Executive Summary Report
June 30, 2000


Hotchkis & Wiley International Fund
International Equity Manager

• Assets held in the Hotchkis and Wiley International Fund totaled $3.5 million at the close of this quarter.
• The fund returned +4.2% versus -3.9% for the EAFE Index during this quarter.
• The Fund's underweight position in the weak performing Japanese market positively impacted results, as Japan returned -6.2% for the quarter. Also helping performance were holdings in the undervalued cyclical stocks, as investors sought conservative issues during the quarter. The overweight position in Canada also added to results, as resource- based issues produced strong results. Detracting from performance was an overweight position in the weak performing United Kingdom market. The overweight allocation to Hong Kong and Singapore also slightly hampered results.