# EDGAR Filing Document

**Accession Number:** 0001145022
**File Stem:** 0000894189-25-014438
**Filing Date:** 2025-11
**Character Count:** 41175
**Document Hash:** 8edb85f85a9ed400ccad03f15db9f5ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014438.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000894189-25-014438

**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:** 251514169

**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 Small Cap Value Fund (Series ID: S000006215)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017134 | Class I      | HWSIX           |
| C000017135 | Class A      | HWSAX           |
| C000017136 | Class C      | HWSCX           |
| C000205769 | Class Z      | HWSZX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Hotchkis & Wiley Small Cap Value Fund** | **Hotchkis & Wiley Small Cap Value Fund** | **Hotchkis & Wiley Small Cap Value Fund** | **Hotchkis & Wiley Small Cap Value 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 - 98.8%** | **COMMON STOCKS - 98.8%** | **Shares** | **Value**  |
| **Automobile Components - 3.9%** | **Automobile Components - 3.9%** | **Automobile Components - 3.9%** | |
| Adient PLC <sup>(a)</sup> | Adient PLC <sup>(a)</sup> | 587100 | $14137368 |
| Lear Corp. | Lear Corp. | 152400 | 15332964 |
|  |  |  | 29470332 |
| **Banks - 9.9%** | **Banks - 9.9%** | **Banks - 9.9%** |  |
| Associated Banc-Corp. | Associated Banc-Corp. | 335700 | 8630847 |
| Bank of NT Butterfield & Son Ltd. | Bank of NT Butterfield & Son Ltd. | 378100 | 16228052 |
| First Hawaiian, Inc. | First Hawaiian, Inc. | 973400 | 24169522 |
| Popular, Inc. | Popular, Inc. | 169200 | 21490092 |
| Synovus Financial Corp. | Synovus Financial Corp. | 63300 | 3106764 |
| WaFd, Inc. | WaFd, Inc. | 40098 | 1214568 |
|  |  |  | 74839845 |
| **Capital Markets - 2.7%** | **Capital Markets - 2.7%** | **Capital Markets - 2.7%** |  |
| Perella Weinberg Partners | Perella Weinberg Partners | 51300 | 1093716 |
| Stifel Financial Corp. | Stifel Financial Corp. | 174100 | 19755127 |
|  |  |  | 20848843 |
| **Chemicals - 6.3%** | **Chemicals - 6.3%** | **Chemicals - 6.3%** |  |
| Ecovyst, Inc. <sup>(a)</sup> | Ecovyst, Inc. <sup>(a)</sup> | 2445400 | 21421704 |
| Olin Corp. | Olin Corp. | 1056400 | 26399436 |
|  |  |  | 47821140 |
| **Commercial Services & Supplies - 1.9%** | **Commercial Services & Supplies - 1.9%** | **Commercial Services & Supplies - 1.9%** |  |
| Brink's Co. | Brink's Co. | 91600 | 10704376 |
| MillerKnoll, Inc. | MillerKnoll, Inc. | 82000 | 1454680 |
| Quad/Graphics, Inc. | Quad/Graphics, Inc. | 408500 | 2557210 |
|  |  |  | 14716266 |
| **Communications Equipment - 8.7%** | **Communications Equipment - 8.7%** | **Communications Equipment - 8.7%** |  |
| F5, Inc. <sup>(a)</sup> | F5, Inc. <sup>(a)</sup> | 204360 | 66047108 |
| **Construction & Engineering - 2.5%** | **Construction & Engineering - 2.5%** | **Construction & Engineering - 2.5%** |  |
| Fluor Corp. <sup>(a)</sup> | Fluor Corp. <sup>(a)</sup> | 447500 | 18826325 |
| **Consumer Finance - 2.9%** | **Consumer Finance - 2.9%** | **Consumer Finance - 2.9%** |  |
| SLM Corp. | SLM Corp. | 808500 | 22379280 |
| **Electric Utilities - 2.1%** | **Electric Utilities - 2.1%** | **Electric Utilities - 2.1%** |  |
| OGE Energy Corp. | OGE Energy Corp. | 336100 | 15551347 |
| **Electronic Equipment, Instruments & Components - 4.1%** | **Electronic Equipment, Instruments & Components - 4.1%** | **Electronic Equipment, Instruments & Components - 4.1%** |  |
| Arrow Electronics, Inc. <sup>(a)</sup> | Arrow Electronics, Inc. <sup>(a)</sup> | 17800 | 2153800 |
| Avnet, Inc. | Avnet, Inc. | 555300 | 29031084 |
|  |  |  | 31184884 |
