# EDGAR Filing Document

**Accession Number:** 0001145022
**File Stem:** 0000894189-25-014431
**Filing Date:** 2025-11
**Character Count:** 44173
**Document Hash:** a8ac2181b638a21c5291ea3c4abf9340
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014431.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000894189-25-014431

**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:** 251514160

**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 Large Cap Disciplined Value Fund (Series ID: S000006212)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017123 | Class I      | HWCIX           |
| C000017124 | Class A      | HWCAX           |
| C000205766 | Class Z      |  |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Hotchkis & Wiley Large Cap Disciplined Value Fund** | **Hotchkis & Wiley Large Cap Disciplined Value Fund** | **Hotchkis & Wiley Large Cap Disciplined Value Fund** | **Hotchkis & Wiley Large Cap Disciplined 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 - 99.0%** | **COMMON STOCKS - 99.0%** | **Shares** | **Value**  |
| **Aerospace & Defense - 2.4%** | **Aerospace & Defense - 2.4%** | **Aerospace & Defense - 2.4%** | |
| Boeing Co. <sup>(a)</sup> | Boeing Co. <sup>(a)</sup> | 3760 | $811521 |
| General Dynamics Corp. | General Dynamics Corp. | 2100 | 716100 |
| RTX Corp. | RTX Corp. | 2700 | 451791 |
|  |  |  | 1979412 |
| **Air Freight & Logistics - 2.0%** | **Air Freight & Logistics - 2.0%** | **Air Freight & Logistics - 2.0%** |  |
| FedEx Corp. | FedEx Corp. | 7020 | 1655386 |
| **Automobile Components - 3.6%** | **Automobile Components - 3.6%** | **Automobile Components - 3.6%** |  |
| Aptiv PLC <sup>(a)</sup> | Aptiv PLC <sup>(a)</sup> | 11600 | 1000152 |
| BorgWarner, Inc. | BorgWarner, Inc. | 9300 | 408828 |
| Magna International, Inc. | Magna International, Inc. | 32200 | 1525636 |
|  |  |  | 2934616 |
| **Automobiles - 2.4%** | **Automobiles - 2.4%** | **Automobiles - 2.4%** |  |
| General Motors Co. | General Motors Co. | 31300 | 1908361 |
| **Banks - 11.8%** | **Banks - 11.8%** | **Banks - 11.8%** |  |
| Bank of America Corp. | Bank of America Corp. | 22600 | 1165934 |
| Citigroup, Inc. | Citigroup, Inc. | 24404 | 2477006 |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | 23100 | 1227996 |
| First Citizens BancShares, Inc./NC - Class A | First Citizens BancShares, Inc./NC - Class A | 435 | 778284 |
| Truist Financial Corp. | Truist Financial Corp. | 13800 | 630936 |
| US Bancorp | US Bancorp | 34500 | 1667385 |
| Wells Fargo & Co. | Wells Fargo & Co. | 20234 | 1696014 |
|  |  |  | 9643555 |
| **Beverages - 1.4%** | **Beverages - 1.4%** | **Beverages - 1.4%** |  |
| Anheuser-Busch InBev SA/NV - ADR | Anheuser-Busch InBev SA/NV - ADR | 6600 | 393426 |
| Constellation Brands, Inc. - Class A | Constellation Brands, Inc. - Class A | 5500 | 740685 |
|  |  |  | 1134111 |
| **Capital Markets - 1.9%** | **Capital Markets - 1.9%** | **Capital Markets - 1.9%** |  |
| State Street Corp. | State Street Corp. | 13600 | 1577736 |
| **Chemicals - 2.3%** | **Chemicals - 2.3%** | **Chemicals - 2.3%** |  |
| Olin Corp. | Olin Corp. | 27200 | 679728 |
| PPG Industries, Inc. | PPG Industries, Inc. | 11400 | 1198254 |
|  |  |  | 1877982 |
| **Communications Equipment - 7.5%** | **Communications Equipment - 7.5%** | **Communications Equipment - 7.5%** |  |
| F5, Inc. <sup>(a)</sup> | F5, Inc. <sup>(a)</sup> | 12200 | 3942918 |
| Telefonaktiebolaget LM Ericsson - ADR | Telefonaktiebolaget LM Ericsson - ADR | 263950 | 2182867 |
|  |  |  | 6125785 |
