  | 18447 |
| Dai Nippon Toryo Company Ltd. (v) | 5500 |  | 31357 |
| FUCHS PETROLUB SE (v) | 1200 |  | 35604 |
| Fuso Chemical Company Ltd. (v) | 1200 |  | 30775 |
| Hodogaya Chemical Company Ltd. (v) | 1400 |  | 29802 |
| Kanto Denka Kogyo Company Ltd. (v) | 4200 |  | 29307 |
| Nihon Parkerizing Company Ltd. (v) | 4100 |  | 29066 |
| Nippon Pillar Packing Company Ltd. (v) | 1000 |  | 20642 |
| Orion Engineered Carbons SA | 1100 |  | 19591 |
| Toagosei Company Ltd. (v) | 2000 |  | 16788 |
| Yushiro Chemical Industry Company Ltd. (v) | 1500 |  | 8939 |
| Zeon Corp. (v) | 3000 |  | 30188 |
|  |  |  | 336486 |
| ***Construction Materials — 2.24%*** | ***Construction Materials — 2.24%*** | ***Construction Materials — 2.24%*** | ***Construction Materials — 2.24%*** |
| Adbri Ltd. (v) | 12000 |  | 13493 |
| Buzzi Unicem SpA (v) | 1000 |  | 19270 |
| Cementir Holding NV (v) | 4800 |  | 31531 |
| CSR Ltd. (v) | 5600 |  | 17908 |
| Forterra PLC (r) | 10700 |  | 24138 |
| H+H International A/S (a) (v) | 1900 |  | 28461 |
|  |  |  | 134801 |

---

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Containers & Packaging — 0.66%*** | ***Containers & Packaging — 0.66%*** | ***Containers & Packaging — 0.66%*** |
| Fuji Seal International, Inc. (v) | 1400 | $17871 |
| Mayr Melnhof Karton AG (v) | 80 | 12924 |
| Takemoto Yohki Company Ltd. (v) | 1600 | 8975 |
|  |  | 39770 |
| ***Metals & Mining — 1.14%*** | ***Metals & Mining — 1.14%*** | ***Metals & Mining — 1.14%*** |
| Bekaert SA (v) | 400 | 15544 |
| Grange Resources Ltd. (v) | 21000 | 12045 |
| Macmahon Holdings Ltd. (v) | 123800 | 12200 |
| Rana Gruber ASA (v) | 2600 | 13518 |
| Regis Resources Ltd. (v) | 10800 | 15200 |
|  |  | 68507 |
| ***Paper & Forest Products — 1.29%*** | ***Paper & Forest Products — 1.29%*** | ***Paper & Forest Products — 1.29%*** |
| Arctic Paper SA (v) | 4000 | 17937 |
| Canfor Corp. (a) | 700 | 11017 |
| Miquel y Costas & Miquel SA | 1000 | 12524 |
| Rottneros AB | 11500 | 13467 |
| Stella-Jones, Inc. <br>(Acquired 05/11/2022, Cost $9,524) (m) | 360 | 12900 |
| Western Forest Products, Inc. | 11700 | 10024 |
|  |  | 77869 |
| TOTAL MATERIALS | TOTAL MATERIALS | 657433 |
| ***REAL ESTATE — 1.83%<br>Equity Real Estate Investment Trusts — 0.65%*** | ***REAL ESTATE — 1.83%<br>Equity Real Estate Investment Trusts — 0.65%*** | ***REAL ESTATE — 1.83%<br>Equity Real Estate Investment Trusts — 0.65%*** |
| SmartCentres Real Estate Investment Trust | 1400 | 27690 |
| Target Healthcare REIT PLC | 12000 | 11635 |
|  |  | 39325 |
| ***Real Estate Management & Development — 1.18%*** | ***Real Estate Management & Development — 1.18%*** | ***Real Estate Management & Development — 1.18%*** |
| Airport City Ltd. (a) (v) | 1600 | 25622 |
| Great Eagle Holdings Ltd. (v) | 13000 | 28538 |
| Nisshin Group Holdings Company Ltd. (v) | 5200 | 16936 |
|  |  | 71096 |
| TOTAL REAL ESTATE | TOTAL REAL ESTATE | 110421 |
| ***UTILITIES — 2.07%<br>Electric Utilities — 0.41%*** | ***UTILITIES — 2.07%<br>Electric Utilities — 0.41%*** | ***UTILITIES — 2.07%<br>Electric Utilities — 0.41%*** |
| Elmera Group ASA (r) (v) | 7300 | 11941 |
| EVN AG (v) | 700 | 12658 |
|  |  | 24599 |
| ***Gas Utilities — 0.83%*** | ***Gas Utilities — 0.83%*** | ***Gas Utilities — 0.83%*** |
| Hiroshima Gas Company Ltd. (v) | 7200 | 18825 |
| Italgas SpA (v) | 5600 | 31093 |
|  |  | 49918 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley International Small Cap Diversified Value Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Multi-Utilities — 0.83%*** | ***Multi-Utilities — 0.83%*** | ***Multi-Utilities — 0.83%*** |
| ACEA SpA (v) | 1400 | $19349 |
| Centrica PLC (v) | 26470 | 30786 |
|  |  | 50135 |
| TOTAL UTILITIES | TOTAL UTILITIES | 124652 |
| Total common stocks <br>(Cost $5,704,110) |  | 5991689 |
| Total long-term investments <br>(Cost $5,704,110) |  | 5991689 |
| **SHORT-TERM <br>INVESTMENTS — 0.74%** | **Principal<br>Amount** |  |
| ***Time Deposits — 0.74%*** | ***Time Deposits — 0.74%*** | ***Time Deposits — 0.74%*** |
| Citigroup, Inc., 1.10%, 01/02/2023\* | 9 | 9 |
| Royal Bank of Canada, 3.69%, 01/03/2023\* | $44578 | 44578 |
| Total short-term investments <br>(Cost $44,586) | Total short-term investments <br>(Cost $44,586) | 44587 |
| Total investments — 100.19% <br>(Cost $5,748,696) | Total investments — 100.19% <br>(Cost $5,748,696) | 6036276 |
| Liabilities in excess of other assets — (0.19)% |  | (11218) |
| Net assets — 100.00% | Net assets — 100.00% | $6025058 |

---

*(a) — Non-income producing security.*

*(m) — Restricted security. Purchased in a private placement transaction; resale to the public may require registration. The total market value of these securities was $51,893, which represented 0.86% of net assets.*

*(r) — Rule 144A security under the Securities Act of 1933. Purchased in a private placement transaction; resale to the public may require registration or be limited to qualified institutional buyers. The total market value of these securities was $215,539, which represented 3.58% of net assets.*

*(v) — Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $4,827,658, which represented 80.13% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.*

*EUR — Euro*

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

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Value Opportunities Fund (Unaudited)**

![](j2324902_ce036.jpg)

---

| | |
|:---|:---|
| **Largest Holdings\*** | **Percent of <br>net assets** |
| General Electric Company | 9.85% |
| F5, Inc. | 8.24% |
| Microsoft Corp. | 7.76% |
| Wells Fargo & Company | 4.05% |
| Stagwell, Inc. | 3.49% |
| Telefonaktiebolaget LM Ericsson | 3.27% |
| Rothschild & Company | 3.06% |
| Shell PLC | 2.81% |
| Kosmos Energy Ltd. | 2.73% |
| Hess Corp. | 2.73% |

---

\* Excluding short-term securities

---

| | | |
|:---|:---|:---|
| **COMMON<br>STOCKS — 95.58%** | **Shares<br>Held** | **Value** |
| ***COMMUNICATION SERVICES — 7.70%<br>Entertainment — 0.66%*** | ***COMMUNICATION SERVICES — 7.70%<br>Entertainment — 0.66%*** | ***COMMUNICATION SERVICES — 7.70%<br>Entertainment — 0.66%*** |
| Warner Bros. Discovery, Inc. (a) | 328500 | $3114180 |
| ***Interactive Media & Services — 1.75%*** | ***Interactive Media & Services — 1.75%*** | ***Interactive Media & Services — 1.75%*** |
| Alphabet, Inc. (a) | 94300 | 8320089 |
| ***Media — 5.29%*** | ***Media — 5.29%*** | ***Media — 5.29%*** |
| Comcast Corp. | 146800 | 5133596 |
| News Corp. | 65000 | 1183000 |
| Paramount Global (l) | 132500 | 2236600 |
| Stagwell, Inc. (a) | 2667610 | 16565858 |
|  |  | 25119054 |
| TOTAL COMMUNICATION SERVICES | TOTAL COMMUNICATION SERVICES | 36553323 |
| ***CONSUMER DISCRETIONARY — 4.21%<br>Automobiles — 2.15%*** | ***CONSUMER DISCRETIONARY — 4.21%<br>Automobiles — 2.15%*** | ***CONSUMER DISCRETIONARY — 4.21%<br>Automobiles — 2.15%*** |
| General Motors Company | 303500 | 10209740 |
| ***Hotels, Restaurants & Leisure — 1.71%*** | ***Hotels, Restaurants & Leisure — 1.71%*** | ***Hotels, Restaurants & Leisure — 1.71%*** |
| Accor SA (a) (v) | 324300 | 8090471 |
| ***Internet & Catalog Retail — 0.35%*** | ***Internet & Catalog Retail — 0.35%*** | ***Internet & Catalog Retail — 0.35%*** |
| Redbubble Ltd. (a) (v) | 4782949 | 1680423 |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY | 19980634 |
| ***ENERGY — 16.22%<br>Energy Equipment & Services — 0.69%*** | ***ENERGY — 16.22%<br>Energy Equipment & Services — 0.69%*** | ***ENERGY — 16.22%<br>Energy Equipment & Services — 0.69%*** |
| Expro Group Holdings NV (a) | 165700 | 3004141 |
| McDermott International Ltd. (a) | 832402 | 266369 |
|  |  | 3270510 |
| ***Oil, Gas & Consumable Fuels — 15.53%*** | ***Oil, Gas & Consumable Fuels — 15.53%*** | ***Oil, Gas & Consumable Fuels — 15.53%*** |
| APA Corp. | 117400 | 5480232 |
| Berry Corp. | 1082800 | 8662400 |
| Hess Corp. | 91300 | 12948166 |
| Kosmos Energy Ltd. (a) | 2036500 | 12952140 |
| Murphy Oil Corp. | 258800 | 11130988 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares<br>Held** | **Value** | **Value** |
| Range Resources Corp. | 370400 | $| 9267408 |
| Shell PLC — ADR | 233900 |  | 13320605 |
|  |  |  | 73761939 |
| TOTAL ENERGY | TOTAL ENERGY |  | 77032449 |
| ***FINANCIALS — 16.70%<br>Banks — 7.04%*** | ***FINANCIALS — 16.70%<br>Banks — 7.04%*** | ***FINANCIALS — 16.70%<br>Banks — 7.04%*** | ***FINANCIALS — 16.70%<br>Banks — 7.04%*** |
| Citigroup, Inc. | 106900 |  | 4835087 |
| Popular, Inc. | 140700 |  | 9331224 |
| Wells Fargo & Company | 466200 |  | 19249398 |
|  |  |  | 33415709 |
| ***Capital Markets — 6.71%*** | ***Capital Markets — 6.71%*** | ***Capital Markets — 6.71%*** | ***Capital Markets — 6.71%*** |
| The Goldman Sachs Group, Inc. | 15700 |  | 5391066 |
| Rothschild & Company (v) | 363500 |  | 14520016 |
| State Street Corp. | 153800 |  | 11930266 |
|  |  |  | 31841348 |
| ***Consumer Finance — 2.45%*** | ***Consumer Finance — 2.45%*** | ***Consumer Finance — 2.45%*** | ***Consumer Finance — 2.45%*** |
| SLM Corp. | 700500 |  | 11628300 |
| ***Insurance — 0.50%*** | ***Insurance — 0.50%*** | ***Insurance — 0.50%*** | ***Insurance — 0.50%*** |
| Global Indemnity Group LLC | 102500 |  | 2389275 |
| TOTAL FINANCIALS | TOTAL FINANCIALS |  | 79274632 |
| ***HEALTH CARE — 2.02%<br>Health Care Equipment & Supplies — 2.02%*** | ***HEALTH CARE — 2.02%<br>Health Care Equipment & Supplies — 2.02%*** | ***HEALTH CARE — 2.02%<br>Health Care Equipment & Supplies — 2.02%*** | ***HEALTH CARE — 2.02%<br>Health Care Equipment & Supplies — 2.02%*** |
| Medtronic PLC | 123300 |  | 9582876 |
| TOTAL HEALTH CARE | TOTAL HEALTH CARE |  | 9582876 |
| ***INDUSTRIALS — 16.33%<br>Aerospace & Defense — 0.47%*** | ***INDUSTRIALS — 16.33%<br>Aerospace & Defense — 0.47%*** | ***INDUSTRIALS — 16.33%<br>Aerospace & Defense — 0.47%*** | ***INDUSTRIALS — 16.33%<br>Aerospace & Defense — 0.47%*** |
| Babcock International Group PLC (a) (v) | 649900 |  | 2222657 |
| ***Air Freight & Logistics — 1.77%*** | ***Air Freight & Logistics — 1.77%*** | ***Air Freight & Logistics — 1.77%*** | ***Air Freight & Logistics — 1.77%*** |
| International Distributions Services PLC (v) | 3271400 |  | 8385674 |
| ***Construction & Engineering — 1.56%*** | ***Construction & Engineering — 1.56%*** | ***Construction & Engineering — 1.56%*** | ***Construction & Engineering — 1.56%*** |
| Fluor Corp. (a) | 213900 |  | 7413774 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Value Opportunities Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Industrial Conglomerates — 9.85%*** | ***Industrial Conglomerates — 9.85%*** | ***Industrial Conglomerates — 9.85%*** |
| General Electric Company | 558500 | $46796715 |
| ***Road & Rail — 2.68%*** | ***Road & Rail — 2.68%*** | ***Road & Rail — 2.68%*** |
| U-Haul Holding Company | 231100 | 12705878 |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS | 77524698 |
| ***INFORMATION TECHNOLOGY — 27.52%<br>Communications Equipment — 11.51%*** | ***INFORMATION TECHNOLOGY — 27.52%<br>Communications Equipment — 11.51%*** | ***INFORMATION TECHNOLOGY — 27.52%<br>Communications Equipment — 11.51%*** |
| F5, Inc. (a) | 272700 | 39135177 |
| Telefonaktiebolaget LM Ericsson — ADR | 2658500 | 15525640 |
|  |  | 54660817 |
| ***Electronic Equipment, Instruments & Components — 2.01%*** | ***Electronic Equipment, Instruments & Components — 2.01%*** | ***Electronic Equipment, Instruments & Components — 2.01%*** |
| Arrow Electronics, Inc. (a) | 91100 | 9526327 |
| ***IT Services — 0.56%*** | ***IT Services — 0.56%*** | ***IT Services — 0.56%*** |
| Euronet Worldwide, Inc. (a) | 28100 | 2652078 |
| ***Semiconductors & Semiconductor Equipment — 0.32%*** | ***Semiconductors & Semiconductor Equipment — 0.32%*** | ***Semiconductors & Semiconductor Equipment — 0.32%*** |
| Micron Technology, Inc. | 30700 | 1534386 |
| ***Software — 13.12%*** | ***Software — 13.12%*** | ***Software — 13.12%*** |
| Microsoft Corp. | 153700 | 36860334 |
| Oracle Corp. | 154000 | 12587960 |
| Workday, Inc. (a) | 76900 | 12867677 |
|  |  | 62315971 |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY | 130689579 |
| ***MATERIALS — 3.27%<br>Chemicals — 3.14%*** | ***MATERIALS — 3.27%<br>Chemicals — 3.14%*** | ***MATERIALS — 3.27%<br>Chemicals — 3.14%*** |
| Iracore Investments Holdings, Inc. — Class A <br>(Acquired 04/13/2017, <br>Cost $6,892,250) (a) (f) (i) (m) (o) (u) | 32422 | 10005753 |
| Olin Corp. | 61400 | 3250516 |
| UTEX Industries, Inc. <br>(Acquired 05/11/2021, <br>Cost $757,278) (a) (i) (m) | 24058 | 1647973 |
|  |  | 14904242 |
| ***Metals & Mining — 0.13%*** | ***Metals & Mining — 0.13%*** | ***Metals & Mining — 0.13%*** |
| Metals Recovery Holdings LLC <br>(Acquired 07/24/2014 — 12/10/2019, <br>Cost $7,177,869) (a) (f) (i) (m) (u) | 7042 | 603525 |
| TOTAL MATERIALS | TOTAL MATERIALS | 15507767 |
| ***REAL ESTATE — 1.61%<br>Real Estate Management & Development — 1.61%*** | ***REAL ESTATE — 1.61%<br>Real Estate Management & Development — 1.61%*** | ***REAL ESTATE — 1.61%<br>Real Estate Management & Development — 1.61%*** |
| Seritage Growth Properties (a) (l) | 648000 | 7665840 |
| TOTAL REAL ESTATE | TOTAL REAL ESTATE | 7665840 |
| Total common stocks <br>(Cost $451,646,432) |  | 453811798 |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED<br>STOCKS — 0.09%** | **Shares<br>Held** | **Value** |
| ***FINANCIALS — 0.09%<br>Thrifts & Mortgage Finance — 0.09%*** | ***FINANCIALS — 0.09%<br>Thrifts & Mortgage Finance — 0.09%*** | ***FINANCIALS — 0.09%<br>Thrifts & Mortgage Finance — 0.09%*** |
| Federal Home Loan Mortgage Corp. — <br>Series K (a) | 33300 | $86913 |
| Federal Home Loan Mortgage Corp. — <br>Series N (a) (i) | 116400 | 291000 |
| Federal Home Loan Mortgage Corp. — <br>Series S (a) | 18400 | 48760 |
| TOTAL FINANCIALS | TOTAL FINANCIALS | 426673 |
| Total preferred stocks <br>(Cost $268,508) |  | 426673 |
| **TERM LOANS — 0.77%** | **Principal<br>Amount** |  |
| ***ENERGY — 0.21%<br>Energy Equipment & Services — 0.21%*** | ***ENERGY — 0.21%<br>Energy Equipment & Services — 0.21%*** | ***ENERGY — 0.21%<br>Energy Equipment & Services — 0.21%*** |
| Lealand Finance Company BV<br>7.384% (1 Month LIBOR USD + 3.000%), <br>06/28/2024 (Acquired 06/30/2020, <br>Cost $442,883) (b) (m) | $442883 | 287874 |
| 5.384% Cash and 3.000% PIK <br>(1 Month LIBOR USD + 4.000%), <br>06/30/2025 (Acquired 06/30/2020 — <br>12/30/2022, Cost $1,479,028) (b) (m) (p) | 1394351 | 748466 |
| TOTAL ENERGY | TOTAL ENERGY | 1036340 |
| ***MATERIALS — 0.56%<br>Chemicals — 0.56%*** | ***MATERIALS — 0.56%<br>Chemicals — 0.56%*** | ***MATERIALS — 0.56%<br>Chemicals — 0.56%*** |
| Iracore International Holdings, Inc.<br>13.750% (1 Month LIBOR USD + 9.000%), <br>04/12/2024 (Acquired 04/13/2017, <br>Cost $2,649,013) (b) (f) (i) (m) (u) | 2649013 | 2649013 |
| TOTAL MATERIALS | TOTAL MATERIALS | 2649013 |
| Total term loans <br>(Cost $4,570,924) |  | 3685353 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED <br>PUT OPTIONS — <br>1.27%** | **Contracts<br>(100 shares<br>per contract)** | **Notional<br>Amount** | |
| ***CONSUMER DISCRETIONARY — 1.27%<br>Automobiles — 1.27%*** | ***CONSUMER DISCRETIONARY — 1.27%<br>Automobiles — 1.27%*** | ***CONSUMER DISCRETIONARY — 1.27%<br>Automobiles — 1.27%*** | ***CONSUMER DISCRETIONARY — 1.27%<br>Automobiles — 1.27%*** |
| Tesla, Inc. (a) <br>Expiration: June 2024, <br>Exercise Price: $333.33 | 285 | $3510630 | 6017490 |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY | 6017490 |
| Total purchased put options <br>(Cost $4,183,448) |  |  | 6017490 |
| Total long-term investments <br>(Cost $460,669,312) |  |  | 463941314 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley Value Opportunities Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COLLATERAL FOR SECURITIES <br>ON LOAN** **—** **1.27%** | **Shares<br>Held** | **Value** |
| ***Money Market Funds — 1.27%*** | ***Money Market Funds — 1.27%*** | ***Money Market Funds — 1.27%*** |
| Invesco Short-Term Investments Trust <br>Government & Agency Portfolio — <br>Institutional Class, 4.22%^ | 6041885 | $6041885 |
| Total collateral for securities on loan <br>(Cost $6,041,885) | Total collateral for securities on loan <br>(Cost $6,041,885) | 6041885 |
| **SHORT-TERM <br>INVESTMENTS — 2.64%** | **Principal<br>Amount** |  |
| ***Time Deposits — 2.64%*** | ***Time Deposits — 2.64%*** | ***Time Deposits — 2.64%*** |
| Australia and New Zealand Banking <br>Group Ltd., 2.30%, 01/03/2023\* | 1 | 1 |
| Banco Bilbao Vizcaya Argentaria SA, <br>3.69%, 01/03/2023\* | $12538334 | 12538334 |
| Citigroup, Inc., 1.10%, 01/02/2023\* | 3 | 4 |
| Total short-term investments <br>(Cost $12,538,339) | Total short-term investments <br>(Cost $12,538,339) | 12538339 |
| Total investments — 101.62% <br>(Cost $479,249,536) |  | 482521538 |
| Liabilities in excess of other assets — (1.62)% |  | (7706956) |
| Net assets — 100.00% | Net assets — 100.00% | $474814582 |

---

*(a) — Non-income producing security.*

*(b) — The coupon rate shown on variable rate securities represents the rate at December 31, 2022.*

*(f) — Security was fair valued by the Advisor pursuant to the Board's designation of the Advisor as valuation designee with respect to the Fund's portfolio investments. The total market value of these securities was $13,258,291, which represented 2.79% of net assets. See Security Valuation in Note 1 of Notes to the Financial Statements.*

*(i) — Illiquid security. The total market value of these securities was $15,197,264, which represented 3.20% of net assets.*

*(l) — All or a portion of this security is on loan. The total market value of securities on loan was $5,875,433. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.*

*(m) — Restricted security. Purchased in a private placement transaction; resale to the public may require registration. The total market value of these securities was $15,942,604, which represented 3.36% of net assets.*

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

*(p) — Payment in-kind (PIK) security.*

*(u) — Value determined using significant unobservable inputs.*

*(v) — Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $34,899,241, which represented 7.35% of net assets. See Security Valuation in Note 1 of Notes to the Financial Statements.*

*ADR — American Depositary Receipt*

*EUR — Euro*

*GBP — British Pound*

*LIBOR — London Interbank Offered Rate*

*USD — United States Dollar*

*^ — Rate shown is the 7-day yield as of December 31, 2022.*

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

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley High Yield Fund (Unaudited)**

![](j2324902_ce037.jpg)

---

| | |
|:---|:---|
| **Largest Issuers\*** | **Percent of <br>net assets** |
| Boardriders, Inc. | 1.76% |
| CCO Holdings LLC / CCO Holdings <br>Capital Corp. | 1.66% |
| Carnival Corp. | 1.59% |
| Metals Recovery Holdings LLC | 1.32% |
| General Electric Company | 1.24% |
| RA Parent, Inc. | 1.22% |
| Iracore Holdings Corp. (includes <br>Iracore International Holdings, Inc. <br>and Iracore Investments <br>Holdings, Inc.) | 1.16% |
| Mativ Holdings, Inc. | 1.12% |
| Tenet Healthcare Corp. | 0.98% |
| Virgin Media Secured Finance PLC | 0.96% |

