# EDGAR Filing Document

**Accession Number:** 0001145022
**File Stem:** 0000894189-25-006701
**Filing Date:** 2025-8
**Character Count:** 25173
**Document Hash:** b672ab9dca1f943a8253b90daeb9a0ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-006701.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0000894189-25-006701

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HOTCHKIS & WILEY FUNDS /DE/
- **CENTRAL INDEX KEY:** 0001145022

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-68740
- **FILM NUMBER:** 251281848

**BUSINESS ADDRESS:**
- **STREET 1:** 601 SOUTH FIGUEROA STREET
- **STREET 2:** 39TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017-5704
- **BUSINESS PHONE:** 2134301000

**MAIL ADDRESS:**
- **STREET 1:** 601 SOUTH FIGUEROA STREET
- **STREET 2:** 39TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017-5704

## Series and Classes Contracts Data

### Hotchkis & Wiley Large Cap Disciplined Value Fund (Series ID: S000006212)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017123 | Class I      | HWCIX           |
| C000017124 | Class A      | HWCAX           |
| C000205766 | Class Z      |  |

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| | | |
|:---|:---|:---|
| Hotchkis & Wiley Funds<br>LARGE CAP DISCIPLINED VALUE FUND (formerly: Hotchkis & Wiley Diversified Value Fund) | Class I – HWCIX <br>Class A – HWCAX <br>Class Z – *(not currently offered)* | **Summary Prospectus August 29, 2025** |
| Before you invest, you may want to review the Hotchkis & Wiley Large Cap Disciplined Value Fund's (the "Fund") Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund, including the Fund's Statement of Additional Information, annual report to shareholders and semi-annual report to shareholders and Form N-CSR, online at http://www.hwcm.com/mutual-funds/resources/literature. You can also get this information at no cost by calling 1-866-HW-Funds (1-866-493-8637) or by sending an email request to prospectus@hwcm.com. The Fund's Prospectus is also available from financial intermediaries who are authorized to sell Fund shares. The Fund's Prospectus and Statement of Additional Information, both dated August 29, 2025, along with the financial statements included in the Fund's most recent Form N-CSR dated June 30, 2025, are incorporated by reference into this Summary Prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above. | Before you invest, you may want to review the Hotchkis & Wiley Large Cap Disciplined Value Fund's (the "Fund") Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund, including the Fund's Statement of Additional Information, annual report to shareholders and semi-annual report to shareholders and Form N-CSR, online at http://www.hwcm.com/mutual-funds/resources/literature. You can also get this information at no cost by calling 1-866-HW-Funds (1-866-493-8637) or by sending an email request to prospectus@hwcm.com. The Fund's Prospectus is also available from financial intermediaries who are authorized to sell Fund shares. The Fund's Prospectus and Statement of Additional Information, both dated August 29, 2025, along with the financial statements included in the Fund's most recent Form N-CSR dated June 30, 2025, are incorporated by reference into this Summary Prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above. | Before you invest, you may want to review the Hotchkis & Wiley Large Cap Disciplined Value Fund's (the "Fund") Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund, including the Fund's Statement of Additional Information, annual report to shareholders and semi-annual report to shareholders and Form N-CSR, online at http://www.hwcm.com/mutual-funds/resources/literature. You can also get this information at no cost by calling 1-866-HW-Funds (1-866-493-8637) or by sending an email request to prospectus@hwcm.com. The Fund's Prospectus is also available from financial intermediaries who are authorized to sell Fund shares. The Fund's Prospectus and Statement of Additional Information, both dated August 29, 2025, along with the financial statements included in the Fund's most recent Form N-CSR dated June 30, 2025, are incorporated by reference into this Summary Prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above. |

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**Investment Objective.** The Fund seeks capital appreciation.

