HOTCHKIS & WILEY VARIABLE TRUST
497, 1998-07-01
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                       HOTCHKIS AND WILEY VARIABLE TRUST
                            SUPPLEMENT TO PROSPECTUS
                             DATED FEBRUARY 1, 1998
 
The following information replaces the last paragraph on page 37 of the
Prospectus under "Dividends and Tax Status."
 
         The EQUITY INCOME VIP PORTFOLIO expects to declare and pay income
dividends quarterly; the INTERNATIONAL VIP PORTFOLIO expects to declare and pay
income dividends semi-annually; and the FIXED-INCOME FUNDS expect to declare and
pay income dividends monthly.
 
July 1, 1998


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