---

\* Excluding investment companies and short-term securities

---

| | | |
|:---|:---|:---|
| **CORPORATE <br>BONDS — 79.94%** | **Principal<br>Amount** | **Value** |
| ***Advertising — 0.41%*** | ***Advertising — 0.41%*** | ***Advertising — 0.41%*** |
| Stagwell Global LLC<br>5.625%, 08/15/2029 (r) | $3755000 | $3103339 |
| ***Aerospace/Defense — 1.83%*** | ***Aerospace/Defense — 1.83%*** | ***Aerospace/Defense — 1.83%*** |
| F-Brasile SpA / F-Brasile US LLC<br>7.375%, 08/15/2026 (r) | 4657000 | 3814456 |
| Spirit AeroSystems, Inc.<br>7.500%, 04/15/2025 (r) | 3598000 | 3563135 |
| 9.375%, 11/30/2029 (r) | 2185000 | 2302881 |
| TransDigm, Inc.<br>6.250%, 03/15/2026 (r) | 4090000 | 4042515 |
|  |  | 13722987 |
| ***Auto Parts & Equipment — 1.75%*** | ***Auto Parts & Equipment — 1.75%*** | ***Auto Parts & Equipment — 1.75%*** |
| Adient Global Holdings Ltd.<br>4.875%, 08/15/2026 (r) | 5367000 | 5004406 |
| American Axle & Manufacturing, Inc.<br>6.875%, 07/01/2028 | 4842000 | 4324753 |
| The Goodyear Tire & Rubber Company<br>5.250%, 04/30/2031 | 4590000 | 3817022 |
|  |  | 13146181 |
| ***Automakers — 0.49%*** | ***Automakers — 0.49%*** | ***Automakers — 0.49%*** |
| Ford Motor Company<br>5.291%, 12/08/2046 | 4796000 | 3665869 |
| ***Banking — 0.71%*** | ***Banking — 0.71%*** | ***Banking — 0.71%*** |
| BNP Paribas SA<br>6.625% (Fixed until 03/24/2024, then <br>5 Year Swap Rate USD + 4.149%), <br>Perpetual (b) (r) | 3491000 | 3385348 |
| Credit Suisse Group AG<br>7.500% (Fixed until 12/10/2023, then <br>5 Year Swap Rate USD + 4.598%), <br>Perpetual (b) (r) | 905000 | 792780 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| ING Groep NV<br>6.500% (Fixed until 04/15/2025, then <br>5 Year Swap Rate USD + 4.446%), <br>Perpetual (b) | $| 1265000 | $ | 1198952 |
|  |  |  |  | 5377080 |
| ***Building & Construction — 2.69%*** | ***Building & Construction — 2.69%*** | ***Building & Construction — 2.69%*** | ***Building & Construction — 2.69%*** | ***Building & Construction — 2.69%*** |
| Ashton Woods USA LLC / Ashton <br>Woods Finance Company<br>4.625%, 08/01/2029 (r) |  | 5969000 |  | 4788933 |
| Brookfield Residential Properties, Inc. / <br>Brookfield Residential US LLC<br>4.875%, 02/15/2030 (r) |  | 4682000 |  | 3658058 |
| Installed Building Products, Inc.<br>5.750%, 02/01/2028 (r) |  | 4671000 |  | 4207290 |
| Tri Pointe Homes, Inc.<br>5.250%, 06/01/2027 |  | 3866000 |  | 3457499 |
| Weekley Homes LLC / <br>Weekley Finance Corp.<br>4.875%, 09/15/2028 (r) |  | 4853000 |  | 4086423 |
|  |  |  |  | 20198203 |
| ***Building Materials — 2.96%*** | ***Building Materials — 2.96%*** | ***Building Materials — 2.96%*** | ***Building Materials — 2.96%*** | ***Building Materials — 2.96%*** |
| Arcosa, Inc.<br>4.375%, 04/15/2029 (r) |  | 4847000 |  | 4209404 |
| BlueLinx Holdings, Inc.<br>6.000%, 11/15/2029 (r) |  | 4451000 |  | 3700116 |
| Foundation Building Materials, Inc.<br>6.000%, 03/01/2029 (r) |  | 3563000 |  | 2683736 |
| PGT Innovations, Inc.<br>4.375%, 10/01/2029 (r) |  | 4741000 |  | 3975412 |
| Standard Industries, Inc.<br>4.375%, 07/15/2030 (r) |  | 6010000 |  | 4910228 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley High Yield Fund (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| WESCO Distribution, Inc.<br>7.250%, 06/15/2028 (r) | $| 2740000 | $ | 2781700 |
|  |  |  |  | 22260596 |
| ***Cable & Satellite TV — 5.85%*** | ***Cable & Satellite TV — 5.85%*** | ***Cable & Satellite TV — 5.85%*** | ***Cable & Satellite TV — 5.85%*** | ***Cable & Satellite TV — 5.85%*** |
| Block Communications, Inc.<br>4.875%, 03/01/2028 (r) |  | 4766000 |  | 4165865 |
| CCO Holdings LLC / CCO Holdings Capital Corp.<br>5.375%, 06/01/2029 (r) |  | 5837000 |  | 5291386 |
| 4.750%, 02/01/2032 (r) |  | 8820000 |  | 7168411 |
| CSC Holdings LLC<br>5.750%, 01/15/2030 (r) |  | 10602000 |  | 6002800 |
| DISH DBS Corp.<br>5.750%, 12/01/2028 (r) |  | 4129000 |  | 3303200 |
| DISH Network Corp.<br>11.750%, 11/15/2027 (r) |  | 1967000 |  | 2028272 |
| Telenet Finance Luxembourg<br>5.500%, 03/01/2028 (r) |  | 4800000 |  | 4368000 |
| Virgin Media Secured Finance PLC<br>5.500%, 05/15/2029 (r) |  | 8063000 |  | 7241098 |
| Ziggo BV<br>4.875%, 01/15/2030 (r) |  | 5214000 |  | 4371574 |
|  |  |  |  | 43940606 |
| ***Chemicals — 4.39%*** | ***Chemicals — 4.39%*** | ***Chemicals — 4.39%*** | ***Chemicals — 4.39%*** | ***Chemicals — 4.39%*** |
| Axalta Coating Systems LLC / Axalta <br>Coating Systems Dutch Holding B BV<br>4.750%, 06/15/2027 (r) |  | 4317000 |  | 3997326 |
| Diamond BC BV<br>4.625%, 10/01/2029 (r) |  | 4790000 |  | 3850202 |
| Illuminate Buyer LLC / Illuminate <br>Holdings IV, Inc.<br>9.000%, 07/01/2028 (r) |  | 2991000 |  | 2509005 |
| LSF11 A5 HoldCo LLC<br>6.625%, 10/15/2029 (r) |  | 5318000 |  | 4400173 |
| SCIH Salt Holdings, Inc.<br>4.875%, 05/01/2028 (r) |  | 3764000 |  | 3236832 |
| SCIL IV LLC / SCIL USA Holdings LLC<br>5.375%, 11/01/2026 (r) |  | 4977000 |  | 4224229 |
| Trinseo Materials Operating SCA / <br>Trinseo Materials Finance, Inc.<br>5.125%, 04/01/2029 (r) |  | 6016000 |  | 3904504 |
| Univar Solutions USA, Inc.<br>5.125%, 12/01/2027 (r) |  | 1991000 |  | 1891589 |
| WR Grace Holdings LLC<br>5.625%, 08/15/2029 (r) |  | 6150000 |  | 4980085 |
|  |  |  |  | 32993945 |
| ***Consumer — Products — 0.48%*** | ***Consumer — Products — 0.48%*** | ***Consumer — Products — 0.48%*** | ***Consumer — Products — 0.48%*** | ***Consumer — Products — 0.48%*** |
| Winnebago Industries, Inc.<br>6.250%, 07/15/2028 (r) |  | 3877000 |  | 3630186 |
| ***Consumer/Commercial/Lease Financing — 0.33%*** | ***Consumer/Commercial/Lease Financing — 0.33%*** | ***Consumer/Commercial/Lease Financing — 0.33%*** | ***Consumer/Commercial/Lease Financing — 0.33%*** | ***Consumer/Commercial/Lease Financing — 0.33%*** |
| Rent-A-Center, Inc.<br>6.375%, 02/15/2029 (r) |  | 3031000 |  | 2455863 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
| ***Diversified Capital Goods — 3.08%*** | ***Diversified Capital Goods — 3.08%*** | ***Diversified Capital Goods — 3.08%*** |
| General Electric Company<br>8.099% (3 Month LIBOR USD + 3.330%), <br>Perpetual (b) | $9471000 | $9340229 |
| JB Poindexter & Company, Inc.<br>7.125%, 04/15/2026 (r) | 1200000 | 1159896 |
| Patrick Industries, Inc.<br>4.750%, 05/01/2029 (r) | 5586000 | 4643642 |
| Railworks Holdings LP / Railworks Rally, Inc.<br>8.250%, 11/15/2028 (r) | 3227000 | 2989170 |
| TK Elevator US Newco, Inc.<br>5.250%, 07/15/2027 (r) | 5615000 | 4995104 |
|  |  | 23128041 |
| ***Electric — Generation — 0.48%*** | ***Electric — Generation — 0.48%*** | ***Electric — Generation — 0.48%*** |
| Calpine Corp.<br>3.750%, 03/01/2031 (r) | 4433000 | 3575019 |
| ***Electric — Integrated — 0.61%*** | ***Electric — Integrated — 0.61%*** | ***Electric — Integrated — 0.61%*** |
| PG&E Corp.<br>5.250%, 07/01/2030 | 5065000 | 4616925 |
| ***Electronics — 0.52%*** | ***Electronics — 0.52%*** | ***Electronics — 0.52%*** |
| Coherent Corp.<br>5.000%, 12/15/2029 (r) | 4525000 | 3908378 |
| ***Energy — Exploration & Production — 4.23%*** | ***Energy — Exploration & Production — 4.23%*** | ***Energy — Exploration & Production — 4.23%*** |
| California Resources Corp.<br>7.125%, 02/01/2026 (r) | 3349000 | 3222475 |
| Callon Petroleum Company<br>6.375%, 07/01/2026 | 3721000 | 3474022 |
| Chesapeake Energy Corp.<br>6.750%, 04/15/2029 (r) | 2437000 | 2375953 |
| Civitas Resources, Inc.<br>5.000%, 10/15/2026 (r) | 2777000 | 2542359 |
| Crescent Energy Finance LLC<br>7.250%, 05/01/2026 (r) | 3111000 | 2935586 |
| Earthstone Energy Holdings LLC<br>8.000%, 04/15/2027 (r) | 3772000 | 3613199 |
| Hilcorp Energy I LP / Hilcorp Finance Company<br>6.000%, 02/01/2031 (r) | 4413000 | 3823020 |
| Kosmos Energy Ltd.<br>7.500%, 03/01/2028 (r) | 2320000 | 1865700 |
| Murphy Oil Corp.<br>6.375%, 07/15/2028 | 4081000 | 3934001 |
| Penn Virginia Holdings LLC<br>9.250%, 08/15/2026 (r) | 1900000 | 1894016 |
| Southwestern Energy Company<br>4.750%, 02/01/2032 | 2480000 | 2124157 |
|  |  | 31804488 |
| ***Food — Wholesale — 1.25%*** | ***Food — Wholesale — 1.25%*** | ***Food — Wholesale — 1.25%*** |
| Central Garden & Pet Company<br>4.125%, 04/30/2031 (r) | 4595000 | 3809714 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley High Yield Fund (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| HLF Financing Sarl LLC / <br>Herbalife International, Inc.<br>4.875%, 06/01/2029 (r) | $| 2280000 | $| 1573360 |
| Post Holdings, Inc.<br>4.500%, 09/15/2031 (r) |  | 4737000 |  | 3990949 |
|  |  |  |  | 9374023 |
| ***Forestry/Paper — 2.25%*** | ***Forestry/Paper — 2.25%*** | ***Forestry/Paper — 2.25%*** | ***Forestry/Paper — 2.25%*** | ***Forestry/Paper — 2.25%*** |
| Ahlstrom-Munksjo Holding 3 Oy<br>4.875%, 02/04/2028 (r) |  | 6004000 |  | 4886903 |
| Mativ Holdings, Inc.<br>6.875%, 10/01/2026 (r) |  | 5894000 |  | 5215424 |
| Mercer International, Inc.<br>5.125%, 02/01/2029 |  | 5591000 |  | 4682351 |
| Rayonier AM Products, Inc.<br>7.625%, 01/15/2026 (r) |  | 2182000 |  | 2106764 |
|  |  |  |  | 16891442 |
| ***Gaming — 4.25%*** | ***Gaming — 4.25%*** | ***Gaming — 4.25%*** | ***Gaming — 4.25%*** | ***Gaming — 4.25%*** |
| Boyd Gaming Corp.<br>4.750%, 06/15/2031 (r) |  | 3791000 |  | 3302644 |
| Everi Holdings, Inc.<br>5.000%, 07/15/2029 (r) |  | 5129000 |  | 4412307 |
| International Game Technology PLC<br>6.250%, 01/15/2027 (r) |  | 1947000 |  | 1935571 |
| Jacobs Entertainment, Inc.<br>6.750%, 02/15/2029 (r) |  | 4640000 |  | 4194240 |
| MGM Resorts International<br>5.500%, 04/15/2027 |  | 4703000 |  | 4381640 |
| Penn National Gaming, Inc.<br>5.625%, 01/15/2027 (r) |  | 5350000 |  | 4859512 |
| Scientific Games Holdings LP / <br>Scientific Games US FinCo, Inc.<br>6.625%, 03/01/2030 (r) |  | 5120000 |  | 4331520 |
| Wynn Macau Ltd.<br>5.500%, 10/01/2027 (r) |  | 5146000 |  | 4506198 |
|  |  |  |  | 31923632 |
| ***Gas Distribution — 4.59%*** | ***Gas Distribution — 4.59%*** | ***Gas Distribution — 4.59%*** | ***Gas Distribution — 4.59%*** | ***Gas Distribution — 4.59%*** |
| Antero Midstream Partners LP / <br>Antero Midstream Finance Corp.<br>5.750%, 03/01/2027 (r) |  | 3939000 |  | 3730537 |
| Crestwood Midstream Partners LP / <br>Crestwood Midstream Finance Corp.<br>8.000%, 04/01/2029 (r) |  | 4726000 |  | 4709697 |
| DT Midstream, Inc.<br>4.375%, 06/15/2031 (r) |  | 3604000 |  | 3028261 |
| EQM Midstream Partners LP<br>7.500%, 06/01/2027 (r) |  | 6017000 |  | 5900180 |
| Harvest Midstream I LP<br>7.500%, 09/01/2028 (r) |  | 4470000 |  | 4277209 |
| Holly Energy Partners LP / <br>Holly Energy Finance Corp.<br>5.000%, 02/01/2028 (r) |  | 3831000 |  | 3494739 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| Kinetik Holdings LP<br>5.875%, 06/15/2030 (r) | $| 4177000 | $| 3922758 |
| Targa Resources Partners LP / <br>Targa Resources Partners Finance Corp.<br>5.500%, 03/01/2030 |  | 3901000 |  | 3676322 |
| Venture Global Calcasieu Pass LLC<br>4.125%, 08/15/2031 (r) |  | 2077000 |  | 1773239 |
|  |  |  |  | 34512942 |
| ***Health Facilities — 2.14%*** | ***Health Facilities — 2.14%*** | ***Health Facilities — 2.14%*** | ***Health Facilities — 2.14%*** | ***Health Facilities — 2.14%*** |
| CHS / Community Health Systems, Inc.<br>6.875%, 04/15/2029 (r) |  | 1880000 |  | 969766 |
| 5.250%, 05/15/2030 (r) |  | 5055000 |  | 3820681 |
| Encompass Health Corp.<br>4.750%, 02/01/2030 |  | 4428000 |  | 3895520 |
| Tenet Healthcare Corp.<br>6.250%, 02/01/2027 (r) |  | 4560000 |  | 4389183 |
| 6.125%, 06/15/2030 (r) |  | 3152000 |  | 3008757 |
|  |  |  |  | 16083907 |
| ***Health Services — 0.89%*** | ***Health Services — 0.89%*** | ***Health Services — 0.89%*** | ***Health Services — 0.89%*** | ***Health Services — 0.89%*** |
| Charles River Laboratories International, Inc.<br>4.000%, 03/15/2031 (r) |  | 3379000 |  | 2927718 |
| ModivCare Escrow Issuer, Inc.<br>5.000%, 10/01/2029 (r) |  | 4465000 |  | 3771139 |
|  |  |  |  | 6698857 |
| ***Hotels — 1.64%*** | ***Hotels — 1.64%*** | ***Hotels — 1.64%*** | ***Hotels — 1.64%*** | ***Hotels — 1.64%*** |
| Hilton Grand Vacations Borrower Escrow LLC / <br>Hilton Grand Vacations Borrower Escrow<br>5.000%, 06/01/2029 (r) |  | 4680000 |  | 4030767 |
| Marriott Ownership Resorts, Inc.<br>4.500%, 06/15/2029 (r) |  | 5121000 |  | 4255173 |
| Park Intermediate Holdings LLC / PK Domestic <br>Property LLC / PK Finance Co-Issuer<br>4.875%, 05/15/2029 (r) |  | 4745000 |  | 4022811 |
|  |  |  |  | 12308751 |
| ***Insurance Brokerage — 1.12%*** | ***Insurance Brokerage — 1.12%*** | ***Insurance Brokerage — 1.12%*** | ***Insurance Brokerage — 1.12%*** | ***Insurance Brokerage — 1.12%*** |
| AmWINS Group, Inc.<br>4.875%, 06/30/2029 (r) |  | 5313000 |  | 4513110 |
| Ryan Specialty Group LLC<br>4.375%, 02/01/2030 (r) |  | 4475000 |  | 3880478 |
|  |  |  |  | 8393588 |
| ***Investments & Miscellaneous Financial Services — 0.99%*** | ***Investments & Miscellaneous Financial Services — 0.99%*** | ***Investments & Miscellaneous Financial Services — 0.99%*** | ***Investments & Miscellaneous Financial Services — 0.99%*** | ***Investments & Miscellaneous Financial Services — 0.99%*** |
| Armor Holdco, Inc.<br>8.500%, 11/15/2029 (r) |  | 965000 |  | 726001 |
| Credit Suisse Group AG<br>9.016% (Fixed until 11/14/2032, then <br>SOFR + 5.020%), 11/15/2033 (b) (r) |  | 815000 |  | 836720 |
| SoftBank Group Corp.<br>6.000% (Fixed until 07/18/2023, then <br>5 Year Mid Swap Rate USD + 4.226%), <br>Perpetual (b) |  | 6141000 |  | 5872012 |
|  |  |  |  | 7434733 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley High Yield Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
| ***Machinery — 0.99%*** | ***Machinery — 0.99%*** | ***Machinery — 0.99%*** |
| Chart Industries, Inc.<br>7.500%, 01/01/2030 (r) | $3903000 | $3928526 |
| NESCO Holdings II, Inc.<br>5.500%, 04/15/2029 (r) | 4035000 | 3535870 |
|  |  | 7464396 |
| ***Media — Broadcast — 0.57%*** | ***Media — Broadcast — 0.57%*** | ***Media — Broadcast — 0.57%*** |
| Gray Escrow II, Inc.<br>5.375%, 11/15/2031 (r) | 5918000 | 4275370 |
| ***Media — Diversified — 0.09%*** | ***Media — Diversified — 0.09%*** | ***Media — Diversified — 0.09%*** |
| National CineMedia LLC<br>5.750%, 08/15/2026 (i) | 6230000 | 172448 |
| 5.875%, 04/15/2028 (r) | 2187000 | 506564 |
|  |  | 679012 |
| ***Media Content — 1.56%*** | ***Media Content — 1.56%*** | ***Media Content — 1.56%*** |
| News Corp.<br>3.875%, 05/15/2029 (r) | 2003000 | 1740277 |
| 5.125%, 02/15/2032 (r) | 4668000 | 4254625 |
| Sirius XM Radio, Inc.<br>4.000%, 07/15/2028 (r) | 3069000 | 2676843 |
| Townsquare Media, Inc.<br>6.875%, 02/01/2026 (r) | 3437000 | 3054639 |
|  |  | 11726384 |
| ***Medical Products — 1.96%*** | ***Medical Products — 1.96%*** | ***Medical Products — 1.96%*** |
| Grifols Escrow Issuer SA<br>4.750%, 10/15/2028 (r) | 4956000 | 4285205 |
| Medline Borrower LP<br>3.875%, 04/01/2029 (r) | 3911000 | 3159091 |
| 5.250%, 10/01/2029 (r) | 3481000 | 2771067 |
| Varex Imaging Corp.<br>7.875%, 10/15/2027 (r) | 4531000 | 4509886 |
|  |  | 14725249 |
| ***Metals/Mining Excluding Steel — 1.30%*** | ***Metals/Mining Excluding Steel — 1.30%*** | ***Metals/Mining Excluding Steel — 1.30%*** |
| Kaiser Aluminum Corp.<br>4.500%, 06/01/2031 (r) | 5210000 | 4194311 |
| Rain CII Carbon LLC / CII Carbon Corp.<br>7.250%, 04/01/2025 (r) | 6056000 | 5590172 |
|  |  | 9784483 |
| ***Oil Field Equipment & Services — 2.78%*** | ***Oil Field Equipment & Services — 2.78%*** | ***Oil Field Equipment & Services — 2.78%*** |
| Bristow Group, Inc.<br>6.875%, 03/01/2028 (r) | 3258000 | 3002605 |
| Enerflex Ltd.<br>9.000%, 10/15/2027 (r) | 2067000 | 2064044 |
| Nabors Industries Ltd.<br>7.500%, 01/15/2028 (r) | 3484000 | 3193003 |
| Shelf Drilling Holdings Ltd.<br>8.250%, 02/15/2025 (r) | 6252000 | 5435645 |
| Transocean Poseidon Ltd.<br>6.875%, 02/01/2027 (r) | 3420375 | 3333840 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| Valaris Ltd.<br>8.250% Cash or 12.000% PIK or <br>5.125% Cash & 5.125% PIK, <br>04/30/2028 (p) (r) | $| 3814000 | $ | 3841176 |
|  |  |  |  | 20870313 |
| ***Oil Refining & Marketing — 1.09%*** | ***Oil Refining & Marketing — 1.09%*** | ***Oil Refining & Marketing — 1.09%*** | ***Oil Refining & Marketing — 1.09%*** | ***Oil Refining & Marketing — 1.09%*** |
| Parkland Corp.<br>4.625%, 05/01/2030 (r) |  | 5527000 |  | 4581579 |
| PBF Holding Company LLC / PBF Finance Corp.<br>6.000%, 02/15/2028 |  | 4060000 |  | 3628523 |
|  |  |  |  | 8210102 |
| ***Packaging — 0.51%*** | ***Packaging — 0.51%*** | ***Packaging — 0.51%*** | ***Packaging — 0.51%*** | ***Packaging — 0.51%*** |
| Ball Corp.<br>6.875%, 03/15/2028 |  | 3759000 |  | 3866019 |
| ***Personal & Household Products — 1.71%*** | ***Personal & Household Products — 1.71%*** | ***Personal & Household Products — 1.71%*** | ***Personal & Household Products — 1.71%*** | ***Personal & Household Products — 1.71%*** |
| Edgewell Personal Care Company<br>5.500%, 06/01/2028 (r) |  | 4220000 |  | 3954140 |
| Energizer Holdings, Inc.<br>4.375%, 03/31/2029 (r) |  | 4751000 |  | 4036721 |
| The Scotts Miracle-Gro Company<br>4.375%, 02/01/2032 |  | 5332000 |  | 4026566 |
| Spectrum Brands, Inc.<br>5.000%, 10/01/2029 (r) |  | 950000 |  | 823703 |
|  |  |  |  | 12841130 |
| ***Pharmaceuticals — 1.57%*** | ***Pharmaceuticals — 1.57%*** | ***Pharmaceuticals — 1.57%*** | ***Pharmaceuticals — 1.57%*** | ***Pharmaceuticals — 1.57%*** |
| 1375209 BC Ltd.<br>9.000%, 01/30/2028 (r) |  | 998000 |  | 976792 |
| Bausch Health Companies, Inc.<br>6.125%, 02/01/2027 (r) |  | 2901000 |  | 2004243 |
| 11.000%, 09/30/2028 (r) |  | 1770000 |  | 1389175 |
| Jazz Securities DAC<br>4.375%, 01/15/2029 (r) |  | 3250000 |  | 2902494 |
| Organon & Company / Organon <br>Foreign Debt Co-Issuer BV<br>5.125%, 04/30/2031 (r) |  | 5184000 |  | 4497821 |
|  |  |  |  | 11770525 |
| ***Real Estate Development & Management — 0.58%*** | ***Real Estate Development & Management — 0.58%*** | ***Real Estate Development & Management — 0.58%*** | ***Real Estate Development & Management — 0.58%*** | ***Real Estate Development & Management — 0.58%*** |
| Realogy Group LLC / Realogy Co-Issuer Corp.<br>5.750%, 01/15/2029 (r) |  | 5758000 |  | 4362779 |
| ***Recreation & Travel — 3.64%*** | ***Recreation & Travel — 3.64%*** | ***Recreation & Travel — 3.64%*** | ***Recreation & Travel — 3.64%*** | ***Recreation & Travel — 3.64%*** |
| Boyne USA, Inc.<br>4.750%, 05/15/2029 (r) |  | 5314000 |  | 4709901 |
| Carnival Corp.<br>4.000%, 08/01/2028 (r) |  | 6607000 |  | 5400298 |
| 6.000%, 05/01/2029 (r) |  | 4320000 |  | 2886870 |
| 10.500%, 06/01/2030 (r) |  | 4451000 |  | 3626455 |
| Royal Caribbean Cruises Ltd.<br>11.500%, 06/01/2025 (r) |  | 2250000 |  | 2418075 |
| 11.625%, 08/15/2027 (r) |  | 2549000 |  | 2564192 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley High Yield Fund (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| VOC Escrow Ltd.<br>5.000%, 02/15/2028 (r) | $| 6714000 | $ | 5785319 |
|  |  |  |  | 27391110 |
| ***Reinsurance — 0.78%*** | ***Reinsurance — 0.78%*** | ***Reinsurance — 0.78%*** | ***Reinsurance — 0.78%*** | ***Reinsurance — 0.78%*** |
| Highlands Holdings Bond Issuer Ltd. / <br>Highlands Holdings Bond Co-Issuer, Inc. <br>7.625% Cash or 8.375% <br>PIK, 10/15/2025 (p) (r) |  | 6240983 |  | 5839271 |
| ***Restaurants — 1.31%*** | ***Restaurants — 1.31%*** | ***Restaurants — 1.31%*** | ***Restaurants — 1.31%*** | ***Restaurants — 1.31%*** |
| 1011778 BC ULC / New Red Finance, Inc.<br>4.000%, 10/15/2030 (r) |  | 4609000 |  | 3742024 |
| Dave & Buster's, Inc.<br>7.625%, 11/01/2025 (r) |  | 2521000 |  | 2537286 |
| Papa John's International, Inc.<br>3.875%, 09/15/2029 (r) |  | 4247000 |  | 3551660 |
|  |  |  |  | 9830970 |
| ***Software/Services — 1.97%*** | ***Software/Services — 1.97%*** | ***Software/Services — 1.97%*** | ***Software/Services — 1.97%*** | ***Software/Services — 1.97%*** |
| Consensus Cloud Solutions, Inc.<br>6.500%, 10/15/2028 (r) |  | 4440000 |  | 4089544 |
| The Dun & Bradstreet Corp.<br>5.000%, 12/15/2029 (r) |  | 3145000 |  | 2695463 |
| Twilio, Inc.<br>3.625%, 03/15/2029 |  | 4870000 |  | 3962719 |
| VM Consolidated, Inc.<br>5.500%, 04/15/2029 (r) |  | 4581000 |  | 4040717 |
|  |  |  |  | 14788443 |
| ***Specialty Retail — 2.43%*** | ***Specialty Retail — 2.43%*** | ***Specialty Retail — 2.43%*** | ***Specialty Retail — 2.43%*** | ***Specialty Retail — 2.43%*** |
| Academy Ltd.<br>6.000%, 11/15/2027 (r) |  | 4301000 |  | 4123824 |
| Kontoor Brands, Inc.<br>4.125%, 11/15/2029 (r) |  | 4908000 |  | 4017713 |
| Liberty Interactive LLC<br>8.250%, 02/01/2030 |  | 5273000 |  | 2407942 |
| Lithia Motors, Inc.<br>4.375%, 01/15/2031 (r) |  | 4660000 |  | 3799672 |
| PetSmart, Inc. / PetSmart Finance Corp.<br>4.750%, 02/15/2028 (r) |  | 4296000 |  | 3897383 |
|  |  |  |  | 18246534 |
| ***Steel Producers/Products — 0.96%*** | ***Steel Producers/Products — 0.96%*** | ***Steel Producers/Products — 0.96%*** | ***Steel Producers/Products — 0.96%*** | ***Steel Producers/Products — 0.96%*** |
| ATI, Inc.<br>5.875%, 12/01/2027 |  | 3454000 |  | 3308363 |
| Carpenter Technology Corp.<br>7.625%, 03/15/2030 |  | 3876000 |  | 3890833 |
|  |  |  |  | 7199196 |
| ***Support — Services — 1.01%*** | ***Support — Services — 1.01%*** | ***Support — Services — 1.01%*** | ***Support — Services — 1.01%*** | ***Support — Services — 1.01%*** |
| Summer BC Bidco B LLC<br>5.500%, 10/31/2026 (r) |  | 4067000 |  | 3305210 |
| ZipRecruiter, Inc.<br>5.000%, 01/15/2030 (r) |  | 5191000 |  | 4286313 |
|  |  |  |  | 7591523 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
| ***Technology Hardware & Equipment — 1.84%*** | ***Technology Hardware & Equipment — 1.84%*** | ***Technology Hardware & Equipment — 1.84%*** |
| CommScope Technologies LLC<br>6.000%, 06/15/2025 (r) | $3596000 | $3279768 |
| CommScope, Inc.<br>6.000%, 03/01/2026 (r) | 3031000 | 2803523 |
| NCR Corp.<br>6.125%, 09/01/2029 (r) | 3783000 | 3543385 |
| Xerox Holdings Corp.<br>5.500%, 08/15/2028 (r) | 5251000 | 4210787 |
|  |  | 13837463 |
| ***Telecom — Satellite — 0.34%*** | ***Telecom — Satellite — 0.34%*** | ***Telecom — Satellite — 0.34%*** |
| Telesat Canada / Telesat LLC<br>5.625%, 12/06/2026 (r) | 5575000 | 2571596 |
| ***Telecom — Wireline Integrated & Services — 0.45%*** | ***Telecom — Wireline Integrated & Services — 0.45%*** | ***Telecom — Wireline Integrated & Services — 0.45%*** |
| Frontier Communications Holdings LLC<br>5.875%, 10/15/2027 (r) | 3644000 | 3391726 |
| ***Tobacco — 0.57%*** | ***Tobacco — 0.57%*** | ***Tobacco — 0.57%*** |
| Turning Point Brands, Inc.<br>5.625%, 02/15/2026 (r) | 5007000 | 4325697 |
| Total corporate bonds <br>(Cost $691,218,061) |  | 600738872 |
| **CONVERTIBLE BONDS — 0.47%** | **CONVERTIBLE BONDS — 0.47%** | **CONVERTIBLE BONDS — 0.47%** |
| ***Hotels — 0.47%*** | ***Hotels — 0.47%*** | ***Hotels — 0.47%*** |
| Pebblebrook Hotel Trust<br>1.750%, 12/15/2026 | 4265000 | 3529288 |
| Total convertible bonds <br>(Cost $4,265,000) |  | 3529288 |
| **TERM LOANS — 7.55%** | **TERM LOANS — 7.55%** | **TERM LOANS — 7.55%** |
| ***Advertising — 0.55%*** | ***Advertising — 0.55%*** | ***Advertising — 0.55%*** |
| AP Core Holdings II LLC<br>9.884% (1 Month LIBOR USD + 5.500%), <br>09/01/2027 (Acquired 07/21/2021, <br>Cost $4,538,426) (b) (m) | 4584135 | 4168124 |
| ***Air Transportation — 1.24%*** | ***Air Transportation — 1.24%*** | ***Air Transportation — 1.24%*** |
| AAdvantage Loyalty IP Ltd.<br>8.993% (1 Month LIBOR USD + 4.750%), <br>04/20/2028 (Acquired 06/24/2021 — <br>07/12/2022, Cost $5,185,588) (b) (m) | 5052000 | 5038587 |
| United Airlines, Inc.<br>8.108% (1 Month LIBOR USD + 3.750%), <br>04/21/2028 (Acquired 08/17/2022 — <br>08/18/2022, Cost $4,239,260) (b) (m) | 4285192 | 4243240 |
|  |  | 9281827 |
| ***Cable & Satellite TV — 0.70%*** | ***Cable & Satellite TV — 0.70%*** | ***Cable & Satellite TV — 0.70%*** |
| DirecTV Financing LLC<br>9.384% (1 Month LIBOR USD + 5.000%), <br>08/02/2027 (Acquired 07/22/2021 — <br>08/17/2022, Cost $5,292,051) (b) (m) | 5382985 | 5252340 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley High Yield Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
| ***Forestry/Paper — 0.42%*** | ***Forestry/Paper — 0.42%*** | ***Forestry/Paper — 0.42%*** |
| Mativ Holdings, Inc.<br>8.188% (1 Month LIBOR USD + 3.750%), <br>04/20/2028 (Acquired 02/23/2021, <br>Cost $3,315,510) (b) (m) | $3349000 | $3164805 |
| ***Health Services — 0.52%*** | ***Health Services — 0.52%*** | ***Health Services — 0.52%*** |
| FinThrive Software Intermediate Holdings, Inc.<br>8.384% (1 Month LIBOR USD + 4.000%), <br>12/18/2028 (Acquired 11/19/2021 — <br>07/13/2022, Cost $3,876,308) (b) (i) (m) | 3899334 | 3317690 |
| 11.134% (1 Month LIBOR USD + 6.750%), <br>12/17/2029 (Acquired 11/19/2021, <br>Cost $740,720) (b) (i) (m) | 752000 | 578333 |
|  |  | 3896023 |
| ***Oil Field Equipment & Services — 0.24%*** | ***Oil Field Equipment & Services — 0.24%*** | ***Oil Field Equipment & Services — 0.24%*** |
| Iracore International Holdings, Inc.<br>13.7500% (1 Month LIBOR USD + 9.000%), <br>04/12/2024 (Acquired 04/13/2017, <br>Cost $1,826,992) (b) (f) (i) (m) (u) | 1826992 | 1826992 |
| ***Oil Refining & Marketing — 0.50%*** | ***Oil Refining & Marketing — 0.50%*** | ***Oil Refining & Marketing — 0.50%*** |
| Par Petroleum LLC<br>10.580% (3 Month LIBOR USD + 6.750%), <br>01/12/2026 (Acquired 02/13/2020 — <br>04/16/2021, Cost $3,707,876) (b) (m) | 3767675 | 3719016 |
| ***Personal & Household Products — 0.49%*** | ***Personal & Household Products — 0.49%*** | ***Personal & Household Products — 0.49%*** |
| Journey Personal Care Corp.<br>8.980% (1 Month LIBOR USD + 4.250%), <br>03/01/2028 (Acquired 02/19/2021, <br>Cost $4,966,497) (b) (m) | 4991454 | 3701163 |
| ***Pharmaceuticals — 0.82%*** | ***Pharmaceuticals — 0.82%*** | ***Pharmaceuticals — 0.82%*** |
| Covis Finco Sarl<br>11.230% (1 Month SOFR USD + 6.500%), <br>02/18/2027 (Acquired 02/14/2022, <br>Cost $3,987,733) (b) (i) (m) | 4371675 | 2426279 |
| Mallinckrodt International Finance SA<br>10.236% (3 Month LIBOR USD + 5.500%), <br>09/30/2027 (Acquired 12/23/2019 — <br>01/22/2020, Cost $4,449,633) (b) (m) | 4921538 | 3746521 |
|  |  | 6172800 |
| ***Restaurants — 0.28%*** | ***Restaurants — 0.28%*** | ***Restaurants — 0.28%*** |
| Dave & Buster's, Inc.<br>9.438% (1 Month SOFR USD + 5.000%), <br>06/29/2029 (Acquired 08/02/2022, <br>Cost $2,087,590) (b) (m) | 2116695 | 2109424 |
| ***Software/Services — 1.17%*** | ***Software/Services — 1.17%*** | ***Software/Services — 1.17%*** |
| Central Parent, Inc.<br>9.080% (3 Month SOFR USD + 3.500%), <br>07/06/2029 (Acquired 06/09/2022 — <br>6/10/2022, Cost $4,458,089) (b) (m) | 4581000 | 4547421 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| Syncapay, Inc.<br>11.230% (1 Month LIBOR USD + 6.500%), <br>12/10/2027 (Acquired 12/31/2020, <br>Cost $4,166,572) (b) (m) | $| 4302638 | $ | 4267701 |
|  |  |  |  | 8815122 |
| ***Specialty Retail — 0.62%*** | ***Specialty Retail — 0.62%*** | ***Specialty Retail — 0.62%*** | ***Specialty Retail — 0.62%*** | ***Specialty Retail — 0.62%*** |
| Boardriders, Inc.<br>10.915% (3 Month LIBOR USD + 6.500%), <br>04/23/2024 (Acquired 03/21/2018, <br>Cost $5,852,237) (b) (i) (m) |  | 5884115 |  | 3236263 |
| 12.557% PIK (1 Month LIBOR USD + 8.000%), <br>04/23/2024 (Acquired 10/07/2020 — <br>11/09/2022, Cost $1,666,368) (b) (i) (m) (p) |  | 1666368 |  | 1416413 |
|  |  |  |  | 4652676 |
| Total term loans <br>(Cost $64,357,450) |  |  |  | 56760312 |
| **CONVERTIBLE PREFERRED <br>STOCKS — 0.46%** | **Shares<br>Held** | **Shares<br>Held** | **Value** | **Value** |
| ***Building & Construction — 0.46%*** | ***Building & Construction — 0.46%*** | ***Building & Construction — 0.46%*** | ***Building & Construction — 0.46%*** | ***Building & Construction — 0.46%*** |
| Fluor Corp., 6.500% |  | 2093 |  | 3450248 |
| Total convertible preferred stocks <br>(Cost $2,093,000) |  |  |  | 3450248 |
| **PREFERRED STOCKS — 1.34%** | **PREFERRED STOCKS — 1.34%** | **PREFERRED STOCKS — 1.34%** | **PREFERRED STOCKS — 1.34%** | **PREFERRED STOCKS — 1.34%** |
| ***Hotels — 0.20%*** | ***Hotels — 0.20%*** | ***Hotels — 0.20%*** | ***Hotels — 0.20%*** | ***Hotels — 0.20%*** |
| Pebblebrook Hotel Trust — Series F, 6.300% |  | 85621 |  | 1524054 |
| ***Specialty Retail — 1.14%*** | ***Specialty Retail — 1.14%*** | ***Specialty Retail — 1.14%*** | ***Specialty Retail — 1.14%*** | ***Specialty Retail — 1.14%*** |
| Boardriders, Inc. — Series B (Acquired <br>07/11/2013 — 08/09/2019, <br>Cost $28,937,490) (a) (f) (i) (m) (u) |  | 13810639 |  | 8562596 |
| Total preferred stocks <br>(Cost $30,848,797) |  |  |  | 10086650 |
| **COMMON STOCKS — 3.85%** | **COMMON STOCKS — 3.85%** | **COMMON STOCKS — 3.85%** | **COMMON STOCKS — 3.85%** | **COMMON STOCKS — 3.85%** |
| ***Energy — Exploration & Production — 0.39%*** | ***Energy — Exploration & Production — 0.39%*** | ***Energy — Exploration & Production — 0.39%*** | ***Energy — Exploration & Production — 0.39%*** | ***Energy — Exploration & Production — 0.39%*** |
| Civitas Resources, Inc. |  | 27466 |  | 1591105 |
| Jonah Energy Parent LLC (Acquired <br>12/31/2020, Cost $0) (f) (i) (m) (u) |  | 13656 |  | 849813 |
| PetroQuest Energy, Inc. (a) (f) (i) (o) (u) |  | 8969064 |  | 358763 |
| Warren Resources, Inc. (Acquired 11/23/2016, <br>Cost $162,924) (a) (f) (i) (m) (u) |  | 117785 |  | 134275 |
|  |  |  |  | 2933956 |
| ***Metals/Mining Excluding Steel — 2.54%*** | ***Metals/Mining Excluding Steel — 2.54%*** | ***Metals/Mining Excluding Steel — 2.54%*** | ***Metals/Mining Excluding Steel — 2.54%*** | ***Metals/Mining Excluding Steel — 2.54%*** |
| Metals Recovery Holdings LLC (Acquired <br>07/19/2012 — 12/10/2019, <br>Cost $30,850,060) (a) (f) (i) (m) (o) (u) |  | 116127 |  | 9952109 |
| RA Parent, Inc. (Acquired 12/23/2014 — 08/09/2019, <br>Cost $8,348,746) (a) (f) (i) (m) (u) |  | 142 |  | 9159000 |
|  |  |  |  | 19111109 |

