Mid-Cap Value Fund

You should consider the Hotchkis & Wiley Mid-Cap Value 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.

Mutual fund investing involves risk. Principal loss is possible.  Investing in small and medium-sized companies involves greater risks than those associated with investing in large company stocks. Please read the fund prospectus for a full list of fund risks.

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The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth). A darkened square in the style box indicates the weighted average style of the portfolio.

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