Performance « Hotchkis & Wiley

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COMPOSITE	QUARTER	YTD	1 YEAR	3 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE	GIPS COMPLIANT PRESENTATION
VALUE EQUITY
Large Cap Diversified Value								04/01/2000	Performance PDF
Gross of Fees	12.12	-4.96	-4.96	16.55	-4.88	4.73	5.50
Net of Fees	12.06	-5.18	-5.18	16.25	-5.18	4.45	5.22
S&P 500	11.82	2.11	2.11	14.11	-0.25	2.92	0.35
Russell 1000 Value	13.11	0.39	0.39	11.55	-2.64	3.89	3.35
Large Cap Fundamental Value								07/01/1980	Performance PDF
Gross of Fees	12.43	-2.81	-2.81	16.97	-4.72	4.57	12.72
Net of Fees	12.31	-3.26	-3.26	16.41	-5.21	4.11	12.24
S&P 500	11.82	2.11	2.11	14.11	-0.25	2.92	10.91
Russell 1000 Value	13.11	0.39	0.39	11.55	-2.64	3.89	11.44
Mid-Cap Value								01/01/1997	Performance PDF
Gross of Fees	20.26	-7.52	-7.52	25.41	-0.80	8.72	12.22
Net of Fees	20.07	-8.17	-8.17	24.57	-1.49	7.97	11.34
Russell Midcap	12.31	-1.55	-1.55	20.17	1.41	6.99	8.44
Russell Midcap Value	13.37	-1.38	-1.38	18.19	0.04	7.67	8.92
Small Cap Value								10/01/1985	Performance PDF
Gross of Fees	15.03	-10.12	-10.12	28.56	-0.20	9.28	11.82
Net of Fees	14.85	-10.75	-10.75	27.74	-0.87	8.55	10.96
Russell 2000	15.47	-4.18	-4.18	15.63	0.15	5.62	9.09
Russell 2000 Value	15.97	-5.50	-5.50	12.36	-1.87	6.40	10.61
Value Opportunities								11/01/2002	Performance PDF
Gross of Fees	12.28	-6.01	-6.01	29.07	2.83	--	12.08
Net of Fees	12.08	-6.72	-6.72	28.12	2.05	--	11.24
S&P 500	11.82	2.11	2.11	14.11	-0.25	--	6.00
Russell 3000	12.12	1.03	1.03	14.88	-0.01	--	6.63
Russell 3000 Value	13.33	-0.10	-0.10	11.62	-2.58	--	6.56

INCOME
Capital Income								10/01/2010	Performance PDF
Gross of Fees	10.22	6.87	6.87	--	--	--	11.14
Net of Fees	10.05	6.18	6.18	--	--	--	10.42
S&P 500	11.82	2.11	2.11	--	--	--	10.35
BofA Merrill Lynch US Corp. Govt. & Mtg.	1.07	7.88	7.88	--	--	--	5.04
High Yield								05/01/2009	Performance PDF
Gross of Fees	6.29	3.14	3.14	--	--	--	18.02
Net of Fees	6.17	2.68	2.68	--	--	--	17.43
BofA Merrill Lynch US High Yield BB-B (Constrained 2%)	5.88	5.40	5.40	--	--	--	16.91

