0000894189-13-005266.txt : 20130917 0000894189-13-005266.hdr.sgml : 20130917 20130917143257 ACCESSION NUMBER: 0000894189-13-005266 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130917 DATE AS OF CHANGE: 20130917 EFFECTIVENESS DATE: 20130917 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOTCHKIS & WILEY FUNDS /DE/ CENTRAL INDEX KEY: 0001145022 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-68740 FILM NUMBER: 131100981 BUSINESS ADDRESS: STREET 1: 725 SOUTH FIGUEROA STREET STREET 2: 39TH FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90017-5439 BUSINESS PHONE: 2134301000 MAIL ADDRESS: STREET 1: 725 SOUTH FIGUEROA STREET STREET 2: 39TH FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90017-5439 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOTCHKIS & WILEY FUNDS /DE/ CENTRAL INDEX KEY: 0001145022 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-10487 FILM NUMBER: 131100982 BUSINESS ADDRESS: STREET 1: 725 SOUTH FIGUEROA STREET STREET 2: 39TH FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90017-5439 BUSINESS PHONE: 2134301000 MAIL ADDRESS: STREET 1: 725 SOUTH FIGUEROA STREET STREET 2: 39TH FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90017-5439 0001145022 S000006212 Hotchkis & Wiley Diversified Value Fund C000017123 Class I HWCIX C000017124 Class A HWCAX C000017125 Class C HWCCX 0001145022 S000006213 Hotchkis & Wiley Large Cap Value Fund C000017126 Class I HWLIX C000017127 Class A HWLAX C000017128 Class C HWLCX C000017129 Class R HWLRX 0001145022 S000006214 Hotchkis & Wiley Mid-Cap Value Fund C000017130 Class I HWMIX C000017131 Class A HWMAX C000017132 Class C HWMCX C000017133 Class R HWMRX 0001145022 S000006215 Hotchkis & Wiley Small Cap Value Fund C000017134 Class I HWSIX C000017135 Class A HWSAX C000017136 Class C HWSCX 0001145022 S000006216 Hotchkis & Wiley Value Opportunities Fund C000017137 Class I HWAIX C000017138 Class A HWAAX C000017139 Class C HWACX 0001145022 S000025241 Hotchkis & Wiley High Yield Fund C000075208 Class A HWHAX C000075209 Class C HWHCX C000075210 Class I HWHIX 0001145022 S000030747 Hotchkis & Wiley Capital Income Fund C000095365 Class I HWIIX C000095366 Class A HWIAX C000095367 Class C 0001145022 S000039502 Hotchkis & Wiley Global Value Fund C000121672 Class I HWGIX C000121673 Class A HWGAX C000121674 Class C 485BPOS 1 hwf_485bxbrl.htm POEST EFFECTIVE AMENDMENT FOR XBRL hwf_485bxbrl.htm

 
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON SEPTEMBER 17, 2013

1933 ACT FILE NO. 333-68740
1940 ACT FILE NO. 811-10487

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No.
   
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Post-Effective Amendment No.
30
 
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   and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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X
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Amendment No.
31
 
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(Check appropriate box or boxes.)

HOTCHKIS & WILEY FUNDS
(Exact name of Registrant as Specified in Charter)

725 S. Figueroa Street, 39th Floor
Los Angeles, California 90017-5439
(Address of Principal Executive Office) (Zip Code)

(213) 430-1000
Registrant’s Telephone Number, including Area Code

Anna Marie Lopez
725 S. Figueroa Street, 39th Floor
Los Angeles, California 90017-5439

(Name and Address of Agent for Service)

Copy to:
Karin Jagel Flynn, Esq.
Joseph M. Mannon, Esq.
Vedder Price P.C.
222 North LaSalle Street
26th Floor
Chicago, IL 60601

It is proposed that this filing will become effective (check appropriate box):
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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.

If appropriate, check the following box:
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This post-effective amendment designates a new effective date for a previously filed post- effective amendment.

Explanatory Note:  This Post-Effective Amendment (“PEA”) No. 30 to the Registration Statement of Hotchkis & Wiley Funds (the “Trust”) on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 29 on Form N-1A filed August 29, 2013.  This PEA No. 30 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 29 to the Trust’s Registration Statement.

 
 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Act and the 1940 Act, the Registrant certifies that this Post-Effective Amendment No. 30 to its Registration Statement meets all the requirements for effectiveness pursuant to Rule 485(b) of the Securities Act, and the Registrant has duly caused this Post-Effective Amendment No. 30 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Los Angeles and the State of California on September 17, 2013.

 
Hotchkis & Wiley Funds
   
 
/s/Anna Marie Lopez
 
Anna Marie Lopez
 
President

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 30 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature
Title
Date
     
Randall H. Breitenbach*
Trustee
September 17, 2013
Randall H. Breitenbach
   
     
Robert L. Burch III*
Trustee
September 17, 2013
Robert L. Burch III
   
     
Alejandra C. Edwards*
Trustee
September 17, 2013
Alejandra C. Edwards
   
     
Marcy Elkind*
Trustee
September 17, 2013
Marcy Elkind
   
     
Robert Fitzgerald*
Trustee
September 17, 2013
Robert Fitzgerald
   
     
John A.G. Gavin*
Trustee
September 17, 2013
John A.G. Gavin
   
     
Donald Morrison*
Trustee
September 17, 2013
Donald Morrison
   
     
George H. Davis, Jr.*
Trustee
September 17, 2013
George H. Davis, Jr.
   
     
/s/Anna Marie Lopez
Principal Executive Officer
September 17, 2013
Anna Marie Lopez
   
     
/s/James Menvielle
Principal Financial and
September 17, 2013
James Menvielle
Accounting Officer
 

* By: /s/Anna Marie Lopez
   Anna Marie Lopez
   Attorney-in-fact pursuant to the Power of Attorney previously filed and incorporated by reference.
 

 
 
1

 
 
INDEX TO EXHIBITS

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE

 
 
