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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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 19
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<PAGE> PAGE 20
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015 D010420 UNITED KINGDOM
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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048 I020400 0.000
048 J010400 0
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048 K010400 0
048 K020400 0.000
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050 000400 N
051 000400 N
052 000400 N
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054 B000400 Y
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054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 N
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054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 N
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054 N000400 N
054 O000400 N
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056 000400 Y
057 000400 N
<PAGE> PAGE 23
058 A000400 N
059 000400 Y
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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
<PAGE> PAGE 24
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
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
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<PAGE> PAGE 25
072CC010400 78723
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015 A000501 FIRSTAR BANK, N.A.
015 B000501 C
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015 C020501 OH
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015 E010501 X
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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054 D000500 N
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054 F000500 N
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054 I000500 N
054 J000500 Y
054 K000500 N
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054 N000500 N
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055 A000500 N
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056 000500 Y
057 000500 N
058 A000500 N
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<PAGE> PAGE 28
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<PAGE> PAGE 29
070 R020500 N
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<PAGE> PAGE 30
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015 A000601 FIRSTAR BANK, N.A.
015 B000601 C
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
070 N010600 Y
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<PAGE> PAGE 35
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015 A000701 FIRSTAR BANK, N.A.
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
070 Q010700 N
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<PAGE> PAGE 40
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015 A000801 FIRSTAR BANK, N.A.
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<PAGE> PAGE 41
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028 F040800 11409
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039 000800 N
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<PAGE> PAGE 42
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053 C000800 N
054 A000800 Y
054 B000800 Y
054 C000800 N
054 D000800 N
054 E000800 N
054 F000800 N
054 G000800 N
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054 I000800 N
054 J000800 Y
054 K000800 N
054 L000800 N
054 M000800 Y
054 N000800 N
054 O000800 N
055 A000800 N
055 B000800 N
056 000800 Y
057 000800 N
058 A000800 N
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<PAGE> PAGE 43
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062 N000800 17.3
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062 Q000800 17.6
062 R000800 0.3
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063 B000800 5.8
064 A000800 N
064 B000800 N
066 A000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
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
<PAGE> PAGE 44
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070 Q020800 N
070 R010800 Y
070 R020800 N
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
054 B000900 Y
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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015 A001001 FIRSTAR BANK, N.A.
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<PAGE> PAGE 51
015 A001009 BANQUE PARIBAS
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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SIGNATURE NANCY CELICK
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<MULTIPLIER> 1
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 4
<NAME> INTERNATIONAL FUND - INVESTOR CLASS
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 5
<NAME> EQUITY FUND FOR INSURANCE
<MULTIPLIER> 1
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 6
<NAME> LOW DURATION FUND - INVESTOR CLASS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1999
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<ACCUM-APPREC-OR-DEPREC> (9460950)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 7
<NAME> SHORT-TERM INVESTMENT FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1999
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<ACCUMULATED-NET-GAINS> (138704)
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<ACCUM-APPREC-OR-DEPREC> (589057)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 8
<NAME> TOTAL RETURN BOND FUND - INVESTOR CLASS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 9
<NAME> MID CAP FUND
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
<NUMBER> 10
<NAME> GLOBAL EQUITY FUND
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000759829
<NAME> HOTCHKIS AND WILEY FUNDS
<SERIES>
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<NAME> INTERNATIONAL FUND - DISTRIBUTOR CLASS
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<S> <C>
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<ACCUMULATED-NII-CURRENT> (10000)
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<DIVIDEND-INCOME> 719053
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HOTCHKIS AND WILEY FUNDS
Transactions Subject to Rule 10f-3
Period July 1, 1999 through December 31, 1999
BALANCED FUND
Name of Issuer: Ford Motor Credit Co.
---------------------
Type of Security: Global Notes
Trade Date: 10/21/1999
Maturity Date: 10/28/2009
Interest Rate: 7.375%
Total Shares/Par Purchased: $900,000
Total Purchase: $898,308
Aggregate shares/par of offering: $5,000,000,000
Aggregate value of offering: $4,990,600,000
Securities acquired from: Morgan Stanley Dean Witter
Underwriting Syndicate's Members: Banc of America Securities LLC
Morgan Stanley Dean Witter
Bear Stearns & Co., Inc
Chase Securities, Inc.
Deutsche Bank Securities, Inc.