---

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

------

**Schedule of Investments — December 31, 2022**

**Hotchkis & Wiley High Yield Fund (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares<br>Held** | **Value** |
| ***Oil Field Equipment & Services — 0.92%*** | ***Oil Field Equipment & Services — 0.92%*** | ***Oil Field Equipment & Services — 0.92%*** |
| Iracore Investments Holdings, Inc. — Class A <br>(Acquired 04/13/2017, <br>Cost $4,753,500) (a) (f) (i) (m) (o) (u) | 22361 | $6900828 |
| Total common stocks <br>(Cost $68,320,686) |  | 28945893 |
| Total long-term investments <br>(Cost $861,102,994) |  | 703511263 |
| **SHORT-TERM INVESTMENTS — 1.08%** | **SHORT-TERM INVESTMENTS — 1.08%** | **SHORT-TERM INVESTMENTS — 1.08%** |
| ***Money Market Funds — 1.08%*** | ***Money Market Funds — 1.08%*** | ***Money Market Funds — 1.08%*** |
| JPMorgan U.S. Government Money <br>Market Fund — Class IM, 4.20%^ | 8106740 | 8106740 |
|  | **Principal<br>Amount** |  |
| ***Time Deposits — 0.00%*** | ***Time Deposits — 0.00%*** | ***Time Deposits — 0.00%*** |
| Royal Bank of Canada, 3.69%, 01/03/2023\* | $6781 | 6781 |
| Total short-term investments <br>(Cost $8,113,521) | Total short-term investments <br>(Cost $8,113,521) | 8113521 |
| Total investments — 94.69% <br>(Cost $869,216,515) |  | 711624784 |
| Other assets in excess of liabilities — 5.31% |  | 39898935 |
| Net assets — 100.00% | Net assets — 100.00% | $751523719 |

---

*(a) — Non-income producing security.*

*(b) — The coupon rate shown on variable rate securities represents the rate at December 31, 2022.*

*(f) — Security was fair valued by the Advisor pursuant to the Board's designation of the Advisor as valuation designee with respect to the Fund's portfolio investments. The total market value of these securities was $37,744,376, which represented 5.02% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.*

*(i) — Illiquid security. The total market value of these securities was $48,891,802, which represented 6.51% of net assets.*

*(m) — Restricted security. Purchased in a private placement transaction; resale to the public may require registration. The total market value of these securities was $92,318,933, which represented 12.28% of net assets.*

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

*(p) — Payment in-kind (PIK) security.*

*(r) — Rule 144A security under the Securities Act of 1933. Purchased in a private placement transaction; resale to the public may require registration or be limited to qualified institutional buyers. The total market value of these securities was $513,014,185, which represented 68.26% of net assets.*

*(u) — Value determined using significant unobservable inputs.*

*LIBOR — London Interbank Offered Rate*

*SOFR — Secured Overnight Financing Rate*

*USD — United States Dollar*

*^ — Rate shown is the 7-day yield as of December 31, 2022.*

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

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

------

**Statements of Assets & Liabilities**

**DECEMBER 31, 2022 (UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Diversified Value<br>Fund** | **Large Cap Value<br>Fund** | **Mid-Cap Value<br>Fund** | **Small Cap Value<br>Fund** | **Small Cap<br>Diversified Value<br>Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Long-term investments, at value\* | Long-term investments, at value\* | Long-term investments, at value\* | Long-term investments, at value\* | Long-term investments, at value\* | Long-term investments, at value\* |
| Unaffiliated issuers | $86608795 | $374349800 | $464047886 | $639832939 | $584442255 |
| Affiliated issuers |  |  |  | 3337020 |  |
| Collateral for securities on loan\* | 697004 | 1568228 | 3157315 | 13475294 | 2938120 |
| Short-term investments\* | 247177 | 763299 | 26618161 | 13355028 | 5679863 |
| Cash | 1184 | 3250 | 84491 | 28754 | 21295 |
| Dividends and interest receivable | 163017 | 785724 | 586929 | 456395 | 726342 |
| Receivable for investments sold |  |  |  | 559490 | 684268 |
| Receivable for Fund shares sold | 28 | 515390 | 372954 | 3279359 | 6740218 |
| Other assets | 23677 | 50275 | 52361 | 91107 | 85169 |
| Total assets | $87740882 | $378035966 | $494920097 | $674415386 | $601317530 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Collateral upon return of securities on loan | $697004 | $1568228 | $3157315 | $13475294 | $2938120 |
| Payable for investments purchased |  |  |  | 242932 | 832809 |
| Payable for Fund shares repurchased | 23844 | 1723793 | 260240 | 961382 | 4028392 |
| Payable to Advisor | 35913 | 218543 | 311408 | 422659 | 306206 |
| Payable to Trustees | 98 | 722 | 448 | 100 | 358 |
| Accrued distribution and service fees | 44301 | 194711 | 181886 | 73090 | 5533 |
| Accrued expenses and other liabilities | 58917 | 252300 | 202684 | 276730 | 202880 |
| Total liabilities | 860077 | 3958297 | 4113981 | 15452187 | 8314298 |
| Commitments and contingencies (Note 8) | Commitments and contingencies (Note 8) | Commitments and contingencies (Note 8) | Commitments and contingencies (Note 8) | Commitments and contingencies (Note 8) | Commitments and contingencies (Note 8) |
| Net assets | $86880805 | $374077669 | $490806116 | $658963199 | $593003232 |
| **Net Assets consist of:** | **Net Assets consist of:** | **Net Assets consist of:** | **Net Assets consist of:** | **Net Assets consist of:** | **Net Assets consist of:** |
| Paid-in capital | $105290292 | $329326656 | $716671271 | $638660897 | $565164746 |
| Total accumulated distributable earnings (losses) | $(18409487) | $44751013 | $(225865155) | $20302302 | $27838486 |
| Net assets | $86880805 | $374077669 | $490806116 | $658963199 | $593003232 |
| **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class I** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class I** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class I** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class I** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class I** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class I** |
| Net assets | $52466389 | $211643812 | $331199172 | $601095737 | $534047944 |
| Shares outstanding (unlimited shares $0.001 par value authorized) | 2141151 | 5458481 | 7397373 | 9169259 | 45428839 |
| Net asset value per share | $24.50 | $38.77 | $44.77 | $65.56 | $11.76 |
| **Calculation of Net Asset Value Per Share — Class A** | **Calculation of Net Asset Value Per Share — Class A** | **Calculation of Net Asset Value Per Share — Class A** | **Calculation of Net Asset Value Per Share — Class A** | **Calculation of Net Asset Value Per Share — Class A** | **Calculation of Net Asset Value Per Share — Class A** |
| Net assets | $33857010 | $133846980 | $122985359 | $45537188 | $8438584 |
| Shares outstanding (unlimited shares $0.001 par value authorized) | 1374981 | 3469823 | 2793269 | 698467 | 722427 |
| Net asset value per share | $24.62 | $38.57 | $44.03 | $65.20 | $11.68 |
| **Public Offering Price Per Share — Class A** | **Public Offering Price Per Share — Class A** | **Public Offering Price Per Share — Class A** | **Public Offering Price Per Share — Class A** | **Public Offering Price Per Share — Class A** | **Public Offering Price Per Share — Class A** |
| (Net asset value per share divided by 0.9475) | $25.98 | $40.71 | $46.47 | $68.81 | $12.33 |
| **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class C** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class C** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class C** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class C** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class C** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class C** |
| Net assets | $557406 | $3830526 | $5161108 | $1776510 |  |
| Shares outstanding (unlimited shares $0.001 par value authorized) | 22641 | 99978 | 135573 | 35440 |  |
| Net asset value per share | $24.62 | $38.31 | $38.07 | $50.13 |  |
| **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class Z** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class Z** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class Z** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class Z** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class Z** | **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class Z** |
| Net assets |  | $24756351 | $31460477 | $10553764 | $50516704 |
| Shares outstanding (unlimited shares $0.001 par value authorized) |  | 638841 | 702864 | 161039 | 4301453 |
| Net asset value per share |  | $38.75 | $44.76 | $65.54 | $11.74 |
| \*Cost of long-term investments | \*Cost of long-term investments | \*Cost of long-term investments | \*Cost of long-term investments | \*Cost of long-term investments | \*Cost of long-term investments |
| Unaffiliated issuers | $77219398 | $325122163 | $407711272 | $604933089 | $560612079 |
| Affiliated issuers |  |  |  | 12960896 |  |
| \*Cost of collateral for securities on loan | 697004 | 1568228 | 3157315 | 13475294 | 2938120 |
| \*Cost of short-term investments | 247176 | 763298 | 26618161 | 13355028 | 5679863 |