| **Energy Equipment & Services - 5.2%** | **Energy Equipment & Services - 5.2%** | **Energy Equipment & Services - 5.2%** |  |
| Expro Group Holdings NV <sup>(a)</sup> | Expro Group Holdings NV <sup>(a)</sup> | 283482 | 3367766 |
| NOV, Inc. | NOV, Inc. | 2486800 | 32950100 |
| Weatherford International PLC | Weatherford International PLC | 50300 | 3442029 |
|  |  |  | 39759895 |
| **Financial Services - 2.6%** | **Financial Services - 2.6%** | **Financial Services - 2.6%** |  |
| Euronet Worldwide, Inc. <sup>(a)</sup> | Euronet Worldwide, Inc. <sup>(a)</sup> | 39200 | 3442152 |
| WEX, Inc. <sup>(a)</sup> | WEX, Inc. <sup>(a)</sup> | 103200 | 16257096 |
|  |  |  | 19699248 |
| **Gas Utilities - 0.7%** | **Gas Utilities - 0.7%** | **Gas Utilities - 0.7%** |  |
| MDU Resources Group, Inc. | MDU Resources Group, Inc. | 307000 | 5467670 |
| **Ground Transportation - 3.8%** | **Ground Transportation - 3.8%** | **Ground Transportation - 3.8%** |  |
| U-Haul Holding Co. | U-Haul Holding Co. | 559700 | 28488730 |
| **Health Care Equipment & Supplies - 4.1%** | **Health Care Equipment & Supplies - 4.1%** | **Health Care Equipment & Supplies - 4.1%** |  |
| LivaNova PLC <sup>(a)</sup> | LivaNova PLC <sup>(a)</sup> | 315100 | 16504938 |
| Solventum Corp. <sup>(a)</sup> | Solventum Corp. <sup>(a)</sup> | 200500 | 14636500 |
|  |  |  | 31141438 |
| **Health Care Providers & Services - 1.0%** | **Health Care Providers & Services - 1.0%** | **Health Care Providers & Services - 1.0%** |  |
| Centene Corp. <sup>(a)</sup> | Centene Corp. <sup>(a)</sup> | 220600 | 7871008 |
| **Hotels, Restaurants & Leisure - 2.3%** | **Hotels, Restaurants & Leisure - 2.3%** | **Hotels, Restaurants & Leisure - 2.3%** |  |
| Marriott Vacations Worldwide Corp. | Marriott Vacations Worldwide Corp. | 262300 | 17458688 |
| **Insurance - 2.0%** | **Insurance - 2.0%** | **Insurance - 2.0%** |  |
| Global Indemnity Group LLC - Class A | Global Indemnity Group LLC - Class A | 316036 | 9180814 |
| Horace Mann Educators Corp. | Horace Mann Educators Corp. | 126600 | 5718522 |
|  |  |  | 14899336 |
| **IT Services - 1.1%** | **IT Services - 1.1%** | **IT Services - 1.1%** |  |
| ASGN, Inc. <sup>(a)</sup> | ASGN, Inc. <sup>(a)</sup> | 182300 | 8631905 |
| **Machinery - 5.3%** | **Machinery - 5.3%** | **Machinery - 5.3%** |  |
| Atmus Filtration Technologies, Inc. | Atmus Filtration Technologies, Inc. | 85600 | 3859704 |
| Greenbrier Cos., Inc. | Greenbrier Cos., Inc. | 73650 | 3400421 |
| Miller Industries, Inc. | Miller Industries, Inc. | 159900 | 6463158 |
| Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | 112700 | 8376991 |
| Timken Co. | Timken Co. | 240300 | 18065754 |
|  |  |  | 40166028 |
| **Media - 5.6%** | **Media - 5.6%** | **Media - 5.6%** |  |
| National CineMedia, Inc. | National CineMedia, Inc. | 1402700 | 6326177 |
| Stagwell, Inc. <sup>(a)</sup> | Stagwell, Inc. <sup>(a)</sup> | 6359417 | 35803518 |
|  |  |  | 42129695 |
| **Multi-Utilities - 1.7%** | **Multi-Utilities - 1.7%** | **Multi-Utilities - 1.7%** |  |
| Avista Corp. | Avista Corp. | 226600 | 8567746 |
| Black Hills Corp. | Black Hills Corp. | 71800 | 4422162 |
|  |  |  | 12989908 |
| **Oil, Gas & Consumable Fuels - 7.0%** | **Oil, Gas & Consumable Fuels - 7.0%** | **Oil, Gas & Consumable Fuels - 7.0%** |  |
| APA Corp. | APA Corp. | 570808 | 13859218 |
| Baytex Energy Corp. | Baytex Energy Corp. | 1739786 | 4071100 |
| Berry Corp. | Berry Corp. | 1238100 | 4680018 |
| California Resources Corp. | California Resources Corp. | 48000 | 2552640 |
| Crescent Energy Co. - Class A | Crescent Energy Co. - Class A | 155400 | 1386168 |
| Kosmos Energy Ltd. <sup>(a)</sup> | Kosmos Energy Ltd. <sup>(a)</sup> | 2332800 | 3872448 |
