# EDGAR Filing Document

**Accession Number:** 0001145022
**File Stem:** 0000894189-25-014436
**Filing Date:** 2025-11
**Character Count:** 55512
**Document Hash:** 176c57df08c3e3057a7094688e496cd4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014436.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000894189-25-014436

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HOTCHKIS & WILEY FUNDS /DE/
- **CENTRAL INDEX KEY:** 0001145022

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10487
- **FILM NUMBER:** 251514166

**BUSINESS ADDRESS:**
- **STREET 1:** 601 SOUTH FIGUEROA STREET
- **STREET 2:** 39TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017-5704
- **BUSINESS PHONE:** 2134301000

**MAIL ADDRESS:**
- **STREET 1:** 601 SOUTH FIGUEROA STREET
- **STREET 2:** 39TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017-5704

## Series and Classes Contracts Data

### Hotchkis & Wiley Value Opportunities Fund (Series ID: S000006216)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017137 | Class I      | HWAIX           |
| C000017138 | Class A      | HWAAX           |
| C000017139 | Class C      | HWACX           |
| C000205770 | Class Z      | HWAZX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Hotchkis & Wiley Value Opportunities Fund** | **Hotchkis & Wiley Value Opportunities Fund** | **Hotchkis & Wiley Value Opportunities Fund** | **Hotchkis & Wiley Value Opportunities Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 94.0%** | **COMMON STOCKS - 94.0%** | **Shares** | **Value**  |
| **Automobile Components - 0.8%** | **Automobile Components - 0.8%** | **Automobile Components - 0.8%** | |
| Aptiv PLC <sup>(a)</sup> | Aptiv PLC <sup>(a)</sup> | 77400 | $6673428 |
| **Automobiles - 2.3%** | **Automobiles - 2.3%** | **Automobiles - 2.3%** |  |
| General Motors Co. | General Motors Co. | 298250 | 18184303 |
| **Banks - 4.1%** | **Banks - 4.1%** | **Banks - 4.1%** |  |
| Citigroup, Inc. | Citigroup, Inc. | 135200 | 13722800 |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | 31600 | 1679856 |
| Popular, Inc. | Popular, Inc. | 62000 | 7874620 |
| Wells Fargo & Co. | Wells Fargo & Co. | 110900 | 9295638 |
|  |  |  | 32572914 |
| **Beverages - 0.9%** | **Beverages - 0.9%** | **Beverages - 0.9%** |  |
| Constellation Brands, Inc. - Class A | Constellation Brands, Inc. - Class A | 21800 | 2935806 |
| Heineken NV - ADR | Heineken NV - ADR | 99600 | 3891372 |
|  |  |  | 6827178 |
| **Broadline Retail - 0.0%<sup>(b)</sup>** | **Broadline Retail - 0.0%<sup>(b)</sup>** | **Broadline Retail - 0.0%<sup>(b)</sup>** |  |
| Articore Group Ltd. <sup>(a)</sup> | Articore Group Ltd. <sup>(a)</sup> | 1991054 | 357872 |
| **Capital Markets - 3.3%** | **Capital Markets - 3.3%** | **Capital Markets - 3.3%** |  |
| Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | 72700 | 7921392 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | 13500 | 10750725 |
| State Street Corp. | State Street Corp. | 61200 | 7099812 |
|  |  |  | 25771929 |
| **Chemicals - 6.5%** | **Chemicals - 6.5%** | **Chemicals - 6.5%** |  |
| Ecovyst, Inc. <sup>(a)</sup> | Ecovyst, Inc. <sup>(a)</sup> | 848600 | 7433736 |
| Fuso Chemical Co. Ltd. | Fuso Chemical Co. Ltd. | 563400 | 18638360 |
| Iracore Investments Holdings, Inc. (Acquired 4/13/2017, Cost $6,892,250) <sup>(a)(c)(d)(e)</sup> | Iracore Investments Holdings, Inc. (Acquired 4/13/2017, Cost $6,892,250) <sup>(a)(c)(d)(e)</sup> | 32422 | 7786143 |
