# EDGAR Filing Document

**Accession Number:** 0001145022
**File Stem:** 0000894189-26-016948
**Filing Date:** 2026-6
**Character Count:** 29872
**Document Hash:** 0d45db61a1e225aa097bf1a4b5ab7e00
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016948.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000894189-26-016948

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10487
- **FILM NUMBER:** 261050893

**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

### HW Opportunities MP Fund (Series ID: S000083057)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000246565 | HW Opportunities MP Fund | HOMPX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **HW Opportunities MP Fund** | **HW Opportunities MP Fund** | **HW Opportunities MP Fund** | **HW Opportunities MP Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 88.6%** | **COMMON STOCKS - 88.6%** | **Shares**  | **Value**  |
| **Banks - 1.3%** | **Banks - 1.3%** | **Banks - 1.3%** | |
| Citigroup, Inc. | Citigroup, Inc. | 8400 | $952644 |
| **Beverages - 1.2%** | **Beverages - 1.2%** | **Beverages - 1.2%** |  |
| Heineken NV - ADR | Heineken NV - ADR | 22800 | 877344 |
| **Broadline Retail - 0.1%** | **Broadline Retail - 0.1%** | **Broadline Retail - 0.1%** |  |
| Articore Group Ltd. <sup>(a)</sup> | Articore Group Ltd. <sup>(a)</sup> | 339600 | 72635 |
| **Capital Markets - 1.1%** | **Capital Markets - 1.1%** | **Capital Markets - 1.1%** |  |
| Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | 2500 | 296575 |
| State Street Corp. | State Street Corp. | 4200 | 531552 |
|  |  |  | 828127 |
| **Chemicals - 23.1%** | **Chemicals - 23.1%** | **Chemicals - 23.1%** |  |
| Ecovyst, Inc. <sup>(a)</sup> | Ecovyst, Inc. <sup>(a)</sup> | 91100 | 1171546 |
| Fuso Chemical Co. Ltd. | Fuso Chemical Co. Ltd. | 425700 | 7596665 |
| Olin Corp. | Olin Corp. | 240600 | 7153038 |
| PPG Industries, Inc. | PPG Industries, Inc. | 14000 | 1496320 |
|  |  |  | 17417569 |
| **Communications Equipment - 0.2%** | **Communications Equipment - 0.2%** | **Communications Equipment - 0.2%** |  |
| F5, Inc. <sup>(a)</sup> | F5, Inc. <sup>(a)</sup> | 600 | 173598 |
| **Construction & Engineering - 1.0%** | **Construction & Engineering - 1.0%** | **Construction & Engineering - 1.0%** |  |
| Fluor Corp. <sup>(a)</sup> | Fluor Corp. <sup>(a)</sup> | 16100 | 751065 |
| **Consumer Finance - 2.3%** | **Consumer Finance - 2.3%** | **Consumer Finance - 2.3%** |  |
| SLM Corp. | SLM Corp. | 79708 | 1706548 |
| **Ground Transportation - 4.2%** | **Ground Transportation - 4.2%** | **Ground Transportation - 4.2%** |  |
| U-Haul Holding Co. | U-Haul Holding Co. | 71150 | 3178271 |
| **Health Care Equipment & Supplies - 2.0%** | **Health Care Equipment & Supplies - 2.0%** | **Health Care Equipment & Supplies - 2.0%** |  |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | 21400 | 1523252 |
| **Hotels, Restaurants & Leisure - 1.8%** | **Hotels, Restaurants & Leisure - 1.8%** | **Hotels, Restaurants & Leisure - 1.8%** |  |
