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<PAGE> PAGE 6
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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015 A000601 FIRSTAR TRUST COMPANY
<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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SIGNATURE NANCY CELICK
TITLE PRESIDENT
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<DISTRIBUTIONS-OF-GAINS> 18,089
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,184
<NUMBER-OF-SHARES-REDEEMED> 4,227
<SHARES-REINVESTED> 1,143
<NET-CHANGE-IN-ASSETS> 3,336
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,957
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,412
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,655
<AVERAGE-NET-ASSETS> 188,286
<PER-SHARE-NAV-BEGIN> 18.91
<PER-SHARE-NII> 0.49
<PER-SHARE-GAIN-APPREC> 4.15
<PER-SHARE-DIVIDEND> 0.48
<PER-SHARE-DISTRIBUTIONS> 1.82
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.25
<EXPENSE-RATIO> 0.88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
<NUMBER> 4
<NAME> INTERNATIONAL FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 767,298
<INVESTMENTS-AT-VALUE> 889,787
<RECEIVABLES> 8,452
<ASSETS-OTHER> 6,975
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 905,214
<PAYABLE-FOR-SECURITIES> 15,051
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,635
<TOTAL-LIABILITIES> 16,686
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 768,594
<SHARES-COMMON-STOCK> 36,754
<SHARES-COMMON-PRIOR> 16,192
<ACCUMULATED-NII-CURRENT> (1,196)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,438)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 122,568
<NET-ASSETS> 888,528
<DIVIDEND-INCOME> 17,715
<INTEREST-INCOME> 2,300
<OTHER-INCOME> 0
<EXPENSES-NET> 5,463
<NET-INVESTMENT-INCOME> 14,552
<REALIZED-GAINS-CURRENT> 953
<APPREC-INCREASE-CURRENT> 105,737
<NET-CHANGE-FROM-OPS> 121,242
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,060
<DISTRIBUTIONS-OF-GAINS> 3,760
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29,673
<NUMBER-OF-SHARES-REDEEMED> 9,851
<SHARES-REINVESTED> 740
<NET-CHANGE-IN-ASSETS> 557,535
<ACCUMULATED-NII-PRIOR> 503
<ACCUMULATED-GAINS-PRIOR> 665
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,086
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,855
<AVERAGE-NET-ASSETS> 546,353
<PER-SHARE-NAV-BEGIN> 20.44
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
<NUMBER> 5
<NAME> EQUITY FUND FOR INSURANCE COMPANIES
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 24,119
<INVESTMENTS-AT-VALUE> 33,068
<RECEIVABLES> 80
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,150
<PAYABLE-FOR-SECURITIES> 165
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26
<TOTAL-LIABILITIES> 191
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,277
<SHARES-COMMON-STOCK> 2,019
<SHARES-COMMON-PRIOR> 1,824
<ACCUMULATED-NII-CURRENT> 6
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,727
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,949
<NET-ASSETS> 32,959
<DIVIDEND-INCOME> 867
<INTEREST-INCOME> 42
<OTHER-INCOME> 0
<EXPENSES-NET> 148
<NET-INVESTMENT-INCOME> 761
<REALIZED-GAINS-CURRENT> 2,211
<APPREC-INCREASE-CURRENT> 4,166
<NET-CHANGE-FROM-OPS> 7,138
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 767
<DISTRIBUTIONS-OF-GAINS> 923
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 81
<NUMBER-OF-SHARES-REDEEMED> 2
<SHARES-REINVESTED> 116
<NET-CHANGE-IN-ASSETS> 8,310
<ACCUMULATED-NII-PRIOR> 11
<ACCUMULATED-GAINS-PRIOR> 440
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 148
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 209
<AVERAGE-NET-ASSETS> 27,938
<PER-SHARE-NAV-BEGIN> 13.51
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 3.30
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<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 0.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
<NUMBER> 6
<NAME> LOW DURATION FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 160,966
<INVESTMENTS-AT-VALUE> 162,500
<RECEIVABLES> 9,752
<ASSETS-OTHER> 87
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 172,339
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,125
<TOTAL-LIABILITIES> 1,125
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 168,511
<SHARES-COMMON-STOCK> 16,738
<SHARES-COMMON-PRIOR> 18,700
<ACCUMULATED-NII-CURRENT> 446
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 723
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,534
<NET-ASSETS> 171,214
<DIVIDEND-INCOME> 119
<INTEREST-INCOME> 11,423
<OTHER-INCOME> 0
<EXPENSES-NET> 968
<NET-INVESTMENT-INCOME> 10,574
<REALIZED-GAINS-CURRENT> 1,058
<APPREC-INCREASE-CURRENT> 764
<NET-CHANGE-FROM-OPS> 12,396
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,574
<DISTRIBUTIONS-OF-GAINS> 176
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,787
<NUMBER-OF-SHARES-REDEEMED> 21,739
<SHARES-REINVESTED> 990
<NET-CHANGE-IN-ASSETS> (17,947)
<ACCUMULATED-NII-PRIOR> 290
<ACCUMULATED-GAINS-PRIOR> (3)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 768
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,103
<AVERAGE-NET-ASSETS> 166,877
<PER-SHARE-NAV-BEGIN> 10.12
<PER-SHARE-NII> 0.66
<PER-SHARE-GAIN-APPREC> 0.10
<PER-SHARE-DIVIDEND> 0.64
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.23
<EXPENSE-RATIO> 0.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
<NUMBER> 7
<NAME> SHORT-TERM INVESTMENT FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-30-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 20,255
<INVESTMENTS-AT-VALUE> 20,315
<RECEIVABLES> 1,448
<ASSETS-OTHER> 87
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,850
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 133
<TOTAL-LIABILITIES> 133
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,800
<SHARES-COMMON-STOCK> 2,140
<SHARES-COMMON-PRIOR> 1,841
<ACCUMULATED-NII-CURRENT> (18)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (125)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 60