| Olin Corp. | Olin Corp. | 403800 | 10090962 |
| PPG Industries, Inc. | PPG Industries, Inc. | 55800 | 5865138 |
| UTEX Industries, Inc. (Acquired 5/11/2021, Cost $757,278) <sup>(a)(c)(e)</sup> | UTEX Industries, Inc. (Acquired 5/11/2021, Cost $757,278) <sup>(a)(c)(e)</sup> | 24058 | 1103059 |
|  |  |  | 50917398 |
| **Communications Equipment - 13.0%** | **Communications Equipment - 13.0%** | **Communications Equipment - 13.0%** |  |
| F5, Inc. <sup>(a)</sup> | F5, Inc. <sup>(a)</sup> | 196890 | 63632879 |
| Telefonaktiebolaget LM Ericsson - ADR | Telefonaktiebolaget LM Ericsson - ADR | 4689200 | 38779684 |
|  |  |  | 102412563 |
| **Construction & Engineering - 0.3%** | **Construction & Engineering - 0.3%** | **Construction & Engineering - 0.3%** |  |
| Fluor Corp. <sup>(a)</sup> | Fluor Corp. <sup>(a)</sup> | 61700 | 2595719 |
| **Consumer Finance - 1.7%** | **Consumer Finance - 1.7%** | **Consumer Finance - 1.7%** |  |
| SLM Corp. | SLM Corp. | 472713 | 13084696 |
| **Electronic Equipment, Instruments & Components - 0.9%** | **Electronic Equipment, Instruments & Components - 0.9%** | **Electronic Equipment, Instruments & Components - 0.9%** |  |
| Avnet, Inc. | Avnet, Inc. | 138800 | 7256464 |
| **Energy Equipment & Services - 6.7%** | **Energy Equipment & Services - 6.7%** | **Energy Equipment & Services - 6.7%** |  |
| Baker Hughes Co. | Baker Hughes Co. | 187800 | 9149616 |
| NOV, Inc. | NOV, Inc. | 1087900 | 14414675 |
| Schlumberger NV | Schlumberger NV | 839670 | 28859458 |
|  |  |  | 52423749 |
| **Financial Services - 0.7%** | **Financial Services - 0.7%** | **Financial Services - 0.7%** |  |
| Fiserv, Inc. <sup>(a)</sup> | Fiserv, Inc. <sup>(a)</sup> | 41300 | 5324809 |
| <br>**Ground Transportation - 3.6%** | <br>**Ground Transportation - 3.6%** | <br>**Ground Transportation - 3.6%** |  |
| U-Haul Holding Co. | U-Haul Holding Co. | 562200 | 28615980 |
| **Health Care Equipment & Supplies - 3.2%** | **Health Care Equipment & Supplies - 3.2%** | **Health Care Equipment & Supplies - 3.2%** |  |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | 248200 | 18639820 |
| Medtronic PLC | Medtronic PLC | 70300 | 6695372 |
|  |  |  | 25335192 |
| **Health Care Providers & Services - 4.3%** | **Health Care Providers & Services - 4.3%** | **Health Care Providers & Services - 4.3%** |  |
| Elevance Health, Inc. | Elevance Health, Inc. | 53600 | 17319232 |
| Humana, Inc. | Humana, Inc. | 24800 | 6452216 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | 29600 | 10220880 |
|  |  |  | 33992328 |
| **Hotels, Restaurants & Leisure - 0.7%** | **Hotels, Restaurants & Leisure - 0.7%** | **Hotels, Restaurants & Leisure - 0.7%** |  |
| Marriott Vacations Worldwide Corp. | Marriott Vacations Worldwide Corp. | 86800 | 5777408 |
| **Household Products - 1.1%** | **Household Products - 1.1%** | **Household Products - 1.1%** |  |
| Henkel AG & Co. KGaA | Henkel AG & Co. KGaA | 122500 | 9092787 |
| **Industrial Conglomerates - 2.2%** | **Industrial Conglomerates - 2.2%** | **Industrial Conglomerates - 2.2%** |  |
| Siemens AG - ADR | Siemens AG - ADR | 42000 | 5670420 |
| Siemens AG | Siemens AG | 42800 | 11555093 |
|  |  |  | 17225513 |
| **Insurance - 0.4%** | **Insurance - 0.4%** | **Insurance - 0.4%** |  |
| Global Indemnity Group LLC - Class A | Global Indemnity Group LLC - Class A | 102500 | 2977615 |
| **Interactive Media & Services - 1.3%** | **Interactive Media & Services - 1.3%** | **Interactive Media & Services - 1.3%** |  |