| Murphy Oil Corp. | Murphy Oil Corp. | 584900 | 16617009 |
| NextDecade Corp. <sup>(a)</sup> | NextDecade Corp. <sup>(a)</sup> | 233500 | 1585465 |
| Ovintiv, Inc. | Ovintiv, Inc. | 103200 | 4167216 |
|  |  |  | 52791282 |
| **Personal Care Products - 0.0%<sup>(b)</sup>** | **Personal Care Products - 0.0%<sup>(b)</sup>** | **Personal Care Products - 0.0%<sup>(b)</sup>** |  |
| Herbalife Ltd. <sup>(a)</sup> | Herbalife Ltd. <sup>(a)</sup> | 900 | 7596 |
| **Professional Services - 0.8%** | **Professional Services - 0.8%** | **Professional Services - 0.8%** |  |
| ManpowerGroup, Inc. | ManpowerGroup, Inc. | 151700 | 5749430 |
| **Real Estate Management & Development - 2.3%** | **Real Estate Management & Development - 2.3%** | **Real Estate Management & Development - 2.3%** |  |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> | Jones Lang LaSalle, Inc. <sup>(a)</sup> | 51600 | 15391248 |
| RMR Group, Inc. - Class A | RMR Group, Inc. - Class A | 119100 | 1873443 |
|  |  |  | 17264691 |
| **Software - 3.3%** | **Software - 3.3%** | **Software - 3.3%** |  |
| Workiva, Inc. <sup>(a)</sup> | Workiva, Inc. <sup>(a)</sup> | 293700 | 25281696 |
| **Specialty Retail - 3.5%** | **Specialty Retail - 3.5%** | **Specialty Retail - 3.5%** |  |
| Lithia Motors, Inc. | Lithia Motors, Inc. | 51700 | 16337200 |
| ODP Corp. <sup>(a)</sup> | ODP Corp. <sup>(a)</sup> | 99280 | 2764948 |
| Sonic Automotive, Inc. - Class A | Sonic Automotive, Inc. - Class A | 102690 | 7813682 |
|  |  |  | 26915830 |
| **Trading Companies & Distributors - 1.5%** | **Trading Companies & Distributors - 1.5%** | **Trading Companies & Distributors - 1.5%** |  |
| Rush Enterprises, Inc. - Class A | Rush Enterprises, Inc. - Class A | 214600 | 11474662 |
| **TOTAL COMMON STOCKS** (Cost $676,914,310) | **TOTAL COMMON STOCKS** (Cost $676,914,310) | **TOTAL COMMON STOCKS** (Cost $676,914,310) | 749874106 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.5%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.5%** | **Shares** | **Value**  |
| **Real Estate Management & Development - 0.5%** | **Real Estate Management & Development - 0.5%** | **Real Estate Management & Development - 0.5%** |  |
| Seritage Growth Properties - Class A <sup>(a)</sup> | Seritage Growth Properties - Class A <sup>(a)</sup> | 911810 | 3875193 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $8,082,239) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $8,082,239) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $8,082,239) | 3875193 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.8%** | **MONEY MARKET FUNDS - 0.8%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(c)</sup> | First American Government Obligations Fund - Class X, 4.05%<sup>(c)</sup> | 6214101 | 6214101 |
| **TOTAL MONEY MARKET FUNDS** (Cost $6,214,101) | **TOTAL MONEY MARKET FUNDS** (Cost $6,214,101) | **TOTAL MONEY MARKET FUNDS** (Cost $6,214,101) | 6214101 |
| **TIME DEPOSITS - 0.0%<sup>(b)</sup>** | **TIME DEPOSITS - 0.0%<sup>(b)</sup>** | **Par** | **Value**  |
| Citigroup, Inc., 3.44%, 10/01/2025 <sup>(d)</sup> | Citigroup, Inc., 3.44%, 10/01/2025 <sup>(d)</sup> | 44310 | 44310 |
| **TOTAL TIME DEPOSITS** (Cost $44,310) | **TOTAL TIME DEPOSITS** (Cost $44,310) | **TOTAL TIME DEPOSITS** (Cost $44,310) | 44310 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $691,254,960**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $691,254,960**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $691,254,960**)** | 760007710 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (1095069) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $758912641 |
| 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. |

