# EDGAR Filing Document

**Accession Number:** 0001145022
**File Stem:** 0000894189-25-014432
**Filing Date:** 2025-11
**Character Count:** 43066
**Document Hash:** 5435eaef811e1b0e272f451418b7595a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014432.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000894189-25-014432

**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:** 251514163

**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 Mid-Cap Value Fund (Series ID: S000006214)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017130 | Class I      | HWMIX           |
| C000017131 | Class A      | HWMAX           |
| C000205768 | Class Z      | HWMZX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Hotchkis & Wiley Mid-Cap Value Fund** | **Hotchkis & Wiley Mid-Cap Value Fund** | **Hotchkis & Wiley Mid-Cap Value Fund** | **Hotchkis & Wiley Mid-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 - 95.6%** | **COMMON STOCKS - 95.6%** | **Shares** | **Value**  |
| **Aerospace & Defense - 1.8%** | **Aerospace & Defense - 1.8%** | **Aerospace & Defense - 1.8%** | |
| Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | 23800 | $6852258 |
| **Air Freight & Logistics - 0.5%** | **Air Freight & Logistics - 0.5%** | **Air Freight & Logistics - 0.5%** |  |
| FedEx Corp. | FedEx Corp. | 8500 | 2004385 |
| **Automobile Components - 8.9%** | **Automobile Components - 8.9%** | **Automobile Components - 8.9%** |  |
| Adient PLC <sup>(a)</sup> | Adient PLC <sup>(a)</sup> | 441900 | 10640952 |
| Aptiv PLC <sup>(a)</sup> | Aptiv PLC <sup>(a)</sup> | 48600 | 4190292 |
| BorgWarner, Inc. | BorgWarner, Inc. | 90100 | 3960796 |
| Goodyear Tire & Rubber Co. <sup>(a)</sup> | Goodyear Tire & Rubber Co. <sup>(a)</sup> | 190100 | 1421948 |
| Lear Corp. | Lear Corp. | 39700 | 3994217 |
| Magna International, Inc. | Magna International, Inc. | 218800 | 10366744 |
|  |  |  | 34574949 |
| **Banks - 9.2%** | **Banks - 9.2%** | **Banks - 9.2%** |  |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | 258500 | 13741860 |
| Comerica, Inc. | Comerica, Inc. | 57100 | 3912492 |
| First Citizens BancShares, Inc./NC - Class A | First Citizens BancShares, Inc./NC - Class A | 1087 | 1944817 |
| KeyCorp | KeyCorp | 127800 | 2388582 |
| Popular, Inc. | Popular, Inc. | 108200 | 13742482 |
|  |  |  | 35730233 |
| **Beverages - 0.5%** | **Beverages - 0.5%** | **Beverages - 0.5%** |  |
| Constellation Brands, Inc. - Class A | Constellation Brands, Inc. - Class A | 14900 | 2006583 |
| **Capital Markets - 2.9%** | **Capital Markets - 2.9%** | **Capital Markets - 2.9%** |  |
| Northern Trust Corp. | Northern Trust Corp. | 15100 | 2032460 |
| State Street Corp. | State Street Corp. | 80800 | 9373608 |
|  |  |  | 11406068 |
| **Chemicals - 2.9%** | **Chemicals - 2.9%** | **Chemicals - 2.9%** |  |
| Huntsman Corp. | Huntsman Corp. | 182800 | 1641544 |
| Olin Corp. | Olin Corp. | 385500 | 9633645 |
|  |  |  | 11275189 |
| **Commercial Services & Supplies - 2.0%** | **Commercial Services & Supplies - 2.0%** | **Commercial Services & Supplies - 2.0%** |  |
| Brink's Co. | Brink's Co. | 68100 | 7958166 |
| **Communications Equipment - 6.1%** | **Communications Equipment - 6.1%** | **Communications Equipment - 6.1%** |  |
| F5, Inc. <sup>(a)</sup> | F5, Inc. <sup>(a)</sup> | 29000 | 9372510 |
| Telefonaktiebolaget LM Ericsson - ADR | Telefonaktiebolaget LM Ericsson - ADR | 1756800 | 14528736 |
|  |  |  | 23901246 |
| **Construction & Engineering - 2.3%** | **Construction & Engineering - 2.3%** | **Construction & Engineering - 2.3%** |  |
| Fluor Corp. <sup>(a)</sup> | Fluor Corp. <sup>(a)</sup> | 215700 | 9074499 |
| **Consumer Finance - 3.3%** | **Consumer Finance - 3.3%** | **Consumer Finance - 3.3%** |  |
| Ally Financial, Inc. | Ally Financial, Inc. | 184700 | 7240240 |
| SLM Corp. | SLM Corp. | 209500 | 5798960 |
|  |  |  | 13039200 |
| **Electric Utilities - 1.6%** | **Electric Utilities - 1.6%** | **Electric Utilities - 1.6%** |  |
