Hotchkis and Wiley Funds: Main

Hotchkis and Wiley High Yield Fund
Named one of the “Best New Mutual Funds of 2009” according to Morningstar’s Fund Spy column - November 2009

The High Yield Fund seeks high current income combined with the opportunity for capital appreciation to maximize total return. Our approach attempts to reduce our exposure to the damaging effects of high defaults and low recoveries.

	Total Return strategy seeks to emphasize higher quality and lower volatility
	Unique synergy combining equity and credit research with a focus on asset coverage
	Experienced Investment Team averaging 16 years of industry experience


Portfolio Management Team

MARK T. HUDOFF Portfolio Manager	RAYMOND G. KENNEDY, CFA Portfolio Manager

Mr. Hudoff and Mr. Kennedy coordinate the day-to-day management of the High Yield Fund portfolio. They also represent the High Yield Fund to current and prospective shareholders.

Investment ideas for the Fund are generated by the entire 26-person investment team.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may invest in derivative securities, 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 on the characteristics of the particular derivative, it could become illiquid. Investment in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.

You should consider the 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 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

Hotchkis and Wiley
High Yield Fund