COMPOSITE	QUARTER	YTD	1 YEAR	3 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE	GIPS COMPLIANT PRESENTATION
VALUE EQUITY
Large Cap Diversified Value								04/01/2000	Performance PDF
Gross of Fees	-18.46	-15.23	-5.83	3.00	-5.53	4.66	4.58
Net of Fees	-18.52	-15.38	-6.05	2.72	-5.84	4.37	4.30
S&P 500 Index	-13.87	-8.68	1.14	1.23	-1.18	2.82	-0.62
Russell 1000 Value Index	-16.20	-11.24	-1.89	-1.53	-3.53	3.35	2.33
Large Cap Fundamental Value								07/01/1980	Performance PDF
Gross of Fees	-17.06	-13.56	-4.19	2.64	-5.43	4.37	12.41
Net of Fees	-17.17	-13.87	-4.63	2.13	-5.92	3.90	11.93
S&P 500 Index	-13.87	-8.68	1.14	1.23	-1.18	2.82	10.61
Russell 1000 Value Index	-16.20	-11.24	-1.89	-1.53	-3.53	3.35	11.10
Mid-Cap Value								01/01/1997	Performance PDF
Gross of Fees	-26.53	-23.10	-9.97	7.58	-2.88	8.51	11.04
Net of Fees	-26.68	-23.52	-10.59	6.85	-3.56	7.75	10.17
Russell Midcap Index	-18.89	-12.34	-0.88	3.97	0.56	7.45	7.74
Russell Midcap Value Index	-18.46	-13.01	-2.36	1.98	-0.84	7.54	8.15
Small Cap Value								10/01/1985	Performance PDF
Gross of Fees	-25.61	-21.86	-4.02	5.29	-1.48	10.01	11.34
Net of Fees	-25.77	-22.29	-4.68	4.61	-2.15	9.28	10.48
Russell 2000 Index	-21.87	-17.02	-3.53	-0.37	-1.02	6.12	8.58
Russell 2000 Value Index	-21.47	-18.51	-5.99	-2.78	-3.08	6.47	10.09
Value Opportunities								11/01/2002	Performance PDF
Gross of Fees	-23.11	-16.29	2.31	14.23	2.03	--	10.99
Net of Fees	-23.27	-16.77	1.55	13.38	1.24	--	10.16
S&P 500 Index	-13.87	-8.68	1.14	1.23	-1.18	--	4.85
Russell 3000 Index	-15.28	-9.90	0.55	1.45	-0.92	--	5.46
Russell 3000 Value Index	-16.63	-11.85	-2.22	-1.62	-3.50	--	5.27

INCOME
Capital Income								10/01/2010	Performance PDF
Gross of Fees	-8.81	-3.05	3.53	--	--	--	3.53
Net of Fees	-8.96	-3.52	2.86	--	--	--	2.86
S&P 500 Index	-13.87	-8.68	1.14	--	--	--	1.14
BofA Merrill Lynch US Corp. Govt. & Mtg.	3.90	6.74	5.22	--	--	--	5.22
High Yield								05/01/2009	Performance PDF
Gross of Fees	-8.03	-2.96	2.18	--	--	--	17.07
Net of Fees	-8.14	-3.30	1.71	--	--	--	16.47
BofA Merrill Lynch US High Yield BB-B (Constrained 2%) Index	-5.03	-0.46	1.93	--	--	--	16.04

COMPOSITE	QUARTER	YTD	1 YEAR	3 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE	GIPS COMPLIANT PRESENTATION
VALUE EQUITY
Large Cap Diversified Value								04/01/2000	Performance PDF
Gross of Fees	-0.99	3.96	28.62	5.48	-0.24	5.78	6.60
Net of Fees	-1.04	3.85	28.33	5.18	-0.57	5.49	6.32
S&P 500 Index	0.10	6.02	30.69	3.34	2.94	2.72	0.70
Russell 1000 Value Index	-0.51	5.92	28.94	2.28	1.15	3.98	4.00
Large Cap Fundamental Value								07/01/1980	Performance PDF
Gross of Fees	-1.36	4.22	28.82	4.95	-0.81	5.31	13.19
Net of Fees	-1.47	3.99	28.25	4.43	-1.32	4.85	12.72
S&P 500 Index	0.10	6.02	30.69	3.34	2.94	2.72	11.23
Russell 1000 Value Index	-0.51	5.92	28.94	2.28	1.15	3.98	11.83
Mid-Cap Value								01/01/1997	Performance PDF
Gross of Fees	-2.61	4.66	39.05	14.83	4.42	10.47	13.63
Net of Fees	-2.78	4.31	38.14	14.05	3.70	9.69	12.74
Russell Midcap Index	0.42	8.08	38.47	6.46	5.30	7.59	9.45
Russell Midcap Value Index	-0.69	6.69	34.28	6.35	4.01	8.42	9.83
Small Cap Value								10/01/1985	Performance PDF
Gross of Fees	-2.50	5.04	42.30	13.50	3.99	12.05	12.74
Net of Fees	-2.65	4.70	41.40	12.77	3.29	11.31	11.88
Russell 2000 Index	-1.61	6.21	37.41	7.77	4.08	6.27	9.71
Russell 2000 Value Index	-2.65	3.77	31.35	7.09	2.24	7.53	11.23
Value Opportunities								11/01/2002	Performance PDF
Gross of Fees	0.87	8.88	44.42	19.04	8.19	--	14.75
Net of Fees	0.68	8.48	43.37	18.15	7.37	--	13.90
S&P 500 Index	0.10	6.02	30.69	3.34	2.94	--	6.82
Russell 3000 Index	-0.03	6.35	32.37	4.00	3.35	--	7.66
Russell 3000 Value Index	-0.68	5.74	29.13	2.66	1.23	--	7.66