| **Construction & Engineering - 0.4%** | **Construction & Engineering - 0.4%** | **Construction & Engineering - 0.4%** |  |
| Fluor Corp. <sup>(a)</sup> | Fluor Corp. <sup>(a)</sup> | 7200 | 302904 |
| **Electric Utilities - 1.1%** | **Electric Utilities - 1.1%** | **Electric Utilities - 1.1%** |  |
| PPL Corp. | PPL Corp. | 24200 | 899272 |
| **Electronic Equipment, Instruments & Components - 1.1%** | **Electronic Equipment, Instruments & Components - 1.1%** | **Electronic Equipment, Instruments & Components - 1.1%** |  |
| TE Connectivity PLC | TE Connectivity PLC | 4100 | 900073 |
| **Energy Equipment & Services - 4.2%** | **Energy Equipment & Services - 4.2%** | **Energy Equipment & Services - 4.2%** |  |
| Baker Hughes Co. | Baker Hughes Co. | 22400 | 1091328 |
| NOV, Inc. | NOV, Inc. | 90200 | 1195150 |
| Schlumberger NV | Schlumberger NV | 32700 | 1123899 |
|  |  |  | 3410377 |
| **Entertainment - 1.2%** | **Entertainment - 1.2%** | **Entertainment - 1.2%** |  |
| Warner Bros Discovery, Inc. <sup>(a)</sup> | Warner Bros Discovery, Inc. <sup>(a)</sup> | 51300 | 1001889 |
| **Financial Services - 2.8%** | **Financial Services - 2.8%** | **Financial Services - 2.8%** |  |
| Corebridge Financial, Inc. | Corebridge Financial, Inc. | 23200 | 743560 |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | 10300 | 679182 |
| Fiserv, Inc. <sup>(a)</sup> | Fiserv, Inc. <sup>(a)</sup> | 6300 | 812259 |
|  |  |  | 2235001 |
| **Food Products - 2.0%** | **Food Products - 2.0%** | **Food Products - 2.0%** |  |
| Conagra Brands, Inc. | Conagra Brands, Inc. | 18900 | 346059 |
| J M Smucker Co. | J M Smucker Co. | 800 | 86880 |
| Kraft Heinz Co. | Kraft Heinz Co. | 46900 | 1221276 |
|  |  |  | 1654215 |
| **Ground Transportation - 1.0%** | **Ground Transportation - 1.0%** | **Ground Transportation - 1.0%** |  |
| Norfolk Southern Corp. | Norfolk Southern Corp. | 2600 | 781066 |
| **Health Care Equipment & Supplies - 5.2%** | **Health Care Equipment & Supplies - 5.2%** | **Health Care Equipment & Supplies - 5.2%** |  |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | 22912 | 1720691 |
| Medtronic PLC | Medtronic PLC | 16882 | 1607842 |
| Solventum Corp. <sup>(a)</sup> | Solventum Corp. <sup>(a)</sup> | 5400 | 394200 |
| Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | 5140 | 506290 |
|  |  |  | 4229023 |
| **Health Care Providers & Services - 8.8%** | **Health Care Providers & Services - 8.8%** | **Health Care Providers & Services - 8.8%** |  |
| Centene Corp. <sup>(a)</sup> | Centene Corp. <sup>(a)</sup> | 11800 | 421024 |
| Cigna Group | Cigna Group | 1300 | 374725 |
| CVS Health Corp. | CVS Health Corp. | 8600 | 648354 |
| Elevance Health, Inc. | Elevance Health, Inc. | 5580 | 1803010 |
| HCA Healthcare, Inc. | HCA Healthcare, Inc. | 2460 | 1048452 |
| Humana, Inc. | Humana, Inc. | 4100 | 1066697 |
| Labcorp Holdings, Inc. | Labcorp Holdings, Inc. | 1600 | 459296 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | 4000 | 1381200 |
|  |  |  | 7202758 |
| **Insurance - 3.6%** | **Insurance - 3.6%** | **Insurance - 3.6%** |  |
| American International Group, Inc. | American International Group, Inc. | 30100 | 2364054 |
| Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | 4500 | 600255 |
|  |  |  | 2964309 |
| **Interactive Media & Services - 1.8%** | **Interactive Media & Services - 1.8%** | **Interactive Media & Services - 1.8%** |  |
| Alphabet, Inc. - Class A | Alphabet, Inc. - Class A | 5990 | 1456169 |
| **IT Services - 0.9%** | **IT Services - 0.9%** | **IT Services - 0.9%** |  |
