Hotchkis & Wiley Funds NCSRS Certified semi-annual shareholder report (management investment company)

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10487

Hotchkis & Wiley Funds

(Exact name of registrant as specified in charter)

601 South Figueroa Street, 39^th Floor

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

Anna Marie Lopez

601 South Figueroa Street, 39^th Floor

Los Angeles, California 90017-5704
(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^th 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, 2022

Date of reporting period: December 31, 2021

Item 1. Reports to Stockholders.

(a)

Hotchkis & Wiley Funds

Semi-annual Report

DECEMBER 31, 2021

DIVERSIFIED VALUE FUND

LARGE CAP VALUE FUND

MID-CAP VALUE FUND

SMALL CAP VALUE FUND

SMALL CAP DIVERSIFIED VALUE FUND

GLOBAL VALUE FUND

INTERNATIONAL VALUE FUND

INTERNATIONAL SMALL CAP DIVERSIFIED VALUE FUND

VALUE OPPORTUNITIES FUND

HIGH YIELD FUND

TABLE OF CONTENTS

SHAREHOLDER LETTER					1
FUND INFORMATION					4
FUND PERFORMANCE DATA					6
SCHEDULE OF INVESTMENTS:
DIVERSIFIED VALUE FUND					16
LARGE CAP VALUE FUND					18
MID-CAP VALUE FUND					20
SMALL CAP VALUE FUND					22
SMALL CAP DIVERSIFIED VALUE FUND					25
GLOBAL VALUE FUND					32
INTERNATIONAL VALUE FUND					34
INTERNATIONAL SMALL CAP DIVERSIFIED VALUE FUND					36
VALUE OPPORTUNITIES FUND					42
HIGH YIELD FUND					45
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, 2021.

OVERVIEW

In the six-month period ended December 31, 2021, the S&P 500^® Index returned +11.7%, the MSCI World Index returned +7.8%, and the ICE BofAML U.S. High Yield Index returned +1.6%. The economic backdrop has been decidedly positive, though marginally less so as the year progressed. The U.S. unemployment rate recently declined to 4.2%, its lowest level since the pandemic began. U.S. consumer prices rose at the fastest pace in 40 years, and inflation in most other regions has increased significantly also. This was fueled by a combination of strong demand for goods and labor, with shortages of both. Inflationary pressures appear to be more enduring than many pundits originally believed, particularly due to the tight labor market. The FOMC acknowledged inflation risk in its most recent meeting by taking a more hawkish tone. It signaled an acceleration of its tapering program, and perhaps even a rate hike in the reasonably near future. Earlier in the year, this compromised high flying growth stocks and favored value. We would expect more of this dynamic in 2022, perhaps contingent on pandemic developments. While increased inflation poses risk, higher quality businesses with superior pricing power should be better insulated from these pressures.

The pandemic's direction has influenced capital markets significantly: decreases in new COVID cases have coincided with higher interest rates across the globe and value outperforming growth, while increases in new cases have coincided with the opposite. Neither inflation nor the pandemic, however, appeared to thwart corporate earnings. Companies were able to defend profit margins despite rising input prices.

There are parallels between today's equity market and the tech bubble beyond the near-record divergence in value/growth valuations. The 2021 IPO market, if SPACs are included, reached levels not observed since the tech bubble. Also, the concentration of today's equity market is even more extreme than it was then. For example, the S&P 500^® Index's information technology weight peaked at more than 24% in the early 2000s before retreating to about half that less than three years later. Today, the information technology sector comprises 29% of the S&P 500^® Index, and a remarkable 40% if you include Google, Amazon, Facebook, and Netflix, which fall outside of the information technology GICS^® sector¹. There are notable differences, however, between the market of today and the early 2000s. For example, we have lower interest rates, less personal and corporate debt, and more government debt. Nonetheless, large segments of today's equity market exhibit valuations that seem unjustifiable given the lack of underlying profitability. Like the tech bubble period, we view the risks in these corners of the market as amazingly high.

The high yield default rate in 2021 was 0.3% including distressed exchanges, which is its lowest level ever. The market appears to believe defaults will remain subdued, as bonds trading at distressed levels are nearly non-existent. Rating agency upgrades outpaced

downgrades at a record pace. The ratio of upgrades to downgrades was 3.2 to 1 based on par value and 2.3 to 1 based on the number of issues — both are records. We continue to focus on credits with attractive asset coverage, often in the more senior parts of the capital structure. We will also continue to make the most of our research advantage in small and mid cap credits, which provides us a yield/spread advantage relative to the market without assuming unnecessary risk.

Having endured many different market cycles in the past serves as invaluable learning experience as we look forward across all our strategies. We will not be tempted to change our approach because our style goes through stints of being out of favor, or due to a fear of missing out. We believe that continuous learning and improvement are essential traits of investment success. An unwavering adherence to our core competency is also essential — purchasing quality businesses, with strong balance sheets and astute corporate governance, at considerable discounts to intrinsic value.

HOTCHKIS & WILEY DIVERSIFIED VALUE FUND

The Fund's Class I shares had a total return of 4.38% for the six months ended December 31, 2021 compared to the Russell 1000^® Value Index return of 6.93%.

Large value lagged large growth in the period, which was a stylistic headwind and a considerable driver of the Fund's underperformance in the period. Stock selection in industrials, consumer discretionary, and financials, along with the lack of exposure to real estate, hurt relative performance. Positive stock selection in information technology, communication services, and energy helped relative performance. The largest individual detractors in the period were Citigroup, General Electric, Discovery, Magna International, and Hess; the largest positive contributors were AIG, Microsoft, F5, Marathon Oil, and APA Corp.

HOTCHKIS & WILEY LARGE CAP VALUE FUND

The Fund's Class I shares had a total return of 3.41% for the six months ended December 31, 2021 compared to the Russell 1000^® Value Index return of 6.93%.

The Fund lagged the Russell 1000^® Value index in the period, largely driven by the value focused approach being out of favor — growth outperformed value by a considerable margin. Stock selection in industrials and consumer discretionary, along with the underweight exposure to real estate hurt. Positive stock selection in information technology, along with the underweight exposure to communication services and overweight exposure to financials helped. The largest individual detractors in the period were Citigroup, General Electric, Discovery, Magna International, and Hess; the largest positive contributors were AIG, F5, Anthem, APA Corp., and Marathon Oil.

HOTCHKIS & WILEY MID-CAP VALUE FUND

The Fund's Class I shares had a total return of 6.20% for the six months ended December 31, 2021 compared to the Russell Midcap^® Value Index return of 7.44%.

¹ Google (aka Alphabet) and Facebook (aka Meta Platforms) are in communication services, Amazon and Tesla are in consumer discretionary.

Stock selection in information technology, financials, and consumer discretionary detracted from performance and led underperformance in the period. The large underweight exposure to real estate also hurt, as this was the best-performing index sector over the six months. Positive stock selection in industrials, energy, and utilities helped relative performance along with the overweight position in financials. The largest individual detractors in the period were ODP Corp., Discovery, CommScope, NexTier Oilfield Solutions, and Magna International; the largest positive contributors were Fluor, Capricorn Energy (formerly Cairn Energy), APA Corp., AIG, and Vistra.

HOTCHKIS & WILEY SMALL CAP VALUE FUND

The Fund's Class I shares had a total return of 5.54% for the six months ended December 31, 2021 compared to the Russell 2000^® Value Index return of 1.24%.

The Fund's outperformance over the six-month period was driven by positive stock selection. Stock selection was most positive in communication services, industrials, energy, and health care. The underweight position in health care also helped. The underweight and stock selection in real estate, along with stock selection in information technology and financials detracted from performance over the six months. The largest positive contributors in the period were Stagwell, Triple-S Management, Fluor, AMERCO, and KBR; the largest detractors were Seritage Growth Properties, Telos, Armstrong Flooring, ODP Corp., and Hanger.

HOTCHKIS & WILEY SMALL CAP DIVERSIFIED VALUE FUND

The Fund's Class I shares had a total return of 4.44% for the six months ended December 31, 2021 compared to the Russell 2000^® Value Index return of 1.24%.

The Fund outperformed the index in the six-month period. The overweight and positive stock selection in financials was the largest contributor. The underweight allocation to communication services and health care also helped. The underweight exposure to real estate, the index's best performing sector in the period, hurt relative performance. Stock selection in health care also detracted from relative performance.

HOTCHKIS & WILEY GLOBAL VALUE FUND

The Fund's Class I shares had a total return of 4.39% for the six months ended December 31, 2021 compared to the MSCI World Index return of 7.76%.

The Fund underperformed the MSCI World Index in the six-month period ended December 31, 2021. The value-focused approach hurt performance relative to the broad benchmark as global growth stocks outperformed global value stocks. From a sector perspective, stock selection in consumer discretionary, industrials, and information technology hurt relative performance in the period. The underweight allocation to information technology and overweight allocation to industrials also hurt. Positive stock selection in financials and health care, and the underweight exposure to communication services

helped relative performance. The largest detractors to performance in the period were GE, Citigroup, Discovery, Euronet Worldwide, and Credit Suisse; the largest positive contributors were F5, AIG, Anthem, CVS Health, and Tokio Marine.

HOTCHKIS & WILEY INTERNATIONAL VALUE FUND

The Fund's Class I shares had a total return of 2.12% for the six months ended December 31, 2021 compared to the MSCI World ex-USA Index return of 2.46%.

The Fund underperformed the MSCI World ex-USA Index by a modest magnitude in the period, largely due to its value focused investment approach — international growth stocks outperformed international value stocks in the period. Stock selection in consumer discretionary, health care, information technology and consumer staples detracted from performance in the period. The overweight and positive stock selection in financials helped relative returns, along with the overweight position in energy. The largest detractors to relative performance in the period were Accor, Royal Mail, Henkel, Subsea 7, and Ericsson; the largest positive contributors were UniCredit, Tokio Marine, CNH Industrial, Capricorn Energy (formerly Cairn Energy), and ABN AMRO.

HOTCHKIS & WILEY INTERNATIONAL SMALL CAP DIVERSIFIED VALUE FUND

The Fund's Class I shares had a total return of 1.05% for the six months ended December 31, 2021 compared to the MSCI World ex-USA Small Cap Index return of 1.11%.

The Fund performed in line with the MSCI World ex-USA Small Cap Index in the six-month period. The value approach was a slight headwind in the period as international small value underperformed international small growth modestly. The overweight and positive stock selection in consumer discretionary, along with positive stock selection in consumer staples helped relative performance. The overweight and positive stock selection in energy also helped. Stock selection in materials and industrials, along with the underweight exposure to real estate detracted from relative performance in the period.

HOTCHKIS & WILEY VALUE OPPORTUNITIES FUND

The Fund's Class I shares had a total return of 6.94% for the six months ended December 31, 2021 compared to the Russell 3000^® Value return of 6.54%.

Positive security selection drove the outperformance over the six month period. Security selection was particularly positive in information technology, health care, and communication services. Security selection in real estate, energy, and consumer discretionary detracted from performance, along with the overweight exposure to communication services. The largest positive contributors to relative performance were Triple-S Management, F5, Stagwell, Microsoft, and AMERCO; the largest detractors were GE, NOV, Inc., Discovery, Seritage Growth Properties, and Credit Suisse.

HOTCHKIS & WILEY HIGH YIELD FUND

The Fund's Class I shares had a total return of 1.74% for the six months ended December 31, 2021 compared to the ICE BofAML BB-B U.S. High Yield Constrained Index return of 1.67%.

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

CONCLUSION

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

Sincerely,


Anna Marie Lopez President	George Davis Fund Manager	Scott McBride Fund Manager

Patty McKenna Fund Manager	James Miles Fund Manager	Stan Majcher Fund Manager

David Green Fund Manager	Judd Peters Fund Manager	Ray Kennedy Fund Manager

Mark Hudoff Fund Manager	Patrick Meegan Fund Manager	Scott Rosenthal Fund Manager

Richard Mak Fund Manager	Ryan Thomes Fund Manager	Hunter Doble Fund Manager

Fund Information

ABOUT FUND PERFORMANCE

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

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

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

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

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

FUND RISKS

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

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

MARKET INDEXES

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

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

Russell 1000^® Index, an unmanaged index, measures the performance of the 1,000 largest companies in the Russell 3000^® Index.

Russell 1000^® Value Index measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forecasted growth values.

Russell Midcap^® Index, an unmanaged index, measures the performance of the 800 smallest companies in the Russell 1000^® Index.

Russell Midcap^® Value Index measures the performance of those Russell Midcap^® companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000^® Index, an unmanaged index, measures the performance of the 2,000 smallest companies in the Russell 3000^® Index.

Russell 2000^® Value Index measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

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

Russell 3000^® Value Index measures the performance of those Russell 3000^® companies with lower price-to-book ratios and lower forecasted growth values.

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

Fund Information

MSCI World 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 BofAML BB-B U.S. High Yield Constrained Index contains all securities in the ICE BofAML 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 BofAML 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, 2021. 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, 2021. Indexes do not incur expenses or sales loads and are not available for investment.

The Global Industry Classification Standard (GICS^®) was developed by MSCI, an independent provider of global indices and benchmark-related products and services, and Standard & Poor's (S&P), an independent international financial data and investment services company. The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio management and asset allocation. The GICS structure consists of 11 sectors, 24 industry groups, 69 industries and 158 sub-industries. Each stock that is classified will have a coding at all four of these levels.

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

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

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

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

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

Market Disruption: The recent global coronavirus pandemic (COVID-19) has caused and continues to cause disruption in the global economy, unprecedented business and travel disruption and extreme fluctuations in global capital and financial markets. Hotchkis & Wiley Capital Management, LLC (the "Advisor") is unable to predict the consequences of the upheaval caused by COVID-19, which, depending on the severity and the length of the outbreak, has the potential to negatively impact the Advisor's investment strategies and reduce available investment opportunities.

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, 2021, the Value Opportunities Fund held futures contracts, which resulted in realized gains and unrealized losses, and purchased put options, which resulted in unrealized losses.

Fund Performance Data

DIVERSIFIED VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2021	Six Months			1 Year			5 Years			10 Years			Since 8/30/04*
Class I
Average annual total return		4.38	%		32.47	%		11.66	%		13.46	%		8.23	%
Class A
Average annual total return (with sales charge)		–1.24	%		25.18	%		10.19	%		12.57	%		7.63	%
Average annual total return (without sales charge)		4.25	%		32.11	%		11.39	%		13.18	%		7.96	%
Class C
Average annual total return (with CDSC)		2.87	%		30.18	%		10.55	%		12.33	%		7.17	%
Average annual total return (without CDSC)		3.87	%		31.18	%		10.55	%		12.33	%		7.17	%
Russell 1000^® Value Index††
Average annual total return		6.93	%		25.16	%		11.16	%		12.97	%		8.88	%
Russell 1000^® Index††
Average annual total return		10.01	%		26.45	%		18.43	%		16.54	%		11.23	%

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

† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell 1000^® Index.

†† See index descriptions in the Fund Information section.

††† Fund returns during certain periods shown reflect a fee waiver and/or expense reimbursement. Without waiver/reimbursement, returns would have been lower. Returns shown include the reinvestment of all dividends. 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 in the prospectus dated August 27, 2021 is 1.03% for Class I shares, 1.24% for Class A shares and 1.97% for Class C shares, respectively.

Fund Performance Data

LARGE CAP VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2021	Six Months			1 Year			5 Years			10 Years			Since 6/24/87*
Class I
Average annual total return		3.41	%		28.86	%		11.08	%		13.41	%		9.36	%
Class A
Average annual total return (with sales charge)		–2.15	%		21.79	%		9.61	%		12.52	%		8.94	%
Average annual total return (without sales charge)		3.27	%		28.54	%		10.79	%		13.13	%		9.11	%
Class C
Average annual total return (with CDSC)		1.91	%		26.61	%		10.00	%		12.30	%		8.29	%
Average annual total return (without CDSC)		2.91	%		27.61	%		10.00	%		12.30	%		8.29	%
Class Z
Average annual total return		3.47	%		29.00	%		11.14	%		13.45	%		9.37	%
Russell 1000^® Value Index††
Average annual total return		6.93	%		25.16	%		11.16	%		12.97	%		10.06	%
Russell 1000^® Index††
Average annual total return		10.01	%		26.45	%		18.43	%		16.54	%		10.78	%

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

† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell 1000^® Index.

†† See index descriptions in the Fund Information section.

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

The gross expense ratio in the prospectus dated August 27, 2021 is 0.98% for Class I shares, 1.18% for Class A shares, 1.92% for Class C shares and 0.84% for Class Z shares, respectively.

Fund Performance Data

MID-CAP VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2021	Six Months			1 Year			5 Years			10 Years			Since 1/2/97*
Class I
Average annual total return		6.20	%		39.19	%		6.56	%		11.79	%		11.31	%
Class A
Average annual total return (with sales charge)		0.54	%		31.65	%		5.18	%		10.93	%		10.81	%
Average annual total return (without sales charge)		6.12	%		38.94	%		6.32	%		11.53	%		11.05	%
Class C
Average annual total return (with CDSC)		4.71	%		36.86	%		5.52	%		10.69	%		10.24	%
Average annual total return (without CDSC)		5.71	%		37.86	%		5.52	%		10.69	%		10.24	%
Class Z
Average annual total return		6.25	%		39.37	%		6.62	%		11.82	%		11.33	%
Russell Midcap^® Value Index††
Average annual total return		7.44	%		28.34	%		11.22	%		13.44	%		10.75	%
Russell Midcap^® Index††
Average annual total return		5.45	%		22.58	%		15.10	%		14.91	%		11.04	%

† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell Midcap^® Index.

†† See index descriptions in the Fund Information section.

* Commencement of Class I.

The gross expense ratio in the prospectus dated August 27, 2021 is 1.04% for Class I shares, 1.23% for Class A shares, 2.01% for Class C shares and 0.88% for Class Z shares, respectively.

Fund Performance Data

SMALL CAP VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2021	Six Months			1 Year			5 Years			10 Years			Since 9/20/85*
Class I
Average annual total return		5.54	%		35.54	%		8.32	%		12.64	%		11.34	%
Class A
Average annual total return (with sales charge)		–0.07	%		28.21	%		6.93	%		11.77	%		10.92	%
Average annual total return (without sales charge)		5.46	%		35.33	%		8.09	%		12.37	%		11.09	%
Class C
Average annual total return (with CDSC)		4.08	%		33.33	%		7.30	%		11.54	%		10.29	%
Average annual total return (without CDSC)		5.08	%		34.33	%		7.30	%		11.54	%		10.29	%
Class Z
Average annual total return		5.65	%		35.81	%		8.42	%		12.68	%		11.35	%
Russell 2000^® Value Index††
Average annual total return		1.24	%		28.27	%		9.07	%		12.03	%		11.00	%
Russell 2000^® Index††
Average annual total return		–2.31	%		14.82	%		12.02	%		13.23	%		10.17	%

† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell 2000^® Index.

†† See index descriptions in the Fund Information section.

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

The gross expense ratio in the prospectus dated August 27, 2021 is 1.07% for Class I shares, 1.25% for Class A shares, 1.99% for Class C shares and 0.87% for Class Z shares, respectively.

Fund Performance Data

SMALL CAP DIVERSIFIED VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2021	Six Months			1 Year			5 Years			Since 6/30/14*
Class I
Average annual total return		4.44	%		35.28	%		10.18	%		9.92	%
Class A
Average annual total return (with sales charge)		–1.20	%		27.78	%		8.72	%		8.86	%
Average annual total return (without sales charge)		4.26	%		34.91	%		9.91	%		9.64	%
Class Z
Average annual total return		4.40	%		35.37	%		10.18	%		9.92	%
Russell 2000^® Value Index††
Average annual total return		1.24	%		28.27	%		9.07	%		8.79	%
Russell 2000^® Index††
Average annual total return		–2.31	%		14.82	%		12.02	%		10.25	%

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

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

† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell 2000^® Index.

†† See index descriptions in the Fund Information section.

* Commencement of Class I and Class A.

The gross expense ratio in the prospectus dated August 27, 2021 is 0.87% for Class I shares, 1.14% for Class A shares and 0.77% for Class Z shares, respectively.

Fund Performance Data

GLOBAL VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2021	Six Months			1 Year			5 Years			Since 12/31/12*
Class I
Average annual total return		4.39	%		26.67	%		8.99	%		9.91	%
Class A
Average annual total return (with sales charge)		–1.19	%		19.81	%		7.53	%		8.99	%
Average annual total return (without sales charge)		4.29	%		26.46	%		8.71	%		9.64	%
MSCI World Index††
Average annual total return		7.76	%		21.82	%		15.03	%		12.36	%

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

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

†† See index description in the Fund Information section.

* Commencement of Class I.

The gross expense ratio in the prospectus dated August 27, 2021 is 1.29% for Class I shares and 1.48% for Class A shares, respectively.

Fund Performance Data

INTERNATIONAL VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2021	Six Months			1 Year			5 Years			Since 12/31/15*
Class I
Average annual total return		2.12	%		18.14	%		5.85	%		6.72	%
MSCI World ex-USA Index††
Average annual total return		2.46	%		12.62	%		9.63	%		8.45	%

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

†† See index description in the Fund Information section.

* Commencement of Class I.

The gross expense ratio in the prospectus dated August 27, 2021 is 5.13% for Class I shares.

Fund Performance Data

INTERNATIONAL SMALL CAP DIVERSIFIED VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Period ended December 31, 2021	Six Months			1 Year			Since 6/30/20*
Class I
Average annual total return		1.05	%		16.44	%		32.77	%
MSCI World ex-USA Small Cap Index††
Average annual total return		1.11	%		11.14	%		27.44	%

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

†† See index description in the Fund Information section.

* Commencement of Class I.

The gross expense ratio in the prospectus dated August 27, 2021 is 4.27% for Class I shares.

Fund Performance Data

VALUE OPPORTUNITIES FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2021	Six Months			1 Year			5 Years			10 Years			Since 12/31/02*
Class I
Average annual total return		6.94	%		34.45	%		12.51	%		15.12	%		12.85	%
Class A
Average annual total return (with sales charge)		1.23	%		27.06	%		11.02	%		14.22	%		12.30	%
Average annual total return (without sales charge)		6.83	%		34.09	%		12.22	%		14.84	%		12.61	%
Class C
Average annual total return (with CDSC)		5.51	%		32.14	%		11.42	%		13.99	%		11.76	%
Average annual total return (without CDSC)		6.44	%		33.14	%		11.42	%		13.99	%		11.76	%
Class Z
Average annual total return		6.99	%		34.57	%		12.56	%		15.15	%		12.86	%
Russell 3000^® Value Index††
Average annual total return		6.54	%		25.37	%		11.00	%		12.89	%		9.81	%
Russell 3000^® Index††
Average annual total return		9.17	%		25.66	%		17.97	%		16.30	%		11.68	%

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

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

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

†† See index descriptions in the Fund Information section.

* Commencement of Class I and Class A.

The gross expense ratio in the prospectus dated August 27, 2021 is 0.94% for Class I shares, 1.24% for Class A shares, 1.93% for Class C shares and 0.87% for Class Z shares, respectively.

Fund Performance Data

HIGH YIELD FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2021	Six Months			1 Year			5 Years			10 Years			Since 3/31/09*
Class I
Average annual total return		1.74	%		6.72	%		4.88	%		6.21	%		8.88	%
Class A
Average annual total return (with sales charge)		–2.20	%		2.53	%		3.79	%		5.52	%		8.21	%
Average annual total return (without sales charge)		1.61	%		6.52	%		4.58	%		5.92	%		8.53	%
Class C
Average annual total return (with CDSC)		0.23	%		4.68	%		3.84	%		5.15	%		7.80	%
Average annual total return (without CDSC)		1.22	%		5.68	%		3.84	%		5.15	%		7.80	%
Class Z
Average annual total return		1.78	%		6.83	%		4.95	%		6.24	%		8.91	%
ICE BofAML BB-B U.S. High Yield Constrained Index††
Average annual total return		1.67	%		4.60	%		6.04	%		6.54	%		9.32	%

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

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

† The Fund invests primarily in high yield securities.

†† See index description in the Fund Information section.

* Commencement of Class I.

The gross expense ratio in the prospectus dated August 27, 2021 is 0.75% for Class I shares, 0.97% for Class A shares, 1.71% for Class C shares and 0.65% for Class Z shares, respectively.

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Diversified Value Fund (Unaudited)

Largest Equity Holdings	Percent of net assets
Wells Fargo & Company		4.76	%
Citigroup, Inc.		4.70	%
American International Group, Inc.		4.44	%
General Electric Company		4.25	%
Anthem, Inc.		3.53	%
Marathon Oil Corp.		3.02	%
General Motors Company		2.89	%
Alphabet, Inc.		2.87	%
PPL Corp.		2.62	%
Microsoft Corp.		2.46	%

COMMON STOCKS — 99.67%	Shares Held		Value
COMMUNICATION SERVICES — 9.06% Interactive Media & Services — 2.87%
Alphabet, Inc. (a)		990	$	2,868,070
*Media — 4.87%*
Comcast Corp.		23,600		1,187,788
Discovery, Inc. (a)		83,300		1,907,570
News Corp.		57,000		1,271,670
Omnicom Group, Inc.		6,800		498,236
				4,865,264
*Wireless Telecommunication Services — 1.32%*
Vodafone Group PLC — ADR		87,763		1,310,301
TOTAL COMMUNICATION SERVICES				9,043,635
CONSUMER DISCRETIONARY — 7.07% Auto Components — 3.03%
Adient PLC (a)		8,974		429,675
The Goodyear Tire & Rubber Company (a)		20,600		439,192
Magna International, Inc.		26,600		2,153,004
				3,021,871
*Automobiles — 3.32%*
General Motors Company (a)		49,200		2,884,596
Harley-Davidson, Inc.		11,400		429,666
				3,314,262
*Hotels, Restaurants & Leisure — 0.72%*
Booking Holdings, Inc. (a)		300		719,769
TOTAL CONSUMER DISCRETIONARY				7,055,902
CONSUMER STAPLES — 2.51% Food Products — 0.98%
Mondelez International, Inc.		14,800		981,388
*Personal Products — 1.53%*
Unilever PLC — ADR		28,400		1,527,636
TOTAL CONSUMER STAPLES				2,509,024

	Shares Held		Value
ENERGY — 13.01% Energy Equipment & Services — 3.52%
Baker Hughes Company		27,400	$	659,244
Halliburton Company		46,400		1,061,168
NOV, Inc.		80,300		1,088,065
Schlumberger NV		23,700		709,815
				3,518,292
*Oil, Gas & Consumable Fuels — 9.49%*
APA Corp.		65,200		1,753,228
Cenovus Energy, Inc.		42,800		525,584
Hess Corp.		23,900		1,769,317
Marathon Oil Corp.		183,400		3,011,428
Marathon Petroleum Corp.		8,122		519,727
Murphy Oil Corp.		11,900		310,709
Royal Dutch Shell PLC — ADR		36,562		1,586,791
				9,476,784
TOTAL ENERGY				12,995,076
FINANCIALS — 26.33% Banks — 11.88%
Bank of America Corp.		10,922		485,920
CIT Group, Inc.		14,400		739,296
Citigroup, Inc.		77,674		4,690,733
Citizens Financial Group, Inc.		25,400		1,200,150
Wells Fargo & Company		99,034		4,751,651
				11,867,750
*Capital Markets — 5.27%*
The Bank of New York Mellon Corp.		28,400		1,649,472
Credit Suisse Group AG — ADR		102,400		987,136
The Goldman Sachs Group, Inc.		4,150		1,587,583
State Street Corp.		11,100		1,032,300
				5,256,491

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Diversified Value Fund (Unaudited)

	Shares Held		Value
*Diversified Financial Services — 2.08%*
Berkshire Hathaway, Inc. (a)		5,290	$	1,581,710
Equitable Holdings, Inc.		15,100		495,129
				2,076,839
*Insurance — 7.10%*
American International Group, Inc.		78,000		4,435,080
The Hartford Financial Services Group, Inc.		17,200		1,187,488
The Travelers Companies, Inc.		9,400		1,470,442
				7,093,010
TOTAL FINANCIALS				26,294,090
HEALTH CARE — 13.75% Health Care Equipment & Supplies — 2.19%
Boston Scientific Corp. (a)		11,500		488,520
Medtronic PLC		10,182		1,053,328
Zimmer Biomet Holdings, Inc.		5,100		647,904
				2,189,752
*Health Care Providers & Services — 8.65%*
Anthem, Inc.		7,600		3,522,904
Centene Corp. (a)		17,400		1,433,760
CVS Health Corp.		13,300		1,372,028
HCA Healthcare, Inc.		2,600		667,992
Humana, Inc.		1,600		742,176
UnitedHealth Group, Inc.		1,800		903,852
				8,642,712
*Pharmaceuticals — 2.91%*
Bristol-Myers Squibb Company		9,800		611,030
GlaxoSmithKline PLC — ADR		32,600		1,437,660
Sanofi — ADR		17,000		851,700
				2,900,390
TOTAL HEALTH CARE				13,732,854
INDUSTRIALS — 12.09% Aerospace & Defense — 1.00%
Raytheon Technologies Corp.		11,600		998,296
*Air Freight & Logistics — 2.23%*
FedEx Corp.		8,600		2,224,304
*Construction & Engineering — 0.30%*
Fluor Corp. (a)		12,200		302,194
*Industrial Conglomerates — 4.25%*
General Electric Company		44,937		4,245,198
*Machinery — 4.31%*
CNH Industrial NV		103,100		2,003,233
Cummins, Inc.		5,800		1,265,212
PACCAR, Inc.		11,700		1,032,642
				4,301,087
TOTAL INDUSTRIALS				12,071,079

	Shares Held		Value
INFORMATION TECHNOLOGY — 12.28% Communications Equipment — 3.35%
F5, Inc. (a)		9,800	$	2,398,158
Telefonaktiebolaget LM Ericsson — ADR		86,900		944,603
				3,342,761
*Electronic Equipment, Instruments & Components — 2.56%*
Corning, Inc.		35,800		1,332,834
TE Connectivity Ltd.		7,600		1,226,184
				2,559,018
*IT Services — 0.62%*
Cognizant Technology Solutions Corp.		7,000		621,040
*Semiconductors & Semiconductor Equipment — 0.55%*
Micron Technology, Inc.		5,900		549,585
*Software — 4.08%*
Microsoft Corp.		7,300		2,455,136
Oracle Corp.		18,600		1,622,106
				4,077,242
*Technology Hardware, Storage & Peripherals — 1.12%*
Hewlett Packard Enterprise Company		70,800		1,116,516
TOTAL INFORMATION TECHNOLOGY				12,266,162
MATERIALS — 0.40% Containers & Packaging — 0.40%
International Paper Company		8,600		404,028
TOTAL MATERIALS				404,028
UTILITIES — 3.17% Electric Utilities — 3.17%
PPL Corp.		87,200		2,621,232
The Southern Company		7,900		541,782
TOTAL UTILITIES				3,163,014
Total common stocks (Cost $78,190,378)				99,534,864
Total long-term investments (Cost $78,190,378)				99,534,864
SHORT-TERM INVESTMENTS — 0.28%	Principal Amount
*Time Deposits — 0.28%*
Bank of Montreal, 0.01%, 01/03/2022*	$	282,917		282,917
Total short-term investments (Cost $282,917)				282,917
Total investments — 99.95% (Cost $78,473,295)				99,817,781
Other assets in excess of liabilities — 0.05%				50,542
Net assets — 100.00%			$	99,868,323

(a) — Non-income producing security.