| Alphabet, Inc. - Class A | Alphabet, Inc. - Class A | 41600 | 10112960 |
| **Machinery - 1.3%** | **Machinery - 1.3%** | **Machinery - 1.3%** |  |
| Cummins, Inc. | Cummins, Inc. | 11200 | 4730544 |
| Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | 73900 | 5492987 |
|  |  |  | 10223531 |
| **Media - 6.6%** | **Media - 6.6%** | **Media - 6.6%** |  |
| Comcast Corp. - Class A | Comcast Corp. - Class A | 302600 | 9507692 |
| Havas NV | Havas NV | 12456100 | 22963140 |
| Stagwell, Inc. <sup>(a)</sup> | Stagwell, Inc. <sup>(a)</sup> | 2716800 | 15295584 |
| WPP PLC - ADR | WPP PLC - ADR | 156100 | 3910305 |
|  |  |  | 51676721 |
| **Metals & Mining - 0.0%<sup>(b)</sup>** | **Metals & Mining - 0.0%<sup>(b)</sup>** | **Metals & Mining - 0.0%<sup>(b)</sup>** |  |
| Metals Recovery Holdings LLC (Acquired 7/24/2014 - 12/10/2019, Cost $6,965,758) <sup>(a)(c)(e)</sup> | Metals Recovery Holdings LLC (Acquired 7/24/2014 - 12/10/2019, Cost $6,965,758) <sup>(a)(c)(e)</sup> | 7042 | 2324 |
| **Multi-Utilities - 2.7%** | **Multi-Utilities - 2.7%** | **Multi-Utilities - 2.7%** |  |
| Dominion Energy, Inc. | Dominion Energy, Inc. | 348700 | 21329979 |
| **Oil, Gas & Consumable Fuels - 6.5%** | **Oil, Gas & Consumable Fuels - 6.5%** | **Oil, Gas & Consumable Fuels - 6.5%** |  |
| APA Corp. | APA Corp. | 598000 | 14519440 |
| California Resources Corp. | California Resources Corp. | 33800 | 1797484 |
| ConocoPhillips | ConocoPhillips | 61900 | 5855121 |
| Kosmos Energy Ltd. <sup>(a)</sup> | Kosmos Energy Ltd. <sup>(a)</sup> | 788800 | 1309408 |
| Murphy Oil Corp. | Murphy Oil Corp. | 235100 | 6679191 |
| Ovintiv, Inc. | Ovintiv, Inc. | 262900 | 10615902 |
| Shell PLC - ADR | Shell PLC - ADR | 148350 | 10611476 |
|  |  |  | 51388022 |
| **Passenger Airlines - 2.2%** | **Passenger Airlines - 2.2%** | **Passenger Airlines - 2.2%** |  |
| Qantas Airways Ltd. | Qantas Airways Ltd. | 2359620 | 17050137 |
| <br>**Real Estate Management & Development - 1.5%** | <br>**Real Estate Management & Development - 1.5%** | <br>**Real Estate Management & Development - 1.5%** |  |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> | Jones Lang LaSalle, Inc. <sup>(a)</sup> | 38800 | 11573264 |
| **Software - 13.6%** | **Software - 13.6%** | **Software - 13.6%** |  |
| Microsoft Corp. | Microsoft Corp. | 32310 | 16734964 |
| Salesforce, Inc. | Salesforce, Inc. | 88500 | 20974500 |
| Workday, Inc. - Class A <sup>(a)</sup> | Workday, Inc. - Class A <sup>(a)</sup> | 270820 | 65194499 |
| Workiva, Inc. <sup>(a)</sup> | Workiva, Inc. <sup>(a)</sup> | 48800 | 4200704 |
|  |  |  | 107104667 |
| **Specialty Retail - 0.4%** | **Specialty Retail - 0.4%** | **Specialty Retail - 0.4%** |  |
| Lithia Motors, Inc. | Lithia Motors, Inc. | 9400 | 2970400 |
| **Support Activities for Oil and Gas Operations - 0.0%<sup>(b)</sup>** | **Support Activities for Oil and Gas Operations - 0.0%<sup>(b)</sup>** | **Support Activities for Oil and Gas Operations - 0.0%<sup>(b)</sup>** |  |
| Mcdermott International Ltd. <sup>(a)</sup> | Mcdermott International Ltd. <sup>(a)</sup> | 6659 | 132518 |
| **Tobacco - 1.2%** | **Tobacco - 1.2%** | **Tobacco - 1.2%** |  |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 58860 | 9547092 |
| **TOTAL COMMON STOCKS** (Cost $617,405,417) | **TOTAL COMMON STOCKS** (Cost $617,405,417) | **TOTAL COMMON STOCKS** (Cost $617,405,417) | 740531460 |
| **EXCHANGE TRADED FUNDS - 1.6%** | **EXCHANGE TRADED FUNDS - 1.6%** | **Shares** | **Value**  |