**Fees and Expenses of the Fund.** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Hotchkis & Wiley Funds. More information about these and other discounts is available from your financial professional and in the sections titled "About Class I, Class A, Class C and Class Z Shares" beginning on page 64 of the Prospectus, in Appendix A to the Prospectus, and in "Purchase of Shares" beginning on page 65 of the Fund's Statement of Additional Information. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries**, **on your purchases and sales of Class Z shares of the Fund, which are not reflected in the tables and example below.** 

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| | | | |
|:---|:---|:---|:---|
| **SHAREHOLDER FEES** *(fees paid directly from your investment)* | **SHAREHOLDER FEES** *(fees paid directly from your investment)* | **SHAREHOLDER FEES** *(fees paid directly from your investment)* | **SHAREHOLDER FEES** *(fees paid directly from your investment)* |
|  | Class<br>I | Class<br>A | Class <br>Z |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  | 5.25% |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) |  | None⁽ᵃ⁾ |  |
| **ANNUAL FUND OPERATING EXPENSES** *(expenses that you pay each year as a percentage of the value of your investment)* | **ANNUAL FUND OPERATING EXPENSES** *(expenses that you pay each year as a percentage of the value of your investment)* | **ANNUAL FUND OPERATING EXPENSES** *(expenses that you pay each year as a percentage of the value of your investment)* | **ANNUAL FUND OPERATING EXPENSES** *(expenses that you pay each year as a percentage of the value of your investment)* |
|  | Class<br>I | Class<br>A | Class <br>Z |
| Management Fees | 0.70% | 0.70% | 0.70% |
| Distribution and/or Service (12b-1) Fees |  | 0.25% |  |
| Other Expenses | 0.32% | 0.31% | 0.24%<sup>(b)</sup> |
| **Total Annual Fund Operating Expenses** | 1.02% | 1.26% | 0.94% |
| &nbsp;&nbsp;&nbsp;Fee Waiver and/or Expense Reimbursement | -0.22% | -0.20% | -0.14% |
| **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement**<sup>(c)</sup> | 0.80% | 1.06% | 0.80% |

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*(a) You may be charged a deferred sales charge of up to 0.75% if you did not pay an initial sales charge on an investment of $1 million or more in Class A shares and you redeem your shares within one year after purchase.*

*(b) Other Expenses for Class Z shares, which are not currently offered, are based on estimated amounts for the current fiscal year.*

*(c) Hotchkis & Wiley Capital Management, LLC has contractually agreed to waive management fees and/or reimburse expenses (excluding sales loads, taxes, leverage interest, brokerage commissions, redemption liquidity service expenses, if any, acquired fund fees and expenses, if any, expenses incurred in connection with any merger or reorganization and extraordinary expenses) through August 29, 2026 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement do not exceed the following limits: Class I – 0.80%, Class A – 1.05%, and Class Z – 0.80%. The agreement may only be terminated with the consent of the Board of Trustees.*

*Example.* This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same, taking into account the fee waiver/expense reimbursement in effect for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class I | $82 | $303 | $542 | $1228 |
| Class A | $627 | $885 | $1162 | $1951 |
| Class Z | $82 | $286 | $506 | $1142 |

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*Portfolio Turnover.* The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 34% of the average value of its portfolio.

**Principal Investment Strategy.** The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in equity securities of large capitalization companies. Hotchkis & Wiley Capital Management, LLC (the "Advisor") considers large cap companies to be those with market capitalizations like those found in the Russell 1000<sup>®</sup> 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, 2025, the range was from $1,680 million to $3,855.0 billion. Market

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capitalization is measured at the time of initial purchase. The Fund may invest in foreign (non-U.S.) securities.

As of the date of this Prospectus, the top sector represented by the Fund's underlying investments was financial services. The Fund's investments in various sectors may change over time.

**Principal Investment Risks.** As with any mutual fund, the value of the Fund's investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. Many factors can affect those values. The factors that are most likely to have a material effect on the Fund's portfolio as a whole are called "principal risks." The principal risks of investing in the Fund are described in this section.

