<PAGE> PAGE 1
000 B000000 06/30/99
000 C000000 0000759829
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 HOTCHKIS AND WILEY FUNDS
001 B000000 811-4182
001 C000000 2134301905
002 A000000 725 S. FIGUEROA STREET-SUITE 4000
002 B000000 LOS ANGELES
002 C000000 CA
002 D010000 90017
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 10
007 C010100 1
007 C020100 BALANCED FUND
007 C030100 N
007 C010200 2
007 C020200 SMALL CAP FUND
007 C030200 N
007 C010300 3
007 C020300 EQUITY INCOME FUND
007 C030300 N
007 C010400 4
007 C020400 INTERNATIONAL FUND
007 C030400 N
007 C010500 5
007 C020500 EQUITY FUND FOR INSURANCE COMPANIES
007 C030500 N
007 C010600 6
007 C020600 LOW DURATION FUND
007 C030600 N
007 C010700 7
007 C020700 SHORT-TERM INVESTMENT FUND
007 C030700 N
007 C010800 8
007 C020800 TOTAL RETURN BOND FUND
007 C030800 N
007 C010900 9
007 C020900 MID-CAP FUND
007 C030900 N
007 C011000 10
007 C021000 GLOBAL EQUITY FUND
<PAGE> PAGE 2
007 C031000 N
008 A00AA01 HOTCHKIS AND WILEY
008 B00AA01 A
008 C00AA01 801-15395
008 D01AA01 LOS ANGELES
008 D02AA01 CA
008 D03AA01 90017
010 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
010 B00AA01 85-11357
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53202
011 A00AA01 PRINCETON FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-14663
011 C01AA01 PLAINSBORO
011 C02AA01 NJ
011 C03AA01 08536
012 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
012 B00AA01 85-11357
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 MILWAUKEE
013 B02AA01 WI
013 B03AA01 53202
014 A00AA01 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
014 B00AA01 8-7221
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 MERRILL LYNCH
020 C000001 328
020 A000002 ROBERT FLEMING, INC
020 C000002 286
020 A000003 WARBURG S G & CO
020 C000003 228
020 A000004 FIRST BOSTON
020 C000004 209
020 A000005 KLEINWORT BENSON
020 C000005 166
020 A000006 ALEX BROWN & SONS, INC
020 C000006 158
020 A000007 HSBC SECURITIES, INC.
020 C000007 131
020 A000008 MORGAN STANLEY & COMPANY
020 C000008 129
020 A000009 LEHMAN BROTHERS INC
020 C000009 126
020 A000010 CREDIT LYONNAIS SECURITIES
020 C000010 116
<PAGE> PAGE 3
021 000000 3072
022 A000001 CHASE SECURITIES
022 C000001 11782073
022 D000001 22365
022 A000002 LEHMAN BROTHERS INC
022 C000002 2033670
022 D000002 159184
022 A000003 FIRST BOSTON
022 C000003 874083
022 D000003 21350
022 A000004 SALOMON BROTHERS
022 C000004 270975
022 D000004 225012
022 A000005 STATE STREET BANK INC
022 C000005 245441
022 D000005 192880
022 A000006 BANK OF MONTREAL
022 C000006 96162
022 D000006 184220
022 A000007 PAINE WEBBER
022 C000007 150169
022 D000007 101535
022 A000008 BEAR STEARNS
022 C000008 134372
022 D000008 100291
022 A000009 CITIBANK N.A.
022 C000009 75512
022 D000009 149754
022 A000010 MORGAN STANLEY & COMPANY
022 C000010 157733
022 D000010 22830
023 C000000 16273807
023 D000000 1382946
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
<PAGE> PAGE 4
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE CO.
080 C00AA00 200000
081 A00AA00 Y
081 B00AA00 138
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
<PAGE> PAGE 5
086 F020000 0
015 A000101 FIRSTAR BANK MILWAUKEE, N.A.
015 B000101 C
015 C010101 MILWAUKEE
015 C020101 WI
015 C030101 53202
015 E010101 X
024 000100 Y
025 A000101 LEHMAN BROTHERS
025 C000101 D
025 D000101 897
025 A000102 CHASE SECURITIES
025 C000102 D
025 D000102 1537
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 1725
028 A020100 0
028 A030100 0
028 A040100 3918
028 B010100 954
028 B020100 0
028 B030100 0
028 B040100 3062
028 C010100 1448
028 C020100 919
028 C030100 0
028 C040100 4749
028 D010100 1406
028 D020100 0
028 D030100 0
028 D040100 3920
028 E010100 711
028 E020100 0
028 E030100 0
028 E040100 2315
028 F010100 725
028 F020100 902
028 F030100 0
028 F040100 2048
028 G010100 6969
028 G020100 1821
028 G030100 0
028 G040100 20012
028 H000100 0
042 A000100 0
042 B000100 0
<PAGE> PAGE 6
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.750
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
054 A000100 Y
054 B000100 Y
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 Y
<PAGE> PAGE 7
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 N
055 A000100 Y
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 10000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