| Cognizant Technology Solutions Corp. - Class A | Cognizant Technology Solutions Corp. - Class A | 11200 | 751184 |
| **Machinery - 6.7%** | **Machinery - 6.7%** | **Machinery - 6.7%** |  |
| CNH Industrial NV | CNH Industrial NV | 75500 | 819175 |
| Cummins, Inc. | Cummins, Inc. | 3570 | 1507861 |
| Deere & Co. | Deere & Co. | 900 | 411534 |
| Fortive Corp. | Fortive Corp. | 16200 | 793638 |
| PACCAR, Inc. | PACCAR, Inc. | 10500 | 1032360 |
| Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | 6700 | 498011 |
| Timken Co. | Timken Co. | 4700 | 353346 |
|  |  |  | 5415925 |
| **Media - 4.9%** | **Media - 4.9%** | **Media - 4.9%** |  |
| Comcast Corp. - Class A | Comcast Corp. - Class A | 60900 | 1913478 |
| Omnicom Group, Inc. | Omnicom Group, Inc. | 15900 | 1296327 |
| WPP PLC - ADR | WPP PLC - ADR | 32500 | 814125 |
|  |  |  | 4023930 |
| **Multi-Utilities - 2.1%** | **Multi-Utilities - 2.1%** | **Multi-Utilities - 2.1%** |  |
| Dominion Energy, Inc. | Dominion Energy, Inc. | 27900 | 1706643 |
| **Oil, Gas & Consumable Fuels - 7.0%** | **Oil, Gas & Consumable Fuels - 7.0%** | **Oil, Gas & Consumable Fuels - 7.0%** |  |
| APA Corp. | APA Corp. | 100300 | 2435284 |
| ConocoPhillips | ConocoPhillips | 6869 | 649739 |
| Murphy Oil Corp. | Murphy Oil Corp. | 9100 | 258531 |
| Ovintiv, Inc. | Ovintiv, Inc. | 24400 | 985272 |
| Shell PLC - ADR | Shell PLC - ADR | 19062 | 1363505 |
|  |  |  | 5692331 |
| **Personal Care Products - 0.7%** | **Personal Care Products - 0.7%** | **Personal Care Products - 0.7%** |  |
| Unilever PLC - ADR | Unilever PLC - ADR | 9700 | 575016 |
| **Pharmaceuticals - 0.9%** | **Pharmaceuticals - 0.9%** | **Pharmaceuticals - 0.9%** |  |
| GSK PLC - ADR | GSK PLC - ADR | 9940 | 429010 |
| Sanofi SA - ADR | Sanofi SA - ADR | 7000 | 330400 |
|  |  |  | 759410 |
| **Software - 6.8%** | **Software - 6.8%** | **Software - 6.8%** |  |
| Salesforce, Inc. | Salesforce, Inc. | 5800 | 1374600 |
| Workday, Inc. - Class A <sup>(a)</sup> | Workday, Inc. - Class A <sup>(a)</sup> | 17300 | 4164629 |
|  |  |  | 5539229 |
| **Specialty Retail - 0.5%** | **Specialty Retail - 0.5%** | **Specialty Retail - 0.5%** |  |
| Lithia Motors, Inc. | Lithia Motors, Inc. | 1200 | 379200 |
| **TOTAL COMMON STOCKS** (Cost $66,165,222) | **TOTAL COMMON STOCKS** (Cost $66,165,222) | **TOTAL COMMON STOCKS** (Cost $66,165,222) | 80716868 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.5%** | **MONEY MARKET FUNDS - 0.5%** | **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> | 400307 | 400307 |
| **TOTAL MONEY MARKET FUNDS** (Cost $400,307) | **TOTAL MONEY MARKET FUNDS** (Cost $400,307) | **TOTAL MONEY MARKET FUNDS** (Cost $400,307) | 400307 |
| **TIME DEPOSITS - 0.0%<sup>(c)</sup>** | **TIME DEPOSITS - 0.0%<sup>(c)</sup>** | **Par** | **Value**  |
| JPMorgan Chase and Company, 3.44%, 10/01/2025 <sup>(d)</sup> | JPMorgan Chase and Company, 3.44%, 10/01/2025 <sup>(d)</sup> | 19894 | 19894 |
| **TOTAL TIME DEPOSITS** (Cost $19,894) | **TOTAL TIME DEPOSITS** (Cost $19,894) | **TOTAL TIME DEPOSITS** (Cost $19,894) | 19894 |
| **TOTAL INVESTMENTS - 99.5% (**Cost $66,585,423**)** | **TOTAL INVESTMENTS - 99.5% (**Cost $66,585,423**)** | **TOTAL INVESTMENTS - 99.5% (**Cost $66,585,423**)** | 81137069 |
| Other Assets in Excess of Liabilities - 0.5% | Other Assets in Excess of Liabilities - 0.5% | Other Assets in Excess of Liabilities - 0.5% | 403636 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $81540705 |
| 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

