REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No.
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Post-Effective Amendment No.
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30
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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Amendment No.
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31
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Anna Marie Lopez
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725 S. Figueroa Street, 39th Floor
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Los Angeles, California 90017-5439
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Karin Jagel Flynn, Esq.
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Joseph M. Mannon, Esq.
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Vedder Price P.C.
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222 North LaSalle Street
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26th Floor
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Chicago, IL 60601
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immediately upon filing pursuant to paragraph (b)
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On (date) pursuant to paragraph (b)
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60 days after filing pursuant to paragraph (a)(1)
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on (date) pursuant to paragraph (a)(1)
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75 days after filing pursuant to paragraph (a)(2)
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on (date) pursuant to paragraph (a)(2) of Rule 485.
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This post-effective amendment designates a new effective date for a previously filed post- effective amendment.
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Hotchkis & Wiley Funds
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/s/Anna Marie Lopez
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Anna Marie Lopez
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President
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Signature
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Title
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Date
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Randall H. Breitenbach*
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Trustee
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September 17, 2013
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Randall H. Breitenbach
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Robert L. Burch III*
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Trustee
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September 17, 2013
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Robert L. Burch III
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Alejandra C. Edwards*
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Trustee
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September 17, 2013
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Alejandra C. Edwards
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Marcy Elkind*
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Trustee
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September 17, 2013
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Marcy Elkind
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Robert Fitzgerald*
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Trustee
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September 17, 2013
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Robert Fitzgerald
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John A.G. Gavin*
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Trustee
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September 17, 2013
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John A.G. Gavin
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Donald Morrison*
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Trustee
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September 17, 2013
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Donald Morrison
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George H. Davis, Jr.*
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Trustee
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September 17, 2013
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George H. Davis, Jr.
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/s/Anna Marie Lopez
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Principal Executive Officer
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September 17, 2013
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Anna Marie Lopez
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/s/James Menvielle
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Principal Financial and
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September 17, 2013
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James Menvielle
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Accounting Officer
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Exhibit
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Exhibit No.
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Instance Document
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EX-101.INS
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Schema Document
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EX-101.SCH
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Calculation Linkbase Document
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EX-101.CAL
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Definition Linkbase Document
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EX-101.DEF
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Label Linkbase Document
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EX-101.LAB
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Presentation Linkbase Document
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EX-101.PRE
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Label | Element | Value | ||
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Risk/Return: | rr_RiskReturnAbstract | |||
Risk/Return [Heading] | rr_RiskReturnHeading | Hotchkis & Wiley Large Cap Value Fund | ||
Objective [Heading] | rr_ObjectiveHeading | Investment Objectives. | ||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund seeks current income and long-term growth of income, as well as capital appreciation. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund. | ||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in certain Hotchkis & Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled “About Class I, Class A, Class C and Class R Shares” beginning on page 35 of this Prospectus and “Purchase of Shares” beginning on page 39 of the Funds’ Statement of Additional Information. |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | SHAREHOLDER FEES (fees paid directly from your investment) | ||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | ||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover. | ||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 41% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 41.00% | ||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example. | ||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. |
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | You would pay the following expenses if you did not redeem your shares: | ||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategy. | ||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in common stocks of large capitalization U.S. companies. Effective October 28, 2013, the Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in equity securities of large capitalization companies. Hotchkis & Wiley Capital Management, LLC (the “Advisor”) does not believe that this policy change will result in any material change in the way it manages the Fund’s portfolio. The Advisor currently considers large cap companies to be those with market capitalizations like those found in the Russell 1000® Index. The market capitalization range of the Index changes constantly, but as of June 30, 2013, the range was from $0.5 billion to $422.5 billion, although the Advisor will generally not purchase stock in a company with a market capitalization of less than $3 billion. Market capitalization is measured at the time of initial purchase. The Fund also invests in stocks with high cash dividends or payout yields relative to the market. The Fund may invest in foreign (non-U.S.) securities. The Fund seeks to invest in stocks whose future prospects are misunderstood or not fully recognized by the market. The Fund employs a fundamental value investing approach which seeks to exploit market inefficiencies created by irrational investor behavior. To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process highlighted by rigorous, internally-generated fundamental research. With the exception of diversification guidelines, the Fund does not employ predetermined rules for sales; rather, the Fund evaluates each sell candidate based on the candidate’s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines. |
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Risk [Heading] | rr_RiskHeading | Principal Investment Risks. | ||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | As with any mutual fund, the value of the Fund’s investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. Many factors can affect those values. The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The principal risks of investing in the Fund are described in this section. Market Risk. Market risk is the risk that the market price of securities owned by the Fund may go down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. Equity Securities Risk. Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities. The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets. Capitalization Risk. Large cap companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus on small or mid cap companies. The Fund may also invest in the securities of mid cap companies. Investment in mid cap companies may involve more risk than investing in larger, more established companies. Mid cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a small number of key personnel. Should a product fail, or if management changes, or if there are other adverse developments, the Fund’s investment in a mid cap company may lose substantial value. Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisor invests in securities that may not necessarily be included in the Fund’s benchmark. To the extent that the Advisor invests the Fund’s assets in securities that are not in the Fund’s applicable benchmark index, there is a greater risk that the Fund’s performance will deviate from that of the benchmark. The Advisor does not seek to replicate the performance of any index. Style Risk. The Advisor follows an investing style that favors value investments. Historically, value investments have performed best during periods of economic recovery. Therefore, the value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investors should be prepared to tolerate volatility in Fund returns. Income Risk. The Fund is subject to income risk, which is the risk that the Fund’s income will decline during periods of falling interest rates. If the income is reduced, distributions by the Fund to shareholders may be less. Security Selection Risk. The Advisor may misjudge the risk and/or return potential of a security. This misjudgment can result in a loss or a significant deviation relative to its benchmarks. Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Foreign (Non-U.S.) Investment Risk. The Fund may invest in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign investments. ADR and GDR Risk. American Depository Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary's transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary's transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | As with any mutual fund, the value of the Fund's investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. | ||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The bar chart shows changes in the Fund’s performance from year to year for Class I shares (the class with the longest period of annual returns). However, the Fund’s Class A and Class C shares are subject to sales loads. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. The table, which includes all applicable fees and sales charges, shows how the Fund’s average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance and indices that reflect the market sectors in which the Fund invests. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund’s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637). The inception dates for the Fund’s Class I, Class A, Class C and Class R shares are June 24, 1987, October 26, 2001, February 4, 2002, and August 28, 2003, respectively. Performance figures prior to the inception date of Class R shares are based on the historical performance of the original share class (Class I) of the Fund’s predecessor, the Mercury HW Large Cap Value Fund, adjusted to reflect the higher operating expenses of Class R shares. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. | ||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | 1-866-493-8637 | ||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | http://www.hwcm.com/literature | ||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. | ||
Bar Chart [Heading] | rr_BarChartHeading | Calendar Year Total Returns as of December 31 | ||
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. | ||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | During the period of time shown in the bar chart, the highest return for a calendar quarter was 25.16% (quarter ended June 30, 2009) and the lowest return for a calendar quarter was -24.62% (quarter ended December 31, 2008). The year-to-date return as of June 30, 2013 was 20.42%. |
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Year to Date Return, Label | rr_YearToDateReturnLabel | year-to-date return | ||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | ||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 20.42% | ||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | highest return | ||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 | ||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 25.16% | ||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | lowest return | ||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 | ||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (24.62%) | ||
Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | The table, which includes all applicable fees and sales charges, shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance and indices that reflect the market sectors in which the Fund invests. | ||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) | ||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). | ||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns are shown for only Class I. After-tax returns for other classes will vary. | ||
Performance Table Explanation after Tax Higher | rr_PerformanceTableExplanationAfterTaxHigher | Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. | ||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only Class I. After-tax returns for other classes will vary. |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns (for the periods ended December 31, 2012) | ||
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||
Label | rr_AverageAnnualReturnLabel | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.00% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 1.66% | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 7.10% | ||
Russell 1000® Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||
Label | rr_AverageAnnualReturnLabel | Russell 1000® Index (reflects no deduction for fees, expenses or taxes) | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.42% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 1.92% | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 7.52% | ||
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||
Label | rr_AverageAnnualReturnLabel | Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 17.51% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 0.59% | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 7.38% | ||
Class I
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Risk/Return: | rr_RiskReturnAbstract | |||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | none | ||
Management Fees | rr_ManagementFeesOverAssets | 0.75% | ||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||
Other Expenses | rr_OtherExpensesOverAssets | 0.30% | ||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.05% | ||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 107 | ||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 334 | ||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 579 | ||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,283 | ||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 107 | ||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 334 | ||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 579 | ||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 1,283 | ||
Annual Return 2003 | rr_AnnualReturn2003 | 42.77% | ||
Annual Return 2004 | rr_AnnualReturn2004 | 22.01% | ||
Annual Return 2005 | rr_AnnualReturn2005 | 6.41% | ||
Annual Return 2006 | rr_AnnualReturn2006 | 13.70% | ||
Annual Return 2007 | rr_AnnualReturn2007 | (10.55%) | ||
Annual Return 2008 | rr_AnnualReturn2008 | (46.84%) | ||
Annual Return 2009 | rr_AnnualReturn2009 | 34.32% | ||
Annual Return 2010 | rr_AnnualReturn2010 | 19.85% | ||
Annual Return 2011 | rr_AnnualReturn2011 | (4.25%) | ||
Annual Return 2012 | rr_AnnualReturn2012 | 18.74% | ||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class I | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 18.74% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | (0.54%) | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 6.26% | ||
Class I | After Taxes on Distributions
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Risk/Return: | rr_RiskReturnAbstract | |||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions - Class I | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 18.28% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | (0.87%) | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 5.75% | ||
Class I | After Taxes on Distributions and Sale of Fund Shares
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Risk/Return: | rr_RiskReturnAbstract | |||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions and Sale of Fund Shares - Class I | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 12.76% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | (0.53%) | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 5.47% | ||
Class A
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Risk/Return: | rr_RiskReturnAbstract | |||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.25% | ||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | none | [1] | |
Management Fees | rr_ManagementFeesOverAssets | 0.75% | ||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||