| Vanguard Long-Term Treasury ETF | Vanguard Long-Term Treasury ETF | 230100 | 13083486 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $12,700,553) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $12,700,553) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $12,700,553) | 13083486 |
| **PURCHASED OPTIONS - 1.1%<sup>(a)</sup>** | **Notional Amount** | **Contracts** | **Value**  |
| **Put Options - 1.1%<sup>(f)(g)</sup>** | **Put Options - 1.1%<sup>(f)(g)</sup>** |  | $**–** |
|  Digital Realty Trust, Inc., Expiration: 01/15/2027; Exercise Price: $170.00 | $6050800 | 350 | 666750 |
|  Invesco QQQ Trust Series 1, Expiration: 12/19/2025; Exercise Price: $550.00 | 46228490 | 770 | 560560 |
| United Parcel Service, Inc. | United Parcel Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 01/15/2027; Exercise Price: $90.00 | $32910820 | 3940 | 6658600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 01/21/2028; Exercise Price: $80.00 | 4260030 | 510 | 776730 |
| **TOTAL PURCHASED OPTIONS** (Cost $7,983,483) | **TOTAL PURCHASED OPTIONS** (Cost $7,983,483) | **TOTAL PURCHASED OPTIONS** (Cost $7,983,483) | 8662640 |
| **PREFERRED STOCKS - 0.5%** | **PREFERRED STOCKS - 0.5%** | **Shares** | **Value**  |
| **Financial Services - 0.5%** | **Financial Services - 0.5%** | **Financial Services - 0.5%** |  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | – | $– |
| &nbsp;&nbsp; Series K, 5.79%, Perpetual <sup>(a)</sup> | &nbsp;&nbsp; Series K, 5.79%, Perpetual <sup>(a)</sup> | 33300 | 860306 |
| &nbsp;&nbsp; Series N, 0.00%, Perpetual <sup>(a)(h)</sup> | &nbsp;&nbsp; Series N, 0.00%, Perpetual <sup>(a)(h)</sup> | 116400 | 2426940 |
| &nbsp;&nbsp; Series S, 0.00%, Perpetual <sup>(a)(h)</sup> | &nbsp;&nbsp; Series S, 0.00%, Perpetual <sup>(a)(h)</sup> | 18400 | 436816 |
| **TOTAL PREFERRED STOCKS** (Cost $268,508) | **TOTAL PREFERRED STOCKS** (Cost $268,508) | **TOTAL PREFERRED STOCKS** (Cost $268,508) | 3724062 |
| **BANK LOANS - 0.4%** | **BANK LOANS - 0.4%** | **Par** | **Value**  |
| **Chemicals - 0.2%** | **Chemicals - 0.2%** | **Chemicals - 0.2%** | **Chemicals - 0.2%** |
| Iracore International, Inc., 13.48% (1 mo. LIBOR US + 9.00%), 04/12/2026 (Acquired 4/13/2017, Cost $1,685,735) (c)(e)(i) | Iracore International, Inc., 13.48% (1 mo. LIBOR US + 9.00%), 04/12/2026 (Acquired 4/13/2017, Cost $1,685,735) (c)(e)(i) | 1685735 | 1685735 |
| **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** |
| Lealand Finance Co. BV First Lien | Lealand Finance Co. BV First Lien | Lealand Finance Co. BV First Lien | Lealand Finance Co. BV First Lien |
| &nbsp;&nbsp; 7.43% (1 mo. Term SOFR + 3.00%), 06/30/2027 (Acquired 6/30/2020, Cost $442,883) <sup>(e)</sup> | &nbsp;&nbsp; 7.43% (1 mo. Term SOFR + 3.00%), 06/30/2027 (Acquired 6/30/2020, Cost $442,883) <sup>(e)</sup> | 442883 | 360212 |
| &nbsp;&nbsp; 8.43% Cash and 3.00% PIK (1 mo. Term SOFR + 1.00%), 12/31/2027 (Acquired 6/30/2020 - 9/30/2025, Cost $1,542,389) <sup>(e)</sup> | &nbsp;&nbsp; 8.43% Cash and 3.00% PIK (1 mo. Term SOFR + 1.00%), 12/31/2027 (Acquired 6/30/2020 - 9/30/2025, Cost $1,542,389) <sup>(e)</sup> | 1515995 | 1086468 |
|  |  |  | 1446680 |
| **TOTAL BANK LOANS** (Cost $3,671,007) | **TOTAL BANK LOANS** (Cost $3,671,007) | **TOTAL BANK LOANS** (Cost $3,671,007) | 3132415 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.2%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.2%** | **Shares** | **Value**  |