| Marriott Vacations Worldwide Corp. | Marriott Vacations Worldwide Corp. | 20500 | 1334960 |
| **Household Products - 3.1%** | **Household Products - 3.1%** | **Household Products - 3.1%** |  |
| Henkel AG & Co. KGaA | Henkel AG & Co. KGaA | 32600 | 2341682 |
| **Industrial Conglomerates - 1.5%** | **Industrial Conglomerates - 1.5%** | **Industrial Conglomerates - 1.5%** |  |
| Siemens AG - ADR | Siemens AG - ADR | 9300 | 1133484 |
| **Insurance - 2.5%** | **Insurance - 2.5%** | **Insurance - 2.5%** |  |
| American International Group, Inc. | American International Group, Inc. | 18400 | 1384600 |
| Global Indemnity Group LLC - Class A | Global Indemnity Group LLC - Class A | 18154 | 494333 |
|  |  |  | 1878933 |
| **Interactive Media & Services - 0.5%** | **Interactive Media & Services - 0.5%** | **Interactive Media & Services - 0.5%** |  |
| Alphabet, Inc. - Class A | Alphabet, Inc. - Class A | 1380 | 396833 |
| **Machinery - 0.5%** | **Machinery - 0.5%** | **Machinery - 0.5%** |  |
| Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | 5100 | 362406 |
| **Media - 16.6%** | **Media - 16.6%** | **Media - 16.6%** |  |
| Comcast Corp. - Class A | Comcast Corp. - Class A | 7700 | 221067 |
| Havas NV | Havas NV | 264360 | 4629930 |
| Stagwell, Inc. <sup>(a)</sup> | Stagwell, Inc. <sup>(a)</sup> | 1108860 | 6974729 |
| <br> WPP PLC - ADR | <br> WPP PLC - ADR | 46740 | 726807 |
|  |  |  | 12552533 |
| **Oil, Gas & Consumable Fuels - 10.9%** | **Oil, Gas & Consumable Fuels - 10.9%** | **Oil, Gas & Consumable Fuels - 10.9%** |  |
| APA Corp. | APA Corp. | 38600 | 1638184 |
| California Resources Corp. | California Resources Corp. | 40600 | 2810332 |
| Murphy Oil Corp. | Murphy Oil Corp. | 18000 | 742500 |
| Ovintiv, Inc. | Ovintiv, Inc. | 40000 | 2374400 |
| Shell PLC - ADR | Shell PLC - ADR | 7200 | 669600 |
|  |  |  | 8235016 |
| **Passenger Airlines - 5.7%** | **Passenger Airlines - 5.7%** | **Passenger Airlines - 5.7%** |  |
| Qantas Airways Ltd. | Qantas Airways Ltd. | 733270 | 4307414 |
| **Software - 9.0%** | **Software - 9.0%** | **Software - 9.0%** |  |
| Microsoft Corp. | Microsoft Corp. | 2860 | 1058686 |
| SAP SE - ADR | SAP SE - ADR | 5500 | 941655 |
| Workday, Inc. - Class A <sup>(a)</sup> | Workday, Inc. - Class A <sup>(a)</sup> | 23190 | 3012845 |
| Workiva, Inc. <sup>(a)</sup> | Workiva, Inc. <sup>(a)</sup> | 29500 | 1759085 |
|  |  |  | 6772271 |
| **TOTAL COMMON STOCKS** (Cost $56,440,402) | **TOTAL COMMON STOCKS** (Cost $56,440,402) | **TOTAL COMMON STOCKS** (Cost $56,440,402) | 66796585 |
| **EXCHANGE TRADED FUNDS - 2.5%** | **EXCHANGE TRADED FUNDS - 2.5%** | **Shares**  | **Value**  |
| **Investment Companies - 2.5%** | **Investment Companies - 2.5%** | **Investment Companies - 2.5%** |  |
| Vanguard Long-Term Treasury ETF | Vanguard Long-Term Treasury ETF | 34200 | 1893141 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,887,696) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,887,696) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,887,696) | 1893141 |