Other Expenses | rr_OtherExpensesOverAssets | 0.30% | ||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.30% | ||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | You may be charged a deferred sales charge of up to 0.75% if you invest $1 million or more in Class A shares and you redeem your shares within one year after purchase. | ||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in certain Hotchkis & Wiley Funds. | ||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | 25,000 | ||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 650 | ||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 915 | ||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,200 | ||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,010 | ||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 650 | ||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 915 | ||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,200 | ||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 2,010 | ||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class A | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 12.29% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | (1.87%) | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 5.40% | ||
Class C
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Risk/Return: | rr_RiskReturnAbstract | |||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | ||
Management Fees | rr_ManagementFeesOverAssets | 0.75% | ||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||
Other Expenses | rr_OtherExpensesOverAssets | 0.30% | ||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.05% | ||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 308 | ||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 643 | ||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,103 | ||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,187 | ||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 208 | ||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 643 | ||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,103 | ||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 2,187 | ||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class C | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.65% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | (1.47%) | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 5.25% | ||
Class R
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Risk/Return: | rr_RiskReturnAbstract | |||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | none | ||
Management Fees | rr_ManagementFeesOverAssets | 0.75% | ||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.50% | ||
Other Expenses | rr_OtherExpensesOverAssets | 0.30% | ||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.55% | ||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 158 | ||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 490 | ||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 845 | ||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,845 | ||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 158 | ||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 490 | ||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 845 | ||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 1,845 | ||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class R | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 18.21% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | (1.06%) | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 5.77% | ||
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Hotchkis & Wiley Large Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hotchkis & Wiley Large Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Objectives. | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund seeks current income and long-term growth of income, as well as capital appreciation. |
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Fees and Expenses of the Fund. | ||||||||||||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in certain Hotchkis & Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled “About Class I, Class A, Class C and Class R Shares” beginning on page 35 of this Prospectus and “Purchase of Shares” beginning on page 39 of the Funds’ Statement of Additional Information. |
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SHAREHOLDER FEES (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Example. | ||||||||||||||||||||||||||||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. |
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Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||||||||||||||||||||||||||||||||||||||||||||||||||
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You would pay the following expenses if you did not redeem your shares: | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Portfolio Turnover. | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 41% of the average value of its portfolio. |
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Principal Investment Strategy. | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in common stocks of large capitalization U.S. companies. Effective October 28, 2013, the Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in equity securities of large capitalization companies. Hotchkis & Wiley Capital Management, LLC (the “Advisor”) does not believe that this policy change will result in any material change in the way it manages the Fund’s portfolio. The Advisor currently considers large cap companies to be those with market capitalizations like those found in the Russell 1000® Index. The market capitalization range of the Index changes constantly, but as of June 30, 2013, the range was from $0.5 billion to $422.5 billion, although the Advisor will generally not purchase stock in a company with a market capitalization of less than $3 billion. Market capitalization is measured at the time of initial purchase. The Fund also invests in stocks with high cash dividends or payout yields relative to the market. The Fund may invest in foreign (non-U.S.) securities. The Fund seeks to invest in stocks whose future prospects are misunderstood or not fully recognized by the market. The Fund employs a fundamental value investing approach which seeks to exploit market inefficiencies created by irrational investor behavior. To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process highlighted by rigorous, internally-generated fundamental research. With the exception of diversification guidelines, the Fund does not employ predetermined rules for sales; rather, the Fund evaluates each sell candidate based on the candidate’s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines. |
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Principal Investment Risks. | ||||||||||||||||||||||||||||||||||||||||||||||||||
As with any mutual fund, the value of the Fund’s investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. Many factors can affect those values. The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The principal risks of investing in the Fund are described in this section. Market Risk. Market risk is the risk that the market price of securities owned by the Fund may go down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. Equity Securities Risk. Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities. The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets. Capitalization Risk. Large cap companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus on small or mid cap companies. The Fund may also invest in the securities of mid cap companies. Investment in mid cap companies may involve more risk than investing in larger, more established companies. Mid cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a small number of key personnel. Should a product fail, or if management changes, or if there are other adverse developments, the Fund’s investment in a mid cap company may lose substantial value. Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisor invests in securities that may not necessarily be included in the Fund’s benchmark. To the extent that the Advisor invests the Fund’s assets in securities that are not in the Fund’s applicable benchmark index, there is a greater risk that the Fund’s performance will deviate from that of the benchmark. The Advisor does not seek to replicate the performance of any index. Style Risk. The Advisor follows an investing style that favors value investments. Historically, value investments have performed best during periods of economic recovery. Therefore, the value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investors should be prepared to tolerate volatility in Fund returns. Income Risk. The Fund is subject to income risk, which is the risk that the Fund’s income will decline during periods of falling interest rates. If the income is reduced, distributions by the Fund to shareholders may be less. Security Selection Risk. The Advisor may misjudge the risk and/or return potential of a security. This misjudgment can result in a loss or a significant deviation relative to its benchmarks. Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Foreign (Non-U.S.) Investment Risk. The Fund may invest in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign investments. ADR and GDR Risk. American Depository Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary's transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary's transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated. |
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Performance | ||||||||||||||||||||||||||||||||||||||||||||||||||
The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The bar chart shows changes in the Fund’s performance from year to year for Class I shares (the class with the longest period of annual returns). However, the Fund’s Class A and Class C shares are subject to sales loads. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. The table, which includes all applicable fees and sales charges, shows how the Fund’s average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance and indices that reflect the market sectors in which the Fund invests. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund’s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637). The inception dates for the Fund’s Class I, Class A, Class C and Class R shares are June 24, 1987, October 26, 2001, February 4, 2002, and August 28, 2003, respectively. Performance figures prior to the inception date of Class R shares are based on the historical performance of the original share class (Class I) of the Fund’s predecessor, the Mercury HW Large Cap Value Fund, adjusted to reflect the higher operating expenses of Class R shares. |
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Calendar Year Total Returns as of December 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||
During the period of time shown in the bar chart, the highest return for a calendar quarter was 25.16% (quarter ended June 30, 2009) and the lowest return for a calendar quarter was -24.62% (quarter ended December 31, 2008). The year-to-date return as of June 30, 2013 was 20.42%. |
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Average Annual Total Returns (for the periods ended December 31, 2012) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only Class I. After-tax returns for other classes will vary. |
Hotchkis & Wiley High Yield Fund | |||||||||||||||||||||||||||||||||||||
Hotchkis & Wiley High Yield Fund | |||||||||||||||||||||||||||||||||||||
Investment Objectives. | |||||||||||||||||||||||||||||||||||||
The Fund seeks high current income combined with the opportunity for capital appreciation to maximize total return. |
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Fees and Expenses of the Fund. | |||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts is available from your financial professional and in the sections titled “About Class I, Class A, Class C and Class R Shares” beginning on page 35 of this Prospectus and “Purchase of Shares” beginning on page 39 of the Funds’ Statement of Additional Information. |
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SHAREHOLDER FEES (fees paid directly from your investment) | |||||||||||||||||||||||||||||||||||||
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ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||||||||||||||
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Example. | |||||||||||||||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same except for the fee waiver/expense reimbursement in effect for the first year. |
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Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | |||||||||||||||||||||||||||||||||||||
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You would pay the following expenses if you did not redeem your shares: | |||||||||||||||||||||||||||||||||||||
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Portfolio Turnover. | |||||||||||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 66% of the average value of its portfolio. |
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Principal Investment Strategy. | |||||||||||||||||||||||||||||||||||||
The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in a diversified portfolio of high yield securities (“junk bonds”), which may be represented by forward contracts or derivatives such as options, futures contracts or swap agreements, rated below investment grade (i.e., rated below Baa by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s (“S&P”) or Fitch Ratings (“Fitch”), or, if unrated, determined by the Advisor to be of comparable quality). The Fund may not invest more than 10% of its total assets in securities rated Caa or below by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Advisor to be of comparable quality. The Fund may also invest in investment grade fixed income instruments. The average portfolio duration of the Fund normally will vary within two years (plus or minus) of the duration of the BofA Merrill Lynch U.S. High Yield BB-B (Constrained 2%) Index, which as of June 30, 2013 was 4.2 years. The Fund may invest up to 20% of its total assets in securities denominated in foreign currencies and may invest without limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Fund may invest in mortgage- or asset-backed securities. The Advisor attempts to identify areas of the bond market that are undervalued relative to the rest of the market. In selecting securities for the Fund, the Advisor develops an outlook for credit markets, interest rates, currency exchange rates and the economy, analyzes individual credit and call risks, and uses other security selection techniques. The proportion of the Fund’s assets committed to investment in securities with particular characteristics (such as quality, sector, interest rate or maturity) varies based on the Advisor’s outlook for the U.S. economy and the economies of other countries in the world, the financial markets and other factors. |
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Principal Investment Risks. | |||||||||||||||||||||||||||||||||||||
As with any mutual fund, the value of the Fund’s investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. Many factors can affect those values. The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The principal risks of investing in the Fund are described in this section. Market Risk. Market risk is the risk that the market price of securities owned by the Fund may go down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. Fixed Income Securities Risk. Fixed income securities, such as bonds, involve credit risk. Credit risk is the risk that the borrower will not make timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on the terms of the securities. Fixed income securities are also subject to interest rate risk. High Yield Risk. The Fund’s investments in high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) may subject the Fund to greater levels of credit and liquidity risk than funds that do not invest in such securities. While offering a greater potential opportunity for capital appreciation and higher yields, high yield securities typically entail greater potential price volatility and may be less liquid than higher-rated securities. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose its entire investment. Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisor invests in securities that may not necessarily be included in the Fund’s benchmark. To the extent that the Advisor invests the Fund’s assets in securities that are not in the Fund’s benchmark index, there is a greater risk that the Fund’s performance will deviate from that of the benchmark. The Advisor does not seek to replicate the performance of any index. Security Selection Risk. The Advisor may misjudge the risk and/or return potential of a security. This misjudgment can result in a loss or a significant deviation relative to its benchmark. Income Risk. The Fund is subject to income risk, which is the risk that the Fund’s income will decline during periods of falling interest rates. If the income is reduced, distributions by the Fund to shareholders may be less. Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Foreign (Non-U.S.) Investment Risk. The Fund may invest in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign investments. Interest Rate Risk. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Credit Risk. The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Liquidity Risk. To the extent that a security is difficult to sell (whether because the security cannot be traded publicly or because of unusual market conditions), the Fund may either be forced to accept a lower price for it or may have to continue to hold the security. Either outcome could adversely affect Fund performance. The Fund’s investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, the Fund, due to limitations on investments in illiquid securities and the difficulty in purchasing and selling such securities or instruments, may be unable to achieve its desired level of exposure to a certain sector. To the extent that the Fund’s principal investment strategies involve foreign (non-U.S.) securities, derivatives or securities with substantial market and/or credit risk, the Fund will tend to have increased exposure to liquidity risk. Derivatives Risk. A derivative is a financial contract with a value that depends on, or is derived from, the value of an underlying asset, reference rate or index. The Fund typically uses derivatives as a substitute for taking a position in the underlying asset, as part of a strategy designed to reduce exposure to other risks and/or manage cash. The Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments, such as liquidity risk, interest rate risk, market risk, credit risk and management risk. Mortgage-Related and Other Asset-Backed Securities Risk. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-related securities, it may exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund may have to reinvest that money at the lower prevailing interest rates. Asset-backed securities are subject to risks similar to those associated with mortgage-related securities. Emerging Market Risk. Foreign investment risk may be particularly high to the extent that the Fund invests in emerging market securities that are economically tied to countries with developing economies. These securities may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. Currency Risk. If the Fund invests directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in derivatives that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, the Fund’s investments in foreign currency-denominated securities may reduce the returns of the Fund. Credit Ratings and Unrated Securities Risk. Rating agencies are private services that provide ratings of the credit quality of fixed income securities, including convertible securities. Rating agencies may fail to make timely changes in credit ratings and an issuer’s current financial condition may be better or worse than a rating indicates. The Fund may purchase unrated securities (which are not rated by a rating agency and may be less liquid) if its portfolio managers determine that the security is of comparable quality to a rated security that the Fund may purchase. To the extent that the Fund invests in high yield and/or unrated securities, the Fund’s success in achieving its investment objective may depend more heavily on the portfolio managers’ creditworthiness analysis than if the Fund invested exclusively in higher-quality and rated securities. |