ADR — American Depositary Receipt

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

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Large Cap Value Fund (Unaudited)

Largest Equity Holdings	Percent of net assets
Citigroup, Inc.		4.75	%
Wells Fargo & Company		4.75	%
General Electric Company		4.54	%
American International Group, Inc.		4.35	%
Anthem, Inc.		3.76	%
General Motors Company		3.37	%
F5, Inc.		3.22	%
Marathon Oil Corp.		3.08	%
PPL Corp.		2.53	%
Magna International, Inc.		2.37	%

COMMON STOCKS — 97.99%	Shares Held		Value
COMMUNICATION SERVICES — 4.84% Media — 3.52%
Comcast Corp.		158,800	$	7,992,404
Discovery, Inc. (a)		442,200		10,126,380
				18,118,784
*Wireless Telecommunication Services — 1.32%*
Vodafone Group PLC — ADR		455,044		6,793,807
TOTAL COMMUNICATION SERVICES				24,912,591
CONSUMER DISCRETIONARY — 7.36% Auto Components — 2.79%
Adient PLC (a)		44,891		2,149,381
Magna International, Inc.		150,700		12,197,658
				14,347,039
*Automobiles — 3.78%*
General Motors Company (a)		296,100		17,360,343
Harley-Davidson, Inc.		55,200		2,080,488
				19,440,831
*Hotels, Restaurants & Leisure — 0.79%*
Booking Holdings, Inc. (a)		1,700		4,078,691
TOTAL CONSUMER DISCRETIONARY				37,866,561
CONSUMER STAPLES — 2.50% Food Products — 0.94%
Mondelez International, Inc.		73,000		4,840,630
*Personal Products — 1.56%*
Unilever PLC — ADR		149,500		8,041,605
TOTAL CONSUMER STAPLES				12,882,235
ENERGY — 13.70% Energy Equipment & Services — 3.42%
Baker Hughes Company		126,400		3,041,184
Halliburton Company		156,000		3,567,720
NOV, Inc.		507,600		6,877,980
Schlumberger NV		137,700		4,124,115
				17,610,999

	Shares Held		Value
*Oil, Gas & Consumable Fuels — 10.28%*
APA Corp.		350,000	$	9,411,500
Hess Corp.		131,700		9,749,751
Marathon Oil Corp.		966,700		15,873,214
Marathon Petroleum Corp.		39,993		2,559,152
Murphy Oil Corp.		87,470		2,283,842
Royal Dutch Shell PLC — ADR		210,472		9,134,485
Suncor Energy, Inc.		156,600		3,919,698
				52,931,642
TOTAL ENERGY				70,542,641
FINANCIALS — 26.93% Banks — 11.24%
Citigroup, Inc.		404,988		24,457,225
Citizens Financial Group, Inc.		189,700		8,963,325
Wells Fargo & Company		509,563		24,448,833
				57,869,383
*Capital Markets — 6.51%*
The Bank of New York Mellon Corp.		180,500		10,483,440
Credit Suisse Group AG — ADR		535,500		5,162,220
The Goldman Sachs Group, Inc.		24,700		9,448,985
State Street Corp.		90,400		8,407,200
				33,501,845
*Diversified Financial Services — 1.99%*
Berkshire Hathaway, Inc. (a)		25,800		7,714,200
Equitable Holdings, Inc.		77,700		2,547,783
				10,261,983
*Insurance — 7.19%*
American International Group, Inc.		394,000		22,402,840
The Hartford Financial Services Group, Inc.		88,900		6,137,656
The Travelers Companies, Inc.		54,000		8,447,220
				36,987,716
TOTAL FINANCIALS				138,620,927

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Large Cap Value Fund (Unaudited)

	Shares Held		Value
HEALTH CARE — 12.86% Health Care Equipment & Supplies — 2.44%
Medtronic PLC		79,100	$	8,182,895
Zimmer Biomet Holdings, Inc.		34,200		4,344,768
				12,527,663
*Health Care Providers & Services — 7.32%*
Anthem, Inc.		41,700		19,329,618
CVS Health Corp.		76,800		7,922,688
HCA Healthcare, Inc.		18,900		4,855,788
UnitedHealth Group, Inc.		11,100		5,573,754
				37,681,848
*Pharmaceuticals — 3.10%*
Bristol-Myers Squibb Company		49,700		3,098,795
GlaxoSmithKline PLC — ADR		175,100		7,721,910
Sanofi — ADR		102,900		5,155,290
				15,975,995
TOTAL HEALTH CARE				66,185,506
INDUSTRIALS — 12.07% Aerospace & Defense — 0.50%
Huntington Ingalls Industries, Inc.		13,900		2,595,686
*Air Freight & Logistics — 2.21%*
FedEx Corp.		44,000		11,380,160
*Industrial Conglomerates — 4.54%*
General Electric Company		247,087		23,342,309
*Machinery — 4.82%*
CNH Industrial NV		545,000		10,589,350
Cummins, Inc.		37,700		8,223,878
PACCAR, Inc.		67,800		5,984,028
				24,797,256
TOTAL INDUSTRIALS				62,115,411
INFORMATION TECHNOLOGY — 14.01% Communications Equipment — 4.62%
F5, Inc. (a)		67,800		16,591,338
Telefonaktiebolaget LM Ericsson — ADR		661,200		7,187,244
				23,778,582
*Electronic Equipment, Instruments & Components — 2.73%*
Corning, Inc.		171,500		6,384,945
TE Connectivity Ltd.		47,500		7,663,650
				14,048,595
*IT Services — 1.51%*
Amdocs Ltd.		34,200		2,559,528
Euronet Worldwide, Inc. (a)		43,700		5,207,729
				7,767,257

	Shares Held		Value
*Software — 4.05%*
Microsoft Corp.		31,700	$	10,661,344
Oracle Corp.		117,100		10,212,291
				20,873,635
*Technology Hardware, Storage & Peripherals — 1.10%*
Hewlett Packard Enterprise Company		359,400		5,667,738
TOTAL INFORMATION TECHNOLOGY				72,135,807
MATERIALS — 0.55% Containers & Packaging — 0.55%
International Paper Company		60,700		2,851,686
TOTAL MATERIALS				2,851,686
UTILITIES — 3.17% Electric Utilities — 3.17%
PPL Corp.		432,600		13,003,956
The Southern Company		48,200		3,305,556
TOTAL UTILITIES				16,309,512
Total common stocks (Cost $394,498,094)				504,422,877
Total long-term investments (Cost $394,498,094)				504,422,877
SHORT-TERM INVESTMENTS — 1.90%	Principal Amount
*Time Deposits — 1.90%*
Bank of Montreal, 0.01%, 01/03/2022*	$	9,766,871		9,766,871
Total short-term investments (Cost $9,766,871)				9,766,871
Total investments — 99.89% (Cost $404,264,965)				514,189,748
Other assets in excess of liabilities — 0.11%				568,699
Net assets — 100.00%			$	514,758,447

(a) — Non-income producing security.

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.
19

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Mid-Cap Value Fund (Unaudited)

Largest Equity Holdings	Percent of net assets
Popular, Inc.		4.49	%
Capricorn Energy PLC		4.23	%
Fluor Corp.		4.10	%
Kosmos Energy Ltd.		3.63	%
Citizens Financial Group, Inc.		3.44	%
CNH Industrial NV		3.40	%
American International Group, Inc.		3.28	%
APA Corp.		3.08	%
Adient PLC		2.89	%
Vistra Corp.		2.81	%

COMMON STOCKS — 99.37%	Shares Held		Value
COMMUNICATION SERVICES — 4.67% Media — 4.67%
Discovery, Inc. (a)		454,800	$	10,414,920
News Corp.		169,600		3,783,776
Omnicom Group, Inc.		63,000		4,616,010
ViacomCBS, Inc.		57,300		1,729,314
TOTAL COMMUNICATION SERVICES				20,544,020
CONSUMER DISCRETIONARY — 12.18% Auto Components — 7.17%
Adient PLC (a)		265,300		12,702,564
The Goodyear Tire & Rubber Company (a)		409,600		8,732,672
Lear Corp.		10,600		1,939,270
Magna International, Inc.		101,000		8,174,940
				31,549,446
*Automobiles — 0.35%*
Harley-Davidson, Inc.		41,000		1,545,290
*Household Durables — 1.82%*
Tri Pointe Homes, Inc. (a)		23,500		655,415
Whirlpool Corp.		31,400		7,368,324
				8,023,739
*Specialty Retail — 2.84%*
Bed Bath & Beyond, Inc. (a)		97,200		1,417,176
The ODP Corp. (a)		282,345		11,090,512
				12,507,688
TOTAL CONSUMER DISCRETIONARY				53,626,163
CONSUMER STAPLES — 0.79% Personal Products — 0.79%
Herbalife Nutrition Ltd. (a)		85,400		3,495,422
TOTAL CONSUMER STAPLES				3,495,422

	Shares Held		Value
ENERGY — 20.26% Energy Equipment & Services — 1.76%
Expro Group Holdings NV (a)		67,283	$	965,511
Halliburton Company		71,900		1,644,353
NexTier Oilfield Solutions, Inc. (a)		1,182,565		4,198,106
NOV, Inc.		69,600		943,080
				7,751,050
*Oil, Gas & Consumable Fuels — 18.50%*
APA Corp.		504,800		13,574,072
Capricorn Energy PLC (v)		7,218,008		18,629,544
Cenovus Energy, Inc.		237,700		2,918,956
Equitrans Midstream Corp.		265,500		2,745,270
Hess Corp.		76,600		5,670,698
Kosmos Energy Ltd. (a)		4,620,720		15,987,691
Marathon Oil Corp.		478,200		7,852,044
Oasis Petroleum, Inc.		45,700		5,757,743
PDC Energy, Inc.		107,400		5,238,972
Range Resources Corp. (a)		171,100		3,050,713
				81,425,703
TOTAL ENERGY				89,176,753
FINANCIALS — 24.98% Banks — 11.57%
CIT Group, Inc.		215,924		11,085,538
Citizens Financial Group, Inc.		320,600		15,148,350
First Horizon Corp.		300,700		4,910,431
Popular, Inc.		240,900		19,763,436
				50,907,755
*Capital Markets — 4.37%*
Credit Suisse Group AG — ADR		618,400		5,961,376
Lazard Ltd.		39,100		1,705,933
Northern Trust Corp.		29,000		3,468,690
State Street Corp.		87,000		8,091,000
				19,226,999

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Mid-Cap Value Fund (Unaudited)

	Shares Held		Value
*Consumer Finance — 1.32%*
SLM Corp.		296,300	$	5,828,221
*Insurance — 7.72%*
Alleghany Corp. (a)		2,700		1,802,493
American International Group, Inc.		253,900		14,436,754
CNO Financial Group, Inc.		358,100		8,537,104
Enstar Group Ltd. (a)		22,500		5,570,775
The Hartford Financial Services Group, Inc.		52,900		3,652,216
				33,999,342
TOTAL FINANCIALS				109,962,317
HEALTH CARE — 3.59% Health Care Providers & Services — 3.14%
Centene Corp. (a)		76,200		6,278,880
Universal Health Services, Inc.		58,200		7,546,212
				13,825,092
*Pharmaceuticals — 0.45%*
Jazz Pharmaceuticals PLC (a)		15,400		1,961,960
TOTAL HEALTH CARE				15,787,052
INDUSTRIALS — 14.66% Aerospace & Defense — 0.50%
Huntington Ingalls Industries, Inc.		11,800		2,203,532
*Air Freight & Logistics — 2.18%*
Royal Mail PLC (v)		1,398,200		9,586,343
*Construction & Engineering — 4.10%*
Fluor Corp. (a)		729,400		18,067,238
*Machinery — 5.19%*
Allison Transmission Holdings, Inc.		104,500		3,798,575
CNH Industrial NV		770,400		14,968,872
PACCAR, Inc.		46,000		4,059,960
				22,827,407
*Professional Services — 2.69%*
KBR, Inc.		180,700		8,604,934
ManpowerGroup, Inc.		33,200		3,231,356
				11,836,290
TOTAL INDUSTRIALS				64,520,810
INFORMATION TECHNOLOGY — 11.76% Communications Equipment — 3.69%
CommScope Holding Company, Inc. (a)		259,100		2,860,464
F5, Inc. (a)		33,400		8,173,314
Telefonaktiebolaget LM Ericsson — ADR		480,600		5,224,122
				16,257,900
*Electronic Equipment, Instruments & Components — 4.04%*
Arrow Electronics, Inc. (a)		57,600		7,733,952
Avnet, Inc.		98,300		4,052,909
Corning, Inc.		160,700		5,982,861
				17,769,722

	Shares Held		Value
*IT Services — 2.29%*
Amdocs Ltd.		27,800	$	2,080,552
Euronet Worldwide, Inc. (a)		67,200		8,008,224
				10,088,776
*Technology Hardware, Storage & Peripherals — 1.74%*
Hewlett Packard Enterprise Company		485,700		7,659,489
TOTAL INFORMATION TECHNOLOGY				51,775,887
MATERIALS — 1.24% Chemicals — 1.24%
Huntsman Corp.		156,500		5,458,720
TOTAL MATERIALS				5,458,720
REAL ESTATE — 0.62% Equity Real Estate Investment Trusts — 0.62%
Pebblebrook Hotel Trust		39,500		883,615
Vornado Realty Trust		44,700		1,871,142
TOTAL REAL ESTATE				2,754,757
UTILITIES — 4.62% Electric Utilities — 1.81%
NRG Energy, Inc.		185,100		7,974,108
Independent Power and Renewable Electricity Producers — 2.81%
Vistra Corp.		543,900		12,384,603
TOTAL UTILITIES				20,358,711
Total common stocks (Cost $341,606,475)				437,460,612
Total long-term investments (Cost $341,606,475)				437,460,612
SHORT-TERM INVESTMENTS — 0.49%	Principal Amount
*Time Deposits — 0.49%*
Australia and New Zealand Banking Group Ltd., 0.01%, 01/03/2022*	$	1,111,219		1,111,219
Citigroup, Inc., 0.01%, 01/04/2022*	GBP	758,737		1,026,986
Total short-term investments (Cost $2,101,114)				2,138,205
Total investments — 99.86% (Cost $343,707,589)				439,598,817
Other assets in excess of liabilities — 0.14%				621,845
Net assets — 100.00%			$	440,220,662

(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 $28,215,887, which represented 6.41% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

ADR — American Depositary Receipt

GBP — British Pound

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

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Small Cap Value Fund (Unaudited)

Largest Equity Holdings	Percent of net assets
Range Resources Corp.		4.90	%
Popular, Inc.		4.68	%
Stagwell, Inc.		4.51	%
Fluor Corp.		3.75	%
Enstar Group Ltd.		3.63	%
Euronet Worldwide, Inc.		3.49	%
The Bank of NT Butterfield & Son Ltd.		3.39	%
Arrow Electronics, Inc.		3.36	%
Seritage Growth Properties		3.16	%
The ODP Corp.		2.89	%

COMMON STOCKS — 98.29%	Shares Held		Value
COMMUNICATION SERVICES — 4.51% Media — 4.51%
Stagwell, Inc. (a)		2,764,700	$	23,969,949
TOTAL COMMUNICATION SERVICES				23,969,949
CONSUMER DISCRETIONARY — 6.99% Auto Components — 1.11%
Adient PLC (a)		122,800		5,879,664
*Automobiles — 0.26%*
Harley-Davidson, Inc.		36,000		1,356,840
*Hotels, Restaurants & Leisure — 0.51%*
International Game Technology PLC		94,200		2,723,322
*Internet & Catalog Retail — 1.54%*
Points International Ltd. (a)		528,525		8,181,567
*Specialty Retail — 3.57%*
The ODP Corp. (a)		390,280		15,330,198
Sonic Automotive, Inc.		73,200		3,619,740
				18,949,938
TOTAL CONSUMER DISCRETIONARY				37,091,331
ENERGY — 16.51% Energy Equipment & Services — 3.54%
Expro Group Holdings NV (a)		624,882		8,967,057
NexTier Oilfield Solutions, Inc. (a)		280,037		994,131
NOV, Inc.		653,200		8,850,860
				18,812,048
*Oil, Gas & Consumable Fuels — 12.97%*
Altus Midstream Company (l)		15,695		962,260
APA Corp.		159,100		4,278,199
Berry Corp.		424,300		3,572,606
Capricorn Energy PLC (v)		471,400		1,216,675
Equitrans Midstream Corp.		942,400		9,744,416
Kosmos Energy Ltd. (a)		2,345,800		8,116,468

	Shares Held		Value
Murphy Oil Corp.		182,800	$	4,772,908
Oasis Petroleum, Inc.		45,000		5,669,550
Range Resources Corp. (a)		1,460,200		26,035,366
Ranger Oil Corp. (a)		71,400		1,922,088
Rockhopper Exploration PLC (a)		3,066,400		350,719
Whiting Petroleum Corp. (a)		34,400		2,224,992
				68,866,247
TOTAL ENERGY				87,678,295
FINANCIALS — 26.02% Banks — 13.13%
Associated Banc-Corp		66,800		1,509,012
The Bank of NT Butterfield & Son Ltd.		471,600		17,972,676
First BanCorp		664,400		9,155,432
First Hawaiian, Inc.		484,900		13,252,317
Investors Bancorp, Inc.		195,800		2,966,370
Popular, Inc.		303,000		24,858,120
				69,713,927
*Capital Markets — 2.71%*
Evercore, Inc.		79,100		10,745,735
Lazard Ltd.		21,800		951,134
Stifel Financial Corp.		38,400		2,704,128
				14,400,997
*Consumer Finance — 2.58%*
SLM Corp.		696,400		13,698,188
*Insurance — 7.29%*
CNO Financial Group, Inc.		121,900		2,906,096
Enstar Group Ltd. (a)		77,879		19,282,061
Global Indemnity Group LLC		316,036		7,941,985
Horace Mann Educators Corp.		221,600		8,575,920
				38,706,062

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Small Cap Value Fund (Unaudited)

	Shares Held		Value
*Thrifts & Mortgage Finance — 0.31%*
Luther Burbank Corp.		117,800	$	1,653,912
TOTAL FINANCIALS				138,173,086
HEALTH CARE — 1.36% Health Care Providers & Services — 1.36%
Hanger, Inc. (a)		397,700		7,210,301
TOTAL HEALTH CARE				7,210,301
INDUSTRIALS — 22.48% Building Products — 0.20%
Armstrong Flooring, Inc. (a)		538,800		1,066,824
*Commercial Services & Supplies — 2.35%*
The Brink's Company		122,900		8,058,553
MillerKnoll, Inc.		70,300		2,755,057
Quad/Graphics, Inc. (a)		419,100		1,676,400
				12,490,010
*Construction & Engineering — 3.75%*
Fluor Corp. (a)		803,200		19,895,264
*Machinery — 8.85%*
Allison Transmission Holdings, Inc.		285,600		10,381,560
Crane Company		82,300		8,372,379
EnPro Industries, Inc.		76,600		8,431,362
Flowserve Corp.		74,300		2,273,580
The Greenbrier Companies, Inc.		106,000		4,864,340
Meritor, Inc. (a)		431,100		10,682,658
Miller Industries, Inc.		59,700		1,993,980
				46,999,859
*Professional Services — 6.93%*
Hudson Global, Inc. (a) (o)		169,560		4,886,719
KBR, Inc.		284,600		13,552,652
Korn Ferry		66,400		5,028,472
TrueBlue, Inc. (a)		481,350		13,318,955
				36,786,798
*Trading Companies & Distributors — 0.40%*
Rush Enterprises, Inc.		38,350		2,133,794
TOTAL INDUSTRIALS				119,372,549
INFORMATION TECHNOLOGY — 12.73% Communications Equipment — 0.50%
Casa Systems, Inc. (a)		75,500		428,085
CommScope Holding Company, Inc. (a)		201,300		2,222,352
				2,650,437
*Electronic Equipment, Instruments & Components — 5.38%*
Arrow Electronics, Inc. (a)		133,000		17,857,910
Avnet, Inc.		62,000		2,556,260
Belden, Inc.		123,700		8,130,801
				28,544,971

	Shares Held		Value
*IT Services — 4.00%*
Euronet Worldwide, Inc. (a)		155,700	$	18,554,769
Verra Mobility Corp. (a)		175,100		2,701,793
				21,256,562
*Semiconductors & Semiconductor Equipment — 1.19%*
Diodes, Inc. (a)		57,400		6,303,094
*Software — 1.66%*
Telos Corp. (a)		572,600		8,829,492
TOTAL INFORMATION TECHNOLOGY				67,584,556
MATERIALS — 0.53% Chemicals — 0.53%
Ecovyst, Inc.		272,900		2,794,496
*Metals & Mining — 0.00%*
Noranda Aluminum Holding Corp. (a) (i) (o)		800,300		80
TOTAL MATERIALS				2,794,576
REAL ESTATE — 3.93% Equity Real Estate Investment Trusts — 3.16%
Seritage Growth Properties (a)		1,264,000		16,773,280
*Real Estate Management & Development — 0.77%*
The RMR Group, Inc.		117,400		4,071,432
TOTAL REAL ESTATE				20,844,712
UTILITIES — 3.23% Electric Utilities — 0.82%
Hawaiian Electric Industries, Inc.		33,600		1,394,400
Portland General Electric Company		55,900		2,958,228
				4,352,628
*Multi-Utilities — 2.41%*
Avista Corp.		301,100		12,793,739
TOTAL UTILITIES				17,146,367
Total common stocks (Cost $443,667,058)				521,865,722
Total long-term investments (Cost $443,667,058)				521,865,722
COLLATERAL FOR SECURITIES ON LOAN — 0.12%
*Money Market Funds — 0.12%*
Invesco Short-Term Investments Trust Government & Agency Portfolio — Institutional Class, 0.03%^		634,995		634,995
Total collateral for securities on loan (Cost $634,995)				634,995

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Small Cap Value Fund (Unaudited)

SHORT-TERM INVESTMENTS — 2.12%	Principal Amount		Value
*Time Deposits — 2.12%*
JPMorgan Chase & Company, 0.01%, 01/03/2022*	$	11,226,268	$	11,226,268
Total short-term investments (Cost $11,226,268)				11,226,268
Total investments — 100.53% (Cost $455,528,321)				533,726,985
Liabilities in excess of other assets — (0.53)%				(2,789,102	)
Net assets — 100.00%			$	530,937,883

(a) — Non-income producing security.

(i) — Illiquid security. The total market value of these securities was $80, which represented 0.00% of net assets.

(l) — All or a portion of this security is on loan. The total market value of securities on loan was $622,261. 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.

(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 $1,216,675, which represented 0.23% of net assets. See Security Valuation in Note 1 in Notes to Financial Statements.

^ — Rate shown is the 7-day yield as of December 31, 2021.

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

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)

Largest Equity Holdings	Percent of net assets
Oasis Petroleum, Inc.		0.47	%
AdvanSix, Inc.		0.47	%
PDC Energy, Inc.		0.45	%
Methode Electronics, Inc.		0.45	%
RE/MAX Holdings, Inc.		0.44	%
Fluor Corp.		0.44	%
NMI Holdings, Inc.		0.44	%
Avnet, Inc.		0.44	%
ALLETE, Inc.		0.43	%
Berry Corp.		0.43	%

COMMON STOCKS — 98.45%	Shares Held		Value
COMMUNICATION SERVICES — 0.67% Media — 0.67%
Emerald Holding, Inc. (a)		316,950	$	1,258,291
Entravision Communications Corp.		93,665		635,049
Stagwell, Inc. (a)		113,100		980,577
TEGNA, Inc.		23,067		428,124
TOTAL COMMUNICATION SERVICES				3,302,041
CONSUMER DISCRETIONARY — 13.85% Auto Components — 0.37%
Adient PLC (a)		38,205		1,829,255
*Diversified Consumer Services — 0.35%*
H&R Block, Inc.		73,900		1,741,084
*Hotels, Restaurants & Leisure — 1.62%*
Brinker International, Inc. (a)		42,170		1,543,000
Dine Brands Global, Inc.		6,200		470,022
El Pollo Loco Holdings, Inc. (a)		63,600		902,484
International Game Technology PLC		58,600		1,694,126
Jack in the Box, Inc.		17,600		1,539,648
Potbelly Corp. (a)		76,600		427,428
Travel + Leisure Company		25,980		1,435,915
				8,012,623
*Household Durables — 3.76%*
Bassett Furniture Industries, Inc.		26,300		441,051
Century Communities, Inc.		23,196		1,897,201
Ethan Allen Interiors, Inc.		77,405		2,034,977
Green Brick Partners, Inc. (a)		16,350		495,896
Hooker Furniture Corp.		54,175		1,261,194
KB Home		8,600		384,678
La-Z-Boy, Inc.		54,100		1,964,371
LGI Homes, Inc. (a)		10,000		1,544,800
M/I Homes, Inc. (a)		31,823		1,978,754

	Shares Held		Value
Meritage Homes Corp. (a)		16,300	$	1,989,578
Taylor Morrison Home Corp. (a)		50,010		1,748,350
Tri Pointe Homes, Inc. (a)		69,887		1,949,148
Tupperware Brands Corp. (a)		60,900		931,161
				18,621,159
*Internet & Catalog Retail — 0.18%*
PetMed Express, Inc. (l)		36,300		916,938
*Leisure Products — 0.49%*
Johnson Outdoors, Inc.		19,800		1,855,062
Vista Outdoor, Inc. (a)		12,300		566,661
				2,421,723
*Multiline Retail — 0.15%*
Franchise Group, Inc.		13,900		725,024
*Specialty Retail — 5.94%*
The Aaron's Company, Inc.		83,800		2,065,669
American Eagle Outfitters, Inc.		36,900		934,308
Asbury Automotive Group, Inc. (a)		11,664		2,014,723
Big 5 Sporting Goods Corp. (l)		38,500		731,885
The Cato Corp.		93,000		1,595,880
Designer Brands, Inc. (a)		33,900		481,719
Foot Locker, Inc.		33,000		1,439,790
Genesco, Inc. (a)		31,630		2,029,697
Group 1 Automotive, Inc.		9,628		1,879,578
Haverty Furniture Companies, Inc.		58,200		1,779,174
Hibbett, Inc.		18,173		1,307,184
Kirkland's, Inc. (a) (l)		99,500		1,485,535
Lumber Liquidators Holdings, Inc. (a)		27,900		476,253
MarineMax, Inc. (a)		23,100		1,363,824
The ODP Corp. (a)		49,901		1,960,111
OneWater Marine, Inc.		32,400		1,975,428

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)

	Shares Held		Value
Rent-A-Center, Inc.		29,200	$	1,402,768
Sleep Number Corp. (a)		6,400		490,240
Sonic Automotive, Inc.		40,750		2,015,088
Tilly's, Inc.		30,100		484,911
Urban Outfitters, Inc. (a)		27,110		795,950
Zumiez, Inc. (a)		15,300		734,247
				29,443,962
*Textiles, Apparel & Luxury Goods — 0.99%*
Fossil Group, Inc. (a)		46,800		481,572
G-III Apparel Group Ltd. (a)		54,640		1,510,250
Lakeland Industries, Inc. (a)		34,400		746,480
Rocky Brands, Inc.		7,900		314,420
Vera Bradley, Inc. (a)		220,300		1,874,753
				4,927,475
TOTAL CONSUMER DISCRETIONARY				68,639,243
CONSUMER STAPLES — 1.94% Food & Staples Retailing — 0.16%
Natural Grocers by Vitamin Cottage, Inc.		57,300		816,525
*Food Products — 0.25%*
B&G Foods, Inc. (l)		40,500		1,244,565
*Household Products — 0.82%*
Central Garden & Pet Company (a)		39,000		2,052,570
Energizer Holdings, Inc.		49,600		1,988,960
				4,041,530
*Personal Products — 0.71%*
Medifast, Inc.		4,800		1,005,264
Nu Skin Enterprises, Inc.		20,850		1,058,138
USANA Health Sciences, Inc. (a)		14,500		1,467,400
				3,530,802
TOTAL CONSUMER STAPLES				9,633,422
ENERGY — 10.30% Energy Equipment & Services — 3.87%
Cactus, Inc.		38,930		1,484,401
ChampionX Corp. (a)		66,400		1,341,944
Core Laboratories NV		38,800		865,628
Dril-Quip, Inc. (a)		97,100		1,910,928
Expro Group Holdings NV (a)		134,603		1,931,553
Helix Energy Solutions Group, Inc. (a)		307,000		957,840
Liberty Oilfield Services, Inc. (a)		149,400		1,449,180
National Energy Services Reunited Corp. (a)		184,300		1,741,635
Newpark Resources, Inc. (a)		494,200		1,452,948
NexTier Oilfield Solutions, Inc. (a)		533,388		1,893,527
Oil States International, Inc. (a)		64,000		318,080

	Shares Held		Value
ProPetro Holding Corp. (a)		105,250	$	852,525
Select Energy Services, Inc. (a)		193,700		1,206,751
Solaris Oilfield Infrastructure, Inc.		213,900		1,401,045
TechnipFMC PLC (a)		59,700		353,424
				19,161,409
*Oil, Gas & Consumable Fuels — 6.43%*
Amplify Energy Corp. (a)		32,500		101,075
Berry Corp.		255,870		2,154,425
California Resources Corp.		34,000		1,452,140
Centennial Resource Development, Inc. (a)		178,300		1,066,234
Civitas Resources, Inc.		35,230		1,725,213
CVR Energy, Inc.		23,200		389,992
Equitrans Midstream Corp.		196,500		2,031,810
HollyFrontier Corp.		24,500		803,110
Kosmos Energy Ltd. (a)		545,413		1,887,129
Laredo Petroleum, Inc. (a)		14,000		841,820
Murphy Oil Corp.		79,710		2,081,228
Northern Oil and Gas, Inc.		92,300		1,899,534
Oasis Petroleum, Inc.		18,600		2,343,415
Par Pacific Holdings, Inc. (a)		107,600		1,774,324
PDC Energy, Inc.		46,098		2,248,661
Range Resources Corp. (a)		98,100		1,749,123
Ranger Oil Corp. (a)		62,400		1,679,808
REX American Resources Corp. (a)		12,478		1,197,888
Talos Energy, Inc. (a)		122,100		1,196,580
Vertex Energy, Inc. (a) (l)		112,900		511,437
Whiting Petroleum Corp. (a)		28,600		1,849,848
World Fuel Services Corp.		32,424		858,263
				31,843,057
TOTAL ENERGY				51,004,466
FINANCIALS — 32.17% Banks — 20.11%
1st Source Corp.		28,606		1,418,858
Amalgamated Financial Corp.		47,800		801,606
Associated Banc-Corp		83,300		1,881,747
Bank of Marin Bancorp		20,400		759,492
BankUnited, Inc.		45,310		1,917,066
Banner Corp.		24,800		1,504,616
BCB Bancorp, Inc.		28,500		439,755
Berkshire Hills Bancorp, Inc.		70,700		2,010,001
Brookline Bancorp, Inc.		47,076		762,160
Cadence Bank		41,510		1,236,583

