Strategy. The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in a diversified portfolio of high yield securities, rated below investment grade ( i.e. , rated below Baa by Moodys Investors Service, Inc. (Moodys), or equivalently rated by Standard & Poors (S&P) or Fitch Ratings (Fitch), or, if unrated, determined by Hotchkis & Wiley Capital Management, LLC (the Advisor) to be of comparable quality) (junk bonds). The Fund may also use futures, swaps and other derivatives (a financial contract with a value that depends on, or is derived from, the value of an underlying asset, reference rate or index) as a substitute for taking a position in the underlying asset, as part of a … Show more… The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in a diversified portfolio of high yield securities, rated below investment grade ( i.e. , rated below Baa by Moodys Investors Service, Inc. (Moodys), or equivalently rated by Standard & Poors (S&P) or Fitch Ratings (Fitch), or, if unrated, determined by Hotchkis & Wiley Capital Management, LLC (the Advisor) to be of comparable quality) (junk bonds). The Fund may also use futures, swaps and other derivatives (a financial contract with a value that depends on, or is derived from, the value of an underlying asset, reference rate or index) as a substitute for taking a position in the underlying asset, as part of a strategy designed to reduce exposure to other risks and/or to manage cash. For purposes of the 80% test, derivatives will be valued at market value rather than notional value. The Fund may invest in mortgage- or asset-backed securities. The Fund may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A (Rule 144A Securities) and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration with U.S. Securities and Exchange Commission pursuant to Regulation S (Regulation S Securities) under the 1933 Act. The Fund may not invest more than 10% of its total assets in fixed income securities rated Caa or below by Moodys, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Advisor to be of comparable quality. The Fund may also invest in investment grade fixed income instruments. The average portfolio duration of the Fund normally will vary within two years (plus or minus) of the duration of the ICE BofA BB-B U.S. High Yield Constrained Index, which as of June 30, 2025 was 3.03 years. Duration measures the price sensitivity of a bond to changes in interest rates, calculated by the dollar weighted average time to maturity of a bond utilizing the present value of all future cash flows. For example, the share price of a fund with a duration of three years would be expected to fall approximately 3% if interest rates rose by one percentage point. The Fund may invest up to 20% of its total assets in securities denominated in foreign currencies and may invest without limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries. The Advisor attempts to identify areas of the bond market that are undervalued relative to the rest of the market. In selecting securities for the Fund, the Advisor develops an outlook for credit markets, interest rates, currency exchange rates and the economy, analyzes individual credit and call risks, and uses other security selection techniques. The proportion of the Funds assets committed to investment in securities with particular characteristics (such as quality, sector, interest rate or maturity) varies based on the Advisors outlook for the U.S. economy and the economies of other countries in the world, the financial markets and other factors. As part of the Advisor's investment process, the investment team evaluates the general and industry-specific Environmental, Social, and Governance (ESG) factors that the Advisor believes to be the most financially material to a company's short-, medium-, and long-term enterprise value. The Advisor believes this evaluation contributes to its overall analysis of a companys value creation for shareholders and future financial performance. Show less