Press Release

LOS ANGELES--(BUSINESS WIRE)--Hotchkis and Wiley Capital Management today introduced the Hotchkis and Wiley High Yield Fund. The Fund invests in high-yield securities, seeking high current income combined with the opportunity for capital appreciation to maximize total return. The Fund is managed by Raymond (Ray) G. Kennedy, CFA. Joining Mr. Kennedy mid-summer 2009 will be Portfolio Manager Mark Hudoff, former Global Head of High Yield investments and colleague of Mr. Kennedy at PIMCO. The addition of Mr. Hudoff will bring Hotchkis and Wiley's overall research platform to 18 investment professionals.

"These are exciting times in the high yield market," said Mr. Kennedy. "Leveraging Hotchkis and Wiley's existing valuation and asset coverage expertise should prove invaluable in exploiting these opportunities. I'm also thrilled to reunite with Mark (Hudoff), who possesses a rare combination of portfolio management experience and deep knowledge of issuers in the global high yield market."

The Fund is available in Class A and I shares (HWHAX and HWHIX). For more information on the Hotchkis and Wiley Funds, call toll free 1.800.796.5606 or visit www.hwcm.com.

You should consider the Hotchkis and Wiley Funds' investment objectives, risks, charges and expenses carefully before you invest. The Funds' prospectus, which can be obtained by calling 1.800.796.5606, contains this and other information about the Fund. Read the prospectus carefully before you invest.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may invest in derivative securities, which derive their performance from the performance of an underlying asset, index, interest rate or currency exchange rate. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative suddenly can become illiquid. Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.

References to other mutual funds should not be interpreted as an offer of these securities.


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