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)

	Shares Held		Value
Camden National Corp.		21,116	$	1,016,947
Carter Bankshares, Inc. (a)		36,200		557,118
Cathay General Bancorp		41,132		1,768,265
Central Pacific Financial Corp.		55,000		1,549,350
Central Valley Community Bancorp		38,700		803,799
CIT Group, Inc.		35,400		1,817,436
Civista Bancshares, Inc.		18,900		461,160
CNB Financial Corp.		22,000		583,000
Columbia Banking System, Inc.		44,000		1,439,680
The Community Financial Corp.		11,600		455,996
Community Trust Bancorp, Inc.		22,610		986,022
CrossFirst Bankshares, Inc. (a)		31,200		487,032
CVB Financial Corp.		69,800		1,494,418
Eagle Bancorp, Inc.		30,230		1,763,618
Enterprise Financial Services Corp.		9,700		456,773
FB Financial Corp.		34,025		1,490,976
Financial Institutions, Inc.		26,861		854,180
First BanCorp		110,686		1,525,253
First Busey Corp.		72,800		1,974,336
First Business Financial Services, Inc.		13,765		401,525
First Financial Bancorp		41,250		1,005,675
First Financial Corp.		34,063		1,542,713
First Hawaiian, Inc.		54,540		1,490,578
First Internet Bancorp		21,989		1,034,363
First Mid Bancshares, Inc.		17,300		740,267
First Midwest Bancorp, Inc.		23,500		481,280
The First of Long Island Corp.		39,280		848,055
Flushing Financial Corp.		77,218		1,876,397
FNB Corp.		161,580		1,959,965
Fulton Financial Corp.		82,340		1,399,780
Great Southern Bancorp, Inc.		21,110		1,250,768
Great Western Bancorp, Inc.		37,186		1,262,837
Hancock Whitney Corp.		29,300		1,465,586
Hanmi Financial Corp.		90,267		2,137,522
Heartland Financial USA, Inc.		30,100		1,523,361
Heritage Financial Corp.		27,200		664,768
Hilltop Holdings, Inc.		54,927		1,930,135
HomeStreet, Inc.		31,978		1,662,856
Hope Bancorp, Inc.		128,733		1,893,662
Horizon Bancorp, Inc.		71,600		1,492,860
Independent Bank Corp.		6,591		537,364
Independent Bank Corp.		62,600		1,494,262
International Bancshares Corp.		31,136		1,319,855

	Shares Held		Value
Investar Holding Corp.		19,800	$	364,518
Investors Bancorp, Inc.		88,564		1,341,745
Lakeland Bancorp, Inc.		73,330		1,392,537
Level One Bancorp, Inc.		12,700		500,888
Macatawa Bank Corp.		57,000		502,740
Mercantile Bank Corp.		28,700		1,005,361
Midland States Bancorp, Inc.		50,513		1,252,217
MidWestOne Financial Group, Inc.		25,594		828,478
National Bankshares, Inc.		9,500		344,470
Nicolet Bankshares, Inc. (a)		24,100		2,066,575
Northeast Bank		9,800		350,154
Northrim BanCorp, Inc.		8,684		377,407
OceanFirst Financial Corp.		88,310		1,960,482
Old National Bancorp		26,300		476,556
Orrstown Financial Services, Inc.		22,379		563,951
PacWest Bancorp		27,200		1,228,624
PCB Bancorp		45,100		990,396
Peapack-Gladstone Financial Corp.		28,936		1,024,334
Peoples Bancorp, Inc.		19,530		621,249
Preferred Bank		19,200		1,378,368
Primis Financial Corp.		56,456		849,098
RBB Bancorp		33,032		865,438
Renasant Corp.		39,800		1,510,410
Republic Bancorp, Inc.		18,070		918,679
S&T Bancorp, Inc.		47,600		1,500,352
Sierra Bancorp		16,900		458,835
Simmons First National Corp.		12,900		381,582
Texas Capital Bancshares, Inc. (a)		31,790		1,915,348
Towne Bank		31,100		982,449
TriCo Bancshares		8,794		377,790
Trustmark Corp.		59,101		1,918,418
Univest Financial Corp.		16,950		507,144
Washington Trust Bancorp, Inc.		8,430		475,199
Webster Financial Corp.		22,400		1,250,816
Wintrust Financial Corp.		16,350		1,484,907
				99,601,192
*Capital Markets — 2.10%*
Artisan Partners Asset Management, Inc.		21,900		1,043,316
Cowen, Inc.		49,700		1,794,170
Diamond Hill Investment Group, Inc.		5,000		971,150
Evercore, Inc.		3,610		490,419
Federated Hermes, Inc.		40,500		1,521,990

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)

	Shares Held		Value
Greenhill & Company, Inc.		68,825	$	1,234,032
Perella Weinberg Partners (l)		79,600		1,023,656
Victory Capital Holdings, Inc.		42,827		1,564,470
Virtus Investment Partners, Inc.		2,600		772,460
				10,415,663
*Consumer Finance — 0.41%*
Navient Corp.		96,120		2,039,666
*Insurance — 5.10%*
Ambac Financial Group, Inc. (a)		96,587		1,550,221
American Equity Investment Life Holding Company		53,026		2,063,773
Assured Guaranty Ltd.		36,500		1,832,300
Axis Capital Holdings Ltd.		32,700		1,781,169
Brighthouse Financial, Inc. (a)		14,200		735,560
CNO Financial Group, Inc.		77,586		1,849,650
Employers Holdings, Inc.		41,935		1,735,270
Enstar Group Ltd. (a)		7,939		1,965,617
The Hanover Insurance Group, Inc.		5,500		720,830
Horace Mann Educators Corp.		31,814		1,231,202
James River Group Holdings Ltd.		36,800		1,060,208
Kemper Corp.		17,500		1,028,825
National Western Life Group, Inc.		6,655		1,427,098
ProAssurance Corp.		38,700		979,110
Safety Insurance Group, Inc.		15,400		1,309,462
SiriusPoint Ltd. (a)		251,578		2,045,329
Trean Insurance Group, Inc. (a)		59,300		528,363
White Mountains Insurance Group Ltd.		1,400		1,419,460
				25,263,447
*Mortgage Real Estate Investment Trusts — 0.65%*
Arlington Asset Investment Corp. (a)		94,100		329,350
Granite Point Mortgage Trust, Inc.		30,600		358,326
Great Ajax Corp.		57,734		759,779
MFA Financial, Inc.		93,700		427,272
New York Mortgage Trust, Inc.		253,500		943,020
TPG RE Finance Trust, Inc.		31,000		381,920
				3,199,667
*Thrifts & Mortgage Finance — 3.80%*
Blue Foundry Bancorp (a)		59,600		871,948
Bridgewater Bancshares, Inc. (a)		23,990		424,383
Essent Group Ltd.		46,300		2,108,039
Federal Agricultural Mortgage Corp.		12,020		1,489,639
FS Bancorp, Inc.		10,480		352,442
Home Bancorp, Inc.		6,900		286,419
Luther Burbank Corp.		54,445		764,408
NMI Holdings, Inc. (a)		99,500		2,174,074

	Shares Held		Value
Northeast Community Bancorp, Inc.		44,800	$	498,624
Northfield Bancorp, Inc.		42,807		691,761
Premier Financial Corp.		44,860		1,386,623
Provident Financial Services, Inc.		41,300		1,000,286
Radian Group, Inc.		95,300		2,013,689
Territorial Bancorp, Inc.		16,052		405,313
TrustCo Bank Corp.		36,892		1,228,873
Washington Federal, Inc.		53,244		1,777,285
Waterstone Financial, Inc.		42,800		935,608
William Penn Bancorp		36,000		434,880
				18,844,294
TOTAL FINANCIALS				159,363,929
HEALTH CARE — 1.87% Biotechnology — 0.79%
Emergent BioSolutions, Inc. (a)		48,700		2,116,989
Vanda Pharmaceuticals, Inc. (a)		114,000		1,788,660
				3,905,649
*Health Care Providers & Services — 0.52%*
Hanger, Inc. (a)		114,600		2,077,698
Patterson Companies, Inc.		17,000		498,950
				2,576,648
*Pharmaceuticals — 0.56%*
Prestige Consumer Healthcare, Inc. (a)		15,700		952,205
Taro Pharmaceutical Industries Ltd. (a)		36,480		1,828,013
				2,780,218
TOTAL HEALTH CARE				9,262,515
INDUSTRIALS — 19.46% Aerospace & Defense — 1.65%
AAR Corp. (a)		52,940		2,066,248
Moog, Inc.		25,900		2,097,124
National Presto Industries, Inc.		23,614		1,937,056
Vectrus, Inc. (a)		45,755		2,094,206
				8,194,634
*Air Freight & Logistics — 0.26%*
Forward Air Corp.		10,600		1,283,554
*Airlines — 0.30%*
Mesa Air Group, Inc. (a)		85,400		478,240
Spirit Airlines, Inc. (a)		45,500		994,175
				1,472,415
*Building Products — 1.49%*
Armstrong Flooring, Inc. (a)		350,095		693,188
Griffon Corp.		16,800		478,464
JELD-WEN Holding, Inc. (a)		66,300		1,747,668
Masonite International Corp. (a)		16,541		1,951,011

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)

	Shares Held		Value
Resideo Technologies, Inc. (a)		76,500	$	1,991,295
UFP Industries, Inc.		5,500		506,055
				7,367,681
*Commercial Services & Supplies — 2.23%*
ABM Industries, Inc.		19,400		792,490
ACCO Brands Corp.		201,009		1,660,334
The Brink's Company		22,900		1,501,553
Ennis, Inc.		69,117		1,349,855
Healthcare Services Group, Inc.		101,600		1,807,464
Interface, Inc.		62,900		1,003,255
Kimball International, Inc.		146,900		1,502,787
Steelcase, Inc.		124,015		1,453,456
				11,071,194
*Construction & Engineering — 2.25%*
Comfort Systems USA, Inc.		11,300		1,118,022
Fluor Corp. (a)		87,830		2,175,549
Great Lakes Dredge & Dock Corp. (a)		125,000		1,965,000
Matrix Service Company (a)		137,200		1,031,744
MYR Group, Inc. (a)		10,444		1,154,584
Primoris Services Corp.		59,853		1,435,275
Sterling Construction Company, Inc. (a)		38,000		999,400
Tutor Perini Corp. (a)		101,521		1,255,815
				11,135,389
*Electrical Equipment — 2.41%*
Atkore, Inc. (a)		5,900		656,021
AZZ, Inc.		36,900		2,040,201
Encore Wire Corp.		11,396		1,630,768
EnerSys		25,610		2,024,727
GrafTech International Ltd.		163,480		1,933,968
Powell Industries, Inc.		35,200		1,038,048
Preformed Line Products Company		14,127		914,017
Thermon Group Holdings, Inc. (a)		100,883		1,707,949
				11,945,699
*Machinery — 4.55%*
Allison Transmission Holdings, Inc.		55,900		2,031,965
Barnes Group, Inc.		21,200		987,708
Enerpac Tool Group Corp.		87,900		1,782,612
EnPro Industries, Inc.		18,250		2,008,778
Flowserve Corp.		62,800		1,921,680
Graham Corp.		19,189		238,711
The Greenbrier Companies, Inc.		42,799		1,964,046
Hillenbrand, Inc.		39,820		2,070,241
Hyster-Yale Materials Handling, Inc.		37,327		1,534,140

	Shares Held		Value
L B Foster Company (a)		24,000	$	330,000
Meritor, Inc. (a)		78,213		1,938,118
Miller Industries, Inc.		21,620		722,108
Mueller Industries, Inc.		18,700		1,110,032
Mueller Water Products, Inc.		60,700		874,080
Proto Labs, Inc. (a)		23,500		1,206,725
Wabash National Corp.		92,382		1,803,297
				22,524,241
*Marine — 0.21%*
Matson, Inc.		11,613		1,045,518
*Professional Services — 2.44%*
BGSF, Inc.		29,660		425,621
CBIZ, Inc. (a)		19,800		774,576
FTI Consulting, Inc. (a)		8,200		1,258,044
Heidrick & Struggles International, Inc.		42,110		1,841,470
Kelly Services, Inc.		84,350		1,414,550
Korn Ferry		25,356		1,920,210
ManTech International Corp.		14,100		1,028,313
Resources Connection, Inc.		99,785		1,780,164
TrueBlue, Inc. (a)		60,400		1,671,268
				12,114,216
*Road & Rail — 0.41%*
Heartland Express, Inc.		89,000		1,496,980
Schneider National, Inc.		19,700		530,127
				2,027,107
*Trading Companies & Distributors — 1.26%*
BlueLinx Holdings, Inc. (a)		19,700		1,886,472
Boise Cascade Company		23,000		1,637,600
DXP Enterprises, Inc. (a)		26,980		692,577
Rush Enterprises, Inc.		36,347		2,022,347
				6,238,996
TOTAL INDUSTRIALS				96,420,644
INFORMATION TECHNOLOGY — 7.42% Communications Equipment — 0.96%
Casa Systems, Inc. (a)		73,800		418,446
CommScope Holding Company, Inc. (a)		82,400		909,696
Comtech Telecommunications Corp.		77,700		1,840,713
NETGEAR, Inc. (a)		54,600		1,594,866
				4,763,721
*Electronic Equipment, Instruments & Components — 3.71%*
Avnet, Inc.		52,300		2,156,328
Belden, Inc.		32,170		2,114,534
ePlus, Inc. (a)		19,200		1,034,496
Insight Enterprises, Inc. (a)		19,068		2,032,649

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)

	Shares Held		Value
Kimball Electronics, Inc. (a)		37,100	$	807,296
Methode Electronics, Inc.		45,659		2,245,052
PC Connection, Inc.		32,306		1,393,358
Plexus Corp. (a)		5,700		546,573
Sanmina Corp. (a)		46,895		1,944,267
ScanSource, Inc. (a)		57,333		2,011,242
Vishay Intertechnology, Inc.		95,826		2,095,715
				18,381,510
*IT Services — 0.80%*
BM Technologies, Inc. (a) (l)		9,824		90,479
Cass Information Systems, Inc.		47,000		1,848,040
CSG Systems International, Inc.		9,100		524,342
MoneyGram International, Inc. (a)		125,800		992,562
Verra Mobility Corp. (a)		33,300		513,819
				3,969,242
*Semiconductors & Semiconductor Equipment — 0.59%*
Diodes, Inc. (a)		11,649		1,279,177
Photronics, Inc. (a)		87,100		1,641,835
				2,921,012
*Software — 0.58%*
Ebix, Inc.		31,870		968,848
Telos Corp. (a)		61,500		948,330
Xperi Holding Corp.		48,800		922,808
				2,839,986
*Technology Hardware, Storage & Peripherals — 0.78%*
Diebold Nixdorf, Inc. (a)		190,300		1,722,215
Super Micro Computer, Inc. (a)		48,900		2,149,155
				3,871,370
TOTAL INFORMATION TECHNOLOGY				36,746,841
MATERIALS — 5.00% Chemicals — 2.90%
AdvanSix, Inc.		49,300		2,329,425
American Vanguard Corp.		64,929		1,064,186
Cabot Corp.		26,070		1,465,134
Chase Corp.		9,600		955,776
Ecovyst, Inc.		198,200		2,029,568
FutureFuel Corp.		42,330		323,401
Hawkins, Inc.		13,100		516,795
HB Fuller Company		12,400		1,004,400
Innospec, Inc.		11,100		1,002,774
NewMarket Corp.		2,900		993,888

	Shares Held		Value
Tredegar Corp.		87,030	$	1,028,695
Trinseo PLC		31,950		1,676,097
				14,390,139
*Containers & Packaging — 0.10%*
TriMas Corp.		13,500		499,500
*Metals & Mining — 1.52%*
Commercial Metals Company		27,800		1,008,862
Compass Minerals International, Inc.		29,700		1,517,076
Kaiser Aluminum Corp.		20,967		1,969,640
Ryerson Holding Corp.		29,500		768,475
Warrior Met Coal, Inc.		49,200		1,264,932
Worthington Industries, Inc.		18,050		986,613
				7,515,598
*Paper & Forest Products — 0.48%*
Glatfelter Corp.		70,900		1,219,480
Mercer International, Inc.		96,850		1,161,232
				2,380,712
TOTAL MATERIALS				24,785,949
REAL ESTATE — 2.16% Equity Real Estate Investment Trusts — 1.31%
Alexander's, Inc.		7,500		1,952,250
Braemar Hotels & Resorts, Inc. (a)		102,500		522,750
Pebblebrook Hotel Trust		92,100		2,060,277
Seritage Growth Properties (a)		147,148		1,952,654
				6,487,931
*Real Estate Management & Development — 0.85%*
RE/MAX Holdings, Inc.		71,800		2,189,182
The RMR Group, Inc.		57,700		2,001,036
				4,190,218
TOTAL REAL ESTATE				10,678,149
UTILITIES — 3.61% Electric Utilities — 1.98%
ALLETE, Inc.		32,476		2,154,783
Hawaiian Electric Industries, Inc.		47,900		1,987,850
Otter Tail Corp.		29,040		2,074,037
PNM Resources, Inc.		32,102		1,464,172
Portland General Electric Company		40,700		2,153,844
				9,834,686
*Gas Utilities — 1.21%*
South Jersey Industries, Inc.		79,244		2,069,853
Southwest Gas Holdings, Inc.		28,400		1,989,420
Spire, Inc.		29,773		1,941,795
				6,001,068

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)

	Shares Held		Value
*Multi-Utilities — 0.42%*
Avista Corp.		48,761	$	2,071,855
TOTAL UTILITIES				17,907,609
Total common stocks (Cost $399,482,323)				487,744,808
Total long-term investments (Cost $399,482,323)				487,744,808
COLLATERAL FOR SECURITIES ON LOAN — 0.75%
*Money Market Funds — 0.75%*
Invesco Short-Term Investments Trust Government & Agency Portfolio — Institutional Class, 0.03%^		3,726,955		3,726,955
Total collateral for securities on loan (Cost $3,726,955)				3,726,955
SHORT-TERM INVESTMENTS — 1.71%	Principal Amount
*Time Deposits — 1.71%*
Royal Bank of Canada, 0.01%, 01/03/2022*	$	8,435,882		8,435,882
Total short-term investments (Cost $8,435,882)				8,435,882
Total investments — 100.91% (Cost $411,645,160)				499,907,645
Liabilities in excess of other assets — (0.91)%				(4,495,198	)
Net assets — 100.00%			$	495,412,447

(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 $3,637,849. 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, 2021.

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

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Global Value Fund (Unaudited)

Largest Equity Holdings	Percent of net assets
F5, Inc.		4.08	%
General Electric Company		3.96	%
American International Group, Inc.		3.91	%
Anthem, Inc.		3.82	%
Citigroup, Inc.		3.52	%
Euronet Worldwide, Inc.		3.34	%
Wells Fargo & Company		3.33	%
Alphabet, Inc.		2.99	%
Credit Suisse Group AG		2.80	%
BAE Systems PLC		2.73	%

* Based on country of risk.

COMMON STOCKS — 98.88%	Shares Held		Value
COMMUNICATION SERVICES — 7.36% Interactive Media & Services — 2.99%
Alphabet, Inc. (a)		390	$	1,129,846
*Media — 2.92%*
Discovery, Inc. (a)		31,050		711,045
News Corp.		17,600		392,656
				1,103,701
*Wireless Telecommunication Services — 1.45%*
Vodafone Group PLC — ADR		36,572		546,020
TOTAL COMMUNICATION SERVICES				2,779,567
CONSUMER DISCRETIONARY — 8.13% Auto Components — 1.89%
Magna International, Inc.		8,811		713,162
*Automobiles — 2.37%*
General Motors Company (a)		15,245		893,814
*Hotels, Restaurants & Leisure — 3.87%*
Accor SA (a) (v)		24,100		781,163
Booking Holdings, Inc. (a)		140		335,892
Compass Group PLC (v)		15,400		346,710
				1,463,765
TOTAL CONSUMER DISCRETIONARY				3,070,741
CONSUMER STAPLES — 4.92% Beverages — 2.43%
Heineken Holding NV (v)		9,987		920,849
*Food Products — 1.00%*
Gruma SAB de CV		29,600		378,307
*Household Products — 1.49%*
Henkel AG & Company KGaA (v)		7,200		561,248
TOTAL CONSUMER STAPLES				1,860,404

	Shares Held		Value
ENERGY — 7.93% Energy Equipment & Services — 1.72%
NOV, Inc.		48,069	$	651,335
*Oil, Gas & Consumable Fuels — 6.21%*
Cenovus Energy, Inc.		51,600		632,686
Hess Corp.		6,000		444,180
Marathon Oil Corp.		18,300		300,486
Suncor Energy, Inc.		38,700		968,303
				2,345,655
TOTAL ENERGY				2,996,990
FINANCIALS — 27.37% Banks — 15.50%
ABN AMRO Bank NV (r) (v)		26,600		391,012
BNP Paribas SA (v)		8,256		570,828
Citigroup, Inc.		22,004		1,328,822
ING Groep NV (v)		39,656		551,337
Popular, Inc.		9,400		771,176
Societe Generale SA (v)		11,893		408,747
UniCredit SpA (v)		37,700		579,499
Wells Fargo & Company		26,230		1,258,515
				5,859,936
*Capital Markets — 3.73%*
Credit Suisse Group AG (v)		108,979		1,056,619
The Goldman Sachs Group, Inc.		924		353,476
				1,410,095
*Diversified Financial Services — 2.14%*
Berkshire Hathaway, Inc. (a)		2,700		807,300

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Global Value Fund (Unaudited)

	Shares Held		Value
*Insurance — 6.00%*
American International Group, Inc.		25,969	$	1,476,597
Tokio Marine Holdings, Inc. (v)		14,200		790,509
				2,267,106
TOTAL FINANCIALS				10,344,437
HEALTH CARE — 8.28% Health Care Equipment & Supplies — 0.96%
Medtronic PLC		3,500		362,075
*Health Care Providers & Services — 6.30%*
Anthem, Inc.		3,115		1,443,927
CVS Health Corp.		9,100		938,756
				2,382,683
*Pharmaceuticals — 1.02%*
GlaxoSmithKline PLC — ADR		8,719		384,508
TOTAL HEALTH CARE				3,129,266
INDUSTRIALS — 20.38% Aerospace & Defense — 6.43%
Airbus SE (a) (v)		4,800		614,130
Babcock International Group PLC (a) (v)		135,400		586,406
BAE Systems PLC (v)		138,459		1,032,513
Safran SA (v)		1,600		195,877
				2,428,926
*Air Freight & Logistics — 4.20%*
FedEx Corp.		2,600		672,464
Royal Mail PLC (v)		133,487		915,214
				1,587,678
*Airlines — 0.87%*
Qantas Airways Ltd. (a) (v)		90,200		329,036
*Industrial Conglomerates — 3.96%*
General Electric Company		15,834		1,495,838
*Machinery — 3.94%*
CNH Industrial NV		41,582		807,938
Cummins, Inc.		3,129		682,560
				1,490,498
*Road & Rail — 0.98%*
AMERCO		512		371,830
TOTAL INDUSTRIALS				7,703,806
INFORMATION TECHNOLOGY — 14.16% Communications Equipment — 5.65%
F5, Inc. (a)		6,300		1,541,673
Telefonaktiebolaget LM Ericsson — ADR		54,672		594,284
				2,135,957

	Shares Held		Value
*Electronic Equipment, Instruments & Components — 0.83%*
Corning, Inc.		8,473	$	315,450
*IT Services — 3.34%*
Euronet Worldwide, Inc. (a)		10,600		1,263,202
*Software — 3.33%*
Microsoft Corp.		2,163		727,460
Oracle Corp.		6,075		529,801
				1,257,261
*Technology Hardware, Storage & Peripherals — 1.01%*
Hewlett Packard Enterprise Company		24,087		379,852
TOTAL INFORMATION TECHNOLOGY				5,351,722
REAL ESTATE — 0.35% Equity Real Estate Investment Trusts — 0.35%
Seritage Growth Properties (a)		9,943		131,944
TOTAL REAL ESTATE				131,944
Total common stocks (Cost $29,723,827)				37,368,877
Total long-term investments (Cost $29,723,827)				37,368,877
SHORT-TERM INVESTMENTS — 0.74%	Principal Amount
*Time Deposits — 0.74%*
National Australia Bank Ltd., 0.01%, 01/03/2022*	$	281,461		281,461
Total short-term investments (Cost $281,461)				281,461
Total investments — 99.62% (Cost $30,005,288)				37,650,338
Other assets in excess of liabilities — 0.38%				142,340
Net assets — 100.00%			$	37,792,678

(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 $391,012, which represented 1.03% 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 $10,631,697, which represented 28.13% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

ADR — American Depositary Receipt

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

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley International Value Fund (Unaudited)

Largest Equity Holdings	Percent of net assets
CNH Industrial NV		4.14	%
Credit Suisse Group AG		3.91	%
Royal Mail PLC		3.85	%
ING Groep NV		3.72	%
Accor SA		3.61	%
Tokio Marine Holdings, Inc.		3.42	%
Telefonaktiebolaget LM Ericsson		3.19	%
BAE Systems PLC		3.17	%
BNP Paribas SA		3.17	%
Airbus SE		3.17	%

* Based on country of risk.

COMMON STOCKS — 99.02%	Shares Held		Value
COMMUNICATION SERVICES — 3.64% Media — 1.36%
RTL Group SA (v)		670	$	35,511
*Wireless Telecommunication Services — 2.28%*
Vodafone Group PLC (v)		39,446		59,415
TOTAL COMMUNICATION SERVICES				94,926
CONSUMER DISCRETIONARY — 11.06% Auto Components — 2.18%
Magna International, Inc.		702		56,820
*Automobiles — 0.91%*
Bayerische Motoren Werke AG (v)		286		23,717
*Hotels, Restaurants & Leisure — 5.68%*
Accor SA (a) (v)		2,900		93,999
Compass Group PLC (v)		2,400		54,033
				148,032
*Internet & Catalog Retail — 2.29%*
Points International Ltd. (a)		3,900		59,535
TOTAL CONSUMER DISCRETIONARY				288,104
CONSUMER STAPLES — 9.77% Beverages — 5.06%
Britvic PLC		2,000		24,905
Coca-Cola Europacific Partners PLC		500		27,965
Heineken Holding NV (v)		857		79,020
				131,890
*Food & Staples Retailing — 0.75%*
Tesco PLC (v)		4,938		19,441
*Household Products — 2.96%*
Henkel AG & Company KGaA (v)		990		77,172

	Shares Held		Value
*Personal Products — 1.00%*
Unilever PLC (v)		488	$	26,179
TOTAL CONSUMER STAPLES				254,682
ENERGY — 13.55% Energy Equipment & Services — 3.56%
Expro Group Holdings NV (a)		1,359		19,502
Schlumberger NV		1,400		41,930
Subsea 7 SA (v)		4,400		31,475
				92,907
*Oil, Gas & Consumable Fuels — 9.99%*
Capricorn Energy PLC (v)		23,630		60,989
Cenovus Energy, Inc.		3,600		44,141
Kosmos Energy Ltd. (a)		11,368		39,333
Royal Dutch Shell PLC (v)		1,327		29,028
Suncor Energy, Inc.		2,300		57,548
TotalEnergies SE (v)		575		29,268
				260,307
TOTAL ENERGY				353,214
FINANCIALS — 31.76% Banks — 18.68%
ABN AMRO Bank NV (r) (v)		3,100		45,569
Barclays PLC (v)		17,117		43,601
BNP Paribas SA (v)		1,194		82,554
ING Groep NV (v)		6,967		96,862
Lloyds Banking Group PLC (v)		79,100		51,368
NatWest Group PLC (v)		9,300		28,480
Societe Generale SA (v)		1,931		66,366
UniCredit SpA (v)		4,700		72,245
				487,045

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley International Value Fund (Unaudited)

	Shares Held		Value
*Capital Markets — 6.08%*
Credit Suisse Group AG (v)		10,510	$	101,901
Rothschild & Company (v)		1,230		56,529
				158,430
*Insurance — 7.00%*
Enstar Group Ltd. (a)		269		66,602
Tokio Marine Holdings, Inc. (v)		1,600		89,071
Zurich Insurance Group AG (v)		61		26,723
				182,396
TOTAL FINANCIALS				827,871
HEALTH CARE — 4.19% Health Care Equipment & Supplies — 2.62%
Koninklijke Philips NV (v)		897		33,199
Medtronic PLC		340		35,173
				68,372
*Pharmaceuticals — 1.57%*
GlaxoSmithKline PLC (v)		1,309		28,500
Sanofi (v)		123		12,342
				40,842
TOTAL HEALTH CARE				109,214
INDUSTRIALS — 19.78% Aerospace & Defense — 9.58%
Airbus SE (a) (v)		645		82,524
Babcock International Group PLC (a) (v)		10,500		45,475
BAE Systems PLC (v)		11,075		82,588
Safran SA (v)		320		39,175
				249,762
*Air Freight & Logistics — 3.85%*
Royal Mail PLC (v)		14,629		100,299
*Airlines — 1.77%*
Qantas Airways Ltd. (a) (v)		12,600		45,963
*Machinery — 4.14%*
CNH Industrial NV		5,553		107,895
*Professional Services — 0.44%*
Hudson Global, Inc. (a)		399		11,499
TOTAL INDUSTRIALS				515,418
INFORMATION TECHNOLOGY — 5.27% Communications Equipment — 3.19%
Telefonaktiebolaget LM Ericsson (v)		7,544		83,007
*Electronic Equipment, Instruments & Components — 1.02%*
TE Connectivity Ltd.		165		26,621

	Shares Held		Value
*Semiconductors & Semiconductor Equipment — 1.06%*
Taiwan Semiconductor Manufacturing Company Ltd. — ADR		230	$	27,671
TOTAL INFORMATION TECHNOLOGY				137,299
Total common stocks (Cost $2,137,188)				2,580,728
Total long-term investments (Cost $2,137,188)				2,580,728
SHORT-TERM INVESTMENTS — 0.86%	Principal Amount
*Time Deposits — 0.86%*
Royal Bank of Canada, 0.01%, 01/03/2022*	$	22,470		22,470
Total short-term investments (Cost $22,470)				22,470
Total investments — 99.88% (Cost $2,159,658)				2,603,198
Other assets in excess of liabilities — 0.12%				3,210
Net assets — 100.00%			$	2,606,408

(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 $1,933,588, which represented 74.19% 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.
35

Schedule of Investments — December 31, 2021

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

Largest Equity Holdings	Percent of net assets
Vermilion Energy, Inc.		0.88	%
Nawi Brothers Ltd.		0.71	%
Crescent Point Energy Corp.		0.71	%
Kosmos Energy Ltd.		0.70	%
Celestica, Inc.		0.70	%
Centrica PLC		0.67	%
Ferronordic AB		0.66	%
Airport City Ltd.		0.63	%
Rothschild & Company		0.61	%
Suruga Bank Ltd.		0.61	%

* Based on country of risk.