| NRG Energy, Inc. | NRG Energy, Inc. | 17600 | 2850320 |
| PPL Corp. | PPL Corp. | 94500 | 3511620 |
|  |  |  | 6361940 |
| **Electronic Equipment, Instruments & Components - 1.1%** | **Electronic Equipment, Instruments & Components - 1.1%** | **Electronic Equipment, Instruments & Components - 1.1%** |  |
| Avnet, Inc. | Avnet, Inc. | 85500 | 4469940 |
| **Energy Equipment & Services - 1.9%** | **Energy Equipment & Services - 1.9%** | **Energy Equipment & Services - 1.9%** |  |
| Halliburton Co. | Halliburton Co. | 146900 | 3613740 |
| NOV, Inc. | NOV, Inc. | 283500 | 3756375 |
|  |  |  | 7370115 |
| **Entertainment - 1.6%** | **Entertainment - 1.6%** | **Entertainment - 1.6%** |  |
| Warner Bros Discovery, Inc. <sup>(a)</sup> | Warner Bros Discovery, Inc. <sup>(a)</sup> | 329310 | 6431424 |
| **Financial Services - 0.4%** | **Financial Services - 0.4%** | **Financial Services - 0.4%** |  |
| Euronet Worldwide, Inc. <sup>(a)</sup> | Euronet Worldwide, Inc. <sup>(a)</sup> | 16100 | 1413741 |
| **Food Products - 1.9%** | **Food Products - 1.9%** | **Food Products - 1.9%** |  |
| Conagra Brands, Inc. | Conagra Brands, Inc. | 93000 | 1702830 |
| J M Smucker Co. | J M Smucker Co. | 27000 | 2932200 |
| Kraft Heinz Co. | Kraft Heinz Co. | 111200 | 2895648 |
|  |  |  | 7530678 |
| **Ground Transportation - 1.5%** | **Ground Transportation - 1.5%** | **Ground Transportation - 1.5%** |  |
| U-Haul Holding Co. | U-Haul Holding Co. | 113100 | 5756790 |
| **Health Care Equipment & Supplies - 2.4%** | **Health Care Equipment & Supplies - 2.4%** | **Health Care Equipment & Supplies - 2.4%** |  |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | 75100 | 5640010 |
| Solventum Corp. <sup>(a)</sup> | Solventum Corp. <sup>(a)</sup> | 51100 | 3730300 |
|  |  |  | 9370310 |
| **Health Care Providers & Services - 7.4%** | **Health Care Providers & Services - 7.4%** | **Health Care Providers & Services - 7.4%** |  |
| Centene Corp. <sup>(a)</sup> | Centene Corp. <sup>(a)</sup> | 252500 | 9009200 |
| Humana, Inc. | Humana, Inc. | 31400 | 8169338 |
| Labcorp Holdings, Inc. | Labcorp Holdings, Inc. | 8200 | 2353892 |
| Universal Health Services, Inc. - Class B | Universal Health Services, Inc. - Class B | 45000 | 9199800 |
|  |  |  | 28732230 |
| **Hotels, Restaurants & Leisure - 1.2%** | **Hotels, Restaurants & Leisure - 1.2%** | **Hotels, Restaurants & Leisure - 1.2%** |  |
| Marriott Vacations Worldwide Corp. | Marriott Vacations Worldwide Corp. | 68000 | 4526080 |
| **Household Durables - 1.1%** | **Household Durables - 1.1%** | **Household Durables - 1.1%** |  |
| Whirlpool Corp. | Whirlpool Corp. | 52800 | 4150080 |
| **Insurance - 3.6%** | **Insurance - 3.6%** | **Insurance - 3.6%** |  |
| American International Group, Inc. | American International Group, Inc. | 178600 | 14027244 |
| **IT Services - 1.0%** | **IT Services - 1.0%** | **IT Services - 1.0%** |  |
| Cognizant Technology Solutions Corp. - Class A | Cognizant Technology Solutions Corp. - Class A | 57100 | 3829697 |
| **Machinery - 4.2%** | **Machinery - 4.2%** | **Machinery - 4.2%** |  |
| AGCO Corp. | AGCO Corp. | 22800 | 2441196 |
| CNH Industrial NV | CNH Industrial NV | 519800 | 5639830 |
| Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | 109600 | 8146568 |
|  |  |  | 16227594 |
| **Media - 2.6%** | **Media - 2.6%** | **Media - 2.6%** |  |
| Omnicom Group, Inc. | Omnicom Group, Inc. | 39500 | 3220435 |
| WPP PLC - ADR | WPP PLC - ADR | 282400 | 7074120 |
|  |  |  | 10294555 |
| **Multi-Utilities - 2.0%** | **Multi-Utilities - 2.0%** | **Multi-Utilities - 2.0%** |  |
| Dominion Energy, Inc. | Dominion Energy, Inc. | 124800 | 7634016 |
| **Oil, Gas & Consumable Fuels - 12.5%** | **Oil, Gas & Consumable Fuels - 12.5%** | **Oil, Gas & Consumable Fuels - 12.5%** |  |
| APA Corp. | APA Corp. | 758766 | 18422839 |
| Baytex Energy Corp. | Baytex Energy Corp. | 1949800 | 4562532 |