| **Real Estate Management & Development - 0.2%** | **Real Estate Management & Development - 0.2%** | **Real Estate Management & Development - 0.2%** |  |
| Seritage Growth Properties - Class A <sup>(a)</sup> | Seritage Growth Properties - Class A <sup>(a)</sup> | 307200 | 1305600 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,374,890) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,374,890) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,374,890) | 1305600 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 2.7%** | **MONEY MARKET FUNDS - 2.7%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(j)</sup> | First American Government Obligations Fund - Class X, 4.05%<sup>(j)</sup> | 21361717 | 21361717 |
| **TOTAL MONEY MARKET FUNDS** (Cost $21,361,717) | **TOTAL MONEY MARKET FUNDS** (Cost $21,361,717) | **TOTAL MONEY MARKET FUNDS** (Cost $21,361,717) | 21361717 |
| **TIME DEPOSITS - 0.0%<sup>(b)</sup>** | **TIME DEPOSITS - 0.0%<sup>(b)</sup>** | **Par** | **Value**  |
| Royal Bank of Canada, 3.44%, 10/01/2025 <sup>(k)</sup> | Royal Bank of Canada, 3.44%, 10/01/2025 <sup>(k)</sup> | 68147 | 68147 |
| **TOTAL TIME DEPOSITS** (Cost $68,147) | **TOTAL TIME DEPOSITS** (Cost $68,147) | **TOTAL TIME DEPOSITS** (Cost $68,147) | 68147 |
| **TOTAL INVESTMENTS - 100.5% (**Cost $664,833,722**)** | **TOTAL INVESTMENTS - 100.5% (**Cost $664,833,722**)** | **TOTAL INVESTMENTS - 100.5% (**Cost $664,833,722**)** | 791869527 |
| Liabilities in Excess of Other Assets - (0.5)% | Liabilities in Excess of Other Assets - (0.5)% | Liabilities in Excess of Other Assets - (0.5)% | (4192970) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $787676557 |
| two | two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by MSCI, an independent provider of global indices and benchmark-related products and services, and Standard & Poor's (S&P), an independent international financial data and investment services company. The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio management and asset allocation. The GICS structure consists of 11 sectors, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels. | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by MSCI, an independent provider of global indices and benchmark-related products and services, and Standard & Poor's (S&P), an independent international financial data and investment services company. The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio management and asset allocation. The GICS structure consists of 11 sectors, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels. | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by MSCI, an independent provider of global indices and benchmark-related products and services, and Standard & Poor's (S&P), an independent international financial data and investment services company. The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio management and asset allocation. The GICS structure consists of 11 sectors, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels. | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by MSCI, an independent provider of global indices and benchmark-related products and services, and Standard & Poor's (S&P), an independent international financial data and investment services company. The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio management and asset allocation. The GICS structure consists of 11 sectors, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels. |