COMMON STOCKS — 97.83%	Shares Held		Value
COMMUNICATION SERVICES — 2.24% Diversified Telecommunication Services — 0.51%
O2 Czech Republic AS		2,800	$	34,216
*Entertainment — 0.38%*
Akatsuki, Inc. (v)		400		10,020
GungHo Online Entertainment, Inc. (v)		700		15,736
				25,756
*Media — 1.35%*
APG SGA SA (a)		140		30,575
Atresmedia Corp. de Medios de Comunicacion SA (v)		3,200		12,196
Mediaset Espana Comunicacion SA (a) (v)		3,600		16,903
Metropole Television SA (v)		900		17,611
TX Group AG (a)		80		13,731
				91,016
TOTAL COMMUNICATION SERVICES				150,988
CONSUMER DISCRETIONARY — 10.25% Auto Components — 1.92%
Cie Plastic Omnium SA (v)		800		20,767
FCC Company Ltd. (v)		1,400		18,219
NHK Spring Company Ltd. (v)		2,600		22,116
Nokian Renkaat Oyj (v)		400		15,114
Toyota Boshoku Corp. (v)		1,200		23,544
TS Tech Company Ltd. (v)		2,400		29,543
				129,303
*Automobiles — 0.85%*
Mazda Motor Corp. (v)		3,900		29,924
Mitsubishi Motors Corp. (a) (v)		4,900		13,654
Trigano SA (v)		70		13,585
				57,163

	Shares Held		Value
*Distributors — 0.55%*
Inchcape PLC (v)		3,000	$	37,054
*Diversified Consumer Services — 0.49%*
Anexo Group PLC (v)		18,000		32,788
*Hotels, Restaurants & Leisure — 0.51%*
Dalata Hotel Group PLC (a)		8,100		34,305
*Household Durables — 2.04%*
Crest Nicholson Holdings PLC		2,300		11,581
Henry Boot PLC		3,500		13,454
Portmeirion Group PLC (a) (v)		1,500		12,582
Redrow PLC (v)		3,700		35,312
Tachikawa Corp. (v)		2,800		27,661
Tamron Company Ltd. (v)		1,500		37,214
				137,804
*Internet & Catalog Retail — 0.21%*
Takkt AG (v)		800		13,957
*Leisure Products — 0.49%*
Furyu Corp. (v)		1,300		15,482
Photo-Me International PLC (a)		20,500		17,481
				32,963
*Specialty Retail — 2.41%*
Adastria Company Ltd. (v)		1,900		26,771
AOKI Holdings, Inc. (v)		5,800		31,149
Clas Ohlson AB (v)		1,900		28,822
Hornbach Baumarkt AG (v)		300		16,227
Mobilezone Holding AG (v)		1,600		23,864
Premier Investments Ltd. (v)		700		15,446
Super Retail Group Ltd. (v)		2,200		19,934
				162,213

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

Schedule of Investments — December 31, 2021

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

	Shares Held		Value
*Textiles, Apparel & Luxury Goods — 0.78%*
Hagihara Industries, Inc. (v)		1,500	$	16,635
HUGO BOSS AG (v)		400		24,214
The Japan Wool Textile Company Ltd. (v)		1,500		11,938
				52,787
TOTAL CONSUMER DISCRETIONARY				690,337
CONSUMER STAPLES — 5.51% Beverages — 0.26%
Corby Spirit and Wine Ltd.		1,300		17,235
*Food & Staples Retailing — 1.17%*
Amsterdam Commodities NV (a)		500		14,174
Arcs Company Ltd. (v)		900		16,715
Kato Sangyo Company Ltd. (v)		1,100		32,070
Metcash Ltd. (v)		4,800		15,700
				78,659
*Food Products — 3.33%*
Austevoll Seafood ASA (v)		1,700		20,467
Ebara Foods Industry, Inc. (v)		1,400		32,655
Ezaki Glico Company Ltd. (v)		400		12,731
Greencore Group PLC (a)		7,700		13,497
Itoham Yonekyu Holdings, Inc. (v)		2,200		12,588
Neto ME Holdings Ltd. (v)		300		17,424
Nippn Corp. (v)		1,100		15,852
Nitto Fuji Flour Milling Company Ltd. (v)		600		19,827
Savencia SA (v)		150		10,456
Tassal Group Ltd. (v)		13,200		33,520
Tate & Lyle PLC (v)		1,400		12,596
Wynnstay Group PLC		2,900		22,766
				224,379
*Personal Products — 0.19%*
HABA Laboratories, Inc. (v)		600		12,805
*Tobacco — 0.56%*
Scandinavian Tobacco Group A/S (r) (v)		1,800		37,809
TOTAL CONSUMER STAPLES				370,887
ENERGY — 6.41% Energy Equipment & Services — 2.05%
Expro Group Holdings NV (a)		1,833		26,304
Subsea 7 SA (v)		4,700		33,621
Technip Energies NV (a) (v)		1,360		19,896
TechnipFMC PLC (a) (v)		5,000		30,018
TerraVest Industries, Inc.		1,300		28,241
				138,080
*Oil, Gas & Consumable Fuels — 4.36%*
Birchcliff Energy Ltd.		7,100		36,259
Capricorn Energy PLC (v)		13,961		36,033

	Shares Held		Value
Cardinal Energy Ltd. (a) (m)		8,100	$	27,343
Crescent Point Energy Corp.		8,900		47,492
Kosmos Energy Ltd. (a)		13,600		47,056
Pantheon Resources PLC (a)		25,600		26,785
Pilipinas Shell Petroleum Corp. (a)		34,700		13,528
Vermilion Energy, Inc. (a)		4,700		59,076
				293,572
TOTAL ENERGY				431,652
FINANCIALS — 25.43% Banks — 9.90%
The Aichi Bank Ltd. (v)		500		20,260
Banca Popolare di Sondrio SCPA (v)		4,700		19,732
Banco de Sabadell SA (a) (v)		49,600		33,055
Bank Danamon Indonesia Tbk PT (v)		81,100		13,355
Bank Millennium SA (a) (v)		19,900		40,343
Caisse Regionale de Credit Agricole Mutuel Brie Picardie		1,400		33,711
Caisse Regionale de Credit Agricole Mutuel de Normandie-Seine		250		26,183
Caisse Regionale de Credit Agricole Mutuel de Paris et d'Ile-de-France		410		40,143
Caisse Regionale de Credit Agricole Mutuel d'Ille-et-Vilaine		240		18,851
Caisse Regionale de Credit Agricole Mutuel Nord de France (v)		900		20,989
Caisse Regionale de Credit Agricole Mutuel Toulouse 31		260		23,977
Canadian Western Bank		700		20,088
Collector AB (a) (v)		7,100		29,783
Dah Sing Financial Holdings Ltd. (v)		10,400		31,500
The Hachijuni Bank Ltd. (v)		5,800		19,815
The Iyo Bank Ltd. (v)		4,200		21,016
The Keiyo Bank Ltd. (v)		5,200		21,031
Komplett Bank ASA		21,900		19,223
The Musashino Bank Ltd. (v)		800		12,504
Pareto Bank ASA (v)		3,300		22,245
The Shikoku Bank Ltd. (v)		2,100		14,150
Sparebank 1 Oestlandet		1,400		23,146
Sparebanken Vest (v)		1,900		21,576
Sparekassen Sjaelland-Fyn A/S (a) (v)		1,000		25,270
Suruga Bank Ltd. (v)		9,300		41,079
The Tochigi Bank Ltd. (v)		8,800		17,663
TOMONY Holdings, Inc. (v)		4,900		13,490
Unicaja Banco SA (r) (v)		22,800		22,432
				666,610

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

Schedule of Investments — December 31, 2021

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

	Shares Held		Value
*Capital Markets — 7.00%*
ABG Sundal Collier Holding ASA (v)		19,500	$	20,419
AGF Management Ltd.		5,900		38,946
Atreyu Capital Markets Ltd. (v)		1,300		28,111
Baader Bank AG		4,200		30,985
Flow Traders (r) (v)		500		18,325
GAM Holding AG (a) (v)		18,900		28,154
Insignia Financial Ltd. (v)		11,800		31,092
Jupiter Fund Management PLC (v)		3,700		12,830
Man Group PLC (v)		5,600		17,254
Manolete Partners PLC		9,500		32,146
Meitav Dash Investments Ltd. (v)		2,800		15,013
Navigator Global Investments Ltd. (v)		27,700		37,408
Numis Corp. PLC		6,900		31,941
Rothschild & Company (v)		900		41,364
Sawada Holdings Company Ltd. (v)		3,600		38,266
Toyo Securities Company Ltd. (v)		23,200		29,847
Value Partners Group Ltd. (v)		38,000		18,977
				471,078
*Consumer Finance — 1.83%*
AEON Financial Service Company Ltd. (v)		2,900		31,281
Hoist Finance AB (a) (r)		8,700		28,113
Nawi Brothers Ltd. (v)		4,700		48,111
Resurs Holding AB (r) (v)		3,800		15,949
				123,454
*Diversified Financial Services — 2.46%*
Banca IFIS SpA (v)		1,900		36,703
Burford Capital Ltd.		3,100		32,351
Challenger Ltd. (v)		3,400		16,150
Financial Products Group Company Ltd. (v)		5,300		31,530
GRENKE AG (v)		500		17,381
Plus500 Ltd. (v)		1,700		31,358
				165,473
*Insurance — 4.05%*
AUB Group Ltd. (v)		1,200		22,515
Beazley PLC (a) (v)		6,000		37,941
Clal Insurance Enterprises Holdings Ltd. (a) (v)		1,100		28,163
Coface SA (v)		1,600		22,798
Grupo Catalana Occidente SA (v)		400		13,669
Hiscox Ltd. (v)		2,900		34,058
Lancashire Holdings Ltd.		3,800		27,260
Solid Forsakring AB (a)		380		2,471
Unipol Gruppo SpA (v)		5,100		27,618

	Shares Held		Value
UNIQA Insurance Group AG (v)		2,400	$	21,973
Vienna Insurance Group AG Wiener Versicherung Gruppe (v)		1,200		34,062
				272,528
*Thrifts & Mortgage Finance — 0.19%*
Asax Company Ltd. (v)		2,100		12,897
TOTAL FINANCIALS				1,712,040
HEALTH CARE — 3.30% Health Care Equipment & Supplies — 0.61%
Draegerwerk AG & Company KGaA (v)		230		14,080
Medmix AG (a) (r) (v)		170		8,400
Paramount Bed Holdings Company Ltd. (v)		1,100		18,660
				41,140
*Health Care Providers & Services — 2.05%*
Estia Health Ltd. (v)		20,200		33,820
FALCO HOLDINGS Company Ltd. (v)		1,300		23,270
Regis Healthcare Ltd. (v)		13,600		18,511
Ship Healthcare Holdings, Inc. (v)		600		13,981
Toho Holdings Company Ltd. (v)		2,200		33,579
Virtus Health Ltd. (v)		3,000		14,945
				138,106
*Health Care Technology — 0.39%*
GPI SpA		1,400		25,981
*Pharmaceuticals — 0.25%*
Tsumura & Company (v)		600		17,090
TOTAL HEALTH CARE				222,317
INDUSTRIALS — 22.65% Aerospace & Defense — 3.26%
Austal Ltd. (v)		27,100		38,439
Avio SpA (v)		2,600		34,588
Babcock International Group PLC (a) (v)		7,000		30,317
Meggitt PLC (a) (v)		2,000		20,015
QinetiQ Group PLC (v)		4,300		15,478
Saab AB (v)		1,200		30,480
Senior PLC (a) (v)		14,400		28,797
Ultra Electronics Holdings PLC (v)		500		21,590
				219,704
*Air Freight & Logistics — 1.13%*
bpost SA (a) (v)		2,200		19,202
Oesterreichische Post AG (v)		500		21,392
PostNL NV (v)		3,700		16,088
Wincanton PLC		3,900		19,426
				76,108

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

Schedule of Investments — December 31, 2021

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

	Shares Held		Value
*Building Products — 1.20%*
Centrotec SE		700	$	18,529
Inrom Construction Industries Ltd. (v)		2,800		13,875
Nichiha Corp. (v)		500		13,294
Norcros PLC		4,800		20,336
Takasago Thermal Engineering Company Ltd. (v)		900		14,849
				80,883
*Commercial Services & Supplies — 1.60%*
Daiseki Company Ltd. (v)		280		12,439
Downer EDI Ltd. (v)		3,100		13,466
ISS A/S (a) (v)		700		13,273
Loomis AB		1,200		31,965
Okamura Corp. (v)		900		10,059
Pilot Corp. (v)		400		15,312
Societe BIC SA (v)		210		11,298
				107,812
*Construction & Engineering — 3.18%*
Balfour Beatty PLC (v)		3,500		12,467
Grupo Empresarial San Jose SA (v)		2,300		12,879
Hazama Ando Corp. (v)		1,900		14,299
Implenia AG (a) (v)		900		20,471
Keller Group PLC (v)		1,100		14,647
Kumagai Gumi Company Ltd. (v)		500		12,482
Maire Tecnimont SpA (v)		6,100		28,829
Monadelphous Group Ltd. (v)		1,800		12,654
Morgan Sindall Group PLC (v)		400		13,729
Per Aarsleff Holding A/S (v)		300		14,043
Severfield PLC		12,100		11,137
Strabag SE (v)		300		12,472
Sumitomo Mitsui Construction Company Ltd. (v)		2,800		10,418
Taikisha Ltd. (v)		400		10,897
Tobishima Corp. (v)		1,400		12,406
				213,830
*Industrial Conglomerates — 1.59%*
Chargeurs SA (v)		700		20,750
Indus Holding AG (v)		500		18,625
MBB SE (v)		210		32,735
Rheinmetall AG (v)		370		34,822
				106,932
*Machinery — 7.20%*
ANDRITZ AG (v)		400		20,573
Aumann AG (a) (r)		1,900		29,592
Bucher Industries AG (v)		40		19,711
Danieli & C Officine Meccaniche SpA (v)		2,000		39,091

	Shares Held		Value
Duerr AG (v)		700	$	31,813
Ebara Corp. (v)		300		16,666
Frencken Group Ltd. (v)		8,000		11,679
Fu Yu Corp. Ltd.		55,600		11,552
Glory Ltd. (v)		900		17,143
The Japan Steel Works Ltd. (v)		500		16,782
Manitou BF SA		600		18,819
Meidensha Corp. (v)		600		14,300
Morgan Advanced Materials PLC (v)		3,700		18,057
Nitta Corp. (v)		800		20,500
Noritake Company Ltd. (v)		600		26,161
OKUMA Corp. (v)		300		13,351
OSG Corp. (v)		800		12,433
Ponsse Oyj (v)		300		14,469
Shibuya Corp. (v)		700		18,180
Shinmaywa Industries Ltd. (v)		1,400		10,650
Sulzer AG (v)		170		16,700
Takeuchi Manufacturing Company Ltd. (v)		800		18,979
Talgo SA (a) (r) (v)		2,600		16,049
Tsubakimoto Chain Company (v)		700		19,237
Tsukishima Kikai Company Ltd. (v)		1,800		17,747
Wacker Neuson SE (v)		500		14,302
				484,536
*Professional Services — 2.12%*
Assystem SA		400		17,077
Bertrandt AG (v)		600		38,928
Gateley Holdings PLC (v)		5,100		15,934
Impellam Group PLC (a) (v)		3,300		21,777
McMillan Shakespeare Ltd. (v)		2,300		20,229
Persol Holdings Company Ltd. (v)		600		17,444
SThree PLC		1,800		11,305
				142,694
*Road & Rail — 0.35%*
Nikkon Holdings Company Ltd. (v)		600		11,304
Sankyu, Inc. (v)		300		12,449
				23,753
*Trading Companies & Distributors — 1.02%*
Ferronordic AB		1,200		44,752
Kanamoto Company Ltd. (v)		600		12,587
Kanematsu Corp. (v)		1,000		11,140
				68,479
TOTAL INDUSTRIALS				1,524,731

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

Schedule of Investments — December 31, 2021

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

	Shares Held		Value
INFORMATION TECHNOLOGY — 6.02% Communications Equipment — 0.51%
Evertz Technologies Ltd.		3,300	$	34,280
*Electronic Equipment, Instruments & Components — 3.17%*
Alps Alpine Company Ltd. (v)		3,200		30,182
Celestica, Inc. (a)		4,200		46,816
Daitron Company Ltd. (v)		1,600		29,836
Esprinet SpA (v)		800		11,715
Horiba Ltd. (v)		200		11,761
Japan Aviation Electronics Industry Ltd. (v)		2,200		38,129
Kaga Electronics Company Ltd. (v)		700		19,896
V Technology Company Ltd. (v)		800		24,989
				213,324
*IT Services — 1.36%*
CSE Global Ltd.		57,900		21,268
DTS Corp. (v)		500		10,982
Global Dominion Access SA (r) (v)		2,700		14,246
KNOW IT AB		600		24,933
Sword Group (v)		400		19,939
				91,368
*Semiconductors & Semiconductor Equipment — 0.26%*
UMS Holdings Ltd. (v)		15,625		17,602
*Software — 0.72%*
Silverlake Axis Ltd. (v)		178,800		36,452
System Research Company Ltd. (v)		700		12,063
				48,515
TOTAL INFORMATION TECHNOLOGY				405,089
MATERIALS — 10.32% Chemicals — 2.78%
ASAHI YUKIZAI Corp. (v)		1,100		16,510
Dai Nippon Toryo Company Ltd. (v)		4,200		30,204
Kanto Denka Kogyo Company Ltd. (v)		3,300		32,510
Nihon Parkerizing Company Ltd. (v)		1,200		11,745
Sumitomo Seika Chemicals Company Ltd. (v)		1,100		29,991
Toagosei Company Ltd. (v)		2,000		20,120
Tokuyama Corp. (v)		1,700		27,032
Yushiro Chemical Industry Company Ltd. (v)		2,000		19,498
				187,610
*Construction Materials — 2.30%*
Buzzi Unicem SpA (v)		800		17,237
Cementir Holding NV (v)		3,100		29,562
CSR Ltd. (v)		5,000		21,408
Forterra PLC (r)		8,900		33,249

	Shares Held		Value
H+H International A/S (a)		700	$	24,648
Vicat SA (v)		700		28,679
				154,783
*Containers & Packaging — 0.97%*
Fuji Seal International, Inc. (v)		600		11,047
Mayr Melnhof Karton AG (v)		100		20,032
Takemoto Yohki Company Ltd. (v)		2,300		16,602
Winpak Ltd.		600		17,631
				65,312
*Metals & Mining — 2.77%*
Anglo Pacific Group PLC		11,500		20,983
Dowa Holdings Company Ltd. (v)		300		12,627
MACA Ltd. (v)		34,200		20,417
Macmahon Holdings Ltd.		98,200		13,217
Mount Gibson Iron Ltd. (v)		99,700		30,836
OceanaGold Corp. (a) (m)		11,400		19,827
Regis Resources Ltd. (v)		21,800		31,024
Sandfire Resources Ltd. (v)		4,300		20,659
Tokyo Steel Manufacturing Company Ltd. (v)		1,400		16,793
				186,383
*Paper & Forest Products — 1.50%*
Altri SGPS SA (v)		2,000		12,749
Iberpapel Gestion SA		1,500		30,739
Miquel y Costas & Miquel SA		1,100		16,406
The Navigator Company SA (v)		5,800		22,094
Stella-Jones, Inc. (m)		600		18,978
				100,966
TOTAL MATERIALS				695,054
REAL ESTATE — 3.05% Equity Real Estate Investment Trusts — 1.21%
First Real Estate Investment Trust		50,600		11,452
Impact Healthcare Reit PLC		21,200		34,319
SmartCentres Real Estate Investment Trust		1,400		35,627
				81,398
*Real Estate Management & Development — 1.84%*
Airport City Ltd. (a) (v)		1,900		42,554
Great Eagle Holdings Ltd. (v)		11,000		30,770
Nisshin Group Holdings Company Ltd. (v)		8,200		36,158
Shinoken Group Company Ltd. (v)		1,800		14,523
				124,005
TOTAL REAL ESTATE				205,403

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

Schedule of Investments — December 31, 2021

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

	Shares Held		Value
UTILITIES — 2.65% Electric Utilities — 0.85%
EVN AG (v)		700	$	21,120
Fjordkraft Holding ASA (r) (v)		2,200		11,882
Hokkaido Electric Power Company, Inc. (v)		2,800		12,523
Hokuriku Electric Power Company (v)		2,200		11,204
				56,729
*Gas Utilities — 0.78%*
Hiroshima Gas Company Ltd. (v)		5,700		18,240
Italgas SpA (v)		5,000		34,369
				52,609
Independent Power and Renewable Electricity Producers — 0.16%
Electric Power Development Company Ltd. (v)		800		10,632
Greenvolt-Energias Renovaveis SA (a)		36		260
				10,892
*Multi-Utilities — 0.86%*
ACEA SpA (v)		600		12,820
Centrica PLC (a) (v)		46,500		45,092
				57,912
TOTAL UTILITIES				178,142
Total common stocks (Cost $5,603,229)				6,586,640
Total long-term investments (Cost $5,603,229)				6,586,640
SHORT-TERM INVESTMENTS — 1.71%	Principal Amount
*Time Deposits — 1.71%*
Royal Bank of Canada, 0.01%, 01/03/2022*	$	114,899		114,899
Total short-term investments (Cost $114,899)				114,899
Total investments — 99.54% (Cost $5,718,128)				6,701,539
Other assets in excess of liabilities — 0.46%				31,180
Net assets — 100.00%			$	6,732,719

(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 $66,148, which represented 0.98% 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 $4,956,902, which represented 73.62% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

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

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Value Opportunities Fund (Unaudited)

Largest Holdings*	Percent of net assets
F5, Inc.		8.08	%
General Electric Company		5.56	%
Alphabet, Inc.		4.88	%
Microsoft Corp.		4.80	%
Berkshire Hathaway, Inc.		4.46	%
Range Resources Corp.		3.99	%
NOV, Inc.		3.97	%
Credit Suisse Group AG		3.58	%
Arrow Electronics, Inc.		3.31	%
Wells Fargo & Company		3.27	%

* Excluding short-term securities

COMMON STOCKS — 98.47%	Shares Held		Value
COMMUNICATION SERVICES — 13.38% Interactive Media & Services — 4.88%
Alphabet, Inc. (a)		9,400	$	27,232,176
*Media — 7.29%*
Discovery, Inc. (a)		584,200		13,378,180
News Corp.		419,700		9,363,507
Stagwell, Inc. (a)		2,068,300		17,932,161
				40,673,848
*Wireless Telecommunication Services — 1.21%*
Vodafone Group PLC — ADR		451,700		6,743,881
TOTAL COMMUNICATION SERVICES				74,649,905
CONSUMER DISCRETIONARY — 4.80% Automobiles — 2.61%
General Motors Company (a)		248,700		14,581,281
*Internet & Catalog Retail — 0.89%*
Points International Ltd. (a)		184,000		2,848,320
Redbubble Ltd. (a) (v)		889,200		2,114,219
				4,962,539
*Specialty Retail — 1.30%*
The ODP Corp. (a)		183,670		7,214,558
TOTAL CONSUMER DISCRETIONARY				26,758,378
CONSUMER STAPLES — 1.25% Tobacco — 1.25%
Philip Morris International, Inc.		73,400		6,973,000
TOTAL CONSUMER STAPLES				6,973,000
ENERGY — 14.29% Energy Equipment & Services — 4.60%
Expro Group Holdings NV (a)		179,400		2,574,390
Mcdermott International Ltd. (a)		2,266,028		929,072
NOV, Inc.		1,636,500		22,174,575
				25,678,037

	Shares Held		Value
*Oil, Gas & Consumable Fuels — 9.69%*
Berry Corp.		433,600	$	3,650,912
Capricorn Energy PLC (v)		2,725,445		7,034,322
Equitrans Midstream Corp.		289,000		2,988,260
Hess Corp.		103,800		7,684,314
Kosmos Energy Ltd. (a)		965,500		3,340,630
Range Resources Corp. (a)		1,248,200		22,255,406
Royal Dutch Shell PLC — ADR		164,100		7,121,940
				54,075,784
TOTAL ENERGY				79,753,821
FINANCIALS — 23.95% Banks — 6.32%
Citigroup, Inc.		210,400		12,706,056
Popular, Inc.		52,100		4,274,284
Wells Fargo & Company		380,600		18,261,188
				35,241,528
*Capital Markets — 9.71%*
Credit Suisse Group AG — ADR		2,070,700		19,961,548
The Goldman Sachs Group, Inc.		32,200		12,318,110
Rothschild & Company (v)		296,100		13,608,430
State Street Corp.		89,100		8,286,300
				54,174,388
*Consumer Finance — 1.24%*
SLM Corp.		352,900		6,941,543
*Diversified Financial Services — 4.46%*
Berkshire Hathaway, Inc. (a)		83,300		24,906,700
*Insurance — 2.22%*
American International Group, Inc.		172,800		9,825,408
Global Indemnity Group LLC		102,500		2,575,825
				12,401,233
TOTAL FINANCIALS				133,665,392

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Value Opportunities Fund (Unaudited)

	Shares Held		Value
HEALTH CARE — 3.10% Health Care Equipment & Supplies — 1.45%
Medtronic PLC		78,400	$	8,110,480
*Health Care Providers & Services — 1.65%*
CVS Health Corp.		89,100		9,191,556
TOTAL HEALTH CARE				17,302,036
INDUSTRIALS — 12.16% Aerospace & Defense — 2.46%
Babcock International Group PLC (a) (v)		3,170,900		13,732,898
*Air Freight & Logistics — 2.57%*
Royal Mail PLC (v)		2,097,300		14,379,515
*Construction & Engineering — 1.32%*
Fluor Corp. (a)		297,600		7,371,552
*Industrial Conglomerates — 5.56%*
General Electric Company		328,300		31,014,501
*Professional Services — 0.25%*
Hudson Global, Inc. (a)		48,170		1,388,260
TOTAL INDUSTRIALS				67,886,726
INFORMATION TECHNOLOGY — 21.54% Communications Equipment — 9.11%
F5, Inc. (a)		184,200		45,075,582
Telefonaktiebolaget LM Ericsson — ADR		528,700		5,746,969
				50,822,551
*Electronic Equipment, Instruments & Components — 3.31%*
Arrow Electronics, Inc. (a)		137,600		18,475,552
*IT Services — 2.37%*
Euronet Worldwide, Inc. (a)		111,200		13,251,704
*Software — 6.75%*
Microsoft Corp.		79,700		26,804,704
Oracle Corp.		96,500		8,415,765
Telos Corp. (a)		159,600		2,461,032
				37,681,501
TOTAL INFORMATION TECHNOLOGY				120,231,308
MATERIALS — 2.48% Chemicals — 2.27%
Iracore Investments Holdings, Inc. — Class A (Acquired 04/13/2017, Cost $6,892,250) (f) (i) (m) (o) (u)		32,422		11,376,231
UTEX Industries, Inc. (Acquired 05/11/2021, Cost $757,278) (a) (i) (m)		24,058		1,269,060
				12,645,291
*Metals & Mining — 0.21%*
American Zinc Recycling Corp. (Acquired 07/24/2014 — 12/10/2019, Cost $7,295,703) (a) (f) (i) (m) (u)		7,042		1,194,655
TOTAL MATERIALS				13,839,946

	Shares Held		Value
REAL ESTATE — 1.52% Equity Real Estate Investment Trusts — 1.52%
Seritage Growth Properties (a) (l)		640,700	$	8,502,089
TOTAL REAL ESTATE				8,502,089
Total common stocks (Cost $479,695,843)				549,562,601
PREFERRED STOCKS — 0.11%
FINANCIALS — 0.11% Thrifts & Mortgage Finance — 0.11%
Federal Home Loan Mortgage Corp. — Series K (a)		33,300		139,860
Federal Home Loan Mortgage Corp. — Series N (a)		116,400		417,876
Federal Home Loan Mortgage Corp. — Series S (a)		18,400		78,016
TOTAL FINANCIALS				635,752
Total preferred stocks (Cost $268,508)				635,752
TERM LOANS — 0.67%	Principal Amount
CONSUMER DISCRETIONARY — 0.01% Specialty Retail — 0.01%
Ascena Retail Group, Inc. 5.250% (3 Month LIBOR USD + 4.500%), 08/21/2022 (Acquired 07/15/2019 — 11/04/2019, Cost $5,038,279) (b) (d) (i) (m)	$	8,654,049		63,824
TOTAL CONSUMER DISCRETIONARY				63,824
ENERGY — 0.16% Energy Equipment & Services — 0.16%
Lealand Finance Company BV 3.104% (1 Month LIBOR USD + 3.000%), 06/28/2024 (Acquired 06/30/2020, Cost $442,883) (b) (m)		442,883		263,515
1.104% Cash and 3.000% PIK (1 Month LIBOR USD + 4.000%), 06/30/2025 (Acquired 06/30/2020 — 12/31/2021, Cost $1,471,480) (b) (m) (p)		1,352,742		610,986
TOTAL ENERGY				874,501
MATERIALS — 0.50% Chemicals — 0.50%
Iracore International Holdings, Inc. 11.250% (1 Month LIBOR USD + 9.000%), 04/12/2024 (Acquired 04/13/2017, Cost $2,649,013) (b) (f) (m) (u)		2,649,013		2,649,013
UTEX Industries, Inc. 5.250% Cash or 5.750% PIK (1 Month LIBOR USD + 3.750%), 12/03/2025 (Acquired 05/11/2021, Cost $95,560) (b) (m) (p)		147,048		145,088
TOTAL MATERIALS				2,794,101
Total term loans (Cost $9,697,215)				3,732,426

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley Value Opportunities Fund (Unaudited)

PURCHASED PUT OPTIONS — 0.02%	Contracts (100 shares per contract)		Notional Amount		Value
CONSUMER DISCRETIONARY — 0.02% Automobiles — 0.02%
Tesla, Inc. (a) Expiration: June 2022, Exercise Price: $160.00		100	$	10,567,800	$	4,550
Expiration: January 2023, Exercise Price: $600.00		15		1,585,170		78,180
TOTAL CONSUMER DISCRETIONARY						82,730
Total purchased put options (Cost $853,297)						82,730
Total long-term investments (Cost $490,514,863)						554,013,509

COLLATERAL FOR SECURITIES ON LOAN — 0.01%	Shares Held
*Money Market Funds — 0.01%*
Invesco Short-Term Investments Trust Government & Agency Portfolio — Institutional Class, 0.03%^		82,350		82,350
Total collateral for securities on loan (Cost $82,350)				82,350
SHORT-TERM INVESTMENTS — 0.31%	Principal Amount
*Time Deposits — 0.31%*
Citigroup, Inc., 0.01%, 01/04/2022*	GBP	1		1
JPMorgan Chase & Company, 0.01%, 01/03/2022*	$	1,726,275		1,726,275
Total short-term investments (Cost $1,726,276)				1,726,276
Total investments — 99.59% (Cost $492,323,489)				555,822,135
Other assets in excess of liabilities — 0.41%				2,266,883
Net assets — 100.00%			$	558,089,018

(a) — Non-income producing security.

(b) — The coupon rate shown on variable rate securities represents the rate at December 31, 2021.

(d) — Issuer is currently in default on its regularly scheduled interest payments.

(f) — Security was fair valued under guidelines established by and under the general supervision and responsibility of the Trust's Board of Trustees. The total market value of these securities was $15,219,899, which represented 2.73% 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 $13,903,770, which represented 2.49% of net assets.