067 000100 Y
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
<PAGE> PAGE 8
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 136775
071 B000100 143106
071 C000100 101423
071 D000100 135
072 A000100 12
072 B000100 3627
072 C000100 1508
072 D000100 0
072 E000100 0
072 F000100 775
072 G000100 41
072 H000100 0
072 I000100 59
072 J000100 35
072 K000100 0
072 L000100 12
072 M000100 6
072 N000100 27
072 O000100 0
072 P000100 0
072 Q000100 37
<PAGE> PAGE 9
072 R000100 10
072 S000100 5
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 2
072 X000100 1009
072 Y000100 27
072 Z000100 4153
072AA000100 6103
072BB000100 2194
072CC010100 0
072CC020100 3678
072DD010100 4073
072DD020100 0
072EE000100 4516
073 A010100 0.7525
073 A020100 0.0000
073 B000100 0.8213
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 8
074 D000100 50353
074 E000100 861
074 F000100 46198
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 12587
074 K000100 0
074 L000100 783
074 M000100 21
074 N000100 110811
074 O000100 12337
074 P000100 53
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 523
074 S000100 0
074 T000100 97898
074 U010100 5153
074 U020100 0
074 V010100 19.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 237
074 Y000100 0
075 A000100 0
<PAGE> PAGE 10
075 B000100 102545
076 000100 0.00
015 A000201 FIRSTAR BANK MILWAUKEE, N.A.
015 B000201 C
015 C010201 MILWAUKEE
015 C020201 WI
015 C030201 53202
015 E010201 X
024 000200 N
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 4926
028 A020200 0
028 A030200 0
028 A040200 7651
028 B010200 2637
028 B020200 0
028 B030200 0
028 B040200 6356
028 C010200 1178
028 C020200 0
028 C030200 0
028 C040200 3742
028 D010200 5836
028 D020200 0
028 D030200 0
028 D040200 5600
028 E010200 43878
028 E020200 0
028 E030200 0
028 E040200 18597
028 F010200 5517
028 F020200 0
028 F030200 0
028 F040200 26384
028 G010200 63972
028 G020200 0
028 G030200 0
028 G040200 68330
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
<PAGE> PAGE 11
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.750
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
054 A000200 Y
054 B000200 Y
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 N
054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 N
054 M000200 Y
<PAGE> PAGE 12
054 N000200 N
054 O000200 N
055 A000200 Y
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 10000
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
<PAGE> PAGE 13
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 61653
071 B000200 85862
071 C000200 58734
071 D000200 105
072 A000200 12
072 B000200 69
072 C000200 397
072 D000200 0
072 E000200 0
072 F000200 443
072 G000200 26
072 H000200 0
072 I000200 92
072 J000200 29
072 K000200 0
072 L000200 24
072 M000200 3
072 N000200 41
072 O000200 0
072 P000200 0
072 Q000200 30
072 R000200 10
072 S000200 4
072 T000200 0
072 U000200 0
072 V000200 0
<PAGE> PAGE 14
072 W000200 1
072 X000200 703
072 Y000200 85
072 Z000200 -152
072AA000200 10834
072BB000200 18227
072CC010200 0
072CC020200 9556
072DD010200 0
072DD020200 0
072EE000200 4100
073 A010200 0.0000
073 A020200 0.0000
073 B000200 1.5308
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 51636
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 1332
074 K000200 0
074 L000200 851
074 M000200 22
074 N000200 53841
074 O000200 340
074 P000200 37
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 87
074 S000200 0
074 T000200 53377
074 U010200 2539
074 U020200 0
074 V010200 21.02
074 V020200 0.00
074 W000200 0.0000
074 X000200 374
074 Y000200 0
075 A000200 0
075 B000200 56943
076 000200 0.00
015 A000301 FIRSTAR BANK MILWAUKEE, N.A.
015 B000301 C
015 C010301 MILWAUKEE
<PAGE> PAGE 15
015 C020301 WI
015 C030301 53202
015 E010301 X
024 000300 N
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 918
028 A020300 0
028 A030300 0
028 A040300 12400
028 B010300 1417
028 B020300 0
028 B030300 0
028 B040300 4094
028 C010300 1498
028 C020300 767
028 C030300 0
028 C040300 4554
028 D010300 1549
028 D020300 0
028 D030300 0
028 D040300 4650
028 E010300 3936
028 E020300 0
028 E030300 0
028 E040300 2714
028 F010300 3960
028 F020300 701
028 F030300 0
028 F040300 16675
028 G010300 13278
028 G020300 1468
028 G030300 0
028 G040300 45087
028 H000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
<PAGE> PAGE 16
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.750
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
054 A000300 Y
054 B000300 Y
054 C000300 N
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 N
054 H000300 Y
054 I000300 N
054 J000300 Y
054 K000300 N
054 L000300 N
054 M000300 Y
054 N000300 N
054 O000300 N
055 A000300 Y
055 B000300 N
056 000300 Y
<PAGE> PAGE 17
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 10000
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 Y
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
<PAGE> PAGE 18
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 27290
071 B000300 60758
071 C000300 154017
071 D000300 18
072 A000300 12
072 B000300 96
072 C000300 4613
072 D000300 0
072 E000300 0
072 F000300 1179
072 G000300 59
072 H000300 0
072 I000300 54
072 J000300 41
072 K000300 0
072 L000300 16
072 M000300 8
072 N000300 20
072 O000300 0
072 P000300 0
072 Q000300 36
072 R000300 11
072 S000300 7
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 4
072 X000300 1435
072 Y000300 2
072 Z000300 3276
072AA000300 21056
<PAGE> PAGE 19
072BB000300 2564
072CC010300 0
072CC020300 11951
072DD010300 3285
072DD020300 0
072EE000300 24468
073 A010300 0.4068
073 A020300 0.0000
073 B000300 2.8841
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 1983
074 D000300 0
074 E000300 0
074 F000300 146878
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 7222
074 K000300 0
074 L000300 400
074 M000300 14
074 N000300 156497
074 O000300 6755
074 P000300 99
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 909
074 S000300 0
074 T000300 148734
074 U010300 7451
074 U020300 0
074 V010300 19.96
074 V020300 0.00
074 W000300 0.0000
074 X000300 275
074 Y000300 0
075 A000300 0
075 B000300 154178
076 000300 0.00
015 A000401 FIRSTAR BANK MILWAUKEE, N.A.
015 B000401 C
015 C010401 MILWAUKEE
015 C020401 WI
015 C030401 53202
015 E010401 X
015 A000402 CHASE MANHATTAN BANK
015 B000402 S
<PAGE> PAGE 20
015 C010402 NEW YORK
015 C020402 NY
015 C030402 10081
015 E010402 X
015 A000403 BANK AUSTRIA AG
015 B000403 S
015 C010403 VIENNA
015 D010403 AUSTRIA
015 E040403 X
015 A000404 THE CHASE MANHATTAN BANK
015 B000404 S
015 C010404 SYDNEY
015 D010404 AUSTRALIA
015 E040404 X
015 A000406 MERITA BANK, LTD
015 B000406 S
015 C010406 HELSINKI
015 D010406 FINLAND
015 E040406 X
015 A000407 BANQUE PARIBAS
015 B000407 S
015 C010407 PARIS
015 D010407 FRANCE
015 E040407 X
015 A000408 DRESDNER BANK AG
015 B000408 S
015 C010408 FRANKFURT
015 D010408 GERMANY
015 E040408 X
015 A000409 THE CHASE MANHATTAN BANK
015 B000409 S
015 C010409 HONG K0NG
015 D010409 HONG KONG
015 E040409 X
015 A000410 BANK OF IRELAND
015 B000410 S
015 C010410 DUBLIN
015 D010410 IRELAND
015 E040410 X
015 A000411 BANQUE PARIBAS
015 B000411 S
015 C010411 MILAN
015 D010411 ITALY
015 E040411 X
015 A000412 THE FUJI BANK, LIMITED
015 B000412 S
015 C010412 TOKYO
015 D010412 JAPAN
015 E040412 X
015 A000415 DEN NORSKE BANK ASA
015 B000415 S
<PAGE> PAGE 21
015 C010415 OSLO
015 D010415 NORWAY
015 E040415 X
015 A000418 CHASE MANHATTAN BANK, CMB., S.A.
015 B000418 S
015 C010418 MADRID
015 D010418 SPAIN
015 E040418 X
015 A000419 SKANDINAVISKA ENSKILDA BANKEN
015 B000419 S
015 C010419 STOCKHOLM
015 D010419 SWEDEN
015 E040419 X
015 A000420 UNION BANK OF SWITZERLAND AG
015 B000420 S
015 C010420 ZURICH
015 D010420 SWITZERLAND
015 E040420 X
015 A000421 CHASE MANHATTAN BANK
015 B000421 S
015 C010421 LONDON
015 D010421 UNITED KINGDOM
015 E040421 X
015 A000422 ABN AMRO BANK N.V.
015 B000422 S
015 C010422 AMSTERDAM
015 D010422 NETHERLANDS
015 E040422 X
015 A000423 STANDARD CHARTERED BANK
015 B000423 S
015 C010423 SINGAPORE
015 D010423 SINGAPORE
015 E040423 X
015 A000424 CANADIAN IMPERIAL BANK OF COMMERCE
015 B000424 S
015 C010424 TORONTO
015 D010424 CANADA
015 E040424 X
024 000400 Y
025 A000401 CHASE SECURITIES
025 C000401 D
025 D000401 4683
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 167410
028 A020400 0
<PAGE> PAGE 22
028 A030400 0
028 A040400 184562
028 B010400 154163
028 B020400 0
028 B030400 0
028 B040400 219615
028 C010400 169249
028 C020400 0
028 C030400 0
028 C040400 212751
028 D010400 151398
028 D020400 0
028 D030400 0
028 D040400 203573
028 E010400 211537
028 E020400 0
028 E030400 0
028 E040400 228195
028 F010400 247439
028 F020400 0
028 F030400 0
028 F040400 207384
028 G010400 1101196
028 G020400 0
028 G030400 0
028 G040400 1256080
028 H000400 0
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.750
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
<PAGE> PAGE 23
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 N
054 A000400 Y
054 B000400 Y
054 C000400 N
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 N
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 N
054 M000400 Y
054 N000400 N
054 O000400 N
055 A000400 Y
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 10000
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
<PAGE> PAGE 24
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
<PAGE> PAGE 25
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 526880
071 B000400 640486
071 C000400 1287834
071 D000400 41
072 A000400 12
072 B000400 2900
072 C000400 36459
