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<PAGE> PAGE 7
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 17
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<PAGE> PAGE 20
SIGNATURE NANCY CELICK
TITLE PRESIDENT
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<NAME> HOTCHKIS & WILEY VARIABLE TRUST
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<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,700
<TOTAL-LIABILITIES> 18,700
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,096,351
<SHARES-COMMON-STOCK> 110,139
<SHARES-COMMON-PRIOR> 106,635
<ACCUMULATED-NII-CURRENT> 2,494
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30,550
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (157,235)
<NET-ASSETS> 972,160
<DIVIDEND-INCOME> 30,755
<INTEREST-INCOME> 1,358
<OTHER-INCOME> 0
<EXPENSES-NET> 12,108
<NET-INVESTMENT-INCOME> 20,005
<REALIZED-GAINS-CURRENT> 34,115
<APPREC-INCREASE-CURRENT> (86,565)
<NET-CHANGE-FROM-OPS> (32,445)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21,583)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,689
<NUMBER-OF-SHARES-REDEEMED> (6,520)
<SHARES-REINVESTED> 2,335
<NET-CHANGE-IN-ASSETS> (16,144)
<ACCUMULATED-NII-PRIOR> 1,547
<ACCUMULATED-GAINS-PRIOR> (3,564)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,896
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 60,651
<AVERAGE-NET-ASSETS> 1,052,942
<PER-SHARE-NAV-BEGIN> 9.27
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> (0.45)
<PER-SHARE-DIVIDEND> (0.19)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.83
<EXPENSE-RATIO> 1.15
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001036593
<NAME> HOTCHKIS & WILEY VARIABLE TRUST
<SERIES>
<NUMBER> 2
<NAME> INTERNATIONAL VIP PORTFOLIO
<MULTIPLIER> 1
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<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 258,143,773
<INVESTMENTS-AT-VALUE> 284,302,691
<RECEIVABLES> 666,701
<ASSETS-OTHER> 191,240
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 285,160,632
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 326,769
<TOTAL-LIABILITIES> 326,769
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 255,830,197
<SHARES-COMMON-STOCK> 24,734,480
<SHARES-COMMON-PRIOR> 30,379,778
<ACCUMULATED-NII-CURRENT> 3,197,003
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (355,851)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,162,514
<NET-ASSETS> 284,833,863
<DIVIDEND-INCOME> 5,462,950
<INTEREST-INCOME> 451,144
<OTHER-INCOME> 0
<EXPENSES-NET> 2,257,569
<NET-INVESTMENT-INCOME> 3,656,525
<REALIZED-GAINS-CURRENT> 4,289,725
<APPREC-INCREASE-CURRENT> 28,388,537
<NET-CHANGE-FROM-OPS> 36,344,787
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,524,275)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,478,787
<NUMBER-OF-SHARES-REDEEMED> (16,258,425)
<SHARES-REINVESTED> 136,340
<NET-CHANGE-IN-ASSETS> (4,301,095)
<ACCUMULATED-NII-PRIOR> 62,996
<ACCUMULATED-GAINS-PRIOR> (3,646,344)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,678,700
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,257,569
<AVERAGE-NET-ASSETS> 223,889,498
<PER-SHARE-NAV-BEGIN> 9.52
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 1.91
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.52
<EXPENSE-RATIO> 1.01
</TABLE>
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<NAME> HOTCHKIS & WILEY VARIABLE TRUST
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<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1,698,151
<INVESTMENTS-AT-VALUE> 1,671,513
<RECEIVABLES> 37,259
<ASSETS-OTHER> 16,525
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,725,297
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,412
<TOTAL-LIABILITIES> 24,412
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,744,882
<SHARES-COMMON-STOCK> 174,932
<SHARES-COMMON-PRIOR> 172,775
<ACCUMULATED-NII-CURRENT> 2,784
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (20,143)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (26,638)
<NET-ASSETS> 1,700,885
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 100,600
<OTHER-INCOME> 0
<EXPENSES-NET> 9,888
<NET-INVESTMENT-INCOME> 90,712
<REALIZED-GAINS-CURRENT> (17,121)
<APPREC-INCREASE-CURRENT> (25,481)
<NET-CHANGE-FROM-OPS> 48,110
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (91,719)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,957
<NUMBER-OF-SHARES-REDEEMED> (30,071)
<SHARES-REINVESTED> 9,271
<NET-CHANGE-IN-ASSETS> (22,863)
<ACCUMULATED-NII-PRIOR> 1,612
<ACCUMULATED-GAINS-PRIOR> (3,361)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,842
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 68,115
<AVERAGE-NET-ASSETS> 1,704,904
<PER-SHARE-NAV-BEGIN> 9.98
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> (0.27)
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.72
<EXPENSE-RATIO> 0.58
</TABLE>
HOTCHKIS AND WILEY VARIABLE TRUST
Transactions Subject to Rule 10f-3
Period July 1, 1999 through December 31, 1999
EQUITY INCOME VIP PORTFOLIO
Name of Issuer: United Parcel Service
Type of Security: Common stock
Trade Date: 11/10/1999
Maturity Date: not applicable
Interest Rate: not applicable
Total Shares Purchased: 100
Total Purchase: 5,000
Aggregate shares of offering: 109,400,000
Aggregate value of offering: $5,470,000,000
Securities acquired from: Morgan Stanley Dean Witter
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
Goldman Sachs & Co.
