# EDGAR Filing Document

**Accession Number:** 0001145022
**File Stem:** 0000894189-25-014435
**Filing Date:** 2025-11
**Character Count:** 34259
**Document Hash:** eef3a3a1723de180858718682409dd4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014435.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000894189-25-014435

**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:** 251514165

**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** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 92.2%** | **Shares** | **Value**  |
| **Automobile Components - 1.9%** | **Automobile Components - 1.9%** | |
| Aptiv PLC <sup>(a)</sup> | 15300 | $1319166 |
| **Automobiles - 0.8%** | **Automobiles - 0.8%** |  |
| General Motors Co. | 9100 | 554827 |
| **Banks - 1.6%** | **Banks - 1.6%** |  |
| Citigroup, Inc. | 11200 | 1136800 |
| **Beverages - 1.3%** | **Beverages - 1.3%** |  |
| Heineken NV - ADR | 22800 | 890796 |
| **Broadline Retail - 0.1%** | **Broadline Retail - 0.1%** |  |
| Articore Group Ltd. <sup>(a)</sup> | 339600 | 61040 |
| **Capital Markets - 1.2%** | **Capital Markets - 1.2%** |  |
| Bank of New York Mellon Corp. | 3700 | 403152 |
| State Street Corp. | 4200 | 487242 |
|  |  | 890394 |
| **Chemicals - 15.0%** | **Chemicals - 15.0%** |  |
| Ecovyst, Inc. <sup>(a)</sup> | 225900 | 1978884 |
| Fuso Chemical Co. Ltd. | 141900 | 4694326 |
| Olin Corp. | 100500 | 2511495 |
| PPG Industries, Inc. | 14000 | 1471540 |
|  |  | 10656245 |
| **Communications Equipment - 3.1%** | **Communications Equipment - 3.1%** |  |
| F5, Inc. <sup>(a)</sup> | 6900 | 2230011 |
| **Consumer Finance - 1.5%** | **Consumer Finance - 1.5%** |  |
| SLM Corp. | 37608 | 1040989 |
| **Electronic Equipment, Instruments & Components - 1.0%** | **Electronic Equipment, Instruments & Components - 1.0%** |  |
| Avnet, Inc. | 14000 | 731920 |
| **Energy Equipment & Services - 5.9%** | **Energy Equipment & Services - 5.9%** |  |
| NOV, Inc. | 160800 | 2130600 |
| Schlumberger NV | 60600 | 2082822 |
|  |  | 4213422 |
| **Ground Transportation - 7.4%** | **Ground Transportation - 7.4%** |  |
| U-Haul Holding Co. | 103750 | 5280875 |
| **Health Care Equipment & Supplies - 2.3%** | **Health Care Equipment & Supplies - 2.3%** |  |
| GE HealthCare Technologies, Inc. | 21400 | 1607140 |
| **Health Care Providers & Services - 0.7%** | **Health Care Providers & Services - 0.7%** |  |
| Humana, Inc. | 1900 | 494323 |
| **Hotels, Restaurants & Leisure - 2.1%** | **Hotels, Restaurants & Leisure - 2.1%** |  |
| Marriott Vacations Worldwide Corp. | 22800 | 1517568 |
| **Household Products - 3.4%** | **Household Products - 3.4%** |  |
| Henkel AG & Co. KGaA | 32600 | 2419795 |
| **Industrial Conglomerates - 1.9%** | **Industrial Conglomerates - 1.9%** |  |