2

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ck0001145022:S000025241Member ck0001145022:index_BofA_Merrill_Lynch_US_High_Yield_BBB_Constrained_2_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-06-30 2013-06-30 xbrli:pure iso4217:USD 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. Hotchkis & Wiley Capital Management, LLC (the "Advisor") has contractually agreed to waive management fees and/or reimburse expenses through October 31, 2014 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement do not exceed certain limits: Class I - 0.95%, Class A - 1.20%, Class C - 1.95%. Thereafter, the Advisor may change or eliminate the expense limits only upon 30 days' prior notice to the Fund's shareholders. The Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratios to Average Net Assets-Expenses, net of reimbursement/waiver in the "Financial Highlights," which reflects the operating expenses of the Fund and does not include the 0.01% attributed to Acquired Fund Fees and Expenses. Hotchkis & Wiley Capital Management, LLC (the "Advisor") has contractually agreed to waive management fees and/or reimburse expenses through October 31, 2014 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement do not exceed certain limits: Class I - 1.10%, Class A - 1.35%, and Class C - 2.10%. Thereafter, the Advisor may change or eliminate the expense limits only upon 30 days' prior notice to the Fund's shareholders. Hotchkis & Wiley Capital Management, LLC (the "Advisor") has contractually agreed to waive management fees and/or reimburse expenses through October 31, 2014 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement do not exceed certain limits: Class I - 0.80%, Class A - 1.05%, and Class C - 1.80%. Thereafter, the Advisor may change or eliminate the expense limits only upon 30 days' prior notice to the Fund's shareholders. Hotchkis & Wiley Capital Management, LLC (the "Advisor") has contractually agreed to waive management fees and/or reimburse expenses through October 31, 2014 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement do not exceed certain limits: Class I - 0.70%, Class A - 0.95%, Class C - 1.70%. Thereafter, the Advisor may change or eliminate the expense limits only upon 30 days' prior notice to the Fund's shareholders. HOTCHKIS & WILEY FUNDS /DE/ 485BPOS false 0001145022 2013-06-30 2013-08-29 2013-08-29 2013-08-29 Hotchkis & Wiley Diversified Value Fund HWCIX HWCAX HWCCX Investment Objective. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund seeks capital appreciation.</font> </div> Principal Investment Strategy. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> 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.&#160;&#160;Market capitalization is measured at the time of initial purchase.&#160;&#160;The Fund may invest in foreign (non-U.S.) securities.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund seeks to invest in stocks whose future prospects are misunderstood or not fully recognized by the market.&#160;&#160;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.&#160;&#160;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&#8217;s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines.</font> </div> Portfolio Turnover. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 44% of the average value of its portfolio.</font> </div> 0.44 Example. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">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.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same except for the fee waiver/expense reimbursement in effect for the first year.</font></div> 97 326 574 1284 641 908 1195 2012 298 635 1098 2189 97 326 574 1284 641 908 1195 2012 198 635 1098 2189 ~ http://usbank.com/20130829/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001145022_S000006212Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact ck0001145022_S000006212Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Fees and Expenses of the Fund. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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 &amp; Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled &#8220;About Class I, Class A, Class C and Class R Shares&#8221; beginning on page 35 of this Prospectus and &#8220;Purchase of Shares&#8221; beginning on page 39 of the Funds&#8217; Statement of Additional Information.</font> </div> 0.0000 0.0525 0.0000 0.0000 0.0000 0.0100 0.0075 0.0075 0.0075 0.0000 0.0025 0.0100 0.0031 0.0031 0.0031 0.0106 0.0131 0.0206 -0.0011 -0.0011 -0.0011 0.0095 0.0120 0.0195 ~ http://usbank.com/20130829/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001145022_S000006212Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001145022_S000006212Member row primary compact * ~ 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. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 25000 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. 2014-10-31 SHAREHOLDER FEES (fees paid directly from your investment) Principal Investment Risks. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As with any mutual fund, the value of the Fund&#8217;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.&#160;&#160;The factors that are most likely to have a material effect on the Fund&#8217;s portfolio as a whole are called &#8220;principal risks.&#8221;&#160;&#160;The principal risks of investing in the Fund are described in this section.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Equity Securities Risk.</font>&#160;&#160;Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities.&#160;&#160;The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably.&#160;&#160;Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Capitalization Risk.</font> 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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;s investment in a mid cap company may lose substantial value.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk.</font>&#160;&#160;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&#8217;s benchmark.&#160;&#160;To the extent that the Advisor invests the Fund&#8217;s assets in securities that are not in the Fund&#8217;s applicable benchmark index, there is a greater risk that the Fund&#8217;s performance will deviate from that of the benchmark.&#160;&#160;The Advisor does not seek to replicate the performance of any index.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Style Risk.</font>&#160;&#160;The Advisor follows an investing style that favors value investments.&#160;&#160;Historically, value investments have performed best during periods of economic recovery.&#160;&#160;Therefore, the value investing style may over time go in and out of favor.&#160;&#160;At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles.&#160;&#160;Investors should be prepared to tolerate volatility in Fund returns.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Security Selection Risk.</font>&#160;&#160;The Advisor may misjudge the risk and/or return potential of a security.&#160;&#160;This misjudgment can result in a loss or a significant deviation relative to its benchmarks.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Issuer Risk.</font> 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&#8217;s goods or services.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign (Non-U.S.) Investment Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">ADR and GDR Risk.</font>&#160;&#160;American Depository Receipts (&#8220;ADRs&#8221;) and Global Depository Receipts (&#8220;GDRs&#8221;) 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.</font> </div> 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. Performance <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns.&#160;&#160;The bar chart shows changes in the Fund&#8217;s performance from year to year for Class I shares.&#160;&#160;However, the Fund&#8217;s Class A and Class C shares are subject to sales loads.&#160;&#160;Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown.&#160;&#160;The table, which includes all applicable fees and sales charges, shows how the Fund&#8217;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.&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance is available on the Fund&#8217;s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637).</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The inception date for the Fund&#8217;s Class I, Class A and Class C shares is August 30, 2004.</font> </div> Calendar Year Total Returns as of December 31 0.1261 0.1498 -0.1110 -0.4594 0.3746 0.1950 -0.0567 0.1978 ~ http://usbank.com/20130829/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact ck0001145022_S000006212Member column rr_ProspectusShareClassAxis compact ck0001145022_C000017123Member row primary compact * ~ highest return 0.2468 2009-06-30 lowest return -0.2250 2008-12-31 year-to-date return 0.1877 2013-06-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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%.</font> </div> 0.1978 0.0007 0.0352 Return Before Taxes - Class I 0.1949 -0.0029 0.0306 Return After Taxes on Distributions - Class I 0.1322 -0.0003 0.0296 Return After Taxes on Distributions and Sale of Fund Shares - Class I 0.1324 -0.0125 0.0260 Return Before Taxes - Class A 0.1755 -0.0088 0.0252 Return Before Taxes - Class C 0.1600 0.0166 0.0535 S&P 500&#174; Index (reflects no deduction for fees, expenses or taxes) 0.1642 0.0192 0.0576 Russell 1000&#174; Index (reflects no deduction for fees, expenses or taxes) 0.1751 0.0059 0.0514 Russell 1000&#174; Value Index (reflects no deduction for fees, expenses or taxes) 2004-08-30 2004-08-30 2004-08-30 2004-08-30 2004-08-30 2004-08-30 ~ http://usbank.com/20130829/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact ck0001145022_S000006212Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;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 (&#8220;IRAs&#8221;). After-tax returns are shown for only Class I. After-tax returns for other classes will vary.</font> </div> 1-866-493-8637 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. (reflects no deduction for fees, expenses or taxes) 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 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. http://www.hwcm.com/literature After-tax returns are shown for only Class I. After-tax returns for other classes will vary. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. Average Annual Total Returns (for the periods ended December 31, 2012) The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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"). 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. Hotchkis & Wiley Large Cap Value Fund HWLIX HWLAX HWLCX HWLRX Investment Objectives. <div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund seeks current income and long-term growth of income, as well as capital appreciation.</font> </div> Principal Investment Strategy. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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.&#160;&#160;Hotchkis &amp; Wiley Capital Management, LLC (the &#8220;Advisor&#8221;) does not believe that this policy change will result in any material change in the way it manages the Fund&#8217;s portfolio.&#160;&#160;The Advisor currently considers large cap companies to be those with market capitalizations like those found in the Russell 1000<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> 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.