(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 Large Cap Disciplined 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 | $80716868 | $– | $– | $80716868 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 400307 | – | – | 400307 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Time Deposits | – | 19894 | – | 19894 |
| Total Investments | $81117175 | $19894 | $– | $81137069 |
| 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 Large Cap Disciplined Value Fund

- **b. EDGAR series identifier (if any):** S000006212

- **c. LEI of Series:** 5493007W01C2UNVLIS15

**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:** $81696877.59

**Total Liabilities:** $144596.82

**Net Assets:** $81552280.77

**Cash Not Reported:** $16634.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017123 | -0.37%               | 5.47%                | 1.27%                |
| Class ID C000017124 | -0.36%               | 5.44%                | 1.26%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2577018.57              | $-2825890.99                               |
| Month 2  | $626733.29               | $3475613.11                                |
| Month 3  | $165497.64               | $707849.54                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                            | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alphabet Inc                    | Alphabet Inc                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      7090 | NS      | $1723579.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ericsson                        | Telefonaktiebolaget LM Ericsson            | CUSIP: 294821608<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    263950 | NS      | $2182866.50   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                      | Fluor Corp                                 | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |      7200 | NS      | $302904.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp                    | Fortive Corp                               | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |     16200 | NS      | $793638.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp           | General Dynamics Corp                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      2100 | NS      | $716100.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc         | Magna International Inc                    | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     32200 | NS      | $1525636.00   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                       | Shell PLC                                  | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     19062 | NS      | $1363504.86   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                       | Sanofi SA                                  | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |      7000 | NS      | $330400.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                    | Unilever PLC                               | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |      9700 | NS      | $575016.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc       | Warner Bros Discovery Inc                  | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     51300 | NS      | $1001889.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                   | Medtronic PLC                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     16882 | NS      | $1607841.68   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I  | American International Group Inc           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     30100 | NS      | $2364054.00   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                 | Baker Hughes Co                            | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25300 | NS      | $1232616.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp            | Bank of America Corp                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     24700 | NS      | $1274273.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                  | BorgWarner Inc                             | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |      9300 | NS      | $408828.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                 | Cigna Group/The                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1300 | NS      | $374725.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                 | CVS Health Corp                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      9800 | NS      | $738822.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                    | Centene Corp                               | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     11800 | NS      | $421024.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                   | Citigroup Inc                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     24904 | NS      | $2527756.00   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc        | Constellation Brands Inc                   | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      5500 | NS      | $740685.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc        | Corebridge Financial Inc                   | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |     23200 | NS      | $743560.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                      | FedEx Corp                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      7020 | NS      | $1655386.20   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                          | F5 Inc                                     | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |     12200 | NS      | $3942918.00   | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/  | First Citizens BancShares Inc/NC           | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       435 | NS      | $778284.60    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc  | GE HealthCare Technologies Inc             | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     22912 | NS      | $1720691.20   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T  | Hartford Insurance Group Inc/The           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      4500 | NS      | $600255.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                      | Humana Inc                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      4100 | NS      | $1066697.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc               | Lithia Motors Inc                          | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |      1200 | NS      | $379200.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp           | Norfolk Southern Corp                      | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      2600 | NS      | $781066.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                       | Olin Corp                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     27200 | NS      | $679728.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc              | PPG Industries Inc                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     10900 | NS      | $1145699.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                 | Schlumberger NV                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     32700 | NS      | $1123899.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp                  | Solventum Corp                             | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |      5400 | NS      | $394200.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc      | Stanley Black & Decker Inc                 | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |      6700 | NS      | $498011.