HOTCHKIS & WILEY FUNDS
485BPOS, EX-99.(J), 2000-10-04
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<PAGE>   1
                                                                   EXHIBIT 99(J)


                       CONSENT OF INDEPENDENT ACCOUNTANTS


We hereby consent to the incorporation by reference in this Registration
Statement on Form N-1A of our report dated August 17, 2000, relating to the
financial statements and financial highlights which appear in the June 30, 2000
Annual Reports to Shareholders of Mercury HW Large Cap Value Fund, Mercury HW
Mid-Cap Value Fund, Mercury HW Small Cap Value Fund, Mercury HW International
Value Fund, Mercury HW Global Value Fund, Mercury HW Balanced Fund, Mercury
Total Return Bond Fund, Mercury Low Duration Fund, Mercury Short-Term Investment
Fund and Mercury HW Equity Fund for Insurance Companies (the Mercury HW Funds,
previously known as 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 Insurance Companies, the portfolios of the Hotchkis and
Wiley Funds), which are also incorporated by reference into the Registration
Statement. We also consent to the references to us under the headings "General
Information - Independent Auditors" and "Financial Highlights" in such
Registration Statement.


/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
October 2, 2000
<PAGE>   2
                       CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the use in this Registration Statement on Form N-1A of our
report dated October 2, 2000, relating to the financial statement of the Total
Return Bond Master Portfolio, which appears in such Registration Statement. We
also consent to the reference to us under the headings "General Information --
Independent Auditors" and "Financial Highlights" in such Registration Statement.


/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
October 2, 2000

<PAGE>   3
                       CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the use in this Registration Statement on Form N-1A of our
report dated October 2, 2000, relating to the financial statement of the Low
Duration Master Portfolio, which appears in such Registration Statement. We also
consent to the reference to us under the headings "General Information --
Independent Auditors" and "Financial Highlights" in such Registration Statement.


/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
October 2, 2000


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