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Performance | |||||||||||||||||||||||||||||||||||||
The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The bar chart shows changes in the Fund’s performance from year to year for Class I shares (the class with the longest period of annual returns). However, the Fund’s Class A and Class C shares are subject to sales loads. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. The table, which includes all applicable fees and sales charges, shows how the Fund’s average annual returns for 1 year and since inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund’s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637). The inception dates for the Fund’s Class I, Class A and Class C shares are March 31, 2009, May 29, 2009 and December 31, 2012, respectively. Performance figures prior to the inception date of Class A and Class C shares are based on the historical performance of the original share class (Class I) of the Fund adjusted to reflect the higher operating expenses of Class A and Class C shares and the sales charge of Class A shares. |
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Calendar Year Total Returns as of December 31 | |||||||||||||||||||||||||||||||||||||
During the period shown in the bar chart, the highest return for a calendar quarter was 7.89% (quarter ended September 30, 2010) and the lowest return for a calendar quarter was -7.87% (quarter ended September 30, 2011). The year-to-date return as of June 30, 2013 was 2.57%. |
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Average Annual Total Returns (for the periods ended December 31, 2012) | |||||||||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only Class I. After-tax returns for other classes will vary. |
Hotchkis & Wiley Mid-Cap Value Fund | |||||||||||||||||||||||||||||||||||||||||||||
Hotchkis & Wiley Mid-Cap Value Fund | |||||||||||||||||||||||||||||||||||||||||||||
Investment Objective. | |||||||||||||||||||||||||||||||||||||||||||||
The Fund seeks capital appreciation. |
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Fees and Expenses of the Fund. | |||||||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in certain Hotchkis & Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled “About Class I, Class A, Class C and Class R Shares” beginning on page 35 of this Prospectus and “Purchase of Shares” beginning on page 39 of the Funds’ Statement of Additional Information. |
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SHAREHOLDER FEES (fees paid directly from your investment) | |||||||||||||||||||||||||||||||||||||||||||||
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ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||||||||||||||||||||||
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Example. | |||||||||||||||||||||||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. |
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Although your actual costs may be higher or lower, based on these assumptions, your costs would be as shown. | |||||||||||||||||||||||||||||||||||||||||||||
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You would pay the following expenses if you did not redeem your shares: | |||||||||||||||||||||||||||||||||||||||||||||
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Portfolio Turnover. | |||||||||||||||||||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 66% of the average value of its portfolio. |
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Principal Investment Strategy. | |||||||||||||||||||||||||||||||||||||||||||||
The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in common stocks of mid capitalization U.S. companies. Effective October 28, 2013, 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”) does not believe that this policy change will result in any material change in the way it manages the Fund’s portfolio. The Advisor currently considers mid-cap companies to be those with market capitalizations like those found in the Russell Midcap® Index. The market capitalization range of the Index changes constantly, but as of June 30, 2013, the range was from $0.5 billion to $30.3 billion. Market capitalization is measured at the time of initial purchase. The Fund may invest in the securities of small capitalization companies and in foreign (non-U.S.) securities. The Fund seeks to invest in stocks whose future prospects are misunderstood or not fully recognized by the market. The Fund employs a fundamental value investing approach which seeks to exploit market inefficiencies created by irrational investor behavior. To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process highlighted by rigorous, internally-generated fundamental research. With the exception of diversification guidelines, the Fund does not employ predetermined rules for sales; rather, the Fund evaluates each sell candidate based on the candidate’s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines. |
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Principal Investment Risks. | |||||||||||||||||||||||||||||||||||||||||||||
As with any mutual fund, the value of the Fund’s investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. Many factors can affect those values. The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The principal risks of investing in the Fund are described in this section. Market Risk. Market risk is the risk that the market price of securities owned by the Fund may go down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. Equity Securities Risk. Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities. The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets. Capitalization Risk. Investment in small and mid cap companies may involve more risk than investing in larger, more established companies. Small and mid cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a small number of key personnel. Should a product fail, or if management changes, or if there are other adverse developments, the Fund’s investment in a small or mid cap company may lose substantial value. Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisor invests in securities that may not necessarily be included in the Fund’s benchmark. To the extent that the Advisor invests the Fund’s assets in securities that are not in the Fund’s applicable benchmark index, there is a greater risk that the Fund’s performance will deviate from that of the benchmark. The Advisor does not seek to replicate the performance of any index. Style Risk. The Advisor follows an investing style that favors value investments. Historically, value investments have performed best during periods of economic recovery. Therefore, the value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investors should be prepared to tolerate volatility in Fund returns. Security Selection Risk. The Advisor may misjudge the risk and/or return potential of a security. This misjudgment can result in a loss or a significant deviation relative to its benchmarks. Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Foreign (Non-U.S.) Investment Risk. The Fund may invest in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign investments. |
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Performance | |||||||||||||||||||||||||||||||||||||||||||||
The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The bar chart shows changes in the Fund’s performance from year to year for Class I shares (the class with the longest period of annual returns). However, the Fund’s Class A and Class C shares are subject to sales loads. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. The table, which includes all applicable fees and sales charges, shows how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance and an index that reflects the market sectors in which the Fund invests. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund’s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637). The inception dates for the Fund’s Class I, Class A, Class C and Class R shares are January 2, 1997, January 2, 2001, January 2, 2001 and August 28, 2003, respectively. Performance figures prior to the inception date of Class R shares are based on the historical performance of the original share class (Class I) of the Fund’s predecessor, the Mercury HW Mid-Cap Value Fund, adjusted to reflect the higher operating expenses of Class R shares. |
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Calendar Year Total Returns as of December 31 | |||||||||||||||||||||||||||||||||||||||||||||
During the period shown in the bar chart, the highest return for a quarter was 29.32% (quarter ended June 30, 2009) and the lowest return for a quarter was -26.84% (quarter ended September 30, 2011). The year-to-date return as of June 30, 2013 was 23.72%. |
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Average Annual Total Returns (for the periods ended December 31, 2012) | |||||||||||||||||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only Class I. After-tax returns for other classes will vary. |
Hotchkis & Wiley Capital Income Fund | |||||||||||||||||||||||||||||||||||||
Hotchkis & Wiley Capital Income Fund | |||||||||||||||||||||||||||||||||||||
Investment Objectives. | |||||||||||||||||||||||||||||||||||||
The Fund seeks high current income and long-term growth of income, as well as capital appreciation. |
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Fees and Expenses of the Fund. | |||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in the sections titled “About Class I, Class A, Class C and Class R Shares” beginning on page 35 of this Prospectus and “Purchase of Shares” beginning on page 39 of the Funds’ Statement of Additional Information. |
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SHAREHOLDER FEES (fees paid directly from your investment) | |||||||||||||||||||||||||||||||||||||
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ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||||||||||||||
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Example. | |||||||||||||||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except for the fee waiver/expense reimbursement in effect for the first year. |
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Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | |||||||||||||||||||||||||||||||||||||
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You would pay the following expenses if you did not redeem your shares: | |||||||||||||||||||||||||||||||||||||
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Portfolio Turnover. | |||||||||||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 65% of the average value of its portfolio. |
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Principal Investment Strategy. | |||||||||||||||||||||||||||||||||||||
The Fund normally invests in a diversified portfolio of debt and equity securities. The Fund may shift its investments from one asset class to another based on the Advisor’s analysis of the best opportunities for the Fund’s portfolio in a given market. The equity securities in which the Fund invests consist primarily of common and preferred stocks with market capitalizations greater than $1 billion. Debt securities include all varieties of fixed, floating and variable rate instruments, convertible securities and investment grade and below investment grade fixed income securities (commonly known as “junk bonds”). The average portfolio duration of the fixed income portion of the Fund normally will vary within two years (plus or minus) of the duration of the BofA Merrill Lynch U.S. High Yield BB-B (Constrained 2%) Index, which as of June 30, 2013 was 4.2 years. The Fund seeks income by selecting investments such as corporate, foreign and U.S. Treasury bonds, as well as stocks with dividend yields that the Advisor believes are attractive. The Fund may invest up to 100% of its total assets in bonds rated below investment grade, including a portion in defaulted securities. The Fund may invest up to 25% of its total assets in securities denominated in foreign currencies and may invest without limit in U.S. dollar-denominated securities of foreign issuers. Generally, the Fund may use derivatives as a means of hedging risk and to obtain exposure to markets, currencies, interest rates, sectors and individual issuers. The derivative instruments that the Fund may normally use include futures, forwards, options, swaps and other similar instruments. In selecting debt securities for the Fund, the Advisor develops an outlook for credit markets, interest rates, currency exchange rates and the economy, analyzes individual credit and call risks, and uses other security selection techniques. The proportion of the Fund’s assets committed to investment in securities with particular characteristics (such as quality, sector, interest rate or maturity) varies based on the Advisor’s outlook for the U.S. economy and the economies of other countries in the world, the financial markets and other factors. In selecting equity securities for the Fund, the Advisor seeks to invest in undervalued stocks with high cash dividends and strong balance sheets. The Fund employs a fundamental value investing approach which seeks to exploit market inefficiencies created by irrational investor behavior. To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process highlighted by rigorous, internally-generated fundamental research. The Fund evaluates each sell candidate based on its specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines. |
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Principal Investment Risks. | |||||||||||||||||||||||||||||||||||||
As with any mutual fund, the value of the Fund’s investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. Many factors can affect those values. The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The principal risks of investing in the Fund are described in this section. Market Risk. Market risk is the risk that the market price of securities owned by the Fund may go down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. Fixed Income Securities Risk. Fixed income securities, such as bonds, involve credit risk. Credit risk is the risk that the borrower will not make timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on the terms of the securities. Fixed income securities are also subject to interest rate risk. High Yield Risk. The Fund’s investments in high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) may subject the Fund to greater levels of credit and liquidity risk than funds that do not invest in such securities. While offering a greater potential opportunity for capital appreciation and higher yields, high yield securities typically entail greater potential price volatility and may be less liquid than higher-rated securities. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose its entire investment. Equity Securities Risk. Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities. The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets. Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisor invests in securities that may not necessarily be included in the Fund’s benchmark. To the extent that the Advisor invests the Fund’s assets in securities that are not in the Fund’s respective benchmark index, there is a greater risk that the Fund’s performance will deviate from that of the benchmark. The Advisor does not seek to replicate the performance of any index. Capitalization Risk. Large cap companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus on small or mid cap companies. Security Selection Risk. The Advisor may misjudge the risk and/or return potential of a security. This misjudgment can result in a loss or a significant deviation relative to its benchmarks. Income Risk. The Fund is subject to income risk, which is the risk that the Fund’s income will decline during periods of falling interest rates. If the income is reduced, distributions by the Fund to shareholders may be less. Style Risk. The Advisor follows an investing style that favors value investments. Historically, value investments have performed best during periods of economic recovery. Therefore, the value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investors should be prepared to tolerate volatility in Fund returns. Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Foreign (Non-U.S.) Investment Risk. The Fund may invest in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign investments. Interest Rate Risk. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Credit Risk. The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Liquidity Risk. To the extent that a security is difficult to sell (whether because the security cannot be traded publicly or because of unusual market conditions), the Fund may either be forced to accept a lower price for it or may have to continue to hold the security. Either outcome could adversely affect Fund performance. The Fund’s investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, the Fund, due to limitations on investments in illiquid securities and the difficulty in purchasing and selling such securities or instruments, may be unable to achieve its desired level of exposure to a certain sector. To the extent that the Fund’s principal investment strategies involve foreign (non-U.S.) securities, derivatives or securities with substantial market and/or credit risk, the Fund will tend to have increased exposure to liquidity risk. Derivatives Risk. A derivative is a financial contract with a value that depends on, or is derived from, the value of an underlying asset, reference rate or index. The Fund typically uses derivatives as a substitute for taking a position in the underlying asset, as part of a strategy designed to reduce exposure to other risks and/or manage cash. The Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments, such as liquidity risk, interest rate risk, market risk, credit risk and management risk. Currency Risk. If the Fund invests directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in derivatives that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, the Fund’s investments in foreign currency-denominated securities may reduce the returns of the Fund. Credit Ratings and Unrated Securities Risk. Rating agencies are private services that provide ratings of the credit quality of fixed income securities, including convertible securities. Rating agencies may fail to make timely changes in credit ratings and an issuer’s current financial condition may be better or worse than a rating indicates. The Fund may purchase unrated securities (which are not rated by a rating agency and may be less liquid) if its portfolio managers determine that the security is of comparable quality to a rated security that the Fund may purchase. To the extent that the Fund invests in high yield and/or unrated securities, the Fund’s success in achieving its investment objective may depend more heavily on the portfolio managers’ creditworthiness analysis than if the Fund invested exclusively in higher-quality and rated securities. |