(l) — All or a portion of this security is on loan. The total market value of securities on loan was $80,703. 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 $17,572,372, which represented 3.15% 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 $50,869,384, which represented 9.11% of net assets. See Security Valuation in Note 1 of Notes to the Financial Statements.

ADR — American Depositary Receipt

GBP — British Pound

LIBOR — London Interbank Offered Rate

USD — United States Dollar

^ — Rate shown is the 7-day yield as of December 31, 2021.

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

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley High Yield Fund (Unaudited)

Largest Issuers*	Percent of net assets
CCO Holdings LLC / CCO Holdings Capital Corp.		1.97	%
American Zinc Recycling Corp.		1.83	%
Ford Motor Credit Company LLC		1.38	%
General Electric Company		1.32	%
RA Parent, Inc.		1.24	%
Boardriders, Inc. (includes Boardriders, Inc. and Quiksilver, Inc.)		1.23	%
Brookfield Asset Management, Inc. (includes Brookfield Residential Properties, Inc. / Brookfield Residential US LLC and Clarios Global LP / Clarios US Finance Company)		0.95	%
CSC Holdings LLC		0.92	%
Iracore Holdings Corp. (includes Iracore International Holdings, Inc. and Iracore Investments Holdings, Inc.)		0.90	%
Schweitzer-Mauduit International, Inc.		0.89	%

*Excluding investment companies and short-term securities

CORPORATE BONDS — 81.37%	Principal Amount		Value
*Advertising — 0.00%*
Vericast Corp. 11.000%, 09/15/2026 (r)	$	610	$	647
*Aerospace/Defense — 1.39%*
F-Brasile SpA / F-Brasile US LLC 7.375%, 08/15/2026 (r)		5,677,000		5,654,519
Spirit AeroSystems, Inc. 7.500%, 04/15/2025 (r)		4,253,000		4,465,586
TransDigm, Inc. 6.250%, 03/15/2026 (r)		4,622,000		4,809,838
				14,929,943
*Airlines — 0.49%*
United Airlines, Inc. 4.375%, 04/15/2026 (r)		5,013,000		5,233,823
*Auto Loans — 1.38%*
Ford Motor Credit Company LLC 5.113%, 05/03/2029		13,028,000		14,825,408
*Auto Parts & Equipment — 2.32%*
Adient Global Holdings Ltd. 4.875%, 08/15/2026 (r)		3,388,000		3,460,130
American Axle & Manufacturing, Inc. 6.875%, 07/01/2028		5,313,000		5,737,057
Clarios Global LP / Clarios US Finance Company 6.250%, 05/15/2026 (r)		4,607,000		4,825,902

	Principal Amount		Value
The Goodyear Tire & Rubber Company 4.875%, 03/15/2027	$	5,236,000	$	5,549,584
Meritor, Inc. 4.500%, 12/15/2028 (r)		5,414,000		5,435,737
				25,008,410
*Automakers — 0.44%*
General Motors Company 5.200%, 04/01/2045		3,786,000		4,695,051
*Banking — 0.83%*
BNP Paribas SA 6.625% (Fixed until 03/24/2024, then 5 Year Swap Rate USD + 4.149%), Perpetual (b) (r)		3,276,000		3,538,244
Texas Capital Bancshares, Inc. 4.000% (Fixed until 05/05/2026, then 5 Year Treasury Constant Maturity + 3.150%), 05/06/2031 (b)		5,181,000		5,359,472
				8,897,716
*Building & Construction — 2.93%*
Ashton Woods USA LLC / Ashton Woods Finance Company 4.625%, 08/01/2029 (r)		5,439,000		5,379,253
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 4.875%, 02/15/2030 (r)		5,239,000		5,366,386

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley High Yield Fund (Unaudited)

	Principal Amount		Value
Installed Building Products, Inc. 5.750%, 02/01/2028 (r)	$	5,141,000	$	5,354,197
TopBuild Corp. 4.125%, 02/15/2032 (r)		5,340,000		5,487,838
Tri Pointe Homes, Inc. 5.250%, 06/01/2027		4,462,000		4,795,534
Weekley Homes LLC / Weekley Finance Corp. 4.875%, 09/15/2028 (r)		5,023,000		5,181,275
				31,564,483
*Building Materials — 2.58%*
Arcosa, Inc. 4.375%, 04/15/2029 (r)		5,320,000		5,401,024
BlueLinx Holdings, Inc. 6.000%, 11/15/2029 (r)		4,653,000		4,636,272
Foundation Building Materials, Inc. 6.000%, 03/01/2029 (r)		2,518,000		2,477,473
PGT Innovations, Inc. 4.375%, 10/01/2029 (r)		5,311,000		5,346,663
Standard Industries, Inc. 4.375%, 07/15/2030 (r)		5,885,000		6,016,118
WESCO Distribution, Inc. 7.250%, 06/15/2028 (r)		3,575,000		3,925,136
				27,802,686
*Cable & Satellite TV — 5.29%*
CCO Holdings LLC / CCO Holdings Capital Corp. 5.375%, 06/01/2029 (c) (r)		19,686,000		21,277,613
CSC Holdings LLC 5.750%, 01/15/2030 (r)		9,912,000		9,894,307
DirecTV Financing LLC / DirecTV Financing Co-Obligor, Inc. 5.875%, 08/15/2027 (r)		4,358,000		4,467,822
DISH DBS Corp. 5.750%, 12/01/2028 (r)		5,439,000		5,503,588
Telenet Finance Luxembourg 5.500%, 03/01/2028 (r)		5,000,000		5,175,000
Virgin Media Secured Finance PLC 5.500%, 05/15/2029 (r)		5,116,000		5,410,759
Ziggo BV 4.875%, 01/15/2030 (r)		5,124,000		5,263,475
				56,992,564
*Chemicals — 3.99%*
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV 4.750%, 06/15/2027 (r)		4,917,000		5,130,889
Diamond BC BV 4.625%, 10/01/2029 (r)		3,305,000		3,283,468
Illuminate Buyer LLC / Illuminate Holdings IV, Inc. 9.000%, 07/01/2028 (r)		2,221,000		2,371,662
LSF11 A5 HoldCo LLC 6.625%, 10/15/2029 (r)		5,318,000		5,245,702

	Principal Amount		Value
SCIH Salt Holdings, Inc. 4.875%, 05/01/2028 (r)	$	5,109,000	$	4,912,636
SCIL IV LLC / SCIL USA Holdings LLC 5.375%, 11/01/2026 (r)		5,352,000		5,499,180
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 5.125%, 04/01/2029 (r)		5,626,000		5,747,015
Univar Solutions USA, Inc. 5.125%, 12/01/2027 (r)		4,803,000		5,018,583
WR Grace Holdings LLC 5.625%, 08/15/2029 (r)		5,630,000		5,777,787
				42,986,922
*Consumer — Products — 0.50%*
Winnebago Industries, Inc. 6.250%, 07/15/2028 (r)		5,006,000		5,367,658
*Consumer/Commercial/Lease Financing — 0.29%*
Rent-A-Center, Inc. 6.375%, 02/15/2029 (r)		3,031,000		3,164,122
*Diversified Capital Goods — 3.29%*
General Electric Company 3.533% (3 Month LIBOR USD + 3.330%), Perpetual (b)		14,346,000		14,274,270
JB Poindexter & Company, Inc. 7.125%, 04/15/2026 (r)		760,000		796,324
Matthews International Corp. 5.250%, 12/01/2025 (r)		4,601,000		4,718,901
Patrick Industries, Inc. 4.750%, 05/01/2029 (r)		5,776,000		5,755,871
Railworks Holdings LP / Railworks Rally, Inc. 8.250%, 11/15/2028 (r)		3,227,000		3,328,392
TK Elevator US Newco, Inc. 5.250%, 07/15/2027 (r)		6,199,000		6,524,633
				35,398,391
*Electric — Generation — 0.76%*
Calpine Corp. 5.000%, 02/01/2031 (r)		2,970,000		2,974,589
3.750%, 03/01/2031 (r)		5,436,000		5,247,534
				8,222,123
*Electric — Integrated — 0.49%*
PG&E Corp. 5.250%, 07/01/2030		5,078,000		5,334,414
*Electronics — 0.50%*
II-VI, Inc. 5.000%, 12/15/2029 (r)		5,300,000		5,423,490
*Energy — Exploration & Production — 4.14%*
California Resources Corp. 7.125%, 02/01/2026 (r)		3,604,000		3,748,538
Callon Petroleum Company 6.375%, 07/01/2026		5,136,000		4,884,541

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley High Yield Fund (Unaudited)

	Principal Amount		Value
Civitas Resources, Inc. 7.500%, 04/30/2026	$	1,841,025	$	1,859,960
5.000%, 10/15/2026 (r)		2,777,000		2,807,964
Hilcorp Energy I LP / Hilcorp Finance Company 6.000%, 02/01/2031 (r)		3,753,000		3,889,046
Independence Energy Finance LLC 7.250%, 05/01/2026 (r)		3,111,000		3,235,704
Moss Creek Resources Holdings, Inc. 7.500%, 01/15/2026 (r)		3,092,000		2,894,236
Murphy Oil Corp. 6.375%, 07/15/2028		7,821,000		8,324,360
Penn Virginia Holdings LLC 9.250%, 08/15/2026 (r)		2,000,000		2,077,500
Southwestern Energy Company 7.750%, 10/01/2027		4,387,000		4,736,864
4.750%, 02/01/2032		2,680,000		2,827,507
Tap Rock Resources LLC 7.000%, 10/01/2026 (r)		3,235,000		3,367,764
				44,653,984
*Food — Wholesale — 1.81%*
Central Garden & Pet Company 4.125%, 04/30/2031 (r)		5,114,000		5,147,113
Kraft Heinz Foods Company 5.000%, 07/15/2035		3,047,000		3,733,570
Lamb Weston Holdings, Inc. 4.375%, 01/31/2032 (r)		3,926,000		4,055,303
Post Holdings, Inc. 4.500%, 09/15/2031 (r)		6,662,000		6,622,827
				19,558,813
*Forestry/Paper — 2.37%*
Ahlstrom-Munksjo Holding 3 Oy 4.875%, 02/04/2028 (r)		6,004,000		5,930,211
Enviva Partners LP / Enviva Partners Finance Corp. 6.500%, 01/15/2026 (r)		3,081,000		3,184,829
Mercer International, Inc. 5.125%, 02/01/2029		6,386,000		6,533,261
Rayonier AM Products, Inc. 7.625%, 01/15/2026 (r)		3,472,000		3,684,660
Schweitzer-Mauduit International, Inc. 6.875%, 10/01/2026 (r)		5,894,000		6,174,142
				25,507,103
*Gaming — 4.03%*
Boyd Gaming Corp. 4.750%, 06/15/2031 (r)		5,258,000		5,372,335
Churchill Downs, Inc. 5.500%, 04/01/2027 (r)		3,232,000		3,332,192
Everi Holdings, Inc. 5.000%, 07/15/2029 (r)		5,129,000		5,188,727
International Game Technology PLC 6.250%, 01/15/2027 (r)		4,267,000		4,783,307

	Principal Amount		Value
Jacobs Entertainment, Inc. 7.875%, 02/01/2024 (r)	$	5,203,000	$	5,312,471
MGM Resorts International 5.500%, 04/15/2027		4,905,000		5,229,123
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance, Inc. 8.500%, 11/15/2027 (r)		3,000,000		3,244,365
Penn National Gaming, Inc. 5.625%, 01/15/2027 (r)		5,625,000		5,743,659
Wynn Macau Ltd. 5.500%, 10/01/2027 (r)		5,636,000		5,247,116
				43,453,295
*Gas Distribution — 4.00%*
Antero Midstream Partners LP / Antero Midstream Finance Corp. 5.750%, 03/01/2027 (r)		4,348,000		4,509,963
DT Midstream, Inc. 4.375%, 06/15/2031 (r)		5,128,000		5,341,017
EQM Midstream Partners LP 5.500%, 07/15/2028		4,378,000		4,789,182
Harvest Midstream I LP 7.500%, 09/01/2028 (r)		5,139,000		5,506,027
Holly Energy Partners LP / Holly Energy Finance Corp. 5.000%, 02/01/2028 (r)		5,231,000		5,222,552
Oasis Midstream Partners LP / OMP Finance Corp. 8.000%, 04/01/2029 (r)		5,436,000		5,932,959
Rockpoint Gas Storage Canada Ltd. 7.000%, 03/31/2023 (r)		6,631,000		6,653,778
Venture Global Calcasieu Pass LLC 4.125%, 08/15/2031 (r)		2,570,000		2,728,646
3.875%, 11/01/2033 (r)		2,313,000		2,436,445
				43,120,569
*Health Facilities — 2.04%*
CHS / Community Health Systems, Inc. 8.000%, 03/15/2026 (r)		4,697,000		4,942,841
6.875%, 04/01/2028 (r)		2,573,000		2,525,181
Encompass Health Corp. 4.750%, 02/01/2030		5,273,000		5,438,968
HCA, Inc. 5.875%, 02/01/2029		2,085,000		2,487,738
Tenet Healthcare Corp. 6.250%, 02/01/2027 (r)		3,210,000		3,326,700
4.375%, 01/15/2030 (r)		3,239,000		3,287,099
				22,008,527
*Health Services — 1.10%*
Charles River Laboratories International, Inc. 4.000%, 03/15/2031 (r)		5,395,000		5,535,513
DaVita, Inc. 4.625%, 06/01/2030 (r)		6,197,000		6,355,395
				11,890,908

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley High Yield Fund (Unaudited)

	Principal Amount		Value
*Hotels — 1.47%*
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Escrow 5.000%, 06/01/2029 (r)	$	5,125,000	$	5,261,094
Marriott Ownership Resorts, Inc. 4.500%, 06/15/2029 (r)		5,289,000		5,332,158
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875%, 05/15/2029 (r)		5,137,000		5,260,391
				15,853,643
*Insurance Brokerage — 0.52%*
AmWINS Group, Inc. 4.875%, 06/30/2029 (r)		5,553,000		5,618,053
*Investments & Miscellaneous Financial Services — 0.69%*
SoftBank Group Corp. 6.000% (Fixed until 07/18/2023, then 5 Year Mid Swap Rate USD + 4.226%), Perpetual (b)		7,441,000		7,401,935
*Machinery — 0.89%*
Cleaver-Brooks, Inc. 7.875%, 03/01/2023 (r)		5,168,000		5,067,328
NESCO Holdings II, Inc. 5.500%, 04/15/2029 (r)		4,335,000		4,483,582
				9,550,910
*Media — Broadcast — 0.52%*
Gray Escrow II, Inc. 5.375%, 11/15/2031 (r)		5,475,000		5,642,234
*Media — Cable — 0.41%*
Vmed O2 UK Financing I PLC 4.750%, 07/15/2031 (r)		4,338,000		4,400,077
*Media — Diversified — 0.64%*
National CineMedia LLC 5.750%, 08/15/2026		6,365,000		4,953,625
5.875%, 04/15/2028 (r)		2,187,000		1,965,927
				6,919,552
*Media Content — 1.36%*
News Corp. 3.875%, 05/15/2029 (r)		5,208,000		5,269,090
Sirius XM Radio, Inc. 4.000%, 07/15/2028 (r)		5,167,000		5,204,822
Townsquare Media, Inc. 6.875%, 02/01/2026 (r)		3,937,000		4,182,236	��
				14,656,148
*Medical Products — 1.74%*
Grifols Escrow Issuer SA 4.750%, 10/15/2028 (r)		5,326,000		5,442,480
Mozart Debt Merger Sub, Inc. 3.875%, 04/01/2029 (r)		3,931,000		3,924,986
5.250%, 10/01/2029 (r)		3,931,000		3,992,795

	Principal Amount		Value
Varex Imaging Corp. 7.875%, 10/15/2027 (r)	$	4,835,000	$	5,378,188
				18,738,449
*Metals/Mining Excluding Steel — 1.16%*
Kaiser Aluminum Corp. 4.500%, 06/01/2031 (r)		5,830,000		5,744,095
Rain CII Carbon LLC / CII Carbon Corp. 7.250%, 04/01/2025 (r)		6,576,000		6,729,747
				12,473,842
*Oil Field Equipment & Services — 2.80%*
Bristow Group, Inc. 6.875%, 03/01/2028 (r)		2,599,000		2,707,222
Exterran Energy Solutions LP / EES Finance Corp. 8.125%, 05/01/2025		9,484,000		8,829,983
Nabors Industries Ltd. 7.500%, 01/15/2028 (r)		4,064,000		3,683,671
Shelf Drilling Holdings Ltd. 8.250%, 02/15/2025 (r)		7,972,000		5,828,449
TechnipFMC PLC 6.500%, 02/01/2026 (r)		1,511,000		1,618,087
Transocean Poseidon Ltd. 6.875%, 02/01/2027 (r)		4,469,000		4,322,819
Valaris Ltd. 8.250% Cash or 12.000% PIK or 5.125% Cash & 5.125% PIK, 04/30/2028 (p) (r)		3,105,000		3,235,705
				30,225,936
*Oil Refining & Marketing — 1.83%*
Parkland Corp. 4.625%, 05/01/2030 (r)		5,852,000		5,825,402
PBF Holding Company LLC / PBF Finance Corp. 9.250%, 05/15/2025 (r)		2,955,000		2,814,209
6.000%, 02/15/2028		9,160,000		5,898,628
Renewable Energy Group, Inc. 5.875%, 06/01/2028 (r)		5,000,000		5,144,525
				19,682,764
*Personal & Household Products — 1.50%*
Edgewell Personal Care Company 5.500%, 06/01/2028 (r)		4,920,000		5,229,124
Energizer Holdings, Inc. 4.375%, 03/31/2029 (r)		5,681,000		5,552,979
The Scotts Miracle-Gro Company 4.375%, 02/01/2032 (r)		5,370,000		5,364,710
				16,146,813
*Pharmaceuticals — 2.38%*
Bausch Health Companies, Inc. 7.250%, 05/30/2029 (r)		3,634,000		3,602,766
5.250%, 02/15/2031 (r)		6,575,000		5,787,973
Jazz Securities DAC 4.375%, 01/15/2029 (r)		4,618,000		4,789,651

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley High Yield Fund (Unaudited)

	Principal Amount		Value
Organon & Company / Organon Foreign Debt Co-Issuer BV 5.125%, 04/30/2031 (r)	$	6,034,000	$	6,314,430
Par Pharmaceutical, Inc. 7.500%, 04/01/2027 (r)		5,040,000		5,158,087
				25,652,907
*Real Estate Development & Management — 0.51%*
Realogy Group LLC / Realogy Co-Issuer Corp. 5.750%, 01/15/2029 (r)		5,311,000		5,451,874
*Recreation & Travel — 2.18%*
Boyne USA, Inc. 4.750%, 05/15/2029 (r)		5,758,000		5,940,615
Carnival Corp. 4.000%, 08/01/2028 (r)		2,717,000		2,702,152
6.000%, 05/01/2029 (r)		2,800,000		2,791,530
Royal Caribbean Cruises Ltd. 11.500%, 06/01/2025 (r)		2,008,000		2,251,500
5.500%, 08/31/2026 (r)		2,758,000		2,807,423
VOC Escrow Ltd. 5.000%, 02/15/2028 (r)		7,114,000		7,053,175
				23,546,395
*Reinsurance — 0.61%*
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc. 7.625% Cash or 8.375% PIK, 10/15/2025 (p) (r)		6,169,983		6,546,876
*Restaurants — 1.29%*
1011778 BC ULC / New Red Finance, Inc. 4.000%, 10/15/2030 (r)		5,504,000		5,419,128
Dave & Buster's, Inc. 7.625%, 11/01/2025 (r)		2,721,000		2,904,028
Papa John's International, Inc. 3.875%, 09/15/2029 (r)		5,618,000		5,598,197
				13,921,353
*Software/Services — 1.93%*
Consensus Cloud Solutions, Inc. 6.500%, 10/15/2028 (r)		5,250,000		5,493,705
LogMeIn, Inc. 5.500%, 09/01/2027 (r)		5,045,000		5,110,787
Twilio, Inc. 3.625%, 03/15/2029		4,805,000		4,854,924
VM Consolidated, Inc. 5.500%, 04/15/2029 (r)		5,274,000		5,307,859
				20,767,275
*Specialty Retail — 3.85%*
Academy Ltd. 6.000%, 11/15/2027 (r)		5,079,000		5,425,362
Bed Bath & Beyond, Inc. 5.165%, 08/01/2044		8,512,000		7,083,090

	Principal Amount		Value
Eagle Intermediate Global Holding BV / Ruyi US Finance LLC 7.500%, 05/01/2025 (r)	$	7,162,000	$	6,493,356
Kontoor Brands, Inc. 4.125%, 11/15/2029 (r)		5,323,000		5,331,889
Liberty Interactive LLC 8.250%, 02/01/2030		5,273,000		5,781,344
Lithia Motors, Inc. 4.375%, 01/15/2031 (r)		5,205,000		5,563,807
PetSmart, Inc. / PetSmart Finance Corp. 4.750%, 02/15/2028 (r)		5,691,000		5,850,718
				41,529,566
*Steel Producers/Products — 0.74%*
Allegheny Technologies, Inc. 5.875%, 12/01/2027		3,782,000		3,948,294
Carpenter Technology Corp. 6.375%, 07/15/2028		3,818,000		4,059,777
				8,008,071
*Support — Services — 1.76%*
Gartner, Inc. 4.500%, 07/01/2028 (r)		4,444,000		4,648,469
Ritchie Bros Holdings, Inc. 4.750%, 12/15/2031 (r)		5,148,000		5,383,212
Summer BC Bidco B LLC 5.500%, 10/31/2026 (r)		4,567,000		4,681,175
Vizient, Inc. 6.250%, 05/15/2027 (r)		4,055,000		4,236,461
				18,949,317
*Technology Hardware & Equipment — 1.62%*
CommScope Technologies LLC 6.000%, 06/15/2025 (r)		3,596,000		3,600,010
CommScope, Inc. 6.000%, 03/01/2026 (r)		3,031,000		3,126,007
NCR Corp. 6.125%, 09/01/2029 (r)		4,712,000		5,055,093
Xerox Holdings Corp. 5.500%, 08/15/2028 (r)		5,359,000		5,656,317
				17,437,427
*Telecom — Satellite — 0.49%*
Telesat Canada / Telesat LLC 5.625%, 12/06/2026 (r)		5,575,000		5,241,281
*Telecom — Wireline Integrated & Services — 0.62%*
Frontier Communications Holdings LLC 5.875%, 10/15/2027 (r)		3,354,000		3,552,037
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 6.500%, 02/15/2029 (r)		3,115,000		3,109,019
				6,661,056
*Tobacco — 0.47%*
Turning Point Brands, Inc. 5.625%, 02/15/2026 (r)		5,007,000		5,024,675

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley High Yield Fund (Unaudited)

	Principal Amount		Value
*Transport Infrastructure/Services — 0.43%*
GasLog Ltd. 8.875%, 03/22/2022	$	4,533,000	$	4,589,005
Total corporate bonds (Cost $859,152,337)				876,678,484
CONVERTIBLE BONDS — 0.71%
*Hotels — 0.50%*
Pebblebrook Hotel Trust 1.750%, 12/15/2026		4,870,000		5,386,949
*Railroads — 0.21%*
The Greenbrier Companies, Inc. 2.875%, 04/15/2028 (r)		2,048,000		2,237,440
Total convertible bonds (Cost $6,979,419)				7,624,389
ASSET-BACKED SECURITIES — 0.38%
*Airlines — 0.38%*
Air Canada Pass-Through Trust, Series 2020-2, Class A 5.250%, 04/01/2029 (r)		3,809,311		4,154,532
Total asset-backed securities (Cost $3,858,617)				4,154,532
TERM LOANS — 7.13%
*Advertising — 0.49%*
AP Core Holdings II LLC 6.250% (1 Month LIBOR USD + 5.500%), 09/01/2027 (Acquired 07/21/2021, Cost $5,176,067) (b) (m)		5,233,750		5,241,915
*Airlines — 0.52%*
AAdvantage Loyalty IP Ltd. 5.500% (1 Month LIBOR USD + 4.750%), 04/20/2028 (Acquired 06/24/2021, Cost $5,640,418) (b) (m)		5,425,000		5,630,852
*Building & Construction — 0.55%*
Tutor Perini Corp. 5.750% (1 Month LIBOR USD + 4.750%), 08/18/2027 (Acquired 08/14/2020, Cost $5,792,492) (b) (m)		5,892,900		5,914,998
*Building Materials — 0.30%*
Foundation Building Materials, Inc. 3.750% (1 Month LIBOR USD + 3.250%), 01/31/2028 (Acquired 02/03/2021, Cost $3,247,521) (b) (m)		3,255,621		3,237,308
*Cable & Satellite TV — 0.23%*
DirecTV Financing LLC 5.750% (1 Month LIBOR USD + 5.000%), 08/02/2027 (Acquired 07/22/2021, Cost $2,409,635) (b) (m)		2,433,975		2,439,354

	Principal Amount		Value
*Consumer/Commercial/Lease Financing — 0.31%*
Rent-A-Center, Inc. 3.750% (1 Month LIBOR USD + 3.250%), 02/17/2028 (Acquired 02/04/2021, Cost $3,375,500) (b) (m)	$	3,379,463	$	3,381,592
*Forestry/Paper — 0.31%*
Schweitzer-Mauduit International, Inc. 4.500% (1 Month LIBOR USD + 3.750%), 01/27/2028 (Acquired 02/23/2021, Cost $3,349,170) (b) (m)		3,383,000		3,378,771
*Health Services — 0.44%*
MedAssets Software Intermediate Holdings, Inc. 4.500% (1 Month LIBOR USD + 4.000%), 11/17/2028 (Acquired 11/19/2021 — 11/22/2021,Cost $4,004,611) (b) (e) (m)		4,009,000		4,015,254
7.250% (1 Month LIBOR USD + 6.750%), 11/19/2029 (Acquired 11/19/2021, Cost $740,720) (b) (e) (m)		752,000		751,763
				4,767,017
*Machinery — 0.44%*
Granite US Holdings Corp. 4.224% (1 Month LIBOR USD + 4.000%), 09/30/2026 (Acquired 09/25/2019, Cost $4,653,141) (b) (m)		4,760,660		4,766,611
*Oil Field Equipment & Services — 0.58%*
ChampionX Holding, Inc. 6.000% (1 Month LIBOR USD + 5.000%), 06/03/2027 (Acquired 05/29/2020 — 09/08/2021, Cost $4,252,945) (b) (m)		4,355,622		4,417,210
Iracore International Holdings, Inc. 11.250% (1 Month LIBOR USD + 9.000%), 04/12/2024 (Acquired 04/13/2017, Cost $1,826,992) (b) (f) (i) (m) (u)		1,826,992		1,826,992
				6,244,202
*Oil Refining & Marketing — 0.37%*
Par Petroleum LLC 6.880% (3 Month LIBOR USD + 6.750%), 01/12/2026 (Acquired 02/13/2020 — 04/16/2021, Cost $3,926,593) (b) (m)		3,999,532		3,989,533
*Personal & Household Products — 0.53%*
Journey Personal Care Corp. 5.000% (1 Month LIBOR USD + 4.250%), 03/01/2028 (Acquired 02/19/2021, Cost $5,615,422) (b) (m)		5,643,640		5,648,352
*Pharmaceuticals — 0.66%*
Mallinckrodt International Finance SA 6.250% (3 Month LIBOR USD + 5.500%), 02/24/2025 (Acquired 12/23/2019 — 01/22/2020, Cost $6,729,907) (b) (d) (m)		7,610,965		7,140,721
*Software/Services — 0.47%*
Syncapay, Inc. 7.500% (1 Month LIBOR USD + 6.500%), 12/10/2027 (Acquired 12/31/2020, Cost $4,840,661) (b) (m)		5,021,250		5,042,164

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley High Yield Fund (Unaudited)

	Principal Amount		Value
*Specialty Retail — 0.47%*
Ascena Retail Group, Inc. 5.250% (3 Month LIBOR USD + 4.500%), 08/21/2022 (Acquired 07/15/2019 — 08/23/2019, Cost $5,291,346) (b) (d) (i) (m)	$	9,145,977	$	67,452
Boardriders, Inc. 7.500% (3 Month LIBOR USD + 6.500%), 04/23/2024 (Acquired 03/21/2018, Cost $6,070,029) (b) (i) (m)		6,127,969		3,523,582
9.000% (1 Month LIBOR USD + 8.000%), 04/23/2024 (Acquired 10/07/2020 — 12/08/2021, Cost $1,525,776) (b) (f) (m)		1,525,776		1,457,116
				5,048,150
*Support — Services — 0.46%*
Drive Chassis Holdco LLC 6.874% (1 Month LIBOR USD + 6.750%), 04/10/2026 (Acquired 04/12/2019, Cost $4,746,731) (b) (m)		4,930,000		4,960,813
Total term loans (Cost $83,215,677)				76,832,353
CONVERTIBLE PREFERRED STOCKS — 0.71%	Shares Held
*Building & Construction — 0.71%*
Fluor Corp., 6.500% (i) (r)		5,802		7,678,367
Total convertible preferred stocks (Cost $5,802,000)				7,678,367
PREFERRED STOCKS — 0.97%
*Hotels — 0.20%*
Pebblebrook Hotel Trust — Series F, 6.300%		85,621		2,164,499
*Specialty Retail — 0.77%*
Quiksilver, Inc. — Series B (Acquired 07/11/2013 — 08/09/2019, Cost $28,937,490) (a) (f) (i) (m) (u)		13,810,639		8,286,383
Total preferred stocks (Cost $30,848,797)				10,450,882
COMMON STOCKS — 4.52%
*Energy — Exploration & Production — 0.72%*
Civitas Resources, Inc.		46,273		2,265,989
Jonah Energy Parent LLC (Acquired 12/31/2020, Cost $204,836) (a) (f) (i) (m) (u)		13,656		157,044
PetroQuest Energy, Inc. (a) (f) (i) (o) (u)		8,969,064		0
Ranger Oil Corp. (a)		161,036		4,335,089
Unit Corp. (a) (i)		30,405		982,081
Warren Resources, Inc. (Acquired 11/23/2016, Cost $162,924) (a) (f) (i) (m) (u)		117,785		0
				7,740,203
*Metals/Mining Excluding Steel — 3.07%*
American Zinc Recycling Corp. (Acquired 07/19/2012 — 12/10/2019, Cost $32,793,156) (a) (f) (i) (m) (o) (u)		116,127		19,699,835

	Shares Held		Value
RA Parent, Inc. (Acquired 12/23/2014 — 08/09/2019, Cost $18,046,222) (a) (f) (i) (m) (o) (u)		291	$	13,367,140
				33,066,975
*Oil Field Equipment & Services — 0.73%*
Iracore Investments Holdings, Inc. — Class A (Acquired 04/13/2017, Cost $4,753,500) (f) (i) (m) (o) (u)		22,361		7,846,028
Total common stocks (Cost $89,619,985)				48,653,206
INVESTMENT COMPANIES — 2.14%
*Exchange Traded Funds — 2.14%*
iShares Broad USD High Yield Corporate Bond ETF		560,222		23,075,544
Total investment companies (Cost $22,906,653)				23,075,544
Total long-term investments (Cost $1,102,383,485)				1,055,147,757
SHORT-TERM INVESTMENTS — 0.91%	Principal Amount
*Time Deposits — 0.91%*
National Australia Bank Ltd., 0.01%, 01/03/2022*	$	9,792,751		9,792,751
Royal Bank of Canada, 0.01%, 01/03/2022*		6,595		6,595
Total short-term investments (Cost $9,799,346)				9,799,346
Total investments — 98.84% (Cost $1,112,182,831)				1,064,947,103
Other assets in excess of liabilities — 1.16%				12,444,069
Net assets — 100.00%			$	1,077,391,172

(a) — Non-income producing security.