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp           | Truist Financial Corp                      | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     13800 | NS      | $630936.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                      | US Bancorp                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     34500 | NS      | $1667385.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                     | Workday Inc                                | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     17300 | NS      | $4164629.00   | 5.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                       | Aptiv PLC                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     11600 | NS      | $1000152.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information   | Fidelity National Information Services Inc | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     10300 | NS      | $679182.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co               | General Motors Co                          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     31300 | NS      | $1908361.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                        | RTX Corp                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      2700 | NS      | $451791.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WPP PLC                         | WPP PLC                                    | CUSIP: 92937A102<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | GB        |     32500 | NS      | $814125.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc      | Zimmer Biomet Holdings Inc                 | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      5140 | NS      | $506290.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC             | TE Connectivity PLC                        | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |      4100 | NS      | $900073.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                        | APA Corp                                   | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    100300 | NS      | $2435284.00   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                   | Boeing Co/The                              | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      3760 | NS      | $811520.80    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                    | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     60900 | NS      | $1913478.00   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc              | Conagra Brands Inc                         | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     18900 | NS      | $346059.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                     | Cummins Inc                                | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      3570 | NS      | $1507860.90   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                      | Deere & Co                                 | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       900 | NS      | $411534.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc             | Dominion Energy Inc                        | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     27900 | NS      | $1706643.00   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                      | Fiserv Inc                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      5700 | NS      | $734901.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                         | GSK PLC                                    | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |      9940 | NS      | $429010.40    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc              | HCA Healthcare Inc                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      2460 | NS      | $1048452.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The              | Kraft Heinz Co/The                         | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     46900 | NS      | $1221276.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                 | Murphy Oil Corp                            | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |      9100 | NS      | $258531.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                         | NOV Inc                                    | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     90200 | NS      | $1195150.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc               | Omnicom Group Inc                          | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     15900 | NS      | $1296327.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                     | Ovintiv Inc                                | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |     24400 | NS      | $985272.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                        | PPL Corp                                   | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     25700 | NS      | $955012.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                  | Salesforce Inc                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      5000 | NS      | $1185000.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp               | State Street Corp                          | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     13600 | NS      | $1577736.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc          | UnitedHealth Group Inc                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      4000 | NS      | $1381200.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc            | Labcorp Holdings Inc                       | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1600 | NS      | $459296.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                      | PACCAR Inc                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     10500 | NS      | $1032360.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                   | Timken Co/The                              | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |      4700 | NS      | $353346.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                | Wells Fargo & Co                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     21434 | NS      | $1796597.88   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev SA/NV      | Anheuser-Busch InBev SA/NV                 | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |      6600 | NS      | $393426.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc    | Citizens Financial Group Inc               | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     23100 | NS      | $1227996.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV               | CNH Industrial NV                          | CUSIP: N/A<br>LEI: 549300WGC2HZ5J67V817       | Long             | EC               | CORP              | GB        |     75500 | NS      | $819175.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc             | Elevance Health Inc                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      5580 | NS      | $1803009.60   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions  | Cognizant Technology Solutions Corp        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     11200 | NS      | $751184.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                  | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      6869 | NS      | $649738.71    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown Brothers Harriman and Co. | Citigroup, Inc.                            | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | Long             | STIV             | CORP              | US        |    406370 | PA      | $406370.14    | 0.50%             | 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