---

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

------

**Statements of Assets & Liabilities**

**DECEMBER 31, 2022 (UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Global Value <br>Fund** | **International Value<br>Fund** | **International<br>Small Cap<br>Diversified Value<br>Fund** | **Value Opportunities<br>Fund** | **High Yield<br>Fund** |
| **Assets:** | | | | | |
| Long-term investments, at value\* | Long-term investments, at value\* | Long-term investments, at value\* | Long-term investments, at value\* | Long-term investments, at value\* | Long-term investments, at value\* |
| Unaffiliated issuers | $33236577 | $2810264 | $5991689 | $453935561 | $686299563 |
| Affiliated issuers |  |  |  | 10005753 | 17211700 |
| Collateral for securities on loan\* |  |  |  | 6041885 |  |
| Short-term investments\* | 482282 | 54834 | 44587 | 12538339 | 8113521 |
| Cash | 1399 | 189 | 122 | 38619 |  |
| Cash denominated in foreign currencies# |  | 3 | 5 |  |  |
| Cash held at broker |  |  |  | 10066 |  |
| Dividends and interest receivable | 65949 | 10070 | 17074 | 341332 | 11966366 |
| Receivable for investments sold |  |  |  |  | 5647320 |
| Receivable for Fund shares sold |  |  |  | 671943 | 30419251 |
| Receivable from Advisor |  | 9616 | 23658 |  |  |
| Other assets | 15669 | 16574 | 7169 | 67682 | 81572 |
| Total assets | $33801876 | $2901550 | $6084304 | $483651180 | $759739293 |
| **Liabilities:** |  |  |  |  |  |
| Collateral upon return of securities on loan | $— | $— | $— | $6041885 | $— |
| Payable for investments purchased |  |  |  | 2045803 | 2201657 |
| Payable for Fund shares repurchased | 458171 |  |  | 187333 | 4310398 |
| Payable to Advisor | 12729 |  |  | 306646 | 305141 |
| Payable to Trustees | 33 | 2 | 2 | 372 |  |
| Accrued distribution and service fees | 1953 |  |  | 96648 | 2627 |
| Distributions payable to shareholders |  |  |  |  | 862615 |
| Cash overdraft |  |  |  |  | 233342 |
| Accrued expenses and other liabilities | 37637 | 33882 | 59244 | 157911 | 299794 |
| Total liabilities | 510523 | 33884 | 59246 | 8836598 | 8215574 |
| Commitments and contingencies (Note 8) | Commitments and contingencies (Note 8) | Commitments and contingencies (Note 8) | Commitments and contingencies (Note 8) | Commitments and contingencies (Note 8) | Commitments and contingencies (Note 8) |
| Net assets | $33291353 | $2867666 | $6025058 | $474814582 | $751523719 |
| **Net Assets consist of:** |  |  |  |  |  |
| Paid-in capital | $31674230 | $2683854 | $5957207 | $465086109 | $1261149004 |
| Total accumulated distributable earnings (losses) | $1617123 | $183812 | $67851 | $9728473 | $(509625285) |
| Net assets | $33291353 | $2867666 | $6025058 | $474814582 | $751523719 |
| **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class I** |  |  |  |  |  |
| Net assets | $31959111 | $2867666 | $6025058 | $336664058 | $579652414 |
| Shares outstanding (unlimited shares $0.001 par value authorized) | 2511527 | 266886 | 573298 | 10657452 | 58790112 |
| Net asset value per share | $12.72 | $10.74 | $10.51 | $31.59 | $9.86 |
| **Calculation of Net Asset Value Per Share — Class A** |  |  |  |  |  |
| Net assets | $1332242 |  |  | $73937695 | $28733144 |
| Shares outstanding (unlimited shares $0.001 par value authorized) | 104615 |  |  | 2340617 | 2942477 |
| Net asset value per share | $12.73 |  |  | $31.59 | $9.76 |
| **Public Offering Price Per Share — Class A** |  |  |  |  |  |
| (Net asset value per share divided by 0.9475) | $13.44 |  |  | $33.34 |  |
| (Net asset value per share divided by 0.9625) |  |  |  |  | $10.14 |
| **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class C** |  |  |  |  |  |
| Net assets |  |  |  | $18986049 | $655703 |
| Shares outstanding (unlimited shares $0.001 par value authorized) |  |  |  | 666282 | 66511 |
| Net asset value per share |  |  |  | $28.50 | $9.86 |
| **Calculation of Net Asset Value Per Share and <br>Public Offering Price Per Share — Class Z** |  |  |  |  |  |
| Net assets |  |  |  | $45226780 | $142482458 |
| Shares outstanding (unlimited shares $0.001 par value authorized) |  |  |  | 1431649 | 14451297 |
| Net asset value per share |  |  |  | $31.59 | $9.86 |
| \*Cost of long-term investments |  |  |  |  |  |
| Unaffiliated issuers | $31884490 | $2664699 | $5704110 | $453777062 | $802476823 |
| Affiliated issuers |  |  |  | 6892250 | 58626171 |
| \*Cost of collateral for securities on loan |  |  |  | 6041885 |  |
| \*Cost of short-term investments | 482282 | 54834 | 44586 | 12538339 | 8113521 |
| #Cost of cash denominated in foreign currencies | $— | $3 | $5 | $— | $— |

---

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

------

**Statements of Operations**

**FOR THE SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Diversified Value <br>Fund** | **Large Cap Value <br>Fund** | **Mid-Cap Value<br>Fund** | **Small Cap Value <br>Fund** | **Small Cap<br>Diversified Value<br>Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Dividends\* | Dividends\* | Dividends\* | Dividends\* | Dividends\* | Dividends\* |
| Unaffiliated issuers | $867612 | $4376393 | $5025215 | $6444753 | $7183446 |
| Interest | 3862 | 14499 | 162869 | 289677 | 135226 |
| Securities on loan, net | 1338 | 6278 | 10084 | 30345 | 47490 |
| Total income | 872812 | 4397170 | 5198168 | 6764775 | 7366162 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Advisory fees | 306207 | 1409170 | 1741635 | 2380051 | 1824859 |
| Professional fees and expenses | 12839 | 30295 | 31477 | 37872 | 33422 |
| Custodian fees and expenses | 3517 | 7592 | 8587 | 8830 | 7663 |
| Transfer agent fees and expenses | 51750 | 305177 | 277220 | 600203 | 318482 |
| Accounting fees and expenses | 13044 | 26455 | 27681 | 33140 | 33560 |
| Administration fees and expenses | 21499 | 78007 | 80884 | 97629 | 84655 |
| Compliance fees | 803 | 3828 | 4129 | 5373 | 4634 |
| Trustees' fees and expenses | 5648 | 27501 | 29557 | 38048 | 32603 |
| Reports to shareholders | 2996 | 14062 | 13651 | 28566 | 7311 |
| Registration fees | 22450 | 39570 | 32638 | 51652 | 32765 |
| Distribution and service fees — Class A | 42457 | 180587 | 150641 | 52325 | 9011 |
| Distribution and service fees — Class C | 2845 | 21111 | 24269 | 6959 |  |
| Other expenses | 7650 | 24940 | 23485 | 28652 | 24795 |
| Total expenses | 493705 | 2168295 | 2445854 | 3369300 | 2413760 |
| Fee waiver/expense reimbursement by Advisor (Note 2) | (98446) | (65732) |  |  | (163190) |
| Net expenses | 395259 | 2102563 | 2445854 | 3369300 | 2250570 |
| Net investment income | 477553 | 2294607 | 2752314 | 3395475 | 5115592 |
| **Realized and Unrealized Gains (Losses):** | **Realized and Unrealized Gains (Losses):** | **Realized and Unrealized Gains (Losses):** | **Realized and Unrealized Gains (Losses):** | **Realized and Unrealized Gains (Losses):** | **Realized and Unrealized Gains (Losses):** |
| Net realized gains (losses) from: | Net realized gains (losses) from: | Net realized gains (losses) from: | Net realized gains (losses) from: | Net realized gains (losses) from: | Net realized gains (losses) from: |
| Sales of unaffiliated issuers | 1072166 | 3248869 | 16418607 | 29701156 | 18097649 |
| Sales of affiliated issuers |  |  |  | (3489611) |  |
| Foreign currency transactions | (344) | (3748) | (30849) | (37) |  |
| Net realized gains | 1071822 | 3245121 | 16387758 | 26211508 | 18097649 |
| Net change in unrealized appreciation/depreciation of: | Net change in unrealized appreciation/depreciation of: | Net change in unrealized appreciation/depreciation of: | Net change in unrealized appreciation/depreciation of: | Net change in unrealized appreciation/depreciation of: | Net change in unrealized appreciation/depreciation of: |
| Securities of unaffiliated issuers and foreign currency translations | 5623757 | 24599461 | 26365018 | 38937592 | 20171129 |
| Securities of affiliated issuers |  |  |  | 2263771 |  |
| Net change in unrealized appreciation/depreciation | 5623757 | 24599461 | 26365018 | 41201363 | 20171129 |
| Net gains | 6695579 | 27844582 | 42752776 | 67412871 | 38268778 |
| **Net Increase in Net Assets Resulting <br>from Operations** | $7173132 | $30139189 | $45505090 | $70808346 | $43384370 |
| \*Net of Foreign Taxes Withheld | $7190 | $49730 | $83844 | $36663 | $2656 |

---

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

------

**Statements of Operations**

**FOR THE SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Global Value<br>Fund** | **International Value<br>Fund** | **International<br>Small Cap<br>Diversified Value<br>Fund** | **Value Opportunities<br>Fund** | **High Yield<br>Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Dividends\* | Dividends\* | Dividends\* | Dividends\* | Dividends\* | Dividends\* |
| Unaffiliated issuers | $276870 | $26151 | $68598 | $3952695 | $336311 |
| Interest | 7954 | 815 | 865 | 856425 | 25368230 |
| Securities on loan, net |  |  |  | 13554 |  |
| Total income | 284824 | 26966 | 69463 | 4822674 | 25704541 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Advisory fees | 130133 | 10896 | 23313 | 1790664 | 2201670 |
| Professional fees and expenses | 9444 | 6997 | 7133 | 35031 | 55740 |
| Custodian fees and expenses | 5197 | 6722 | 43574 | 14109 | 18150 |
| Transfer agent fees and expenses | 13259 | 122 | 191 | 202686 | 390741 |
| Accounting fees and expenses | 14212 | 15876 | 39944 | 30149 | 64289 |
| Administration fees and expenses | 20170 | 20282 | 23457 | 87794 | 141445 |
| Compliance fees | 315 | 25 | 52 | 4418 | 7466 |
| Trustees' fees and expenses | 2215 | 176 | 371 | 31596 | 52330 |
| Reports to shareholders | 1244 | 834 | 831 | 8442 | 16090 |
| Registration fees | 16152 | 8001 | 18948 | 38274 | 36626 |
| Distribution and service fees — Class A | 1649 |  |  | 93932 | 36987 |
| Distribution and service fees — Class C |  |  |  | 99998 | 4752 |
| Other expenses | 4378 | 2384 | 2909 | 29536 | 53771 |
| Total expenses | 218368 | 72315 | 160723 | 2466629 | 3080057 |
| Fee waiver/expense reimbursement by Advisor (Note 2) | (51884) | (59376) | (131873) |  | (309394) |
| Net expenses | 166484 | 12939 | 28850 | 2466629 | 2770663 |
| Net investment income | 118340 | 14027 | 40613 | 2356045 | 22933878 |
| **Realized and Unrealized Gains (Losses):** | **Realized and Unrealized Gains (Losses):** | **Realized and Unrealized Gains (Losses):** | **Realized and Unrealized Gains (Losses):** | **Realized and Unrealized Gains (Losses):** | **Realized and Unrealized Gains (Losses):** |
| Net realized gains (losses) from: | Net realized gains (losses) from: | Net realized gains (losses) from: | Net realized gains (losses) from: | Net realized gains (losses) from: | Net realized gains (losses) from: |
| Sales of unaffiliated issuers | 388621 | 29248 | (234286) | 11227400 | (20478518) |
| Foreign currency transactions | (2782) | (597) | (1548) | (46676) | (20) |
| Net realized gains (losses) | 385839 | 28651 | (235834) | 11180724 | (20478538) |
| Net change in unrealized appreciation/depreciation of: | Net change in unrealized appreciation/depreciation of: | Net change in unrealized appreciation/depreciation of: | Net change in unrealized appreciation/depreciation of: | Net change in unrealized appreciation/depreciation of: | Net change in unrealized appreciation/depreciation of: |
| Securities of unaffiliated issuers and foreign currency translations | 1101416 | 152266 | 630981 | 34695046 | 30344373 |
| Securities of affiliated issuers |  |  |  | 402357 | (7232570) |
| Net change in unrealized appreciation/depreciation | 1101416 | 152266 | 630981 | 35097403 | 23111803 |
| Net gains | 1487255 | 180917 | 395147 | 46278127 | 2633265 |
| **Net Increase in Net Assets Resulting <br>from Operations** | $1605595 | $194944 | $435760 | $48634172 | $25567143 |
| \*Net of Foreign Taxes Withheld | $13961 | $1984 | $7817 | $45287 | $1016 |

---

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

------

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Diversified Value Fund** | **Diversified Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
| | **Six months ended<br>December 31, 2022<br>(unaudited)** | **Year ended<br>June 30, 2022** | **Six months ended<br>December 31, 2022<br>(unaudited)** | **Year ended<br>June 30, 2022** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income | $477553 | $867324 | $2294607 | $4091044 |
| Net realized gains | 1071822 | 6184981 | 3245121 | 31503576 |
| Net change in unrealized appreciation/depreciation | 5623757 | (14713941) | 24599461 | (78910741) |
| Net increase (decrease) in net assets resulting from operations | 7173132 | (7661636) | 30139189 | (43316121) |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| Class I | (585655) | (657851) | (17355003) | (2427861) |
| Class A | (281890) | (334023) | (10564284) | (1326174) |
| Class C |  | (1799) | (261394) |  |
| Class Z |  |  | (1923465) | (121577) |
| Net decrease in net assets resulting from dividends and <br>distributions to shareholders | (867545) | (993673) | (30104146) | (3875612) |
| **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** |
| Net decrease in net assets resulting from capital <br>share transactions | (3393033) | (16142449) | (30681195) | (10878399) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Total increase (decrease) in net assets | 2912554 | (24797758) | (30646152) | (58070132) |
| Beginning of period | 83968251 | 108766009 | 404723821 | 462793953 |
| End of period | $86880805 | $83968251 | $374077669 | $404723821 |

---

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

------

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| | **Six months ended<br>December 31, 2022<br>(unaudited)** | **Year ended<br>June 30, 2022** | **Six months ended<br>December 31, 2022<br>(unaudited)** | **Year ended<br>June 30, 2022** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income | $2752314 | $2070401 | $3395475 | $2074504 |
| Net realized gains | 16387758 | 41676142 | 26211508 | 85784957 |
| Net change in unrealized appreciation/depreciation | 26365018 | (59787599) | 41201363 | (112908213) |
| Net increase (decrease) in net assets resulting from operations | 45505090 | (16041056) | 70808346 | (25048752) |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| Class I | (1589970) | (3616474) | (71852683) | (1727552) |
| Class A | (359388) | (1423942) | (5572007) | (77062) |
| Class C |  | (1906) | (255929) |  |
| Class Z | (193762) | (434467) | (1252245) | (51094) |
| Net decrease in net assets resulting from dividends and <br>distributions to shareholders | (2143120) | (5476789) | (78932864) | (1855708) |
| **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** |
| Net increase in net assets resulting from capital <br>share transactions | 13435919 | 2909748 | 112741700 | 21543755 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Total increase (decrease) in net assets | 56797889 | (18608097) | 104617182 | (5360705) |
| Beginning of period | 434008227 | 452616324 | 554346017 | 559706722 |
| End of period | $490806116 | $434008227 | $658963199 | $554346017 |

---

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

------

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Global Value Fund** | **Global Value Fund** |
| | **Six months ended<br>December 31, 2022<br>(unaudited)** | **Year ended<br>June 30, 2022** | **Six months ended<br>December 31, 2022<br>(unaudited)** | **Year ended<br>June 30, 2022** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income | $5115592 | $6075362 | $118340 | $362419 |
| Net realized gains | 18097649 | 55204950 | 385839 | 2888143 |
| Net change in unrealized appreciation/depreciation | 20171129 | (109788819) | 1101416 | (7802624) |
| Net increase (decrease) in net assets resulting from operations | 43384370 | (48508507) | 1605595 | (4552062) |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| Class I | (47567548) | (29365305) | (1263576) | (245800) |
| Class A | (679077) | (461227) | (46949) | (6987) |
| Class Z | (3202080) | (75948) |  |  |
| Net decrease in net assets resulting from dividends and <br>distributions to shareholders | (51448705) | (29902480) | (1310525) | (252787) |
| **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** |
| Net increase (decrease) in net assets resulting from capital <br>share transactions | 130904201 | 111012557 | (93599) | 385654 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Total increase (decrease) in net assets | 122839866 | 32601570 | 201471 | (4419195) |
| Beginning of period | 470163366 | 437561796 | 33089882 | 37509077 |
| End of period | $593003232 | $470163366 | $33291353 | $33089882 |

---

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

------

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **International Value Fund** | **International Value Fund** | **International Small Cap<br>Diversified Value Fund** | **International Small Cap<br>Diversified Value Fund** |
| | **Six months ended<br>December 31, 2022<br>(unaudited)** | **Year ended<br>June 30, 2022** | **Six months ended<br>December 31, 2022<br>(unaudited)** | **Year ended<br>June 30, 2022** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income | $14027 | $61661 | $40613 | $125446 |
| Net realized gains (losses) | 28651 | 155647 | (235834) | 338922 |
| Net change in unrealized appreciation/depreciation | 152266 | (496722) | 630981 | (1416130) |
| Net increase (decrease) in net assets resulting from operations | 194944 | (279414) | 435760 | (951762) |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| Class I | (90047) | (37541) | (311643) | (1250186) |
| Net decrease in net assets resulting from dividends and <br>distributions to shareholders | (90047) | (37541) | (311643) | (1250186) |
| **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** |
| Net increase in net assets resulting from capital <br>share transactions | 54607 | 471104 | 191776 | 1250186 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Total increase (decrease) in net assets | 159504 | 154149 | 315893 | (951762) |
| Beginning of period | 2708162 | 2554013 | 5709165 | 6660927 |
| End of period | $2867666 | $2708162 | $6025058 | $5709165 |

---

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

------

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Value Opportunities Fund** | **Value Opportunities Fund** | **High Yield Fund** | **High Yield Fund** |
| | **Six months ended<br>December 31, 2022<br>(unaudited)** | **Year ended<br>June 30, 2022** | **Six months ended<br>December 31, 2022<br>(unaudited)** | **Year ended<br>June 30, 2022** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income | $2356045 | $2028099 | $22933878 | $46600131 |
| Net realized gains (losses) | 11180724 | 48691324 | (20478538) | (12062551) |
| Net change in unrealized appreciation/depreciation | 35097403 | (114240737) | 23111803 | (140316839) |
| Net increase (decrease) in net assets resulting from operations | 48634172 | (63521314) | 25567143 | (105779259) |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| Class I | (8387047) | (49243055) | (18017903) | (37681791) |
| Class A | (1761422) | (12046592) | (817612) | (1558850) |
| Class C | (469249) | (3121171) | (22458) | (49017) |
| Class Z | (1132228) | (5855755) | (4139825) | (7150392) |
| Net decrease in net assets resulting from dividends and <br>distributions to shareholders | (11749946) | (70266573) | (22997798) | (46440050) |
| **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** |
| Net increase (decrease) in net assets resulting from capital <br>share transactions | (19136072) | 46395922 | (55970132) | (152685511) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Total increase (decrease) in net assets | 17748154 | (87391965) | (53400787) | (304904820) |
| Beginning of period | 457066428 | 544458393 | 804924506 | 1109829326 |
| End of period | $474814582 | $457066428 | $751523719 | $804924506 |