*Market Risk.* Market risk is the risk that the market price of securities owned by the Fund may go down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries represented in the securities markets.

*Style Risk.* The Advisor follows an investing style that favors value investments. Value investing style may over time go in and out of favor in certain market cycles. At times when the value investing style is out of favor the Fund's performance may be negatively impacted. Investors should be prepared to tolerate volatility in Fund returns.

*Equity Securities Risk.* Equity securities, both common and preferred stocks, have greater price volatility than fixed income securities. The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented by those markets.

*Capitalization Risk.* Large cap companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus on small or mid-cap companies.

The Fund may also invest in the securities of mid-cap companies. Investment in mid-cap companies may involve more risk than investing in larger, more established companies. Mid-cap companies may have limited product lines or markets. They may be less financially secure than

larger, more established companies. They may depend on a small number of key personnel. Should a product fail, or if management changes, or if there are other adverse developments, the Fund's investment in a mid-cap company may lose substantial value. In addition, mid-cap companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans.

*Active Management Risk.* The Fund is subject to active management risk because it is an actively managed investment portfolio. The Advisor invests in securities that may not necessarily be included in the Fund's benchmark. The Advisor may misjudge the risk and/or return potential of a security. This misjudgment can result in a loss or a significant performance deviation relative to its benchmarks. The Advisor does not seek to replicate the performance of any index.

*Financial Sector Risk.* The Fund will not concentrate its investments (i.e. invest more than 25% of the value of its total assets) in securities of issuers in any industry or group of industries. As of the date of this Prospectus, the Fund currently invests a significant portion of its assets in companies in the financial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. This sector can be significantly affected by changes in interest rates, the rate of corporate and consumer debt defaults, the availability and cost of borrowing and raising capital, reduced credit market liquidity, regulatory changes, price competition, bank failures and other financial crises, and general economic and market conditions. Changing interest rates could reduce the profitability of certain types of companies in the financial sector. Financial companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Significant events may have a negative impact on economies and financial markets worldwide, resulting in higher debt defaults, loan write-offs, and government intervention, and potentially the failure of some financial institutions, each of which would reduce investment performance of financial sector companies held by the Fund.

*Issuer Risk.* The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

*Foreign (Non-U.S.) Investment Risk.* The Fund may invest in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers and investments in securities of foreign issuers may be subject to foreign withholding and other taxes. To the extent that the Fund invests a significant portion of its assets in a specific geographic region or country, the Fund will have more exposure to the investment risks associated with that region or country, although the Advisor does not intend to focus on a specific geographic region or country. Foreign securities can be less liquid and more difficult to value than other securities.

Adverse political, economic or social developments, as well as U.S. and foreign government actions such as the imposition of tariffs, economic and trade sanctions or embargoes, could undermine the value of the

2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotchkis & Wiley Large Cap Disciplined Value Fund \| Summary Prospectus \| August 29, 2025

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Fund's investments, prevent the Fund from realizing the full value of its investments or prevent the Fund from selling securities it holds.

Financial reporting standards for companies based in foreign markets differ from those in the U.S. Additionally, foreign securities markets generally are smaller and less liquid than U.S. markets. To the extent that the Fund invests in non-U.S. dollar denominated foreign securities, changes in currency exchange rates may affect the U.S. dollar value of foreign securities or the income or gain received on these securities.

*ADR and GDR Risk.* American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary's transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary's transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.

*Large Shareholder Risk.* To the extent that a significant portion of the Fund's shares are held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund's investment strategies, which could have adverse consequences for the Fund and other shareholders (*e.g.*, by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

Please see "Fund Facts" in the Fund's Prospectus for a more detailed description of the risks of investing in the Fund.