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Performance | |||||||||||||||||||||||||||||||||||||
The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The bar chart shows changes in the Fund’s performance from year to year for Class I shares (the class with the longest period of annual returns). However, the Fund’s Class A and Class C shares are subject to sales loads. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. The table, which includes all applicable fees and sales charges, shows how the Fund’s average annual returns for 1 year and since inception compare with those of two broad measures of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Performance for Class C shares is not included as Class C shares have yet to commence operations. Updated performance is available on the Fund’s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637). The inception dates for the Fund’s Class I and Class A shares are December 31, 2010 and February 28, 2011, respectively. Performance figures prior to the inception date of Class A shares are based on the historical performance of the original share class (Class I) of the Fund adjusted to reflect the higher operating expenses of Class A shares and the sales charge of Class A shares. |
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Calendar Year Total Return as of December 31 | |||||||||||||||||||||||||||||||||||||
During the period shown in the bar chart, the highest return for a calendar quarter was 10.01% (quarter ended December 31, 2011) and the lowest return for a calendar quarter was -9.00% (quarter ended September 30, 2011). The year-to-date return as of June 30, 2013 was 11.34%. |
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Average Annual Total Returns (for the period ended December 31, 2012) | |||||||||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only Class I. After-tax returns for other classes will vary. |
Hotchkis & Wiley Small Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||
Hotchkis & Wiley Small Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||
Investment Objective. | ||||||||||||||||||||||||||||||||||||||||
The Fund seeks capital appreciation. |
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Fees and Expenses of the Fund. | ||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in certain Hotchkis & Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled “About Class I, Class A, Class C and Class R Shares” beginning on page 35 of this Prospectus and “Purchase of Shares” beginning on page 39 of the Funds’ Statement of Additional Information. |
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SHAREHOLDER FEES (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||
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ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||
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Example. | ||||||||||||||||||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. |
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Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||||||||||||||||||||||||||||||||||||||||
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You would pay the following expenses if you did not redeem your shares: | ||||||||||||||||||||||||||||||||||||||||
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Portfolio Turnover. | ||||||||||||||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35% of the average value of its portfolio. |
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Principal Investment Strategy. | ||||||||||||||||||||||||||||||||||||||||
The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in common stocks of small capitalization U.S. companies. Effective October 28, 2013, the Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in equity securities of small capitalization companies. Hotchkis & Wiley Capital Management, LLC (the “Advisor”) does not believe that this policy change will result in any material change in the way it manages the Fund’s portfolio. The Advisor currently considers small cap companies to be those with market capitalizations like those found in the Russell 2000® Index. The market capitalization range of the Index changes constantly, but as of June 30, 2013, the range was from $23 million to $5.8 billion. Market capitalization is measured at the time of initial purchase. The Fund may invest in foreign (non-U.S.) securities. The Fund seeks to invest in stocks whose future prospects are misunderstood or not fully recognized by the market. The Fund employs a fundamental value investing approach which seeks to exploit market inefficiencies created by irrational investor behavior. To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process highlighted by rigorous, internally-generated fundamental research. With the exception of diversification guidelines, the Fund does not employ predetermined rules for sales; rather, the Fund evaluates each sell candidate based on the candidate’s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines. |
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Principal Investment Risks. | ||||||||||||||||||||||||||||||||||||||||
As with any mutual fund, the value of the Fund’s investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. Many factors can affect those values. The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The principal risks of investing in the Fund are described in this section. Market Risk. Market risk is the risk that the market price of securities owned by the Fund may go down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. Equity Securities Risk. Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities. The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets. Capitalization Risk. Investment in small and mid cap companies may involve more risk than investing in larger, more established companies. Small and mid cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a small number of key personnel. Should a product fail, or if management changes, or if there are other adverse developments, the Fund’s investment in a small or mid cap company may lose substantial value. Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisor invests in securities that may not necessarily be included in the Fund’s benchmark. To the extent that the Advisor invests the Fund’s assets in securities that are not in the Fund’s applicable benchmark index, there is a greater risk that the Fund’s performance will deviate from that of the benchmark. The Advisor does not seek to replicate the performance of any index. Style Risk. The Advisor follows an investing style that favors value investments. Historically, value investments have performed best during periods of economic recovery. Therefore, the value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investors should be prepared to tolerate volatility in Fund returns. Security Selection Risk. The Advisor may misjudge the risk and/or return potential of a security. This misjudgment can result in a loss or a significant deviation relative to its benchmark. Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Foreign (Non-U.S.) Investment Risk. The Fund may invest in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign investments. ETF Risk. ETFs may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests. |
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Performance | ||||||||||||||||||||||||||||||||||||||||
The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The bar chart shows changes in the Fund’s performance from year to year for Class I shares (the class with the longest period of annual returns). However, the Fund’s Class A and Class C shares are subject to sales loads. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. The table, which includes all applicable fees and sales charges, shows how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance and an index that reflects the market sectors in which the Fund invests. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund’s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637). The inception dates for the Fund’s Class I, Class A and Class C shares are September 20, 1985, October 6, 2000 and February 4, 2002, respectively. |
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Calendar Year Total Returns as of December 31 | ||||||||||||||||||||||||||||||||||||||||
During the period shown in the bar chart, the highest return for a quarter was 37.79% (quarter ended June 30, 2009) and the lowest return for a quarter was -36.97% (quarter ended December 31, 2008). The year-to-date return as of June 30, 2013 was 19.79%. |
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Average Annual Total Returns (for the periods ended December 31, 2012) | ||||||||||||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only Class I. After-tax returns for other classes will vary. |
Hotchkis & Wiley Global Value Fund | |||||||||||||||||||||||||||||||||||||
Hotchkis & Wiley Global Value Fund | |||||||||||||||||||||||||||||||||||||
Investment Objective. | |||||||||||||||||||||||||||||||||||||
The Fund seeks capital appreciation. |
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Fees and Expenses of the Fund. | |||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in certain Hotchkis & Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled “About Class I, Class A, Class C and Class R Shares” beginning on page 35 of this Prospectus and “Purchase of Shares” beginning on page 39 in the Funds’ Statement of Additional Information. |
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SHAREHOLDER FEES (fees paid directly from your investment) | |||||||||||||||||||||||||||||||||||||
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ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||||||||||||||
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Example. | |||||||||||||||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same except for the fee waiver/expense reimbursement in effect for the first year. |
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Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | |||||||||||||||||||||||||||||||||||||
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You would pay the following expenses if you did not redeem your shares: | |||||||||||||||||||||||||||||||||||||
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Portfolio Turnover. | |||||||||||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the fiscal period from December 31, 2012 (commencement of operations) to June 30, 2013, the Fund’s portfolio turnover rate was 38% of the average value of its portfolio. |
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Principal Investment Strategy. | |||||||||||||||||||||||||||||||||||||
The Fund seeks to achieve its objective by investing primarily in U.S. and non-U.S. companies, which may include companies located or operating in established or emerging markets. Under normal circumstances, the Fund will invest at least 40% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies located outside of the U.S. The Advisor determines where a company is located, and thus whether a company is located outside the U.S. or in an emerging market, by referring to: its primary stock exchange listing; where it is registered, organized or incorporated; where its headquarters are located; where it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed; or where at least 50% of its assets are located. The Fund will allocate its assets among various regions and countries (but in no less than three different countries). From time to time, a substantial portion of the Fund’s assets may be invested in companies located in a single country. The Fund invests in companies of any size market capitalization. In addition to purchasing equity securities on exchanges where the companies are located, the Fund may purchase equity securities on exchanges other than where their companies are domiciled (often traded as dual listed securities) or in the form of Depositary Receipts, which include American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or similar securities. The Fund may also invest in other investment companies, including exchange-traded funds (“ETFs”). Investments in ETFs based on foreign market indices are considered investments outside the U.S. for purposes of the 40% requirement noted above. The Fund will invest primarily in companies located in developed countries, but may invest up to 20% of its assets in emerging markets. The Fund seeks to invest in stocks whose future prospects are misunderstood or not fully recognized by the market. The Fund employs a fundamental value investing approach which seeks to exploit market inefficiencies created by irrational investor behavior. To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process highlighted by rigorous, internally-generated fundamental research. With the exception of diversification guidelines, the Fund does not employ predetermined rules for sales; rather, the Fund evaluates each sell candidate based on the candidate’s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines. The Fund may enter into currency contracts (such as spot, forward and futures) to hedge foreign currency exposure. |
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Principal Investment Risks. | |||||||||||||||||||||||||||||||||||||
As with any mutual fund, the value of the Fund’s investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. Many factors can affect those values. The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The principal risks of investing in the Fund are described in this section. Market Risk. Market risk is the risk that the market price of securities owned by the Fund may go down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. Equity Securities Risk. Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities. The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets. Capitalization Risk. Large cap companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus on small or mid cap companies. Investments in small and mid cap companies may involve more risk than investing in larger more established companies. Small and mid cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a small number of key personnel. Should a product fail, or if management changes, or if there are other adverse developments, the Fund’s investment in a small or mid cap company may lose substantial value. Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisor invests in securities that may not necessarily be included in the Fund’s benchmark. To the extent that the Advisor invests the Fund’s assets in securities that are not in the Fund’s benchmark index, there is a greater risk that the Fund’s performance will deviate from that of the benchmark. The Advisor does not seek to replicate the performance of any index. Style Risk. The Advisor follows an investing style that favors value investments. Historically, value investments have performed best during periods of economic recovery. Therefore, the value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investors should be prepared to tolerate volatility in Fund returns. Security Selection Risk. The Advisor may misjudge the risk and/or return potential of a security. This misjudgment can result in a loss or a significant deviation relative to its benchmark. Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Foreign (Non-U.S.) Investment Risk. The Fund invests in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers and may suffer from increased foreign government action, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign investments. Emerging Market Risk. Foreign (non-U.S.) investment risk may be particularly high to the extent that the Fund invests in emerging market securities. These securities may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. Currency Risk. If the Fund invests directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in derivatives that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, the Fund’s investments in foreign currency-denominated securities may reduce the Fund’s returns. ADR and GDR Risk. ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary's transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary's transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated. |
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Performance | |||||||||||||||||||||||||||||||||||||
Performance information for the Fund is not included because the Fund has not been in operation for a full calendar year. Updated performance is available on the Fund’s website at http://www.hwcm.com/literature (click on “Latest Performance”) or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637). |
Hotchkis & Wiley Value Opportunities Fund | |||||||||||||||||||||||||||||||||||
Hotchkis & Wiley Value Opportunities Fund | |||||||||||||||||||||||||||||||||||
Investment Objective. | |||||||||||||||||||||||||||||||||||
The Fund seeks capital appreciation. |
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Fees and Expenses of the Fund. | |||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in certain Hotchkis & Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled “About Class I, Class A, Class C and Class R Shares” beginning on page 35 of this Prospectus and “Purchase of Shares” beginning on page 39 of the Funds’ Statement of Additional Information. |
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SHAREHOLDER FEES (fees paid directly from your investment) | |||||||||||||||||||||||||||||||||||
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ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||||||||||||
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Example. | |||||||||||||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. |
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Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | |||||||||||||||||||||||||||||||||||
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You would pay the following expenses if you did not redeem your shares: | |||||||||||||||||||||||||||||||||||
