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HOTCHKIS AND WILEY FUNDS
SUPPLEMENT TO PROSPECTUS
DATED AUGUST 29, 1997
NAME CHANGE -- BALANCED INCOME FUND
The Trustees have approved a change in the name of the Balanced Income Fund to
the Balanced Fund, effective December 1, 1997.
HOW TO PURCHASE, HOW TO REDEEM AND HOW TO EXCHANGE SHARES
The Funds will price purchase, exchange and redemption orders for Fund shares at
the net asset value next determined after the transaction request is received in
good order by the Transfer Agent or an authorized financial institution or its
sub-delegate.
December 1, 1997
