Performance (%)

Gross expense ratios:  Diversified Value Fund:  1.06% - I Shares, 1.31% - A Shares, 2.06% - C Shares; Large Cap Value Fund:  1.05% - I Shares, 1.30% - A Shares, 2.05% - C Shares, 1.55% - R Shares; Mid-Cap Value Fund:  1.10% - I Shares, 1.35% - A Shares, 2.10% - C Shares, 1.60% - R Shares; Small Cap Value Fund:  1.09% - I Shares; 1.34% - A Shares; 2.09% - C Shares; Value Opportunities Fund:  1.12% - I Shares, 1.37% - A Shares, 2.12% - C Shares; Capital Income Fund:  2.81% - I Shares, 3.06%  A Shares; High Yield Fund:  0.76% - I Shares, 1.01% - A Shares, 1.76% - C Shares.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.  The Advisor has contractually agreed to fee waivers to limit Fund net expenses through October 31, 2013.

Mutual fund investing involves risk. Principal loss is possible.  Diversification does not assure a profit nor protect against loss in a declining market.

Hotchkis & Wiley Diversified Value Fund
The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.

Hotchkis & Wiley Large Cap Value Fund
The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.

Hotchkis & Wiley Mid-Cap Value Fund
Investing in medium-sized companies involves greater risks than those associated with investing in large company stocks, such as business risk, significant stock price fluctuations and illiquidity. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.

Hotchkis & Wiley Small Cap Value Fund
Investing in smaller and/or newer companies involves greater risks than those associated with investing in larger companies, such as business risk, significant stock price fluctuations and illiquidity. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.

Hotchkis & Wiley Value Opportunities Fund
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. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. 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.

Hotchkis & Wiley Capital Income Fund
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. The Fund may invest in foreign as well as emerging markets which involve greater volatility and political, economic and currency risks and differences in accounting methods.

Hotchkis & Wiley High Yield Fund
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. The Fund may invest in foreign as well as emerging markets which involve greater volatility and political, economic and currency risks and differences in accounting methods.

Index definitions

The Hotchkis & Wiley Funds are distributed by Quasar Distributors, LLC