| California Resources Corp. | California Resources Corp. | 81500 | 4334170 |
| Crescent Energy Co. - Class A | Crescent Energy Co. - Class A | 570787 | 5091420 |
| Kosmos Energy Ltd. <sup>(a)</sup> | Kosmos Energy Ltd. <sup>(a)</sup> | 4795120 | 7959899 |
| Murphy Oil Corp. | Murphy Oil Corp. | 76900 | 2184729 |
| Ovintiv, Inc. | Ovintiv, Inc. | 155300 | 6271014 |
|  |  |  | 48826603 |
| **Personal Care Products - 0.9%** | **Personal Care Products - 0.9%** | **Personal Care Products - 0.9%** |  |
| Herbalife Ltd. <sup>(a)</sup> | Herbalife Ltd. <sup>(a)</sup> | 422600 | 3566744 |
| **Pharmaceuticals - 1.0%** | **Pharmaceuticals - 1.0%** | **Pharmaceuticals - 1.0%** |  |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> | Jazz Pharmaceuticals PLC <sup>(a)</sup> | 29600 | 3901280 |
| **Professional Services - 0.9%** | **Professional Services - 0.9%** | **Professional Services - 0.9%** |  |
| ManpowerGroup, Inc. | ManpowerGroup, Inc. | 89700 | 3399630 |
| **Real Estate Management & Development - 0.6%** | **Real Estate Management & Development - 0.6%** | **Real Estate Management & Development - 0.6%** |  |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> | Jones Lang LaSalle, Inc. <sup>(a)</sup> | 7800 | 2326584 |
| **Software - 1.3%** | **Software - 1.3%** | **Software - 1.3%** |  |
| Workday, Inc. - Class A <sup>(a)</sup> | Workday, Inc. - Class A <sup>(a)</sup> | 21700 | 5223841 |
| **Specialty Retail - 1.0%** | **Specialty Retail - 1.0%** | **Specialty Retail - 1.0%** |  |
| Lithia Motors, Inc. | Lithia Motors, Inc. | 13000 | 4108000 |
| **Textiles, Apparel & Luxury Goods - 0.5%** | **Textiles, Apparel & Luxury Goods - 0.5%** | **Textiles, Apparel & Luxury Goods - 0.5%** |  |
| Capri Holdings Ltd. <sup>(a)</sup> | Capri Holdings Ltd. <sup>(a)</sup> | 98800 | 1968096 |
| **Trading Companies & Distributors - 1.0%** | **Trading Companies & Distributors - 1.0%** | **Trading Companies & Distributors - 1.0%** |  |
| WESCO International, Inc. | WESCO International, Inc. | 17800 | 3764700 |
| **TOTAL COMMON STOCKS** (Cost $347,805,576) | **TOTAL COMMON STOCKS** (Cost $347,805,576) | **TOTAL COMMON STOCKS** (Cost $347,805,576) | 373034688 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.5%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.5%** | **Shares** | **Value**  |
| **Hotel & Resort REITs - 0.5%** | **Hotel & Resort REITs - 0.5%** | **Hotel & Resort REITs - 0.5%** |  |
| Pebblebrook Hotel Trust | Pebblebrook Hotel Trust | 161600 | 1840624 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $2,131,489) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $2,131,489) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $2,131,489) | 1840624 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 4.0%** | **MONEY MARKET FUNDS - 4.0%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(b)</sup> | First American Government Obligations Fund - Class X, 4.05%<sup>(b)</sup> | 15629730 | 15629730 |
| **TOTAL MONEY MARKET FUNDS** (Cost $15,629,730) | **TOTAL MONEY MARKET FUNDS** (Cost $15,629,730) | **TOTAL MONEY MARKET FUNDS** (Cost $15,629,730) | 15629730 |
| **TIME DEPOSITS - 0.0%<sup>(c)</sup>** | **TIME DEPOSITS - 0.0%<sup>(c)</sup>** | **Par** | **Value**  |
| Royal Bank of Canada, 3.44%, 10/01/2025 <sup>(d)</sup> | Royal Bank of Canada, 3.44%, 10/01/2025 <sup>(d)</sup> | 61717 | 61717 |
| **TOTAL TIME DEPOSITS** (Cost $61,717) | **TOTAL TIME DEPOSITS** (Cost $61,717) | **TOTAL TIME DEPOSITS** (Cost $61,717) | 61717 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $365,628,512**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $365,628,512**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $365,628,512**)** | 390566759 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (231854) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $390334905 |
| 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. |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