&#160;&#160;The Fund also invests in stocks with high cash dividends or payout yields relative to the market.&#160;&#160;The Fund may invest in foreign (non-U.S.) securities.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund seeks to invest in stocks whose future prospects are misunderstood or not fully recognized by the market.&#160;&#160;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.&#160;&#160;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&#8217;s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines.</font> </div> Portfolio Turnover. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 41% of the average value of its portfolio.</font> </div> 0.41 Example. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 107 334 579 1283 650 915 1200 2010 308 643 1103 2187 158 490 845 1845 107 334 579 1283 650 915 1200 2010 208 643 1103 2187 158 490 845 1845 ~ http://usbank.com/20130829/role/ScheduleExpenseExampleTransposed20011 column dei_LegalEntityAxis compact ck0001145022_S000006213Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleExpenseExampleNoRedemptionTransposed20012 column dei_LegalEntityAxis compact ck0001145022_S000006213Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Fees and Expenses of the Fund. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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 &amp; Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled &#8220;About&#160;&#160;Class I, Class A, Class C and Class R Shares&#8221; beginning on page 35 of this Prospectus and &#8220;Purchase of Shares&#8221; beginning on page 39 of the Funds&#8217; Statement of Additional Information.</font> </div> 0.0000 0.0525 0.0000 0.0000 0.0000 0.0000 0.0100 0.0000 0.0075 0.0075 0.0075 0.0075 0.0000 0.0025 0.0100 0.0050 0.0030 0.0030 0.0030 0.0030 0.0105 0.0130 0.0205 0.0155 ~ http://usbank.com/20130829/role/ScheduleShareholderFees20009 column dei_LegalEntityAxis compact ck0001145022_S000006213Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleAnnualFundOperatingExpenses20010 column dei_LegalEntityAxis compact ck0001145022_S000006213Member row primary compact * ~ 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. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 25000 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. SHAREHOLDER FEES (fees paid directly from your investment) Principal Investment Risks. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As with any mutual fund, the value of the Fund&#8217;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.&#160;&#160;Many factors can affect those values.&#160;&#160;The factors that are most likely to have a material effect on the Fund&#8217;s portfolio as a whole are called &#8220;principal risks.&#8221;&#160;&#160;The principal risks of investing in the Fund are described in this section.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk.</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Equity Securities Risk.</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities.&#160;&#160;The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably.&#160;&#160;Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Capitalization Risk.</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;s investment in a mid cap company may lose substantial value.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk.</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>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&#8217;s benchmark.&#160;&#160;To the extent that the Advisor invests the Fund&#8217;s assets in securities that are not in the Fund&#8217;s applicable benchmark index, there is a greater risk that the Fund&#8217;s performance will deviate from that of the benchmark.&#160;&#160;The Advisor does not seek to replicate the performance of any index.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Style Risk.</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>The Advisor follows an investing style that favors value investments.&#160;&#160;Historically, value investments have performed best during periods of economic recovery.&#160;&#160;Therefore, the value investing style may over time go in and out of favor.&#160;&#160;At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles.&#160;&#160;Investors should be prepared to tolerate volatility in Fund returns.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Income Risk.</font>&#160;&#160;The Fund is subject to income risk, which is the risk that the Fund&#8217;s income will decline during periods of falling interest rates.&#160;&#160;If the income is reduced, distributions by the Fund to shareholders may be less.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Security Selection Risk.</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>The Advisor may misjudge the risk and/or return potential of a security.&#160;&#160;This misjudgment can result in a loss or a significant deviation relative to its benchmarks.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Issuer Risk.</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>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&#8217;s goods or services.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign (Non-U.S.) Investment Risk.&#160;&#160;</font>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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">ADR and GDR Risk.</font>&#160;&#160;American Depository Receipts (&#8220;ADRs&#8221;) and Global Depository Receipts (&#8220;GDRs&#8221;) 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.</font> </div> 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. Performance <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns.&#160;&#160;The bar chart shows changes in the Fund&#8217;s performance from year to year for Class I shares (the class with the longest period of annual returns).&#160;&#160;However, the Fund&#8217;s Class A and Class C shares are subject to sales loads.&#160;&#160;Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown.&#160;&#160;The table, which includes all applicable fees and sales charges, shows how the Fund&#8217;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.&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance is available on the Fund&#8217;s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637).</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The inception dates for the Fund&#8217;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.&#160;&#160;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&#8217;s predecessor, the Mercury HW Large Cap Value Fund, adjusted to reflect the higher operating expenses of Class R shares.</font> </div> Calendar Year Total Returns as of December 31 0.4277 0.2201 0.0641 0.1370 -0.1055 -0.4684 0.3432 0.1985 -0.0425 0.1874 ~ http://usbank.com/20130829/role/ScheduleAnnualTotalReturnsBarChart20013 column dei_LegalEntityAxis compact ck0001145022_S000006213Member column rr_ProspectusShareClassAxis compact ck0001145022_C000017126Member row primary compact * ~ highest return 0.2516 2009-06-30 lowest return -0.2462 2008-12-31 year-to-date return 0.2042 2013-06-30 <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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%.</font> </div> 0.1874 -0.0054 0.0626 Return Before Taxes - Class I 0.1828 -0.0087 0.0575 Return After Taxes on Distributions - Class I 0.1276 -0.0053 0.0547 Return After Taxes on Distributions and Sale of Fund Shares - Class I 0.1229 -0.0187 0.0540 Return Before Taxes - Class A 0.1665 -0.0147 0.0525 Return Before Taxes - Class C 0.1821 -0.0106 0.0577 Return Before Taxes - Class R 0.1600 0.0166 0.0710 S&P 500&#174; Index (reflects no deduction for fees, expenses or taxes) 0.1642 0.0192 0.0752 Russell 1000&#174; Index (reflects no deduction for fees, expenses or taxes) 0.1751 0.0059 0.0738 Russell 1000&#174; Value Index (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130829/role/ScheduleAverageAnnualReturnsTransposed20014 column dei_LegalEntityAxis compact ck0001145022_S000006213Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;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 (&#8220;IRAs&#8221;). After-tax returns are shown for only Class I. After-tax returns for other classes will vary.</font> </div> 1-866-493-8637 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. The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. (reflects no deduction for fees, expenses or taxes) 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. http://www.hwcm.com/literature Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. After-tax returns are shown for only Class I. After-tax returns for other classes will vary. Average Annual Total Returns (for the periods ended December 31, 2012) The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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"). 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. Hotchkis & Wiley Mid-Cap Value Fund HWMIX HWMAX HWMCX HWMRX Investment Objective. <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Fund seeks capital appreciation.</font> </div> Principal Investment Strategy. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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.&#160;&#160;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.&#160;&#160;Hotchkis &amp; Wiley Capital Management, LLC (the &#8220;Advisor&#8221;) does not believe that this policy change will result in any material change in the way it manages the Fund&#8217;s portfolio.&#160;&#160;The Advisor currently considers mid-cap companies to be those with market capitalizations like those found in the Russell Midcap<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> 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.&#160;&#160;The Fund may invest in the securities of small capitalization companies and in foreign (non-U.S.) securities.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund seeks to invest in stocks whose future prospects are misunderstood or not fully recognized by the market.&#160;&#160;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.&#160;&#160;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&#8217;s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines.</font> </div> Portfolio Turnover. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 66% of the average value of its portfolio.</font> </div> 0.66 Example. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 109 340 590 1306 652 921 1210 2032 310 649 1114 2208 160 496 855 1867 109 340 590 1306 652 921 1210 2032 210 649 1114 2208 160 496 855 1867 ~ http://usbank.com/20130829/role/ScheduleExpenseExampleTransposed20019 column dei_LegalEntityAxis compact ck0001145022_S000006214Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleExpenseExampleNoRedemptionTransposed20020 column dei_LegalEntityAxis compact ck0001145022_S000006214Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Although your actual costs may be higher or lower, based on these assumptions, your costs would be as shown. Principal Investment Risks. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;As with any mutual fund, the value of the Fund&#8217;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.&#160;&#160;Many factors can affect those values.&#160;&#160;The factors that are most likely to have a material effect on the Fund&#8217;s portfolio as a whole are called &#8220;principal risks.