(b) — The coupon rate shown on variable rate securities represents the rate at December 31, 2021.

(c) — All or a portion of this security is segregated for delayed delivery securities and/or unfunded loan commitments.

(d) — Issuer is currently in default on its regularly scheduled interest payments.

(e) — Delayed delivery security.

(f) — Security was fair valued under guidelines established by and under the general supervision and responsibility of the Trust's Board of Trustees. The total market value of these securities was $52,640,538, which represented 4.89% 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 $63,434,904, which represented 5.89% 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 $126,188,783, which represented 11.71% of net assets.

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

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

Schedule of Investments — December 31, 2021

Hotchkis & Wiley High Yield Fund (Unaudited)

(p) — Payment in-kind (PIK) security.

(u) — Value determined using significant unobservable inputs.

LIBOR — London Interbank Offered Rate

USD — United States Dollar

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

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

Statements of Assets & Liabilities

DECEMBER 31, 2021 (UNAUDITED)

	Diversified Value Fund			Large Cap Value Fund		Mid-Cap Value Fund			Small Cap Value Fund		Small Cap Diversified Value Fund
Assets:
Long-term investments, at value*
Unaffiliated issuers	$	99,534,864		$	504,422,877	$	437,460,612		$	516,978,923	$	487,744,808
Affiliated issuers		—			—		—			4,886,799		—
Collateral for securities on loan*		—			—		—			634,995		3,726,955
Short-term investments*		282,917			9,766,871		2,138,205			11,226,268		8,435,882
Cash		2			86		18			51		29
Cash denominated in foreign currencies#		—			—		11			—		—
Dividends and interest receivable		168,001			838,988		982,160			268,428		463,667
Receivable for investments sold		—			—		—			—		58,119
Receivable for Fund shares sold		20,580			829,790		359,691			580,321		500,131
Other assets		26,925			47,523		39,672			50,234		57,606
Total assets	$	100,033,289		$	515,906,135	$	440,980,369		$	534,626,019	$	500,987,197
Liabilities:
Collateral upon return of securities on loan	$	—		$	—	$	—		$	634,995	$	3,726,955
Payable for investments purchased		—			365,814		—			2,012,613		221,702
Payable for Fund shares repurchased		28,886			90,658		153,998			405,556		1,252,879
Payable to Advisor		42,476			288,999		274,887			332,030		236,250
Payable to Trustees		133			319		392			125		49
Accrued distribution and service fees		47,413			219,814		179,036			65,957		5,389
Accrued expenses and other liabilities		46,058			182,084		151,394			236,860		131,526
Total liabilities		164,966			1,147,688		759,707			3,688,136		5,574,750
Commitments and contingencies (Note 8)
Net assets	$	99,868,323		$	514,758,447	$	440,220,662		$	530,937,883	$	495,412,447
Net Assets consist of:
Paid-in capital	$	112,783,503		$	409,681,177	$	668,433,590		$	449,832,361	$	389,774,455
Total accumulated distributable earnings (losses)	$	(12,915,180	)	$	105,077,270	$	(228,212,928	)	$	81,105,522	$	105,637,992
Net assets	$	99,868,323		$	514,758,447	$	440,220,662		$	530,937,883	$	495,412,447
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class I
Net assets	$	60,436,153		$	283,765,221	$	280,834,474		$	486,094,958	$	486,473,089
Shares outstanding (unlimited shares $0.001 par value authorized)		2,332,992			6,394,678		6,343,742			6,739,650		35,455,001
Net asset value per share	$	25.90		$	44.38	$	44.27		$	72.12	$	13.72
Calculation of Net Asset Value Per Share — Class A
Net assets	$	38,209,147		$	211,883,175	$	122,828,996		$	34,447,858	$	7,756,271
Shares outstanding (unlimited shares $0.001 par value authorized)		1,468,317			4,800,834		2,821,234			479,694		568,446
Net asset value per share	$	26.02		$	44.13	$	43.54		$	71.81	$	13.64
Public Offering Price Per Share — Class A
(Net asset value per share divided by 0.9475)	$	27.46		$	46.58	$	45.95		$	75.79	$	14.40
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class C
Net assets	$	1,223,023		$	6,665,331	$	5,438,277		$	1,347,229
Shares outstanding (unlimited shares $0.001 par value authorized)		47,038			152,143		143,770			23,500
Net asset value per share	$	26.00		$	43.81	$	37.83		$	57.33
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class Z
Net assets				$	12,444,720	$	31,118,915		$	9,047,838	$	1,183,087
Shares outstanding (unlimited shares $0.001 par value authorized)					280,555		703,162			125,496		86,277
Net asset value per share				$	44.36	$	44.26		$	72.10	$	13.71
*Cost of long-term investments
Unaffiliated issuers	$	78,190,378		$	394,498,094	$	341,606,475		$	426,455,227	$	399,482,323
Affiliated issuers		—			—		—			17,211,831		—
*Cost of collateral for securities on loan		—			—		—			634,995		3,726,955
*Cost of short-term investments		282,917			9,766,871		2,101,114			11,226,268		8,435,882
#Cost of cash denominated in foreign currencies	$	—		$	—	$	10		$	—	$	—

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

Statements of Assets & Liabilities

DECEMBER 31, 2021 (UNAUDITED)

	Global Value Fund		International Value Fund		International Small Cap Diversified Value Fund		Value Opportunities Fund		High Yield Fund
Assets:
Long-term investments, at value*
Unaffiliated issuers	$	37,368,877	$	2,580,728	$	6,586,640	$	542,637,278	$	1,014,234,754
Affiliated issuers		—		—		—		11,376,231		40,913,003
Collateral for securities on loan*		—		—		—		82,350		—
Short-term investments*		281,461		22,470		114,899		1,726,276		9,799,346
Cash		2		—		—		8		42
Cash held at broker		—		—		—		11,415		—
Dividends and interest receivable		115,524		15,356		12,641		1,461,245		14,048,723
Receivable for investments sold		—		—		—		4,377,521		6,733,418
Receivable for Fund shares sold		53,238		—		—		1,017,404		2,016,477
Receivable from Advisor		—		7,989		12,855		—		—
Other assets		18,581		2,324		29,973		65,335		86,859
Total assets	$	37,837,683	$	2,628,867	$	6,757,008	$	562,755,063	$	1,087,832,622
Liabilities:
Collateral upon return of securities on loan	$	—	$	—	$	—	$	82,350	$	—
Payable for investments purchased		—		—		—		3,623,458		6,695,508
Payable for Fund shares repurchased		—		—		—		363,163		2,167,650
Payable to Advisor		15,767		—		—		354,666		437,427
Payable to Trustees		32		—		—		132		554
Accrued distribution and service fees		2,071		—		—		119,643		6,476
Distributions payable to shareholders		—		—		—		—		828,034
Accrued expenses and other liabilities		27,135		22,459		24,289		122,633		305,801
Total liabilities		45,005		22,459		24,289		4,666,045		10,441,450
Commitments and contingencies (Note 8)
Net assets	$	37,792,678	$	2,606,408	$	6,732,719	$	558,089,018	$	1,077,391,172
Net Assets consist of:
Paid-in capital	$	30,329,230	$	2,195,684	$	5,765,431	$	485,094,297	$	1,443,069,035
Total accumulated distributable earnings (losses)	$	7,463,448	$	410,724	$	967,288	$	72,994,721	$	(365,677,863	)
Net assets	$	37,792,678	$	2,606,408	$	6,732,719	$	558,089,018	$	1,077,391,172
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class I
Net assets	$	36,247,336	$	2,606,408	$	6,732,719	$	385,526,024	$	884,240,546
Shares outstanding (unlimited shares $0.001 par value authorized)		2,421,062		222,318		554,980		10,966,714		76,766,209
Net asset value per share	$	14.97	$	11.72	$	12.13	$	35.15	$	11.52
Calculation of Net Asset Value Per Share — Class A
Net assets	$	1,545,342					$	98,794,981	$	37,478,659
Shares outstanding (unlimited shares $0.001 par value authorized)		103,163						2,806,889		3,282,908
Net asset value per share	$	14.98					$	35.20	$	11.42
Public Offering Price Per Share — Class A
(Net asset value per share divided by 0.9475)	$	15.81					$	37.15
(Net asset value per share divided by 0.9625)									$	11.86
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class C
Net assets							$	25,322,731	$	1,387,033
Shares outstanding (unlimited shares $0.001 par value authorized)								790,889		120,520
Net asset value per share							$	32.02	$	11.51
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class Z
Net assets							$	48,445,282	$	154,284,934
Shares outstanding (unlimited shares $0.001 par value authorized)								1,378,598		13,394,209
Net asset value per share							$	35.14	$	11.52
*Cost of long-term investments
Unaffiliated issuers	$	29,723,827	$	2,137,188	$	5,603,229	$	483,622,613	$	1,023,767,996
Affiliated issuers		—		—		—		6,892,250		78,615,489
*Cost of collateral for securities on loan		—		—		—		82,350		—
*Cost of short-term investments		281,461		22,470		114,899		1,726,276		9,799,346

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

Statements of Operations

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (UNAUDITED)

	Diversified Value Fund			Large Cap Value Fund			Mid-Cap Value Fund			Small Cap Value Fund			Small Cap Diversified Value Fund
Investment income:
Dividends*
Unaffiliated issuers	$	885,026		$	4,297,979		$	3,708,021		$	4,314,555		$	5,036,479
Interest		25			200			107			138			244
Securities on loan, net		55			371			98			29,117			17,881
Total income		885,106			4,298,550			3,708,226			4,343,810			5,054,604
Expenses:
Advisory fees		356,754			1,654,026			1,625,706			2,011,231			1,519,312
Professional fees and expenses		11,371			23,551			22,776			25,882			22,212
Custodian fees and expenses		3,485			7,554			8,484			9,821			8,490
Transfer agent fees and expenses		57,752			314,769			278,558			541,727			270,075
Accounting fees and expenses		13,043			27,874			27,449			32,716			30,357
Administration fees and expenses		24,992			83,145			81,272			97,100			77,348
Compliance fees		886			3,949			3,689			4,514			3,678
Trustees' fees and expenses		6,124			26,895			25,589			31,242			25,296
Reports to shareholders		2,884			10,640			13,495			32,300			5,766
Registration fees		24,832			35,982			35,880			39,445			31,136
Distribution and service fees — Class A		49,133			199,494			146,470			44,252			8,967
Distribution and service fees — Class C		5,650			35,136			32,281			8,151			—
Other expenses		7,151			24,140			21,227			25,961			16,923
Total expenses		564,057			2,447,155			2,322,876			2,904,342			2,019,560
Fee waiver/expense reimbursement by Advisor (Note 2)		(101,538	)		(3,813	)		—			—			(140,977	)
Net expenses		462,519			2,443,342			2,322,876			2,904,342			1,878,583
Net investment income		422,587			1,855,208			1,385,350			1,439,468			3,176,021
Realized and Unrealized Gains (Losses):
Net realized gains (losses) from:
Sales of unaffiliated issuers		850,772			8,803,946			17,447,598			48,906,740			43,257,969
Sales of affiliated issuers		—			—			—			(3,932,098	)		—
Foreign currency transactions		(6	)		161			(950	)		—			—
Net realized gains		850,766			8,804,107			17,446,648			44,974,642			43,257,969
Net change in unrealized appreciation/depreciation of:
Securities of unaffiliated issuers and foreign currency translations		2,864,905			6,385,864			6,141,143			(24,869,951	)		(25,185,381	)
Securities of affiliated issuers		—			—			—			6,085,791			—
Net change in unrealized appreciation/depreciation		2,864,905			6,385,864			6,141,143			(18,784,160	)		(25,185,381	)
Net gains		3,715,671			15,189,971			23,587,791			26,190,482			18,072,588
Net Increase in Net Assets Resulting from Operations	$	4,138,258		$	17,045,179		$	24,973,141		$	27,629,950		$	21,248,609
*Net of Foreign Taxes Withheld	$	10,730		$	63,358		$	42,198		$	40,738		$	6,356

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

Statements of Operations

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (UNAUDITED)

	Global Value Fund			International Value Fund			International Small Cap Diversified Value Fund			Value Opportunities Fund			High Yield Fund
Investment income:
Dividends*
Unaffiliated issuers	$	342,819		$	29,006		$	66,136		$	3,598,336		$	971,031
Interest		1,801			217			8			326,190			26,823,247
Securities on loan, net		—			—			—			1,182			—
Total income		344,620			29,223			66,144			3,925,708			27,794,278
Expenses:
Advisory fees		140,892			10,300			27,093			2,107,078			2,985,995
Professional fees and expenses		8,562			6,626			6,731			27,801			48,597
Custodian fees and expenses		5,619			9,799			40,763			13,501			27,449
Transfer agent fees and expenses		18,167			121			194			230,035			551,759
Accounting fees and expenses		13,247			13,808			22,873			32,526			79,114
Administration fees and expenses		20,358			20,247			22,928			95,672			185,761
Compliance fees		317			26			59			4,606			9,125
Trustees' fees and expenses		2,172			149			392			31,596			63,025
Reports to shareholders		1,186			735			736			9,560			25,692
Registration fees		17,689			2,200			3,108			33,581			45,088
Distribution and service fees — Class A		1,850			—			—			115,240			48,556
Distribution and service fees — Class C		—			—			—			131,394			7,716
Other expenses		4,057			2,305			2,802			25,541			67,425
Total expenses		234,116			66,316			127,679			2,858,131			4,145,302
Fee waiver/expense reimbursement by Advisor (Note 2)		(53,799	)		(54,043	)		(94,152	)		—			(367,303	)
Net expenses		180,317			12,273			33,527			2,858,131			3,777,999
Net investment income		164,303			16,950			32,617			1,067,577			24,016,279
Realized and Unrealized Gains (Losses):
Net realized gains (losses) from:
Sales of unaffiliated issuers		1,832,460			82,082			130,010			53,613,298			1,256,504
Sales of affiliated issuers		—			—			—			—			46
Foreign currency transactions		(1,633	)		(564	)		(1,635	)		(35,336	)		4
Futures contracts		—			—			—			872,966			—
Net realized gains		1,830,827			81,518			128,375			54,450,928			1,256,554
Net change in unrealized appreciation/depreciation of:
Securities of unaffiliated issuers and foreign currency translations		(405,797	)		(46,073	)		(89,200	)		(17,800,596	)		98,232
Securities of affiliated issuers		—			—			—			(685,726	)		(6,947,265	)
Futures contracts		—			—			—			(403,023	)		—
Net change in unrealized appreciation/depreciation		(405,797	)		(46,073	)		(89,200	)		(18,889,345	)		(6,849,033	)
Net gains (losses)		1,425,030			35,445			39,175			35,561,583			(5,592,479	)
Net Increase in Net Assets Resulting from Operations	$	1,589,333		$	52,395		$	71,792		$	36,629,160		$	18,423,800
*Net of Foreign Taxes Withheld	$	18,378		$	2,823		$	10,837		$	77,497		$	—

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

Statements of Changes in Net Assets

	Diversified Value Fund						Large Cap Value Fund
	Six months ended December 31, 2021 (unaudited)			Year ended June 30, 2021			Six months ended December 31, 2021 (unaudited)			Year ended June 30, 2021
Operations:
Net investment income	$	422,587		$	993,767		$	1,855,208		$	4,667,389
Net realized gains		850,766			1,876,667			8,804,107			9,995,846
Net change in unrealized appreciation/depreciation		2,864,905			40,296,325			6,385,864			188,924,665
Net increase in net assets resulting from operations		4,138,258			43,166,759			17,045,179			203,587,900
Dividends and Distributions to Shareholders:
Class I		(657,851	)		(992,196	)		(2,427,861	)		(4,266,621	)
Class A		(334,023	)		(525,542	)		(1,326,174	)		(2,063,556	)
Class C		(1,799	)		(8,023	)		—			(18,447	)
Class Z		—			—			(121,577	)		(156,287	)
Net decrease in net assets resulting from dividends and distributions to shareholders		(993,673	)		(1,525,761	)		(3,875,612	)		(6,504,911	)
Capital Share Transactions:
Net increase (decrease) in net assets resulting from capital share transactions		(12,042,271	)		(5,288,401	)		38,794,927			(121,846,115	)
Net Assets:
Total increase (decrease) in net assets		(8,897,686	)		36,352,597			51,964,494			75,236,874
Beginning of period		108,766,009			72,413,412			462,793,953			387,557,079
End of period	$	99,868,323		$	108,766,009		$	514,758,447		$	462,793,953

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

Statements of Changes in Net Assets

	Mid-Cap Value Fund						Small Cap Value Fund
	Six months ended December 31, 2021 (unaudited)			Year ended June 30, 2021			Six months ended December 31, 2021 (unaudited)			Year ended June 30, 2021
Operations:
Net investment income	$	1,385,350		$	5,360,742		$	1,439,468		$	1,979,403
Net realized gains		17,446,648			42,592,192			44,974,642			68,227,665
Net change in unrealized appreciation/depreciation		6,141,143			182,855,325			(18,784,160	)		196,989,781
Net increase in net assets resulting from operations		24,973,141			230,808,259			27,629,950			267,196,849
Dividends and Distributions to Shareholders:
Class I		(3,616,474	)		(5,186,501	)		(1,727,552	)		(3,423,111	)
Class A		(1,423,942	)		(2,090,006	)		(77,062	)		(203,554	)
Class C		(1,906	)		(162,167	)		—			(5,353	)
Class Z		(434,467	)		(489,503	)		(51,094	)		(86,524	)
Net decrease in net assets resulting from dividends and distributions to shareholders		(5,476,789	)		(7,928,177	)		(1,855,708	)		(3,718,542	)
Capital Share Transactions:
Net decrease in net assets resulting from capital share transactions		(31,892,014	)		(69,449,403	)		(54,543,081	)		(74,946,971	)
Net Assets:
Total increase (decrease) in net assets		(12,395,662	)		153,430,679			(28,768,839	)		188,531,336
Beginning of period		452,616,324			299,185,645			559,706,722			371,175,386
End of period	$	440,220,662		$	452,616,324		$	530,937,883		$	559,706,722

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

Statements of Changes in Net Assets

	Small Cap Diversified Value Fund						Global Value Fund
	Six months ended December 31, 2021 (unaudited)			Year ended June 30, 2021			Six months ended December 31, 2021 (unaudited)			Year ended June 30, 2021
Operations:
Net investment income	$	3,176,021		$	3,311,779		$	164,303		$	257,456
Net realized gains		43,257,969			12,693,177			1,830,827			2,374,924
Net change in unrealized appreciation/depreciation		(25,185,381	)		131,129,477			(405,797	)		12,022,169
Net increase in net assets resulting from operations		21,248,609			147,134,433			1,589,333			14,654,549
Dividends and Distributions to Shareholders:
Class I		(29,365,305	)		(2,363,036	)		(245,800	)		(444,350	)
Class A		(461,227	)		(18,884	)		(6,987	)		(2,722	)
Class Z		(75,948	)		(6,779	)		—			—
Net decrease in net assets resulting from dividends and distributions to shareholders		(29,902,480	)		(2,388,699	)		(252,787	)		(447,072	)
Capital Share Transactions:
Net increase (decrease) in net assets resulting from capital share transactions		66,504,522			147,825,977			(1,052,945	)		(2,014,373	)
Net Assets:
Total increase in net assets		57,850,651			292,571,711			283,601			12,193,104
Beginning of period		437,561,796			144,990,085			37,509,077			25,315,973
End of period	$	495,412,447		$	437,561,796		$	37,792,678		$	37,509,077

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

Statements of Changes in Net Assets

	International Value Fund						International Small Cap Diversified Value Fund
	Six months ended December 31, 2021 (unaudited)			Year ended June 30, 2021			Six months ended December 31, 2021 (unaudited)			Period ended June 30, 2021+
Operations:
Net investment income	$	16,950		$	38,235		$	32,617		$	107,363
Net realized gains		81,518			112,066			128,375			1,086,186
Net change in unrealized appreciation/depreciation		(46,073	)		910,487			(89,200	)		1,072,378
Net increase in net assets resulting from operations		52,395			1,060,788			71,792			2,265,927
Dividends and Distributions to Shareholders:
Class I		(37,541	)		(30,073	)		(1,250,186	)		(120,245	)
Net decrease in net assets resulting from dividends and distributions to shareholders		(37,541	)		(30,073	)		(1,250,186	)		(120,245	)
Capital Share Transactions:
Net increase (decrease) in net assets resulting from capital share transactions		37,541			(350,564	)		1,250,186			4,515,245
Net Assets:
Total increase in net assets		52,395			680,151			71,792			6,660,927
Beginning of period		2,554,013			1,873,862			6,660,927			—
End of period	$	2,606,408		$	2,554,013		$	6,732,719		$	6,660,927

+ The Fund commenced operations on June 30, 2020.

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

Statements of Changes in Net Assets

	Value Opportunities Fund						High Yield Fund
	Six months ended December 31, 2021 (unaudited)			Year ended June 30, 2021			Six months ended December 31, 2021 (unaudited)			Year ended June 30, 2021
Operations:
Net investment income	$	1,067,577		$	7,799,559		$	24,016,279		$	66,989,826
Net realized gains (losses)		54,450,928			87,813,065			1,256,554			(84,290,349	)
Net change in unrealized appreciation/depreciation		(18,889,345	)		137,389,230			(6,849,033	)		247,790,180
Net increase in net assets resulting from operations		36,629,160			233,001,854			18,423,800			230,489,657
Dividends and Distributions to Shareholders:
Class I		(49,243,055	)		(7,100,606	)		(19,602,968	)		(45,766,603	)
Class A		(12,046,592	)		(1,983,365	)		(817,457	)		(1,971,546	)
Class C		(3,121,171	)		(577,064	)		(26,521	)		(95,373	)
Class Z		(5,855,755	)		(924,361	)		(3,679,396	)		(17,732,127	)
Net decrease in net assets resulting from dividends and distributions to shareholders		(70,266,573	)		(10,585,396	)		(24,126,342	)		(65,565,649	)
Capital Share Transactions:
Net increase (decrease) in net assets resulting from capital share transactions		47,268,038			(194,829,898	)		(26,735,612	)		(603,574,274	)
Net Assets:
Total increase (decrease) in net assets		13,630,625			27,586,560			(32,438,154	)		(438,650,266	)
Beginning of period		544,458,393			516,871,833			1,109,829,326			1,548,479,592
End of period	$	558,089,018		$	544,458,393		$	1,077,391,172		$	1,109,829,326

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

Financial Highlights

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

			Income (loss) from investment operations									Dividends and distributions
Diversified Value Fund	Net asset value, beginning of period		Net investment income (loss)¹			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total distributions
Class I
Six months ended 12/31/2021*	$	25.09	$	0.12		$	0.97		$	1.09		$	(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	)
Year ended 6/30/2017		14.31		0.19			3.77			3.96			(0.84	)		—		(0.84	)
Class A
Six months ended 12/31/2021*		25.18		0.09			0.98			1.07			(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	)
Year ended 6/30/2017		14.36		0.16			3.77			3.93			(0.82	)		—		(0.82	)
Class C
Six months ended 12/31/2021*		25.07		(0.01	)		0.98			0.97			(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	)
Year ended 6/30/2017		14.23		0.04			3.73			3.77			(0.73	)		—		(0.73	)

								Ratios to Average Net Assets
Diversified Value Fund	Net asset value, end of period		Total return²			Net assets, end of period (in thousands)		Expenses, net of reimbursement/ waiver			Expenses, before reimbursement/ waiver			Net investment income (loss)
Class I
Six months ended 12/31/2021*	$	25.90		4.38	%	$	60,436		0.80	%³		1.01	%³		0.94	%³
Year ended 6/30/2021		25.09		67.14			63,906		0.80			1.03			1.24
Year ended 6/30/2020		15.31		–17.51			46,372		0.80			1.04			1.83
Year ended 6/30/2019		18.90		2.08			63,333		0.83			0.99			1.65
Year ended 6/30/2018		18.80		9.81			65,503		0.95			1.02			1.25
Year ended 6/30/2017		17.43		28.05			68,260		0.95			1.09			1.21
Class A
Six months ended 12/31/2021*		26.02		4.25			38,209		1.05	³		1.23	³		0.68	³
Year ended 6/30/2021		25.18		66.74			43,719		1.05			1.24			1.00
Year ended 6/30/2020		15.36		–17.68			24,972		1.05			1.25			1.57
Year ended 6/30/2019		18.95		1.78			35,807		1.08			1.24			1.39
Year ended 6/30/2018		18.85		9.57			39,616		1.20			1.27			1.00
Year ended 6/30/2017		17.47		27.71			41,084		1.20			1.34			1.00
Class C
Six months ended 12/31/2021*		26.00		3.87			1,223		1.80	³		1.97	³		(0.05	)³
Year ended 6/30/2021		25.07		65.57			1,141		1.80			1.97			0.25
Year ended 6/30/2020		15.24		–18.33			1,069		1.80			1.98			0.80
Year ended 6/30/2019		18.77		0.98			2,141		1.83			1.99			0.64
Year ended 6/30/2018		18.64		8.77			2,598		1.95			2.02			0.25
Year ended 6/30/2017		17.27		26.78			2,817		1.95			2.09			0.23

	Six Months Ended			Year Ended June 30,
	December 31, 2021*			2021			2020			2019			2018			2017
Portfolio turnover rate		7	%		32	%		28	%		26	%		28	%		25	%

			Income (loss) from investment operations									Dividends and distributions
Large Cap Value Fund	Net asset value, beginning of period		Net investment income (loss)¹			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total distributions
Class I
Six months ended 12/31/2021*	$	43.29	$	0.19		$	1.28		$	1.47		$	(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	)
Year ended 6/30/2017		25.06		0.39			6.15			6.54			(0.56	)		—			(0.56	)
Class A
Six months ended 12/31/2021*		43.04		0.14			1.26			1.40			(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	)
Year ended 6/30/2017		24.91		0.32			6.10			6.42			(0.48	)		—			(0.48	)
Class C
Six months ended 12/31/2021*		42.57		(0.02	)		1.26			1.24			—			—			—
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	)
Year ended 6/30/2017		24.29		0.10			5.94			6.04			(0.17	)		—			(0.17	)
Class Z
Six months ended 12/31/2021*		43.30		0.22			1.28			1.50			(0.44	)		—			(0.44	)
Year ended 6/30/2021		26.82		0.47			16.63			17.10			(0.62	)		—			(0.62	)
Period from 9/30/2019⁴ to 6/30/2020		33.12		0.49			(6.19	)		(5.70	)		(0.60	)		—			(0.60	)

								Ratios to Average Net Assets
Large Cap Value Fund	Net asset value, end of period		Total return²			Net assets, end of period (in thousands)		Expenses, net of reimbursement/ waiver			Expenses, before reimbursement/ waiver			Net investment income (loss)
Class I
Six months ended 12/31/2021*	$	44.38		3.41	%	$	283,765		0.95	%³		0.95	%³		0.87	%³
Year ended 6/30/2021		43.29		64.20			293,318		0.95			0.98			1.19
Year ended 6/30/2020		26.81		–18.18			257,544		0.95			0.95			1.72
Year ended 6/30/2019		33.29		2.51			357,191		0.95			0.95			1.56
Year ended 6/30/2018		33.57		10.01			276,930		1.00			1.00			1.28
Year ended 6/30/2017		31.04		26.22			269,714		0.99			0.99			1.38
Class A
Six months ended 12/31/2021*		44.13		3.27			211,883		1.17³			1.17³			0.66	³
Year ended 6/30/2021		43.04		63.82			149,051		1.18			1.18			0.96
Year ended 6/30/2020		26.67		–18.42			113,504		1.20			1.20			1.49
Year ended 6/30/2019		33.14		2.24			116,354		1.20			1.20			1.26
Year ended 6/30/2018		33.36		9.72			131,276		1.25			1.25			1.03
Year ended 6/30/2017		30.85		25.88			135,349		1.24			1.24			1.13
Class C
Six months ended 12/31/2021*		43.81		2.91			6,665		1.89³			1.89³			(0.08	)³
Year ended 6/30/2021		42.57		62.60			7,467		1.92			1.92			0.16
Year ended 6/30/2020		26.26		–18.93			9,567		1.88			1.88			0.78
Year ended 6/30/2019		32.59		1.49			14,948		1.95			1.95			0.55
Year ended 6/30/2018		32.68		8.92			14,161		2.00			2.00			0.26
Year ended 6/30/2017		30.16		24.92			17,250		1.99			1.99			0.38
Class Z
Six months ended 12/31/2021*		44.36		3.47			12,445		0.83³			0.83³			0.98³
Year ended 6/30/2021		43.30		64.34			12,958		0.84			0.84			1.32
Period from 9/30/2019⁴ to 6/30/2020		26.82		–17.65			6,943		0.83³			0.83³			2.37³

	Six Months Ended			Year Ended June 30,
	December 31, 2021*			2021			2020			2019			2018			2017
Portfolio turnover rate		10	%		25	%		29	%		23	%		41	%		27	%

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

²Total 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.

³Annualized.

⁴Commencement of operations.