| Siemens AG - ADR | 10100 | 1363601 |
| **Insurance - 0.7%** | **Insurance - 0.7%** |  |
| Global Indemnity Group LLC - Class A | 18154 | 527372 |
| **Interactive Media & Services - 0.7%** | **Interactive Media & Services - 0.7%** |  |
| Alphabet, Inc. - Class A | 2080 | 505648 |
| **Machinery - 0.5%** | **Machinery - 0.5%** |  |
| Stanley Black & Decker, Inc. | 5100 | 379083 |
| **Media - 15.3%** | **Media - 15.3%** |  |
| Comcast Corp. - Class A | 8200 | 257644 |
| Havas NV | 3343600 | 6164012 |
| Stagwell, Inc. <sup>(a)</sup> | 724360 | 4078147 |
| WPP PLC - ADR | 14700 | 368235 |
|  |  | 10868038 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Oil, Gas & Consumable Fuels - 5.3%** | **Oil, Gas & Consumable Fuels - 5.3%** | **Oil, Gas & Consumable Fuels - 5.3%** |  |
| APA Corp. | APA Corp. | 38600 | 937208 |
| California Resources Corp. | California Resources Corp. | 8600 | 457348 |
| Kosmos Energy Ltd. <sup>(a)</sup> | Kosmos Energy Ltd. <sup>(a)</sup> | 210300 | 349098 |
| Murphy Oil Corp. | Murphy Oil Corp. | 14300 | 406263 |
| Ovintiv, Inc. | Ovintiv, Inc. | 40000 | 1615200 |
|  |  |  | 3765117 |
| **Passenger Airlines - 6.4%** | **Passenger Airlines - 6.4%** | **Passenger Airlines - 6.4%** |  |
| Qantas Airways Ltd. | Qantas Airways Ltd. | 625670 | 4520965 |
| **Real Estate Management & Development - 1.5%** | **Real Estate Management & Development - 1.5%** | **Real Estate Management & Development - 1.5%** |  |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> | Jones Lang LaSalle, Inc. <sup>(a)</sup> | 3500 | 1043980 |
| **Software - 9.6%** | **Software - 9.6%** | **Software - 9.6%** |  |
| Microsoft Corp. | Microsoft Corp. | 2860 | 1481337 |
| Salesforce, Inc. | Salesforce, Inc. | 11200 | 2654400 |
| Workday, Inc. - Class A <sup>(a)</sup> | Workday, Inc. - Class A <sup>(a)</sup> | 6900 | 1661037 |
| Workiva, Inc. <sup>(a)</sup> | Workiva, Inc. <sup>(a)</sup> | 12300 | 1058784 |
|  |  |  | 6855558 |
| **Specialty Retail - 1.0%** | **Specialty Retail - 1.0%** | **Specialty Retail - 1.0%** |  |
| Lithia Motors, Inc. | Lithia Motors, Inc. | 2300 | 726800 |
| **TOTAL COMMON STOCKS** (Cost $59,712,886) | **TOTAL COMMON STOCKS** (Cost $59,712,886) | **TOTAL COMMON STOCKS** (Cost $59,712,886) | 65601473 |
| **PURCHASED OPTIONS - 3.3%<sup>(a)</sup>** | **Notional Amount** | **Contracts** | **Value**  |
| **Put Options - 3.3%<sup>(b)(c)</sup>** | **Put Options - 3.3%<sup>(b)(c)</sup>** |  | $**–** |
|  Digital Realty Trust, Inc., Expiration: 01/15/2027; Exercise Price: $170.00 | $1728800 | 100 | 190500 |
|  Invesco QQQ Trust Series 1, Expiration: 12/19/2025; Exercise Price: $550.00 | 12607770 | 210 | 152880 |
