Hotchkis & Wiley Funds N-14Registration statement for investment companies business combination

U.S. BANK GLOBAL FUND SERVICES

615 East Michigan Street

Milwaukee, WI 53202

May 15, 2020

VIA EDGAR TRANSMISSION

Division of Investment Management

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Dear Sir or Madam:

Pursuant to Rule 145 under the Securities Act of 1933 (the “1933 Act”) the Trust hereby submits Form N-14 for the purpose of reorganizing a series of the Trust into a separate series within the Trust. Specifically, the Trust is proposing to reorganize the Hotchkis & Wiley Capital Income Fund into the Hotchkis & Wiley High Yield Fund. Because the Reorganization is being contemplated in accordance with Rule 17a-8 under the Investment Company Act of 1940, the Trust is not seeking the approval of shareholders to complete the Reorganization. Rather this Form N-14 will be mailed to shareholders in the form of an Information Statement/Prospectus. It is anticipated that this Registration Statement will become effective on June 14, 2020, the 30th day after filing pursuant to Rule 488 under the 1933 Act.

If you have any questions regarding the enclosed, please do not hesitate to contact the undersigned at alyssa.bernard@usbank.com.

Sincerely,

Alyssa M. Bernard

Assistant Vice President

for U.S. Bank Global Fund Services

Enclosures