* Unaudited

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

Financial Highlights

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

			Income (loss) from investment operations									Dividends and distributions
Mid-Cap Value Fund	Net asset value, beginning of period		Net investment income (loss)¹			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total distributions
Class I
Six months ended 12/31/2021*	$	42.23	$	0.15		$	2.45		$	2.60		$	(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	)
Year ended 6/30/2017		30.55		0.10			7.05			7.15			(0.11	)		(0.46	)		(0.57	)
Class A
Six months ended 12/31/2021*		41.52		0.11			2.42			2.53			(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	)
Year ended 6/30/2017		30.13		0.01			6.96			6.97			(0.07	)		(0.46	)		(0.53	)
Class C
Six months ended 12/31/2021*		35.80		(0.05	)		2.09			2.04			(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	)
Year ended 6/30/2017		26.78		(0.23	)		6.17			5.94			—			(0.46	)		(0.46	)
Class Z
Six months ended 12/31/2021*		42.25		0.18			2.46			2.64			(0.63	)		—			(0.63	)
Year ended 6/30/2021		22.26		0.56			20.19			20.75			(0.76	)		—			(0.76	)
Period from 9/30/2019⁴ to 6/30/2020		30.67		0.40			(8.25	)		(7.85	)		(0.56	)		—			(0.56	)

								Ratios to Average Net Assets
Mid-Cap Value Fund	Net asset value, end of period		Total return²			Net assets, end of period (in thousands)		Expenses, net of reimbursement/ waiver			Expenses, before reimbursement/ waiver			Net investment income (loss)
Class I
Six months ended 12/31/2021*	$	44.27		6.20	%	$	280,834		1.01	%³		1.01	%³		0.69	%³
Year ended 6/30/2021		42.23		93.96			302,584		1.04			1.04			1.50
Year ended 6/30/2020		22.27		–31.62			202,902		1.04			1.04			1.73
Year ended 6/30/2019		33.10		–14.29			1,044,280		1.00			1.00			0.67
Year ended 6/30/2018		39.68		14.32			1,609,002		0.99			0.99			0.28
Year ended 6/30/2017		37.13		23.37			1,675,920		1.03			1.03			0.28
Class A
Six months ended 12/31/2021*		43.54		6.12			122,829		1.21³			1.21³			0.50³
Year ended 6/30/2021		41.52		93.63			118,947		1.23			1.23			1.35
Year ended 6/30/2020		21.93		–31.78			71,919		1.22			1.22			1.56
Year ended 6/30/2019		32.53		–14.48			159,676		1.25			1.25			0.43
Year ended 6/30/2018		39.03		14.05			230,105		1.24			1.24			0.03
Year ended 6/30/2017		36.57		23.05			274,787		1.28			1.28			0.02
Class C
Six months ended 12/31/2021*		37.83		5.71			5,438		1.96³			1.96³			(0.30	)³
Year ended 6/30/2021		35.80		92.13			8,206		2.01			2.01			0.57
Year ended 6/30/2020		19.01		–32.29			8,389		1.96			1.96			0.82
Year ended 6/30/2019		28.12		–15.15			24,447		2.00			2.00			(0.33	)
Year ended 6/30/2018		33.93		13.20			39,383		1.99			1.99			(0.72	)
Year ended 6/30/2017		32.26		22.13			50,612		2.03			2.03			(0.74	)
Class Z
Six months ended 12/31/2021*		44.26		6.25			31,119		0.88³			0.88³			0.86³
Year ended 6/30/2021		42.25		94.35			22,879		0.88			0.88			1.75
Period from 9/30/2019⁴ to 6/30/2020		22.26		–26.16			15,976		0.89³			0.89³			2.12³

	Six Months Ended			Year Ended June 30,
	December 31, 2021*			2021			2020			2019			2018			2017
Portfolio turnover rate		9	%		37	%		27	%		34	%		32	%		37	%

			Income (loss) from investment operations									Dividends and distributions
Small Cap Value Fund	Net asset value, beginning of period		Net investment income (loss)¹			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total distributions
Class I
Six months ended 12/31/2021*	$	68.58	$	0.19		$	3.61		$	3.80		$	(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	)
Year ended 6/30/2017		46.46		0.19			12.90			13.09			(0.24	)		—			(0.24	)
Class A
Six months ended 12/31/2021*		68.24		0.14			3.58			3.72			(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	)
Year ended 6/30/2017		46.09		0.05			12.79			12.84			—			—			—
Class C
Six months ended 12/31/2021*		54.55		(0.09	)		2.87			2.78			—			—			—
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	)
Year ended 6/30/2017		39.09		(0.30	)		10.81			10.51			—			—			—
Class Z
Six months ended 12/31/2021*		68.62		0.26			3.62			3.88			(0.40	)		—			(0.40	)
Year ended 6/30/2021		38.23		0.35			30.55			30.90			(0.51	)		—			(0.51	)
Period from 9/30/2019⁴ to 6/30/2020		52.15		0.56			(11.79	)		(11.23	)		(0.53	)		(2.16	)		(2.69	)

								Ratios to Average Net Assets
Small Cap Value Fund	Net asset value, end of period		Total return²			Net assets, end of period (in thousands)		Expenses, net of reimbursement/ waiver			Expenses, before reimbursement/ waiver			Net investment income (loss)
Class I
Six months ended 12/31/2021*	$	72.12		5.54	%	$	486,095		1.07	%³		1.07	%³		0.55	%³
Year ended 6/30/2021		68.58		80.88			512,396		1.07			1.07			0.44
Year ended 6/30/2020		38.22		–24.70			335,080		1.05			1.05			0.94
Year ended 6/30/2019		53.27		–8.97			670,391		1.03			1.03			0.61
Year ended 6/30/2018		63.89		13.33			715,194		1.02			1.02			0.47
Year ended 6/30/2017		59.31		28.15			669,810		1.04			1.04			0.35
Class A
Six months ended 12/31/2021*		71.81		5.46			34,448		1.22³			1.22³			0.40³
Year ended 6/30/2021		68.24		80.58			35,039		1.25			1.25			0.27
Year ended 6/30/2020		38.03		–24.86			26,028		1.25			1.25			0.76
Year ended 6/30/2019		52.98		–9.20			44,240		1.28			1.28			0.32
Year ended 6/30/2018		63.49		13.05			70,928		1.27			1.27			0.20
Year ended 6/30/2017		58.93		27.83			89,795		1.29			1.29			0.09
Class C
Six months ended 12/31/2021*		57.33		5.08			1,347		1.94³			1.94³			(0.31	)³
Year ended 6/30/2021		54.55		79.25			2,026		1.99			1.99			(0.46	)
Year ended 6/30/2020		30.49		–25.40			3,528		1.95			1.95			0.05
Year ended 6/30/2019		42.94		–9.86			7,496		2.03			2.03			(0.44	)
Year ended 6/30/2018		52.65		12.21			13,824		2.02			2.02			(0.55	)
Year ended 6/30/2017		49.60		26.85			17,084		2.04			2.04			(0.66	)
Class Z
Six months ended 12/31/2021*		72.10		5.65			9,048		0.87³			0.87³			0.74³
Year ended 6/30/2021		68.62		81.23			10,246		0.87			0.87			0.65
Period from 9/30/2019⁴ to 6/30/2020		38.23		–22.99			6,540		0.87³			0.87³			1.72³

	Six Months Ended			Year Ended June 30,
	December 31, 2021*			2021			2020			2019			2018			2017
Portfolio turnover rate		15	%		36	%		34	%		40	%		29	%		29	%

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

³Annualized.

⁴Commencement of operations.

*Unaudited

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

Financial Highlights

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

			Income (loss) from investment operations								Dividends and distributions
Small Cap Diversified Value Fund	Net asset value, beginning of period		Net investment income¹		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total distributions
Class I
Six months ended 12/31/2021*	$	13.99	$	0.10	$	0.50		$	0.60		$	(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	)
Year ended 6/30/2017		9.12		0.09		2.94			3.03			(0.09	)		—			(0.09	)
Class A
Six months ended 12/31/2021*		13.91		0.08		0.50			0.58			(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	)
Year ended 6/30/2017		9.09		0.06		2.93			2.99			(0.07	)		—			(0.07	)
Class Z
Six months ended 12/31/2021*		13.99		0.10		0.50			0.60			(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 9/30/2019⁴ to 6/30/2020		10.02		0.09		(2.14	)		(2.05	)		(0.10	)		—			(0.10	)

								Ratios to Average Net Assets
Small Cap Diversified Value Fund	Net asset value, end of period		Total return²			Net assets, end of period (in thousands)		Expenses, net of reimbursement/ waiver			Expenses, before reimbursement/ waiver			Net investment income
Class I
Six months ended 12/31/2021*	$	13.72		4.44	%	$	486,473		0.80	%³		0.86	%³		1.36	%³
Year ended 6/30/2021		13.99		79.26			427,708		0.80			0.87			1.21
Year ended 6/30/2020		7.88		–21.14			143,415		0.82			0.92			1.37
Year ended 6/30/2019		10.08		–9.23			95,405		0.90			1.06			0.91
Year ended 6/30/2018		12.21		17.48			40,128		0.90			1.45			0.80
Year ended 6/30/2017		12.06		33.26			19,265		0.90			1.70			0.86
Class A
Six months ended 12/31/2021*		13.64		4.26			7,756		1.05³			1.14³			1.12³
Year ended 6/30/2021		13.91		79.09			8,668		1.05			1.14			0.96
Year ended 6/30/2020		7.83		–21.48			1,535		1.07			1.18			1.06
Year ended 6/30/2019		10.03		–9.35			2,875		1.15			1.36			0.55
Year ended 6/30/2018		12.14		17.18			2,835		1.15			1.70			0.58
Year ended 6/30/2017		12.01		32.86			721		1.15			1.89			0.55
Class Z
Six months ended 12/31/2021*		13.71		4.40			1,183		0.75³			0.75³			1.42³
Year ended 6/30/2021		13.99		79.45			1,186		0.77			0.77			1.25
Period from 9/30/2019⁴ to 6/30/2020		7.87		–20.75			40		0.80³			0.84³			1.41³

	Six Months Ended			Year Ended June 30,
	December 31, 2021*			2021			2020			2019			2018			2017
Portfolio turnover rate		32	%		42	%		53	%		84	%		95	%		58	%

	Income (loss) from investment operations							Dividends and distributions
Global Value Fund	Net asset value, beginning of period		Net investment income¹		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)
Class I
Six months ended 12/31/2021*	$	14.44	$	0.07	$	0.56		$	0.63		$	(0.10	)	$	—
Year ended 6/30/2021		8.96		0.10		5.56			5.66			(0.18	)		—
Year ended 6/30/2020		11.55		0.14		(2.42	)		(2.28	)		(0.13	)		(0.18	)
Year ended 6/30/2019		13.30		0.23		(0.94	)		(0.71	)		(0.14	)		(0.90	)
Year ended 6/30/2018		12.82		0.11		1.09			1.20			(0.13	)		(0.59	)
Year ended 6/30/2017		10.10		0.12		2.70			2.82			(0.10	)		—
Class A
Six months ended 12/31/2021*		14.43		0.05		0.57			0.62			(0.07	)		—
Year ended 6/30/2021		8.96		0.08		5.54			5.62			(0.15	)		—
Year ended 6/30/2020		11.55		0.11		(2.41	)		(2.30	)		(0.11	)		(0.18	)
Year ended 6/30/2019		13.28		0.09		(0.83	)		(0.74	)		(0.09	)		(0.90	)
Year ended 6/30/2018		12.80		0.07		1.10			1.17			(0.10	)		(0.59	)
Year ended 6/30/2017		10.09		0.14		2.65			2.79			(0.08	)		—

									Ratios to Average Net Assets
Global Value Fund	Total distributions			Net asset value, end of period		Total return²			Net assets, end of period (in thousands)		Expenses, net of reimbursement/ waiver			Expenses, before reimbursement/ waiver			Net investment income
Class I
Six months ended 12/31/2021*	$	(0.10	)	$	14.97		4.39	%	$	36,247		0.95	%³		1.24	%³		0.88	%³
Year ended 6/30/2021		(0.18	)		14.44		63.58			36,025		0.95			1.29			0.83
Year ended 6/30/2020		(0.31	)		8.96		–20.42			25,148		0.95			1.32			1.31
Year ended 6/30/2019		(1.04	)		11.55		–4.57			39,749		0.96			1.62			2.02
Year ended 6/30/2018		(0.72	)		13.30		9.59			8,987		1.10			2.87			0.83
Year ended 6/30/2017		(0.10	)		12.82		27.93			7,694		1.10			3.37			1.00
Class A
Six months ended 12/31/2021*		(0.07	)		14.98		4.29			1,545		1.20³			1.45³			0.64³
Year ended 6/30/2021		(0.15	)		14.43		63.05			1,484		1.20			1.48			0.58
Year ended 6/30/2020		(0.29	)		8.96		–20.57			168		1.20			1.62			1.05
Year ended 6/30/2019		(0.99	)		11.55		–4.85			238		1.24			2.64			0.72
Year ended 6/30/2018		(0.69	)		13.28		9.36			732		1.35			3.12			0.55
Year ended 6/30/2017		(0.08	)		12.80		27.69			436		1.35			3.37			1.19

	Six Months Ended			Year Ended June 30,
	December 31, 2021*			2021			2020			2019			2018			2017
Portfolio turnover rate		15	%		39	%		36	%		36	%		43	%		38	%

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

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

³Annualized.

⁴Commencement of operations.

*Unaudited

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

Financial Highlights

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

	Income (loss) from investment operations							Dividends and distributions
International Value Fund	Net asset value, beginning of period		Net investment income¹		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)
Class I
Six months ended 12/31/2021*	$	11.66	$	0.08	$	0.15		$	0.23		$	(0.17	)	$	—
Year ended 6/30/2021		7.59		0.15		4.04			4.19			(0.12	)		—
Year ended 6/30/2020		9.77		0.13		(1.96	)		(1.83	)		(0.19	)		(0.16	)
Year ended 6/30/2019		11.57		0.19		(1.27	)		(1.08	)		(0.14	)		(0.58	)
Year ended 6/30/2018		11.85		0.11		0.31			0.42			(0.13	)		(0.57	)
Year ended 6/30/2017		9.76		0.12		2.38			2.50			(0.17	)		(0.24	)

									Ratios to Average Net Assets
International Value Fund	Total distributions			Net asset value, end of period		Total return²			Net assets, end of period (in thousands)		Expenses, net of reimbursement/ waiver			Expenses, before reimbursement/ waiver			Net investment income
Class I
Six months ended 12/31/2021*	$	(0.17	)	$	11.72		2.12	%	$	2,606		0.95	%³		5.15	%³		1.32	%³
Year ended 6/30/2021		(0.12	)		11.66		55.37			2,554		0.95			5.13			1.56
Year ended 6/30/2020		(0.35	)		7.59		–19.66			1,874		0.95			6.10			1.39
Year ended 6/30/2019		(0.72	)		9.77		–9.04			2,334		0.99			5.94			1.85
Year ended 6/30/2018		(0.70	)		11.57		3.50			2,543		1.15			6.01			0.90
Year ended 6/30/2017		(0.41	)		11.85		26.14			2,422		1.15			7.36			1.12

	Six Months Ended			Year Ended June 30,
	December 31, 2021*			2021			2020			2019			2018			2017
Portfolio turnover rate		10	%		29	%		30	%		42	%		33	%		34	%

	Income from investment operations						Dividends and distributions
International Small Cap Diversified Value Fund	Net asset value, beginning of period		Net investment income¹		Net gains on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)
Class I
Six months ended 12/31/2021*	$	14.83	$	0.07	$	0.01	$	0.08	$	(0.39	)	$	(2.39	)
Period from 6/30/2020⁴ to 6/30/2021		10.00		0.24		4.87		5.11		(0.08	)		(0.20	)

									Ratios to Average Net Assets
International Small Cap Diversified Value Fund	Total distributions			Net asset value, end of period		Total return²			Net assets, end of period (in thousands)		Expenses, net of reimbursement/ waiver			Expenses, before reimbursement/ waiver			Net investment income
Class I
Six months ended 12/31/2021*	$	(2.78	)	$	12.13		1.05	%	$	6,733		0.99	%³		3.77	%³		0.96	%³
Period from 6/30/2020⁴ to 6/30/2021		(0.28	)		14.83		51.58			6,661		0.99			4.27			1.91

				Six Months Ended December 31, 2021*				Year Ended June 30, 2021
Portfolio turnover rate					4	%			63	%

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

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

³ Annualized.

⁴ Commencement of operations.

* Unaudited

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

Financial Highlights

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

			Income (loss) from investment operations									Dividends and distributions
Value Opportunities Fund	Net asset value, beginning of period		Net investment income (loss)¹			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total distributions
Class I
Six months ended 12/31/2021*	$	37.42	$	0.09		$	2.46		$	2.55		$	(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	)
Year ended 6/30/2017		22.21		0.38			5.99			6.37			(0.59	)		—			(0.59	)
Class A
Six months ended 12/31/2021*		37.43		0.04			2.46			2.50			(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	)
Year ended 6/30/2017		22.21		0.31			5.99			6.30			(0.51	)		—			(0.51	)
Class C
Six months ended 12/31/2021*		34.31		(0.09	)		2.25			2.16			(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	)
Year ended 6/30/2017		20.68		0.11			5.57			5.68			(0.32	)		—			(0.32	)
Class Z
Six months ended 12/31/2021*		37.43		0.11			2.45			2.56			(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 9/30/2019⁴ to 6/30/2020		27.79		0.37			(4.84	)		(4.47	)		(0.34	)		(0.36	)		(0.70	)

								Ratios to Average Net Assets
Value Opportunities Fund	Net asset value, end of period		Total return²			Net assets, end of period (in thousands)		Expenses, net of reimbursement/ waiver			Expenses, before reimbursement/ waiver			Net investment income (loss)
Class I
Six months ended 12/31/2021*	$	35.15		6.94	%	$	385,526		0.94	%³		0.94	%³		0.46	%³
Year ended 6/30/2021		37.42		69.77			390,241		0.94			0.94			1.69
Year ended 6/30/2020		22.61		–17.56			401,552		0.97			0.97			1.88
Year ended 6/30/2019		28.08		2.45			588,097		0.96			0.96			1.05
Year ended 6/30/2018		30.38		12.11			453,184		0.97			0.97			1.36
Year ended 6/30/2017		27.99		28.79			347,924		0.99			0.99			1.46
Class A
Six months ended 12/31/2021*		35.20		6.83			98,795		1.20³			1.20³			0.22³
Year ended 6/30/2021		37.43		69.24			83,243		1.24			1.24			1.43
Year ended 6/30/2020		22.66		–17.73			72,162		1.20			1.20			1.64
Year ended 6/30/2019		28.12		2.18			131,050		1.21			1.21			0.77
Year ended 6/30/2018		30.40		11.84			136,325		1.22			1.22			1.07
Year ended 6/30/2017		28.00		28.47			136,525		1.24			1.24			1.21
Class C
Six months ended 12/31/2021*		32.02		6.44			25,323		1.90³			1.90³			(0.52	)³
Year ended 6/30/2021		34.31		68.05			27,089		1.93			1.93			0.76
Year ended 6/30/2020		20.87		–18.32			26,951		1.91			1.91			0.94
Year ended 6/30/2019		25.94		1.44			47,021		1.96			1.96			0.02
Year ended 6/30/2018		28.22		10.99			49,624		1.97			1.97			0.30
Year ended 6/30/2017		26.04		27.53			57,953		1.99			1.99			0.46
Class Z
Six months ended 12/31/2021*		35.14		6.99			48,445		0.86³			0.86³			0.55³
Year ended 6/30/2021		37.43		69.86			43,886		0.87			0.87			1.81
Period from 9/30/2019⁴ to 6/30/2020		22.62		–16.61			16,207		0.85³			0.85³			1.95³

	Six Months Ended			Year Ended June 30,
	December 31, 2021*			2021			2020			2019			2018			2017
Portfolio turnover rate		29	%		76	%		47	%		60	%		55	%		83	%

			Income (loss) from investment operations								Dividends and distributions
High Yield Fund	Net asset value, beginning of period		Net investment income¹		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital capital gains)		Total distributions
Class I
Six months ended 12/31/2021*	$	11.58	$	0.26	$	(0.06	)	$	0.20		$	(0.26	)	$	—	$	(0.26	)
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	)⁵		(0.83	)		(0.64	)		—		(0.64	)
Year ended 6/30/2019		11.90		0.69		(0.21	)⁵		0.48			(0.69	)		—		(0.69	)
Year ended 6/30/2018		12.26		0.72		(0.37	)⁵		0.35			(0.71	)		—		(0.71	)
Year ended 6/30/2017		11.47		0.75		0.79⁵			1.54			(0.75	)		—		(0.75	)
Class A
Six months ended 12/31/2021*		11.48		0.24		(0.06	)		0.18			(0.24	)		—		(0.24	)
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	)⁵		(0.88	)		(0.61	)		—		(0.61	)
Year ended 6/30/2019		11.83		0.65		(0.20	)⁵		0.45			(0.66	)		—		(0.66	)
Year ended 6/30/2018		12.18		0.69		(0.37	)⁶		0.32			(0.67	)		—		(0.67	)
Year ended 6/30/2017		11.40		0.72		0.78⁵			1.50			(0.72	)		—		(0.72	)
Class C
Six months ended 12/31/2021*		11.57		0.20		(0.06	)		0.14			(0.20	)		—		(0.20	)
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	)⁵		0.22			(0.59	)		—		(0.59	)
Year ended 6/30/2017		11.47		0.63		0.79⁵			1.42			(0.63	)		—		(0.63	)
Class Z
Six months ended 12/31/2021*		11.58		0.26		(0.06	)		0.20			(0.26	)		—		(0.26	)
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	)⁵		(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 3/29/2018⁴ to 6/30/2018		12.00		0.18		(0.12	)		0.07			(0.17	)		—		(0.17	)

								Ratios to Average Net Assets
High Yield Fund	Net asset value, end of period		Total return²			Net assets, end of period (in thousands)		Expenses, net of reimbursement/ waiver			Expenses, before reimbursement/ waiver			Net investment income
Class I
Six months ended 12/31/2021*	$	11.52		1.74	%	$	884,241		0.70	%³		0.77	%³		4.42	%³
Year ended 6/30/2021		11.58		19.32			857,715		0.70			0.75			5.34
Year ended 6/30/2020		10.22		–7.26			978,398		0.70			0.75			5.85
Year ended 6/30/2019		11.69		4.19			1,825,782		0.70			0.75			5.87
Year ended 6/30/2018		11.90		2.87			1,918,320		0.70			0.74			5.93
Year ended 6/30/2017		12.26		13.75			2,091,104		0.70			0.74			6.22
Class A
Six months ended 12/31/2021*		11.42		1.61			37,479		0.93³			0.99³			4.19³
Year ended 6/30/2021		11.48		19.09			39,312		0.91			0.97			5.12
Year ended 6/30/2020		10.13		–7.77			43,638		0.95			1.01			5.54
Year ended 6/30/2019		11.62		3.92			303,367		0.95			1.00			5.62
Year ended 6/30/2018		11.83		2.68			466,960		0.95			0.99			5.69
Year ended 6/30/2017		12.18		13.42			566,806		0.95			0.99			5.99
Class C
Six months ended 12/31/2021*		11.51		1.22			1,387		1.70³			1.78³			3.42³
Year ended 6/30/2021		11.57		18.20			1,769		1.66			1.71			4.41
Year ended 6/30/2020		10.21		–8.13			2,596		1.64			1.69			4.95
Year ended 6/30/2019		11.68		3.15			3,599		1.70			1.75			4.88
Year ended 6/30/2018		11.89		1.76			3,380		1.70			1.74			4.93
Year ended 6/30/2017		12.26		12.62			3,010		1.70			1.74			5.22
Class Z
Six months ended 12/31/2021*		11.52		1.78			154,285		0.60³			0.66³			4.50³
Year ended 6/30/2021		11.58		19.44			211,034		0.60			0.65			5.56
Year ended 6/30/2020		10.22		–7.24			523,848		0.60			0.65			6.02
Year ended 6/30/2019		11.70		4.38			401,268		0.60			0.65			5.99
Period from 3/29/2018⁴ to 6/30/2018		11.90		0.59			328,769		0.60³			0.70³			6.54³

	Six Months Ended			Year Ended June 30,
	December 31, 2021*			2021			2020			2019			2018			2017
Portfolio turnover rate		24	%		82	%		67	%		41	%		38	%		46	%

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

³Annualized.

⁴Commencement of operations.

⁵Redemption fees per share were less than $0.005.

⁶Includes redemption fees per share of $0.01.

^*Unaudited

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

Notes to the Financial Statements

DECEMBER 31, 2021 (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. Portfolio securities that are listed on a U.S. stock exchange or The Nasdaq Stock Market ("NSM") (including the Nasdaq National Market and the Nasdaq Small Cap Market) are valued at the last reported sale price (or official closing price) on that day as of the close of the New York Stock Exchange (which is generally 4:00 p.m. Eastern time), or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or NSM. Unlisted equity securities that are not included in NSM are valued at the last sale price, or if the last sale price is unavailable, at the average of the quoted bid and asked prices in the over-the-counter market. Foreign equity securities (which are principally traded in markets other than the U.S.) are valued based upon the last reported sale price on the primary exchange or market on which they trade as of the close of business of such exchange or market immediately preceding the time of determining the Fund's net asset value. Fixed-income securities are generally valued on the basis of prices obtained from an approved independent pricing service but may also be valued based on reported transactions on FINRA's Trade Reporting and Compliance Engine (TRACE) or quotations provided by a broker-dealer. The pricing services may provide a price determined by a matrix pricing method or other analytical pricing models. Investments quoted in foreign currency are valued daily in U.S. dollars on the basis of the foreign currency exchange rate prevailing at the time of valuation. Securities and other assets for which market quotations are not readily available are valued at their fair value as determined by Hotchkis & Wiley Capital Management, LLC (the "Advisor") under guidelines established by and under the general supervision and responsibility of the Trust's Board of Trustees (the "Board"). The Board has approved the use of a third-party vendor's proprietary fair value pricing model to assist in determining current valuation for foreign securities traded in markets that close prior to the New York Stock Exchange. When fair value pricing is employed, the value of the portfolio securities used to calculate the Funds' net asset values may differ from quoted or official closing prices.

The Trust has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the following three broad categories:

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

• Level 2 — Other significant observable inputs (including quoted prices for similar instruments, interest rates, current yields, credit quality, prepayment speeds for mortgage related securities, collateral for asset-backed securities, foreign security indices, foreign exchange rates, fair value estimates for foreign securities, and changes in benchmark securities indices). Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

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

The following table presents the valuation levels of each Fund's assets as of December 31, 2021:

	Diversified Value		Large Cap Value		Mid-Cap Value		Small Cap Value		Small Cap Diversified Value
Level 1 — Quoted prices in an active market:
Common Stocks	$	99,534,864	$	504,422,877	$	409,244,725	$	520,649,047	$	487,744,808
Money Market Funds		—		—		—		634,995		3,726,955
Time Deposits		282,917		9,766,871		2,138,205		11,226,268		8,435,882
Level 2 — Other significant observable market inputs:
Common Stocks:
Energy		—		—		18,629,544		1,216,675		—
Industrials		—		—		9,586,343		—		—
Level 3 — Significant unobservable inputs		—		—		—		—		—
Total Investments	$	99,817,781	$	514,189,748	$	439,598,817	$	533,726,985	$	499,907,645
	Global Value		International Value		International Small Cap Diversified Value		Value Opportunities		High Yield
Level 1 Quoted prices in an active market:
Common Stocks	$	26,737,180	$	647,140	$	1,629,738	$	484,853,271	$	7,583,159
Investment Companies		—		—		—		—		23,075,544
Preferred Stocks		—		—		—		635,752		2,164,499
Purchased Put Options		—		—		—		78,180		—
Money Market Funds		—		—		—		82,350		—
Time Deposits		281,461		22,470		114,899		1,726,276		9,799,346
Level 2 Other significant observable market inputs:
Common Stocks:
Communication Services		—		94,926		72,466		—		—
Consumer Discretionary		1,127,873		171,749		613,516		2,114,219		—
Consumer Staples		1,482,097		201,812		303,215		—		—
Energy		—		150,760		119,568		7,034,322		—
Financials		4,348,551		761,269		1,282,505		13,608,430		—
Health Care		—		74,041		196,336		—		—
Industrials		3,673,176		396,024		1,290,241		28,112,413		—
Information Technology		—		83,007		277,792		—		—
Materials		—		—		499,376		1,269,060		—
Real Estate		—		—		124,005		—		—
Utilities		—		—		177,882		—		—
Convertible Preferred Stocks		—		—		—		—		7,678,367
Convertible Bonds		—		—		—		—		7,624,389
Corporate Bonds		—		—		—		—		876,678,484
Asset-Backed Securities		—		—		—		—		4,154,532
Term Loans		—		—		—		1,083,413		75,005,361
Purchased Put Options		—		—		—		4,550		—
Level 3 Significant unobservable inputs:
Common Stocks:
Energy — Exploration & Production		—		—		—		—		157,044
Materials		—		—		—		12,570,886		—
Metals/Mining Excluding Steel		—		—		—		—		33,066,975
Oil Field Equipment & Services		—		—		—		—		7,846,028
Preferred Stocks:
Specialty Retail		—		—		—		—		8,286,383
Term Loans		—		—		—		2,649,013		1,826,992
Total Investments	$	37,650,338	$	2,603,198	$	6,701,539	$	555,822,135	$	1,064,947,103

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, 2021:

Fair Value at
December 31,
2021

Valuation
Techniques

Unobservable
Inputs

Input
Values
(Weighted
Average)*

Impact to
Valuation from an
Increase to Input

Value Opportunities

Common Stocks

11,376,231

Market comparable
companies

EBIT multiple

8.0x - 18.3x

Increase

1,194,655

Transaction price**

N/A

$169.64

Increase

Total Common Stocks

12,570,886

Term Loans

2,649,013

Market comparable
securities

N/A

$100.00

Increase

15,219,899

High Yield

Common Stocks

Estimated recovery value

Probability of asset recovery

$0.00

Increase

7,846,028

Market comparable
companies

EBIT multiple

8.0x - 18.3x

Increase

13,524,184

Transaction price

N/A

$11.50 - $46,000.00
($45,465.84)

Increase

19,699,835

Transaction price**

N/A

$169.64

Increase

Total Common Stocks

41,070,047

Preferred Stocks

8,286,383

Calculation of enterprise
value using:

Discounted cash flows

Yield (Discount rate
of cash flows)

10%

Decrease

Market comparable
companies

EBITDA multiple

7.0x - 15.8x

Increase

Term Loans

1,826,992

Market comparable
securities

N/A

$100.00

Increase

51,183,422

* 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:

	Value Opportunities
	Common Stocks			Term Loans			Total
Balance at June 30, 2021	$	14,070,772		$	3,526,694		$	17,597,466
Purchases		—			65,216			65,216
Sales		(655,789	)		(942,897	)		(1,598,686	)
Accrued discounts (premiums)		—			1,017			1,017
Realized gains (losses)		56			14,761			14,817
Change in unrealized appreciation/ depreciation		(844,153	)		(15,778	)		(859,931	)
Transfers into Level 3		—			—			—
Balance at December 31, 2021	$	12,570,886		$	2,649,013		$	15,219,899
Change in unrealized appreciation/ depreciation for Level 3 assets held at December 31, 2021	$	(844,153	)	$	—		$	(844,153	)

	High Yield
	Common Stocks			Preferred Stocks			Term Loans			Total
Balance at June 30, 2021	$	54,403,842		$	8,976,915		$	8,632,515		$	72,013,272
Purchases		—			—			505,686			505,686
Sales		(10,813,948	)		—			(7,311,210	)		(18,125,158	)
Accrued discounts (premiums)		—			—			7,888			7,888
Realized gains (losses)		(4,356,729	)		—			114,458			(4,242,271	)
Change in unrealized appreciation/ depreciation		1,836,882			(690,532	)		(122,345	)		1,024,005
Transfers into Level 3		—			—			—			—
Balance at December 31, 2021	$	41,070,047		$	8,286,383		$	1,826,992		$	51,183,422
Change in unrealized appreciation/ depreciation for Level 3 assets held at December 31, 2021	$	(2,519,893	)	$	(690,532	)	$	—		$	(3,210,425	)

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

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

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

Securities purchased or sold on a when-issued, delayed delivery or forward commitment basis may have extended settlement periods. The value of the security purchased is subject to market fluctuations during this period. The Funds will segregate or "earmark" liquid assets until the settlement date or otherwise cover their position in an amount sufficient to meet the Funds' obligations.