---

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

------

**Financial Highlights**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  |
|<br>**Diversified Value Fund** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net <br>investment <br>income <br>(loss)**<sup>1</sup> | **Net gains <br>(losses) on <br>securities <br>(both <br>realized and <br>unrealized)** | **Total from <br>investment <br>operations** | **Dividends <br>(from net <br>investment <br>income)** | **Distributions <br>(from <br>capital <br>gains)** | **Total <br>distributions** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended<br>12/31/2022\* | $22.76 | $0.14 | $1.87 | $2.01 | $(0.27) | $— | $(0.27) |
| Year ended 6/30/2022 | 25.09 | 0.25 | (2.30) | (2.05) | (0.28) |  | (0.28) |
| Year ended 6/30/2021 | 15.31 | 0.25 | 9.92 | 10.17 | (0.39) |  | (0.39) |
| Year ended 6/30/2020 | 18.90 | 0.32 | (3.54) | (3.22) | (0.37) |  | (0.37) |
| Year ended 6/30/2019 | 18.80 | 0.30 | 0.06 | 0.36 | (0.26) |  | (0.26) |
| Year ended 6/30/2018 | 17.43 | 0.23 | 1.48 | 1.71 | (0.34) |  | (0.34) |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended<br>12/31/2022\* | 22.84 | 0.11 | 1.87 | 1.98 | (0.20) |  | (0.20) |
| Year ended 6/30/2022 | 25.18 | 0.19 | (2.30) | (2.11) | (0.23) |  | (0.23) |
| Year ended 6/30/2021 | 15.36 | 0.20 | 9.96 | 10.16 | (0.34) |  | (0.34) |
| Year ended 6/30/2020 | 18.95 | 0.28 | (3.56) | (3.28) | (0.31) |  | (0.31) |
| Year ended 6/30/2019 | 18.85 | 0.26 | 0.05 | 0.31 | (0.21) |  | (0.21) |
| Year ended 6/30/2018 | 17.47 | 0.19 | 1.49 | 1.68 | (0.30) |  | (0.30) |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended <br>12/31/2022\* | 22.73 | 0.02 | 1.87 | 1.89 |  |  |  |
| Year ended 6/30/2022 | 25.07 | (0.01) | (2.29) | (2.30) | (0.04) |  | (0.04) |
| Year ended 6/30/2021 | 15.24 | 0.05 | 9.91 | 9.96 | (0.13) |  | (0.13) |
| Year ended 6/30/2020 | 18.77 | 0.14 | (3.55) | (3.41) | (0.12) |  | (0.12) |
| Year ended 6/30/2019 | 18.64 | 0.12 | 0.06 | 0.18 | (0.05) |  | (0.05) |
| Year ended 6/30/2018 | 17.27 | 0.04 | 1.48 | 1.52 | (0.15) |  | (0.15) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
|<br>**Diversified Value Fund** | **Net asset <br>value, end <br>of period** | **Total <br>return**<sup>2</sup> | **Net assets, <br>end of <br>period (in <br>thousands)** | **Expenses, <br>net of <br>reimbursement/<br>waiver** | **Expenses, <br>before <br>reimbursement/<br>waiver** | **Net <br>investment <br>income <br>(loss)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended<br>12/31/2022\* | $24.50 | 8.84% | $52466 | 0.80%<sup>3</sup> | 1.04%<sup>3</sup> | 1.19%<sup>3</sup> |
| Year ended 6/30/2022 | 22.76 | –8.27 | 50757 | 0.80 | 1.01 | 0.98 |
| Year ended 6/30/2021 | 25.09 | 67.14 | 63906 | 0.80 | 1.03 | 1.24 |
| Year ended 6/30/2020 | 15.31 | –17.51 | 46372 | 0.80 | 1.04 | 1.83 |
| Year ended 6/30/2019 | 18.90 | 2.08 | 63333 | 0.83 | 0.99 | 1.65 |
| Year ended 6/30/2018 | 18.80 | 9.81 | 65503 | 0.95 | 1.02 | 1.25 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended<br>12/31/2022\* | 24.62 | 8.68 | 33857 | 1.05<sup>3</sup> | 1.25<sup>3</sup> | 0.95<sup>3</sup> |
| Year ended 6/30/2022 | 22.84 | –8.49 | 32489 | 1.05 | 1.22 | 0.72 |
| Year ended 6/30/2021 | 25.18 | 66.74 | 43719 | 1.05 | 1.24 | 1.00 |
| Year ended 6/30/2020 | 15.36 | –17.68 | 24972 | 1.05 | 1.25 | 1.57 |
| Year ended 6/30/2019 | 18.95 | 1.78 | 35807 | 1.08 | 1.24 | 1.39 |
| Year ended 6/30/2018 | 18.85 | 9.57 | 39616 | 1.20 | 1.27 | 1.00 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended <br>12/31/2022\* | 24.62 | 8.32 | 557 | 1.80<sup>3</sup> | 2.04<sup>3</sup> | 0.18<sup>3</sup> |
| Year ended 6/30/2022 | 22.73 | –9.20 | 722 | 1.80 | 1.98 | (0.04) |
| Year ended 6/30/2021 | 25.07 | 65.57 | 1141 | 1.80 | 1.97 | 0.25 |
| Year ended 6/30/2020 | 15.24 | –18.33 | 1069 | 1.80 | 1.98 | 0.80 |
| Year ended 6/30/2019 | 18.77 | 0.98 | 2141 | 1.83 | 1.99 | 0.64 |
| Year ended 6/30/2018 | 18.64 | 8.77 | 2598 | 1.95 | 2.02 | 0.25 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
| | **Six Months Ended** <br>**December 31, 2022\*** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate** | 11% | 28% | 32% | 28% | 26% | 28% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** |
|<br>**Large Cap Value Fund** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net<br>investment<br>income<br>(loss)**<sup>1</sup> | **Net gains <br>(losses) on <br>securities<br>(both <br>realized and <br>unrealized)** | **Total from <br>investment<br>operations** | **Dividends<br>(from net <br>investment<br>income)** | **Distributions<br>(from <br>capital<br>gains)** | **Total<br>distributions** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $38.92 | $0.25 | $2.89 | $3.14 | $(0.53) | $(2.76) | $(3.29) |
| Year ended 6/30/2022 | 43.29 | 0.41 | (4.40) | (3.99) | (0.38) |  | (0.38) |
| Year ended 6/30/2021 | 26.81 | 0.41 | 16.64 | 17.05 | (0.57) |  | (0.57) |
| Year ended 6/30/2020 | 33.29 | 0.53 | (6.44) | (5.91) | (0.57) |  | (0.57) |
| Year ended 6/30/2019 | 33.57 | 0.51 | 0.19 | 0.70 | (0.64) | (0.34) | (0.98) |
| Year ended 6/30/2018 | 31.04 | 0.42 | 2.67 | 3.09 | (0.56) |  | (0.56) |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended <br>12/31/2022\* | 38.66 | 0.20 | 2.87 | 3.07 | (0.40) | (2.76) | (3.16) |
| Year ended 6/30/2022 | 43.04 | 0.31 | (4.38) | (4.07) | (0.31) |  | (0.31) |
| Year ended 6/30/2021 | 26.67 | 0.33 | 16.56 | 16.89 | (0.52) |  | (0.52) |
| Year ended 6/30/2020 | 33.14 | 0.46 | (6.45) | (5.99) | (0.48) |  | (0.48) |
| Year ended 6/30/2019 | 33.36 | 0.41 | 0.22 | 0.63 | (0.51) | (0.34) | (0.85) |
| Year ended 6/30/2018 | 30.85 | 0.34 | 2.65 | 2.99 | (0.48) |  | (0.48) |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended <br>12/31/2022\* | 38.24 | 0.04 | 2.83 | 2.87 | (0.04) | (2.76) | (2.80) |
| Year ended 6/30/2022 | 42.57 | (0.02) | (4.31) | (4.33) |  |  |  |
| Year ended 6/30/2021 | 26.26 | 0.05 | 16.36 | 16.41 | (0.10) |  | (0.10) |
| Year ended 6/30/2020 | 32.59 | 0.24 | (6.36) | (6.12) | (0.21) |  | (0.21) |
| Year ended 6/30/2019 | 32.68 | 0.17 | 0.25 | 0.42 | (0.17) | (0.34) | (0.51) |
| Year ended 6/30/2018 | 30.16 | 0.08 | 2.61 | 2.69 | (0.17) |  | (0.17) |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Six months ended <br>12/31/2022\* | 38.92 | 0.26 | 2.90 | 3.16 | (0.57) | (2.76) | (3.33) |
| Year ended 6/30/2022 | 43.30 | 0.46 | (4.40) | (3.94) | (0.44) |  | (0.44) |
| Year ended 6/30/2021 | 26.82 | 0.47 | 16.63 | 17.10 | (0.62) |  | (0.62) |
| Period from 9/30/2019<sup>4</sup> <br>to 6/30/2020 | 33.12 | 0.49 | (6.19) | (5.70) | (0.60) |  | (0.60) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
|<br>**Large Cap Value Fund** | **Net asset <br>value, end <br>of period** | **Total<br>return**<sup>2</sup> | **Net assets, <br>end of <br>period (in <br>thousands)** | **Expenses, <br>net of <br>reimbursement/<br>waiver** | **Expenses, <br>before<br>reimbursement/<br>waiver** | **Net<br>investment<br>income<br>(loss)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $38.77 | 7.98% | $211644 | 0.95%<sup>3</sup> | 1.00%<sup>3</sup> | 1.24%<sup>3</sup> |
| Year ended 6/30/2022 | 38.92 | –9.31 | 214692 | 0.95 | 0.97 | 0.93 |
| Year ended 6/30/2021 | 43.29 | 64.20 | 293318 | 0.95 | 0.98 | 1.19 |
| Year ended 6/30/2020 | 26.81 | –18.18 | 257544 | 0.95 | 0.95 | 1.72 |
| Year ended 6/30/2019 | 33.29 | 2.51 | 357191 | 0.95 | 0.95 | 1.56 |
| Year ended 6/30/2018 | 33.57 | 10.01 | 276930 | 1.00 | 1.00 | 1.28 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended <br>12/31/2022\* | 38.57 | 7.87 | 133847 | 1.20<sup>3</sup> | 1.21<sup>3</sup> | 0.98<sup>3</sup> |
| Year ended 6/30/2022 | 38.66 | –9.53 | 150260 | 1.18 | 1.18 | 0.71 |
| Year ended 6/30/2021 | 43.04 | 63.82 | 149051 | 1.18 | 1.18 | 0.96 |
| Year ended 6/30/2020 | 26.67 | –18.42 | 113504 | 1.20 | 1.20 | 1.49 |
| Year ended 6/30/2019 | 33.14 | 2.24 | 116354 | 1.20 | 1.20 | 1.26 |
| Year ended 6/30/2018 | 33.36 | 9.72 | 131276 | 1.25 | 1.25 | 1.03 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended <br>12/31/2022\* | 38.31 | 7.42 | 3831 | 1.95<sup>3</sup> | 1.97<sup>3</sup> | 0.22<sup>3</sup> |
| Year ended 6/30/2022 | 38.24 | –10.17 | 4691 | 1.91 | 1.91 | (0.05) |
| Year ended 6/30/2021 | 42.57 | 62.60 | 7467 | 1.92 | 1.92 | 0.16 |
| Year ended 6/30/2020 | 26.26 | –18.93 | 9567 | 1.88 | 1.88 | 0.78 |
| Year ended 6/30/2019 | 32.59 | 1.49 | 14948 | 1.95 | 1.95 | 0.55 |
| Year ended 6/30/2018 | 32.68 | 8.92 | 14161 | 2.00 | 2.00 | 0.26 |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Six months ended <br>12/31/2022\* | 38.75 | 8.02 | 24756 | 0.88<sup>3</sup> | 0.88<sup>3</sup> | 1.26<sup>3</sup> |
| Year ended 6/30/2022 | 38.92 | –9.22 | 35081 | 0.86 | 0.86 | 1.07 |
| Year ended 6/30/2021 | 43.30 | 64.34 | 12958 | 0.84 | 0.84 | 1.33 |
| Period from 9/30/2019<sup>4</sup> <br>to 6/30/2020 | 26.82 | –17.65 | 6943 | 0.83<sup>3</sup> | 0.83<sup>3</sup> | 2.37<sup>3</sup> |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
| | **Six Months Ended**<br>**December 31, 2022\*** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate** | 12% | 35% | 25% | 29% | 23% | 41% |

---

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

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

*<sup>3</sup> Annualized.*

*<sup>4</sup> Commencement of operations.*

*\* Unaudited*

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

------

**Financial Highlights**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** |
|<br>**Mid-Cap Value Fund** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net<br>investment<br>income<br>(loss)**<sup>1</sup> | **Net gains<br>(losses) on <br>securities<br>(both <br>realized and <br>unrealized)** | **Total from <br>investment<br>operations** | **Dividends<br>(from net <br>investment<br>income)** | **Distributions<br>(from <br>capital<br>gains)** | **Total<br>distributions** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $40.71 | $0.27 | $4.01 | $4.28 | $(0.22) | $— | $(0.22) |
| Year ended 6/30/2022 | 42.23 | 0.22 | (1.18) | (0.96) | (0.56) |  | (0.56) |
| Year ended 6/30/2021 | 22.27 | 0.48 | 20.20 | 20.68 | (0.72) |  | (0.72) |
| Year ended 6/30/2020 | 33.10 | 0.51 | (10.82) | (10.31) | (0.52) |  | (0.52) |
| Year ended 6/30/2019 | 39.68 | 0.24 | (5.94) | (5.70) | (0.33) | (0.55) | (0.88) |
| Year ended 6/30/2018 | 37.13 | 0.11 | 4.96 | 5.07 | (0.15) | (2.37) | (2.52) |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended <br>12/31/2022\* | 39.99 | 0.22 | 3.95 | 4.17 | (0.13) |  | (0.13) |
| Year ended 6/30/2022 | 41.52 | 0.13 | (1.15) | (1.02) | (0.51) |  | (0.51) |
| Year ended 6/30/2021 | 21.93 | 0.43 | 19.87 | 20.30 | (0.71) |  | (0.71) |
| Year ended 6/30/2020 | 32.53 | 0.43 | (10.65) | (10.22) | (0.38) |  | (0.38) |
| Year ended 6/30/2019 | 39.03 | 0.15 | (5.82) | (5.67) | (0.28) | (0.55) | (0.83) |
| Year ended 6/30/2018 | 36.57 | 0.01 | 4.88 | 4.89 | (0.06) | (2.37) | (2.43) |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended <br>12/31/2022\* | 34.61 | 0.05 | 3.41 | 3.46 |  |  |  |
| Year ended 6/30/2022 | 35.80 | (0.17) | (1.01) | (1.18) | (0.01) |  | (0.01) |
| Year ended 6/30/2021 | 19.01 | 0.15 | 17.19 | 17.34 | (0.55) |  | (0.55) |
| Year ended 6/30/2020 | 28.12 | 0.20 | (9.27) | (9.07) | (0.04) |  | (0.04) |
| Year ended 6/30/2019 | 33.93 | (0.10) | (5.05) | (5.15) | (0.11) | (0.55) | (0.66) |
| Year ended 6/30/2018 | 32.26 | (0.24) | 4.28 | 4.04 |  | (2.37) | (2.37) |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Six months ended <br>12/31/2022\* | 40.72 | 0.30 | 4.02 | 4.32 | (0.28) |  | (0.28) |
| Year ended 6/30/2022 | 42.25 | 0.29 | (1.19) | (0.90) | (0.63) |  | (0.63) |
| Year ended 6/30/2021 | 22.26 | 0.56 | 20.19 | 20.75 | (0.76) |  | (0.76) |
| Period from 9/30/2019<sup>4</sup> <br>to 6/30/2020 | 30.67 | 0.40 | (8.25) | (7.85) | (0.56) |  | (0.56) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
|<br>**Mid-Cap Value Fund** | **Net asset <br>value, end <br>of period** | **Total<br>return**<sup>2</sup> | **Net assets, <br>end of <br>period (in <br>thousands)** | **Expenses, <br>net of <br>reimbursement/<br>waiver** | **Expenses, <br>before<br>reimbursement/<br>waiver** | **Net<br>investment<br>income<br>(loss)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $44.77 | 10.52% | $331199 | 1.00%<sup>3</sup> | 1.00%<sup>3</sup> | 1.25%<sup>3</sup> |
| Year ended 6/30/2022 | 40.71 | –2.34 | 286887 | 1.01 | 1.01 | 0.51 |
| Year ended 6/30/2021 | 42.23 | 93.96 | 302584 | 1.04 | 1.04 | 1.50 |
| Year ended 6/30/2020 | 22.27 | –31.62 | 202902 | 1.04 | 1.04 | 1.73 |
| Year ended 6/30/2019 | 33.10 | –14.29 | 1044280 | 1.00 | 1.00 | 0.67 |
| Year ended 6/30/2018 | 39.68 | 14.32 | 1609002 | 0.99 | 0.99 | 0.28 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended <br>12/31/2022\* | 44.03 | 10.43 | 122985 | 1.21<sup>3</sup> | 1.21<sup>3</sup> | 1.02<sup>3</sup> |
| Year ended 6/30/2022 | 39.99 | –2.54 | 111771 | 1.21 | 1.21 | 0.31 |
| Year ended 6/30/2021 | 41.52 | 93.63 | 118947 | 1.23 | 1.23 | 1.35 |
| Year ended 6/30/2020 | 21.93 | –31.78 | 71919 | 1.22 | 1.22 | 1.56 |
| Year ended 6/30/2019 | 32.53 | –14.48 | 159676 | 1.25 | 1.25 | 0.43 |
| Year ended 6/30/2018 | 39.03 | 14.05 | 230105 | 1.24 | 1.24 | 0.03 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended <br>12/31/2022\* | 38.07 | 10.00 | 5161 | 1.98<sup>3</sup> | 1.98<sup>3</sup> | 0.26<sup>3</sup> |
| Year ended 6/30/2022 | 34.61 | –3.29 | 4480 | 1.97 | 1.97 | (0.46) |
| Year ended 6/30/2021 | 35.80 | 92.13 | 8206 | 2.01 | 2.01 | 0.57 |
| Year ended 6/30/2020 | 19.01 | –32.29 | 8389 | 1.96 | 1.96 | 0.82 |
| Year ended 6/30/2019 | 28.12 | –15.15 | 24447 | 2.00 | 2.00 | (0.33) |
| Year ended 6/30/2018 | 33.93 | 13.20 | 39383 | 1.99 | 1.99 | (0.72) |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Six months ended <br>12/31/2022\* | 44.76 | 10.60 | 31460 | 0.88<sup>3</sup> | 0.88<sup>3</sup> | 1.35<sup>3</sup> |
| Year ended 6/30/2022 | 40.72 | –2.23 | 30870 | 0.87 | 0.87 | 0.65 |
| Year ended 6/30/2021 | 42.25 | 94.35 | 22879 | 0.88 | 0.88 | 1.75 |
| Period from 9/30/2019<sup>4</sup> <br>to 6/30/2020 | 22.26 | –26.16 | 15976 | 0.89<sup>3</sup> | 0.89<sup>3</sup> | 2.12<sup>3</sup> |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
| | **Six Months Ended** <br>**December 31, 2022\*** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate** | 17% | 41% | 37% | 27% | 34% | 32% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** |
|<br>**Small Cap Value Fund** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net<br>investment<br>income<br>(loss)**<sup>1</sup> | **Net gains<br>(losses) on<br>securities<br>(both <br>realized and <br>unrealized)** | **Total from <br>investment<br>operations** | **Dividends<br>(from net <br>investment<br>income)** | **Distributions<br>(from <br>capital<br>gains)** | **Total<br>distributions** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $66.00 | $0.39 | $7.98 | $8.37 | $(0.42) | $(8.39) | $(8.81) |
| Year ended 6/30/2022 | 68.58 | 0.27 | (2.59) | (2.32) | (0.26) |  | (0.26) |
| Year ended 6/30/2021 | 38.22 | 0.23 | 30.56 | 30.79 | (0.43) |  | (0.43) |
| Year ended 6/30/2020 | 53.27 | 0.45 | (12.86) | (12.41) | (0.48) | (2.16) | (2.64) |
| Year ended 6/30/2019 | 63.89 | 0.35 | (6.34) | (5.99) | (0.33) | (4.30) | (4.63) |
| Year ended 6/30/2018 | 59.31 | 0.29 | 7.35 | 7.64 | (0.28) | (2.78) | (3.06) |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended <br>12/31/2022\* | 65.67 | 0.33 | 7.93 | 8.26 | (0.34) | (8.39) | (8.73) |
| Year ended 6/30/2022 | 68.24 | 0.16 | (2.58) | (2.42) | (0.15) |  | (0.15) |
| Year ended 6/30/2021 | 38.03 | 0.14 | 30.41 | 30.55 | (0.34) |  | (0.34) |
| Year ended 6/30/2020 | 52.98 | 0.36 | (12.83) | (12.47) | (0.32) | (2.16) | (2.48) |
| Year ended 6/30/2019 | 63.49 | 0.18 | (6.26) | (6.08) | (0.13) | (4.30) | (4.43) |
| Year ended 6/30/2018 | 58.93 | 0.12 | 7.32 | 7.44 | (0.10) | (2.78) | (2.88) |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended <br>12/31/2022\* | 52.23 | 0.07 | 6.30 | 6.37 | (0.08) | (8.39) | (8.47) |
| Year ended 6/30/2022 | 54.55 | (0.27) | (2.05) | (2.32) |  |  |  |
| Year ended 6/30/2021 | 30.49 | (0.19) | 24.33 | 24.14 | (0.08) |  | (0.08) |
| Year ended 6/30/2020 | 42.94 | 0.02 | (10.31) | (10.29) |  | (2.16) | (2.16) |
| Year ended 6/30/2019 | 52.65 | (0.21) | (5.20) | (5.41) |  | (4.30) | (4.30) |
| Year ended 6/30/2018 | 49.60 | (0.28) | 6.11 | 5.83 |  | (2.78) | (2.78) |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Six months ended <br>12/31/2022\* | 66.04 | 0.47 | 7.97 | 8.44 | (0.55) | (8.39) | (8.94) |
| Year ended 6/30/2022 | 68.62 | 0.42 | (2.60) | (2.18) | (0.40) |  | (0.40) |
| Year ended 6/30/2021 | 38.23 | 0.35 | 30.55 | 30.90 | (0.51) |  | (0.51) |
| Period from 9/30/2019<sup>4</sup> <br>to 6/30/2020 | 52.15 | 0.56 | (11.79) | (11.23) | (0.53) | (2.16) | (2.69) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
|<br>**Small Cap Value Fund** | **Net asset <br>value, end <br>of period** | **Total<br>return**<sup>2</sup> | **Net assets, <br>end of <br>period (in <br>thousands)** | **Expenses, <br>net of <br>reimbursement/<br>waiver** | **Expenses, <br>before<br>reimbursement/<br>waiver** | **Net<br>investment<br>income<br>(loss)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $65.56 | 12.59% | $601096 | 1.05%<sup>3</sup> | 1.05%<sup>3</sup> | 1.08%<sup>3</sup> |
| Year ended 6/30/2022 | 66.00 | –3.42 | 510545 | 1.06 | 1.06 | 0.38 |
| Year ended 6/30/2021 | 68.58 | 80.88 | 512396 | 1.07 | 1.07 | 0.44 |
| Year ended 6/30/2020 | 38.22 | –24.70 | 335080 | 1.05 | 1.05 | 0.94 |
| Year ended 6/30/2019 | 53.27 | –8.97 | 670391 | 1.03 | 1.03 | 0.61 |
| Year ended 6/30/2018 | 63.89 | 13.33 | 715194 | 1.02 | 1.02 | 0.47 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended <br>12/31/2022\* | 65.20 | 12.49 | 45537 | 1.21<sup>3</sup> | 1.21<sup>3</sup> | 0.93<sup>3</sup> |
| Year ended 6/30/2022 | 65.67 | –3.56 | 33250 | 1.21 | 1.21 | 0.23 |
| Year ended 6/30/2021 | 68.24 | 80.58 | 35039 | 1.25 | 1.25 | 0.27 |
| Year ended 6/30/2020 | 38.03 | –24.86 | 26028 | 1.25 | 1.25 | 0.76 |
| Year ended 6/30/2019 | 52.98 | –9.20 | 44240 | 1.28 | 1.28 | 0.32 |
| Year ended 6/30/2018 | 63.49 | 13.05 | 70928 | 1.27 | 1.27 | 0.20 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended <br>12/31/2022\* | 50.13 | 12.07 | 1777 | 1.95<sup>3</sup> | 1.95<sup>3</sup> | 0.24<sup>3</sup> |
| Year ended 6/30/2022 | 52.23 | –4.25 | 1157 | 1.94 | 1.94 | (0.48) |
| Year ended 6/30/2021 | 54.55 | 79.25 | 2026 | 1.99 | 1.99 | (0.46) |
| Year ended 6/30/2020 | 30.49 | –25.40 | 3528 | 1.95 | 1.95 | 0.05 |
| Year ended 6/30/2019 | 42.94 | –9.86 | 7496 | 2.03 | 2.03 | (0.44) |
| Year ended 6/30/2018 | 52.65 | 12.21 | 13824 | 2.02 | 2.02 | (0.55) |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Six months ended <br>12/31/2022\* | 65.54 | 12.69 | 10.554 | 0.86<sup>3</sup> | 0.86<sup>3</sup> | 1.30<sup>3</sup> |
| Year ended 6/30/2022 | 66.04 | –3.22 | 9394 | 0.86 | 0.86 | 0.59 |
| Year ended 6/30/2021 | 68.62 | 81.23 | 10246 | 0.87 | 0.87 | 0.65 |
| Period from 9/30/2019<sup>4</sup> <br>to 6/30/2020 | 38.23 | –22.99 | 6540 | 0.87<sup>3</sup> | 0.87<sup>3</sup> | 1.72<sup>3</sup> |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
| | **Six Months Ended** <br>**December 31, 2022\*** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate** | 23% | 49% | 36% | 34% | 40% | 29% |