072 D000400 0
072 E000400 0
072 F000400 10085
072 G000400 250
072 H000400 0
072 I000400 743
072 J000400 828
072 K000400 0
072 L000400 266
072 M000400 55
072 N000400 46
072 O000400 0
072 P000400 0
072 Q000400 202
072 R000400 161
072 S000400 72
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 44
072 X000400 12752
072 Y000400 0
072 Z000400 26607
072AA000400 151358
072BB000400 80578
072CC010400 0
072CC020400 42099
072DD010400 14482
072DD020400 0
072EE000400 19627
073 A010400 0.2477
073 A020400 0.0000
073 B000400 0.3357
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 34683
074 D000400 0
074 E000400 0
074 F000400 1290228
<PAGE> PAGE 26
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 5224
074 K000400 0
074 L000400 55639
074 M000400 89
074 N000400 1385863
074 O000400 2667
074 P000400 825
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 2325
074 S000400 0
074 T000400 1380046
074 U010400 53595
074 U020400 45
074 V010400 25.73
074 V020400 25.72
074 W000400 0.0000
074 X000400 4408
074 Y000400 0
075 A000400 0
075 B000400 1334690
076 000400 0.00
015 A000501 FIRSTAR BANK MILWAUKEE, NA
015 B000501 C
015 C010501 MILWAUKEE
015 C020501 WI
015 C030501 53202
015 E010501 X
024 000500 N
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 0
028 A020500 0
028 A030500 0
028 A040500 0
028 B010500 0
028 B020500 0
028 B030500 0
028 B040500 0
028 C010500 0
<PAGE> PAGE 27
028 C020500 253
028 C030500 0
028 C040500 0
028 D010500 0
028 D020500 0
028 D030500 0
028 D040500 8
028 E010500 0
028 E020500 0
028 E030500 0
028 E040500 0
028 F010500 0
028 F020500 264
028 F030500 0
028 F040500 0
028 G010500 0
028 G020500 517
028 G030500 0
028 G040500 8
028 H000500 0
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.000
048 A010500 10000
048 A020500 0.600
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
<PAGE> PAGE 28
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 10000
048 K020500 0.500
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
054 A000500 Y
054 B000500 Y
054 C000500 Y
054 D000500 Y
054 E000500 Y
054 F000500 Y
054 G000500 Y
054 H000500 Y
054 I000500 Y
054 J000500 Y
054 K000500 Y
054 L000500 Y
054 M000500 Y
054 N000500 Y
054 O000500 Y
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000000
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
<PAGE> PAGE 29
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 Y
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 6568
<PAGE> PAGE 30
071 B000500 5539
071 C000500 39377
071 D000500 14
072 A000500 12
072 B000500 9
072 C000500 1152
072 D000500 0
072 E000500 0
072 F000500 206
072 G000500 3
072 H000500 0
072 I000500 7
072 J000500 11
072 K000500 0
072 L000500 9
072 M000500 3
072 N000500 1
072 O000500 0
072 P000500 0
072 Q000500 13
072 R000500 2
072 S000500 1
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 1
072 X000500 257
072 Y000500 51
072 Z000500 955
072AA000500 2274
072BB000500 323
072CC010500 77
072CC020500 0
072DD010500 958
072DD020500 0
072EE000500 3956
073 A010500 0.4087
073 A020500 0.0000
073 B000500 1.7911
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 96
074 D000500 0
074 E000500 0
074 F000500 43514
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
<PAGE> PAGE 31
074 L000500 99
074 M000500 10
074 N000500 43719
074 O000500 15
074 P000500 12
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 13
074 S000500 0
074 T000500 43679
074 U010500 2501
074 U020500 0
074 V010500 17.46
074 V020500 0.00
074 W000500 0.0000
074 X000500 1
074 Y000500 0
075 A000500 0
075 B000500 39527
076 000500 0.00
015 A000601 FIRSTAR BANK MILWAUKEE, NA
015 B000601 C
015 C010601 MILWAUKEE
015 C020601 WI
015 C030601 53202
015 E010601 X
024 000600 Y
025 A000601 LEHMAN BROTHERS
025 C000601 D
025 D000601 9760
025 A000602 CHASE SECURITIES
025 C000602 D
025 D000602 1701
025 A000603 SALOMON BROTHERS
025 C000603 D
025 D000603 1031
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 44495
028 A020600 0
028 A030600 0
028 A040600 32684
028 B010600 43066
028 B020600 1437
028 B030600 0
028 B040600 26694
<PAGE> PAGE 32
028 C010600 48724
028 C020600 1506
028 C030600 0
028 C040600 47621
028 D010600 46044
028 D020600 1862
028 D030600 0
028 D040600 56579
028 E010600 55935
028 E020600 1717
028 E030600 0
028 E040600 52722
028 F010600 59352
028 F020600 3216
028 F030600 0
028 F040600 62760
028 G010600 297616
028 G020600 9738
028 G030600 0
028 G040600 279060
028 H000600 0
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 0
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.460
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
<PAGE> PAGE 33
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
054 A000600 Y
054 B000600 Y
054 C000600 N
054 D000600 N
054 E000600 N
054 F000600 N
054 G000600 N
054 H000600 Y
054 I000600 N
054 J000600 Y
054 K000600 N
054 L000600 N
054 M000600 Y
054 N000600 N
054 O000600 N
055 A000600 Y
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 10000
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 7.5
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 17.7
062 N000600 11.7
<PAGE> PAGE 34
062 O000600 0.0
062 P000600 37.2
062 Q000600 31.4
062 R000600 0.3
063 A000600 0
063 B000600 2.6
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 N
071 A000600 860839
071 B000600 683582
<PAGE> PAGE 35
071 C000600 340409
071 D000600 201
072 A000600 12
072 B000600 23071
072 C000600 187
072 D000600 0
072 E000600 0
072 F000600 1699
072 G000600 138
072 H000600 0
072 I000600 162
072 J000600 89
072 K000600 0
072 L000600 43
072 M000600 18
072 N000600 51
072 O000600 0
072 P000600 0
072 Q000600 94
072 R000600 40
072 S000600 20
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 7
072 X000600 2361
072 Y000600 230
072 Z000600 21127
072AA000600 4686
072BB000600 5424
072CC010600 0
072CC020600 9810
072DD010600 21926
072DD020600 0
072EE000600 643
073 A010600 0.5893
073 A020600 0.0000
073 B000600 0.0193
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 30802
074 D000600 401866
074 E000600 1292
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 20280
074 K000600 0
074 L000600 6187
<PAGE> PAGE 36
074 M000600 43
074 N000600 460470
074 O000600 37286
074 P000600 99
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 13098
074 S000600 0
074 T000600 409987
074 U010600 41364
074 U020600 0
074 V010600 9.91
074 V020600 0.00
074 W000600 0.0000
074 X000600 1097
074 Y000600 0
075 A000600 0
075 B000600 377184
076 000600 0.00
015 A000701 FIRSTAR BANK MILWAUKEE, NA
015 B000701 C
015 C010701 MILWAUKEE
015 C020701 WI
015 C030701 53202
015 E010701 X
024 000700 Y
025 A000701 BEAR STEARNS CO. INC
025 C000701 D
025 D000701 1500
025 A000702 DELETE
025 D000702 0
025 D000703 0
025 D000704 0
025 D000705 0
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 7641
028 A020700 0
028 A030700 0
028 A040700 8570
028 B010700 9266
028 B020700 65
028 B030700 0
028 B040700 7884
028 C010700 10393
028 C020700 152
028 C030700 0
028 C040700 8472
<PAGE> PAGE 37
028 D010700 10344
028 D020700 180
028 D030700 0
028 D040700 5965
028 E010700 10571
028 E020700 154
028 E030700 0
028 E040700 9824
028 F010700 11872
028 F020700 336
028 F030700 0
028 F040700 12296
028 G010700 60087
028 G020700 887
028 G030700 0
028 G040700 53011
028 H000700 0
042 A000700 0
042 B000700 0
042 C000700 0
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 0
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.000
048 A010700 100000
048 A020700 0.400
048 B010700 150000
048 B020700 0.350
048 C010700 250000
048 C020700 0.300
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
<PAGE> PAGE 38
048 K010700 500000
048 K020700 0.250
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
053 C000700 N
054 A000700 Y
054 B000700 Y
054 C000700 N
054 D000700 N
054 E000700 N
054 F000700 N
054 G000700 N
054 H000700 Y
054 I000700 N
054 J000700 Y
054 K000700 N
054 L000700 N
054 M000700 Y
054 N000700 N
054 O000700 N
055 A000700 Y
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 10000
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 25.9
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 9.0
062 N000700 5.4
062 O000700 0.0
062 P000700 36.1
062 Q000700 35.7
062 R000700 0.0
<PAGE> PAGE 39
063 A000700 0
063 B000700 1.3
064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 Y
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700 67231
071 B000700 43535
071 C000700 30133
071 D000700 144
072 A000700 12
072 B000700 2554
<PAGE> PAGE 40
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 170
072 G000700 14
072 H000700 0
072 I000700 23
072 J000700 19
072 K000700 0
072 L000700 4
072 M000700 4
072 N000700 20
072 O000700 0
072 P000700 0
072 Q000700 29
072 R000700 4
072 S000700 1
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 1
072 X000700 289
072 Y000700 85
072 Z000700 2350
072AA000700 105
072BB000700 156
072CC010700 0
072CC020700 407
072DD010700 2307
072DD020700 0
072EE000700 0
073 A010700 0.5446
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 13156
074 D000700 43875
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 3
074 K000700 0
074 L000700 314
074 M000700 10
074 N000700 57358
074 O000700 1433
074 P000700 12
<PAGE> PAGE 41
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 5057
074 S000700 0
074 T000700 50856
074 U010700 5063
074 U020700 0
074 V010700 10.05
074 V020700 0.00
074 W000700 0.0000
074 X000700 197
074 Y000700 0
075 A000700 0
075 B000700 42969
076 000700 0.00
015 A000801 FIRSTAR BANK MILWAUKEE, NA
015 B000801 C
015 C010801 MILWAUKEE
015 C020801 WI
015 C030801 53202