(a) Non-income producing security.

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

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

(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 Mid-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 | $373034688 | $– | $– | $373034688 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 1840624 | – | – | 1840624 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 15629730 | – | – | 15629730 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Time Deposits | – | 61717 | – | 61717 |
| Total Investments | $390505042 | $61717 | $– | $390566759 |
| 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 Mid-Cap Value Fund

- **b. EDGAR series identifier (if any):** S000006214

- **c. LEI of Series:** 549300PGCC6GLQ6KJM85

**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:** $391322688.39

**Total Liabilities:** $615229.74

**Net Assets:** $390707458.65

**Cash Not Reported:** $42474.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017130 | 0.97%                | 5.52%                | 1.12%                |
| Class ID C000017131 | 0.97%                | 5.49%                | 1.11%                |
| Class ID C000205768 | 0.99%                | 5.52%                | 1.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1527623.78             | $5275477.18                                |
| Month 2  | $2875065.28              | $17381636.81                               |
| Month 3  | $2806283.13              | $769544.24                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pebblebrook Hotel Trust         | Pebblebrook Hotel Trust             | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |    161600 | NS      | $1840624.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                     | Popular Inc                         | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |    108200 | NS      | $13742482.00  | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc      | Stanley Black & Decker Inc          | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |    109600 | NS      | $8146568.00   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc       | Warner Bros Discovery Inc           | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |    329310 | NS      | $6431424.30   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp                       | AGCO Corp                           | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     22800 | NS      | $2441196.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc              | Ally Financial Inc                  | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |    184700 | NS      | $7240240.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co               | U-Haul Holding Co                   | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |    113100 | NS      | $5756790.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I  | American International Group Inc    | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    178600 | NS      | $14027244.00  | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co/The                  | Brink's Co/The                      | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |     68100 | NS      | $7958166.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp       | California Resources Corp           | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     81500 | NS      | $4334170.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc    | Citizens Financial Group Inc        | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |    258500 | NS      | $13741860.00  | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc              | Conagra Brands Inc                  | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     93000 | NS      | $1702830.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc        | Constellation Brands Inc            | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |     14900 | NS      | $2006583.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc             | Dominion Energy Inc                 | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    124800 | NS      | $7634016.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc           | Euronet Worldwide Inc               | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     16100 | NS      | $1413741.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                          | F5 Inc                              | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |     29000 | NS      | $9372510.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co/The   | Goodyear Tire & Rubber Co/The       | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |    190100 | NS      | $1421948.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                      | Humana Inc                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     31400 | NS      | $8169338.00   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries   | Huntington Ingalls Industries Inc   | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |     23800 | NS      | $6852258.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                   | Huntsman Corp                       | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |    182800 | NS      | $1641544.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Energy Co              | Crescent Energy Co                  | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    570787 | NS      | $5091420.04   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The              | Kraft Heinz Co/The                  | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |    111200 | NS      | $2895648.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc            | Labcorp Holdings Inc                | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8200 | NS      | $2353892.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc               | ManpowerGroup Inc                   | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |     89700 | NS      | $3399630.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide C  | Marriott Vacations Worldwide Corp   | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |     68000 | NS      | $4526080.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp             | Northern Trust Corp                 | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     15100 | NS      | $2032460.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                       | Olin Corp                           | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |    385500 | NS      | $9633645.00   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc               | Omnicom Group Inc                   | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     39500 | NS      | $3220435.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                     | Ovintiv Inc                         | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |    155300 | NS      | $6271014.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                        | SLM Corp                            | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    209500 | NS      | $5798960.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                      | Adient PLC                          | CUSIP: N/A<br>LEI: 5493002QLDY8O75RTR78       | Long             | EC               | CORP              | US        |    441900 | NS      | $10640952.00  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd              | Capri Holdings Ltd                  | CUSIP: N/A<br>LEI: 549300LPG8W0H1OX3A26       | Long             | EC               | CORP              | GB        |     98800 | NS      | $1968096.