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

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

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

Options. The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds may purchase put options on securities to protect holdings in an underlying or related security against a substantial decline in market value. The Funds may purchase call options on securities and security indexes. A Fund may write a call or put option only if the option is "covered" by the Fund holding a position in the underlying securities or by other means which would permit immediate satisfaction of the Fund's obligation as writer of the option. Prior to exercise or expiration,

an option may be closed by an offsetting purchase or sale of an option of the same series. The purchase and writing of options involves certain risks. If a put or call option purchased by a Fund is not sold when it has remaining value, and if the market price of the underlying security, in the case of a put, remains equal to or greater than the exercise price or, in the case of a call, remains less than or equal to the exercise price, the Fund will lose its entire investment in the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position. Furthermore, if trading restrictions or suspensions are imposed on the options markets, the Fund may be unable to close out a position. With options, there is minimal counterparty risk to the Funds since options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees the options against default.

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

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

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

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

Upon entering into swap agreements, the Value Opportunities Fund and High Yield Fund will either receive or pay an upfront payment based upon the difference between the current principal amount and the notional amount of the swap and whether the Fund is buying or selling protection. Upfront payments that are received are recorded as liabilities while upfront payments paid are recorded as assets. These payments remain on the books until the swap contract is closed. When entering into credit default swaps, the Fund will either deliver collateral to the counterparty or the counterparty will deliver collateral to the Fund. The amount of this collateral is calculated based upon the notional value and the current price of the swap. In the event of default, the Fund has recourse against any collateral posted to it by the counterparty. When entering into swap agreements as a seller, the notional amounts would be partially offset by any recovery values of the respective reference obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same reference entity. Unrealized appreciation or depreciation is recorded daily as the difference between the prior day and current day closing price. The Funds did not enter into any credit default swap contracts during the six months ended December 31, 2021.

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, 2021:

Asset Derivatives

	Location on Statements of Assets & Liabilities	Value Opportunities
Equity Contracts:
Purchased Put Options	Long-term investments	$	82,730

The following is a summary of the Funds' realized gains (losses) and change in unrealized appreciation/depreciation on derivative instruments recognized in the Statements of Operations categorized by primary risk exposure for the six months ended December 31, 2021:

Realized Gains (Losses) on Derivatives

	Value Opportunities
Foreign Exchange Contracts:
Futures Contracts	$	872,966

Change in Unrealized Appreciation/Depreciation on Derivatives

	Value Opportunities
Equity Contracts:
Purchased Put Options	$	(163,770	)*
Foreign Exchange Contracts:
Futures Contracts		(403,023	)

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

The following is a summary of the Funds' average quarterly balance of outstanding derivative instruments categorized by primary risk exposure for the six months ended December 31, 2021:

Average Quarterly Balance of Outstanding Derivatives

	Value Opportunities
Equity Contracts:
Average Number of Contracts — Purchased Put Options		115
Average Notional Amount — Purchased Put Options	$	9,629,180
Foreign Exchange Contracts:
Average Number of Contracts — Futures Contracts		103
Average Notional Amount — Futures Contracts	$	8,798,969

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, 2021:

			Gross Amounts Not Offset in the Statements of Assets & Liabilities
	Gross Amounts Presented in the Statements of Assets & Liabilities		Financial Instruments		Collateral Received*			Net Amount
Securities Lending:
Small Cap Value	$	622,261	$	—	$	(622,261	)	$	—
Small Cap Diversified Value		3,637,849		—		(3,637,849	)		—
Value Opportunities		80,703		—		(80,703	)		—

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

NOTE 2.

Fees and Transactions with Affiliates. The Trust has entered into Investment Advisory Agreements for each of the Funds with the Advisor, with which the officers and a Trustee of the Trust are affiliated. The Advisor is a limited liability company, the primary members of which are HWCap Holdings, a limited liability company with members who are current and former employees of the Advisor, and Stephens - H&W, LLC, a limited liability company whose primary member is SF Holding Corp., which is a diversified holding company. The Advisor is responsible for the management of the Funds' investments and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund. The Advisor receives a fee, computed daily and payable monthly, at the annual rates presented below as applied to each Fund's daily net assets. The Advisor contractually agreed to waive fees or reimburse regular operating expenses in excess of the annual rates presented below as applied to such Fund's daily net assets during the six months ended December 31, 2021.

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

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

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

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

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

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

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

	Distribution and Service Fee
Class A		0.25	%
Class C		1.00	%

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

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

The Funds are permitted to purchase securities from or sell securities to another Fund or affiliated person under procedures adopted by the Board. During the six months ended December 31, 2021, the Funds' did not have any of these purchases and sales.

NOTE 3.

Investments. Purchases and sales of investment securities, excluding short-term investments, for the six months ended December 31, 2021 were as follows:

	Diversified Value		Large Cap Value		Mid-Cap Value		Small Cap Value		Small Cap Diversified Value		Global Value		International Value		International Small Cap Diversified Value		Value Opportunities		High Yield
Purchases	$	6,593,289	$	75,095,353	$	39,403,944	$	77,985,847	$	183,220,130	$	5,545,247	$	265,516	$	248,532	$	155,456,122	$	256,464,626
Sales		16,116,309		47,706,076		64,132,308		129,426,619		143,619,591		6,238,039		285,843		314,382		174,403,066		278,626,954

The Funds did not have any purchases or sales of U.S. Government securities for the six months ended December 31, 2021.

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, 2021:

	Diversified Value			Large Cap Value			Mid-Cap Value			Small Cap Value			Small Cap Diversified Value			Global Value			International Value			International Small Cap Diversified Value			Value Opportunities			High Yield
Tax cost of investments	$	88,400,493		$	363,310,149		$	366,881,385		$	456,686,627		$	323,630,576		$	28,847,011		$	2,085,773		$	5,557,107		$	463,306,558		$	1,136,116,233
Gross unrealized appreciation		28,949,457			138,002,281			124,443,306			173,490,261			120,338,911			9,243,633			596,972			1,259,947			124,411,736			57,157,032
Gross unrealized depreciation		(11,990,921	)		(39,422,405	)		(52,699,485	)		(82,919,651	)		(13,118,892	)		(1,455,445	)		(117,616	)		(199,624	)		(48,049,395	)		(98,268,548	)
Net unrealized appreciation/ depreciation		16,958,536			98,579,876			71,743,821			90,570,610			107,220,019			7,788,188			479,356			1,060,323			76,362,341			(41,111,516	)
Distributable ordinary income (as of 6/30/21)*		993,673			1,949,236			5,476,789			1,532,644			6,026,674			252,787			37,541			1,085,118			6,213,371			598,310
Distributable long-term gains (as of 6/30/21)		—			—			—			—			1,307,324			—			—			241			24,056,422			—
Total distributable earnings		993,673			1,949,236			5,476,789			1,532,644			7,333,998			252,787			37,541			1,085,359			30,269,793			598,310
Other accumulated losses		(34,011,974	)		(8,621,409	)		(324,929,890	)		(36,771,974	)		(262,154	)		(1,914,073	)		(121,027	)		—			—			(319,462,115	)
Total accumulated gains (losses)	$	(16,059,765	)	$	91,907,703		$	(247,709,280	)	$	55,331,280		$	114,291,863		$	6,126,902		$	395,870		$	2,145,682		$	106,632,134		$	(359,975,321	)

* Includes distributable short-term gains of $4,004,804 for the Small Cap Diversified Value Fund and $976,161 for the International 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, 2021, 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, 2021, the Small Cap Diversified Value Fund held securities with $24,171 of net unrealized appreciation relating to the transfers.

The tax components of distributions paid during the fiscal years ended June 30, 2021 and 2020, capital loss carryovers as of June 30, 2021, and any tax basis late year losses as of June 30, 2021, which are not recognized for tax purposes until the first day of the following fiscal year, are:

	June 30, 2021												June 30, 2020
	Ordinary Income Distributions		Long-Term Capital Gains Distributions		Short-Term Capital Loss Carryovers¹		Long-Term Capital Loss Carryovers²		Capital Loss Carryovers Utilized		Late Year Losses		Ordinary Income Distributions		Long-Term Capital Gains Distributions
Diversified Value	$	1,525,761	$	—	$	5,996	$	34,005,978	$	2,459,799	$	—	$	1,715,852	$	—
Large Cap Value		6,504,911		—		—		8,621,409		11,998,948		—		7,868,043		—
Mid-Cap Value		7,928,177		—		91,972,164		233,016,965		40,324,582		—		14,838,215		—
Small Cap Value		3,718,542		—		17,981,960		18,789,683		—		—		10,643,165		22,636,076
Small Cap Diversified Value		2,388,699		—		—		—		5,151,038		—		1,103,840		—
Global Value		447,072		—		533,389		1,380,684		2,330,057		—		867,014		158,491
International Value		30,073		—		—		121,027		110,710		—		52,275		31,599
International Small Cap Diversified Value		120,245		—		—		—		—		—		—		—
Value Opportunities		10,585,396		—		—		—		64,832,466		—		13,802,647		3,538,096
High Yield³		65,565,649		—		922,717		317,755,556		—		—		128,474,656		—

¹ Short-term with no expiration.

² Long-term with no expiration.

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

As of and during the year ended June 30, 2021, 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, 2021, the Funds did not incur any interest or penalties. The tax years ended June 30, 2018 through June 30, 2021 remain open and subject to examination by tax jurisdictions.

NOTE 5.

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

	Sales				Reinvestment of dividends and distributions				Redemptions						Net increase (decrease)
	Shares		Amount		Shares		Amount		Shares			Amount			Shares			Amount
Six Months Ended December 31, 2021
Diversified Value Fund
Class I		46,970	$	1,190,864		24,442	$	623,755		(285,010	)	$	(7,247,153	)		(213,598	)	$	(5,432,534	)
Class A		39,985		1,034,353		5,112		131,077		(312,791	)		(7,819,201	)		(267,694	)		(6,653,771	)
Class C		5,513		144,300		64		1,638		(4,060	)		(101,904	)		1,517			44,034
Total net increase (decrease)		92,468		2,369,517		29,618		756,470		(601,861	)		(15,168,258	)		(479,775	)		(12,042,271	)
Large Cap Value Fund
Class I		521,535		22,746,128		49,099		2,147,118		(951,921	)		(41,731,572	)		(381,287	)		(16,838,326	)
Class A		1,564,177		67,138,690		10,107		439,639		(236,904	)		(10,174,258	)		1,337,380			57,404,071
Class C		6,998		305,010		—		—		(30,266	)		(1,289,826	)		(23,268	)		(984,816	)
Class Z		35,704		1,560,904		2,767		120,928		(57,193	)		(2,467,834	)		(18,722	)		(786,002	)
Total net increase (decrease)		2,128,414		91,750,732		61,973		2,707,685		(1,276,284	)		(55,663,490	)		914,103			38,794,927
Mid-Cap Value Fund
Class I		462,404		19,412,401		77,469		3,353,653		(1,361,793	)		(56,398,338	)		(821,920	)		(33,632,284	)
Class A		295,839		12,358,425		17,729		754,899		(356,861	)		(14,729,097	)		(43,293	)		(1,615,773	)
Class C		8,037		285,719		40		1,464		(93,521	)		(3,316,252	)		(85,444	)		(3,029,069	)
Class Z		215,617		8,646,020		9,380		405,864		(63,397	)		(2,666,772	)		161,600			6,385,112
Total net increase (decrease)		981,897		40,702,565		104,618		4,515,880		(1,875,572	)		(77,110,459	)		(789,057	)		(31,892,014	)
Small Cap Value Fund
Class I		545,917		38,117,460		8,058		575,021		(1,285,861	)		(88,393,791	)		(731,886	)		(49,701,310	)
Class A		42,016		2,952,966		760		54,041		(76,577	)		(5,376,791	)		(33,801	)		(2,369,784	)
Class C		971		55,718		—		—		(14,607	)		(811,522	)		(13,636	)		(755,804	)
Class Z		6,390		440,995		707		50,430		(30,906	)		(2,207,608	)		(23,809	)		(1,716,183	)
Total net increase (decrease)		595,294		41,567,139		9,525		679,492		(1,407,951	)		(96,789,712	)		(803,132	)		(54,543,081	)

	Sales				Reinvestment of dividends and distributions				Redemptions						Net increase (decrease)
	Shares		Amount		Shares		Amount		Shares			Amount			Shares			Amount
Six Months Ended December 31, 2021
Small Cap Diversified Value Fund
Class I		4,991,897	$	69,308,854		2,143,429	$	29,000,600		(2,248,473	)	$	(31,233,625	)		4,886,853		$	67,075,829
Class A		636,908		9,036,081		34,120		458,912		(725,662	)		(10,088,343	)		(54,634	)		(593,350	)
Class Z		2,112		29,928		5,617		75,948		(6,258	)		(83,833	)		1,471			22,043
Total net increase (decrease)		5,630,917		78,374,863		2,183,166		29,535,460		(2,980,393	)		(41,405,801	)		4,833,690			66,504,522
Global Value Fund
Class I		80,769		1,183,845		16,806		245,531		(171,595	)		(2,493,074	)		(74,020	)		(1,063,698	)
Class A		10,976		165,424		474		6,929		(11,160	)		(161,600	)		290			10,753
Total net increase (decrease)		91,745		1,349,269		17,280		252,460		(182,755	)		(2,654,674	)		(73,730	)		(1,052,945	)
International Value Fund
Class I		—		—		3,302		37,541		—			—			3,302			37,541
Total net increase		—		—		3,302		37,541		—			—			3,302			37,541
International Small Cap Diversified Value Fund
Class I		—		—		105,769		1,250,186		—			—			105,769			1,250,186
Total net increase		—		—		105,769		1,250,186		—			—			105,769			1,250,186
Value Opportunities Fund
Class I		1,563,714		58,283,723		780,362		27,125,388		(1,804,697	)		(66,939,282	)		539,379			18,469,829
Class A		611,967		23,467,761		230,848		8,035,833		(259,993	)		(9,757,154	)		582,822			21,746,440
Class C		31,999		1,066,477		85,298		2,702,238		(116,006	)		(4,060,789	)		1,291			(292,074	)
Class Z		37,806		1,501,070		168,511		5,855,755		(334	)		(12,982	)		205,983			7,343,843
Total net increase (decrease)		2,245,486		84,319,031		1,265,019		43,719,214		(2,181,030	)		(80,770,207	)		1,329,475			47,268,038
High Yield Fund
Class I		10,254,633		118,115,092		1,397,233		16,064,351		(8,965,577	)		(103,211,810	)		2,686,289			30,967,633
Class A		733,357		8,360,251		60,578		690,357		(936,672	)		(10,667,185	)		(142,737	)		(1,616,577	)
Class C		2,432		27,907		1,880		21,605		(36,689	)		(421,698	)		(32,377	)		(372,186	)
Class Z		764,046		8,798,539		222,240		2,555,063		(5,819,928	)		(67,068,084	)¹		(4,833,642	)		(55,714,482	)
Total net increase (decrease)		11,754,468		135,301,789		1,681,931		19,331,376		(15,758,866	)		(181,368,777	)		(2,322,467	)		(26,735,612	)
Year Ended June 30, 2021
Diversified Value Fund
Class I		388,515	$	9,134,799		47,787	$	945,231		(919,488	)	$	(18,376,345	)		(483,186	)	$	(8,296,315	)
Class A		309,619		7,601,562		10,034		199,372		(209,895	)		(4,296,478	)		109,758			3,504,456
Class C		4,993		113,057		395		7,851		(30,013	)		(617,450	)		(24,625	)		(496,542	)
Total net increase (decrease)		703,127		16,849,418		58,216		1,152,454		(1,159,396	)		(23,290,273	)		(398,053	)		(5,288,401	)
Large Cap Value Fund
Class I		1,630,439		58,814,186		108,040		3,746,815		(4,570,468	)		(153,030,901	)		(2,831,989	)		(90,469,900	)
Class A		547,262		17,191,830		26,192		904,152		(1,365,291	)		(46,254,599	)		(791,837	)		(28,158,617	)
Class C		30,782		1,239,736		429		14,725		(220,060	)		(6,389,890	)		(188,849	)		(5,135,429	)
Class Z		145,638		5,398,783		4,508		156,287		(109,767	)		(3,637,239	)		40,379			1,917,831
Total net increase (decrease)		2,354,121		82,644,535		139,169		4,821,979		(6,265,586	)		(209,312,629	)		(3,772,296	)		(121,846,115	)

	Sales				Reinvestment of dividends and distributions				Redemptions						Net increase (decrease)
	Shares		Amount		Shares		Amount		Shares			Amount			Shares			Amount
Year Ended June 30, 2021
Mid-Cap Value Fund
Class I		2,034,241	$	74,003,540		150,488	$	4,765,946		(4,130,991	)	$	(126,048,480	)		(1,946,262	)	$	(47,278,994	)
Class A		512,685		18,014,959		34,687		1,081,182		(961,777	)		(30,369,369	)		(414,405	)		(11,273,228	)
Class C		41,054		1,310,259		5,405		145,947		(258,433	)		(6,510,643	)		(211,974	)		(5,054,437	)
Class Z		188,321		5,245,488		13,604		430,698		(377,921	)		(11,518,930	)		(175,996	)		(5,842,744	)
Total net increase (decrease)		2,776,301		98,574,246		204,184		6,423,773		(5,729,122	)		(174,447,422	)		(2,748,637	)		(69,449,403	)
Small Cap Value Fund
Class I		2,213,459		122,660,692		24,995		1,324,472		(3,534,703	)		(185,550,995	)		(1,296,249	)		(61,565,831	)
Class A		115,015		5,964,674		2,421		127,797		(288,290	)		(15,111,244	)		(170,854	)		(9,018,773	)
Class C		4,424		205,247		121		5,147		(83,097	)		(3,308,200	)		(78,552	)		(3,097,806	)
Class Z		51,443		2,367,616		1,634		86,524		(74,867	)		(3,718,701	)		(21,790	)		(1,264,561	)
Total net increase (decrease)		2,384,341		131,198,229		29,171		1,543,940		(3,980,957	)		(207,689,140	)		(1,567,445	)		(74,946,971	)
Small Cap Diversified Value Fund
Class I		17,925,513		207,063,514		215,613		2,313,526		(5,783,195	)		(68,151,190	)		12,357,931			141,225,850
Class A		1,276,079		16,656,640		1,757		18,763		(850,723	)		(10,840,534	)		427,113			5,834,869
Class Z		82,187		796,426		632		6,779		(3,048	)		(37,947	)		79,771			765,258
Total net increase (decrease)		19,283,779		224,516,580		218,002		2,339,068		(6,636,966	)		(79,029,671	)		12,864,815			147,825,977
Global Value Fund
Class I		115,647		1,428,513		35,157		415,199		(461,494	)		(4,924,372	)		(310,690	)		(3,080,660	)
Class A		99,368		1,276,822		230		2,722		(15,454	)		(213,257	)		84,144			1,066,287
Total net increase (decrease)		215,015		2,705,335		35,387		417,921		(476,948	)		(5,137,629	)		(226,546	)		(2,014,373	)
International Value Fund
Class I		—		—		3,029		30,073		(31,047	)		(380,637	)		(28,018	)		(350,564	)
Total net increase (decrease)		—		—		3,029		30,073		(31,047	)		(380,637	)		(28,018	)		(350,564	)
International Small Cap Diversified Value Fund
Class I		439,500		4,395,000		9,711		120,245		—			—			449,211			4,515,245
Total net increase		439,500		4,395,000		9,711		120,245		—			—			449,211			4,515,245
Value Opportunities Fund
Class I		4,392,877		136,803,581		137,703		4,054,081		(11,859,433	)		(304,077,970	)		(7,328,853	)		(163,220,308	)
Class A		553,432		16,561,166		44,459		1,311,078		(1,558,031	)		(47,688,345	)		(960,140	)		(29,816,101	)
Class C		68,900		2,124,274		18,303		496,749		(589,010	)		(15,299,430	)		(501,807	)		(12,678,407	)
Class Z		482,089		11,850,275		31,409		924,361		(57,415	)		(1,889,718	)		456,083			10,884,918
Total net increase (decrease)		5,497,298		167,339,296		231,874		6,786,269		(14,063,889	)		(368,955,463	)		(8,334,717	)		(194,829,898	)
High Yield Fund
Class I		26,682,118		295,880,004		3,585,419		39,484,060		(51,926,052	)		(568,277,147	)		(21,658,515	)		(232,913,083	)
Class A		1,308,362		14,322,042		151,389		1,652,147		(2,343,278	)		(25,304,609	)		(883,527	)		(9,330,420	)
Class C		20,286		221,602		7,151		78,592		(128,763	)		(1,418,010	)		(101,326	)		(1,117,816	)
Class Z		4,297,840		47,212,468		994,609		10,912,278		(38,336,219	)		(418,337,701	)²		(33,043,770	)		(360,212,955	)
Total net increase (decrease)		32,308,606		357,636,116		4,738,568		52,127,077		(92,734,312	)		(1,013,337,467	)		(55,687,138	)		(603,574,274	)

¹ Includes an in-kind redemption which resulted in a realized gain of $909,500.

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

NOTE 6.

Investments in Affiliated Issuers. An issuer in which a Fund's holdings represent 5% or more of the outstanding voting securities of the issuer is an "affiliated" issuer as defined in the 1940 Act. A schedule of each Fund's investments in securities of affiliated issuers held during the six months ended December 31, 2021, is set forth below:

Small Cap Value Fund

Issuer Name	Value at June 30, 2021		Purchases		Sales			Net Realized Gains (Losses)			Net Change in Unrealized Appreciation/ Depreciation			Value at December 31, 2021		Dividends		Shares Held at December 31, 2021
Hudson Global, Inc.	$	3,375,577	$	—	$	(682,486	)	$	(3,932,098	)	$	6,125,726		$	4,886,719	$	—		169,560
Noranda Aluminum Holding Corp.		40,015		—		—			—			(39,935	)		80		—		800,300
	$	3,415,592	$	—	$	(682,486	)	$	(3,932,098	)	$	6,085,791		$	4,886,799	$	—

Value Opportunities Fund

Issuer Name	Value at June 30, 2021		Purchases		Sales		Net Realized Gains (Losses)		Net Change in Unrealized Appreciation/ Depreciation			Value at December 31, 2021		Dividends		Shares Held at December 31, 2021
Iracore Investments Holdings, Inc.	$	12,061,957	$	—	$	—	$	—	$	(685,726	)	$	11,376,231	$	—		32,422
	$	12,061,957	$	—	$	—	$	—	$	(685,726	)	$	11,376,231	$	—

High Yield Fund

Issuer Name	Value at June 30, 2021		Purchases		Sales			Net Realized Gains (Losses)		Net Change in Unrealized Appreciation/ Depreciation			Value at December 31, 2021		Dividends		Shares Held at December 31, 2021
American Zinc Recycling Corp.	$	33,125,311	$	—	$	(10,813,948	)	$	46	$	(2,611,574	)	$	19,699,835	$	—		116,127
Iracore Investments Holdings, Inc.		8,318,963		—		—			—		(472,935	)		7,846,028		—		22,361
Lonestar Resources US, Inc.+		5,554,537		—		(1,127,165	)		—		(4,427,372	)		—		—		—
PetroQuest Energy, Inc.		0		—		—			—		—			0		—		8,969,064
RA Parent, Inc.		12,802,524		—		—			—		564,616			13,367,140		—		291
	$	59,801,335	$	—	$	(11,941,113	)	$	46	$	(6,947,265	)	$	40,913,003	$	—

+ Issuer was not an affiliate as of December 31, 2021.

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, 2021, the Funds did not have any outstanding bridge loan commitments.

Unfunded loan commitments are contractual obligations for funding to a borrower. At December 31, 2021, the High Yield Fund had an outstanding unfunded loan commitment of $622,645.

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 United Kingdom's Financial Conduct Authority ("FCA") has announced plans to discontinue supporting LIBOR and transition away from LIBOR by the end of 2021. There is the risk that the transition away from LIBOR to alternative interest rate benchmarks is not orderly, occurs over various time periods or has unintended consequences. However, subsequent announcements by the FCA, the LIBOR administrator and other regulators indicate that it is possible that certain LIBOR tenors may continue beyond 2021 and the most widely used LIBOR tenors may continue until mid-2023. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Funds or on certain instruments in which the Funds invest are not known. Alternative reference rates, such as the Secured Overnight Financing Rate ("SOFR"), which measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities and is intended to replace U.S. dollar LIBOR, have been implemented for some instruments. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in value of certain instruments held by the Funds.

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.

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and changed consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could further adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways 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 caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty. The foregoing could impair the Funds' ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of the Funds' service providers, adversely affect the value and liquidity of the Funds' investments, and negatively impact the Funds' performance, and overall prevent the Funds from implementing their investment strategies and achieving their investment objectives.

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

NOTE 10.

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

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, 2021.

For the year ended June 30, 2021, 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 — 100.00%, Small Cap Value Fund — 100.00%, Small Cap Diversified Value Fund — 80.50%, Global Value Fund — 76.29%, International Value Fund — 2.30%, International Small Cap Diversified Value Fund — 0.00%, Value Opportunities Fund — 76.42%, High Yield Fund — 0.00%.

For the year ended June 30, 2021, 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 — 82.89%, Global Value Fund — 100.00%, International Value Fund — 100.00%, International Small Cap Diversified Value Fund — 13.88%, Value Opportunities Fund — 96.49%, High Yield Fund — 0.00%. Shareholders should consult their tax advisors.

For the year ended June 30, 2021, the International Value Fund and International Small Cap Diversified Value Fund earned foreign source income of $65,714 and $184,037, respectively, and paid foreign taxes of $4,299 and $21,129, 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, 2021, 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 — 1.14%, Small Cap Value Fund — 1.07%, Small Cap Diversified Value Fund — 0.00%, Global Value Fund — 1.06%, International Value Fund — 0.00%, International Small Cap Diversified Value Fund — 0.00%, Value Opportunities Fund — 28.93%, High Yield Fund — 91.72%.

For the year ended June 30, 2021, 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 — 0.00%, Global Value Fund — 0.00%, International Value Fund — 0.00%, International Small Cap Diversified Value Fund — 71.80%, Value Opportunities Fund — 0.00%, 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 management fees, distribution and service (12b-1) fees and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the most recent six-month period and held for the entire period (July 1, 2021 – December 31, 2021).

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

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

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

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

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

	Based on Actual Fund Returns						Based on Hypothetical 5% Yearly Returns
	Beginning Account Value 7/1/21		Ending Account Value 12/31/21		Expenses Paid During Period* 7/1/21 - 12/31/21		Beginning Account Value 7/1/21		Ending Account Value 12/31/21		Expenses Paid During Period* 7/1/21 - 12/31/21		Annualized Expense Ratio
Diversified Value Fund
Class I	$	1,000.00	$	1,043.80	$	4.12	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class A		1,000.00		1,042.50		5.41		1,000.00		1,019.91		5.35		1.05
Class C		1,000.00		1,038.70		9.25		1,000.00		1,016.13		9.15		1.80
Large Cap Value Fund
Class I		1,000.00		1,034.10		4.87		1,000.00		1,020.42		4.84		0.95
Class A		1,000.00		1,032.70		5.99		1,000.00		1,019.31		5.96		1.17
Class C		1,000.00		1,029.10		9.67		1,000.00		1,015.68		9.60		1.89
Class Z		1,000.00		1,034.70		4.26		1,000.00		1,021.02		4.23		0.83
Mid-Cap Value Fund
Class I		1,000.00		1,062.00		5.25		1,000.00		1,020.11		5.14		1.01
Class A		1,000.00		1,061.20		6.29		1,000.00		1,019.11		6.16		1.21
Class C		1,000.00		1,057.10		10.16		1,000.00		1,015.32		9.96		1.96
Class Z		1,000.00		1,062.50		4.57		1,000.00		1,020.77		4.48		0.88
Small Cap Value Fund
Class I		1,000.00		1,055.40		5.54		1,000.00		1,019.81		5.45		1.07
Class A		1,000.00		1,054.60		6.32		1,000.00		1,019.06		6.21		1.22
Class C		1,000.00		1,050.80		10.03		1,000.00		1,015.43		9.86		1.94
Class Z		1,000.00		1,056.50		4.51		1,000.00		1,020.82		4.43		0.87
Small Cap Diversified Value Fund
Class I		1,000.00		1,044.40		4.12		1,000.00		1,021.17		4.08		0.80
Class A		1,000.00		1,042.60		5.41		1,000.00		1,019.91		5.35		1.05
Class Z		1,000.00		1,044.00		3.86		1,000.00		1,021.42		3.82		0.75
Global Value Fund
Class I		1,000.00		1,043.90		4.89		1,000.00		1,020.42		4.84		0.95
Class A		1,000.00		1,042.90		6.18		1,000.00		1,019.16		6.11		1.20

Fund Expense Examples (Unaudited)

	Based on Actual Fund Returns						Based on Hypothetical 5% Yearly Returns
	Beginning Account Value 7/1/21		Ending Account Value 12/31/21		Expenses Paid During Period* 7/1/21 - 12/31/21		Beginning Account Value 7/1/21		Ending Account Value 12/31/21		Expenses Paid During Period* 7/1/21 - 12/31/21		Annualized Expense Ratio
International Value Fund
Class I	$	1,000.00	$	1,021.20	$	4.84	$	1,000.00	$	1,020.42	$	4.84		0.95
International Small Cap Diversified Value Fund
Class I		1,000.00		1,010.50		5.02		1,000.00		1,020.21		5.04		0.99
Value Opportunities Fund
Class I		1,000.00		1,069.40		4.90		1,000.00		1,020.47		4.79		0.94
Class A		1,000.00		1,068.30		6.26		1,000.00		1,019.16		6.11		1.20
Class C		1,000.00		1,064.40		9.89		1,000.00		1,015.63		9.65		1.90
Class Z		1,000.00		1,069.90		4.49		1,000.00		1,020.87		4.38		0.86
High Yield Fund
Class I		1,000.00		1,017.40		3.56		1,000.00		1,021.68		3.57		0.70
Class A		1,000.00		1,016.10		4.73		1,000.00		1,020.52		4.74		0.93
Class C		1,000.00		1,012.20		8.62		1,000.00		1,016.64		8.64		1.70
Class Z		1,000.00		1,017.80		3.05		1,000.00		1,022.18		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
601 South Figueroa Street, 39th Floor
Los Angeles, California 90017

LEGAL COUNSEL

Vedder Price P.C.
222 North LaSalle Street, Suite 2600
Chicago, Illinois 60601

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

DISTRIBUTOR

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

ADMINISTRATOR AND TRANSFER AGENT

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

CUSTODIAN

Brown Brothers Harriman & Co.
50 Post Office Square
Boston, Massachusetts 02110

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

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

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

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

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

CODE #HWF-SAR-1221-0222

DECEMBER 31, 2021

SEMI-ANNUAL REPORT

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

(a)

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

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

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.

Item 11. Controls and Procedures.

(a)

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

(b)

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)

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

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

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

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

Hotchkis & Wiley Funds

By (Signature and Title)

/s/ Anna Marie Lopez

Anna Marie Lopez, President/Principal Executive Officer

Date

2/24/2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Anna Marie Lopez

Anna Marie Lopez, President/Principal Executive Officer

Date

2/24/2022

By (Signature and Title)

/s/ James Menvielle

James Menvielle, Treasurer/Principal Financial Officer

Date

2/24/2022

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