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HOTCHKIS AND WILEY FUNDS
SUPPLEMENT TO PROSPECTUS
DATED OCTOBER 31, 1995
Hotchkis and Wiley, a limited partnership that is the advisor to the
Hotchkis and Wiley Funds (the "Funds"), has entered into a Purchase Agreement
with Merrill Lynch & Co., Inc., a Delaware corporation ("ML"), pursuant to which
ML will acquire the partnership interests in Hotchkis and Wiley. The purchase is
subject to a number of contingencies, including approval by the Funds' Board of
Trustees and shareholders of new investment advisory agreements relating to each
Fund. If the transaction occurs, it is anticipated that the Funds will be
operated in the same manner as they are currently.
June 24, 1996