Lehman Brothers
Merrill Lynch, Pierce, Fenner & Smith
Salomon Smith Barney
Warburg Dillon Read
EQUITY INCOME FUND
Name of Issuer: United Parcel Service
---------------------
Type of Security: Common stock
Trade Date: 11/10/1999
Maturity Date: not applicable
Interest Rate: not applicable
Total Shares Purchased: 6,800
Total Purchase: 340,000
Aggregate shares of offering: 109,400,000
Aggregate value of offering: $5,470,000,000
Securities acquired from: Morgan Stanley Dean Witter
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
Goldman Sachs & Co.
Merrill Lynch & Co.
SMALL CAP FUND
Name of Issuer: Expedia
-------
Type of Security: Common stock
Trade Date: 11/10/1999
Maturity Date: not applicable
Interest Rate: not applicable
Total Shares Purchased: 400
Total Purchase: $5,600
Aggregate shares of offering: 5,200,000
Aggregate value of offering: $72,800,000
Securities acquired from: Goldman Sachs
Underwriting Syndicate's Members: Goldman Sachs
Morgan Stanley Dean Witter
Merrill Lynch & Co.
Name of Issuer: Agilent Technologies
--------------------
Type of Security: Common Stock
Trade Date: 11/17/1999
Maturity Date: not applicable
Interest Rate: not applicable
Total Shares Purchased: 1,400
Total Purchase: $42,000
Aggregate shares of offering: 72,000,000
Aggregate value of offering: $2,160,000,000
Securities acquired from: Morgan Stanley Dean Witter
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
Goldman Sachs & Co.
Merrill Lynch & Co.
INTERNATIONAL FUND
Name of Issuer: Portugal Telecom
----------------
Type of Security: Common stock
Trade Date: 7/12/1999
Maturity Date: not applicable
Interest Rate: not applicable
Total Shares Purchased: 114,700
Total Purchase: 4,301,250 Euro
Aggregate shares of offering: 22,868,446
Aggregate value of offering: 857,566,725 Euro
Securities acquired from: Warburg Dillon Read
Underwriting Syndicate's Members: Merrill Lynch International
Warburg Dillon Read LLC
BES Investimento
Name of Issuer: Clarica Life Insurance
----------------------
Type of Security: Common stock
Trade Date: 7/14/1999
Maturity Date: not applicable
Interest Rate: not applicable
Total Shares Purchased: 170,340
Total Purchase: 3,491,970 CAD
Aggregate shares of offering: 42,189,684
Aggregate value of offering: 864,888,522 CAD
Securities acquired from: Goldman Sachs & Co.
Underwriting Syndicate's Members: Goldman Sachs & Co.
Nesbitt Burns Inc.
Merrill Lynch & Co.
Newcrest Capital Inc.
RBC Dominion Securities Inc.
Scotia McLeod Inc.
Name of Issuer: Manulife
--------
Type of Security: Common stock
Trade Date: 9/24/1999
Maturity Date: not applicable
Interest Rate: not applicable
Total Shares Purchased: 1,050,520
Total Purchase: 18,909,360 CAD
Aggregate shares of offering: 138,335,616
Aggregate value of offering: 2,490,041,088 CAD
Securities acquired from: Credit Suisse First Boston
Underwriting Syndicate's Members: Credit Suisse First Boston
Merrill Lynch & Co.
Scotia Capital Markets
GLOBAL EQUITY FUND
Name of Issuer: Portugal Telecom
----------------
Type of Security: Common stock
Trade Date: 7/12/1999
Maturity Date: not applicable
Interest Rate: not applicable
Total Shares Purchased: 500
Total Purchase: 18,750 Euro
Aggregate shares of offering: 22,868,446
Aggregate value of offering: 857,566,725 Euro
Securities acquired from: Warburg Dillon Read
Underwriting Syndicate's Members: Merrill Lynch International
Warburg Dillon Read LLC
BES Investimento
Name of Issuer: Clarica Life Insurance
Type of Security: Common stock
Trade Date: 7/14/1999
Maturity Date: not applicable
Interest Rate: not applicable
Total Shares Purchased: 960
Total Purchase: 19,680 CAD
Aggregate shares of offering: 42,189,684
Aggregate value of offering: 864,888,522 CAD
Securities acquired from: Goldman Sachs & Co.
Underwriting Syndicate's Members: Goldman Sachs & Co.
Nesbitt Burns Inc.
Merrill Lynch & Co.
Newcrest Capital Inc.
RBC Dominion Securities Inc.
Scotia McLeod Inc.
Name of Issuer: Manulife
--------
Type of Security: Common stock
Trade Date: 9/24/1999
Maturity Date: not applicable
Interest Rate: not applicable
Total Shares Purchased: 5,690
Total Purchase: 102,420 CAD
Aggregate shares of offering: 138,335,616
Aggregate value of offering: 2,490,041,088 CAD
Securities acquired from: Credit Suisse First Boston
Underwriting Syndicate's Members: Credit Suisse First Boston
Merrill Lynch & Co.
