<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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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015 A000501 FIRSTAR TRUST COMPANY
015 B000501 C
015 C010501 MILWAUKEE
015 C020501 WI
015 C030501 53202
015 E010501 X
024 000500 N
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<PAGE> PAGE 24
047 000500 Y
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054 K000500 Y
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<PAGE> PAGE 25
059 000500 Y
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<PAGE> PAGE 26
070 J010500 Y
070 J020500 N
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070 R020500 N
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<PAGE> PAGE 27
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015 A000601 FIRSTAR TRUST COMPANY
015 B000601 C
015 C010601 MILWAUKEE
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015 C030601 53202
015 E010601 X
024 000600 Y
025 A000601 SALOMON, INC.
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<PAGE> PAGE 28
025 A000602 LEHMAN BROTHERS, INC.
025 C000602 D
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025 A000603 CITICORP MORTGAGE SECURITIES, INC.
025 C000603 D
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025 A000604 DONALDSON, LUFKIN & JENRETTE
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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070 J020600 N
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070 M010600 Y
<PAGE> PAGE 31
070 M020600 N
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070 R020600 N
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<PAGE> PAGE 32
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015 A000701 FIRSTAR TRUST COMPANY
015 B000701 C
015 C010701 MILWAUKEE
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015 E010701 X
024 000700 Y
025 A000701 SALOMON, INC.
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025 A000703 DONALDSON, LUFKIN & JENRETTE
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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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015 A000801 FIRSTAR TRUST COMPANY
015 B000801 C
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024 000800 Y
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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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SIGNATURE GRACIE FERMELIA
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
<NUMBER> 1
<NAME> BALANCED INCOME FUND
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<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
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<NAME> SMALL CAP FUND
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<TABLE> <S> <C>
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<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
<NUMBER> 3
<NAME> EQUITY INCOME FUNDS
<MULTIPLIER> 1000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
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<TABLE> <S> <C>
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<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
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<NAME> EQUITY FUND FOR INSURANCE COMPANIES
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
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<NAME> LOW DURATION FUND
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS & WILEY FUNDS
<SERIES>
<NUMBER> 7
<NAME> SHORT-TERM INVESTMENT FUND
<MULTIPLIER> 1,000
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1997
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<SHARES-COMMON-PRIOR> 1,841
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</TABLE>
<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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<NET-INVESTMENT-INCOME> 1,219
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<APPREC-INCREASE-CURRENT> 1,102
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<NUMBER-OF-SHARES-SOLD> 789
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<NET-CHANGE-IN-ASSETS> (15,621)
<ACCUMULATED-NII-PRIOR> 80
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<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Hotchkis & Wiley Funds
Form N-SAR Report for the Period Ended 12/31/96
The following are incorporated by reference:
Item 77-H
Changes in control of Registrant - N-1A, Part C, Item 24(b), Exhibit 9(b),
filed on 12/17/96
Item 77-Q1
Advisory Agreements - N-1A, Part C, Item 24(b), Exhibit 5, filed on
12/17/96
