Hotchkis & Wiley Mid-Cap Value A (Hotchkis and Wiley Mid-Cap Valu) Fonds

The fund normally invests at least 80% of its net assets plus borrowings for investment purposes in equity securities of mid-capitalization companies. Hotchkis & Wiley Capital Management, LLC (the "Advisor") currently considers mid-cap companies to be those with market capitalizations like those found in the Russell Midcap® Index.