(PUB) Investing 2016

23

September 2016

Morningstar FundInvestor

Data through August 31, 2016 FINRA members: For internal or institutional use only. Hotchkis & Wiley Value Opps A

Ticker HWAAX

Yield 1.5%

Total Assets $466 mil

Mstar Category Large Value

Benchmark 1: Russell 1000 Value TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 08-01-16 ´

Investment Style Equity

Historical Profile Return Risk Rating Above Avg High QQQ Neutral

2 2 2 2 1 1 1 1

15.0 20.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

10.0

∞ Positive ∞ Positive ∞ Positive ∞ Positive § Negative

Performance

5.0

People Parent

Performance Quartile (within Category)

) ) ) & & ) & * * * ) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 08-16 19.91 15.73 9.02 14.67 19.54 17.62 21.49 27.63 27.77 22.87 24.21 8.26 -11.52 -42.24 65.48 34.54 -7.33 29.26 37.42 9.80 -3.58 5.86 -13.99 -11.35 -5.39 45.79 19.03 -7.72 11.75 4.89 -3.66 0.24 -4.37 -7.53 -17.02 -5.24 39.01 19.47 -9.45 13.25 5.03 -3.89 -4.97 -1.96 0.05 0.12 0.41 2.81 1.28 0.43 1.85 0.83 1.29 1.51 0.00 8.21 -11.64 -42.65 62.67 33.25 -7.76 27.41 36.59 8.50 -5.10 5.86 0.01 0.02 0.06 0.25 0.19 0.08 0.33 0.18 0.36 0.42 0.00 1.70 1.89 0.00 0.00 0.00 0.39 0.94 1.61 2.09 3.44 0.00 1.22 1.23 1.31 1.44 1.40 1.36 1.35 1.28 1.20 1.21 1.25 0.83 -0.14 0.36 1.60 0.87 0.58 1.45 1.22 1.24 1.19 2.55 99 96 84 2 1 83 3 28 48 48 79

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 08-31-16 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

19.01 -2.43 5.23 5.78 29.26 13.59 4.38 3.96 11.48 37.42 3.08 4.92 -1.04 2.59 9.80 1.12 3.70 -8.79 0.81 -3.58

73 72

53 33

119

210

166

137

123

98

45

101 172

62

10

18

21

25

49

142

187

131

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 06-30-16 Total Stocks: 42 Share change since 05-31-16

-2.40 -0.49

— — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets -3.06 5.67 26.34 5.42 5.52 5.19 -2.42 4.97 -4.89 4.24 — 4.13 8.63 4.02 14.07 3.42 — 3.42 — 3.17 -7.25 3.12 -34.31 2.99 -8.18 2.84 -4.39 2.82 — 2.71 4.29 2.60 — 2.45 -31.27 2.15

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

Bank of America Corporati

Finan Svcs Technology Technology Finan Svcs Finan Svcs

1 Yr 3 Yr 5 Yr

-1.56 6.90 12.90

3 Mo 6 Mo

6.84 2.25 2.74 20.27 4.01 6.67 3.90 -9.02 -8.65 8.84 -1.85 -3.47 14.12 -0.27 -0.56 8.97 2.89 1.46

4 10,684 3 12,027 92 10,390 52 12,892 13 19,357 2 23,617

Corning Inc

High QQ High QQQ High QQQQ

-Avg Avg High

Y Microsoft Corp

1 Yr

American International Gr Goldman Sachs Group Inc Danieli & C. Officine Mec

10 Yr Incept

8.39

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

11.67

Industrl

Y Rush Enterprises Inc A

Cnsmr Cyc Technology

Other Measures

Standard Index

Best Fit Index

— — — — —

Oracle Corp

Alpha

-3.5 1.05

0.7

WorleyParsons Ltd

Energy

Beta

1.10

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Y Zurich Insurance Group AG

Finan Svcs Finan Svcs Cnsmr Cyc Technology Cnsmr Cyc Technology Finan Svcs

R-Squared

74

79

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

3.50

88 64

3.18 2.36 1.66

88 89 87

Citigroup Inc

10.23

Standard Deviation

13.36

Office Depot Inc

6.59

5

Mean

8.84 0.69

T ARRIS International PLC T Discovery Communications T Hewlett Packard Enterpris Y JPMorgan Chase & Co Motors Liquidation Co GUC KSB AG Pfd Shs - Non-voti Intrawest Resorts Holding Y Royal Mail PLC

