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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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015 A000419 SKANDINAVISKA ENSKILDA BANKEN
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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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015 B000501 C
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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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<PAGE> PAGE 30
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015 A000601 FIRSTAR TRUST COMPANY
015 B000601 C
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015 E010601 X
024 000600 Y
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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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015 A000701 FIRSTAR TRUST COMPANY
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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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015 A000801 FIRSTAR TRUST COMPANY
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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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015 A001001 FIRSTAR TRUST COMPANY
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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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<PAGE> PAGE 56
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SIGNATURE NANCY CELICK
TITLE PRESIDENT
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<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
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<NAME> GLOBAL EQUITY FUND
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<TABLE> <S> <C>
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<SERIES>
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<TABLE> <S> <C>
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<NAME> HOTCHKIS & WILEY FUNDS
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000759829
<NAME>
<SERIES>
<NUMBER> 6
<NAME> LOW DURATION FUND
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<TABLE> <S> <C>
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<NAME> HOTCHKIS & WILEY FUNDS
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<TABLE> <S> <C>
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<NAME> HOTCHKIS & WILEY FUNDS
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<TABLE> <S> <C>
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<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
<NUMBER> 8
<NAME> TOTAL RETURN BOND FUND
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<S> <C>
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</TABLE>
HOTCHKIS AND WILEY FUNDS
#77. O) Transactions Subject to Rule 10f-3
MID-CAP FUND
Name of Issuer: At Home Corp. - Series A
Type of Security: Common Stock
Trade Date: 07/11/1997
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 2,500
Total Purchase: $26,250
Aggregate shares of offering: 9,000,000
Aggregate value of offering: $94,500,000
Securities acquired from: Morgan Stanley & Co. Inc.
Underwriting Syndicate's Members: Merrill Lynch & Co.
Morgan Stanley Dean Witter
Alex. Brown & Sons Incorporated
Hambrecht & Quist
Name of Issuer: Travel Services International, Inc.
Type of Security: Common Stock
Trade Date: 07/22/1997
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 1,000
Total Purchase: $14,000
Aggregate shares of offering: 2,500,000
Aggregate value of offering: $35,000,000
Securities acquired from: Montgomery Securities
Underwriting Syndicate's Members: Montgomery Securities
Furman Selz
Name of Issuer: J.D. Edwards
Type of Security: Common Stock
Trade Date: 09/23/1997
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 6,000
Total Purchase: $138,000
Aggregate shares of offering: 15,800,000
Aggregate value of offering: $363,400,000
Securities acquired from: Morgan Stanley & Co, Inc.
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
Deutche Morgan Grenfell
Robertson, Stephens & Company
Name of Issuer: Bayard Drilling Technologies, Inc.
Type of Security: Common Stock
Trade Date: 11/04/1997
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 1,000
Total Purchase: $23,000
Aggregate shares of offering: 9,600,000
Aggregate value of offering: $220,800,000
Securities acquired from: Donaldson, Lufkin & Jenrette Sec Corp
Underwriting Syndicate's Members: Donaldson, Lufkin & Jenrette Sec Corp
Lehman Brothers
Prudential Securities Incorporated
Rauscher Pierce Refsnes, Inc.
Raymond James & Associates, Inc.
Name of Issuer: Trammell Crow Co.
Type of Security: Common Stock
Trade Date: 11/24/1997
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 1,100
Total Purchase: $19,250
Aggregate shares of offering: 5,000,000
Aggregate value of offering: $87,500,000
Securities acquired from: Morgan Stanley Co. Inc.
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
BT Alex. Brown
Goldman Sachs & Co.
Bancamerica Robertson Stephens
Name of Issuer: Waddell & Reed Financial
Type of Security: Common Stock
Trade Date: 03/04/1998
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 1,000
Total Purchase: $23,000
Aggregate shares of offering: 21,700,000
Aggregate value of offering: $499,100,000
Securities acquired from: Merrill Lynch & Co.
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
Goldman Sachs & Co.
Merrill Lynch & Co.
Name of Issuer: Young and Rubicam
Type of Security: Common Stock
Trade Date: 05/12/1998
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 5,000
Total Purchase: $125,000
Aggregate shares of offering: 16,600,000
Aggregate value of offering: $415,000,000
Securities acquired from: Donaldson, Lufkin & Jenrette Sec Corp
Underwriting Syndicate's Members: Donaldson, Lufkin & Jenrette Sec Corp
Bear Stearns & Co., Inc.
Furman Selz
Goldman Sachs & Co.
Salomon Smith Barney
SMALL CAP FUND
Name of Issuer: Commonwealth Industries
Type of Security: Common Stock
Trade Date: 09/23/1997
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 1,000
Total Purchase: $18,000
Aggregate shares of offering: 5,000,000 shares
Aggregate value of offering: $90,000,000
Securities acquired from: Morgan Stanley & Co. Inc.