&#8221;&#160;&#160;The principal risks of investing in the Fund are described in this section.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Equity Securities Risk.</font>&#160;&#160;Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities.&#160;&#160;The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably.&#160;&#160;Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Capitalization Risk.</font>&#160;&#160;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&#8217;s investment in a small or mid cap company may lose substantial value.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk.</font>&#160;&#160;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&#8217;s benchmark.&#160;&#160;To the extent that the Advisor invests the Fund&#8217;s assets in securities that are not in the Fund&#8217;s applicable benchmark index, there is a greater risk that the Fund&#8217;s performance will deviate from that of the benchmark.&#160;&#160;The Advisor does not seek to replicate the performance of any index.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Style Risk.</font>&#160;&#160;The Advisor follows an investing style that favors value investments.&#160;&#160;Historically, value investments have performed best during periods of economic recovery.&#160;&#160;Therefore, the value investing style may over time go in and out of favor.&#160;&#160;At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles.&#160;&#160;Investors should be prepared to tolerate volatility in Fund returns.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Security Selection Risk.</font>&#160;&#160;The Advisor may misjudge the risk and/or return potential of a security.&#160;&#160;This misjudgment can result in a loss or a significant deviation relative to its benchmarks.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Issuer Risk.</font>&#160;&#160;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&#8217;s goods or services.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign (Non-U.S.) Investment Risk.</font>&#160;&#160;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.</font> </div> 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. Fees and Expenses of the Fund. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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 &amp; Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled &#8220;About Class I, Class A, Class C and Class R Shares&#8221; beginning on page 35 of this Prospectus and &#8220;Purchase of Shares&#8221; beginning on page 39 of the Funds&#8217; Statement of Additional Information.</font> </div> 0.0000 0.0525 0.0000 0.0000 0.0000 0.0000 0.0100 0.0000 0.0075 0.0075 0.0075 0.0075 0.0000 0.0025 0.0100 0.0050 0.0032 0.0032 0.0032 0.0032 0.0107 0.0132 0.0207 0.0157 ~ http://usbank.com/20130829/role/ScheduleShareholderFees20017 column dei_LegalEntityAxis compact ck0001145022_S000006214Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleAnnualFundOperatingExpenses20018 column dei_LegalEntityAxis compact ck0001145022_S000006214Member row primary compact * ~ 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. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 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. 25000 SHAREHOLDER FEES (fees paid directly from your investment) Performance <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns.&#160;&#160;The bar chart shows changes in the Fund&#8217;s performance from year to year for Class I shares (the class with the longest period of annual returns).&#160;&#160;However, the Fund&#8217;s Class A and Class C shares are subject to sales loads.&#160;&#160;Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown.&#160;&#160;The table, which includes all applicable fees and sales charges, shows how the Fund&#8217;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.&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance is available on the Fund&#8217;s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637).</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The inception dates for the Fund&#8217;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&#8217;s predecessor, the Mercury HW Mid-Cap Value Fund, adjusted to reflect the higher operating expenses of Class R shares.</font> </div> Calendar Year Total Returns as of December 31 0.5554 0.2536 0.1075 0.1658 -0.1696 -0.4305 0.5649 0.3441 -0.0860 0.3109 ~ http://usbank.com/20130829/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_LegalEntityAxis compact ck0001145022_S000006214Member column rr_ProspectusShareClassAxis compact ck0001145022_C000017130Member row primary compact * ~ highest return 0.2932 2009-06-30 lowest return -0.2684 2011-09-30 year-to-date return 0.2372 2013-06-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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%.</font> </div> 0.3109 0.0750 0.1162 Return Before Taxes - Class I 0.3100 0.0740 0.1080 Return After Taxes on Distributions - Class I 0.2032 0.0647 0.1014 Return After Taxes on Distributions and Sale of Fund Shares - Class I 0.2391 0.0607 0.1074 Return Before Taxes - Class A 0.2880 0.0656 0.1060 Return Before Taxes - Class C 0.3052 0.0697 0.1122 Return Before Taxes - Class R 0.1728 0.0357 0.1065 Russell Midcap&#174; Index (reflects no deduction for fees, expenses or taxes) 0.1851 0.0379 0.1063 Russell Midcap&#174; Value Index (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130829/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_LegalEntityAxis compact ck0001145022_S000006214Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;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 (&#8220;IRAs&#8221;). After-tax returns are shown for only Class I. After-tax returns for other classes will vary.</font> </div> 1-866-493-8637 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. (reflects no deduction for fees, expenses or taxes) 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 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. http://www.hwcm.com/literature After-tax returns are shown for only Class I. After-tax returns for other classes will vary. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. Average Annual Total Returns (for the periods ended December 31, 2012) The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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"). Hotchkis & Wiley Small Cap Value Fund HWSIX HWSAX HWSCX Investment Objective. <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Fund seeks capital appreciation.</font> </div> Principal Investment Strategy. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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.&#160;&#160;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.&#160;&#160;Hotchkis &amp; Wiley Capital Management, LLC (the &#8220;Advisor&#8221;) does not believe that this policy change will result in any material change in the way it manages the Fund&#8217;s portfolio.&#160;&#160;The Advisor currently considers small cap companies to be those with market capitalizations like those found in the Russell 2000<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index.&#160;&#160;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.&#160;&#160;Market capitalization is measured at the time of initial purchase.&#160;&#160;The Fund may invest in foreign (non-U.S.) securities.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund seeks to invest in stocks whose future prospects are misunderstood or not fully recognized by the market.&#160;&#160;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.&#160;&#160;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&#8217;s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines.</font> </div> Portfolio Turnover. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 35% of the average value of its portfolio.</font> </div> 0.35 Example. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">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.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 106 331 574 1271 649 913 1195 2000 307 640 1098 2176 106 331 574 1271 649 913 1195 2000 207 640 1098 2176 ~ http://usbank.com/20130829/role/ScheduleExpenseExampleTransposed20027 column dei_LegalEntityAxis compact ck0001145022_S000006215Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleExpenseExampleNoRedemptionTransposed20028 column dei_LegalEntityAxis compact ck0001145022_S000006215Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Fees and Expenses of the Fund. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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 &amp; Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled &#8220;About&#160;&#160;Class I, Class A, Class C and Class R Shares&#8221; beginning on page 35 of this Prospectus and &#8220;Purchase of Shares&#8221; beginning on page 39 of the Funds&#8217; Statement of Additional Information.</font> </div> 0.0000 0.0525 0.0000 0.0000 0.0000 0.0100 0.0075 0.0075 0.0075 0.0000 0.0025 0.0100 0.0029 0.0029 0.0029 0.0104 0.0129 0.0204 ~ http://usbank.com/20130829/role/ScheduleShareholderFees20025 column dei_LegalEntityAxis compact ck0001145022_S000006215Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleAnnualFundOperatingExpenses20026 column dei_LegalEntityAxis compact ck0001145022_S000006215Member row primary compact * ~ The Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratios to Average Net Assets-Expenses, net of reimbursement/waiver in the "Financial Highlights," which reflects the operating expenses of the Fund and does not include the 0.01% attributed to Acquired Fund Fees and Expenses. 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. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 25000 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. SHAREHOLDER FEES (fees paid directly from your investment) Principal Investment Risks. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">As with any mutual fund, the value of the Fund&#8217;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.&#160;&#160;Many factors can affect those values.&#160;&#160;The factors that are most likely to have a material effect on the Fund&#8217;s portfolio as a whole are called &#8220;principal risks.&#8221;&#160;&#160;The principal risks of investing in the Fund are described in this section.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Equity Securities Risk.</font>&#160;&#160;Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities.&#160;&#160;The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably.&#160;&#160;Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Capitalization Risk.</font>&#160;&#160;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&#8217;s investment in a small or mid cap company may lose substantial value.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk.</font>&#160;&#160;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&#8217;s benchmark.&#160;&#160;To the extent that the Advisor invests the Fund&#8217;s assets in securities that are not in the Fund&#8217;s applicable benchmark index, there is a greater risk that the Fund&#8217;s performance will deviate from that of the benchmark.&#160;&#160;The Advisor does not seek to replicate the performance of any index.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Style Risk.</font>&#160;&#160;The Advisor follows an investing style that favors value investments.