<PAGE> 1
HOTCHKIS AND WILEY VARIABLE TRUST
EQUITY INCOME VIP PORTFOLIO
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 2000
Investment Adviser Name Change. Effective June 30, 2000, the investment
adviser changed its name to Mercury Advisors. (Mercury Advisors is a trading
name of Merrill Lynch Investment Managers, L.P., which is the new name of
Merrill Lynch Asset Management, L.P., of which Hotchkis and Wiley was formerly a
division.)
Name Change of Portfolio and Trust. The Board of Trustees of Hotchkis
and Wiley Variable Trust (the "Trust") has adopted the recommendation of Mercury
Advisors to change the name of the Trust and the Portfolio of the Trust
effective on or about October 5, 2000. The name of the Trust and Portfolio will
change as follows:
<TABLE>
<CAPTION>
CURRENT NAME NEW NAME
------------ --------
<S> <C>
Hotchkis and Wiley Variable Trust Mercury HW Variable Trust
Hotchkis and Wiley Equity Income VIP Portfolio Mercury HW Large Cap Value VIP Portfolio
</TABLE>
July 13, 2000
<PAGE> 2
HOTCHKIS AND WILEY VARIABLE TRUST
INTERNATIONAL VIP PORTFOLIO
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 2000
Investment Adviser Name Change. Effective June 30, 2000, the investment
adviser changed its name to Mercury Advisors. (Mercury Advisors is a trading
name of Merrill Lynch Investment Managers, L.P., which is the new name of
Merrill Lynch Asset Management, L.P., of which Hotchkis and Wiley was formerly a
division.)
Name Change of Portfolio and Trust. The Board of Trustees of Hotchkis
and Wiley Variable Trust (the "Trust") has adopted the recommendation of Mercury
Advisors to change the name of the Trust and the Portfolio of the Trust
effective on or about October 5, 2000. The name of the Trust and Portfolio will
change as follows:
<TABLE>
<CAPTION>
CURRENT NAME NEW NAME
------------ --------
<S> <C>
Hotchkis and Wiley Variable Trust Mercury HW Variable Trust
Hotchkis and Wiley International VIP Portfolio Mercury HW International Value VIP Portfolio
</TABLE>
July 13, 2000
<PAGE> 3
HOTCHKIS AND WILEY VARIABLE TRUST
TOTAL RETURN BOND VIP PORTFOLIO
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 2000
Investment Adviser Name Change. Effective June 30, 2000, the investment
adviser changed its name to Mercury Advisors. (Mercury Advisors is a trading
name of Merrill Lynch Investment Managers, L.P., which is the new name of
Merrill Lynch Asset Management, L.P., of which Hotchkis and Wiley was formerly a
division.)
Change in Portfolio Manager of the Total Return Bond VIP Portfolio.
Effective July 1, 2000, Roger DeBard retired as portfolio manager of the
Portfolio. John Queen and Michael Sanchez continue as portfolio managers.
Name Change of Portfolio and Trust. The Board of Trustees of Hotchkis
and Wiley Variable Trust (the "Trust") has adopted the recommendation of Mercury
Advisors to change the name of the Trust and the Portfolio of the Trust
effective on or about October 5, 2000. The name of the Trust and Portfolio will
change as follows:
<TABLE>
<CAPTION>
CURRENT NAME NEW NAME
------------ --------
<S> <C>
Hotchkis and Wiley Variable Trust Mercury HW Variable Trust
Hotchkis and Wiley Total Return Bond VIP Mercury Total Return Bond VIP Portfolio Portfolio
</TABLE>
July 13, 2000
<PAGE> 4
HOTCHKIS AND WILEY VARIABLE TRUST
LOW DURATION VIP PORTFOLIO
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 2000
Investment Adviser Name Change. Effective June 30, 2000, the investment
adviser changed its name to Mercury Advisors. (Mercury Advisors is a trading
name of Merrill Lynch Investment Managers, L.P., which is the new name of
Merrill Lynch Asset Management, L.P., of which Hotchkis and Wiley was formerly a
division.)
Change in Portfolio Manager of the Low Duration VIP Portfolio. Effective
July 1, 2000, Roger DeBard retired as portfolio manager of the Portfolio. John
Queen and Michael Sanchez continue as portfolio managers.
Name Change of Portfolio and Trust. The Board of Trustees of Hotchkis
and Wiley Variable Trust (the "Trust") has adopted the recommendation of Mercury
Advisors to change the name of the Trust and the Portfolio of the Trust
effective on or about October 5, 2000. The name of the Trust and Portfolio will
change as follows:
<TABLE>
<CAPTION>
CURRENT NAME NEW NAME
------------ --------
<S> <C>
Hotchkis and Wiley Variable Trust Mercury HW Variable Trust
Hotchkis and Wiley Low Duration VIP Portfolio Mercury Low Duration VIP Portfolio
</TABLE>
July 13, 2000