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC        | Jazz Pharmaceuticals PLC            | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | IE        |     29600 | NS      | $3901280.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV               | CNH Industrial NV                   | CUSIP: N/A<br>LEI: 549300WGC2HZ5J67V817       | Long             | EC               | CORP              | GB        |    519800 | NS      | $5639830.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                        | APA Corp                            | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    758766 | NS      | $18422838.48  | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                       | Avnet Inc                           | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     85500 | NS      | $4469940.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Baytex Energy Corp              | Baytex Energy Corp                  | CUSIP: 07317Q105<br>LEI: 549300R5LTV2H7I1I079 | Long             | EC               | CORP              | CA        |   1949800 | NS      | $4562532.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                  | BorgWarner Inc                      | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     90100 | NS      | $3960796.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                    | Centene Corp                        | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    252500 | NS      | $9009200.00   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions  | Cognizant Technology Solutions Corp | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     57100 | NS      | $3829697.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                    | Comerica Inc                        | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     57100 | NS      | $3912492.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ericsson                        | Telefonaktiebolaget LM Ericsson     | CUSIP: 294821608<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |   1756800 | NS      | $14528736.00  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                      | FedEx Corp                          | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      8500 | NS      | $2004385.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                      | Fluor Corp                          | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |    215700 | NS      | $9074499.00   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc  | GE HealthCare Technologies Inc      | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     75100 | NS      | $5640010.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                  | Halliburton Co                      | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    146900 | NS      | $3613740.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                         | KeyCorp                             | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    127800 | NS      | $2388582.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Kosmos Energy Ltd               | Kosmos Energy Ltd                   | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |   4795120 | NS      | $7959899.20   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                       | Lear Corp                           | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     39700 | NS      | $3994217.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc               | Lithia Motors Inc                   | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |     13000 | NS      | $4108000.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc         | Magna International Inc             | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |    218800 | NS      | $10366744.00  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                 | Murphy Oil Corp                     | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     76900 | NS      | $2184729.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                  | NRG Energy Inc                      | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     17600 | NS      | $2850320.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                         | NOV Inc                             | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    283500 | NS      | $3756375.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                        | PPL Corp                            | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     94500 | NS      | $3511620.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The              | J M Smucker Co/The                  | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |     27000 | NS      | $2932200.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp                  | Solventum Corp                      | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |     51100 | NS      | $3730300.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp               | State Street Corp                   | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     80800 | NS      | $9373608.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc   | Universal Health Services Inc       | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     45000 | NS      | $9199800.00   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| WPP PLC                         | WPP PLC                             | CUSIP: 92937A102<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | GB        |    282400 | NS      | $7074120.00   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc         | WESCO International Inc             | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     17800 | NS      | $3764700.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp                  | Whirlpool Corp                      | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |     52800 | NS      | $4150080.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                     | Workday Inc                         | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     21700 | NS      | $5223841.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                       | Aptiv PLC                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     48600 | NS      | $4190292.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/  | First Citizens BancShares Inc/NC    | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |      1087 | NS      | $1944816.92   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc          | Jones Lang LaSalle Inc              | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      7800 | NS      | $2326584.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Herbalife Ltd                   | Herbalife Ltd                       | CUSIP: N/A<br>LEI: 549300BA7TYPBSZZIA41       | Long             | EC               | CORP              | US        |    422600 | NS      | $3566744.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown Brothers Harriman and Co. | JPMorgan Chase and Company          | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | Long             | STIV             | CORP              | US        |  15753410 | PA      | $15753409.60  | 4.03%             | 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