Fund Characteristics
| SMALL CAP VALUE FUND Period ended June 30, 2010 |
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| Subject to change and may not be representative of the Fund’s current holdings. Holdings should not be considered recommendations to purchase or sell any security. Information is for illustrative purposes only and may not be identical to the official books and records of the Fund. Securities lending collateral (if any) are not included in the portfolio holdings or characteristics information. All share classes have the same portfolio but different expenses. *% of Total Portfolio includes total investments, cash, and accrued investment income on a trade date basis. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Definitions
†Weighted Harmonic Average (ratio of aggregate portfolio capitalization to aggregate portfolio earnings)
Projected price-to-earnings ratio is the projected P/E ratios of the companies invested in the portfolio, which ratios represent current market price per share divided by a company’s estimated future earnings-per-share. Projected earnings are consensus analyst forecasts; actual P/E ratios may differ from projected P/E ratios. The projected P/E ratios of the portfolio and indices may not have any relation to the performance of the portfolio. Sources: Firstcall, IDC
Price-to-normal earnings ratio is the current price divided by estimates of EPS in a normal environment. Sources: Compustat, IDC
Price-to-book ratio is the price of a stock divided by its book value. Sources: Compustat, IDC
Price-to-sales ratio is the aggregate portfolio capitalization to aggregate portfolio historical sales of all stocks in the fund's portfolio as of that date. Sources: Compustat, IDC
Projected earnings-per-share (EPS) growth rate is the projected earnings-per-share growth rate of the companies invested in by the Fund. Projected EPS growth rates are consensus analyst forecasts; actual EPS growth rate may differ from projected EPS growth rate. Sources: Compustat, IDC
Market capitalization of a company is calculated by multiplying the number of outstanding shares by the current market price of a share. Weighted average market capitalization is the weighted average of the market capitalizations of the companies constituting the relevant portfolio. Sources: Compustat, IDC
Median market capitalization is the capitalization of the median stock in the portfolio. Sources: FactSet
3-year annualized standard deviation: Statistical measure of the degree to which a fund's quarterly return varies from the fund's mean return over a specified time period. Source: Wilshire Compass InSite™
3-year annualized beta versus Russell 2000 Index: Coefficient measuring a fund's relative volatility, or market-related risk. The market beta is 1.00. Any fund with a beta higher than 1.00 is more volatile than the overall market while a fund with a beta lower than 1.00 is less volatile. Source: Wilshire Compass InSite™
3-year annualized alpha versus Russell 2000 Index: Coefficient measuring the portion of an investment's return arising from specific (non-market) risk. Alpha is the mathematical measure of the Fund's risk-adjusted return above and beyond the return of the market for any specified time period. Source: Wilshire Compass InSite™
3-year annualized R-Squared versus Russell 2000 Index: Proportion of a Fund’s total variance that is market-related or is explained by variations in the market with a range limit of 0.0 to 1.0. An R-Squared of 1.0 indicates perfect diversification as defined by the benchmark and zero non-market risk. An R-Squared of 0.0 indicates no diversification with a very high but unspecified non-market risk. Source: Wilshire Compass InSite™
The Russell 2000 Index, an unmanaged index, is comprised of the 2,000 smallest companies in the Russell 3000 Index. The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The indexes do not reflect the payment of transaction costs, fees and expenses associated with an investment in the Fund. The Fund’s value disciplines may prevent or restrict investment in major stocks in the benchmark indices. It is not possible to invest directly in an index. The Fund’s returns may not correlate with the returns of their benchmark indexes.
You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. The Fund's prospectus, which can be obtained by calling 1.800.796.5606, contains this and other information about the Fund. Read the prospectus carefully before you invest. You may also print the current prospectus from this website under "Download Center".
The Hotchkis and Wiley Funds are available only to residents in the United States and its territories
NOT FDIC INSURED • NO BANK GUARANTEE •
MAY LOSE VALUE
The Hotchkis and Wiley Funds are distributed by Quasar Distributors, LLC