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Portfolio Turnover. | |||||||||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 98% of the average value of its portfolio. |
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Principal Investment Strategy. | |||||||||||||||||||||||||||||||||||
The Fund normally invests in equity securities, such as common stock, preferred stock and convertible securities, of any size market capitalization, and investment grade and high yield (“junk bonds”) fixed income securities. Hotchkis & Wiley Capital Management, LLC (the “Advisor”) selects companies that it believes have strong capital appreciation potential. The Fund may invest in foreign (non-U.S.) securities. The Fund seeks to invest in stocks whose future prospects are misunderstood or not fully recognized by the market. The Fund employs a fundamental value investing approach which seeks to exploit market inefficiencies created by irrational investor behavior. To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process highlighted by rigorous, internally-generated fundamental research. With the exception of diversification guidelines, the Fund does not employ predetermined rules for sales; rather, the Fund evaluates each sell candidate based on the candidate’s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines. The Advisor also may engage in active and frequent trading of the Fund’s securities in order to achieve its investment objectives and principal investment strategies. |
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Principal Investment Risks. | |||||||||||||||||||||||||||||||||||
As with any mutual fund, the value of the Fund’s investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. Many factors can affect those values. The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The principal risks of investing in the Fund are described in this section. Market Risk. Market risk is the risk that the market price of securities owned by the Fund may go down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. Equity Securities Risk. Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities. The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets. Capitalization Risk. Large cap companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus on small or mid cap companies. Investment in small and mid cap companies may involve more risk than investing in larger, more established companies. Small and mid cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a small number of key personnel. Should a product fail, or if management changes, or if there are other adverse developments, the Fund’s investment in a small or mid cap company may lose substantial value. Fixed Income Securities Risk. Fixed income securities, such as bonds, involve credit risk. Credit risk is the risk that the borrower will not make timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on the terms of the securities. Fixed income securities are also subject to interest rate risk. Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisor invests in securities that may not necessarily be included in the Fund’s benchmark. To the extent that the Advisor invests the Fund’s assets in securities that are not in the Fund’s benchmark index, there is a greater risk that the Fund’s performance will deviate from that of the benchmark. The Advisor does not seek to replicate the performance of any index. Style Risk. The Advisor follows an investing style that favors value investments. Historically, value investments have performed best during periods of economic recovery. Therefore, the value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investors should be prepared to tolerate volatility in Fund returns. Security Selection Risk. The Advisor may misjudge the risk and/or return potential of a security. This misjudgment can result in a loss or a significant deviation relative to its benchmark. Non-Diversification Risk. The Fund is non-diversified under federal securities laws, meaning the Fund can invest more than 5% of its assets in the securities of any one issuer. Investing in a non-diversified mutual fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in the value of one security may represent a greater portion of the total assets of a non-diversified fund. The Fund’s share values could fluctuate more than those of funds holding more securities in their portfolios. Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Foreign (Non-U.S.) Investment Risk. The Fund may invest in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign investments. Interest Rate Risk. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Fund is likely to decrease. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Credit Risk. The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. High Yield Risk. The Fund’s investments in high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) may subject the Fund to greater levels of credit and liquidity risk than funds that do not invest in such securities. While offering a greater potential opportunity for capital appreciation and higher yields, high yield securities typically entail greater potential price volatility and may be less liquid than higher-rated securities. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose its entire investment. Currency Risk. If the Fund invests directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in derivatives that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, the Fund’s investments in foreign currency-denominated securities may reduce the returns of the Fund. Credit Ratings and Unrated Securities Risks. Rating agencies are private services that provide ratings of the credit quality of fixed income securities, including convertible securities. Rating agencies may fail to make timely changes in credit ratings and an issuer’s current financial condition may be better or worse than a rating indicates. The Fund may purchase unrated securities (which are not rated by a rating agency and may be less liquid) if its portfolio managers determine that the security is of comparable quality to a rated security that the Fund may purchase. To the extent that the Fund invests in high yield and/or unrated securities, the Fund’s success in achieving its investment objective may depend more heavily on the portfolio managers’ creditworthiness analysis than if the Fund invested exclusively in higher-quality and rated securities. Portfolio Turnover Risk. The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objectives, particularly during periods of volatile market movements. High portfolio turnover (i.e., over 100%) involves correspondingly greater expenses to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates for federal income tax purposes). The trading costs and tax effects associated with portfolio turnover may lower the Fund’s effective return for investors. Derivatives Risk. A derivative is a financial contract with a value that depends on, or is derived from, the value of an underlying asset, reference rate or index. The Fund typically uses derivatives as a substitute for taking a position in the underlying asset, as part of a strategy designed to reduce exposure to other risks and/or to manage cash. The Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments, such as liquidity risk, interest rate risk, market risk, credit risk and management risk. ETF Risk. ETFs may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests. |
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Performance | |||||||||||||||||||||||||||||||||||
The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The bar chart shows changes in the Fund’s performance from year to year for Class I shares (the class with the longest period of annual returns). However, the Fund’s Class A and Class C shares are subject to sales loads. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. The table, which includes all applicable fees and sales charges, shows how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund’s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637). The inception dates for the Fund’s Class I, Class A and Class C shares are December 31, 2002, December 31, 2002 and August 28, 2003, respectively. Performance figures prior to the inception date of Class C shares are based on the historical performance of the original share class (Class I) of the Fund adjusted to reflect the higher operating expenses of Class C shares. |
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Calendar Year Total Returns as of December 31 | |||||||||||||||||||||||||||||||||||
During the period shown in the bar chart, the highest return for a quarter was 31.30% (quarter ended June 30, 2009) and the lowest return for a quarter was -23.34% (quarter ended September 30, 2011). The year-to-date return as of June 30, 2013 was 18.69%. |
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Average Annual Total Returns (for the periods ended December 31, 2012) | |||||||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only Class I. After-tax returns for other classes will vary. |
Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Prospectus Date | rr_ProspectusDate | Aug. 29, 2013 |
Label | Element | Value | ||||
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Risk/Return: | rr_RiskReturnAbstract | |||||
Risk/Return [Heading] | rr_RiskReturnHeading | Hotchkis & Wiley High Yield Fund | ||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objectives. | ||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund seeks high current income combined with the opportunity for capital appreciation to maximize total return. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund. | ||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts is available from your financial professional and in the sections titled “About Class I, Class A, Class C and Class R Shares” beginning on page 35 of this Prospectus and “Purchase of Shares” beginning on page 39 of the Funds’ Statement of Additional Information. |
||||
Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | SHAREHOLDER FEES (fees paid directly from your investment) | ||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | ||||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 2014-10-31 | ||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover. | ||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 66% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 66.00% | ||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example. | ||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same except for the fee waiver/expense reimbursement in effect for the first year. |
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | You would pay the following expenses if you did not redeem your shares: | ||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategy. | ||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in a diversified portfolio of high yield securities (“junk bonds”), which may be represented by forward contracts or derivatives such as options, futures contracts or swap agreements, rated below investment grade (i.e., rated below Baa by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s (“S&P”) or Fitch Ratings (“Fitch”), or, if unrated, determined by the Advisor to be of comparable quality). The Fund may not invest more than 10% of its total assets in securities rated Caa or below by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Advisor to be of comparable quality. The Fund may also invest in investment grade fixed income instruments. The average portfolio duration of the Fund normally will vary within two years (plus or minus) of the duration of the BofA Merrill Lynch U.S. High Yield BB-B (Constrained 2%) Index, which as of June 30, 2013 was 4.2 years. The Fund may invest up to 20% of its total assets in securities denominated in foreign currencies and may invest without limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Fund may invest in mortgage- or asset-backed securities. The Advisor attempts to identify areas of the bond market that are undervalued relative to the rest of the market. In selecting securities for the Fund, the Advisor develops an outlook for credit markets, interest rates, currency exchange rates and the economy, analyzes individual credit and call risks, and uses other security selection techniques. The proportion of the Fund’s assets committed to investment in securities with particular characteristics (such as quality, sector, interest rate or maturity) varies based on the Advisor’s outlook for the U.S. economy and the economies of other countries in the world, the financial markets and other factors. |
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Risk [Heading] | rr_RiskHeading | Principal Investment Risks. | ||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | As with any mutual fund, the value of the Fund’s investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. Many factors can affect those values. The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The principal risks of investing in the Fund are described in this section. Market Risk. Market risk is the risk that the market price of securities owned by the Fund may go down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. Fixed Income Securities Risk. Fixed income securities, such as bonds, involve credit risk. Credit risk is the risk that the borrower will not make timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on the terms of the securities. Fixed income securities are also subject to interest rate risk. High Yield Risk. The Fund’s investments in high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) may subject the Fund to greater levels of credit and liquidity risk than funds that do not invest in such securities. While offering a greater potential opportunity for capital appreciation and higher yields, high yield securities typically entail greater potential price volatility and may be less liquid than higher-rated securities. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose its entire investment. Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisor invests in securities that may not necessarily be included in the Fund’s benchmark. To the extent that the Advisor invests the Fund’s assets in securities that are not in the Fund’s benchmark index, there is a greater risk that the Fund’s performance will deviate from that of the benchmark. The Advisor does not seek to replicate the performance of any index. Security Selection Risk. The Advisor may misjudge the risk and/or return potential of a security. This misjudgment can result in a loss or a significant deviation relative to its benchmark. Income Risk. The Fund is subject to income risk, which is the risk that the Fund’s income will decline during periods of falling interest rates. If the income is reduced, distributions by the Fund to shareholders may be less. Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Foreign (Non-U.S.) Investment Risk. The Fund may invest in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign investments. Interest Rate Risk. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Credit Risk. The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Liquidity Risk. To the extent that a security is difficult to sell (whether because the security cannot be traded publicly or because of unusual market conditions), the Fund may either be forced to accept a lower price for it or may have to continue to hold the security. Either outcome could adversely affect Fund performance. The Fund’s investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, the Fund, due to limitations on investments in illiquid securities and the difficulty in purchasing and selling such securities or instruments, may be unable to achieve its desired level of exposure to a certain sector. To the extent that the Fund’s principal investment strategies involve foreign (non-U.S.) securities, derivatives or securities with substantial market and/or credit risk, the Fund will tend to have increased exposure to liquidity risk. Derivatives Risk. A derivative is a financial contract with a value that depends on, or is derived from, the value of an underlying asset, reference rate or index. The Fund typically uses derivatives as a substitute for taking a position in the underlying asset, as part of a strategy designed to reduce exposure to other risks and/or manage cash. The Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments, such as liquidity risk, interest rate risk, market risk, credit risk and management risk. Mortgage-Related and Other Asset-Backed Securities Risk. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-related securities, it may exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund may have to reinvest that money at the lower prevailing interest rates. Asset-backed securities are subject to risks similar to those associated with mortgage-related securities. Emerging Market Risk. Foreign investment risk may be particularly high to the extent that the Fund invests in emerging market securities that are economically tied to countries with developing economies. These securities may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. Currency Risk. If the Fund invests directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in derivatives that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, the Fund’s investments in foreign currency-denominated securities may reduce the returns of the Fund. Credit Ratings and Unrated Securities Risk. Rating agencies are private services that provide ratings of the credit quality of fixed income securities, including convertible securities. Rating agencies may fail to make timely changes in credit ratings and an issuer’s current financial condition may be better or worse than a rating indicates. The Fund may purchase unrated securities (which are not rated by a rating agency and may be less liquid) if its portfolio managers determine that the security is of comparable quality to a rated security that the Fund may purchase. To the extent that the Fund invests in high yield and/or unrated securities, the Fund’s success in achieving its investment objective may depend more heavily on the portfolio managers’ creditworthiness analysis than if the Fund invested exclusively in higher-quality and rated securities. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | As with any mutual fund, the value of the Fund's investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. | ||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The bar chart shows changes in the Fund’s performance from year to year for Class I shares (the class with the longest period of annual returns). However, the Fund’s Class A and Class C shares are subject to sales loads. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. The table, which includes all applicable fees and sales charges, shows how the Fund’s average annual returns for 1 year and since inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund’s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637). The inception dates for the Fund’s Class I, Class A and Class C shares are March 31, 2009, May 29, 2009 and December 31, 2012, respectively. Performance figures prior to the inception date of Class A and Class C shares are based on the historical performance of the original share class (Class I) of the Fund adjusted to reflect the higher operating expenses of Class A and Class C shares and the sales charge of Class A shares. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. | ||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | 1-866-493-8637 | ||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | http://www.hwcm.com/literature | ||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. | ||||