---

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

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

*<sup>3</sup>   Annualized.*

*<sup>4</sup>   Commencement of operations.*

*\* Unaudited*

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

------

**Financial Highlights**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** |
|<br>**Small Cap Diversified <br>Value Fund** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net<br>investment<br>income**<sup>1</sup> | **Net gains <br>(losses) on <br>securities<br>(both <br>realized and <br>unrealized)** | **Total from <br>investment<br>operations** | **Dividends<br>(from net <br>investment<br>income)** | **Distributions<br>(from <br>capital<br>gains)** | **Total<br>distributions** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $11.91 | $0.11 | $0.84 | $0.95 | $(0.19) | $(0.91) | $(1.10) |
| Year ended 6/30/2022 | 13.99 | 0.17 | (1.38) | (1.21) | (0.14) | (0.73) | (0.87) |
| Year ended 6/30/2021 | 7.88 | 0.14 | 6.07 | 6.21 | (0.10) |  | (0.10) |
| Year ended 6/30/2020 | 10.08 | 0.12 | (2.23) | (2.11) | (0.09) |  | (0.09) |
| Year ended 6/30/2019 | 12.21 | 0.10 | (1.30) | (1.20) | (0.08) | (0.85) | (0.93) |
| Year ended 6/30/2018 | 12.06 | 0.10 | 1.85 | 1.95 | (0.05) | (1.75) | (1.80) |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended <br>12/31/2022\* | 11.83 | 0.10 | 0.82 | 0.92 | (0.16) | (0.91) | (1.07) |
| Year ended 6/30/2022 | 13.91 | 0.13 | (1.36) | (1.23) | (0.12) | (0.73) | (0.85) |
| Year ended 6/30/2021 | 7.83 | 0.11 | 6.06 | 6.17 | (0.09) |  | (0.09) |
| Year ended 6/30/2020 | 10.03 | 0.10 | (2.24) | (2.14) | (0.06) |  | (0.06) |
| Year ended 6/30/2019 | 12.14 | 0.06 | (1.26) | (1.20) | (0.06) | (0.85) | (0.91) |
| Year ended 6/30/2018 | 12.01 | 0.07 | 1.84 | 1.91 | (0.03) | (1.75) | (1.78) |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Six months ended <br>12/31/2022\* | 11.90 | 0.12 | 0.82 | 0.94 | (0.19) | (0.91) | (1.10) |
| Year ended 6/30/2022 | 13.99 | 0.18 | (1.39) | (1.21) | (0.15) | (0.73) | (0.88) |
| Year ended 6/30/2021 | 7.87 | 0.15 | 6.07 | 6.22 | (0.10) |  | (0.10) |
| Period from 9/30/2019<sup>4</sup> <br>to 6/30/2020 | 10.02 | 0.09 | (2.14) | (2.05) | (0.10) |  | (0.10) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
|<br>**Small Cap Diversified <br>Value Fund** | **Net asset <br>value, end <br>of period** | **Total<br>return**<sup>2</sup> | **Net assets, <br>end of <br>period (in <br>thousands)** | **Expenses, <br>net of <br>reimbursement/<br>waiver** | **Expenses, <br>before<br>reimbursement/<br>waiver** | **Net <br>investment<br>income** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $11.76 | 7.88% | $534048 | 0.80%<sup>3</sup> | 0.86%<sup>3</sup> | 1.82%<sup>3</sup> |
| Year ended 6/30/2022 | 11.91 | –9.34 | 461866 | 0.80 | 0.87 | 1.26 |
| Year ended 6/30/2021 | 13.99 | 79.26 | 427708 | 0.80 | 0.87 | 1.21 |
| Year ended 6/30/2020 | 7.88 | –21.14 | 143415 | 0.82 | 0.92 | 1.37 |
| Year ended 6/30/2019 | 10.08 | –9.23 | 95405 | 0.90 | 1.06 | 0.91 |
| Year ended 6/30/2018 | 12.21 | 17.48 | 40128 | 0.90 | 1.45 | 0.80 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended <br>12/31/2022\* | 11.68 | 7.70 | 8439 | 1.05<sup>3</sup> | 1.14<sup>3</sup> | 1.58<sup>3</sup> |
| Year ended 6/30/2022 | 11.83 | –9.57 | 5839 | 1.05 | 1.15 | 0.98 |
| Year ended 6/30/2021 | 13.91 | 79.09 | 8668 | 1.05 | 1.14 | 0.96 |
| Year ended 6/30/2020 | 7.83 | –21.48 | 1535 | 1.07 | 1.18 | 1.06 |
| Year ended 6/30/2019 | 10.03 | –9.35 | 2875 | 1.15 | 1.36 | 0.55 |
| Year ended 6/30/2018 | 12.14 | 17.18 | 2835 | 1.15 | 1.70 | 0.58 |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Six months ended <br>12/31/2022\* | 11.74 | 7.85 | 50517 | 0.76<sup>3</sup> | 0.76<sup>3</sup> | 1.98<sup>3</sup> |
| Year ended 6/30/2022 | 11.90 | –9.38 | 2458 | 0.76 | 0.76 | 1.33 |
| Year ended 6/30/2021 | 13.99 | 79.45 | 1186 | 0.77 | 0.77 | 1.25 |
| Period from 9/30/2019<sup>4</sup> <br>to 6/30/2020 | 7.87 | –20.75 | 40 | 0.80<sup>3</sup> | 0.84<sup>3</sup> | 1.41<sup>3</sup> |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
| | **Six Months Ended** <br>**December 31, 2022\*** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate** | 44% | 38% | 42% | 53% | 84% | 95% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** |
|<br>**Global Value Fund** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net<br>investment<br>income**<sup>1</sup> | **Net gains <br>(losses) on <br>securities<br>(both <br>realized and <br>unrealized)** | **Total from <br>investment<br>operations** | **Dividends<br>(from net <br>investment<br>income)** | **Distributions<br>(from <br>capital<br>gains)** | **Total<br>distributions** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $12.64 | $0.04 | $0.54 | $0.58 | $(0.14) | $(0.36) | $(0.50) |
| Year ended 6/30/2022 | 14.44 | 0.14 | (1.84) | (1.70) | (0.10) |  | (0.10) |
| Year ended 6/30/2021 | 8.96 | 0.10 | 5.56 | 5.66 | (0.18) |  | (0.18) |
| Year ended 6/30/2020 | 11.55 | 0.14 | (2.42) | (2.28) | (0.13) | (0.18) | (0.31) |
| Year ended 6/30/2019 | 13.30 | 0.23 | (0.94) | (0.71) | (0.14) | (0.90) | (1.04) |
| Year ended 6/30/2018 | 12.82 | 0.11 | 1.09 | 1.20 | (0.13) | (0.59) | (0.72) |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended <br>12/31/2022\* | 12.63 | 0.03 | 0.53 | 0.56 | (0.10) | (0.36) | (0.46) |
| Year ended 6/30/2022 | 14.43 | 0.11 | (1.84) | (1.73) | (0.07) |  | (0.07) |
| Year ended 6/30/2021 | 8.96 | 0.08 | 5.54 | 5.62 | (0.15) |  | (0.15) |
| Year ended 6/30/2020 | 11.55 | 0.11 | (2.41) | (2.30) | (0.11) | (0.18) | (0.29) |
| Year ended 6/30/2019 | 13.28 | 0.09 | (0.83) | (0.74) | (0.09) | (0.90) | (0.99) |
| Year ended 6/30/2018 | 12.80 | 0.07 | 1.10 | 1.17 | (0.10) | (0.59) | (0.69) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
|<br>**Global Value Fund** | **Net asset <br>value, end <br>of period** | **Total<br>return**<sup>2</sup> | **Net assets, <br>end of <br>period (in <br>thousands)** | **Expenses, <br>net of <br>reimbursement/<br>waiver** | **Expenses, <br>before<br>reimbursement/<br>waiver** | **Net<br>investment<br>income** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $12.72 | 4.63% | $31959 | 0.95%<sup>3</sup> | 1.25%<sup>3</sup> | 0.69%<sup>3</sup> |
| Year ended 6/30/2022 | 12.64 | –11.86 | 31800 | 0.95 | 1.22 | 0.98 |
| Year ended 6/30/2021 | 14.44 | 63.58 | 36025 | 0.95 | 1.29 | 0.83 |
| Year ended 6/30/2020 | 8.96 | –20.42 | 25148 | 0.95 | 1.32 | 1.31 |
| Year ended 6/30/2019 | 11.55 | –4.57 | 39749 | 0.96 | 1.62 | 2.02 |
| Year ended 6/30/2018 | 13.30 | 9.59 | 8987 | 1.10 | 2.87 | 0.83 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended <br>12/31/2022\* | 12.73 | 4.42 | 1332 | 1.20<sup>3</sup> | 1.50<sup>3</sup> | 0.44<sup>3</sup> |
| Year ended 6/30/2022 | 12.63 | –12.07 | 1290 | 1.20 | 1.46 | 0.73 |
| Year ended 6/30/2021 | 14.43 | 63.05 | 1484 | 1.20 | 1.48 | 0.58 |
| Year ended 6/30/2020 | 8.96 | –20.57 | 168 | 1.20 | 1.62 | 1.05 |
| Year ended 6/30/2019 | 11.55 | –4.85 | 238 | 1.24 | 2.64 | 0.72 |
| Year ended 6/30/2018 | 13.28 | 9.36 | 732 | 1.35 | 3.12 | 0.55 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
| | **Six Months Ended** <br>**December 31, 2022\*** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate** | 17% | 38% | 39% | 36% | 36% | 43% |

---

*<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the period.*

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

*<sup>3</sup> Annualized.*

*<sup>4</sup> Commencement of operations.*

*\* Unaudited*

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

------

**Financial Highlights**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** |
|<br>**International Value Fund** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net<br>investment<br>income**<sup>1</sup> | **Net gains <br>(losses) on <br>securities<br>(both <br>realized and <br>unrealized)** | **Total from <br>investment<br>operations** | **Dividends<br>(from net <br>investment<br>income)** | **Distributions<br>(from <br>capital<br>gains)** | **Total<br>distributions** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $10.35 | $0.05 | $0.69 | $0.74 | $(0.23) | $(0.12) | $(0.35) |
| Year ended 6/30/2022 | 11.66 | 0.27 | (1.41) | (1.14) | (0.17) |  | (0.17) |
| Year ended 6/30/2021 | 7.59 | 0.15 | 4.04 | 4.19 | (0.12) |  | (0.12) |
| Year ended 6/30/2020 | 9.77 | 0.13 | (1.96) | (1.83) | (0.19) | (0.16) | (0.35) |
| Year ended 6/30/2019 | 11.57 | 0.19 | (1.27) | (1.08) | (0.14) | (0.58) | (0.72) |
| Year ended 6/30/2018 | 11.85 | 0.11 | 0.31 | 0.42 | (0.13) | (0.57) | (0.70) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
|<br>**International Value Fund** | **Net asset <br>value, end <br>of period** | **Total<br>return**<sup>2</sup> | **Net assets, <br>end of <br>period (in <br>thousands)** | **Expenses, <br>net of <br>reimbursement/<br>waiver** | **Expenses, <br>before<br>reimbursement/<br>waiver** | **Net<br>investment<br>income** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $10.74 | 7.11% | $2868 | 0.95%<sup>3</sup> | 5.31%<sup>3</sup> | 1.03%<sup>3</sup> |
| Year ended 6/30/2022 | 10.35 | –9.82 | 2708 | 0.95 | 4.87 | 2.35 |
| Year ended 6/30/2021 | 11.66 | 55.37 | 2554 | 0.95 | 5.13 | 1.56 |
| Year ended 6/30/2020 | 7.59 | –19.66 | 1874 | 0.95 | 6.10 | 1.39 |
| Year ended 6/30/2019 | 9.77 | –9.04 | 2334 | 0.99 | 5.94 | 1.85 |
| Year ended 6/30/2018 | 11.57 | 3.50 | 2543 | 1.15 | 6.01 | 0.90 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
| | **Six Months Ended** <br>**December 31, 2022\*** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate** | 12% | 20% | 29% | 30% | 42% | 33% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** |
|<br>**International Small Cap <br>Diversified Value Fund** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net<br>investment<br>income**<sup>1</sup> | **Net gains <br>(losses) on <br>securities <br>(both <br>realized and<br>unrealized)** | **Total from <br>investment<br>operations** | **Dividends<br>(from net <br>investment<br>income)** | **Distributions<br>(from <br>capital<br>gains)** | **Total<br>distributions** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $10.29 | $0.07 | $0.71 | $0.78 | $(0.20) | $(0.36) | $(0.56) |
| Year ended 6/30/2022 | 14.83 | 0.25 | (2.01) | (1.76) | (0.39) | (2.39) | (2.78) |
| Period from 6/30/2020<sup>4</sup> <br>to 6/30/2021 | 10.00 | 0.24 | 4.87 | 5.11 | (0.08) | (0.20) | (0.28) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
|<br>**International Small Cap <br>Diversified Value Fund** | **Net asset <br>value, end <br>of period** | **Total<br>return**<sup>2</sup> | **Net assets, <br>end of <br>period (in <br>thousands)** | **Expenses, <br>net of <br>reimbursement/<br>waiver** | **Expenses, <br>before<br>reimbursement/<br>waiver** | **Net<br>investment<br>income** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $10.51 | 7.65% | $6025 | 0.99%<sup>3</sup> | 5.52%<sup>3</sup> | 1.39%<sup>3</sup> |
| Year ended 6/30/2022 | 10.29 | –14.28 | 5709 | 0.99 | 4.23 | 1.92 |
| Period from 6/30/2020<sup>4</sup> <br>to 6/30/2021 | 14.83 | 51.58 | 6661 | 0.99 | 4.27 | 1.91 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Year Ended June 30,** | **Year Ended June 30,** |
| | **Six Months Ended** <br>**December 31, 2022\*** | **2022** | **2021** |
| **Portfolio turnover rate** | 33% | 45% | 63% |

---

*<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the period.*

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

*<sup>3</sup> Annualized.*

*<sup>4</sup> Commencement of operations.*

*\* Unaudited*

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

------

**Financial Highlights**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** |
|<br>**Value Opportunities Fund** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net<br>investment<br>income<br>(loss)**<sub>1</sub> | **Net gains <br>(losses) on <br>securities<br>(both <br>realized and <br>unrealized)** | **Total from <br>investment<br>operations** | **Dividends<br>(from net <br>investment<br>income)** | **Distributions<br>(from <br>capital<br>gains)** | **Total<br>distributions** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $29.09 | $0.17 | $3.13 | $3.30 | $(0.08) | $(0.72) | $(0.80) |
| Year ended 6/30/2022 | 37.42 | 0.16 | (3.67) | (3.51) | (0.45) | (4.37) | (4.82) |
| Year ended 6/30/2021 | 22.61 | 0.50 | 15.06 | 15.56 | (0.75) |  | (0.75) |
| Year ended 6/30/2020 | 28.08 | 0.49 | (5.28) | (4.79) | (0.32) | (0.36) | (0.68) |
| Year ended 6/30/2019 | 30.38 | 0.30 | 0.09 | 0.39 | (0.31) | (2.38) | (2.69) |
| Year ended 6/30/2018 | 27.99 | 0.40 | 2.93 | 3.33 | (0.53) | (0.41) | (0.94) |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended <br>12/31/2022\* | 29.09 | 0.13 | 3.13 | 3.26 | (0.04) | (0.72) | (0.76) |
| Year ended 6/30/2022 | 37.43 | 0.07 | (3.68) | (3.61) | (0.36) | (4.37) | (4.73) |
| Year ended 6/30/2021 | 22.66 | 0.43 | 15.06 | 15.49 | (0.72) |  | (0.72) |
| Year ended 6/30/2020 | 28.12 | 0.43 | (5.29) | (4.86) | (0.24) | (0.36) | (0.60) |
| Year ended 6/30/2019 | 30.40 | 0.22 | 0.10 | 0.32 | (0.22) | (2.38) | (2.60) |
| Year ended 6/30/2018 | 28.00 | 0.31 | 2.95 | 3.26 | (0.45) | (0.41) | (0.86) |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended <br>12/31/2022\* | 26.37 | 0.02 | 2.83 | 2.85 |  | (0.72) | (0.72) |
| Year ended 6/30/2022 | 34.31 | (0.18) | (3.31) | (3.49) | (0.08) | (4.37) | (4.45) |
| Year ended 6/30/2021 | 20.87 | 0.21 | 13.83 | 14.04 | (0.60) |  | (0.60) |
| Year ended 6/30/2020 | 25.94 | 0.23 | (4.90) | (4.67) | (0.04) | (0.36) | (0.40) |
| Year ended 6/30/2019 | 28.22 | 0.01 | 0.10 | 0.11 | (0.01) | (2.38) | (2.39) |
| Year ended 6/30/2018 | 26.04 | 0.08 | 2.74 | 2.82 | (0.23) | (0.41) | (0.64) |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Six months ended 12/31/2022\* | 29.09 | 0.18 | 3.13 | 3.31 | (0.09) | (0.72) | (0.81) |
| Year ended 6/30/2022 | 37.43 | 0.19 | (3.68) | (3.49) | (0.48) | (4.37) | (4.85) |
| Year ended 6/30/2021 | 22.62 | 0.55 | 15.04 | 15.59 | (0.78) |  | (0.78) |
| Period from 9/30/2019<sup>4</sup> <br>to 6/30/2020 | 27.79 | 0.37 | (4.84) | (4.47) | (0.34) | (0.36) | (0.70) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
|<br>**Value Opportunities Fund** | **Net asset <br>value, end <br>of period** | **Total<br>return**<sup>2</sup> | **Net assets, <br>end of <br>period (in <br>thousands)** | **Expenses, <br>net of <br>reimbursement/<br>waiver** | **Expenses, <br>before<br>reimbursement/<br>waiver** | **Net<br>investment<br>income<br>(loss)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $31.59 | 11.31% | $336664 | 0.96%<sup>3</sup> | 0.96%<sup>3</sup> | 1.06%<sup>3</sup> |
| Year ended 6/30/2022 | 29.09 | –11.50 | 326559 | 0.94 | 0.94 | 0.44 |
| Year ended 6/30/2021 | 37.42 | 69.77 | 390241 | 0.94 | 0.94 | 1.69 |
| Year ended 6/30/2020 | 22.61 | –17.56 | 401552 | 0.97 | 0.97 | 1.88 |
| Year ended 6/30/2019 | 28.08 | 2.45 | 588097 | 0.96 | 0.96 | 1.05 |
| Year ended 6/30/2018 | 30.38 | 12.11 | 453184 | 0.97 | 0.97 | 1.36 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended <br>12/31/2022\* | 31.59 | 11.17 | 73938 | 1.22<sup>3</sup> | 1.22<sup>3</sup> | 0.81<sup>3</sup> |
| Year ended 6/30/2022 | 29.09 | –11.72 | 70350 | 1.20 | 1.20 | 0.19 |
| Year ended 6/30/2021 | 37.43 | 69.24 | 83243 | 1.24 | 1.24 | 1.43 |
| Year ended 6/30/2020 | 22.66 | –17.73 | 72162 | 1.20 | 1.20 | 1.64 |
| Year ended 6/30/2019 | 28.12 | 2.18 | 131050 | 1.21 | 1.21 | 0.77 |
| Year ended 6/30/2018 | 30.40 | 11.84 | 136325 | 1.22 | 1.22 | 1.07 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended <br>12/31/2022\* | 28.50 | 10.73 | 18986 | 1.93<sup>3</sup> | 1.93<sup>3</sup> | 0.11<sup>3</sup> |
| Year ended 6/30/2022 | 26.37 | –12.34 | 19575 | 1.91 | 1.91 | (0.55) |
| Year ended 6/30/2021 | 34.31 | 68.05 | 27089 | 1.93 | 1.93 | 0.76 |
| Year ended 6/30/2020 | 20.87 | –18.32 | 26951 | 1.91 | 1.91 | 0.94 |
| Year ended 6/30/2019 | 25.94 | 1.44 | 47021 | 1.96 | 1.96 | 0.02 |
| Year ended 6/30/2018 | 28.22 | 10.99 | 49624 | 1.97 | 1.97 | 0.30 |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Six months ended 12/31/2022\* | 31.59 | 11.32 | 45227 | 0.88<sup>3</sup> | 0.88<sup>3</sup> | 1.14<sup>3</sup> |
| Year ended 6/30/2022 | 29.09 | –11.40 | 40582 | 0.86 | 0.86 | 0.52 |
| Year ended 6/30/2021 | 37.43 | 69.86 | 43886 | 0.87 | 0.87 | 1.81 |
| Period from 9/30/2019<sup>4</sup> <br>to 6/30/2020 | 22.62 | –16.61 | 16207 | 0.85<sup>3</sup> | 0.85<sup>3</sup> | 1.95<sup>3</sup> |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
| | **Six Months Ended** <br>**December 31, 2022\*** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate** | 32% | 75% | 76% | 47% | 60% | 55% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** |
|<br>**High Yield Fund** |<br>**Net asset<br>value,<br>beginning<br>of period** | **Net <br>investment <br>income**<sub>1</sub> | **Net gains <br>(losses) on <br>securities <br>(both <br>realized and <br>unrealized)** | **Total from <br>investment <br>operations** | **Dividends <br>(from net <br>investment <br>income)** | **Distributions <br>(from <br>capital <br>capital gains)** | **Total <br>distributions** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $9.83 | $0.29 | $0.03 | $0.32 | $(0.29) | $— | $(0.29) |
| Year ended 6/30/2022 | 11.58 | 0.51 | (1.75) | (1.24) | (0.51) |  | (0.51) |
| Year ended 6/30/2021 | 10.22 | 0.59 | 1.34 | 1.93 | (0.57) |  | (0.57) |
| Year ended 6/30/2020 | 11.69 | 0.65 | (1.48)<sup>5</sup> | (0.83) | (0.64) |  | (0.64) |
| Year ended 6/30/2019 | 11.90 | 0.69 | (0.21)<sup>5</sup> | 0.48 | (0.69) |  | (0.69) |
| Year ended 6/30/2018 | 12.26 | 0.72 | (0.37)<sup>5</sup> | 0.35 | (0.71) |  | (0.71) |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended <br>12/31/2022\* | 9.75 | 0.27 | 0.01 | 0.28 | (0.27) |  | (0.27) |
| Year ended 6/30/2022 | 11.48 | 0.48 | (1.73) | (1.25) | (0.48) |  | (0.48) |
| Year ended 6/30/2021 | 10.13 | 0.56 | 1.33 | 1.89 | (0.54) |  | (0.54) |
| Year ended 6/30/2020 | 11.62 | 0.63 | (1.51)<sup>5</sup> | (0.88) | (0.61) |  | (0.61) |
| Year ended 6/30/2019 | 11.83 | 0.65 | (0.20)<sup>5</sup> | 0.45 | (0.66) |  | (0.66) |
| Year ended 6/30/2018 | 12.18 | 0.69 | (0.37)<sup>6</sup> | 0.32 | (0.67) |  | (0.67) |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended <br>12/31/2022\* | 9.83 | 0.24 | 0.03 | 0.27 | (0.24) |  | (0.24) |
| Year ended 6/30/2022 | 11.57 | 0.40 | (1.74) | (1.34) | (0.40) |  | (0.40) |
| Year ended 6/30/2021 | 10.21 | 0.49 | 1.34 | 1.83 | (0.47) |  | (0.47) |
| Year ended 6/30/2020 | 11.68 | 0.55 | (1.48) | (0.93) | (0.54) |  | (0.54) |
| Year ended 6/30/2019 | 11.89 | 0.57 | (0.21) | 0.36 | (0.57) |  | (0.57) |
| Year ended 6/30/2018 | 12.26 | 0.60 | (0.38)<sup>5</sup> | 0.22 | (0.59) |  | (0.59) |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Six months ended <br>12/31/2022\* | 9.83 | 0.29 | 0.03 | 0.32 | (0.29) |  | (0.29) |
| Year ended 6/30/2022 | 11.58 | 0.52 | (1.75) | (1.23) | (0.52) |  | (0.52) |
| Year ended 6/30/2021 | 10.22 | 0.61 | 1.33 | 1.94 | (0.58) |  | (0.58) |
| Year ended 6/30/2020 | 11.70 | 0.64 | (1.46)<sup>5</sup> | (0.82) | (0.66) |  | (0.66) |
| Year ended 6/30/2019 | 11.90 | 0.70 | (0.20) | 0.50 | (0.70) |  | (0.70) |
| Period from 3/29/2018<sup>4</sup> <br>to 6/30/2018 | 12.00 | 0.19 | (0.12) | 0.07 | (0.17) |  | (0.17) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
|<br>**High Yield Fund** | **Net asset <br>value, end <br>of period** | **Total <br>return**<sup>2</sup> | **Net assets, <br>end of <br>period (in<br>thousands)** | **Expenses, <br>net of <br>reimbursement/<br>waiver** | **Expenses, <br>before <br>reimbursement/<br>waiver** | **Net <br>investment <br>income** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Six months ended <br>12/31/2022\* | $9.86 | 3.26% | $579652 | 0.70%<sup>3</sup> | 0.78%<sup>3</sup> | 5.72%<sup>3</sup> |
| Year ended 6/30/2022 | 9.83 | –11.12 | 642934 | 0.70 | 0.77 | 4.56 |
| Year ended 6/30/2021 | 11.58 | 19.32 | 857715 | 0.70 | 0.75 | 5.34 |
| Year ended 6/30/2020 | 10.22 | –7.26 | 978398 | 0.70 | 0.75 | 5.85 |
| Year ended 6/30/2019 | 11.69 | 4.19 | 1825782 | 0.70 | 0.75 | 5.87 |
| Year ended 6/30/2018 | 11.90 | 2.87 | 1918320 | 0.70 | 0.74 | 5.93 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended <br>12/31/2022\* | 9.76 | 2.93 | 28733 | 0.92<sup>3</sup> | 0.99<sup>3</sup> | 5.51<sup>3</sup> |
| Year ended 6/30/2022 | 9.75 | –11.28 | 29066 | 0.93 | 0.98 | 4.33 |
| Year ended 6/30/2021 | 11.48 | 19.09 | 39312 | 0.91 | 0.97 | 5.12 |
| Year ended 6/30/2020 | 10.13 | –7.77 | 43638 | 0.95 | 1.01 | 5.54 |
| Year ended 6/30/2019 | 11.62 | 3.92 | 303367 | 0.95 | 1.00 | 5.62 |
| Year ended 6/30/2018 | 11.83 | 2.68 | 466960 | 0.95 | 0.99 | 5.69 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended <br>12/31/2022\* | 9.86 | 2.73 | 656 | 1.70<sup>3</sup> | 1.77<sup>3</sup> | 4.71<sup>3</sup> |
| Year ended 6/30/2022 | 9.83 | –11.94 | 1078 | 1.70 | 1.77 | 3.55 |
| Year ended 6/30/2021 | 11.57 | 18.20 | 1769 | 1.66 | 1.71 | 4.41 |
| Year ended 6/30/2020 | 10.21 | –8.13 | 2596 | 1.64 | 1.69 | 4.95 |
| Year ended 6/30/2019 | 11.68 | 3.15 | 3599 | 1.70 | 1.75 | 4.88 |
| Year ended 6/30/2018 | 11.89 | 1.76 | 3380 | 1.70 | 1.74 | 4.93 |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| Six months ended <br>12/31/2022\* | 9.86 | 3.31 | 142482 | 0.60<sup>3</sup> | 0.67<sup>3</sup> | 5.83<sup>3</sup> |
| Year ended 6/30/2022 | 9.83 | –11.04 | 131847 | 0.60 | 0.65 | 4.66 |
| Year ended 6/30/2021 | 11.58 | 19.44 | 211034 | 0.60 | 0.65 | 5.56 |
| Year ended 6/30/2020 | 10.22 | –7.24 | 523848 | 0.60 | 0.65 | 6.02 |
| Year ended 6/30/2019 | 11.70 | 4.38 | 401268 | 0.60 | 0.65 | 5.99 |
| Period from 3/29/2018<sup>4</sup> <br>to 6/30/2018 | 11.90 | 0.59 | 328769 | 0.60<sup>3</sup> | 0.70<sup>3</sup> | 6.54<sup>3</sup> |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
| | **Six Months Ended** <br>**December 31, 2022\*** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate** | 15% | 40% | 82% | 67% | 41% | 38% |

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

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

*<sup>3</sup> Annualized.*

*<sup>4</sup> Commencement of operations.*

*<sup>5</sup> Redemption fees per share were less than $0.005.*

*<sup>6</sup> Includes redemption fees per share of $0.01.*

*\* Unaudited*

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

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**Notes to the Financial Statements**

**DECEMBER 31, 2022 (UNAUDITED)**

**NOTE 1.**

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

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

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

**Security Valuation.** 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, 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 and qualified pricing source approved by the valuation designee ("Pricing Service").

