Hotchkis and Wiley Large Cap Value Fund

The Hotchkis and Wiley Large Cap Value Fund seeks current income and long-term growth of income, as well as capital appreciation using a disciplined, value investment process. Through our consistent process and independent research, we identify large cap companies that we believe are undervalued relative to their tangible assets, have sustainable cash flow and potential for improving business performance. The Fund seeks to own large, financially strong companies that offer the best combination of value and potential for price appreciation. The Fund typically holds 40-60 securities and generally invests in companies with a market capitalization greater than $1 billion.

Emphasizes rigorous in-house fundamental research to identify undervalued large cap companies
Employs a disciplined and repeatable investment process
Incorporates multiple perspectives to enhance understanding of risks
Portfolio Management Team

GEORGE H. DAVIS, Jr.
CEO and Portfolio Manager

SHELDON LIEBERMAN
Portfolio Manager

SCOTT MCBRIDE, CFA
Portfolio Manager
     

PATTY MCKENNA, CFA
Portfolio Manager

JUDD PETERS, CFA
Portfolio Manager

  
     

Mr. Davis, Mr. McBride and Mr. Peters coordinate the day-to-day management of the Large Cap Value Fund portfolio. Mr. Lieberman and Ms. McKenna participate in the investment research review and decision-making process and represent the Large Cap Value Fund to current and prospective shareholders.

Investment ideas for each Fund are generated by the investment team. The above list does not include all members of the investment team.

Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.

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