---

LLC - Limited Liability Company <br> PLC - Public Limited Company

(a) Non-income producing security.

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

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

(d) 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 Small Cap Value 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $749874106 | $– | $– | $749874106 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 3875193 | – | – | 3875193 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 6214101 | – | – | 6214101 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Time Deposits | – | 44310 | – | 44310 |
| Total Investments | $759963400 | $44310 | $– | $760007710 |
| 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. |

---

## 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 Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000006215

- **c. LEI of Series:** 549300C1B9DFFEPN4U41

**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:** $762786851.98

**Total Liabilities:** $2936915.54

**Net Assets:** $759849936.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017134 | 3.14%                | 4.74%                | -1.00%               |
| Class ID C000017135 | 3.13%                | 4.71%                | -1.00%               |
| Class ID C000017136 | 3.04%                | 4.64%                | -1.06%               |
| Class ID C000205769 | 3.17%                | 4.73%                | -0.98%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2688617.86             | $25696576.38                               |
| Month 2  | $6780560.17              | $28309523.50                               |
| Month 3  | $-515509.31              | $-8011654.68                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ASGN Inc                        | ASGN Inc                             | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |    182300 | NS      | $8631905.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                       | Avnet Inc                            | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |    555300 | NS      | $29031084.00  | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Corp                      | Berry Corp                           | CUSIP: 08579X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1238100 | NS      | $4680018.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co/The                  | Brink's Co/The                       | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |     91600 | NS      | $10704376.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                    | Centene Corp                         | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    220600 | NS      | $7871008.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                     | Ecovyst Inc                          | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2445400 | NS      | $21421704.00  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc           | Euronet Worldwide Inc                | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     39200 | NS      | $3442152.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                          | F5 Inc                               | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |    204360 | NS      | $66047108.40  | 8.69%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc              | First Hawaiian Inc                   | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |    973400 | NS      | $24169522.00  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                      | Fluor Corp                           | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |    447500 | NS      | $18826325.00  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Indemnity Group LLC      | Global Indemnity Group LLC           | CUSIP: 37959R103<br>LEI: 549300KNR55WEKSPTK65 | Long             | EC               | CORP              | US        |    316036 | NS      | $9180814.20   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenbrier Cos Inc/The          | Greenbrier Cos Inc/The               | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     73650 | NS      | $3400420.50   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Energy Co              | Crescent Energy Co                   | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    155400 | NS      | $1386168.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc               | Lithia Motors Inc                    | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |     51700 | NS      | $16337200.00  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc               | ManpowerGroup Inc                    | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |    151700 | NS      | $5749430.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                     | Ovintiv Inc                          | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |    103200 | NS      | $4167216.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Quad/Graphics Inc               | Quad/Graphics Inc                    | CUSIP: 747301109<br>LEI: W2D68G5NJH4X0NW8PT65 | Long             | EC               | CORP              | US        |    408500 | NS      | $2557210.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                        | SLM Corp                             | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    808500 | NS      | $22379280.00  | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Seritage Growth Properties      | Seritage Growth Properties           | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               | CORP              | US        |    911810 | NS      | $3875192.50   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc      | Stanley Black & Decker Inc           | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |    112700 | NS      | $8376991.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc/TN        | Miller Industries Inc/TN             | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |    159900 | NS      | $6463158.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The               | RMR Group Inc/The                    | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |    119100 | NS      | $1873443.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                   | Timken Co/The                        | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |    240300 | NS      | $18065754.00  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp      | Horace Mann Educators Corp           | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |    126600 | NS      | $5718522.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc          | Jones Lang LaSalle Inc               | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     51600 | NS      | $15391248.00  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kosmos Energy Ltd               | Kosmos Energy Ltd                    | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |   2332800 | NS      | $3872448.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                       | Lear Corp                            | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |    152400 | NS      | $15332964.00  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| National CineMedia Inc          | National CineMedia Inc               | CUSIP: 635309206<br>LEI: 5493000MOLIVSOGKEB48 | Long             | EC               | CORP              | US        |   1402700 | NS      | $6326177.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| NextDecade Corp                 | NextDecade Corp                      | CUSIP: 65342K105<br>LEI: 549300XB4GCLNGHFTT48 | Long             | EC               | CORP              | US        |    233500 | NS      | $1585465.