015 E010801 X
024 000800 Y
025 A000801 LEHMAN BROTHERS
025 C000801 D
025 D000801 1871
025 D000802 0
025 D000803 0
025 D000804 0
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 17251
028 A020800 0
028 A030800 0
028 A040800 3931
028 B010800 7799
028 B020800 276
028 B030800 0
028 B040800 3138
028 C010800 8518
028 C020800 423
028 C030800 0
028 C040800 2763
028 D010800 6876
028 D020800 554
028 D030800 0
028 D040800 4773
028 E010800 5892
<PAGE> PAGE 42
028 E020800 432
028 E030800 0
028 E040800 6643
028 F010800 20337
028 F020800 852
028 F030800 0
028 F040800 5444
028 G010800 66673
028 G020800 2537
028 G030800 0
028 G040800 26692
028 H000800 0
042 A000800 0
042 B000800 0
042 C000800 0
042 D000800 0
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 0
044 000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.550
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
049 000800 N
050 000800 N
051 000800 N
<PAGE> PAGE 43
052 000800 N
053 A000800 Y
053 B000800 Y
053 C000800 N
054 A000800 Y
054 B000800 Y
054 C000800 N
054 D000800 N
054 E000800 N
054 F000800 N
054 G000800 N
054 H000800 Y
054 I000800 N
054 J000800 Y
054 K000800 N
054 L000800 N
054 M000800 Y
054 N000800 N
054 O000800 N
055 A000800 Y
055 B000800 N
056 000800 Y
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 Y
060 B000800 Y
061 000800 10000
062 A000800 Y
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 5.7
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 14.1
062 N000800 22.8
062 O000800 0.0
062 P000800 33.5
062 Q000800 23.2
062 R000800 0.4
063 A000800 0
063 B000800 5.9
064 A000800 N
064 B000800 N
066 A000800 N
<PAGE> PAGE 44
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 N
070 B010800 N
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 Y
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 268695
071 B000800 190593
071 C000800 81662
071 D000800 233
072 A000800 12
072 B000800 5429
072 C000800 63
072 D000800 0
072 E000800 0
072 F000800 468
072 G000800 29
<PAGE> PAGE 45
072 H000800 0
072 I000800 50
072 J000800 30
072 K000800 0
072 L000800 9
072 M000800 5
072 N000800 28
072 O000800 0
072 P000800 0
072 Q000800 45
072 R000800 7
072 S000800 5
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 1
072 X000800 677
072 Y000800 125
072 Z000800 4940
072AA000800 1774
072BB000800 2346
072CC010800 0
072CC020800 3760
072DD010800 5340
072DD020800 0
072EE000800 612
073 A010800 0.8250
073 A020800 0.0594
073 B000800 0.1028
073 C000800 0.0000
074 A000800 0
074 B000800 0
074 C000800 7142
074 D000800 116712
074 E000800 431
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 3808
074 M000800 20
074 N000800 128113
074 O000800 2680
074 P000800 26
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 737
<PAGE> PAGE 46
074 S000800 0
074 T000800 124670
074 U010800 9673
074 U020800 27
074 V010800 12.85
074 V020800 12.85
074 W000800 0.0000
074 X000800 183
074 Y000800 0
075 A000800 0
075 B000800 88365
076 000800 0.00
015 A000901 FIRSTAR BANK MILWAUKEE, NA
015 B000901 C
015 C010901 MILWAUKEE
015 C020901 WI
015 C030901 53202
015 E010901 X
024 000900 N
025 D000901 0
025 D000902 0
025 D000903 0
025 D000904 0
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 428
028 A020900 0
028 A030900 0
028 A040900 374
028 B010900 171
028 B020900 0
028 B030900 0
028 B040900 845
028 C010900 178
028 C020900 0
028 C030900 0
028 C040900 342
028 D010900 516
028 D020900 0
028 D030900 0
028 D040900 215
028 E010900 643
028 E020900 0
028 E030900 0
028 E040900 174
028 F010900 149
028 F020900 0
028 F030900 0
028 F040900 598
<PAGE> PAGE 47
028 G010900 2085
028 G020900 0
028 G030900 0
028 G040900 2548
028 H000900 0
042 A000900 0
042 B000900 0
042 C000900 0
042 D000900 0
042 E000900 0
042 F000900 0
042 G000900 0
042 H000900 0
043 000900 0
044 000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.750
048 A010900 0
048 A020900 0.000
048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 Y
053 B000900 Y
053 C000900 N
054 A000900 Y
054 B000900 Y
054 C000900 N
<PAGE> PAGE 48
054 D000900 N
054 E000900 N
054 F000900 N
054 G000900 N
054 H000900 Y
054 I000900 N
054 J000900 Y
054 K000900 N
054 L000900 N
054 M000900 Y
054 N000900 N
054 O000900 N
055 A000900 N
055 B000900 N
056 000900 Y
057 000900 N
058 A000900 N
059 000900 Y
060 A000900 Y
060 B000900 Y
061 000900 10000
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
066 A000900 Y
066 B000900 N
066 C000900 N
066 D000900 N
066 E000900 Y
066 F000900 N
066 G000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
<PAGE> PAGE 49
070 A020900 N
070 B010900 Y
070 B020900 N
070 C010900 N
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 N
070 M020900 N
070 N010900 N
070 N020900 N
070 O010900 N
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 Y
070 R020900 N
071 A000900 6756
071 B000900 7362
071 C000900 5953
071 D000900 113
072 A000900 12
072 B000900 12
072 C000900 140
072 D000900 0
072 E000900 0
072 F000900 46
072 G000900 2
072 H000900 0
072 I000900 26
072 J000900 4
072 K000900 0
072 L000900 1
<PAGE> PAGE 50
072 M000900 2
072 N000900 18
072 O000900 0
072 P000900 0
072 Q000900 24
072 R000900 0
072 S000900 1
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 0
072 X000900 124
072 Y000900 60
072 Z000900 88
072AA000900 1027
072BB000900 1219
072CC010900 310
072CC020900 0
072DD010900 0
072DD020900 0
072EE000900 808
073 A010900 0.0000
073 A020900 0.0000
073 B000900 1.5059
073 C000900 0.0000
074 A000900 0
074 B000900 0
074 C000900 337
074 D000900 0
074 E000900 0
074 F000900 6581
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 0
074 K000900 0
074 L000900 28
074 M000900 7
074 N000900 6953
074 O000900 60
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 22
074 S000900 0
074 T000900 6871
074 U010900 571
074 U020900 0
074 V010900 12.03
<PAGE> PAGE 51
074 V020900 0.00
074 W000900 0.0000
074 X000900 72
074 Y000900 0
075 A000900 0
075 B000900 6130
076 000900 0.00
015 A001001 FIRSTAR BANK MILWAUKEE, NA
015 B001001 C
015 C011001 MILWAUKEE
015 C021001 WI
015 C031001 53202
015 E011001 X
015 A001002 CHASE MANHATTAN BANK
015 B001002 S
015 C011002 NEW YORK
015 C021002 NY
015 C031002 10081
015 E011002 X
015 A001003 CHASE MANHATTAN BANK
015 B001003 S
015 C011003 SYDNEY
015 D011003 AUSTRALIA
015 E041003 X
015 A001004 CANADIAN IMPERIAL BANK OF COMMERCE
015 B001004 S
015 C011004 TORONTO
015 D011004 CANADA
015 E041004 X
015 A001006 BANQUE PARIBAS
015 B001006 S
015 C011006 PARIS
015 D011006 FRANCE
015 E041006 X
015 A001007 DRESDNER BANK AG
015 B001007 S
015 C011007 FRANKFURT
015 D011007 GERMANY
015 E041007 X
015 A001008 CHASE MANHATTAN BANK
015 B001008 S
015 C011008 HONG KONG
015 D011008 HONG KONG
015 E041008 X
015 A001009 BANK OF IRELAND
015 B001009 S
015 C011009 DUBLIN
015 D011009 IRELAND
015 E041009 X
015 A001010 BANQUE PARIBAS
015 B001010 S
<PAGE> PAGE 52
015 C011010 MILAN
015 D011010 ITALY
015 E041010 X
015 A001011 THE FUJI BANK LIMITED
015 B001011 S
015 C011011 TOKYO
015 D011011 JAPAN
015 E041011 X
015 A001012 NATIONAL NOMINEES LIMITED
015 B001012 S
015 C011012 AUCKLUND
015 D011012 NEW ZEALAND
015 E041012 X
015 A001014 ABN AMRO BANK N.V.
015 B001014 S
015 C011014 AMSTERDAM
015 D011014 NETHERLANDS
015 E041014 X
015 A001015 STANDARD CHARTERED BANK
015 B001015 S
015 C011015 SINGAPORE
015 D011015 SINGAPORE
015 E041015 X
015 A001016 CHASE MANHATTAN BANK, CMB.,S.A.
015 B001016 S
015 C011016 MADRID
015 D011016 SPAIN
015 E041016 X
015 A001017 SKANDINAVISKA ENSKILDA BANKEN
015 B001017 S
015 C011017 STOCKHOLM
015 D011017 SWEDEN
015 E041017 X
015 A001018 UNION BANK OF SWITZERLAND AG
015 B001018 S
015 C011018 ZURICH
015 D011018 SWITZERLAND
015 E041018 X
015 A001019 CHASE MANHATTAN BANK
015 B001019 S
015 C011019 LONDON
015 D011019 UNITED KINGDOM
015 E041019 X
024 001000 Y
025 A001001 CHASE SECURITIES
025 C001001 E
025 D001001 1
025 D001002 0
025 D001003 0
025 D001004 0
025 D001005 0
<PAGE> PAGE 53
025 D001006 0
025 D001007 0
025 D001008 0
028 A011000 65
028 A021000 0
028 A031000 0
028 A041000 128
028 B011000 130
028 B021000 0
028 B031000 0
028 B041000 271
028 C011000 7
028 C021000 0
028 C031000 0
028 C041000 74
028 D011000 34
028 D021000 0
028 D031000 0
028 D041000 43
028 E011000 14
028 E021000 0
028 E031000 0
028 E041000 15
028 F011000 41
028 F021000 0
028 F031000 0
028 F041000 8
028 G011000 291
028 G021000 0
028 G031000 0
028 G041000 539
028 H001000 0
042 A001000 0
042 B001000 0
042 C001000 0
042 D001000 0
042 E001000 0
042 F001000 0
042 G001000 0
042 H001000 0
043 001000 0
044 001000 0
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.750
048 A011000 0
048 A021000 0.000
048 B011000 0
048 B021000 0.000
048 C011000 0
<PAGE> PAGE 54
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
049 001000 N
050 001000 N
051 001000 N
052 001000 N
053 A001000 Y
053 B001000 Y
053 C001000 N
054 A001000 Y
054 B001000 Y
054 C001000 N
054 D001000 N
054 E001000 N
054 F001000 N
054 G001000 N
054 H001000 Y
054 I001000 N
054 J001000 Y
054 K001000 N
054 L001000 N
054 M001000 Y
054 N001000 N
054 O001000 N
055 A001000 Y
055 B001000 N
056 001000 Y
057 001000 N
058 A001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 10000
062 A001000 N
062 B001000 0.0
062 C001000 0.0
<PAGE> PAGE 55
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
066 A001000 Y
066 B001000 N
066 C001000 N
066 D001000 N
066 E001000 Y
066 F001000 N
066 G001000 N
067 001000 N
068 A001000 N
068 B001000 Y
069 001000 N
070 A011000 Y
070 A021000 N
070 B011000 Y
070 B021000 N
070 C011000 N
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 Y
070 L021000 Y