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
Merrill Lynch & Co.
Name of Issuer: Eagle Geophysical, Inc.
Type of Security: Common Stock
Trade Date: 08/05/1997
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 5,000
Total Purchase: $85,000
Aggregate shares of offering: 5,880,000 shares
Aggregate value of offering: $99,960,000
Securities acquired from: Prudential Securities Incorporated
Underwriting Syndicate's Members: Prudential Securities Incorporated
Simmions & Company International
Name of Issuer: Trammell Crow Co.
Type of Security: Common Stock
Trade Date: 11/24/1997
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 13,900
Total Purchase: $243,250
Aggregate shares of offering: 5,000,000
Aggregate value of offering: $87,500,000
Securities acquired from: Morgan Stanley Co. Inc.
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
BT Alex. Brown
Goldman, Sachs & Co.
Bancamerica Robertson Stephens
Name of Issuer: Hawk Corporation
Type of Security: Common Stock
Trade Date: 05/12/1998
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 29,700
Total Purchase: $504,900
Aggregate shares of offering: 5,135,000
Aggregate value of offering: $87,295,000
Securities acquired from: Schroder Securities
Underwriting Syndicate's Members: Schroeder & Co., Inc.
Lehman Brothers
McDonald & Company Securities, Inc.
INTERNATIONAL FUND
Name of Issuer: France Telecom
Type of Security: Common Stocks
Trade Date: 10/17/97
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 40,420
Total Purchase: $1,274,404
Aggregate shares of offering: 211,000,000
Aggregate value of offering: $6,541,000,000
Securities acquired from: Paribas
Underwriting Syndicate's Members: Merrill Lynch & Co.
Lehman Brothers
Paribas
Deutsche Morgan Grenfell
Lazard Freres & Co. LLC
Morgan Stanley Dean Witter
Salomon Brothers Inc.
Name of Issuer: Yanzhou Coal Mining
Type of Security: Common Stocks
Trade Date: 03/30/1998
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 21,746,000
Total Purchase: $6,849,091
Aggregate shares of offering: 276,750,000
Aggregate value of offering: $87,164,803
Securities acquired from: Bear Stearns
Underwriting Syndicate's Members: Bear Stearns & Co., Inc.
Merrill Lynch & Co.
ABN AMRO Rothschild
Morgan Stanley Dean Witter
Salomon Smith Barney
BALANCED FUND
Name of Issuer: Homeside Lending, Inc.
Type of Security: Bond
Trade Date: 07/24/1997
Maturity Date: 8/1/2004
Interest Rate: 6.75%
Total Shares Purchased: 2,500,000
Total Purchase: $2,490,650
Aggregate shares of offering: 200,000,000
Aggregate value of offering: $199,252,000
Securities acquired from: Chase Securities, Inc.
Underwriting Syndicate's Members: NationsBanc Capital Markets, Inc.
Chase Securities, Inc.
Merrill Lynch & Co.
J.P. Morgan & Co.
Smith Barney Inc.
UBS Securities
Name of Issuer: Firstplus Home Loan Owner Trust
Type of Security: Bond
Trade Date: 01/30/1998
Maturity Date: 03/10/2015
Interest Rate: 6.20%
Total Shares Purchased: 1,500,000
Total Purchase: $1,499,788
Aggregate shares of offering: 468,453,552
Aggregate value of offering: $468,387,500
Securities acquired from: Paine Webber
Underwriting Syndicate's Members: Paine Webber
Merrill Lynch & Co.
Bear Stearns
Name of Issuer: Nomura Asset Securities Corporation
Type of Security: Bond
Trade Date: 03/27/1998
Maturity Date: 03/17/2020
Interest Rate: 6.59%
Total Shares Purchased: 2,500,000
Total Purchase: $2,538,281
Aggregate shares of offering: 3,676,521,922
Aggregate value of offering: $3,732,820,502
Securities acquired from: Nomura Securities International, Inc.
Underwriting Syndicate's Members: Nomura Securities International, Inc.
Morgan Stanley & Co., Inc.
Merrill Lynch & Co.
TOTAL RETURN BOND FUND
Name of Issuer: PG&E
Type of Security: Bond
Trade Date: 11/25/1997
Maturity Date: 12/26/2009
Interest Rate: 6.48%
Total Shares Purchased: 250,000
Total Purchase: $249,984
Aggregate shares of offering: 2,901,186
Aggregate value of offering: $2,901,000
Securities acquired from: Lehman Brothers
Underwriting Syndicate's Members: Bear Stearns
Lehman Brothers
Morgan Stanley & Co., Inc.