&#160;&#160;Historically, value investments have performed best during periods of economic recovery.&#160;&#160;Therefore, the value investing style may over time go in and out of favor.&#160;&#160;At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles.&#160;&#160;Investors should be prepared to tolerate volatility in Fund returns.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Security Selection Risk.</font>&#160;&#160;The Advisor may misjudge the risk and/or return potential of a security.&#160;&#160;This misjudgment can result in a loss or a significant deviation relative to its benchmark.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Issuer Risk.</font>&#160;&#160;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&#8217;s goods or services.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign (Non-U.S.) Investment Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">ETF Risk.</font>&#160;&#160;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.</font> </div> 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. Performance <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns.&#160;&#160;The bar chart shows changes in the Fund&#8217;s performance from year to year for Class I shares (the class with the longest period of annual returns).&#160;&#160;However, the Fund&#8217;s Class A and Class C shares are subject to sales loads.&#160;&#160;Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown.&#160;&#160;The table, which includes all applicable fees and sales charges, shows how the Fund&#8217;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.&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance is available on the Fund&#8217;s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637).</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The inception dates for the Fund&#8217;s Class I, Class A and Class C shares are September 20, 1985, October 6, 2000 and February 4, 2002, respectively.</font> </div> Calendar Year Total Returns as of December 31 0.6257 0.2770 0.1126 0.0280 -0.1874 -0.4424 0.6528 0.4366 -0.1138 0.2350 ~ http://usbank.com/20130829/role/ScheduleAnnualTotalReturnsBarChart20029 column dei_LegalEntityAxis compact ck0001145022_S000006215Member column rr_ProspectusShareClassAxis compact ck0001145022_C000017134Member row primary compact * ~ highest return 0.3779 2009-06-30 lowest return -0.3697 2008-12-31 year-to-date return 0.1979 2013-06-30 <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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%.</font> </div> 0.2350 0.0770 0.1083 Return Before Taxes - Class I 0.2339 0.0754 0.0982 Return After Taxes on Distributions - Class I 0.1541 0.0661 0.0936 Return After Taxes on Distributions and Sale of Fund Shares - Class I 0.1669 0.0628 0.0996 Return Before Taxes - Class A 0.2127 0.0675 0.0983 Return Before Taxes - Class C 0.1635 0.0356 0.0972 Russell 2000&#174; Index (reflects no deduction for fees, expenses or taxes) 0.1805 0.0355 0.0950 Russell 2000&#174; Value Index (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130829/role/ScheduleAverageAnnualReturnsTransposed20030 column dei_LegalEntityAxis compact ck0001145022_S000006215Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;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 (&#8220;IRAs&#8221;). After-tax returns are shown for only Class I. After-tax returns for other classes will vary.</font> </div> 1-866-493-8637 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. The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. (reflects no deduction for fees, expenses or taxes) 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. http://www.hwcm.com/literature Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. After-tax returns are shown for only Class I. After-tax returns for other classes will vary. Average Annual Total Returns (for the periods ended December 31, 2012) The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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"). Hotchkis & Wiley Global Value Fund HWGIX HWGAX Investment Objective. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund seeks capital appreciation.</font> </div> Principal Investment Strategy. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> 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.&#160;&#160;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.&#160;&#160;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:&#160;&#160;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.&#160;&#160;The Fund will allocate its assets among various regions and countries (but in no less than three different countries).&#160;&#160;From time to time, a substantial portion of the Fund&#8217;s assets may be invested in companies located in a single country.&#160;&#160;The Fund invests in companies of any size market capitalization.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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 (&#8220;ADRs&#8221;), Global Depositary Receipts (&#8220;GDRs&#8221;) or similar securities. The Fund may also invest in other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;).&#160;&#160;Investments in ETFs based on foreign market indices are considered investments outside the U.S. for purposes of the 40% requirement noted above.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund will invest primarily in companies located in developed countries, but may invest up to 20% of its assets in emerging markets.&#160;&#160;The Fund seeks to invest in stocks whose future prospects are misunderstood or not fully recognized by the market.&#160;&#160;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.&#160;&#160;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&#8217;s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund may enter into currency contracts (such as spot, forward and futures) to hedge foreign currency exposure.</font> </div> Portfolio Turnover. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the fiscal period from December 31, 2012 (commencement of operations) to June 30, 2013, the Fund&#8217;s portfolio turnover rate was 38% of the average value of its portfolio.</font> </div> 0.38 Example. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">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.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same except for the fee waiver/expense reimbursement in effect for the first year.</font></div> 112 2392 4374 8271 655 2850 4749 8447 313 2638 4701 8542 112 2392 4374 8271 655 2850 4749 8447 213 2638 4701 8542 ~ http://usbank.com/20130829/role/ScheduleExpenseExampleTransposed20035 column dei_LegalEntityAxis compact ck0001145022_S000039502Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleExpenseExampleNoRedemptionTransposed20036 column dei_LegalEntityAxis compact ck0001145022_S000039502Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Risks. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As with any mutual fund, the value of the Fund&#8217;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.&#160;&#160;The factors that are most likely to have a material effect on the Fund&#8217;s portfolio as a whole are called &#8220;principal risks.&#8221;&#160;&#160;The principal risks of investing in the Fund are described in this section.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Equity Securities Risk.</font>&#160;&#160;Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities.&#160;&#160;The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably.&#160;&#160;Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Capitalization Risk.</font>&#160;&#160;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.&#160;&#160;Small and mid cap companies may have limited product lines or markets.&#160;&#160;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&#8217;s investment in a small or mid cap company may lose substantial value.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk.</font>&#160;&#160;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&#8217;s benchmark.&#160;&#160;To the extent that the Advisor invests the Fund&#8217;s assets in securities that are not in the Fund&#8217;s benchmark index, there is a greater risk that the Fund&#8217;s performance will deviate from that of the benchmark.&#160;&#160;The Advisor does not seek to replicate the performance of any index.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Style Risk.</font>&#160;&#160;The Advisor follows an investing style that favors value investments.&#160;&#160;Historically, value investments have performed best during periods of economic recovery.&#160;&#160;Therefore, the value investing style may over time go in and out of favor.&#160;&#160;At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles.&#160;&#160;Investors should be prepared to tolerate volatility in Fund returns.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Security Selection Risk.</font>&#160;&#160;The Advisor may misjudge the risk and/or return potential of a security.&#160;&#160;This misjudgment can result in a loss or a significant deviation relative to its benchmark.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Issuer Risk.</font> 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&#8217;s goods or services.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign (Non-U.S.) Investment Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Emerging Market Risk.</font> Foreign (non-U.S.) investment risk may be particularly high to the extent that the Fund invests in emerging market securities.&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Currency Risk.</font>&#160;&#160;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&#8217;s investments in foreign currency-denominated securities may reduce the Fund&#8217;s returns.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">ADR and GDR Risk.</font>&#160;&#160;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.</font> </div> 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. Fees and Expenses of the Fund. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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 &amp; Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled &#8220;About Class I, Class A, Class C and Class R Shares&#8221; beginning on page 35 of this Prospectus and &#8220;Purchase of Shares&#8221; beginning on page 39 in the Funds&#8217; Statement of Additional Information.</font> </div> 0.0000 0.0525 0.0000 0.0000 0.0000 0.0100 0.0080 0.0080 0.0080 0.0000 0.0025 0.0100 0.1095 0.1095 0.1095 0.1175 0.1200 0.1275 -0.1065 -0.1065 -0.1065 0.0110 0.0135 0.0210 ~ http://usbank.com/20130829/role/ScheduleShareholderFees20033 column dei_LegalEntityAxis compact ck0001145022_S000039502Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleAnnualFundOperatingExpenses20034 column dei_LegalEntityAxis compact ck0001145022_S000039502Member row primary compact * ~ 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. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 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. 25000 2014-10-31 SHAREHOLDER FEES (fees paid directly from your investment) Performance <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Performance information for the Fund is not included because the Fund has not been in operation for a full calendar year.