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                       | Olin Corp                            | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |   1056400 | NS      | $26399436.00  | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                     | Popular Inc                          | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |    169200 | NS      | $21490092.00  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc            | Rush Enterprises Inc                 | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |    214600 | NS      | $11474662.00  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ODP Corp/The                    | ODP Corp/The                         | CUSIP: 88337F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99280 | NS      | $2764948.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                     | Workiva Inc                          | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |    293700 | NS      | $25281696.00  | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Herbalife Ltd                   | Herbalife Ltd                        | CUSIP: N/A<br>LEI: 549300BA7TYPBSZZIA41       | Long             | EC               | CORP              | US        |       900 | NS      | $7596.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC   | Weatherford International PLC        | CUSIP: N/A<br>LEI: 529900LPBDSCQDJKHQ39       | Long             | EC               | CORP              | US        |     50300 | NS      | $3442029.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co               | U-Haul Holding Co                    | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |    559700 | NS      | $28488730.00  | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                        | APA Corp                             | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    570808 | NS      | $13859218.24  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc           | Arrow Electronics Inc                | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     17800 | NS      | $2153800.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp            | Associated Banc-Corp                 | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |    335700 | NS      | $8630847.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies   | Atmus Filtration Technologies Inc    | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85600 | NS      | $3859704.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                     | Avista Corp                          | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |    226600 | NS      | $8567746.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                | Black Hills Corp                     | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     71800 | NS      | $4422162.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp       | California Resources Corp            | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     48000 | NS      | $2552640.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc         | MDU Resources Group Inc              | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    307000 | NS      | $5467670.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll Inc                 | MillerKnoll Inc                      | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |     82000 | NS      | $1454680.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                 | Murphy Oil Corp                      | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |    584900 | NS      | $16617009.00  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                         | NOV Inc                              | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |   2486800 | NS      | $32950100.00  | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp                 | OGE Energy Corp                      | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |    336100 | NS      | $15551347.00  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners       | Perella Weinberg Partners            | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51300 | NS      | $1093716.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp                  | Solventum Corp                       | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |    200500 | NS      | $14636500.00  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive Inc            | Sonic Automotive Inc                 | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |    102690 | NS      | $7813682.10   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Stagwell Inc                    | Stagwell Inc                         | CUSIP: 85256A109<br>LEI: 549300KIYTU6J3NYJ009 | Long             | EC               | CORP              | US        |   6359417 | NS      | $35803517.71  | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp           | Stifel Financial Corp                | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |    174100 | NS      | $19755127.00  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp          | Synovus Financial Corp               | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     63300 | NS      | $3106764.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                         | WEX Inc                              | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |    103200 | NS      | $16257096.00  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                      | Adient PLC                           | CUSIP: N/A<br>LEI: 5493002QLDY8O75RTR78       | Long             | EC               | CORP              | US        |    587100 | NS      | $14137368.00  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Expro Group Holdings NV         | Expro Group Holdings NV              | CUSIP: N/A<br>LEI: 724500LJYA8QIT73H017       | Long             | EC               | CORP              | US        |    283482 | NS      | $3367766.16   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide C  | Marriott Vacations Worldwide Corp    | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |    262300 | NS      | $17458688.00  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                    | LivaNova PLC                         | CUSIP: N/A<br>LEI: 2138001K2FX6SHK2B339       | Long             | EC               | CORP              | GB        |    315100 | NS      | $16504938.00  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                        | WaFd Inc                             | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40098 | NS      | $1214568.42   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Baytex Energy Corp              | Baytex Energy Corp                   | CUSIP: 07317Q105<br>LEI: 549300R5LTV2H7I1I079 | Long             | EC               | CORP              | CA        |   1739786 | NS      | $4071099.24   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of NT Butterfield & Son L  | Bank of NT Butterfield & Son Ltd/The | CUSIP: N/A<br>LEI: 549300V8RVM0EMTDPF28       | Long             | EC               | CORP              | BM        |    378100 | NS      | $16228052.00  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown Brothers Harriman and Co. | Citigroup, Inc.                      | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | Long             | STIV             | CORP              | US        |   8381795 | PA      | $8381794.71   | 1.10%             | 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