<NET-ASSETS> 21,717
<DIVIDEND-INCOME> 3
<INTEREST-INCOME> 1,143
<OTHER-INCOME> 0
<EXPENSES-NET> 87
<NET-INVESTMENT-INCOME> 1,059
<REALIZED-GAINS-CURRENT> (47)
<APPREC-INCREASE-CURRENT> (5)
<NET-CHANGE-FROM-OPS> 1,007
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,059
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,848
<NUMBER-OF-SHARES-REDEEMED> 3,605
<SHARES-REINVESTED> 56
<NET-CHANGE-IN-ASSETS> 3,848
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (85)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 73
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 176
<AVERAGE-NET-ASSETS> 18,185
<PER-SHARE-NAV-BEGIN> 10.17
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> 0.59
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.15
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
<NUMBER> 8
<NAME> TOTAL RETURN BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 13,722
<INVESTMENTS-AT-VALUE> 14,118
<RECEIVABLES> 194
<ASSETS-OTHER> 114
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,426
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119
<TOTAL-LIABILITIES> 119
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,881
<SHARES-COMMON-STOCK> 1,097
<SHARES-COMMON-PRIOR> 3,396
<ACCUMULATED-NII-CURRENT> 106
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (76)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 396
<NET-ASSETS> 14,307
<DIVIDEND-INCOME> 39
<INTEREST-INCOME> 2,107
<OTHER-INCOME> 0
<EXPENSES-NET> 181
<NET-INVESTMENT-INCOME> 1,965
<REALIZED-GAINS-CURRENT> (42)
<APPREC-INCREASE-CURRENT> 979
<NET-CHANGE-FROM-OPS> 2,902
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,965
<DISTRIBUTIONS-OF-GAINS> 242
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,130
<NUMBER-OF-SHARES-REDEEMED> 3,569
<SHARES-REINVESTED> 140
<NET-CHANGE-IN-ASSETS> (29,113)
<ACCUMULATED-NII-PRIOR> 80
<ACCUMULATED-GAINS-PRIOR> 234
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 154
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 265
<AVERAGE-NET-ASSETS> 27,755
<PER-SHARE-NAV-BEGIN> 12.78
<PER-SHARE-NII> 0.99
<PER-SHARE-GAIN-APPREC> 0.30
<PER-SHARE-DIVIDEND> 0.92
<PER-SHARE-DISTRIBUTIONS> 0.11
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.04
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
<NUMBER> 9
<NAME> MID-CAP FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JAN-02-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,783
<INVESTMENTS-AT-VALUE> 1,977
<RECEIVABLES> 3
<ASSETS-OTHER> 26
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,006
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19
<TOTAL-LIABILITIES> 19
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,785
<SHARES-COMMON-STOCK> 171
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 194
<NET-ASSETS> 1,987
<DIVIDEND-INCOME> 18
<INTEREST-INCOME> 2
<OTHER-INCOME> 0
<EXPENSES-NET> 7
<NET-INVESTMENT-INCOME> 13
<REALIZED-GAINS-CURRENT> 6
<APPREC-INCREASE-CURRENT> 194
<NET-CHANGE-FROM-OPS> 213
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 227
<NUMBER-OF-SHARES-REDEEMED> 57
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 1,987
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 56
<AVERAGE-NET-ASSETS> 1,365
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 1.64
<PER-SHARE-DIVIDEND> 0.06
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.65
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
<NUMBER> 10
<NAME> GLOBAL EQUITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JAN-02-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 3,176
<INVESTMENTS-AT-VALUE> 3,476
<RECEIVABLES> 187
<ASSETS-OTHER> 146
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,809
<PAYABLE-FOR-SECURITIES> 55
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24
<TOTAL-LIABILITIES> 79
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,407
<SHARES-COMMON-STOCK> 336
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 23
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 300
<NET-ASSETS> 3,730
<DIVIDEND-INCOME> 55
<INTEREST-INCOME> 5
<OTHER-INCOME> 0
<EXPENSES-NET> 13
<NET-INVESTMENT-INCOME> 47
<REALIZED-GAINS-CURRENT> 21
<APPREC-INCREASE-CURRENT> 300
<NET-CHANGE-FROM-OPS> 368
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 46
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 333
<NUMBER-OF-SHARES-REDEEMED> 1
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 3,730
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 59
<AVERAGE-NET-ASSETS> 2,682
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 1.09
<PER-SHARE-DIVIDEND> 0.14
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.09
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Shareholders and Board of
Trustees of Hotchkis and Wiley Funds
In planning and performing our audit of the financial statements of
the Equity Income Fund, the Mid-Cap Fund, the Small Cap Fund, the
International Fund, the Global Equity Fund, the Balanced Income Fund,
the Total Return Bond Fund, the Low Duration Fund, the Short-Term
Investment Fund and the Equity Fund for Insurance Companies
(constituting Hotchkis and Wiley Funds, hereafter referred to as the
"Funds") for the period ended June 30, 1997, we considered its
internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of control activities. Generally,
control activities that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally
accepted accounting principles. Those control activities include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the
design or operation of any specific internal control components does
not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving internal control, including control activities for
safeguarding securities, that we consider to be material weaknesses
as defined above as of June 30, 1997.
This report is intended solely for the information and use of
management and the Board of Trustees of Hotchkis and Wiley Funds and
the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
Milwaukee, Wisconsin
August 8, 1997