**Performance**

The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. The bar chart shows changes in the Fund's performance from year to year for Class I shares. However, the Fund's Class A shares are subject to sales loads. Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. The table, which includes all applicable fees and sales charges, shows how the Fund's average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance and additional indices that reflect the market sectors in which the Fund invests. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund's website at https://www.hwcm.com/mutual-funds/resources/literature or by calling the Fund toll-free at 1-866-HW-FUNDS (1-866-493-8637).

The inception date for the Fund's Class I and Class A shares is August 30, 2004. Because Class Z shares of the Fund are not currently offered to investors, performance information is not available. Class Z shares would have similar annual returns as Class I shares because the shares are invested in the same portfolio of securities, and the annual returns would differ only to the extent that the classes do not have the same expenses.

**Calendar Year Total Returns as of December 31**

![chart-632743c4956c4baf89da.jpg](chart-632743c4956c4baf89da.jpg)

The calendar year-to-date return for the Fund's Class I shares as of June 30, 2025 was 5.28%. During the period shown in the bar chart, the highest return for a calendar quarter was 30.08% (quarter ended December 31, 2020) and the lowest return for a calendar quarter was -36.40% (quarter ended March 31, 2020).

**Average Annual Total Returns**

*(for the periods ended December 31, 2024)*

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| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| **Large Cap Disciplined Value Fund** |  |  |  |
| Return Before Taxes – Class I | 12.84% | 11.31% | 9.43% |
| Return After Taxes on Distributions – Class I | 9.70% | 10.37% | 8.67% |
| Return After Taxes on Distributions and Sale of Fund Shares – Class I | 10.03% | 8.97% | 7.61% |
| Return Before Taxes – Class A | 6.66% | 9.84% | 8.58% |
| **Russell 3000® Index**<br>(reflects no deduction for fees, expenses or taxes) | 23.81% | 13.86% | 12.55% |
| **Russell 1000® Value Index**<br>(reflects no deduction for fees, expenses or taxes) | 14.37% | 8.68% | 8.49% |
| **Russell 1000® Index**<br>(reflects no deduction for fees, expenses or taxes) | 24.51% | 14.28% | 12.87% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are tax-exempt or who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown for only Class I. After-tax returns for other classes will vary.

In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides a tax deduction that benefits the investor.

Hotchkis & Wiley Large Cap Disciplined Value Fund \| Summary Prospectus \| August 29, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3

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**Management**

*Advisor.* Hotchkis & Wiley Capital Management, LLC.

*Portfolio Managers.*

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| | | |
|:---|:---|:---|
| ***Investment <br>team member*** | ***Primary title <br>with Advisor*** | ***Started with <br>the Fund*** |
| Doug Campbell | Portfolio Manager | 2024 |
| George H. Davis, Jr. | Executive Chairman and Portfolio Manager | 2004 |
| Patricia McKenna, CFA | Portfolio Manager | 2004 |
| Scott McBride, CFA | Chief Executive Officer and Portfolio Manager | 2004 |

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**Purchase and Sale of Fund Shares.** You may purchase, exchange or redeem Fund shares on any day the New York Stock Exchange ("NYSE") is open for trading by written request via mail (Hotchkis & Wiley Funds, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252) or through a broker-dealer or other financial intermediary. You may also purchase Fund shares by wire transfer. You may exchange or redeem Fund shares by telephone at 1-866-HW-FUNDS (1-866-493-8637).

The minimum initial investment for Class I shares is $250,000. For Class A shares, the minimum initial investment in the Fund is $2,500 for regular accounts and $1,000 for IRAs. The minimum initial investment for Class Z shares will vary depending on the type of qualifying investor. The minimum subsequent investment in the Fund for all share classes is generally $100. The Fund is currently not offering Class Z shares to investors.

**Tax Information.** The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are tax-exempt or you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA. Such tax-advantaged arrangements may be taxed later upon a withdrawal from those arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries.** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Fund and/or its Advisor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotchkis & Wiley Large Cap Disciplined Value Fund \| Summary Prospectus \| August 29, 2025