Merrill Lynch & Co.
INTERNATIONAL VIP PORTFOLIO
Name of Issuer: Portugal Telecom
----------------
Type of Security: Common stock
Trade Date: 7/12/1999
Maturity Date: not applicable
Interest Rate: not applicable
Total Shares Purchased: 16,000
Total Purchase: 600,000 Euro
Aggregate shares of offering: 22,868,446
Aggregate value of offering: 857,566,725 Euro
Securities acquired from: Warburg Dillon Read
Underwriting Syndicate's Members: Merrill Lynch International
Warburg Dillon Read LLC
BES Investimento
Name of Issuer: Clarica Life Insurance
----------------------
Type of Security: Common stock
Trade Date: 7/14/1999
Maturity Date: not applicable
Interest Rate: not applicable
Total Shares Purchased: 23,670
Total Purchase: 485,235 CAD
Aggregate shares of offering: 42,189,684
Aggregate value of offering: 864,888,522 CAD
Securities acquired from: Goldman Sachs & Co.
Underwriting Syndicate's Members: Goldman Sachs & Co.
Nesbitt Burns Inc.
Merrill Lynch & Co.
Newcrest Capital Inc.
RBC Dominion Securities Inc.
Scotia McLeod Inc.
Name of Issuer: Manulife
--------
Type of Security: Common stock
Trade Date: 9/24/1999
Maturity Date: not applicable
Interest Rate: not applicable
Total Shares Purchased: 193,790
Total Purchase: 3,488,220 CAD
Aggregate shares of offering: 138,335,616
Aggregate value of offering: 2,490,041,088 CAD
Securities acquired from: CS First Boston
Underwriting Syndicate's Members: Credit Suisse First Boston
Merrill Lynch & Co.
Scotia Capital Markets
LOW DURATION VIP PORTFOLIO
Name of Issuer: Safeway Inc.
------------
Type of Security: Corporate Notes
Trade Date: 9/8/1999
Maturity Date: 9/15/2002
Interest Rate: 7.00%
Total Shares Purchased: $50,000
Total Purchase: $49,814
Aggregate shares of offering: $600,000,000
Aggregate value of offering: $597,762,000
Securities acquired from: Morgan Stanley Dean Witter
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
Merrill Lynch & Co.
Banc of America Securities LLC
Chase Securities
Credit Suisse First Boston
Deutsche Banc Alex Brown
Goldman Sachs & Co
Lehman Brothers
Salomon Smith Barney
Utendahl Capital Partners LP
Report of Independent Accountants
To the Board of Trustees and Shareholders
of Hotchkis and Wiley Variable Trust
In planning and performing our audit of the financial statements of the Equity
Income VIP Portfolio, International VIP Portfolio and Low Duration VIP Portfolio
(three of the four portfolios of Hotchkis and Wiley Variable Trust, the "Funds")
for the year ended December 31, 1999, we considered their 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
controls. Generally, controls 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 controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of the Board of
Trustees, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
PRICEWATERHOUSECOOPERS LLP
Milwaukee, Wisconsin
February 17, 2000