Hotchkis and Wiley Funds: Information

Equity Fund Information

DIVERSIFIED VALUE (formerly Core Value)

Class	Symbol	Cusip	Service 12b-1 Fee	Total Expense Ratio*
A	HWCAX	44134R750	0.25%	1.20%
C	HWCCX	44134R743	1.00%	1.95%
I	HWCIX	44134R768	none	0.95%

LARGE CAP VALUE

Class	Symbol	Cusip	Service 12b-1 Fee	Total Expense Ratio*
A	HWLAX	44134R107	0.25%	1.30%
C	HWLCX	44134R701	1.00%	2.05%
R	HWLRX	44134R784	0.50%	1.55%
I	HWLIX	44134R503	none	1.05%

MID-CAP VALUE

Class	Symbol	Cusip	Service 12b-1 Fee	Total Expense Ratio*
A	HWMAX	44134R206	0.25%	1.35%
C	HWMCX	44134R875	1.00%	2.10%
R	HWMRX	44134R776	0.50%	1.60%
I	HWMIX	44134R800	none	1.10%

SMALL CAP VALUE

Class	Symbol	Cusip	Service 12b-1 Fee	Total Expense Ratio*
A	HWSAX	44134R305	0.25%	1.39%
C	HWSCX	44134R842	1.00%	2.14%
I	HWSIX	44134R867	none	1.14%

VALUE OPPORTUNITIES (formerly All Cap Value)

Class	Symbol	Cusip	Service 12b-1 Fee	Total Expense Ratio*
A	HWAAX	44134R792	0.25%	1.40%
C	HWACX	44134R826	1.00%	2.15%
I	HWAIX	44134R834	none	1.15%

Minimums for Class A, C
$2,500 minimum initial investment
$1,000 IRA minimum initial investment

Minimums for Class I
$1,000,000 minimum initial investment

As of 6/30/10. * Net of reimbursement

The Advisor has contractually agreed to waive management fees and/or reimburse expenses through October 31, 2011 to certain limits.

Service 12b-1 fees are fees used to compensate selected securities dealers or other financial intermediaries for account maintenance and distribution activities.

You should consider the Hotchkis and Wiley Funds’ investment objectives, risks, and charges and expenses carefully before you invest. This and other important information is contained in the Funds’ summary prospectus and prospectus, which can be obtained by calling 1.800.796.5606. You may also print this information from the Download Center under "Fund Literature". Read carefully before you invest.

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