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---

| |
|:---|
| ADR - American Depositary Receipt |
| LIBOR - London Interbank Offered Rate |
| LLC - Limited Liability Company |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |

---

(a) Non-income producing security.

(b) Represents less than 0.05% of net assets.

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $10,577,261 or 1.3% of net assets as of September 30, 2025.

(d) Affiliated security as defined by the Investment Company Act of 1940

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | Net Change in | | | |
|  | | | | | Unrealized | | | |
|  | Value at | | | Net Realized | Appreciation/ | Value at | | Shares Held at |
| Issuer Name | June 30, 2025 | Purchases | Sales | Gains (Losses) | Depreciation | September 30, 2025 | Dividends | September 30, 2025 |
| Iracore Investments Holdings, Inc. | $7866226 | $- | $- | $- | $(80083) | $7786143 | $- | $32422 |
|  | $7866226 | $- | $- | $- | $(80083) | $7786143 | $- |  |

---

(e) Restricted security purchased in a private placement transaction in which resale to the public may require registration. As of September 30, 2025, the value of these securities total $12,023,941
 or 1.5% of the Fund's net assets.

(f) 100 shares per contract.

(g) Exchange-traded.

(h) Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate
 disclosed is as of September 30, 2025.

(i) Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

(j) The rate shown represents the 7-day annualized yield as of September 30, 2025.

(k) Invested through a cash management account administered by Brown Brothers Harriman & Co.

------

**Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)** 

Hotchkis & Wiley Value Opportunities Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $651982545 | $79657389 | $8891526 | $740531460 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 13083486 | – | – | 13083486 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 7995890 | 666750 | – | 8662640 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 2863756 | 860306 | – | 3724062 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | – | 1446680 | 1685735 | 3132415 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 1305600 | – | – | 1305600 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 21361717 | – | – | 21361717 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Time Deposits | – | 68147 | – | 68147 |
| Total Investments | $698592994 | $82699272 | $10577261 | $791869527 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |
| Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| The following table provides information about the Level 3 values, as well as their inputs, as of September 30, 2025: | The following table provides information about the Level 3 values, as well as their inputs, as of September 30, 2025: | The following table provides information about the Level 3 values, as well as their inputs, as of September 30, 2025: | The following table provides information about the Level 3 values, as well as their inputs, as of September 30, 2025: | The following table provides information about the Level 3 values, as well as their inputs, as of September 30, 2025: | The following table provides information about the Level 3 values, as well as their inputs, as of September 30, 2025: |
|  | Fair Value at<br> September 30, 2025 | Valuation Techniques | Unobservable Inputs | Input Values<br> (Weighted Average)\* | Impact to Valuation from an<br> Increase to Input |
| Common Stocks | $2324 | Estimated recovery value | Probability of asset recovery | $0.60 | Increase |
|  | 8889202 | Market comparable companies | EBIT multiple | 10.0x - 10.1x (10.1x) | Increase |
| Total Common Stocks | 8891526 |  |  |  |  |
| Bank Loans | 1685735 | Market comparable securities | N/A | $100.00 | Increase |
|  | $10577261 |  |  |  |  |
| \* Unobservable inputs were weighted by the fair value of the investments. | \* Unobservable inputs were weighted by the fair value of the investments. | \* Unobservable inputs were weighted by the fair value of the investments. |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: |
|  | Common Stocks | Bank Loans | Total |
| Balance at June 30, 2025 | $8866692 | $1685735 | $10552427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued discounts (premiums) | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains (losses) | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/depreciation | 24834 | - | 24834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 | - | - | - |
| Balance at September 30, 2025 | $8891526 | $1685735 | $10577261 |
| Change in unrealized appreciation/depreciation for Level 3 assets held at September 30, 2025 | $24834 | $- | $24834 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** HOTCHKIS & WILEY FUNDS/DE/

- **b. Investment Company Act file number:** 811-10487

- **c. CIK number of Registrant:** 0001145022

- **d. LEI of Registrant:** 549300DFU8YF1PWZ5A57

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 601 South Figueroa Street

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90017-5704

  - **Telephone number:** 213-430-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Hotchkis and Wiley Value Opportunities Fund