| **PURCHASED OPTIONS - 1.6% <sup>(a)</sup>** | **Notional Amount**  | **Contracts**  | **Value**  |
| **Put Options - 1.6% <sup>(b)(c)</sup>** | **Put Options - 1.6% <sup>(b)(c)</sup>** |  |  |
|  Digital Realty Trust, Inc., Expiration: 01/15/2027; Exercise Price: $170.00 | 1802100 | 100 | 151500 |
| United Parcel Service, Inc. | United Parcel Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 01/15/2027; Exercise Price: $90.00 | 10526660 | 1070 | 966210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 01/21/2028; Exercise Price: $80.00 | 1278940 | 130 | 126750 |
| **TOTAL PURCHASED OPTIONS** (Cost $1,695,172) | **TOTAL PURCHASED OPTIONS** (Cost $1,695,172) | **TOTAL PURCHASED OPTIONS** (Cost $1,695,172) | 1244460 |
| **PREFERRED STOCKS - 0.3%** | **PREFERRED STOCKS - 0.3%** | **Shares**  | **Value**  |
| **Financial Services - 0.3%** | **Financial Services - 0.3%** | **Financial Services - 0.3%** |  |
| Federal Home Loan Mortgage Corp., Series Z, 8.38%, Perpetual (a)(d) | Federal Home Loan Mortgage Corp., Series Z, 8.38%, Perpetual (a)(d) | 18200 | 205660 |
| **TOTAL PREFERRED STOCKS** (Cost $41,761) | **TOTAL PREFERRED STOCKS** (Cost $41,761) | **TOTAL PREFERRED STOCKS** (Cost $41,761) | 205660 |
| **REAL ESTATE INVESTMENT TRUSTS - 0.3%** | **REAL ESTATE INVESTMENT TRUSTS - 0.3%** | **Shares**  | **Value**  |
| **Real Estate Management & Development - 0.3%** | **Real Estate Management & Development - 0.3%** | **Real Estate Management & Development - 0.3%** |  |
| Seritage Growth Properties - Class A <sup>(a)</sup> | Seritage Growth Properties - Class A <sup>(a)</sup> | 69700 | 195857 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $311,614) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $311,614) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $311,614) | 195857 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 6.3%** | **MONEY MARKET FUNDS - 6.3%** | **Shares**  | **Value**  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(e)</sup> | First American Government Obligations Fund - Class X, 3.58% <sup>(e)</sup> | 4732432 | 4732432 |
| **TOTAL MONEY MARKET FUNDS** (Cost $4,732,432) | **TOTAL MONEY MARKET FUNDS** (Cost $4,732,432) | **TOTAL MONEY MARKET FUNDS** (Cost $4,732,432) | 4732432 |
| **TOTAL INVESTMENTS - 99.6% (**Cost $65,109,077**)** | **TOTAL INVESTMENTS - 99.6% (**Cost $65,109,077**)** | **TOTAL INVESTMENTS - 99.6% (**Cost $65,109,077**)** | 75068135 |
| Other Assets in Excess of Liabilities - 0.4% | Other Assets in Excess of Liabilities - 0.4% | Other Assets in Excess of Liabilities - 0.4% | 280162 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $75348297 |
| 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. |  |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| LLC - Limited Liability Company |
| PLC - Public Limited Company<br>|
| 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. |