Bar Chart [Heading] | rr_BarChartHeading | Calendar Year Total Returns as of December 31 | ||||
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. | ||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | During the period shown in the bar chart, the highest return for a calendar quarter was 7.89% (quarter ended September 30, 2010) and the lowest return for a calendar quarter was -7.87% (quarter ended September 30, 2011). The year-to-date return as of June 30, 2013 was 2.57%. |
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Year to Date Return, Label | rr_YearToDateReturnLabel | year-to-date return | ||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | ||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 2.57% | ||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | highest return | ||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2010 | ||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 7.89% | ||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | lowest return | ||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Sep. 30, 2011 | ||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (7.87%) | ||||
Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | The table, which includes all applicable fees and sales charges, shows how the Fund's average annual returns for 1 year and since inception compare with those of a broad measure of market performance. | ||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) | ||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). | ||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns are shown for only Class I. After-tax returns for other classes will vary. | ||||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only Class I. After-tax returns for other classes will vary. |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns (for the periods ended December 31, 2012) | ||||
BofA Merrill Lynch U.S. High Yield BB-B (Constrained 2%) Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||
Label | rr_AverageAnnualReturnLabel | BofA Merrill Lynch U.S. High Yield BB-B (Constrained 2%) Index (reflects no deduction for fees, expenses or taxes) | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 14.58% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 18.58% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Mar. 31, 2009 | ||||
Class I
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Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | none | ||||
Management Fees | rr_ManagementFeesOverAssets | 0.55% | ||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
Other Expenses | rr_OtherExpensesOverAssets | 0.20% | ||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.75% | ||||
Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.05%) | ||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 0.70% | [1] | |||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 72 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 235 | ||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 412 | ||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 926 | ||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 72 | ||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 235 | ||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 412 | ||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 926 | ||||
Annual Return 2010 | rr_AnnualReturn2010 | 19.10% | ||||
Annual Return 2011 | rr_AnnualReturn2011 | 2.28% | ||||
Annual Return 2012 | rr_AnnualReturn2012 | 17.96% | ||||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class I | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 17.96% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 18.84% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Mar. 31, 2009 | ||||
Class I | After Taxes on Distributions
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Risk/Return: | rr_RiskReturnAbstract | |||||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions - Class I | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 14.99% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 14.68% | ||||
Class I | After Taxes on Distributions and Sale of Fund Shares
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Risk/Return: | rr_RiskReturnAbstract | |||||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions and Sale of Fund Shares - Class I | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 11.66% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 13.81% | ||||
Class A
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Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 3.75% | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | none | [2] | |||
Management Fees | rr_ManagementFeesOverAssets | 0.55% | ||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||
Other Expenses | rr_OtherExpensesOverAssets | 0.20% | ||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.00% | ||||
Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.05%) | ||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 0.95% | [1] | |||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | You may be charged a deferred sales charge of up to 0.75% if you invest $1 million or more in Class A shares and you redeem your shares within one year after purchase. | ||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. | ||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | 100,000 | ||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 468 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 677 | ||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 902 | ||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,549 | ||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 468 | ||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 677 | ||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 902 | ||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 1,549 | ||||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class A | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 13.23% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 17.13% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Mar. 31, 2009 | ||||
Class C
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Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | ||||
Management Fees | rr_ManagementFeesOverAssets | 0.55% | ||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||
Other Expenses | rr_OtherExpensesOverAssets | 0.19% | ||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.74% | ||||
Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.04%) | ||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.70% | [1] | |||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 273 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 544 | ||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 940 | ||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,853 | ||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 173 | ||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 544 | ||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 940 | ||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 1,853 | ||||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class C | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 15.80% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 17.67% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Mar. 31, 2009 | ||||
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Label | Element | Value | ||
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Risk/Return: | rr_RiskReturnAbstract | |||
Risk/Return [Heading] | rr_RiskReturnHeading | Hotchkis & Wiley Mid-Cap Value Fund | ||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective. | ||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund seeks capital appreciation. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund. | ||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in certain Hotchkis & Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled “About Class I, Class A, Class C and Class R Shares” beginning on page 35 of this Prospectus and “Purchase of Shares” beginning on page 39 of the Funds’ Statement of Additional Information. |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | SHAREHOLDER FEES (fees paid directly from your investment) | ||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | ||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover. | ||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 66% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 66.00% | ||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example. | ||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. |
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions, your costs would be as shown. | ||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | You would pay the following expenses if you did not redeem your shares: | ||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategy. | ||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in common stocks of mid capitalization U.S. companies. Effective October 28, 2013, 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”) does not believe that this policy change will result in any material change in the way it manages the Fund’s portfolio. The Advisor currently considers mid-cap companies to be those with market capitalizations like those found in the Russell Midcap® Index. The market capitalization range of the Index changes constantly, but as of June 30, 2013, the range was from $0.5 billion to $30.3 billion. Market capitalization is measured at the time of initial purchase. The Fund may invest in the securities of small capitalization companies and in foreign (non-U.S.) securities. The Fund seeks to invest in stocks whose future prospects are misunderstood or not fully recognized by the market. The Fund employs a fundamental value investing approach which seeks to exploit market inefficiencies created by irrational investor behavior. To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process highlighted by rigorous, internally-generated fundamental research. With the exception of diversification guidelines, the Fund does not employ predetermined rules for sales; rather, the Fund evaluates each sell candidate based on the candidate’s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines. |
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Risk [Heading] | rr_RiskHeading | Principal Investment Risks. | ||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | As with any mutual fund, the value of the Fund’s investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. Many factors can affect those values. The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The principal risks of investing in the Fund are described in this section. Market Risk. Market risk is the risk that the market price of securities owned by the Fund may go down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. Equity Securities Risk. Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities. The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets. Capitalization Risk. Investment in small and mid cap companies may involve more risk than investing in larger, more established companies. Small and mid cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a small number of key personnel. Should a product fail, or if management changes, or if there are other adverse developments, the Fund’s investment in a small or mid cap company may lose substantial value. Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisor invests in securities that may not necessarily be included in the Fund’s benchmark. To the extent that the Advisor invests the Fund’s assets in securities that are not in the Fund’s applicable benchmark index, there is a greater risk that the Fund’s performance will deviate from that of the benchmark. The Advisor does not seek to replicate the performance of any index. Style Risk. The Advisor follows an investing style that favors value investments. Historically, value investments have performed best during periods of economic recovery. Therefore, the value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investors should be prepared to tolerate volatility in Fund returns. Security Selection Risk. The Advisor may misjudge the risk and/or return potential of a security. This misjudgment can result in a loss or a significant deviation relative to its benchmarks. Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Foreign (Non-U.S.) Investment Risk. The Fund may invest in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign investments. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | As with any mutual fund, the value of the Fund's investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. | ||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The bar chart shows changes in the Fund’s performance from year to year for Class I shares (the class with the longest period of annual returns). However, the Fund’s Class A and Class C shares are subject to sales loads. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. The table, which includes all applicable fees and sales charges, shows how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance and an index that reflects the market sectors in which the Fund invests. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund’s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637). The inception dates for the Fund’s Class I, Class A, Class C and Class R shares are January 2, 1997, January 2, 2001, January 2, 2001 and August 28, 2003, respectively. Performance figures prior to the inception date of Class R shares are based on the historical performance of the original share class (Class I) of the Fund’s predecessor, the Mercury HW Mid-Cap Value Fund, adjusted to reflect the higher operating expenses of Class R shares. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. | ||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | 1-866-493-8637 | ||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | http://www.hwcm.com/literature | ||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. | ||
Bar Chart [Heading] | rr_BarChartHeading | Calendar Year Total Returns as of December 31 | ||
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. | ||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | During the period shown in the bar chart, the highest return for a quarter was 29.32% (quarter ended June 30, 2009) and the lowest return for a quarter was -26.84% (quarter ended September 30, 2011). The year-to-date return as of June 30, 2013 was 23.72%. |
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Year to Date Return, Label | rr_YearToDateReturnLabel | year-to-date return | ||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | ||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 23.72% | ||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | highest return | ||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 | ||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 29.32% | ||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | lowest return | ||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Sep. 30, 2011 | ||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (26.84%) | ||
Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | The table, which includes all applicable fees and sales charges, shows how the Fund's average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance and an index that reflects the market sectors in which the Fund invests. | ||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) | ||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). | ||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns are shown for only Class I. After-tax returns for other classes will vary. | ||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only Class I. After-tax returns for other classes will vary. |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns (for the periods ended December 31, 2012) | ||
Russell Midcap® Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||
Label | rr_AverageAnnualReturnLabel | Russell Midcap® Index (reflects no deduction for fees, expenses or taxes) | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 17.28% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 3.57% | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 10.65% | ||
Russell Midcap® Value Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||
Label | rr_AverageAnnualReturnLabel | Russell Midcap® Value Index (reflects no deduction for fees, expenses or taxes) | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 18.51% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 3.79% | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 10.63% | ||
Class I
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Risk/Return: | rr_RiskReturnAbstract | |||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | none | ||
Management Fees | rr_ManagementFeesOverAssets | 0.75% | ||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||
Other Expenses | rr_OtherExpensesOverAssets | 0.32% | ||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.07% | ||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 109 | ||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 340 | ||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 590 | ||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,306 | ||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 109 | ||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 340 | ||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 590 | ||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 1,306 | ||
Annual Return 2003 | rr_AnnualReturn2003 | 55.54% | ||
Annual Return 2004 | rr_AnnualReturn2004 | 25.36% | ||
Annual Return 2005 | rr_AnnualReturn2005 | 10.75% | ||
Annual Return 2006 | rr_AnnualReturn2006 | 16.58% | ||
Annual Return 2007 | rr_AnnualReturn2007 | (16.96%) | ||
Annual Return 2008 | rr_AnnualReturn2008 | (43.05%) | ||
Annual Return 2009 | rr_AnnualReturn2009 | 56.49% | ||
Annual Return 2010 | rr_AnnualReturn2010 | 34.41% | ||
Annual Return 2011 | rr_AnnualReturn2011 | (8.60%) | ||
Annual Return 2012 | rr_AnnualReturn2012 | 31.09% | ||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class I | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 31.09% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 7.50% | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 11.62% | ||
Class I | After Taxes on Distributions
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Risk/Return: | rr_RiskReturnAbstract | |||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions - Class I | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 31.00% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 7.40% | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 10.80% | ||
Class I | After Taxes on Distributions and Sale of Fund Shares