- **b. EDGAR series identifier (if any):** S000006216

- **c. LEI of Series:** 549300JLT8FMOBXCJA12

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $786746486.29

**Total Liabilities:** $923368.48

**Net Assets:** $785823117.81

**Cash Not Reported:** $727626.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017137 | 0.37%                | 4.98%                | 1.28%                |
| Class ID C000017138 | 0.35%                | 4.96%                | 1.26%                |
| Class ID C000017139 | 0.26%                | 4.93%                | 1.16%                |
| Class ID C000205770 | 0.35%                | 5.03%                | 1.26%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5924503.93              | $-4071240.28                               |
| Month 2  | $8945037.76              | $27648254.26                               |
| Month 3  | $3349932.05              | $4351175.15                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                               | Title                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alphabet Inc                       | Alphabet Inc                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     41600 | NS      | $10112960.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co                  | U-Haul Holding Co                 | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |    562200 | NS      | $28615980.00  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                    | Baker Hughes Co                   | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    272500 | NS      | $13276200.00  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                | Dominion Energy Inc               | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    348700 | NS      | $21329979.00  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                         | Siemens AG                        | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     42800 | NS      | $11555093.40  | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Murphy Oil Corp                    | Murphy Oil Corp                   | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |    235100 | NS      | $6679191.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Qantas Airways Ltd                 | Qantas Airways Ltd                | CUSIP: N/A<br>LEI: YLXNW6TI6QSK1H8H0N82       | Long             | EC               | CORP              | AU        |   2359620 | NS      | $17050136.72  | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Ovintiv Inc                        | Ovintiv Inc                       | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |    262900 | NS      | $10615902.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In     | Philip Morris International Inc   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     58860 | NS      | $9547092.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                           | SLM Corp                          | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    472713 | NS      | $13084695.84  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                    | Schlumberger NV                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    733070 | NS      | $25195615.90  | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Seritage Growth Properties         | Seritage Growth Properties        | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               | CORP              | US        |    307200 | NS      | $1305600.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                         | Siemens AG                        | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     42000 | NS      | $5670420.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Stagwell Inc                       | Stagwell Inc                      | CUSIP: 85256A109<br>LEI: 549300KIYTU6J3NYJ009 | Long             | EC               | CORP              | US        |   2716800 | NS      | $15295584.00  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                  | State Street Corp                 | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     61200 | NS      | $7099812.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc             | UnitedHealth Group Inc            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     29600 | NS      | $10220880.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                   | Wells Fargo & Co                  | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    110900 | NS      | $9295638.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                        | Workiva Inc                       | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |     48800 | NS      | $4200704.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Articore Group Ltd                 | Articore Group Ltd                | CUSIP: N/A<br>LEI: 254900SRSOME9Q6QGA93       | Long             | EC               | CORP              | AU        |   1991054 | NS      | $357872.21    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                | Digital Realty Trust Inc          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       350 | NC      | $666750.00    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| METALS RECOVERY HOLDINGS LLC       | METALS RECOVERY HOLDINGS LLC      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      7042 | NS      | $2323.96      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                | Invesco QQQ Trust Series 1        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       770 | NC      | $560560.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                | United Parcel Service Inc         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3940 | NC      | $6658600.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                | United Parcel Service Inc         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       510 | NC      | $776730.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                           | APA Corp                          | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    598000 | NS      | $14519440.00  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T     | Bank of New York Mellon Corp/The  | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     72700 | NS      | $7921392.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp          | California Resources Corp         | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     33800 | NS      | $1797484.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                      | Citigroup Inc                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    135200 | NS      | $13722800.00  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc       | Citizens Financial Group Inc      | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     31600 | NS      | $1679856.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                       | Comcast Corp                      | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    302600 | NS      | $9507692.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                        | Ecovyst Inc                       | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    848600 | NS      | $7433736.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| FED HOME LOAN MORTGAGE             | Federal Home Loan Mortgage Corp   | CUSIP: 313400764<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | EP               | USGSE             | US        |    116400 | NS      | $2426940.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                         | Fiserv Inc                        | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     41300 | NS      | $5324809.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Kosmos Energy Ltd                  | Kosmos Energy Ltd                 | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |    788800 | NS      | $1309408.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                 | PPG Industries Inc                | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     55800 | NS      | $5865138.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                        | Popular Inc                       | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     62000 | NS      | $7874620.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                          | Shell PLC                         | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    148350 | NS      | $10611475.50  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc         | Stanley Black & Decker Inc        | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     73900 | NS      | $5492987.