<PAGE> 1
HOTCHKIS AND WILEY FUNDS
INVESTOR CLASS SHARES
SUPPLEMENT TO PROSPECTUS
DATED AUGUST 27, 1999
BACK COVER
Effective July 10, 2000, the Funds' Transfer Agent will be Financial Data
Services, Inc. To get information about the Funds free of charge or for
shareholder questions, contact:
Financial Data Services, Inc.
P.O. Box 41621
Jacksonville, FL 32232-1621
(800) 236-4479
HOW TO BUY, REDEEM AND EXCHANGE SHARES
Effective July 10, 2000, you can buy, redeem and exchange shares by sending your
request to the Transfer Agent:
Financial Data Services, Inc.
P.O. Box 41621
Jacksonville, FL 32232-1621
Investors opening a new account must send a completed Purchase Application to
the address above.
Before you wire money, call 800-236-4479 to notify the Transfer Agent of the
wire to ensure proper credit when the wire is received. To purchase shares by
wiring Federal Funds, payment should be wired to First Union National Bank of
Florida. Shareholders should give their financial institutions the following
wire instructions:
First Union National Bank of Florida
ABA # 063000021
For credit to Financial Data Services
Acct # 2112600019018
For further credit to Hotchkis and Wiley Fund Account # [Your account number]
[Shareholder name]
Effective July 10, 2000, automatic investment into an account will be limited to
once a month.
June 20, 2000
<PAGE> 2
HOTCHKIS AND WILEY FUNDS
DISTRIBUTOR CLASS SHARES
SUPPLEMENT TO PROSPECTUS
DATED AUGUST 27, 1999
BACK COVER
Effective July 10, 2000, the Funds' Transfer Agent will be Financial Data
Services, Inc. To get information about the Funds free of charge or for
shareholder questions, contact:
Financial Data Services, Inc.
P.O. Box 41621
Jacksonville, FL 32232-1621
(800) 236-4479
June 20, 2000
<PAGE> 3
HOTCHKIS AND WILEY FUNDS
EQUITY FUND FOR INSURANCE COMPANIES
SUPPLEMENT TO PROSPECTUS
DATED AUGUST 27, 1999
BACK COVER
Effective July 10, 2000, the Funds' Transfer Agent will be Financial Data
Services, Inc. To get information about the Funds free of charge or for
shareholder questions, contact:
Financial Data Services, Inc.
P.O. Box 41621
Jacksonville, FL 32232-1621
(800) 236-4479
HOW TO BUY, REDEEM AND EXCHANGE SHARES
Effective July 10, 2000, you can buy and redeem shares by sending your
request to the Transfer Agent:
Financial Data Services, Inc.
P.O. Box 41621
Jacksonville, FL 32232-1621
Investors opening a new account must send a completed Purchase Application to
the address above.
Before you wire money, call 800-236-4479 to notify the Transfer Agent of the
wire to ensure proper credit when the wire is received. To purchase shares by
wiring Federal Funds, payment should be wired to First Union National Bank of
Florida. Shareholders should give their financial institutions the following
wire instructions:
First Union National Bank of Florida
ABA # 063000021
For credit to Financial Data Services
Acct # 2112600019018
For further credit to Hotchkis and Wiley Fund Account # [Your account number]
[Shareholder name]
June 20, 2000