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• *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.

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

The following table presents the valuation levels of each Fund's assets as of December 31, 2022:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Diversified <br>Value** | **Large Cap <br>Value** | **Mid-Cap <br>Value** | **Small Cap <br>Value** | **Small Cap <br>Diversified <br>Value** |
| Level 1 — Quoted prices in an active market: | Level 1 — Quoted prices in an active market: | Level 1 — Quoted prices in an active market: | Level 1 — Quoted prices in an active market: | Level 1 — Quoted prices in an active market: | Level 1 — Quoted prices in an active market: |
| Common Stocks | $86608795 | $374349800 | $455018160 | $643169959 | $584442255 |
| Money Market Funds | 697004 | 1568228 | 3157315 | 13475294 | 2938120 |
| Time Deposits | 247177 | 763299 | 26618161 | 13355028 | 5679863 |
| Level 2 — Other significant observable market inputs: | Level 2 — Other significant observable market inputs: | Level 2 — Other significant observable market inputs: | Level 2 — Other significant observable market inputs: | Level 2 — Other significant observable market inputs: | Level 2 — Other significant observable market inputs: |
| Common Stocks: | Common Stocks: | Common Stocks: | Common Stocks: | Common Stocks: | Common Stocks: |
| Industrials |  |  | 9029726 |  |  |
| Level 3 — Significant unobservable inputs: | Level 3 — Significant unobservable inputs: | Level 3 — Significant unobservable inputs: | Level 3 — Significant unobservable inputs: | Level 3 — Significant unobservable inputs: | Level 3 — Significant unobservable inputs: |
| Common Stocks: | Common Stocks: | Common Stocks: | Common Stocks: | Common Stocks: | Common Stocks: |
| Materials |  |  |  |  |  |
| Total Investments | $87552976 | $376681327 | $493823362 | $670000281 | $593060238 |
|  | **Global <br>Value** | **International<br>Value** | **International <br>Small Cap <br>Diversified <br>Value** | **Value <br>Opportunities** | **High Yield** |
| Level 1 — Quoted prices in an active market: | Level 1 — Quoted prices in an active market: | Level 1 — Quoted prices in an active market: | Level 1 — Quoted prices in an active market: | Level 1 — Quoted prices in an active market: | Level 1 — Quoted prices in an active market: |
| Common Stocks | $25916925 | $687796 | $1164031 | $406655306 | $1591105 |
| Preferred Stocks |  |  |  | 426673 | 1524054 |
| Convertible Preferred Stocks |  |  |  |  |  |
| Purchased Put Options |  |  |  | 6017490 |  |
| Money Market Funds |  |  |  | 6041885 | 8106740 |
| Time Deposits | 482282 | 54834 | 44587 | 12538339 | 6781 |
| Level 2 — Other significant observable market inputs: | Level 2 — Other significant observable market inputs: | Level 2 — Other significant observable market inputs: | Level 2 — Other significant observable market inputs: | Level 2 — Other significant observable market inputs: | Level 2 — Other significant observable market inputs: |
| Common Stocks: | Common Stocks: | Common Stocks: | Common Stocks: | Common Stocks: | Common Stocks: |
| Communication Services |  | 78251 | 101149 |  |  |
| Consumer Discretionary | 775867 | 146109 | 579875 | 9770894 |  |
| Consumer Staples | 417719 | 220439 | 207191 |  |  |
| Energy |  | 146018 | 142162 |  |  |
| Financials | 3392513 | 802553 | 1258888 | 14520016 |  |
| Health Care | 269345 | 69772 | 111647 |  |  |
| Industrials | 2222795 | 465077 | 1179061 | 10608331 |  |
| Information Technology | 241413 | 194249 | 498165 |  |  |
| Materials |  |  | 553772 | 1647973 |  |
| Real Estate |  |  | 71096 |  |  |
| Utilities |  |  | 124652 |  |  |
| Convertible Preferred Stocks |  |  |  |  | 3450248 |
| Convertible Bonds |  |  |  |  | 3529288 |
| Corporate Bonds |  |  |  |  | 600738872 |
| Term Loans |  |  |  | 1036340 | 54933320 |
| Rights |  |  |  |  |  |
| Level 3 — Significant unobservable inputs: | Level 3 — Significant unobservable inputs: | Level 3 — Significant unobservable inputs: | Level 3 — Significant unobservable inputs: | Level 3 — Significant unobservable inputs: | Level 3 — Significant unobservable inputs: |
| Common Stocks: | Common Stocks: | Common Stocks: | Common Stocks: | Common Stocks: | Common Stocks: |
| Energy — Exploration & Production |  |  |  |  | 1342851 |
| Materials |  |  |  | 10609278 |  |
| Metals/Mining Excluding Steel |  |  |  |  | 19111109 |
| Oil Field Equipment & Services |  |  |  |  | 6900828 |
| Preferred Stocks: | Preferred Stocks: | Preferred Stocks: | Preferred Stocks: | Preferred Stocks: | Preferred Stocks: |
| Specialty Retail |  |  |  |  | 8562596 |
| Term Loans |  |  |  | 2649013 | 1826992 |
| Total Investments | $33718859 | $2865098 | $6036276 | $482521538 | $711624784 |

---

------

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

The following table provides information about the Level 3 values, as well as their inputs, as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at <br>December 31, 2022** | **Valuation<br>Techniques** | **Unobservable<br>Inputs** | **Input<br>Values<br>(Weighted <br>Average)\*** | **Impact to<br>Valuation from an<br>Increase to Input** |
| Value Opportunities |  |  |  |  |  |
| Common Stocks | $10005753 | Market comparable <br>companies | EBIT multiple | 7.6x - 13.4x | Increase |
|  | 603525 | Transaction price\*\* | N/A | $85.70 | Increase |
| Total Common Stocks | 10609278 |  |  |  |  |
| Term Loans | 2649013 | Market comparable <br>securities | N/A | $100.00 | Increase |
|  | $13258291 |  |  |  |  |
| High Yield |  |  |  |  |  |
| Common Stocks | $6900828 | Market comparable <br>companies | EBIT multiple | 7.6x - 13.4x | Increase |
|  | 493038 | Market comparable <br>companies | EBITDA multiple | 1.7x - 7.0x (4.4x) | Increase |
|  | 849813 | Market quote | Offer | $62.23 | Increase |
|  | 19111109 | Transaction price\*\* | N/A | $85.70 - $64,500<br>($30,956.26) | Increase |
| Total Common Stocks | 27354788 |  |  |  |  |
| Preferred Stocks | 8562596 | Calculation of enterprise<br>value using: |  |  |  |
|  |  | Discounted cash flows | Yield (Discount rate<br>of cash flows) | 10% | Decrease |
|  |  | Market comparable <br>companies | EBITDA multiple | 5.5x - 11.0x | Increase |
| Term Loans | 1826992 | Market comparable <br>securities | N/A | $100.00 | Increase |
|  | $37744376 |  |  |  |  |

---

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

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

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

---

| | |
|:---|:---|
|  | **Small Cap Value** |
|  | **Common Stocks** |
| Balance at June 30, 2022 | $0 |
| Purchases |  |
| Sales |  |
| Accrued discounts (premiums) |  |
| Realized gains (losses) | (48543) |
| Change in unrealized appreciation/<br>depreciation | 48543 |
| Transfers into Level 3 | 0 |
| Balance at December 31, 2022 | $— |
| Change in unrealized appreciation/<br>depreciation for Level 3 assets <br>held at December 31, 2022 | $— |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Value Opportunities** | **Value Opportunities** | **Value Opportunities** |
|  | **Common<br>Stocks** | **Term<br>Loans** | **Total** |
| Balance at June 30, 2022 | $10725797 | $2649013 | $13374810 |
| Purchases |  |  |  |
| Sales | (117834) |  | (117834) |
| Accrued discounts (premiums) |  |  |  |
| Realized gains (losses) |  |  |  |
| Change in unrealized appreciation/<br>depreciation | 1315 |  | 1315 |
| Transfers into Level 3 |  |  |  |
| Balance at December 31, 2022 | $10609278 | $2649013 | $13258291 |
| Change in unrealized appreciation/<br>depreciation for Level 3 assets <br>held at December 31, 2022 | $1315 | $— | $1315 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield** | **High Yield** | **High Yield** | **High Yield** |
|  | **Common <br>Stocks** | **Preferred <br>Stocks** | **Term<br>Loans** | **Total** |
| Balance at June 30, 2022 | $36442562 | $6214788 | $1826992 | $44484342 |
| Purchases |  |  |  |  |
| Sales | (2267153) |  |  | (2267153) |
| Accrued discounts (premiums) |  |  |  |  |
| Realized gains (losses) | 119221 |  |  | 119221 |
| Change in unrealized appreciation/<br>depreciation | (6939842) | 2347808 |  | (4592034) |
| Transfers into Level 3 |  |  |  |  |
| Balance at December 31, 2022 | $27354788 | $8562596 | $1826992 | $37744376 |
| Change in unrealized appreciation/<br>depreciation for Level 3 assets <br>held at December 31, 2022 | $(6939842) | $2347808 | $— | $(4592034) |

---

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

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

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

Securities purchased or sold on a when-issued, delayed delivery or forward commitment basis may have extended settlement periods. The value of the security purchased is subject to market fluctuations during this period.

------

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

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

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

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

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

**Futures Contracts.** The Global Value Fund, International Value Fund, International Small Cap Diversified Value Fund, Value Opportunities Fund and High Yield Fund are subject to foreign currency exchange rate risk in the normal course of pursuing their investment objectives. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the value of foreign currencies. A futures contract provides for the future sale by one party and purchase by another party of an asset at a specified price on a specified date. Upon entering into such contracts, the Fund is required to deposit with the broker, either in cash or securities, an initial margin deposit in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of exchange rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. When a contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. The use of futures contracts involves the risk of imperfect correlation in movements in the price of the futures contracts, exchange rates and the underlying hedged assets.

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

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

Upon entering into swap agreements, the Value Opportunities Fund and High Yield Fund will either receive or pay an upfront payment based upon the difference between the current principal amount and the notional amount of the swap and whether the Fund is buying or selling protection. Upfront payments that are received are recorded as liabilities while upfront payments paid are recorded as assets. These payments remain on the books until the

------

swap contract is closed. When entering into credit default swaps, the Fund will either deliver collateral to the counterparty or the counterparty will deliver collateral to the Fund. The amount of this collateral is calculated based upon the notional value and the current price of the swap. In the event of default, the Fund has recourse against any collateral posted to it by the counterparty. When entering into swap agreements as a seller, the notional amounts would be partially offset by any recovery values of the respective reference obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same reference entity. Unrealized appreciation or depreciation is recorded daily as the difference between the prior day and current day closing price. The Funds did not enter into any credit default swap contracts during the six months ended December 31, 2022.

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

The following is a summary of the Funds' derivative instrument holdings categorized by primary risk exposure as of December 31, 2022:

Asset Derivatives

---

| | | |
|:---|:---|:---|
|  | **Location on Statements of <br>Assets & Liabilities** | **Value <br>Opportunities** |
| Equity Contracts: | Equity Contracts: | Equity Contracts: |
| Purchased Put Options | Long-term investments | $6017490 |

---

The following is a summary of the Funds' change in unrealized appreciation/depreciation on derivative instruments recognized in the Statements of Operations categorized by primary risk exposure for the six months ended December 31, 2022:

Change in Unrealized Appreciation/Depreciation on Derivatives

---

| | |
|:---|:---|
|  | **Value Opportunities** |
| Equity Contracts: | Equity Contracts: |
| Purchased Put Options | $1893065<br> \* |

---

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

The following is a summary of the Funds' average quarterly balance of outstanding derivative instruments categorized by primary risk exposure for the six months ended December 31, 2022:

Average Quarterly Balance of Outstanding Derivatives

---

| | |
|:---|:---|
|  | **Value Opportunities** |
| Equity Contracts: | Equity Contracts: |
| Average Number of Contracts — Purchased Put Options | 222 |
| Average Notional Amount — Purchased Put Options | $5822582 |

---

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

The following is a summary of the arrangements subject to offsetting as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **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 Presented in the <br>Statements of Assets & Liabilities** | **Financial <br>Instruments** | **Collateral <br>Received\*** | **Net Amount** |
| Securities Lending: | Securities Lending: | Securities Lending: | Securities Lending: | Securities Lending: |
| Diversified Value | $680292 | $— | $(680292) | $— |
| Large Cap Value | 1531547 |  | (1531547) |  |
| Mid-Cap Value | 3087357 |  | (3087357) |  |
| Small Cap Value | 13160202 |  | (13160202) |  |
| Small Cap Diversified Value | 2862054 |  | (2862054) |  |
| Value Opportunities | 5875433 |  | (5875433) |  |

---

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

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**NOTE 2.**

**Fees and Transactions with Affiliates.** The Trust has entered into Investment Advisory Agreements for each of the Funds with the Advisor, with which the officers and a Trustee of the Trust are affiliated. The Advisor is a limited liability company, the primary members of which are HWCap Holdings, a limited liability company with members who are current and former employees of the Advisor, and Stephens - H&W, LLC, a limited liability company whose primary member is SF Holding Corp., which is a diversified holding company. The Advisor is responsible for the management of the Funds' investments and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund. The Advisor receives an Advisory fee, computed daily and payable monthly, at the annual rates presented below as applied to each Fund's daily net assets. During the six months ended December 31, 2022, 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.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Diversified<br>Value** | **Large Cap<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** |
| Annual Advisory <br>Fee Rate | 0.70%<sup>1</sup> | 0.70%<sup>2</sup> | 0.75%<sup>3</sup> | 0.75% | 0.65% | 0.75% | 0.80% | 0.80% | 0.75% | 0.55% |
| Annual cap on <br>expenses — <br>Class I | 0.80% | 0.95% | 1.05% | 1.15% | 0.80% | 0.95% | 0.95% | 0.99% | 1.15% | 0.70% |
| Annual cap on <br>expenses — <br>Class A | 1.05% | 1.20% | 1.30% | 1.40% | 1.05% | 1.20% | 1.20% | 1.24% | 1.40% | 0.95% |
| Annual cap on <br>expenses — <br>Class C | 1.80% | 1.95% | 2.05% | 2.15% | 1.80% | 1.95% | 1.95% | n/a | 2.15% | 1.70% |
| Annual cap on <br>expenses — <br>Class Z | 0.80% | 0.95% | 1.05% | 1.15% | 0.80% | 0.95% | 0.95% | 0.99% | 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.

Effective December 31, 2022, the Advisor contractually agreed to lower the expense limits applicable to the Small Cap Value Fund to the following annual percentages of each share class's average daily net assets:

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| | |
|:---|:---|
| Annual cap on expenses — Class I | 0.97% |
| Annual cap on expenses — Class A | 1.22% |
| Annual cap on expenses — Class C | 1.97% |
| Annual cap on expenses — Class Z | 0.97% |

---

Quasar Distributors, LLC is the principal underwriter and distributor for the shares of the Funds ("Quasar" or the "Distributor"). Pursuant to the Distribution Plan adopted by the Trust in accordance with Rule 12b-1 under the 1940 Act, the Funds pay the Distributor ongoing distribution and service fees. The fees are accrued daily at the annual rates based upon the average daily net assets of the shares as follows:

---

| | |
|:---|:---|
| | **Distribution and Service <br>Fee** |
| Class A | 0.25% |
| Class C | 1.00% |

---

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

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

The Funds are permitted to purchase securities from or sell securities to another Fund or affiliated person under procedures adopted by the Board. During the six months ended December 31, 2022, the Funds did not have any of these purchases and sales.

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**NOTE 3.**

**Investments.** Purchases and sales of investment securities, excluding short-term investments, for the six months ended December 31, 2022 were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Diversified <br>Value** | **Large Cap <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 | $9715204 | $49178967 | $74274889 | $187402318 | $326730639 | $5718703 | $318780 | $1905019 | $147235544 | $110555976 |
| Sales | 13089011 | 99458114 | 84424947 | 139840846 | 242306080 | 6706908 | 357891 | 1888221 | 183229176 | 167727518 |

---

The Funds did not have any purchases or sales of U.S. Government securities for the six months ended December 31, 2022.

**NOTE 4.**

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

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

The following information is presented on an income tax basis as of June 30, 2022:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Diversified <br>Value** | **Large Cap <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 Yield** |
| Tax cost of <br>investments | $81035813 | $379258733 | $414369481 | $549183623 | $463138070 | $32722267 | $2678837 | $5946551 | $488520955 | $942266661 |
| Gross unrealized <br>appreciation | 15340834 | 75242010 | 81504039 | 99999824 | 69239591 | 4545463 | 362127 | 446624 | 53160665 | 9397802 |
| Gross unrealized <br>depreciation | (13075072) | (57682321) | (64354562) | (120985110) | (70322773) | (4533916) | (373257) | (814532) | (87902554) | (191067712) |
| Net unrealized <br>appreciation/<br>depreciation | 2265762 | 17559689 | 17149477 | (20985286) | (1083182) | 11547 | (11130) | (367908) | (34741889) | (181669910) |
| Distributable <br>ordinary income <br>(as of 6/30/22)\* | 867545 | 2165785 | 2143120 | 1614360 | 10544461 | 356748 | 59717 | 111448 |  | 766525 |
| Distributable <br>long-term gains <br>(as of 6/30/22) |  | 24990499 |  | 47808256 | 26441542 | 953758 | 30328 | 200194 | 8269848 |  |
| Total distributable <br>earnings | 867545 | 27156284 | 2143120 | 49422616 | 36986003 | 1310506 | 90045 | 311642 | 8269848 | 766525 |
| Other accumulated <br>losses | (27848381) | (3) | (288519722) | (10510) |  |  |  |  | (683712) | (331291245) |
| Total accumulated <br>gains (losses) | $(24715074) | $44715970 | $(269227125) | $28426820 | $35902821 | $1322053 | $78915 | $(56266) | $(27155753) | $(512194630) |

---

\* Includes distributable short-term gains of $6,887,620 for the Small Cap Diversified Value Fund.

As of the close of business on December 31, 2012, in exchange for shares the Advisor transferred assets valued at $1,132,946 to the Global Value Fund. As a result of the tax-deferred transfers, the Global Value Fund acquired $50,230 of unrealized appreciation for tax purposes. As of June 30, 2022, the Global Value Fund held securities with $3,664 of net unrealized appreciation relating to the transfers.

As of the close of business on June 30, 2014, in exchange for shares Stephens Investment Holdings LLC transferred assets valued at $5,038,896 to the Small Cap Diversified Value Fund. As a result of the tax-deferred transfers, the Small Cap Diversified Value Fund acquired $592,438 of unrealized appreciation for tax purposes. As of June 30, 2022, the Small Cap Diversified Value Fund held securities with $20,591 of net unrealized appreciation relating to the transfers.

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2022** | **June 30, 2022** | **June 30, 2022** | **June 30, 2022** | **June 30, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2021** |
| | **Ordinary<br>Income<br>Distributions** | **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<br>Year<br>Losses** | **Ordinary<br>Income<br>Distributions** | **Long-Term<br>Capital Gains<br>Distributions** |
| Diversified Value | $993673 | $— | $— | $27848381 | $6163593 | $— | $1525761 | $— |
| Large Cap Value | 3875612 |  |  |  | 8621409 |  | 6504911 |  |
| Mid-Cap Value | 5476789 |  | 86598129 | 201921584 | 36469426 |  | 7928177 |  |
| Small Cap Value | 1855708 |  |  |  | 37369798 |  | 3718542 |  |
| Small Cap <br>Diversified Value | 16228065 | 13674415 |  |  |  |  | 2388699 |  |
| Global Value | 252787 |  |  |  | 1914073 |  | 447072 |  |
| International Value | 37541 |  |  |  | 121027 |  | 30073 |  |
| International Small Cap <br>Diversified Value | 1159737 | 90449 |  |  |  |  | 120245 |  |
| Value Opportunities | 10786641 | 59479932 |  |  |  | 683650<sup>3</sup> | 10585396 |  |
| High Yield<sup>4</sup> | 46440050 |  | 3786054 | 326706386 |  |  | 65565649 |  |

---

<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> 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, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended June 30, 2022, the Funds did not incur any interest or penalties. The tax years ended June 30, 2019 through June 30, 2022 remain open and subject to examination by tax jurisdictions.