070 M011000 Y
<PAGE> PAGE 56
070 M021000 Y
070 N011000 N
070 N021000 N
070 O011000 N
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 Y
070 R021000 N
071 A001000 2751
071 B001000 2781
071 C001000 6858
071 D001000 40
072 A001000 12
072 B001000 2
072 C001000 266
072 D001000 0
072 E001000 0
072 F001000 52
072 G001000 2
072 H001000 0
072 I001000 21
072 J001000 12
072 K001000 0
072 L001000 1
072 M001000 2
072 N001000 18
072 O001000 0
072 P001000 0
072 Q001000 34
072 R001000 1
072 S001000 0
072 T001000 0
072 U001000 0
072 V001000 0
072 W001000 1
072 X001000 144
072 Y001000 68
072 Z001000 192
072AA001000 436
072BB001000 342
072CC011000 76
072CC021000 0
072DD011000 76
072DD021000 0
072EE001000 15
073 A011000 0.1134
073 A021000 0.0000
073 B001000 0.0227
<PAGE> PAGE 57
073 C001000 0.0000
074 A001000 16
074 B001000 0
074 C001000 108
074 D001000 0
074 E001000 0
074 F001000 7413
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 0
074 K001000 0
074 L001000 31
074 M001000 9
074 N001000 7577
074 O001000 0
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 15
074 S001000 0
074 T001000 7562
074 U011000 639
074 U021000 0
074 V011000 11.84
074 V021000 0.00
074 W001000 0.0000
074 X001000 69
074 Y001000 0
075 A001000 0
075 B001000 6933
076 001000 0.00
SIGNATURE NANCY D CELICK
TITLE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 1
<NAME> BALANCED FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 92099
<INVESTMENTS-AT-VALUE> 97420
<RECEIVABLES> 13370
<ASSETS-OTHER> 21
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 110811
<PAYABLE-FOR-SECURITIES> 12337
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 576
<TOTAL-LIABILITIES> 12913
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88791
<SHARES-COMMON-STOCK> 5153
<SHARES-COMMON-PRIOR> 5273
<ACCUMULATED-NII-CURRENT> 73
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3713
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5321
<NET-ASSETS> 97898
<DIVIDEND-INCOME> 1508
<INTEREST-INCOME> 3627
<OTHER-INCOME> 0
<EXPENSES-NET> 982
<NET-INVESTMENT-INCOME> 4153
<REALIZED-GAINS-CURRENT> 3909
<APPREC-INCREASE-CURRENT> (3678)
<NET-CHANGE-FROM-OPS> 4384
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4073
<DISTRIBUTIONS-OF-GAINS> 4516
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1519
<NUMBER-OF-SHARES-REDEEMED> 2084
<SHARES-REINVESTED> 446
<NET-CHANGE-IN-ASSETS> (6697)
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 4311
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 775
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1009
<AVERAGE-NET-ASSETS> 103274
<PER-SHARE-NAV-BEGIN> 19.84
<PER-SHARE-NII> .77
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> .75
<PER-SHARE-DISTRIBUTIONS> .82
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.00
<EXPENSE-RATIO> .95
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 2
<NAME> SMALL CAP FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 60313
<INVESTMENTS-AT-VALUE> 51636
<RECEIVABLES> 2183
<ASSETS-OTHER> 22
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53841
<PAYABLE-FOR-SECURITIES> 340
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 124
<TOTAL-LIABILITIES> 464
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 69722
<SHARES-COMMON-STOCK> 2539
<SHARES-COMMON-PRIOR> 3585
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7668)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8677)
<NET-ASSETS> 53377
<DIVIDEND-INCOME> 397
<INTEREST-INCOME> 69
<OTHER-INCOME> 0
<EXPENSES-NET> 618
<NET-INVESTMENT-INCOME> (152)
<REALIZED-GAINS-CURRENT> (7393)
<APPREC-INCREASE-CURRENT> (9556)
<NET-CHANGE-FROM-OPS> (17102)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 4100
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4578
<NUMBER-OF-SHARES-REDEEMED> 5832
<SHARES-REINVESTED> 208
<NET-CHANGE-IN-ASSETS> (41537)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 6094
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 443
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 703
<AVERAGE-NET-ASSETS> 58894
<PER-SHARE-NAV-BEGIN> 26.48
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> (3.88)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.53
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.02
<EXPENSE-RATIO> 1.05
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 3
<NAME> EQUITY INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 116683
<INVESTMENTS-AT-VALUE> 148861
<RECEIVABLES> 7622
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 156497
<PAYABLE-FOR-SECURITIES> 6755
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1008
<TOTAL-LIABILITIES> 7763
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 101687
<SHARES-COMMON-STOCK> 7451
<SHARES-COMMON-PRIOR> 7958
<ACCUMULATED-NII-CURRENT> 44
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14825
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32178
<NET-ASSETS> 148734
<DIVIDEND-INCOME> 4613
<INTEREST-INCOME> 96
<OTHER-INCOME> 0
<EXPENSES-NET> 1433
<NET-INVESTMENT-INCOME> 3276
<REALIZED-GAINS-CURRENT> 18492
<APPREC-INCREASE-CURRENT> (11951)
<NET-CHANGE-FROM-OPS> 9818
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3285
<DISTRIBUTIONS-OF-GAINS> 24468
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2250
<NUMBER-OF-SHARES-REDEEMED> 4158
<SHARES-REINVESTED> 1400
<NET-CHANGE-IN-ASSETS> (26520)
<ACCUMULATED-NII-PRIOR> 53
<ACCUMULATED-GAINS-PRIOR> 20801
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1179
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1435
<AVERAGE-NET-ASSETS> 157049
<PER-SHARE-NAV-BEGIN> 22.02
<PER-SHARE-NII> .41
<PER-SHARE-GAIN-APPREC> .82
<PER-SHARE-DIVIDEND> .41
<PER-SHARE-DISTRIBUTIONS> 2.88
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.96
<EXPENSE-RATIO> .91
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 4
<NAME> INTERNATIONAL FUND-INVESTOR CLASS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 1173613
<INVESTMENTS-AT-VALUE> 1324911
<RECEIVABLES> 60863
<ASSETS-OTHER> 89
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1385863
<PAYABLE-FOR-SECURITIES> 2667
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3150
<TOTAL-LIABILITIES> 5817
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1170840
<SHARES-COMMON-STOCK> 53595
<SHARES-COMMON-PRIOR> 58310
<ACCUMULATED-NII-CURRENT> 12552
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 45478
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 151176
<NET-ASSETS> 1380046
<DIVIDEND-INCOME> 36459
<INTEREST-INCOME> 2900
<OTHER-INCOME> 0
<EXPENSES-NET> 12752
<NET-INVESTMENT-INCOME> 26607
<REALIZED-GAINS-CURRENT> 70780
<APPREC-INCREASE-CURRENT> (42099)
<NET-CHANGE-FROM-OPS> 55287
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14482
<DISTRIBUTIONS-OF-GAINS> 19627
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 85592
<NUMBER-OF-SHARES-REDEEMED> 91604
<SHARES-REINVESTED> 1298
<NET-CHANGE-IN-ASSETS> (96759)
<ACCUMULATED-NII-PRIOR> (6411)
<ACCUMULATED-GAINS-PRIOR> 1163
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10085
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12752
<AVERAGE-NET-ASSETS> 1341483
<PER-SHARE-NAV-BEGIN> 25.33
<PER-SHARE-NII> .59
<PER-SHARE-GAIN-APPREC> .40
<PER-SHARE-DIVIDEND> .25
<PER-SHARE-DISTRIBUTIONS> .34
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.73
<EXPENSE-RATIO> .95
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 5
<NAME> EQUITY FUND FOR INSURANCE
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 31534
<INVESTMENTS-AT-VALUE> 43610
<RECEIVABLES> 99
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43719
<PAYABLE-FOR-SECURITIES> 15
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25
<TOTAL-LIABILITIES> 40
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30194
<SHARES-COMMON-STOCK> 2501
<SHARES-COMMON-PRIOR> 2196
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1410
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12076
<NET-ASSETS> 43679
<DIVIDEND-INCOME> 1153
<INTEREST-INCOME> 9
<OTHER-INCOME> 0
<EXPENSES-NET> 206
<NET-INVESTMENT-INCOME> 955
<REALIZED-GAINS-CURRENT> 1951
<APPREC-INCREASE-CURRENT> 77
<NET-CHANGE-FROM-OPS> 2984
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 958
<DISTRIBUTIONS-OF-GAINS> 3956
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 2
<SHARES-REINVESTED> 307
<NET-CHANGE-IN-ASSETS> 2954
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3415
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 206
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 257
<AVERAGE-NET-ASSETS> 39731
<PER-SHARE-NAV-BEGIN> 18.55
<PER-SHARE-NII> .41
<PER-SHARE-GAIN-APPREC> .70
<PER-SHARE-DIVIDEND> .41
<PER-SHARE-DISTRIBUTIONS> 1.79
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.46
<EXPENSE-RATIO> .52
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 6
<NAME> LOW DURATION FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 442457
<INVESTMENTS-AT-VALUE> 433960
<RECEIVABLES> 26467
<ASSETS-OTHER> 43
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 460470
<PAYABLE-FOR-SECURITIES> 37286
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13197
<TOTAL-LIABILITIES> 50483
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 419909
<SHARES-COMMON-STOCK> 41364
<SHARES-COMMON-PRIOR> 24826
<ACCUMULATED-NII-CURRENT> 597
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2022)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8497)
<NET-ASSETS> 409987
<DIVIDEND-INCOME> 187
<INTEREST-INCOME> 23071
<OTHER-INCOME> 0
<EXPENSES-NET> 2131