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| WPP PLC                            | WPP PLC                           | CUSIP: 92937A102<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | GB        |    156100 | NS      | $3910305.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                | Elevance Health Inc               | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     53600 | NS      | $17319232.00  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                          | Avnet Inc                         | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |    138800 | NS      | $7256464.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc           | Constellation Brands Inc          | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |     21800 | NS      | $2935806.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                     | Microsoft Corp                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     32310 | NS      | $16734964.50  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                          | Olin Corp                         | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |    403800 | NS      | $10090962.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                        | Workday Inc                       | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |    270820 | NS      | $65194498.60  | 8.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                          | Aptiv PLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     77400 | NS      | $6673428.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                        | Cummins Inc                       | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     11200 | NS      | $4730544.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ericsson                           | Telefonaktiebolaget LM Ericsson   | CUSIP: 294821608<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |   4689200 | NS      | $38779684.00  | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| FREDDIE MAC                        | Federal Home Loan Mortgage Corp   | CUSIP: 313400715<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | EP               | USGSE             | US        |     18400 | NS      | $436816.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                         | Humana Inc                        | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     24800 | NS      | $6452216.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuso Chemical Co Ltd               | Fuso Chemical Co Ltd              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    563400 | NS      | $18638359.33  | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Salesforce Inc                     | Salesforce Inc                    | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     55800 | NS      | $13224600.00  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Long-Term Treasury ET     | Vanguard Long-Term Treasury ETF   | CUSIP: 92206C847<br>LEI: N/A                  | Long             | EC               | RF                | US        |    230100 | NS      | $13083486.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Havas NV                           | Havas NV                          | CUSIP: N/A<br>LEI: 894500L53AVOFQK7T710       | Long             | EC               | CORP              | FR        |  12456100 | NS      | $22963140.25  | 2.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Iracore International Holdings Inc | Iracore Investments Holdings Inc  | CUSIP: N/A<br>LEI: 5493001MEBLCGW71EE69       | Long             | EC               | CORP              | US        |     32422 | NS      | $7786143.30   | 0.99%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UTEX Industries Inc                | UTEX Industries Inc               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     24058 | NS      | $1103059.30   | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ConocoPhillips                     | ConocoPhillips                    | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     61900 | NS      | $5855121.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| FREDDIE MAC                        | Federal Home Loan Mortgage Corp   | CUSIP: 313400830<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | EP               | USGSE             | US        |     33300 | NS      | $860305.50    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Fluor Corp                         | Fluor Corp                        | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     61700 | NS      | $2595719.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Indemnity Group LLC         | Global Indemnity Group LLC        | CUSIP: 37959R103<br>LEI: 549300KNR55WEKSPTK65 | Long             | EC               | CORP              | US        |    102500 | NS      | $2977614.75   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The        | Goldman Sachs Group Inc/The       | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     13500 | NS      | $10750725.00  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co KGaA                | Henkel AG & Co KGaA               | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EC               | CORP              | DE        |    122500 | NS      | $9092787.04   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| NOV Inc                            | NOV Inc                           | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |   1087900 | NS      | $14414675.00  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Mcdermott International Ltd        | Mcdermott International Ltd       | CUSIP: N/A<br>LEI: 54930004RAXI4B3L4752       | Long             | EC               | CORP              | US        |      6659 | NS      | $132518.47    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                      | Medtronic PLC                     | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     70300 | NS      | $6695372.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                             | F5 Inc                            | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |    196890 | NS      | $63632879.10  | 8.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                        | Heineken NV                       | CUSIP: 423012301<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |     99600 | NS      | $3891372.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc             | Jones Lang LaSalle Inc            | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     38800 | NS      | $11573264.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc                  | Lithia Motors Inc                 | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |      9400 | NS      | $2970400.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide C     | Marriott Vacations Worldwide Corp | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |     86800 | NS      | $5777408.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| LEALAND FINANCE CO BV              | Lealand Finance Co BV             | CUSIP: N5200EAB7<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |   1511963 | PA      | $1083578.86   | 0.14%             | 2027-12-31      | Floating      | 8.43%                 | Yes           |                  2 | On Loan: No      |
| GE HealthCare Technologies Inc     | GE HealthCare Technologies Inc    | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |    248200 | NS      | $18639820.00  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                  | General Motors Co                 | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    298250 | NS      | $18184302.50  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LEALAND FINANCE CO BV              | Lealand Finance Co BV             | CUSIP: N5200EAC5<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |    442883 | PA      | $360211.87    | 0.05%             | 2027-06-30      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| Iracore International Holdings Inc | Iracore International Inc         | CUSIP: N/A<br>LEI: 5493001MEBLCGW71EE69       | Long             | LON              | CORP              | US        |   1685735 | PA      | $1685735.13   | 0.21%             | 2026-04-12      | Floating      | 13.48%                | Yes           |                  3 | On Loan: No      |
| Brown Brothers Harriman and Co.    | Citigroup, Inc.                   | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | Long             | STIV             | CORP              | US        |  20766610 | PA      | $20766609.96  | 2.64%             | 2025-09-30      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-21

**Name of Applicant:** HOTCHKIS & WILEY FUNDS/DE/

**Signature:** /s/ James Menvielle

**Name of Signer:** James Menvielle

**Title:** Treasurer / Principal Financial Officer