Hotchkis and Wiley Value Opportunities Fund
          (formerly Hotchkis and Wiley All Cap Value Fund)

The Hotchkis and Wiley Value Opportunities Fund seeks capital appreciation using a disciplined, value-oriented investment process to construct a concentrated portfolio of securities representing what we believe to possess attractive risk reward characteristics. Through our independent research, we own investments 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 companies, regardless of market capitalization, that offer the best combination of value and potential for price appreciation. The Fund may also own preferred stock, fixed income securities or other investments that we feel offer unique opportunities in the marketplace.

Constructs a highly concentrated portfolio
Exploits market inefficiencies caused by investor behavior
Invests across the market spectrum without regard to benchmark
Portfolio Management Team

GEORGE H. DAVIS, Jr.
CEO and Portfolio Manager

DAVID GREEN, CFA
Portfolio Manager

  
     

Mr. Davis and Mr. Green coordinate the day-to-day management of the Value Opportunities Fund portfolio. They also represent the Value Opportunities 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.


Investing in non-diversified funds and/or smaller and/or medium-sized companies involves greater risks than those associated with investing in diversified funds and/or large company stocks, such as business risk, significant stock price fluctuations, sector concentration and illiquidity.

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