INCOME
Capital Income								10/01/2010	Performance PDF
Gross of Fees	1.66	6.32	--	--	--	--	13.52
Net of Fees	1.49	5.98	--	--	--	--	12.98
S&P 500	0.10	6.02	--	--	--	--	17.43
BofA Merrill Lynch U.S. Corporate, Government & Mortgage Index	2.33	2.73	--	--	--	--	1.27
High Yield								05/01/2009	Performance PDF
Gross of Fees	1.31	5.51	20.06	--	--	--	23.91
Net of Fees	1.18	5.25	19.48	--	--	--	23.27
BofA Merrill Lynch US High Yield BB-B (Constrained 2%) Index	1.13	4.81	14.56	--	--	--	20.90

COMPOSITE	QUARTER	YTD	1 YEAR	3 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE	GIPS COMPLIANT PRESENTATION
VALUE EQUITY
Large Cap Diversified Value								04/01/2000	Performance PDF
Gross of Fees	5.00	5.00	14.82	2.47	-0.56	6.72	6.85
Net of Fees	4.96	4.96	14.56	2.17	-0.89	6.43	6.57
S&P 500 Index	5.92	5.92	15.65	2.35	2.62	3.29	0.71
Russell 1000 Value Index	6.46	6.46	15.15	0.60	1.38	4.53	4.14
Large Cap Fundamental Value								07/01/1980	Performance PDF
Gross of Fees	5.66	5.66	15.04	1.86	-1.24	6.43	13.36
Net of Fees	5.55	5.55	14.51	1.35	-1.75	5.96	12.88
S&P 500 Index	5.92	5.92	15.65	2.35	2.62	3.29	11.33
Russell 1000 Value Index	6.46	6.46	15.15	0.60	1.38	4.53	11.95
Mid-Cap Value								01/01/1997	Performance PDF
Gross of Fees	7.47	7.47	25.53	13.93	4.06	11.85	14.10
Net of Fees	7.30	7.30	24.72	13.16	3.34	11.06	13.20
Russell Midcap Index	7.63	7.63	24.27	7.25	4.67	8.52	9.59
Russell Midcap Value Index	7.42	7.42	22.26	6.61	4.04	9.24	10.07
Small Cap Value								10/01/1985	Performance PDF
Gross of Fees	7.72	7.72	33.60	14.18	2.74	13.99	12.99
Net of Fees	7.56	7.56	32.77	13.45	2.05	13.24	12.12
Russell 2000 Index	7.94	7.94	25.79	8.57	3.35	7.87	9.88
Russell 2000 Value Index	6.60	6.60	20.63	6.76	2.23	9.01	11.46
Value Opportunities								11/01/2002	Performance PDF
Gross of Fees	7.95	7.95	28.70	17.43	6.10	--	15.11
Net of Fees	7.76	7.76	27.76	16.55	5.29	--	14.25
S&P 500 Index	5.92	5.92	15.65	2.35	2.62	--	7.02
Russell 3000 Index	6.38	6.38	17.41	3.42	2.95	--	7.90
Russell 3000 Value Index	6.47	6.47	15.60	1.09	1.43	--	7.98

INCOME
Capital Income								10/01/2010	Performance PDF
Gross of Fees	4.59	4.59	--	--	--	--	11.68
Net of Fees	4.42	4.42	--	--	--	--	11.32
S&P 500	5.92	5.92	--	--	--	--	17.31
BofA Merrill Lynch U.S. Corporate, Government & Mortgage Index	0.39	0.39	--	--	--	--	-1.04
High Yield								05/01/2009	Performance PDF
Gross of Fees	4.14	4.14	17.60	--	--	--	26.56
Net of Fees	4.02	4.02	17.03	--	--	--	25.91
BofA Merrill Lynch US High Yield BB-B (Constrained 2%) Index	3.64	3.64	13.63	--	--	--	23.20

Performance quoted represents past performance and does not guarantee future results.

Index definitions

Performance (%)