<NET-INVESTMENT-INCOME> 21127
<REALIZED-GAINS-CURRENT> (738)
<APPREC-INCREASE-CURRENT> (9810)
<NET-CHANGE-FROM-OPS> 10580
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 21926
<DISTRIBUTIONS-OF-GAINS> 643
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 52974
<NUMBER-OF-SHARES-REDEEMED> 38638
<SHARES-REINVESTED> 2202
<NET-CHANGE-IN-ASSETS> 156837
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 755
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1699
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2361
<AVERAGE-NET-ASSETS> 370124
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> .60
<PER-SHARE-GAIN-APPREC> (.28)
<PER-SHARE-DIVIDEND> .59
<PER-SHARE-DISTRIBUTIONS> .02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.91
<EXPENSE-RATIO> .58
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 7
<NAME> SHORT-TERM INVESTMENT FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 57399
<INVESTMENTS-AT-VALUE> 57031
<RECEIVABLES> 317
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57358
<PAYABLE-FOR-SECURITIES> 1433
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5069
<TOTAL-LIABILITIES> 6502
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51417
<SHARES-COMMON-STOCK> 5063
<SHARES-COMMON-PRIOR> 2768
<ACCUMULATED-NII-CURRENT> (19)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (174)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (368)
<NET-ASSETS> 50856
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2554
<OTHER-INCOME> 0
<EXPENSES-NET> 204
<NET-INVESTMENT-INCOME> 2350
<REALIZED-GAINS-CURRENT> (51)
<APPREC-INCREASE-CURRENT> (407)
<NET-CHANGE-FROM-OPS> 1892
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2307
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12033
<NUMBER-OF-SHARES-REDEEMED> 9911
<SHARES-REINVESTED> 174
<NET-CHANGE-IN-ASSETS> 22818
<ACCUMULATED-NII-PRIOR> (72)
<ACCUMULATED-GAINS-PRIOR> (113)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 170
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 289
<AVERAGE-NET-ASSETS> 42542
<PER-SHARE-NAV-BEGIN> 10.13
<PER-SHARE-NII> .57
<PER-SHARE-GAIN-APPREC> (.11)
<PER-SHARE-DIVIDEND> .54
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.05
<EXPENSE-RATIO> .48
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 8
<NAME> TOTAL RETURN BOND FUND-INVESTOR CLASS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 127145
<INVESTMENTS-AT-VALUE> 124285
<RECEIVABLES> 3808
<ASSETS-OTHER> 20
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 128113
<PAYABLE-FOR-SECURITIES> 2680
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 764
<TOTAL-LIABILITIES> 3444
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 128981
<SHARES-COMMON-STOCK> 9673
<SHARES-COMMON-PRIOR> 3362
<ACCUMULATED-NII-CURRENT> (80)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1373)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2859)
<NET-ASSETS> 124670
<DIVIDEND-INCOME> 63
<INTEREST-INCOME> 5429
<OTHER-INCOME> 0
<EXPENSES-NET> 552
<NET-INVESTMENT-INCOME> 4940
<REALIZED-GAINS-CURRENT> (573)
<APPREC-INCREASE-CURRENT> (3760)
<NET-CHANGE-FROM-OPS> 607
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5340
<DISTRIBUTIONS-OF-GAINS> 612
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9354
<NUMBER-OF-SHARES-REDEEMED> 3451
<SHARES-REINVESTED> 408
<NET-CHANGE-IN-ASSETS> 79422
<ACCUMULATED-NII-PRIOR> 34
<ACCUMULATED-GAINS-PRIOR> 225
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 468
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 677
<AVERAGE-NET-ASSETS> 85374
<PER-SHARE-NAV-BEGIN> 13.46
<PER-SHARE-NII> .81
<PER-SHARE-GAIN-APPREC> (.49)
<PER-SHARE-DIVIDEND> .83
<PER-SHARE-DISTRIBUTIONS> .10
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.85
<EXPENSE-RATIO> .65
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 9
<NAME> MID CAP FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 6969
<INVESTMENTS-AT-VALUE> 6918
<RECEIVABLES> 29
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6954
<PAYABLE-FOR-SECURITIES> 61
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22
<TOTAL-LIABILITIES> 83
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7028
<SHARES-COMMON-STOCK> 571
<SHARES-COMMON-PRIOR> 584
<ACCUMULATED-NII-CURRENT> 87
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (193)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (51)
<NET-ASSETS> 6871
<DIVIDEND-INCOME> 140
<INTEREST-INCOME> 12
<OTHER-INCOME> 0
<EXPENSES-NET> 64
<NET-INVESTMENT-INCOME> 88
<REALIZED-GAINS-CURRENT> (192)
<APPREC-INCREASE-CURRENT> 310
<NET-CHANGE-FROM-OPS> 206
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 808
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 291
<NUMBER-OF-SHARES-REDEEMED> 387
<SHARES-REINVESTED> 84
<NET-CHANGE-IN-ASSETS> (669)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 805
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 46
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 124
<AVERAGE-NET-ASSETS> 6150
<PER-SHARE-NAV-BEGIN> 12.92
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> .46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.51
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.03
<EXPENSE-RATIO> 1.05
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 10
<NAME> GLOBAL EQUITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 6919
<INVESTMENTS-AT-VALUE> 7521
<RECEIVABLES> 31
<ASSETS-OTHER> 25
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7577
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15
<TOTAL-LIABILITIES> 15
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6791
<SHARES-COMMON-STOCK> 639
<SHARES-COMMON-PRIOR> 646
<ACCUMULATED-NII-CURRENT> 126
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 43
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 602
<NET-ASSETS> 7562
<DIVIDEND-INCOME> 266
<INTEREST-INCOME> 2
<OTHER-INCOME> 0
<EXPENSES-NET> 78
<NET-INVESTMENT-INCOME> 192
<REALIZED-GAINS-CURRENT> 80
<APPREC-INCREASE-CURRENT> 76
<NET-CHANGE-FROM-OPS> 348
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 76
<DISTRIBUTIONS-OF-GAINS> 15
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 80
<NUMBER-OF-SHARES-REDEEMED> 95
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> 217
<ACCUMULATED-NII-PRIOR> (25)
<ACCUMULATED-GAINS-PRIOR> 13
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 52
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 144
<AVERAGE-NET-ASSETS> 6957
<PER-SHARE-NAV-BEGIN> 11.38
<PER-SHARE-NII> .35
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> .11
<PER-SHARE-DISTRIBUTIONS> .02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.84
<EXPENSE-RATIO> 1.09
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 11
<NAME> INTERNATIONAL FUND-DISTRIBUTOR CLASS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUN-02-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 1173613
<INVESTMENTS-AT-VALUE> 1324911
<RECEIVABLES> 60863
<ASSETS-OTHER> 89
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1385863
<PAYABLE-FOR-SECURITIES> 2667
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3150
<TOTAL-LIABILITIES> 5817
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1170840
<SHARES-COMMON-STOCK> 45
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 12552
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 45478
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 151176
<NET-ASSETS> 1147
<DIVIDEND-INCOME> 36459
<INTEREST-INCOME> 2900
<OTHER-INCOME> 0
<EXPENSES-NET> 12752
<NET-INVESTMENT-INCOME> 26607
<REALIZED-GAINS-CURRENT> 70780
<APPREC-INCREASE-CURRENT> (42099)
<NET-CHANGE-FROM-OPS> 55287
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (96759)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10085
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12752
<AVERAGE-NET-ASSETS> 1125
<PER-SHARE-NAV-BEGIN> 25.20
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .47
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.72
<EXPENSE-RATIO> 1.30
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 12
<NAME> TOTAL RETURN BOND FUND-DISTRIBUTOR CLASS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUN-02-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 127145
<INVESTMENTS-AT-VALUE> 124285
<RECEIVABLES> 3808
<ASSETS-OTHER> 20
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 128113
<PAYABLE-FOR-SECURITIES> 2680
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 764
<TOTAL-LIABILITIES> 3444
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 128981
<SHARES-COMMON-STOCK> 27
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (80)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1373)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2859)
<NET-ASSETS> 350
<DIVIDEND-INCOME> 63
<INTEREST-INCOME> 5429
<OTHER-INCOME> 0
<EXPENSES-NET> 552
<NET-INVESTMENT-INCOME> 4940
<REALIZED-GAINS-CURRENT> (573)
<APPREC-INCREASE-CURRENT> (3760)
<NET-CHANGE-FROM-OPS> 607
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 79422
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 468
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 677
<AVERAGE-NET-ASSETS> 339
<PER-SHARE-NAV-BEGIN> 12.88
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> (.03)
<PER-SHARE-DIVIDEND> .06
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.85
<EXPENSE-RATIO> .90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
HOTCHKIS AND WILEY FUNDS
#77. O) Transactions Subject to Rule 10f-3
FY 1999
BALANCED FUND
Name of Issuer: USEC Inc.
