Q1 2024 Mid-Cap Value Update - HOTCHKIS & WILEY

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The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Investment return and principal value of the fund will fluctuate, and shares may be worth more or less than their original cost when redeemed. To obtain performance data current to the most recent month-end, access our website at www.hwcm.com.

Hotchkis & Wiley Mid-Cap Value Fund standardized performance - from the dropdown menu, select month-end or quarter-end standardized fund performance

You should consider the Hotchkis & Wiley Mid-Cap Value Fund’s investment objectives, risks, and charges and expenses carefully before you invest. This and other important information is contained in the Fund's summary prospectus and prospectus, which can be obtained by calling 800-796-5606. Read carefully before you invest.

Investing in small and medium-sized companies involves greater risks than those associated with investing in large company stocks. Please read the fund prospectus for a full list of fund risks. All investments contain risk and may lose value. Equities, bonds, and other asset classes have different risk profiles, which should be considered when investing.

This material is for general information purposes and should not be used as the sole basis to make any investment decision. Views expressed are not intended to be relied upon as research regarding a particular industry, investment or the markets in general, nor is it intended to predict performance of any investment or serve as a recommendation to buy or sell securities. Hotchkis & Wiley (“H&W”) is not responsible for any damages or losses arising from any use of this information.

The portfolio manager’s views and opinions expressed are as of May 1, 2024. Such views are subject to change without notice and may differ from others in the firm, or the firm as a whole. The portfolio manager’s comments may include estimated and/or forecasted views, which are believed to be based on reasonable assumptions within the bounds of current and historical information. However, there is no guarantee that any estimates, forecasts or views will be realized. In the event of new information or changed circumstances, H&W reserves the right to change its investment perspective and outlook and has no obligation to provide revised assessments and/or opinions.

Information obtained from independent sources is considered reliable, but H&W cannot guarantee its accuracy or completeness. Certain information contained in this material represents or is based upon forward-looking statements. Due to various risks and uncertainties, actual events/results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained herein may be relied upon as a guarantee, promise, assurance or a representation as to the future.

The Russell Midcap® Value Index measures the performance of those Russell Midcap® companies with lower price-to-book value ratios and lower forecasted growth values. The index does not reflect the payment of transaction costs, fees and expenses associated with an investment in the Fund. It is not possible to invest directly in an index. Top ten holdings as of 6/30/24 as a % of the Fund’s net assets‌: ‌Kosmos Energy Ltd. 4.9%, APA Corp. 4.8%, Popular Inc. 4.4%, Ericsson 4.4%, Citizens Fin'l Group Inc. 4.2%, Fluor Corp. 3.6%, F5 Inc. 3.3%, Adient PLC 2.7%, State Street Corp. 2.7%, and CNO Financial Group Inc. 2.4%. Fund holdings and/or sector allocations are subject to change and are not recommendations to buy or sell any security.

Free cash flow represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets; Free cash flow yield is the ratio between the cash generated from the core operations of a company relative to its valuation; Dividend yield measures the amount of dividends relative to the market value per share; Downside capture ratio measures the performance of an investment during downward market trends with respect to its benchmark index; Beta is a measure of the volatility of a security or portfolio compared to the market as a whole; Modern Portfolio Theory (MPT) is a technique for developing the optimal mix of assets in a portfolio for a given amount of risk; Diversification does not assure a profit nor protect against loss in a declining market.

Past performance is not indicative of future performance.

Mutual fund investing involves risk. Principal loss is possible.
The Hotchkis & Wiley Funds are distributed by Quasar Distributors, LLC