Sharpe Ratio

Potential Capital Gain Exposure: -8% of assets

Morningstar's Take by Katie Rushkewicz Reichart, CFA 08-01-16 Hot and cold stretches are inevitable at Hotchkis & Wiley Value Opportunities, but investors who hold on can be rewarded over time. Despite above-average fees, the fund'sconsistent investmentprocess, flexiblenature,and stable and experienced team help it receive a Morningstar Analyst Rating of Bronze.

Industrl Industrl Industrl

mid-value in 2015. However, the fund's flexibility regardingmarket-cap range isaplus,as the firmhasbeen especially strong in small- and mid-cap stocks. The fund's fondness for out-of-favor companies and sectors and its value leanings lead to boom-or-bust returns. It's lost more than mid-value and large-value peers in down markets since inception. The fund thrives in more robust markets, such as 2009, 2010, and 2012. However, its tendency to take fairly big stakes in top holdings (occasionally in the low double digits) can present company-level risk. With a process that leads to volatile returns, the fund is not for all investors, as indicated by the gap between its totalanddollar-weighted returns. Investorswithahigh risk tolerance can make out better in the long run: Since inception, the fund has posted category- and benchmark- beating results.

— 2.08 — 1.92

Cnsmr Cyc

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 30.6 Large 27.9 Mid 15.7 Small 12.0 Micro 13.8 Avg $mil: 14,404

Value Blend Growth

Two managers have led the fund since its late 2002 inception, and there's been little turnover on the broader investment team that contributes to all the firm's offerings. The fund has long followed a contrarian, value- oriented process that, for better and worse, goes its own way rather than closely adhering to a benchmark. The fund invests across the capital structure and market-cap spectrum, with valuations driving asset- allocation and sector decisions. The fund has primarily owned equities, but its 11% bond stake as of May 2016 was the highest it's been, given opportunities the managers have found in distressed industrials and energy credits over the past year. At times, the fund has held no bonds. Meanwhile, the fund has favored large-cap equities in recent years due to valuations, coinciding with a move to the large-value Morningstar Category from

Large Mid Small

48.81 1.36 0.56 0.20 14.18 3.13 34.06 1.45 0.01 0.00 46.63 1.25 0.00 0.00 6.97 0.54 14.56 1.47 25.10 2.45 4.55 0.17 0.02 0.00 4.53 0.41 0.00 0.00

Value Measures

Rel Category

Price/Earnings 12.87

0.79 0.48 0.39 0.96 0.79 1.75 2.64 -0.99 9.31 -2.25

Price/Book Price/Sales

0.94 0.57

Price/Cash Flow 7.75 Dividend Yield % 2.34

Growth Measures

% Rel Category

Long-Term Erngs 13.69

Book Value

4.36 1.49

Composition - Net

Sales

Cash 1.1 Stocks 86.1 Bonds 11.0 Other 1.8 Foreign 24.2 (% of Stock)

Address:

Hotchkis & Wiley Funds

Minimum Purchase: Min Auto Inv Plan:

$2500 Add: $100 IRA: $1000

Cash Flow -22.29 Historical Erngs -7.27

Los Angeles CA 90017-5439

$2500 Add: $100

866-493-8637

Sales Fees:

5.25%L 0.75%

Web Address:

www.hwcm.com

Management Fee:

Profitability

%

Inception:

12-31-02

Actual Fees:

Mgt:0.75% Dist:0.25%

Return on Equity Return on Assets

5.17 3.21

Advisor:

Hotchkis & Wiley Capital Management LLC

Expense Projections: 3Yr:$901 5Yr:$1175 10Yr:$1957

Subadvisor:

None

Income Distribution:

Annually

Net Margin

10.17

A

ß ® Mutual Funds

©2016Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, email reprints@morningstar.com