Opportunities Fund

As of 7/1/26, the Value Opportunities Fund’s name changed to Opportunities Fund. There were no changes to the objectives, strategy, or fees of the Fund.

The Opportunities Fund offers both mutual fund share classes and an ETF share class, invested in the same portfolio of securities. ETF shares are listed and traded on a national securities exchange and are not individually redeemable, unlike mutual fund shares. An investment in an ETF share class is not an investment in a mutual fund share class.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. The Advisor has contractually agreed to waive advisory fees and/or reimburse expenses through August 29, 2027.

Performance shown for the Since Inception period and prior to the inception of the ETF Share Class is based on the performance of the Fund’s I shares, a mutual fund share class. The ETF commenced July 22, 2026. For the period from inception date to commencement of the ETF, the NAV for the I shares is used as a proxy for the market price to calculate returns.

You should consider the Hotchkis & Wiley Opportunities 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 800-796-5606. Read carefully before you invest.

Investing involves risk. Principal loss is possible. The Fund is non-diversified and may invest in foreign securities, junk bonds, derivatives, or small/mid cap companies.  Please read the fund prospectus for a full list of fund risks.

Diversification does not assure a profit nor protect against loss in a declining market.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value (NAV), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF’s ability to sell its shares. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

The Growth of $10,000 Since Fund Inception chart reflects a hypothetical $10,000 investment in the class of shares noted. Assumes reinvestment of dividends and capital gains. Performance for other share classes will vary.