**NOTE 5.**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Sales** | **Sales** | **Reinvestment of <br>dividends <br>and distributions** | **Reinvestment of <br>dividends <br>and distributions** | **Redemptions** | **Redemptions** | **Net increase (decrease)** | **Net increase (decrease)** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** |
| **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** |
| Class I | 20398 | $487252 | 22386 | $553836 | (131328) | $(3085086) | (88544) | $(2043998) |
| Class A | 13433 | 323082 | 4525 | 112488 | (65508) | (1574189) | (47550) | (1138619) |
| Class C | 40 | 1000 |  |  | (9154) | (211416) | (9114) | (210416) |
| Total net increase <br>(decrease) | 33871 | 811334 | 26911 | 666324 | (205990) | (4870691) | (145208) | (3393033) |
| **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
| Class I | 353953 | 14066920 | 392981 | 15385213 | (804843) | (32133551) | (57909) | (2681418) |
| Class A | 410629 | 15997967 | 117448 | 4574592 | (944669) | (36414516) | (416592) | (15841957) |
| Class C | 5984 | 235194 | 5718 | 221324 | (34406) | (1358239) | (22704) | (901721) |
| Class Z | 116355 | 4523829 | 48783 | 1908879 | (427628) | (17688807) | (262490) | (11256099) |
| Total net increase <br>(decrease) | 886921 | 34823910 | 564930 | 22090008 | (2211546) | (87595113) | (759695) | (30681195) |
| **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** |
| Class I | 1080704 | 47439509 | 32858 | 1467432 | (763684) | (33105580) | 349878 | 15801361 |
| Class A | 316829 | 13441229 | 4204 | 184638 | (322402) | (13721603) | (1369) | (95736) |
| Class C | 12773 | 488391 |  |  | (6641) | (242808) | 6132 | 245583 |
| Class Z | 56619 | 2372187 | 4128 | 184263 | (115962) | (5071739) | (55215) | (2515289) |
| Total net increase <br>(decrease) | 1466925 | 63741316 | 41190 | 1836333 | (1208689) | (52141730) | 299426 | 13435919 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Sales** | **Sales** | **Reinvestment of <br>dividends <br>and distributions** | **Reinvestment of <br>dividends <br>and distributions** | **Redemptions** | **Redemptions** | **Net increase (decrease)** | **Net increase (decrease)** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** |
| **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| Class I | 2680953 | $187925308 | 477717 | $31538893 | (1724643) | $(122173174) | 1434027 | $97291027 |
| Class A | 202854 | 14547643 | 68050 | 4468184 | (78777) | (5436256) | 192127 | 13579571 |
| Class C | 13119 | 762825 | 4339 | 219175 | (4175) | (232420) | 13283 | 749580 |
| Class Z | 44392 | 3116423 | 17769 | 1172550 | (43360) | (3167451) | 18801 | 1121522 |
| Total net increase <br>(decrease) | 2941318 | 206352199 | 567875 | 37398802 | (1850955) | (131009301) | 1658238 | 112741700 |
| **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** |
| Class I | 10875738 | 131100388 | 3947789 | 47018170 | (8170327) | (100919152) | 6653200 | 77199406 |
| Class A | 311926 | 3827881 | 45445 | 538069 | (128508) | (1621622) | 228863 | 2744328 |
| Class Z | 3988889 | 49830354 | 221201 | 2632297 | (115143) | (1502184) | 4094947 | 50960467 |
| Total net increase <br>(decrease) | 15176553 | 184758623 | 4214435 | 50188536 | (8413978) | (104042958) | 10977010 | 130904201 |
| **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** |
| Class I | 141652 | 1774705 | 98305 | 1263214 | (244290) | (3163371) | (4333) | (125452) |
| Class A | 2517 | 33039 | 3651 | 46949 | (3657) | (48135) | 2511 | 31853 |
| Total net increase <br>(decrease) | 144169 | 1807744 | 101956 | 1310163 | (247947) | (3211506) | (1822) | (93599) |
| **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** |
| Class I | 866 | 8845 | 4397 | 46789 | (101) | (1027) | 5162 | 54607 |
| Total net increase <br>(decrease) | 866 | 8845 | 4397 | 46789 | (101) | (1027) | 5162 | 54607 |
| **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** |
| Class I | 2000 | 22560 | 16426 | 170335 | (108) | (1119) | 18318 | 191776 |
| Total net increase <br>(decrease) | 2000 | 22560 | 16426 | 170335 | (108) | (1119) | 18318 | 191776 |
| **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** |
| Class I | 1047528 | 33077261 | 142727 | 4574388 | (1758483) | (53481597) | (568228) | (15829948) |
| Class A | 104914 | 3295759 | 42933 | 1375990 | (225566) | (7036599) | (77719) | (2364850) |
| Class C | 18724 | 543780 | 14132 | 408846 | (108979) | (3089873) | (76123) | (2137247) |
| Class Z | 9039 | 291070 | 35327 | 1132228 | (7725) | (227325) | 36641 | 1195973 |
| Total net increase <br>(decrease) | 1180205 | 37207870 | 235119 | 7491452 | (2100753) | (63835394) | (685429) | (19136072) |
| **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
| Class I | 13986228 | 138863698 | 1410310 | 14000220 | (21979130) | (218501165) | (6582592) | (65637247) |
| Class A | 583472 | 5847087 | 69867 | 686709 | (693382) | (6948773) | (40043) | (414977) |
| Class C | 7059 | 72062 | 1440 | 14298 | (51654) | (509183) | (43155) | (422823) |
| Class Z | 1266945 | 12676816 | 306294 | 3038486 | (528148) | (5210387) | 1045091 | 10504915 |
| Total net increase <br>(decrease) | 15843704 | 157459663 | 1787911 | 17739713 | (23252314) | (231169508) | (5620699) | (55970132) |
| **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** |
| **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** |
| Class I | 150176 | 3932509 | 24442 | 623755 | (491513) | (12544875) | (316895) | (7988611) |
| Class A | 91558 | 2417634 | 5112 | 131077 | (410150) | (10344146) | (313480) | (7795435) |
| Class C | 6878 | 181923 | 64 | 1638 | (20708) | (541964) | (13766) | (358403) |
| Total net increase <br>(decrease) | 248612 | 6532066 | 29618 | 756470 | (922371) | (23430985) | (644141) | (16142449) |
| **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
| Class I | 1117980 | 49387294 | 49099 | 2147118 | (2426654) | (107300059) | (1259575) | (55765647) |
| Class A | 2763785 | 118706521 | 10107 | 439639 | (2350931) | (98857159) | 422961 | 20289001 |
| Class C | 21118 | 929544 |  |  | (73847) | (3172367) | (52729) | (2242823) |
| Class Z | 728713 | 32323620 | 2767 | 120928 | (129426) | (5603478) | 602054 | 26841070 |
| Total net increase <br>(decrease) | 4631596 | 201346979 | 61973 | 2707685 | (4980858) | (214933063) | (287289) | (10878399) |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestment of <br>dividends <br>and distributions** | **Reinvestment of <br>dividends <br>and distributions** | **Redemptions** | **Redemptions** | **Net increase (decrease)** | **Net increase (decrease)** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** |
| **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** |
| Class I | 2369224 | $108356664 | 77469 | $3353653 | (2564860) | $(111411685) | (118167) | $298632 |
| Class A | 679939 | 29991266 | 17729 | 754899 | (767557) | (33377683) | (69889) | (2631518) |
| Class C | 30903 | 1184642 | 40 | 1464 | (130716) | (4786330) | (99773) | (3600224) |
| Class Z | 327016 | 13721266 | 9380 | 405864 | (119879) | (5284272) | 216517 | 8842858 |
| Total net increase <br>(decrease) | 3407082 | 153253838 | 104618 | 4515880 | (3583012) | (154859970) | (71312) | 2909748 |
| **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| Class I | 2453456 | 178270897 | 8058 | 575021 | (2197818) | (155530588) | 263696 | 23315330 |
| Class A | 161889 | 11856176 | 760 | 54041 | (169804) | (12316357) | (7155) | (406140) |
| Class C | 5525 | 305126 |  |  | (20504) | (1159407) | (14979) | (854281) |
| Class Z | 38578 | 2784424 | 707 | 50430 | (46352) | (3346008) | (7067) | (511154) |
| Total net increase <br>(decrease) | 2659448 | 193216623 | 9525 | 679492 | (2434478) | (172352360) | 234495 | 21543755 |
| **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** |
| Class I | 11734826 | 158715920 | 2143429 | 29000600 | (5670764) | (76741063) | 8207491 | 110975457 |
| Class A | 1297152 | 18065756 | 34120 | 458912 | (1460788) | (20130433) | (129516) | (1605765) |
| Class Z | 122913 | 1657590 | 5617 | 75948 | (6830) | (90673) | 121700 | 1642865 |
| Total net increase <br>(decrease) | 13154891 | 178439266 | 2183166 | 29535460 | (7138382) | (96962169) | 8199675 | 111012557 |
| **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** |
| Class I | 262675 | 3837880 | 16806 | 245531 | (258703) | (3708873) | 20778 | 374538 |
| Class A | 25379 | 387135 | 474 | 6929 | (26622) | (382948) | (769) | 11116 |
| Total net increase <br>(decrease) | 288054 | 4225015 | 17280 | 252460 | (285325) | (4091821) | 20009 | 385654 |
| **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** |
| Class I | 43585 | 478285 | 3302 | 37541 | (4179) | (44722) | 42708 | 471104 |
| Total net increase <br>(decrease) | 43585 | 478285 | 3302 | 37541 | (4179) | (44722) | 42708 | 471104 |
| **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** |
| Class I |  |  | 105769 | 1250186 |  |  | 105769 | 1250186 |
| Total net <br>increase |  |  | 105769 | 1250186 |  |  | 105769 | 1250186 |
| **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** |
| Class I | 3575584 | 128311658 | 780362 | 27125388 | (3557601) | (123386823) | 798345 | 32050223 |
| Class A | 844282 | 31659953 | 230848 | 8035833 | (880861) | (31444575) | 194269 | 8251211 |
| Class C | 77124 | 2503437 | 85298 | 2702238 | (209615) | (7021658) | (47193) | (1815983) |
| Class Z | 57348 | 2174312 | 168511 | 5855755 | (3466) | (119596) | 222393 | 7910471 |
| Total net increase <br>(decrease) | 4554338 | 164649360 | 1265019 | 43719214 | (4651543) | (161972652) | 1167814 | 46395922 |
| **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
| Class I | 19594772 | 219369723 | 2740407 | 30472864 | (31042395) | (341709942) | (8707216) | (91867355) |
| Class A | 997235 | 11111506 | 118868 | 1309300 | (1559228) | (17292289) | (443125) | (4871483) |
| Class C | 8155 | 87190 | 3410 | 37999 | (54796) | (617636) | (43231) | (492447) |
| Class Z | 1177285 | 13354141 | 460163 | 5101501 | (6459093) | (73909868)<sup>1</sup> | (4821645) | (55454226) |
| Total net increase <br>(decrease) | 21777447 | 243922560 | 3322848 | 36921664 | (39115512) | (433529735) | (14015217) | (152685511) |

---

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

------

**NOTE 6.**

**Investments in Affiliated Issuers.** An issuer in which a Fund's holdings represent 5% or more of the outstanding voting securities of the issuer is an "affiliated" issuer as defined in the 1940 Act. A schedule of each Fund's investments in securities of affiliated issuers held during the six months ended December 31, 2022, is set forth below:

**Small Cap Value**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Value at<br>June 30, 2022** | **Purchases** | **Sales** | **Net Realized<br>Gains (Losses)** | **Net Change in<br>Unrealized<br>Appreciation/<br>Depreciation** | **Value at<br>December 31, 2022** | **Dividends** | **Shares<br>Held at<br>December 31, 2022** |
| Hudson Global, Inc. | $5324184 | $— | $(761324) | $(3441068) | $2215228 | $3337020 | $— | 147460 |
| Noranda Aluminum <br>Holding Corp.+ | 0 |  |  | (48543) | 48543 |  |  |  |
|  | $5324184 | $— | $(761324) | $(3489611) | $2263771 | $3337020 | $— |  |

---

+ Issuer was not an affiliate as of December 31, 2022.

**Value Opportunities Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Value at<br>June 30, 2022** | **Purchases** | **Sales** | **Net Realized<br>Gains (Losses)** | **Net Change in<br>Unrealized<br>Appreciation/<br>Depreciation** | **Value at<br>December 31, 2022** | **Dividends** | **Shares<br>Held at<br>December 31, 2022** |
| Iracore Investments <br>Holdings, Inc. | $9603396 | $— | $— | $— | $402357 | $10005753 | $— | 32422 |
|  | $9603396 | $— | $— | $— | $402357 | $10005753 | $— |  |

---

**High Yield Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Value at<br>June 30, 2022** | **Purchases** | **Sales** | **Net Realized<br>Gains (Losses)** | **Net Change in<br>Unrealized<br>Appreciation/<br>Depreciation** | **Value at<br>December 31, 2022** | **Dividends** | **Shares <br>Held at<br>December 31, 2022** |
| Iracore Investments <br>Holdings, Inc. | $6623328 | $— | $— | $— | $277500 | $6900828 | $— | 22361 |
| Metals Recovery <br>Holdings LLC | 18508369 |  | (1943096 |  | (6613164) | 9952109 |  | 116127 |
| PetroQuest Energy, Inc. | 1255669 |  |  |  | (896906) | 358763 |  | 8969064 |
|  | $26387366 | $— | $(1943096 | $— | $(7232570) | $17211700 | $— |  |

---

\* Reduction due to return of capital distributions.

**NOTE 7.**

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

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

**NOTE 8.**

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

------

Bridge loan commitments may obligate a Fund to furnish temporary financing to a borrower until permanent financing can be arranged. At December 31, 2022, the Funds did not have any outstanding bridge loan commitments.

Unfunded loan commitments are contractual obligations for funding to a borrower. At December 31, 2022, the Funds did not have any outstanding unfunded loan commitments.

**NOTE 9.**

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

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

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

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

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

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

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

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

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

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

**NOTE 10.**

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

------

**NOTE 11.**

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

**NOTE 12.(UNAUDITED)**

**Federal Tax Disclosure.** The Funds designated as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gains to zero for the tax year ended June 30, 2022.

For the year ended June 30, 2022, the following percentages of ordinary distributions paid qualify for the dividend received deduction available to corporate shareholders: Diversified Value Fund — 100.00%, Large Cap Value Fund — 100.00%, Mid-Cap Value Fund — 91.88%, Small Cap Value Fund — 100.00%, Small Cap Diversified Value Fund — 53.41%, Global Value Fund — 92.66%, International Value Fund — 1.05%, International Small Cap Diversified Value Fund — 0.00%, Value Opportunities Fund — 58.47%, High Yield Fund — 1.20%.

For the year ended June 30, 2022, the following percentages of ordinary distributions paid are designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003: Diversified Value Fund — 100.00%, Large Cap Value Fund — 100.00%, Mid-Cap Value Fund — 100.00%, Small Cap Value Fund — 100.00%, Small Cap Diversified Value Fund — 55.24%, Global Value Fund — 100.00%, International Value Fund — 100.00%, International Small Cap Diversified Value Fund — 18.35%, Value Opportunities Fund — 85.20%, High Yield Fund — 1.20%. Shareholders should consult their tax advisors.

For the year ended June 30, 2022, the International Value Fund and International Small Cap Diversified Value Fund earned foreign source income of $96,566 and $222,591, respectively, and paid foreign taxes of $10,391 and $32,052, respectively, which each Fund intends to pass through to shareholders pursuant to Section 853 of the Internal Revenue Code.

**Additional Information Applicable to Foreign Shareholders Only.** For the year ended June 30, 2022, the Funds designate the following percentages of ordinary distributions paid as interest-related dividends under Internal Revenue Code Section 871(k)(1)(c): Diversified Value Fund — 0.00%, Large Cap Value Fund — 0.00%, Mid-Cap Value Fund — 0.00%, Small Cap Value Fund — 0.00%, Small Cap Diversified Value Fund — 0.00%, Global Value Fund — 0.10%, International Value Fund — 0.10%, International Small Cap Diversified Value Fund — 0.00%, Value Opportunities Fund — 14.51%, High Yield Fund — 94.81%.

For the year ended June 30, 2022, the following percentages of ordinary income distributions paid are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(c): Diversified Value Fund — 0.00%, Large Cap Value Fund — 0.00%, Mid-Cap Value Fund — 0.00%, Small Cap Value Fund — 0.00%, Small Cap Diversified Value Fund — 69.83%, Global Value Fund — 0.00%, International Value Fund — 0.00%, International Small Cap Diversified Value Fund — 84.90%, Value Opportunities Fund — 42.40%, High Yield Fund — 0.00%.

------

**Fund Expense Examples (Unaudited)**

As a mutual fund shareholder, you incur two types of costs: (1) transaction costs such as initial sales charges (loads) on purchase payments and contingent deferred sales charges and redemption fees on redemptions and (2) ongoing costs, including advisory fees, distribution and service (12b-1) fees and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the most recent six-month period and held for the entire period (July 1, 2022 – December 31, 2022).

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Based on Actual Fund Returns** | **Based on Actual Fund Returns** | **Based on Actual Fund Returns** | **Based on Hypothetical 5% Yearly Returns** | **Based on Hypothetical 5% Yearly Returns** | **Based on Hypothetical 5% Yearly Returns** | |
|  | **Beginning <br>Account Value <br>7/1/22** | **Ending<br>Account Value <br>12/31/22** | **Expenses Paid <br>During Period\* <br>7/1/22 - 12/31/22** | **Beginning <br>Account Value <br>7/1/22** | **Ending <br>Account Value <br>12/31/22** | **Expenses Paid <br>During Period\* <br>7/1/22 - 12/31/22** |<br>**Annualized <br>Expense Ratio** |
| **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** | **Diversified Value Fund** |
| Class I | $1000.00 | $1088.40 | $4.21 | $1000.00 | $1021.17 | $4.08 | 0.80% |
| Class A | 1000.00 | 1086.80 | 5.52 | 1000.00 | 1019.91 | 5.35 | 1.05 |
| Class C | 1000.00 | 1083.20 | 9.45 | 1000.00 | 1016.13 | 9.15 | 1.80 |
| **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
| Class I | 1000.00 | 1079.80 | 4.98 | 1000.00 | 1020.42 | 4.84 | 0.95 |
| Class A | 1000.00 | 1078.70 | 6.29 | 1000.00 | 1019.16 | 6.11 | 1.20 |
| Class C | 1000.00 | 1074.20 | 10.19 | 1000.00 | 1015.38 | 9.91 | 1.95 |
| Class Z | 1000.00 | 1080.20 | 4.61 | 1000.00 | 1020.77 | 4.48 | 0.88 |
| **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** | **Mid-Cap Value Fund** |
| Class I | 1000.00 | 1105.20 | 5.31 | 1000.00 | 1020.16 | 5.09 | 1.00 |
| Class A | 1000.00 | 1104.30 | 6.42 | 1000.00 | 1019.11 | 6.16 | 1.21 |
| Class C | 1000.00 | 1100.00 | 10.48 | 1000.00 | 1015.22 | 10.06 | 1.98 |
| Class Z | 1000.00 | 1106.00 | 4.67 | 1000.00 | 1020.77 | 4.48 | 0.88 |
| **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| Class I | 1000.00 | 1125.90 | 5.63 | 1000.00 | 1019.91 | 5.35 | 1.05 |
| Class A | 1000.00 | 1124.90 | 6.48 | 1000.00 | 1019.11 | 6.16 | 1.21 |
| Class C | 1000.00 | 1120.70 | 10.42 | 1000.00 | 1015.38 | 9.91 | 1.95 |
| Class Z | 1000.00 | 1126.90 | 4.61 | 1000.00 | 1020.87 | 4.38 | 0.86 |
| **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** | **Small Cap Diversified Value Fund** |
| Class I | 1000.00 | 1078.80 | 4.19 | 1000.00 | 1021.17 | 4.08 | 0.80 |
| Class A | 1000.00 | 1077.00 | 5.50 | 1000.00 | 1019.91 | 5.35 | 1.05 |
| Class Z | 1000.00 | 1078.50 | 3.98 | 1000.00 | 1021.37 | 3.87 | 0.76 |
| **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** | **Global Value Fund** |
| Class I | 1000.00 | 1046.30 | 4.90 | 1000.00 | 1020.42 | 4.84 | 0.95 |
| Class A | 1000.00 | 1044.20 | 6.18 | 1000.00 | 1019.16 | 6.11 | 1.20 |
| **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** |
| Class I | 1000.00 | 1071.10 | 4.96 | 1000.00 | 1020.42 | 4.84 | 0.95 |

---

------

**Fund Expense Examples (Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Based on Actual Fund Returns** | **Based on Actual Fund Returns** | **Based on Actual Fund Returns** | **Based on Hypothetical 5% Yearly Returns** | **Based on Hypothetical 5% Yearly Returns** | **Based on Hypothetical 5% Yearly Returns** | |
|  | **Beginning <br>Account Value <br>7/1/22** | **Ending<br>Account Value <br>12/31/22** | **Expenses Paid <br>During Period\* <br>7/1/22 - 12/31/22** | **Beginning <br>Account Value <br>7/1/22** | **Ending <br>Account Value <br>12/31/22** | **Expenses Paid <br>During Period\* <br>7/1/22 - 12/31/22** |<br>**Annualized <br>Expense Ratio** |
| **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** | **International Small Cap Diversified Value Fund** |
| Class I | $1000.00 | $1076.50 | $5.18 | $1000.00 | $1020.21 | $5.04 | 0.99% |
| **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** | **Value Opportunities Fund** |
| Class I | 1000.00 | 1113.10 | 5.11 | 1000.00 | 1020.37 | 4.89 | 0.96 |
| Class A | 1000.00 | 1111.70 | 6.49 | 1000.00 | 1019.06 | 6.21 | 1.22 |
| Class C | 1000.00 | 1107.30 | 10.25 | 1000.00 | 1015.48 | 9.80 | 1.93 |
| Class Z | 1000.00 | 1113.20 | 4.69 | 1000.00 | 1020.77 | 4.48 | 0.88 |
| **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
| Class I | 1000.00 | 1032.60 | 3.59 | 1000.00 | 1021.68 | 3.57 | 0.70 |
| Class A | 1000.00 | 1029.30 | 4.71 | 1000.00 | 1020.57 | 4.69 | 0.92 |
| Class C | 1000.00 | 1027.30 | 8.69 | 1000.00 | 1016.64 | 8.64 | 1.70 |
| Class Z | 1000.00 | 1033.10 | 3.07 | 1000.00 | 1022.18 | 3.06 | 0.60 |

---

*\* Expenses are equal to the Funds' annualized expense ratio by class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by the number of days in the most recent fiscal year (365).*

------

**Information about the Funds**

**ADVISOR**

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

**LEGAL COUNSEL**

**Vedder Price P.C.<br>222 North LaSalle Street, Suite 2600<br>Chicago, Illinois 60601**

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

**DISTRIBUTOR**

**Quasar Distributors, LLC<br>111 East Kilbourn Avenue, Suite 2200<br>Milwaukee, Wisconsin 53202**

**ADMINISTRATOR AND TRANSFER AGENT**

**U.S. Bancorp Fund Services, LLC<br>615 East Michigan Street, 3rd Floor<br>Milwaukee, Wisconsin 53202**

**CUSTODIAN**

**Brown Brothers Harriman & Co.<br>50 Post Office Square<br>Boston, Massachusetts 02110**

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

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

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

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

**601 S** **OUTH** **F** **IGUEROA** **S** **TREET, 39th Floor** **<br>LOS ANGELES, CALIFORNIA 90017-5704<br>www.hwcm.com<br>1.866.HW.FUNDS (1.866.493.8637)**

**CODE #HWF-SAR-1222-0223**

**DECEMBER 31, 2022**

**SEMI-ANNUAL REPORT**

------

(b) Not applicable.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

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

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

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

(b) Not applicable.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 10. 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 of Trustees implemented after the registrant last provided disclosure in response to this Item.

**<u>Item 11. Controls and Procedures.</u>**

(a) The registrant's President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act"))
as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or
15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls
and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed,
summarized and reported and made known to them by others within the registrant and by the registrant's service provider.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that
occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Exhibits.</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](tm232490d1_ex99cert.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the registrant's independent public accountant.* There was no change in the registrant's independent public accountant for the period covered by this report.

 

[*(b)*](tm232490d1_ex99-906cert.htm) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](tm232490d1_ex99-906cert.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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Hotchkis & Wiley Funds

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Anna Marie Lopez |
|  | Anna Marie Lopez, President / Principal Executive Officer |

---

Date <u>February 22, 2023</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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Anna Marie Lopez |
|  | Anna Marie Lopez, President / Principal Executive Officer |

---

Date <u>February 22, 2023</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ James Menvielle |
|  | James Menvielle, Treasurer / Principal Financial Officer |

---

Date <u>February 22, 2023</u>

## Ex-99.Cert

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, Anna Marie Lopez, certify that:

1. I have reviewed this report on Form N-CSR of Hotchkis & Wiley Funds;

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;

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;

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;(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;(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;(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;(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

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: | February 22, 2023 | /s/ Anna Marie Lopez |
| | | Anna Marie Lopez |
| | | President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, James Menvielle, certify that:

1. I have reviewed this report on Form N-CSR of Hotchkis & Wiley Funds;

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;

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;

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;(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;(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;(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;(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

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: | February 22, 2023 | /s/ James Menvielle |
| | | James Menvielle |
| | | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 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 period ended December 31, 2022 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 |
| President / Principal Executive Officer | Treasurer / Principal Financial Officer |
| Hotchkis & Wiley Funds | Hotchkis & Wiley Funds |

---

Date: <u>February 22, 2023</u> Date: <u>February 22, 2023 </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.