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Risk/Return: | rr_RiskReturnAbstract | |||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions and Sale of Fund Shares - Class I | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 20.32% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 6.47% | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 10.14% | ||
Class A
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Risk/Return: | rr_RiskReturnAbstract | |||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.25% | ||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | none | [1] | |
Management Fees | rr_ManagementFeesOverAssets | 0.75% | ||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||
Other Expenses | rr_OtherExpensesOverAssets | 0.32% | ||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.32% | ||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | You may be charged a deferred sales charge of up to 0.75% if you invest $1 million or more in Class A shares and you redeem your shares within one year after purchase. | ||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in certain Hotchkis & Wiley Funds. | ||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | 25,000 | ||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 652 | ||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 921 | ||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,210 | ||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,032 | ||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 652 | ||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 921 | ||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,210 | ||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 2,032 | ||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class A | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 23.91% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 6.07% | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 10.74% | ||
Class C
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Risk/Return: | rr_RiskReturnAbstract | |||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | ||
Management Fees | rr_ManagementFeesOverAssets | 0.75% | ||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||
Other Expenses | rr_OtherExpensesOverAssets | 0.32% | ||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.07% | ||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 310 | ||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 649 | ||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,114 | ||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,208 | ||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 210 | ||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 649 | ||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,114 | ||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 2,208 | ||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class C | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 28.80% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 6.56% | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 10.60% | ||
Class R
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Risk/Return: | rr_RiskReturnAbstract | |||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | none | ||
Management Fees | rr_ManagementFeesOverAssets | 0.75% | ||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.50% | ||
Other Expenses | rr_OtherExpensesOverAssets | 0.32% | ||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.57% | ||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 160 | ||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 496 | ||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 855 | ||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,867 | ||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 160 | ||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 496 | ||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 855 | ||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 1,867 | ||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class R | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 30.52% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 6.97% | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 11.22% | ||
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Label | Element | Value | ||||
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Risk/Return: | rr_RiskReturnAbstract | |||||
Risk/Return [Heading] | rr_RiskReturnHeading | Hotchkis & Wiley Diversified Value Fund | ||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective. | ||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund seeks capital appreciation. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund. | ||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in certain Hotchkis & Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled “About Class I, Class A, Class C and Class R Shares” beginning on page 35 of this Prospectus and “Purchase of Shares” beginning on page 39 of the Funds’ Statement of Additional Information. |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | SHAREHOLDER FEES (fees paid directly from your investment) | ||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | ||||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 2014-10-31 | ||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover. | ||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 44% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 44.00% | ||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in certain Hotchkis & Wiley Funds. | ||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 25,000 | ||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example. | ||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same except for the fee waiver/expense reimbursement in effect for the first year. |
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | You would pay the following expenses if you did not redeem your shares: | ||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategy. | ||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund normally invests in equity securities of large capitalization companies that are considered by the Advisor to be undervalued. The Advisor currently considers large cap companies to be those with market capitalizations like those found in the Russell 1000® Index, although the Advisor will generally not purchase stock in a company with a market capitalization of less than $3 billion. The market capitalization range of the Index changes constantly, but as of June 30, 2013, the range was from $0.5 billion to $422.5 billion. Market capitalization is measured at the time of initial purchase. The Fund may invest in foreign (non-U.S.) securities. The Fund seeks to invest in stocks whose future prospects are misunderstood or not fully recognized by the market. The Fund employs a fundamental value investing approach which seeks to exploit market inefficiencies created by irrational investor behavior. To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process highlighted by rigorous, internally-generated fundamental research. With the exception of diversification guidelines, the Fund does not employ predetermined rules for sales; rather, the Fund evaluates each sell candidate based on the candidate’s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines. |
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Risk [Heading] | rr_RiskHeading | Principal Investment Risks. | ||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | As with any mutual fund, the value of the Fund’s investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. Many factors can affect those values. The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The principal risks of investing in the Fund are described in this section. Market Risk. Market risk is the risk that the market price of securities owned by the Funds may go down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. Equity Securities Risk. Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities. The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets. Capitalization Risk. Large cap companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus on small or mid cap companies. The Fund may also invest in the securities of mid cap companies. Investment in mid cap companies may involve more risk than investing in larger, more established companies. Mid cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a small number of key personnel. Should a product fail, or if management changes, or if there are other adverse developments, the Fund’s investment in a mid cap company may lose substantial value. Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisor invests in securities that may not necessarily be included in the Fund’s benchmark. To the extent that the Advisor invests the Fund’s assets in securities that are not in the Fund’s applicable benchmark index, there is a greater risk that the Fund’s performance will deviate from that of the benchmark. The Advisor does not seek to replicate the performance of any index. Style Risk. The Advisor follows an investing style that favors value investments. Historically, value investments have performed best during periods of economic recovery. Therefore, the value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investors should be prepared to tolerate volatility in Fund returns. Security Selection Risk. The Advisor may misjudge the risk and/or return potential of a security. This misjudgment can result in a loss or a significant deviation relative to its benchmarks. Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Foreign (Non-U.S.) Investment Risk. The Fund may invest in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign investments. ADR and GDR Risk. American Depository Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary's transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary's transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | As with any mutual fund, the value of the Fund's investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. | ||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The bar chart shows changes in the Fund’s performance from year to year for Class I shares. However, the Fund’s Class A and Class C shares are subject to sales loads. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. The table, which includes all applicable fees and sales charges, shows how the Fund’s average annual returns for 1 and 5 years and since inception compare with those of a broad measure of market performance and indices that reflect the market sectors in which the Fund invests. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund’s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637). The inception date for the Fund’s Class I, Class A and Class C shares is August 30, 2004. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. | ||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | 1-866-493-8637 | ||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | http://www.hwcm.com/literature | ||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. | ||||
Bar Chart [Heading] | rr_BarChartHeading | Calendar Year Total Returns as of December 31 | ||||
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. | ||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | During the period shown in the bar chart, the highest return for a calendar quarter was 24.68% (quarter ended June 30, 2009) and the lowest return for a calendar quarter was -22.50% (quarter ended December 31, 2008). The year-to-date return as of June 30, 2013 was 18.77%. |
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Year to Date Return, Label | rr_YearToDateReturnLabel | year-to-date return | ||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | ||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 18.77% | ||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | highest return | ||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 | ||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 24.68% | ||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | lowest return | ||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 | ||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (22.50%) | ||||
Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | The table, which includes all applicable fees and sales charges, shows how the Fund's average annual returns for 1 and 5 years and since inception compare with those of a broad measure of market performance and indices that reflect the market sectors in which the Fund invests. | ||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) | ||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). | ||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns are shown for only Class I. After-tax returns for other classes will vary. | ||||
Performance Table Explanation after Tax Higher | rr_PerformanceTableExplanationAfterTaxHigher | Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. | ||||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only Class I. After-tax returns for other classes will vary. |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns (for the periods ended December 31, 2012) | ||||
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||
Label | rr_AverageAnnualReturnLabel | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.00% | ||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 1.66% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 5.35% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Aug. 30, 2004 | ||||
Russell 1000® Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||
Label | rr_AverageAnnualReturnLabel | Russell 1000® Index (reflects no deduction for fees, expenses or taxes) | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.42% | ||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 1.92% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 5.76% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Aug. 30, 2004 | ||||
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||
Label | rr_AverageAnnualReturnLabel | Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 17.51% | ||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 0.59% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 5.14% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Aug. 30, 2004 | ||||
Class I
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Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | none | ||||
Management Fees | rr_ManagementFeesOverAssets | 0.75% | ||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
Other Expenses | rr_OtherExpensesOverAssets | 0.31% | ||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.06% | ||||
Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.11%) | ||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 0.95% | [1] | |||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 97 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 326 | ||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 574 | ||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,284 | ||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 97 | ||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 326 | ||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 574 | ||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 1,284 | ||||
Annual Return 2005 | rr_AnnualReturn2005 | 12.61% | ||||
Annual Return 2006 | rr_AnnualReturn2006 | 14.98% | ||||
Annual Return 2007 | rr_AnnualReturn2007 | (11.10%) | ||||
Annual Return 2008 | rr_AnnualReturn2008 | (45.94%) | ||||
Annual Return 2009 | rr_AnnualReturn2009 | 37.46% | ||||
Annual Return 2010 | rr_AnnualReturn2010 | 19.50% | ||||
Annual Return 2011 | rr_AnnualReturn2011 | (5.67%) | ||||
Annual Return 2012 | rr_AnnualReturn2012 | 19.78% | ||||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class I | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 19.78% | ||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 0.07% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 3.52% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Aug. 30, 2004 | ||||
Class I | After Taxes on Distributions
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Risk/Return: | rr_RiskReturnAbstract | |||||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions - Class I | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 19.49% | ||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | (0.29%) | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 3.06% | ||||
Class I | After Taxes on Distributions and Sale of Fund Shares
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Risk/Return: | rr_RiskReturnAbstract | |||||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions and Sale of Fund Shares - Class I | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 13.22% | ||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | (0.03%) | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 2.96% | ||||
Class A
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Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.25% | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | none | [2] | |||
Management Fees | rr_ManagementFeesOverAssets | 0.75% | ||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||
Other Expenses | rr_OtherExpensesOverAssets | 0.31% | ||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.31% | ||||
Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.11%) | ||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.20% | [1] | |||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | You may be charged a deferred sales charge of up to 0.75% if you invest $1 million or more in Class A shares and you redeem your shares within one year after purchase. | ||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 641 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 908 | ||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,195 | ||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,012 | ||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 641 | ||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 908 | ||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,195 | ||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 2,012 | ||||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class A | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 13.24% | ||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | (1.25%) | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 2.60% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Aug. 30, 2004 | ||||
Class C
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Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | ||||
Management Fees | rr_ManagementFeesOverAssets | 0.75% | ||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||
Other Expenses | rr_OtherExpensesOverAssets | 0.31% | ||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.06% | ||||
Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.11%) | ||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.95% | [1] | |||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 298 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 635 | ||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,098 | ||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,189 | ||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 198 | ||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 635 | ||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,098 | ||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 2,189 | ||||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class C | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 17.55% | ||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | (0.88%) | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 2.52% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Aug. 30, 2004 | ||||