---------
Type of Security: Common Stock
Trade Date: 7/22/98
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 22,500
Total Purchase: $320,625
Aggregate shares of offering: 100,000,000
Aggregate value of offering: $1,425,000,000
Securities acquired from: Morgan Stanley
Underwriting Syndicate's Members: Morgan Stanley
Merrill Lynch & Co.
M.R. Beal & Company
Janney Montgomery Scott, Inc.
Lehman Brothers
Prudential Securities Incorporated
Salomon Smith Barney
Name of Issuer: UnionBanCal Corp.
-----------------
Type of Security: Common Stock
Trade Date: 2/25/99
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 5,400
Total Purchase: $162,000
Aggregate shares of offering: 25,000,000
Aggregate value of offering: $750,000,000
Securities acquired from: Morgan Stanley Dean Witter
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
Lehman Brothers
JP Morgan & Co.
Salomon Smith Barney
Merrrill Lynch, Pierce, Fenner & Smith, Inc.
TOTAL RETURN BOND FUND
Name of Issuer: Associates Corporation of North America
Type of Security: Senior Notes
Trade Date: 10/27/98
Maturity Date: 11/01/03
Interest Rate: 5.75%
Total Shares Purchased: $1,400,000
Total Purchase: $1,399,454
Aggregate shares of offering: $2,300,000,000
Aggregate value of offering: $2,299,103,000
Securities acquired from: Bear Stearns & Co., Inc.
Underwriting Syndicate's Members: Bear Stearns & Co., Inc.
Warburg Dillon Read LLC
Chase Securities, Inc.
Lehman Brothers
Merrill Lynch & Co.
Morgan Stanley Dean Witter
Salomon Smith Barney
ABN AMRO
Barclays Capital
Commerzbank AG
Credit Suisse First Boston Corp.
Deutsche Bank Securities, Inc.
Donaldson, Lufkin & Jenrette
Dresdner Bank
Goldman Sachs & Co.
HSBC Securities
Societe Generale
Westdeutsche Landesbank Girozentra
Name of Issuer: Ford Motor Credit
-----------------
Type of Security: Corporate Bond
Trade Date: 1/06/99
Maturity Date: 1/12/09
Interest Rate: 5.80%
Total Shares Purchased: $2,000,000
Total Purchase: $1,993,240
Aggregate shares of offering: $2,800,000,000
Aggregate value of offering: $2,790,536,000
Securities acquired from: Bear Stearns & Co., Inc.
Underwriting Syndicate's Members: Bear Stearns & Co., Inc.
Lehman Brothers
ABN AMRO
Goldman Sachs & Co.
Merrill Lynch & Co.
Salomon Smith Barney
Warburg Dillon Read LLC
Name of Issuer: Bombardier Capital Inc.
-----------------------
Type of Security: Corporate Notes
Trade Date: 1/22/99
Maturity Date: 1/15/02
Interest Rate: 6.00%
Total Shares Purchased: $1,500,000
Total Purchase: $1,496,910
Aggregate shares of offering: $500,000,000
Aggregate value of offering: $498,970,000
Securities acquired from: JP Morgan
Underwriting Syndicate's Members: JP Morgan
CIBC Oppenheimer
Merrill Lynch & Co.
Name of Issuer: Household Finance Corp.
-----------------------
Type of Security: Corporate Bonds
Trade Date: 1/29/99
Maturity Date: 2/01/09
Interest Rate: 5.875%
Total Shares Purchased: $1,925,000
Total Purchase: $1,914,124
Aggregate shares of offering: $1,300,000,000
Aggregate value of offering: $1,292,655,000
Securities acquired from: Salomon Smith Barney
Underwriting Syndicate's Members: Salomon Smith Barney
Warburg Dillon Read LLC
ABN AMRO
Chase Manhattan International Ltd.
Credit Suisse First Boston Ltd.
JP Morgan Securities
Merrill Lynch International Ltd.
Morgan Stanley Dean Witter
Name of Issuer: BankAmerica Corp.
-----------------
Type of Security: Corporate Bonds
Trade Date: 2/02/99
Maturity Date: 2/15/09
Interest Rate: 5.875%
Total Shares Purchased: $2,025,000
Total Purchase: $2,011,210
Aggregate shares of offering: $1,500,000,000
Aggregate value of offering: $1,489,785,000
Securities acquired from: NationsBanc
Underwriting Syndicate's Members: NationsBanc
Salomon Smith Barney
Merrill Lynch
Lehman Brothers
Bear Stearns and Co., Inc.
Interstate/ Johnson Lane Corp.
Name of Issuer: Oakwood Home Corp.
------------------
Type of Security: Senior Notes
Trade Date: 2/25/99
Maturity Date: 3/01/04
Interest Rate: 7.875%
Total Shares Purchased: $1,000,000
Total Purchase: $997,280
Aggregate shares of offering: $125,000,000
Aggregate value of offering: $124,660,000
Securities acquired from: NationsBanc
Underwriting Syndicate's Members: NationsBanc
First Union Capital Markets
Merrill Lynch & Co.
Name of Issuer: Lucent Technology
-----------------
Type of Security: Corporate Bonds
Trade Date: 3/10/99
Maturity Date: 3/15/29
Interest Rate: 6.45%
Total Shares Purchased: $2,600,000
Total Purchase: $2,585,986
Aggregate shares of offering: $1,360,000,000
Aggregate value of offering: $1,352,669,600
Securities acquired from: Bear Stearns & Co.
Underwriting Syndicate's Members: Bear Stearns & Co.
Merrill Lynch & Co.
ABN Amro
Barclays Capital Markets
Chase Manhattan International Ltd.
Goldman Sachs & Co.
JP Morgan & Co.
Salomon Smith Barney
Name of Issuer: Hertz Corp.
-----------
Type of Security: Corporate Bonds
Trade Date: 3/16/99
Maturity Date: 3/15/09
Interest Rate: 6.25%
Total Shares Purchased: $1,000,000
Total Purchase: $992,040
Aggregate shares of offering: $300,000,000
Aggregate value of offering: $297,612,000
Securities acquired from: Chase Securities
Underwriting Syndicate's Members: Chase Securities
Goldman Sachs & Co.
JP Morgan & Co.
Lehman Brothers
Merrill Lynch & Co.
Name of Issuer: AT&T Corp.
----------
Type of Security: Corporate Bonds
Trade Date: 3/23/99
Maturity Date: 3/15/09
Interest Rate: 6.00%
Total Shares Purchased: $2,250,000
Total Purchase: $2,244,713
Aggregate shares of offering: $3,000,000,000
Aggregate value of offering: $2,992,950,000
Securities acquired from: NationsBanc Montgomery Securities LLC
Underwriting Syndicate's Members: Merrill Lynch & Co.
Salomon Smith Barney
BNY Capital Markets, Inc.
Chase Securities
Deutsche Bank
First Chicago Capital Markets, Inc.
Lehman Brothers
JP Morgan & Co.
NationsBanc Montgomery Securities LLC
Name of Issuer: Vulcan Materials Co.
--------------------
Type of Security: Corporate Bonds
Trade Date: 4/07/99
Maturity Date: 4/01/09
Interest Rate: 6.00%
Total Shares Purchased: $1,150,000
Total Purchase: $1,143,054
Aggregate shares of offering: $250,000,000
Aggregate value of offering: $248,490,000
Securities acquired from: Goldman Sachs & Co.
Underwriting Syndicate's Members: Goldman Sachs & Co.
Merrill Lynch & Co.
Morgan Stanley Dean Witter
Credit Suisse First Boston
Name of Issuer: Conoco Inc.
-----------
Type of Security: Corporate Bond
Trade Date: 4/15/99
Maturity Date: 4/15/29
Interest Rate: 6.95%
Total Shares Purchased: $1,000,000
Total Purchase: $1,000,000
Aggregate shares of offering: $1,900,000,000
Aggregate value of offering: $1,900,000,000
Securities acquired from: Salomon Smith Barney
Underwriting Syndicate's Members: Salomon Smith Barney
Credit Suisse First Boston
Chase Securities
Goldman Sachs & Co.
Merrill Lynch & Co.
Lehman Brothers
Name of Issuer: Conoco Inc.
-----------
Type of Security: Senior Note
Trade Date: 4/15/99
Maturity Date: 4/15/04
Interest Rate: 5.90%
Total Shares Purchased: $525,000
Total Purchase: $524,244
Aggregate shares of offering: $1,350,000,000
Aggregate value of offering: $1,348,056,000
Securities acquired from: Credit Suisse First Boston
Underwriting Syndicate's Members: Credit Suisse First Boston
Salomon Smith Barney
Chase Securities
Goldman Sachs & Co.
Merrill Lynch & Co.