Merrill Lynch & Co.
J.P. Morgan & Co.
Name of Issuer: Firstplus Home Loan Trust
Type of Security: Bond
Trade Date: 01/30/1998
Maturity Date: 03/10/2015
Interest Rate: 6.20%
Total Shares Purchased: 400,000
Total Purchase: $399,944
Aggregate shares of offering: 468,453,552
Aggregate value of offering: $468,387,500
Securities acquired from: Paine Webber
Underwriting Syndicate's Members: Paine Webber
Merrill Lynch & Co.
Bear Stearns
Name of Issuer: Cable & Wireless PLC
Type of Security: Bond
Trade Date: 03/03/1998
Maturity Date: 03/06/2005
Interest Rate: 6.625%
Total Shares Purchased: 500,000
Total Purchase: $498,400
Aggregate shares of offering: 652,086,677
Aggregate value of offering: $650,000,000
Securities acquired from: Chase Securities
Underwriting Syndicate's Members: Merrill Lynch & Co.
Chase Securities
Lehman Brothers
Name of Issuer: Nomura Asset Securities Corporation
Type of Security: Bond
Trade Date: 03/27/1998
Maturity Date: 03/17/2028
Interest Rate: 6.59%
Total Shares Purchased: 1,050,000
Total Purchase: $1,066,078
Aggregate shares of offering: 3,676,521,922
Aggregate value of offering: $3,732,820,502
Securities acquired from: Nomura Securities International, Inc.
Underwriting Syndicate's Members: Nomura Securities International, Inc.
Morgan Stanely & Co., Inc.
Merrill Lynch & Co.
Name of Issuer: Freeport Terminal PLC
Type of Security: Bond
Trade Date: 05/07/1998
Maturity Date: 05/15/2028
Interest Rate: 7.25%
Total Shares Purchased: 600,000
Total Purchase: $597,084
Aggregate shares of offering: 248,785,000
Aggregate value of offering: $250,000,000
Securities acquired from: Bear Stearns
Underwriting Syndicate's Members: BT Alex Brown International
Bear Stearns International Limited
Lehman Brothers
Merrill Lynch & Co. International
West deutsche Landesbank Girozentrale
LOW DURATION BOND FUND
Name of Issuer: First Maryland Corp
Type of Security: Bond
Trade Date: 01/30/1997
Maturity Date: 02/01/2027
Interest Rate: 6.4125%
Total Shares Purchased: 4,000,000
Total Purchase: $3,955,120
Aggregate shares of offering: 151,702,098
Aggregate value of offering: $150,000,000
Securities acquired from: Lehman Brothers
Underwriting Syndicate's Members: Lehman Brothers
Bear Stearns International Limited
Merrill Lynch & Co. International
Salomon Brothers International
Name of Issuer: PG&E
Type of Security: Bond
Trade Date: 11/25/1997
Maturity Date: 06/25/2003
Interest Rate: 6.16%
Total Shares Purchased: 1,300,000
Total Purchase: $1,299,702
Aggregate shares of offering: 2,901,664
Aggregate value of offering: $2,901,000
Securities acquired from: Morgan Stanley & Co., Inc.
Underwriting Syndicate's Members: Bear Stearns
Lehman Brothers
Morgan Stanley & Co., Inc.
Merrill Lynch & Co.
J.P. Morgan & Co.
Name of Issuer: Firstplus Home Loan Owner Trust
Type of Security: Bond
Trade Date: 01/30/1998
Maturity Date: 03/10/2015
Interest Rate: 6.20%
Total Shares Purchased: 2,456,000
Total Purchase: $2,455,653
Aggregate shares of offering: 500,000,000
Aggregate value of offering: $499,929,400
Securities acquired from: Paine Webber
Underwriting Syndicate's Members: Paine Webber
Bear Stearns
Merrill Lynch & Co.
Name of Issuer: Freeport Terminal PLC
Type of Security: Bond
Trade Date: 05/07/1998
Maturity Date: 05/15/2028
Interest Rate: 7.25%
Total Shares Purchased: 2,500,000
Total Purchase: $2,487,850
Aggregate shares of offering: 248,785,000
Aggregate value of offering: $250,000,000
Securities acquired from: Bear Stearns
Underwriting Syndicate's Members: BT Alex Brown International
Bear Stearns International Limited
Lehman Brothers
Merrill Lynch & Co. International
West deutsche Landesbank Girozentrale
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 Fund,
the Total Return Bond Fund, the Low Duration Fund, the Short-Term
Investment Fund and the Equity Fund for InsuranceCompanies
(constituting Hotchkis and Wiley Funds, hereafter referred to as
the "Funds") for the year ended June 30, 1998, 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, 1998.
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.
PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
August 12, 1998