|
Label | Element | Value | ||||
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Risk/Return: | rr_RiskReturnAbstract | |||||
Risk/Return [Heading] | rr_RiskReturnHeading | Hotchkis & Wiley Capital Income Fund | ||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objectives. | ||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund seeks high current income and long-term growth of income, as well as capital appreciation. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund. | ||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in the sections titled “About Class I, Class A, Class C and Class R Shares” beginning on page 35 of this Prospectus and “Purchase of Shares” beginning on page 39 of the Funds’ Statement of Additional Information. |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | SHAREHOLDER FEES (fees paid directly from your investment) | ||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | ||||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 2014-10-31 | ||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover. | ||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 65% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 65.00% | ||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example. | ||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except for the fee waiver/expense reimbursement in effect for the first year. |
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | You would pay the following expenses if you did not redeem your shares: | ||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategy. | ||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund normally invests in a diversified portfolio of debt and equity securities. The Fund may shift its investments from one asset class to another based on the Advisor’s analysis of the best opportunities for the Fund’s portfolio in a given market. The equity securities in which the Fund invests consist primarily of common and preferred stocks with market capitalizations greater than $1 billion. Debt securities include all varieties of fixed, floating and variable rate instruments, convertible securities and investment grade and below investment grade fixed income securities (commonly known as “junk bonds”). The average portfolio duration of the fixed income portion of the Fund normally will vary within two years (plus or minus) of the duration of the BofA Merrill Lynch U.S. High Yield BB-B (Constrained 2%) Index, which as of June 30, 2013 was 4.2 years. The Fund seeks income by selecting investments such as corporate, foreign and U.S. Treasury bonds, as well as stocks with dividend yields that the Advisor believes are attractive. The Fund may invest up to 100% of its total assets in bonds rated below investment grade, including a portion in defaulted securities. The Fund may invest up to 25% of its total assets in securities denominated in foreign currencies and may invest without limit in U.S. dollar-denominated securities of foreign issuers. Generally, the Fund may use derivatives as a means of hedging risk and to obtain exposure to markets, currencies, interest rates, sectors and individual issuers. The derivative instruments that the Fund may normally use include futures, forwards, options, swaps and other similar instruments. In selecting debt securities for the Fund, the Advisor develops an outlook for credit markets, interest rates, currency exchange rates and the economy, analyzes individual credit and call risks, and uses other security selection techniques. The proportion of the Fund’s assets committed to investment in securities with particular characteristics (such as quality, sector, interest rate or maturity) varies based on the Advisor’s outlook for the U.S. economy and the economies of other countries in the world, the financial markets and other factors. In selecting equity securities for the Fund, the Advisor seeks to invest in undervalued stocks with high cash dividends and strong balance sheets. The Fund employs a fundamental value investing approach which seeks to exploit market inefficiencies created by irrational investor behavior. To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process highlighted by rigorous, internally-generated fundamental research. The Fund evaluates each sell candidate based on its specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines. |
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Risk [Heading] | rr_RiskHeading | Principal Investment Risks. | ||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | As with any mutual fund, the value of the Fund’s investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. Many factors can affect those values. The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The principal risks of investing in the Fund are described in this section. Market Risk. Market risk is the risk that the market price of securities owned by the Fund may go down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. Fixed Income Securities Risk. Fixed income securities, such as bonds, involve credit risk. Credit risk is the risk that the borrower will not make timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on the terms of the securities. Fixed income securities are also subject to interest rate risk. High Yield Risk. The Fund’s investments in high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) may subject the Fund to greater levels of credit and liquidity risk than funds that do not invest in such securities. While offering a greater potential opportunity for capital appreciation and higher yields, high yield securities typically entail greater potential price volatility and may be less liquid than higher-rated securities. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose its entire investment. Equity Securities Risk. Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities. The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets. Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisor invests in securities that may not necessarily be included in the Fund’s benchmark. To the extent that the Advisor invests the Fund’s assets in securities that are not in the Fund’s respective benchmark index, there is a greater risk that the Fund’s performance will deviate from that of the benchmark. The Advisor does not seek to replicate the performance of any index. Capitalization Risk. Large cap companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus on small or mid cap companies. Security Selection Risk. The Advisor may misjudge the risk and/or return potential of a security. This misjudgment can result in a loss or a significant deviation relative to its benchmarks. Income Risk. The Fund is subject to income risk, which is the risk that the Fund’s income will decline during periods of falling interest rates. If the income is reduced, distributions by the Fund to shareholders may be less. Style Risk. The Advisor follows an investing style that favors value investments. Historically, value investments have performed best during periods of economic recovery. Therefore, the value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investors should be prepared to tolerate volatility in Fund returns. Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Foreign (Non-U.S.) Investment Risk. The Fund may invest in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign investments. Interest Rate Risk. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Credit Risk. The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Liquidity Risk. To the extent that a security is difficult to sell (whether because the security cannot be traded publicly or because of unusual market conditions), the Fund may either be forced to accept a lower price for it or may have to continue to hold the security. Either outcome could adversely affect Fund performance. The Fund’s investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, the Fund, due to limitations on investments in illiquid securities and the difficulty in purchasing and selling such securities or instruments, may be unable to achieve its desired level of exposure to a certain sector. To the extent that the Fund’s principal investment strategies involve foreign (non-U.S.) securities, derivatives or securities with substantial market and/or credit risk, the Fund will tend to have increased exposure to liquidity risk. Derivatives Risk. A derivative is a financial contract with a value that depends on, or is derived from, the value of an underlying asset, reference rate or index. The Fund typically uses derivatives as a substitute for taking a position in the underlying asset, as part of a strategy designed to reduce exposure to other risks and/or manage cash. The Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments, such as liquidity risk, interest rate risk, market risk, credit risk and management risk. Currency Risk. If the Fund invests directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in derivatives that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, the Fund’s investments in foreign currency-denominated securities may reduce the returns of the Fund. Credit Ratings and Unrated Securities Risk. Rating agencies are private services that provide ratings of the credit quality of fixed income securities, including convertible securities. Rating agencies may fail to make timely changes in credit ratings and an issuer’s current financial condition may be better or worse than a rating indicates. The Fund may purchase unrated securities (which are not rated by a rating agency and may be less liquid) if its portfolio managers determine that the security is of comparable quality to a rated security that the Fund may purchase. To the extent that the Fund invests in high yield and/or unrated securities, the Fund’s success in achieving its investment objective may depend more heavily on the portfolio managers’ creditworthiness analysis than if the Fund invested exclusively in higher-quality and rated securities. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | As with any mutual fund, the value of the Fund's investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. | ||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The bar chart shows changes in the Fund’s performance from year to year for Class I shares (the class with the longest period of annual returns). However, the Fund’s Class A and Class C shares are subject to sales loads. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. The table, which includes all applicable fees and sales charges, shows how the Fund’s average annual returns for 1 year and since inception compare with those of two broad measures of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Performance for Class C shares is not included as Class C shares have yet to commence operations. Updated performance is available on the Fund’s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637). The inception dates for the Fund’s Class I and Class A shares are December 31, 2010 and February 28, 2011, respectively. Performance figures prior to the inception date of Class A shares are based on the historical performance of the original share class (Class I) of the Fund adjusted to reflect the higher operating expenses of Class A shares and the sales charge of Class A shares. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. | ||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | 1-866-493-8637 | ||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | http://www.hwcm.com/literature | ||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. | ||||
Bar Chart [Heading] | rr_BarChartHeading | Calendar Year Total Return as of December 31 | ||||
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. | ||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | During the period shown in the bar chart, the highest return for a calendar quarter was 10.01% (quarter ended December 31, 2011) and the lowest return for a calendar quarter was -9.00% (quarter ended September 30, 2011). The year-to-date return as of June 30, 2013 was 11.34%. |
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Year to Date Return, Label | rr_YearToDateReturnLabel | year-to-date return | ||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | ||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 11.34% | ||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | highest return | ||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Dec. 31, 2011 | ||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 10.01% | ||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | lowest return | ||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Sep. 30, 2011 | ||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (9.00%) | ||||
Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | The table, which includes all applicable fees and sales charges, shows how the Fund's average annual returns for 1 year and since inception compare with those of two broad measures of market performance. | ||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) | ||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). | ||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns are shown for only Class I. After-tax returns for other classes will vary. | ||||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only Class I. After-tax returns for other classes will vary. |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns (for the period ended December 31, 2012) | ||||
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||
Label | rr_AverageAnnualReturnLabel | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.00% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 8.84% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Dec. 31, 2010 | ||||
BofA Merrill Lynch U.S. Corporate, Government and Mortgage Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||
Label | rr_AverageAnnualReturnLabel | BofA Merrill Lynch U.S. Corporate, Government and Mortgage Index (reflects no deduction for fees, expenses or taxes) | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 4.42% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 6.14% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Dec. 31, 2010 | ||||
Class I
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Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | none | ||||
Management Fees | rr_ManagementFeesOverAssets | 0.65% | ||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
Other Expenses | rr_OtherExpensesOverAssets | 1.20% | ||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.85% | ||||
Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (1.05%) | ||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 0.80% | [1] | |||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 82 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 479 | ||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 903 | ||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,083 | ||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 82 | ||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 479 | ||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 903 | ||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 2,083 | ||||
Annual Return 2011 | rr_AnnualReturn2011 | 6.01% | ||||
Annual Return 2012 | rr_AnnualReturn2012 | 14.52% | ||||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class I | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 14.52% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 10.18% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Dec. 31, 2010 | ||||
Class I | After Taxes on Distributions
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Risk/Return: | rr_RiskReturnAbstract | |||||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions - Class I | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 12.91% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 8.60% | ||||
Class I | After Taxes on Distributions and Sale of Fund Shares
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Risk/Return: | rr_RiskReturnAbstract | |||||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions and Sale of Fund Shares - Class I | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 10.09% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 7.99% | ||||
Class A
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Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 4.75% | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | none | [2] | |||
Management Fees | rr_ManagementFeesOverAssets | 0.65% | ||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||
Other Expenses | rr_OtherExpensesOverAssets | 1.09% | ||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.99% | ||||
Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.94%) | ||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.05% | [1] | |||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | You may be charged a deferred sales charge of up to 0.75% if you invest $1 million or more in Class A shares and you redeem your shares within one year after purchase. | ||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. | ||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | 50,000 | ||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 577 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 983 | ||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,414 | ||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,610 | ||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 577 | ||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 983 | ||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,414 | ||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 2,610 | ||||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes - Class A | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 10.86% | ||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 8.67% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Dec. 31, 2010 | ||||
Class C
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Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | ||||
Management Fees | rr_ManagementFeesOverAssets | 0.65% | ||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||
Other Expenses | rr_OtherExpensesOverAssets | 1.20% | ||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.85% | ||||
Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (1.05%) | ||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.80% | [1] | |||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 283 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 784 | ||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,411 | ||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,894 | ||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 183 | ||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 784 | ||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,411 | ||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 2,894 | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Dec. 31, 2010 | ||||
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