---

(a) Non-income producing security.

(b) 100 shares per contract.

(c) Exchange-traded.

(d) 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
 March 31, 2026.

(e) The rate shown represents the 7-day annualized yield as of March 31, 2026.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
HW Opportunities MP 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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $47920894 | $18875691 | $– | $66796585 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 1893141 | – | – | 1893141 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 966210 | 278250 | – | 1244460 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 205660 | – | – | 205660 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 195857 | – | – | 195857 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 4732432 | – | – | 4732432 |
| Total Investments | $55914194 | $19153941 | $– | $75068135 |
| 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:** HW Opportunities MP Fund

- **b. EDGAR series identifier (if any):** S000083057

- **c. LEI of Series:** 529900I5HJC1I3FDZT92

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

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

- **b. Date as of which information is reported:** 2026-03-31

**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:** $75409630.15

**Total Liabilities:** $55728.41

**Net Assets:** $75353901.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246565 | 4.87%                | 1.70%                | 0.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $656179.78               | $2948857.04                                |
| Month 2  | $86361.77                | $1384309.72                                |
| Month 3  | $-357934.36              | $-428449.01                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Shell PLC                      | Shell PLC                                  | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      7200 | NS      | $669600.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                    | Workday Inc                                | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     23190 | NS      | $3012844.80   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                    | Workiva Inc                                | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |     29500 | NS      | $1759085.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp      | California Resources Corp                  | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     40600 | NS      | $2810332.00   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| FREDDIE MAC                    | Federal Home Loan Mortgage Corp            | CUSIP: 313400624<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | EP               | USGSE             | US        |     18200 | NS      | $205660.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuso Chemical Co Ltd           | Fuso Chemical Co Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    425700 | NS      | $7596664.80   | 10.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Stagwell Inc                   | Stagwell Inc                               | CUSIP: 85256A109<br>LEI: 549300KIYTU6J3NYJ009 | Long             | EC               | CORP              | US        |   1108860 | NS      | $6974729.40   | 9.26%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp                                   | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     38600 | NS      | $1638184.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                     | Fluor Corp                                 | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     16100 | NS      | $751065.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp              | State Street Corp                          | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      4200 | NS      | $531552.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| WPP PLC                        | WPP PLC                                    | CUSIP: 92937A102<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | GB        |     46740 | NS      | $726807.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                | Murphy Oil Corp                            | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     18000 | NS      | $742500.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                    | Ovintiv Inc                                | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |     40000 | NS      | $2374400.00   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                                 | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      9300 | NS      | $1133484.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                    | Heineken NV                                | CUSIP: 423012301<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |     22800 | NS      | $877344.00    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                      | Olin Corp                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |    240600 | NS      | $7153038.00   | 9.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc     | Stanley Black & Decker Inc                 | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |      5100 | NS      | $362406.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1380 | NS      | $396832.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group Inc           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     18400 | NS      | $1384600.00   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      8400 | NS      | $952644.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                    | Ecovyst Inc                                | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91100 | NS      | $1171546.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide C | Marriott Vacations Worldwide Corp          | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |     22700 | NS      | $1478224.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      2860 | NS      | $1058686.20   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                     | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      5500 | NS      | $941655.00    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Articore Group Ltd             | Articore Group Ltd                         | CUSIP: N/A<br>LEI: 254900SRSOME9Q6QGA93       | Long             | EC               | CORP              | AU        |    339600 | NS      | $72635.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Digital Realty Trust Inc                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       100 | NC      | $151500.00    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| U-Haul Holding Co              | U-Haul Holding Co                          | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |     71150 | NS      | $3178270.50   | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   4738668 | NS      | $4738668.03   | 6.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co KGaA            | Henkel AG & Co KGaA                        | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EC               | CORP              | DE        |     32600 | NS      | $2341682.42   | 3.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Havas NV                       | Havas NV                                   | CUSIP: N/A<br>LEI: 894500L53AVOFQK7T710       | Long             | EC               | CORP              | FR        |    264360 | NS      | $4629930.08   | 6.14%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | United Parcel Service Inc                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       130 | NC      | $126750.00    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Global Indemnity Group LLC     | Global Indemnity Group LLC                 | CUSIP: 37959R103<br>LEI: 549300KNR55WEKSPTK65 | Long             | EC               | CORP              | US        |     18154 | NS      | $494333.42    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                       | SLM Corp                                   | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79708 | NS      | $1706548.28   | 2.26%             |  |  |  | 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        |      2500 | NS      | $296575.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      7700 | NS      | $221067.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                         | F5 Inc                                     | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |       600 | NS      | $173598.00    | 0.23%             |  |  |  | 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        |     34200 | NS      | $1893141.00   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | United Parcel Service Inc                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1070 | NC      | $966210.00    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc | GE HealthCare Technologies Inc             | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     21400 | NS      | $1523252.00   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Qantas Airways Ltd             | Qantas Airways Ltd                         | CUSIP: N/A<br>LEI: YLXNW6TI6QSK1H8H0N82       | Long             | EC               | CORP              | AU        |    733270 | NS      | $4307413.59   | 5.72%             |  |  |  | No            |                  2 | On Loan: No      |
| PPG Industries Inc             | PPG Industries Inc                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     14000 | NS      | $1496320.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Seritage Growth Properties     | Seritage Growth Properties                 | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               | CORP              | US        |     69700 | NS      | $195857.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-01

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

**Signature:** /s/ James Menvielle

**Name of Signer:** James Menvielle

**Title:** Treasurer / Principal Financial Officer