&#160;&#160;Updated performance is available on the Fund&#8217;s website at http://www.hwcm.com/literature (click on &#8220;Latest Performance&#8221;) or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637).</font> </div> 1-866-493-8637 Performance information for the Fund is not included because the Fund has not been in operation for a full calendar year. http://www.hwcm.com/literature Hotchkis & Wiley Value Opportunities Fund HWAIX HWAAX HWACX Investment Objective. <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Fund seeks capital appreciation.</font> </div> Principal Investment Strategy. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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 (&#8220;junk bonds&#8221;) fixed income securities.&#160;&#160;Hotchkis &amp; Wiley Capital Management, LLC (the &#8220;Advisor&#8221;) selects companies that it believes have strong capital appreciation potential. The Fund may invest in foreign (non-U.S.) securities.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund seeks to invest in stocks whose future prospects are misunderstood or not fully recognized by the market.&#160;&#160;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.&#160;&#160;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&#8217;s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) diversification guidelines.&#160;&#160;The Advisor also may engage in active and frequent trading of the Fund&#8217;s securities in order to achieve its investment objectives and principal investment strategies.</font> </div> Portfolio Turnover. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 98% of the average value of its portfolio.</font> </div> 0.98 Example. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">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.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 106 331 574 1271 649 913 1195 2000 307 640 1098 2176 106 331 574 1271 649 913 1195 2000 207 640 1098 2176 ~ http://usbank.com/20130829/role/ScheduleExpenseExampleTransposed20041 column dei_LegalEntityAxis compact ck0001145022_S000006216Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleExpenseExampleNoRedemptionTransposed20042 column dei_LegalEntityAxis compact ck0001145022_S000006216Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Risks. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;As with any mutual fund, the value of the Fund&#8217;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.&#160;&#160;Many factors can affect those values.&#160;&#160;The factors that are most likely to have a material effect on the Fund&#8217;s portfolio as a whole are called &#8220;principal risks.&#8221;&#160;&#160;The principal risks of investing in the Fund are described in this section.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Equity Securities Risk.</font>&#160;&#160;Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities.&#160;&#160;The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably.&#160;&#160;Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Capitalization Risk.</font>&#160;&#160;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.&#160;&#160;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&#8217;s investment in a small or mid cap company may lose substantial value.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fixed Income Securities Risk.</font>&#160;&#160;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&#8217;s financial condition and on the terms of the securities. Fixed income securities are also subject to interest rate risk.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk.</font>&#160;&#160;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&#8217;s benchmark.&#160;&#160;To the extent that the Advisor invests the Fund&#8217;s assets in securities that are not in the Fund&#8217;s benchmark index, there is a greater risk that the Fund&#8217;s performance will deviate from that of the benchmark.&#160;&#160;The Advisor does not seek to replicate the performance of any index.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Style Risk.</font>&#160;&#160;The Advisor follows an investing style that favors value investments.&#160;&#160;Historically, value investments have performed best during periods of economic recovery.&#160;&#160;Therefore, the value investing style may over time go in and out of favor.&#160;&#160;At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles.&#160;&#160;Investors should be prepared to tolerate volatility in Fund returns.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Security Selection Risk.</font>&#160;&#160;The Advisor may misjudge the risk and/or return potential of a security.&#160;&#160;This misjudgment can result in a loss or a significant deviation relative to its benchmark.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Non-Diversification Risk.</font>&#160;&#160;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&#8217;s share values could fluctuate more than those of funds holding more securities in their portfolios.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Issuer Risk.</font>&#160;&#160;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&#8217;s goods or services.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign (Non-U.S.) Investment Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Interest Rate Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Credit Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">High Yield Risk.</font>&#160;&#160;The Fund&#8217;s investments in high yield securities and unrated securities of similar credit quality (commonly known as &#8220;junk bonds&#8221;) 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&#8217;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Currency Risk.</font>&#160;&#160;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&#8217;s investments in foreign currency-denominated securities may reduce the returns of the Fund.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Credit Ratings and Unrated Securities Risks.</font> 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&#8217;s current financial condition may be better or worse than a rating indicates.&#160;&#160;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.&#160;&#160;To the extent that the Fund invests in high yield and/or unrated securities, the Fund&#8217;s success in achieving its investment objective may depend more heavily on the portfolio managers&#8217; creditworthiness analysis than if the Fund invested exclusively in higher-quality and rated securities.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Portfolio Turnover Risk</font>.&#160;&#160;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 (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.,</font> 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.&#160;&#160;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).&#160;&#160;The trading costs and tax effects associated with portfolio turnover may lower the Fund&#8217;s effective return for investors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Derivatives Risk.</font>&#160;&#160;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.&#160;&#160;The Fund&#8217;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">ETF Risk.</font>&#160;&#160;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.</font> </div> 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. 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. Fees and Expenses of the Fund. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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 &amp; Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled &#8220;About&#160;&#160;Class I, Class A, Class C and Class R Shares&#8221; beginning on page 35 of this Prospectus and &#8220;Purchase of Shares&#8221; beginning on page 39 of the Funds&#8217; Statement of Additional Information.</font> </div> 0.0000 0.0525 0.0000 0.0000 0.0000 0.0100 0.0075 0.0075 0.0075 0.0000 0.0025 0.0100 0.0029 0.0029 0.0029 0.0104 0.0129 0.0204 ~ http://usbank.com/20130829/role/ScheduleShareholderFees20039 column dei_LegalEntityAxis compact ck0001145022_S000006216Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleAnnualFundOperatingExpenses20040 column dei_LegalEntityAxis compact ck0001145022_S000006216Member row primary compact * ~ The Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratios to Average Net Assets-Expenses, net of reimbursement/waiver in the "Financial Highlights," which reflects the operating expenses of the Fund and does not include the 0.01% attributed to Acquired Fund Fees and Expenses. 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. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 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. 25000 SHAREHOLDER FEES (fees paid directly from your investment) Performance <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns.&#160;&#160;The bar chart shows changes in the Fund&#8217;s performance from year to year for Class I shares (the class with the longest period of annual returns).&#160;&#160;However, the Fund&#8217;s Class A and Class C shares are subject to sales loads.&#160;&#160;Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown.&#160;&#160;The table, which includes all applicable fees and sales charges, shows how the Fund&#8217;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance.&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance is available on the Fund&#8217;s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637).</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The inception dates for the Fund&#8217;s Class I, Class A and Class C shares are December 31, 2002, December 31, 2002 and August 28, 2003, respectively.&#160;&#160;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.</font> </div> Calendar Year Total Returns as of December 31 0.6883 0.1663 0.0656 0.0861 -0.1133 -0.4212 0.6596 0.3480 -0.0707 0.2956 ~ http://usbank.com/20130829/role/ScheduleAnnualTotalReturnsBarChart20043 column dei_LegalEntityAxis compact ck0001145022_S000006216Member column rr_ProspectusShareClassAxis compact ck0001145022_C000017137Member row primary compact * ~ highest return 0.3130 2009-06-30 lowest return -0.2334 2011-09-30 year-to-date return 0.1869 2013-06-30 <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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%.</font> </div> 0.2956 0.0929 0.1216 Return Before Taxes - Class I 0.2810 0.0879 0.1146 Return After Taxes on Distributions - Class I 0.2038 0.0794 0.1071 Return After Taxes on Distributions and Sale of Fund Shares - Class I 0.2245 0.0785 0.1137 Return Before Taxes - Class A 0.2735 0.0829 0.1110 Return Before Taxes - Class C 0.1600 0.0166 0.0710 S&P 500&#174; Index (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130829/role/ScheduleAverageAnnualReturnsTransposed20044 column dei_LegalEntityAxis compact ck0001145022_S000006216Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;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 (&#8220;IRAs&#8221;). After-tax returns are shown for only Class I. After-tax returns for other classes will vary.</font> </div> 1-866-493-8637 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. (reflects no deduction for fees, expenses or taxes) 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 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. http://www.hwcm.com/literature After-tax returns are shown for only Class I. After-tax returns for other classes will vary. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. Average Annual Total Returns (for the periods ended December 31, 2012) The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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"). Hotchkis & Wiley Capital Income Fund HWIIX HWIAX Investment Objectives. <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Fund seeks high current income and long-term growth of income, as well as capital appreciation.</font> </div> Principal Investment Strategy. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund normally invests in a diversified portfolio of debt and equity securities.&#160;&#160;The Fund may shift its investments from one asset class to another based on the Advisor&#8217;s analysis of the best opportunities for the Fund&#8217;s portfolio in a given market.&#160;&#160;The equity securities in which the Fund invests consist primarily of common and preferred stocks with market capitalizations greater than $1 billion.&#160;&#160;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 &#8220;junk bonds&#8221;).&#160;&#160;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.&#160;&#160;The Fund may invest up to 100% of its total assets in bonds rated below investment grade, including a portion in defaulted securities.&#160;&#160;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.&#160;&#160;<font style="DISPLAY: inline">The derivative instruments that the Fund may normally use include futures, forwards, options, swaps and other similar instruments.&#160;&#160;</font></font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;s assets committed to investment in securities with particular characteristics (such as quality, sector, interest rate or maturity) varies based on the Advisor&#8217;s outlook for the U.S. economy and the economies of other countries in the world, the financial markets and other factors.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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.&#160;&#160;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.</font> </div> Portfolio Turnover. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 65% of the average value of its portfolio.</font> </div> 0.65 Example. <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">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.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same, except for the fee waiver/expense reimbursement in effect for the first year.</font></div> 82 479 903 2083 577 983 1414 2610 283 784 1411 2894 82 479 903 2083 577 983 1414 2610 183 784 1411 2894 ~ http://usbank.com/20130829/role/ScheduleExpenseExampleTransposed20049 column dei_LegalEntityAxis compact ck0001145022_S000030747Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleExpenseExampleNoRedemptionTransposed20050 column dei_LegalEntityAxis compact ck0001145022_S000030747Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Risks. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">As with any mutual fund, the value of the Fund&#8217;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.&#160;&#160;Many factors can affect those values.&#160;&#160;The factors that are most likely to have a material effect on the Fund&#8217;s portfolio as a whole are called &#8220;principal risks.&#8221;&#160;&#160;The principal risks of investing in the Fund are described in this section.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fixed Income Securities Risk.</font>&#160;&#160;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&#8217;s financial condition and on the terms of the securities. Fixed income securities are also subject to interest rate risk.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">High Yield Risk.</font>&#160;&#160;The Fund&#8217;s investments in high yield securities and unrated securities of similar credit quality (commonly known as &#8220;junk bonds&#8221;) 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&#8217;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Equity Securities Risk.</font>&#160;&#160;Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities.&#160;&#160;The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably.&#160;&#160;Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk.</font>&#160;&#160;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&#8217;s benchmark.&#160;&#160;To the extent that the Advisor invests the Fund&#8217;s assets in securities that are not in the Fund&#8217;s respective benchmark index, there is a greater risk that the Fund&#8217;s performance will deviate from that of the benchmark.&#160;&#160;The Advisor does not seek to replicate the performance of any index.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Capitalization Risk.</font> 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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Security Selection Risk.</font>&#160;&#160;The Advisor may misjudge the risk and/or return potential of a security.&#160;&#160;This misjudgment can result in a loss or a significant deviation relative to its benchmarks.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Income Risk.</font>&#160;&#160;The Fund is subject to income risk, which is the risk that the Fund&#8217;s income will decline during periods of falling interest rates.&#160;&#160;If the income is reduced, distributions by the Fund to shareholders may be less.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Style Risk.</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>The Advisor follows an investing style that favors value investments.&#160;&#160;Historically, value investments have performed best during periods of economic recovery.&#160;&#160;Therefore, the value investing style may over time go in and out of favor.&#160;&#160;At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles.&#160;&#160;Investors should be prepared to tolerate volatility in Fund returns.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Issuer Risk.</font>&#160;&#160;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&#8217;s goods or services.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign (Non-U.S.) Investment Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Interest Rate Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Credit Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Liquidity Risk</font>. 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.&#160;&#160;Either outcome could adversely affect Fund performance.&#160;&#160;The Fund&#8217;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.&#160;&#160;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&#8217;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Derivatives Risk.</font>&#160;&#160;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.&#160;&#160;The Fund&#8217;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Currency Risk.</font>&#160;&#160;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&#8217;s investments in foreign currency-denominated securities may reduce the returns of the Fund.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Credit Ratings and Unrated Securities Risk.</font> 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&#8217;s current financial condition may be better or worse than a rating indicates.&#160;&#160;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.&#160;&#160;To the extent that the Fund invests in high yield and/or unrated securities, the Fund&#8217;s success in achieving its investment objective may depend more heavily on the portfolio managers&#8217; creditworthiness analysis than if the Fund invested exclusively in higher-quality and rated securities.</font> </div> 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. Fees and Expenses of the Fund. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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 &#8220;About&#160;&#160;Class I, Class&#160;A, Class C and Class R Shares&#8221; beginning on page 35 of this Prospectus and &#8220;Purchase of Shares&#8221; beginning on page 39 of the Funds&#8217; Statement of Additional Information.</font> </div> 0.0000 0.0475 0.0000 0.0000 0.0000 0.0100 0.0065 0.0065 0.0065 0.0000 0.0025 0.0100 0.0120 0.0109 0.0120 0.0185 0.0199 0.0285 -0.0105 -0.0094 -0.0105 0.0080 0.0105 0.0180 ~ http://usbank.com/20130829/role/ScheduleShareholderFees20047 column dei_LegalEntityAxis compact ck0001145022_S000030747Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleAnnualFundOperatingExpenses20048 column dei_LegalEntityAxis compact ck0001145022_S000030747Member row primary compact * ~ 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. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 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. 50000 2014-10-31 SHAREHOLDER FEES (fees paid directly from your investment) Performance <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns.&#160;&#160;The bar chart shows changes in the Fund&#8217;s performance from year to year for Class I shares (the class with the longest period of annual returns).&#160;&#160;However, the Fund&#8217;s Class A and Class C shares are subject to sales loads.&#160;&#160;Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown.&#160;&#160;The table, which includes all applicable fees and sales charges, shows how the Fund&#8217;s average annual returns for 1 year and since inception compare with those of two broad measures of market performance.&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Performance for Class C shares is not included as Class C shares have yet to commence operations.&#160;&#160;Updated performance is available on the Fund&#8217;s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637).</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The inception dates for the Fund&#8217;s Class I and Class A shares are December&#160;31, 2010 and February 28, 2011, respectively.&#160;&#160;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.</font> </div> Calendar Year Total Return as of December 31 0.0601 0.1452 ~ http://usbank.com/20130829/role/ScheduleAnnualTotalReturnsBarChart20051 column dei_LegalEntityAxis compact ck0001145022_S000030747Member column rr_ProspectusShareClassAxis compact ck0001145022_C000095365Member row primary compact * ~ highest return 0.1001 2011-12-31 lowest return -0.0900 2011-09-30 year-to-date return 0.1134 2013-06-30 <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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%.</font> </div> 0.1452 0.1018 Return Before Taxes - Class I 0.1291 0.0860 Return After Taxes on Distributions - Class I 0.1009 0.0799 Return After Taxes on Distributions and Sale of Fund Shares - Class I 0.1086 0.0867 Return Before Taxes - Class A 0.1600 0.0884 S&P 500&#174; Index (reflects no deduction for fees, expenses or taxes) 0.0442 0.0614 BofA Merrill Lynch U.S. Corporate, Government and Mortgage Index (reflects no deduction for fees, expenses or taxes) 2010-12-31 2010-12-31 2010-12-31 2010-12-31 2010-12-31 ~ http://usbank.com/20130829/role/ScheduleAverageAnnualReturnsTransposed20052 column dei_LegalEntityAxis compact ck0001145022_S000030747Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;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 (&#8220;IRAs&#8221;). After-tax returns are shown for only Class I. After-tax returns for other classes will vary.