Scotia Capital Markets
LOW DURATION FUND
Name of Issuer: Cox Communication
-----------------
Type of Security: Corporate Notes
Trade Date: 8/10/1999
Maturity Date: 8/15/2000
Interest Rate: 6.04%
Total Shares/Par Purchased: $8,000,000
Total Purchase: $8,000,000
Aggregate shares/par of offering: $525,000,000
Aggregate value of offering: $525,000,000
Securities acquired from: Chase Securities
Underwriting Syndicate's Members: Chase Securities
Merrill Lynch & Co.
ABN Amro
Bank of New York Capital Markets
Credit Suisse First Boston
First Union Capital Markets
JP Morgan Securities
Morgan Stanley Dean Witter
Utendahl Capital Partners LP
Wachovia Securities Inc.
Name of Issuer: Safeway Inc.
------------
Type of Security: Corporate Notes
Trade Date: 9/8/1999
Maturity Date: 9/15/2002
Interest Rate: 7.00%
Total Shares Purchased: $6,950,000
Total Purchase: $6,924,077
Aggregate shares of offering: $600,000,000
Aggregate value of offering: $597,762,000
Securities acquired from: Morgan Stanley Dean Witter
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
Merrill Lynch & Co.
Banc of America Securities LLC
Chase Securities
Credit Suisse First Boston
Deutsche Banc Alex Brown
Goldman Sachs & Co
Lehman Brothers
Salomon Smith Barney
Utendahl Capital Partners LP
SHORT-TERM INVESTMENT FUND
Name of Issuer: Cox Communication
-----------------
Type of Security: Corporate Notes
Trade Date: 8/10/1999
Maturity Date: 8/15/2000
Interest Rate: 6.04%
Total Shares/Par Purchased: $1,000,000
Total Purchase: $1,000,000
Aggregate shares/par of offering: $525,000,000
Aggregate value of offering: $525,000,000
Securities acquired from: Chase Securities
Underwriting Syndicate's Members: Chase Securities
Merrill Lynch & Co.
ABN Amro
Bank of New York Capital Markets
Credit Suisse First Boston
First Union Capital Markets
JP Morgan Securities
Morgan Stanley Dean Witter
Utendahl Capital Partners LP
Wachovia Securities Inc.
Name of Issuer: Safeway Inc.
------------
Type of Security: Corporate Notes
Trade Date: 9/8/1999
Maturity Date: 9/15/2002
Interest Rate: 7.00%
Total Shares Purchased: $500,000
Total Purchase: $498,135
Aggregate shares of offering: $600,000,000
Aggregate value of offering: $597,762,000
Securities acquired from: Morgan Stanley Dean Witter
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
Merrill Lynch & Co.
Banc of America Securities LLC
Chase Securities
Credit Suisse First Boston
Deutsche Banc Alex Brown
Goldman Sachs & Co
Lehman Brothers
Salomon Smith Barney
Utendahl Capital Partners LP
TOTAL RETURN BOND FUND
Name of Issuer: Bombardier Capital Ltd
----------------------
Type of Security: Corporate Bonds
Trade Date: 8/18/1999
Maturity Date: 8/15/2004
Interest Rate: 7.5%
Total Shares Purchased: $2,000,000
Total Purchase: $1,994,020
Aggregate shares of offering: $300,000,000
Aggregate value of offering: $299,103,000
Securities acquired from: Nations Bank
Underwriting Syndicate's Members: JP Morgan Securities
Banc of American Securities
Chase Securities
Deutsche Banc Alex Brown
First Union Capital Markets
Merrill Lynch & Co.
Name of Issuer: Safeway Inc.
------------
Type of Security: Corporate Notes
Trade Date: 9/8/1999
Maturity Date: 9/15/2002
Interest Rate: 7.00%
Total Shares Purchased: $1,000,000
Total Purchase: $996,270
Aggregate shares of offering: $600,000,000
Aggregate value of offering: $597,762,000
Securities acquired from: Morgan Stanley Dean Witter
Underwriting Syndicate's Members: Morgan Stanley Dean Witter
Merrill Lynch & Co.
Banc of America Securities LLC
Chase Securities
Credit Suisse First Boston
Deutsche Banc Alex Brown
Goldman Sachs & Co
Lehman Brothers
Salomon Smith Barney
Utendahl Capital Partners LP