Morgan Stanley Dean Witter
Name of Issuer: Countrywide Home Loan
---------------------
Type of Security: Notes
Trade Date: 6/16/99
Maturity Date: 6/15/04
Interest Rate: 6.85%
Total Shares Purchased: $1,700,000
Total Purchase: $1,698,912
Aggregate shares of offering: $750,000,000
Aggregate value of offering: $749,520,000
Securities acquired from: Chase Securities
Underwriting Syndicate's Members: Chase Securities
Merrill Lynch & Co.
Countrywide Securities
JP Morgan Securities
LOW DURATION FUND
Name of Issuer: Associates Corporation of North America
Type of Security: Senior Notes
Trade Date: 10/27/98
Maturity Date: 11/01/03
Interest Rate: 5.75%
Total Shares Purchased: $1,150,000
Total Purchase: $1,149,552
Aggregate shares of offering: $2,300,000,000
Aggregate value of offering: $2,299,103,000
Securities acquired from: Bear Stearns & Co., Inc.
Underwriting Syndicate's Members: Bear Stearns & Co., Inc.
Warburg Dillon Read LLC
Chase Securities, Inc.
Lehman Brothers
Merrill Lynch & Co.
Morgan Stanley Dean Witter
Salomon Smith Barney
ABN AMRO
Barclays Capital
Commerzbank AG
Credit Suisse First Boston Corp.
Deutsche Bank Securities, Inc.
Donaldson, Lufkin & Jenrette
Dresdner Bank
Goldman Sachs & Co.
HSBC Securities
Societe Generale
Westdeutsche Landesbank Girozentra
Name of Issuer: Bombardier Capital Inc.
-----------------------
Type of Security: Corporate Notes
Trade Date: 1/22/99
Maturity Date: 1/15/02
Interest Rate: 6.00%
Total Shares Purchased: $6,725,000
Total Purchase: $6,711,147
Aggregate shares of offering: $500,000,000
Aggregate value of offering: $498,970,000
Securities acquired from: JP Morgan
Underwriting Syndicate's Members: JP Morgan
CIBC Oppenheimer
Merrill Lynch & Co.
Name of Issuer: Oakwood Home Corp.
------------------
Type of Security: Senior Notes
Trade Date: 2/25/99
Maturity Date: 3/01/04
Interest Rate: 7.875%
Total Shares Purchased: $2,975,000
Total Purchase: $2,966,908
Aggregate shares of offering: $125,000,000
Aggregate value of offering: $124,660,000
Securities acquired from: NationsBanc
Underwriting Syndicate's Members: NationsBanc
First Union Capital Markets
Merrill Lynch & Co.
Name of Issuer: AT&T Corp.
----------
Type of Security: Corporate Bonds
Trade Date: 3/23/99
Maturity Date: 3/15/04
Interest Rate: 5.625%
Total Shares Purchased: $4,300,000
Total Purchase: $4,279,876
Aggregate shares of offering: $2,000,000,000
Aggregate value of offering: $1,990,640,000
Securities acquired from: NationsBanc Montgomery Securities LLC
Underwriting Syndicate's Members: Merrill Lynch & Co.
Salomon Smith Barney
BNY Capital Markets, Inc.
Chase Securities
Deutsche Bank
First Chicago Capital Markets, Inc.
Lehman Brothers
JP Morgan & Co.
NationsBanc Montgomery Securities LLC
EQUITY INCOME FUND
Name of Issuer: USEC Inc.
---------
Type of Security: Common Stock
Trade Date: 7/22/98
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 86,800
Total Purchase: $1,236,900
Aggregate shares of offering: 100,000,000
Aggregate value of offering: $1,425,000,000
Securities acquired from: Morgan Stanley
Underwriting Syndicate's Members: Morgan Stanley
Merrill Lynch & Co.
M.R. Beal & Company
Janney Montgomery Scott, Inc.
Lehman Brothers
Prudential Securities Incorporated
Salomon Smith Barney
Name of Issuer: UnionBanCal Corp.
-----------------
Type of Security: Common Stock
Trade Date: 2/25/99
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 17,300
Total Purchase: $519,000
Aggregate shares of offering: 25,000,000
Aggregate value of offering: $750,000,000
Securities acquired from: Morgan Stanley Dean Witter
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
Lehman Brothers
JP Morgan & Co.
Salomon Smith Barney
Merrill Lynch, Pierce, Fenner & Smith, Inc.
MID-CAP FUND
Name of Issuer: USEC Inc.
---------
Type of Security: Common Stock
Trade Date: 7/22/98
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 8,800
Total Purchase: $125,400
Aggregate shares of offering: 100,000,000
Aggregate value of offering: $1,425,000,000
Securities acquired from: Morgan Stanley
Underwriting Syndicate's Members: Morgan Stanley
Merrill Lynch & Co.
M.R. Beal & Company
Janney Montgomery Scott, Inc.
Lehman Brothers
Prudential Securities Incorporated
Salomon Smith Barney
Name of Issuer: UnionBanCal Corp.
-----------------
Type of Security: Common Stock
Trade Date: 2/25/99
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 8,300
Total Purchase: $268,550
Aggregate shares of offering: 25,000,000
Aggregate value of offering: $750,000,000
Securities acquired from: Morgan Stanley Dean Witter
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
Lehman Brothers
JP Morgan & Co.
Salomon Smith Barney
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Name of Issuer: DLJ Direct
----------
Type of Security: Common Stock
Trade Date: 5/25/99
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 200
Total Purchase: $4,000
Aggregate shares of offering: 16,000,000
Aggregate value of offering: $320,000,000
Securities acquired from: Donald, Lufkin & Jenrette
Underwriting Syndicate's Members: Donald, Lufkin & Jenrette
BT Alex Brown
Goldman Sachs & Co.
Merrill Lynch & Co.
Morgan Stanley Dean Witter
Salomon Smith Barney
INSURANCE FUND
Name of Issuer: USEC Inc.
---------
Type of Security: Common Stock
Trade Date: 7/22/98
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 20,300
Total Purchase: $289,275
Aggregate shares of offering: 100,000,000
Aggregate value of offering: $1,425,000,000
Securities acquired from: Morgan Stanley
Underwriting Syndicate's Members: Morgan Stanley
Merrill Lynch & Co.
M.R. Beal & Company
Janney Montgomery Scott, Inc.
Lehman Brothers
Prudential Securities Incorporated
Salomon Smith Barney
Name of Issuer: UnionBanCal Corp.
-----------------
Type of Security: Common Stock
Trade Date: 2/25/99
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 5,000
Total Purchase: $150,000
Aggregate shares of offering: 25,000,000
Aggregate value of offering: $750,000,000
Securities acquired from: Morgan Stanley Dean Witter
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
Lehman Brothers
JP Morgan & Co.
Salomon Smith Barney
Merrill Lynch, Pierce, Fenner & Smith, Inc.
INTERNATIONAL FUND
Name of Issuer: Sonera
------
Type of Security: Common Stock
Trade Date: 11/10/98
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 126,126
Total Purchase: 5,675,670 FIM
Aggregate shares of offering: 100,150,000
Aggregate value of offering: 4,506,750,000 FIM
Securities acquired from: Dresdner Kleinwort Benson Inc.
Underwriting Syndicate's Members: Merrill Lynch International
Merita Corporate Finance
Credit Suisse First Boston
Dresdner Kleinwort Benson
Goldman Sachs International
Alfred Berg ABN AMRO
Cazenove & Co.
Credit Agricole Indosuez
Deutsche Bank
Name of Issuer: Geberit
-------
Type of Security: Common Stock
Trade Date: 6/22/99
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 78,877
Total Purchase: 26,029,410 CHF
Aggregate shares of offering: 2,850,000
Aggregate value of offering: 940,500,000 CHF
Securities acquired from: Credit Suisse First Boston
Underwriting Syndicate's Members: Credit Suisse First Boston
Deutsche Bank
Merrill Lynch International
GLOBAL FUND
Name of Issuer: Sonera
------
Type of Security: Common Stock
Trade Date: 11/10/98
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 614
Total Purchase: 27,630 FIM
Aggregate shares of offering: 100,150,000
Aggregate value of offering: 4,506,750,000 FIM
Securities acquired from: Dresdner Kleinwort Benson Inc.
Underwriting Syndicate's Members: Merrill Lynch International
Merita Corporate Finance
Credit Suisse First Boston
Dresdner Kleinwort Benson
Goldman Sachs International
Alfred Berg ABN AMRO
Cazenove & Co.
Credit Agricole Indosuez
Deutsche Bank
Name of Issuer: Geberit
-------
Type of Security: Common Stock
Trade Date: 6/22/99
Maturity Date: N/A
Interest Rate: N/A
Total Shares Purchased: 451
Total Purchase: 148,830
Aggregate shares of offering: 2,850,000
Aggregate value of offering: 940,500,000 CHF
Securities acquired from: Credit Suisse First Boston
Underwriting Syndicate's Members: Credit Suisse First Boston
Deutsche Bank
Merrill Lynch International
Report of Independent Accountants
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 Insurance
Companies (constituting Hotchkis and Wiley Funds, hereafter referred to as the
"Funds") for the year ended June 30, 1999, 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
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 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 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 operations, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
June 30, 1999.
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 and is not intended to be and should not be used by anyone other than
these specified parties.
PRICEWATERHOUSECOOPERS LLP
Milwaukee, Wisconsin
August 11, 1999