</font> </div> 1-866-493-8637 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. (reflects no deduction for fees, expenses or taxes) 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 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. http://www.hwcm.com/literature After-tax returns are shown for only Class I. After-tax returns for other classes will vary. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. Average Annual Total Returns (for the period ended December 31, 2012) The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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"). Hotchkis & Wiley High Yield Fund HWHAX HWHCX HWHIX Investment Objectives. <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Fund seeks high current income combined with the opportunity for capital appreciation to maximize total return.</font> </div> Principal Investment Strategy. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in a diversified portfolio of high yield securities (&#8220;junk bonds&#8221;), which may be represented by forward contracts or derivatives such as options, futures contracts or swap agreements, rated below investment grade (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, rated below Baa by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;), or equivalently rated by Standard &amp; Poor&#8217;s (&#8220;S&amp;P&#8221;) or Fitch Ratings (&#8220;Fitch&#8221;), or, if unrated, determined by the Advisor to be of comparable quality).&#160;&#160;The Fund may not invest more than 10% of its total assets in securities rated Caa or below by Moody&#8217;s, or equivalently rated by S&amp;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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.&#160;&#160;The Fund may invest in mortgage- or asset-backed securities.&#160;&#160;The Advisor attempts to identify areas of the bond market that are undervalued relative to the rest of the market.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;s assets committed to investment in securities with particular characteristics (such as quality, sector, interest rate or maturity) varies based on the Advisor&#8217;s outlook for the U.S. economy and the economies of other countries in the world, the financial markets and other factors.</font> </div> Portfolio Turnover. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 66% of the average value of its portfolio.</font> </div> 0.66 Example. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">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.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same except for the fee waiver/expense reimbursement in effect for the first year.</font></div> 72 235 412 926 468 677 902 1549 273 544 940 1853 72 235 412 926 468 677 902 1549 173 544 940 1853 ~ http://usbank.com/20130829/role/ScheduleExpenseExampleTransposed20057 column dei_LegalEntityAxis compact ck0001145022_S000025241Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleExpenseExampleNoRedemptionTransposed20058 column dei_LegalEntityAxis compact ck0001145022_S000025241Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Fees and Expenses of the Fund. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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 &#8220;About&#160;&#160;Class I, Class A, Class C and Class R Shares&#8221; beginning on page 35 of this Prospectus and &#8220;Purchase of Shares&#8221; beginning on page 39 of the Funds&#8217; Statement of Additional Information.</font> </div> 0.0000 0.0375 0.0000 0.0000 0.0000 0.0100 0.0055 0.0055 0.0055 0.0000 0.0025 0.0100 0.0020 0.0020 0.0019 0.0075 0.0100 0.0174 -0.0005 -0.0005 -0.0004 0.0070 0.0095 0.0170 ~ http://usbank.com/20130829/role/ScheduleShareholderFees20055 column dei_LegalEntityAxis compact ck0001145022_S000025241Member row primary compact * ~ ~ http://usbank.com/20130829/role/ScheduleAnnualFundOperatingExpenses20056 column dei_LegalEntityAxis compact ck0001145022_S000025241Member row primary compact * ~ 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. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 100000 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. SHAREHOLDER FEES (fees paid directly from your investment) 2014-10-31 Principal Investment Risks. <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">As with any mutual fund, the value of the Fund&#8217;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.&#160;&#160;Many factors can affect those values.&#160;&#160;The factors that are most likely to have a material effect on the Fund&#8217;s portfolio as a whole are called &#8220;principal risks.&#8221;&#160;&#160;The principal risks of investing in the Fund are described in this section.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fixed Income Securities Risk.</font>&#160;&#160;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&#8217;s financial condition and on the terms of the securities. Fixed income securities are also subject to interest rate risk.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">High Yield Risk.</font>&#160;&#160;The Fund&#8217;s investments in high yield securities and unrated securities of similar credit quality (commonly known as &#8220;junk bonds&#8221;) 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&#8217;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk.</font>&#160;&#160;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&#8217;s benchmark.&#160;&#160;To the extent that the Advisor invests the Fund&#8217;s assets in securities that are not in the Fund&#8217;s benchmark index, there is a greater risk that the Fund&#8217;s performance will deviate from that of the benchmark.&#160;&#160;The Advisor does not seek to replicate the performance of any index.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Security Selection Risk.</font>&#160;&#160;The Advisor may misjudge the risk and/or return potential of a security.&#160;&#160;This misjudgment can result in a loss or a significant deviation relative to its benchmark.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Income Risk.</font>&#160;&#160;The Fund is subject to income risk, which is the risk that the Fund&#8217;s income will decline during periods of falling interest rates.&#160;&#160;If the income is reduced, distributions by the Fund to shareholders may be less.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Issuer Risk.</font>&#160;&#160;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&#8217;s goods or services.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign (Non-U.S.) Investment Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Interest Rate Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Credit Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Liquidity Risk.</font> 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.&#160;&#160;Either outcome could adversely affect Fund performance.&#160;&#160;The Fund&#8217;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.&#160;&#160;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&#8217;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Derivatives Risk.</font>&#160;&#160;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.&#160;&#160;The Fund&#8217;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Mortgage-Related and Other Asset-Backed Securities Risk.</font>&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Emerging Market Risk.</font> 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.&#160;&#160;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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Currency Risk.</font>&#160;&#160;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&#8217;s investments in foreign currency-denominated securities may reduce the returns of the Fund.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Credit Ratings and Unrated Securities Risk.</font> 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&#8217;s current financial condition may be better or worse than a rating indicates.&#160;&#160;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.&#160;&#160;To the extent that the Fund invests in high yield and/or unrated securities, the Fund&#8217;s success in achieving its investment objective may depend more heavily on the portfolio managers&#8217; creditworthiness analysis than if the Fund invested exclusively in higher-quality and rated securities.</font> </div> 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. Performance <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns.&#160;&#160;The bar chart shows changes in the Fund&#8217;s performance from year to year for Class I shares (the class with the longest period of annual returns).&#160;&#160;However, the Fund&#8217;s Class A and Class C shares are subject to sales loads.&#160;&#160;Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown.&#160;&#160;The table, which includes all applicable fees and sales charges, shows how the Fund&#8217;s average annual returns for 1 year and since inception compare with those of a broad measure of market performance.&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance is available on the Fund&#8217;s website at http://www.hwcm.com/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637).</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The inception dates for the Fund&#8217;s Class I, Class A and Class C shares are March&#160;31, 2009, May 29, 2009 and December 31, 2012, respectively.&#160;&#160;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.</font> </div> Calendar Year Total Returns as of December 31 0.1910 0.0228 0.1796 ~ http://usbank.com/20130829/role/ScheduleAnnualTotalReturnsBarChart20059 column dei_LegalEntityAxis compact ck0001145022_S000025241Member column rr_ProspectusShareClassAxis compact ck0001145022_C000075210Member row primary compact * ~ highest return 0.0789 2010-09-30 lowest return -0.0787 2011-09-30 year-to-date return 0.0257 2013-06-30 <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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%.</font> </div> 0.1796 0.1884 Return Before Taxes - Class I 0.1499 0.1468 Return After Taxes on Distributions - Class I 0.1166 0.1381 Return After Taxes on Distributions and Sale of Fund Shares - Class I 0.1323 0.1713 Return Before Taxes - Class A 0.1580 0.1767 Return Before Taxes - Class C 0.1458 0.1858 BofA Merrill Lynch U.S. High Yield BB-B (Constrained 2%) Index (reflects no deduction for fees, expenses or taxes) 2009-03-31 2009-03-31 2009-03-31 2009-03-31 ~ http://usbank.com/20130829/role/ScheduleAverageAnnualReturnsTransposed20060 column dei_LegalEntityAxis compact ck0001145022_S000025241Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;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 (&#8220;IRAs&#8221;). After-tax returns are shown for only Class I. After-tax returns for other classes will vary.</font> </div> 1-866-493-8637 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. The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. (reflects no deduction for fees, expenses or taxes) 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. http://www.hwcm.com/literature Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. After-tax returns are shown for only Class I. After-tax returns for other classes will vary. Average Annual Total Returns (for the periods ended December 31, 2012) The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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"). 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