| United Parcel Service, Inc. | United Parcel Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 01/15/2027; Exercise Price: $90.00 | $8937710 | 1070 | 1808300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 01/21/2028; Exercise Price: $80.00 | 1085890 | 130 | 197990 |
| **TOTAL PURCHASED OPTIONS** (Cost $2,174,233) | **TOTAL PURCHASED OPTIONS** (Cost $2,174,233) | **TOTAL PURCHASED OPTIONS** (Cost $2,174,233) | 2349670 |
| **EXCHANGE TRADED FUNDS - 3.1%** | **EXCHANGE TRADED FUNDS - 3.1%** | **Shares** | **Value**  |
| Vanguard Long-Term Treasury ETF | Vanguard Long-Term Treasury ETF | 38500 | 2189110 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $2,125,038) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $2,125,038) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $2,125,038) | 2189110 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.4%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.4%** | **Shares** | **Value**  |
| **Real Estate Management & Development - 0.4%** | **Real Estate Management & Development - 0.4%** | **Real Estate Management & Development - 0.4%** |  |
| Seritage Growth Properties - Class A <sup>(a)</sup> | Seritage Growth Properties - Class A <sup>(a)</sup> | 69700 | 296225 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $311,614) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $311,614) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $311,614) | 296225 |
| **PREFERRED STOCKS - 0.4%** | **PREFERRED STOCKS - 0.4%** | **Shares** | **Value**  |
| **Financial Services - 0.4%** | **Financial Services - 0.4%** | **Financial Services - 0.4%** |  |
| 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 | 284648 |
| **TOTAL PREFERRED STOCKS** (Cost $41,761) | **TOTAL PREFERRED STOCKS** (Cost $41,761) | **TOTAL PREFERRED STOCKS** (Cost $41,761) | 284648 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 1.4%** | **MONEY MARKET FUNDS - 1.4%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(e)</sup> | First American Government Obligations Fund - Class X, 4.05%<sup>(e)</sup> | 987455 | 987455 |
| **TOTAL MONEY MARKET FUNDS** (Cost $987,455) | **TOTAL MONEY MARKET FUNDS** (Cost $987,455) | **TOTAL MONEY MARKET FUNDS** (Cost $987,455) | 987455 |
| **TOTAL INVESTMENTS - 100.8% (**Cost $65,352,987**)** | **TOTAL INVESTMENTS - 100.8% (**Cost $65,352,987**)** | **TOTAL INVESTMENTS - 100.8% (**Cost $65,352,987**)** | 71708581 |
| Liabilities in Excess of Other Assets - (0.8)% | Liabilities in Excess of Other Assets - (0.8)% | Liabilities in Excess of Other Assets - (0.8)% | (569581) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $71139000 |
| two | two | two | –% |
| 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 |
| LLC - Limited Liability Company |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |

---

(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 September 30, 2025.

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

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (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 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 | $47741335 | $17860138 | $– | $65601473 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 2159170 | 190500 | – | 2349670 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 2189110 | – | – | 2189110 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 296225 | – | – | 296225 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 284648 | – | – | 284648 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 987455 | – | – | 987455 |
| Total Investments | $53657943 | $18050638 | $– | $71708581 |
| 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:** 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:** $71255172.26

**Total Liabilities:** $67056.38

**Net Assets:** $71188115.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246565 | 1.63%                | 5.60%                | 0.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10045.36                | $840924.93                                 |
| Month 2  | $1019180.48              | $2971866.65                                |
| Month 3  | $862317.91               | $-782847.46                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| U-Haul Holding Co               | U-Haul Holding Co                            | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |    103750 | NS      | $5280875.00   | 7.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                   | Citigroup Inc                                | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     11200 | NS      | $1136800.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc  | GE HealthCare Technologies Inc               | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     21400 | NS      | $1607140.00   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Indemnity Group LLC      | Global Indemnity Group LLC                   | CUSIP: 37959R103<br>LEI: 549300KNR55WEKSPTK65 | Long             | EC               | CORP              | US        |     18154 | NS      | $527371.88    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                       | Olin Corp                                    | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |    100500 | NS      | $2511495.00   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                             | Digital Realty Trust Inc                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       100 | NC      | $190500.00    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| APA Corp                        | APA Corp                                     | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     38600 | NS      | $937208.00    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                          | F5 Inc                                       | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      6900 | NS      | $2230011.00   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kosmos Energy Ltd               | Kosmos Energy Ltd                            | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |    210300 | NS      | $349098.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                 | Murphy Oil Corp                              | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     14300 | NS      | $406263.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                         | NOV Inc                                      | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    160800 | NS      | $2130600.00   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                        | SLM Corp                                     | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37608 | NS      | $1040989.44   | 1.46%             |  |  |  | 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        |     50900 | NS      | $2894174.00   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Havas NV                        | Havas NV                                     | CUSIP: N/A<br>LEI: 894500L53AVOFQK7T710       | Long             | EC               | CORP              | FR        |   3343600 | NS      | $6164012.47   | 8.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Aptiv PLC                       | Aptiv PLC                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     15300 | NS      | $1319166.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T  | Bank of New York Mellon Corp/The             | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      3700 | NS      | $403152.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                      | Humana Inc                                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      1900 | NS      | $494323.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 20+ Year Treasury Bond  | iShares 20+ Year Treasury Bond ETF           | CUSIP: 464287432<br>LEI: 549300WWURKS1JGBZU59 | Long             | EC               | RF                | US        |      4800 | NS      | $428976.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide C  | Marriott Vacations Worldwide Corp            | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |     22800 | NS      | $1517568.00   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                  | Microsoft Corp                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      2860 | NS      | $1481337.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuso Chemical Co Ltd            | Fuso Chemical Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    141900 | NS      | $4694325.86   | 6.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger NV                 | Schlumberger NV                              | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     60600 | NS      | $2082822.00   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc      | Stanley Black & Decker Inc                   | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |      5100 | NS      | $379083.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| WPP PLC                         | WPP PLC                                      | CUSIP: 92937A102<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | GB        |     14700 | NS      | $368235.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                             | Invesco QQQ Trust Series 1                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       210 | NC      | $152880.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                             | United Parcel Service Inc                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1070 | NC      | $1808300.00   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc          | Jones Lang LaSalle Inc                       | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      3500 | NS      | $1043980.00   | 1.47%             |  |  |  | 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      | $2419794.76   | 3.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                      | Siemens AG                                   | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     10100 | NS      | $1363601.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                     | Workiva Inc                                  | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |     12300 | NS      | $1058784.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                       | Avnet Inc                                    | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     14000 | NS      | $731920.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                     | Ecovyst Inc                                  | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    225900 | NS      | $1978884.00   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co               | General Motors Co                            | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      9100 | NS      | $554827.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                     | Heineken NV                                  | CUSIP: 423012301<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |     22800 | NS      | $890796.00    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Qantas Airways Ltd              | Qantas Airways Ltd                           | CUSIP: N/A<br>LEI: YLXNW6TI6QSK1H8H0N82       | Long             | EC               | CORP              | AU        |    625670 | NS      | $4520964.83   | 6.35%             |  |  |  | No            |                  2 | On Loan: No      |
| PPG Industries Inc              | PPG Industries Inc                           | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     14000 | NS      | $1471540.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                  | Salesforce Inc                               | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      3200 | NS      | $758400.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Stagwell Inc                    | Stagwell Inc                                 | CUSIP: 85256A109<br>LEI: 549300KIYTU6J3NYJ009 | Long             | EC               | CORP              | US        |    724360 | NS      | $4078146.80   | 5.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                    | Alphabet Inc                                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2080 | NS      | $505648.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp       | California Resources Corp                    | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      8600 | NS      | $457348.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                    | Comcast Corp                                 | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      8200 | NS      | $257644.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc               | Lithia Motors Inc                            | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |      2300 | NS      | $726800.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp               | State Street Corp                            | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      4200 | NS      | $487242.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Articore Group Ltd              | Articore Group Ltd                           | CUSIP: N/A<br>LEI: 254900SRSOME9Q6QGA93       | Long             | EC               | CORP              | AU        |    339600 | NS      | $61039.73     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| FREDDIE MAC                     | Federal Home Loan Mortgage Corp              | CUSIP: 313400624<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | EP               | USGSE             | US        |     18200 | NS      | $284648.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                     | Ovintiv Inc                                  | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |     40000 | NS      | $1615200.00   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Seritage Growth Properties      | Seritage Growth Properties                   | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               | CORP              | US        |     69700 | NS      | $296225.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                     | Workday Inc                                  | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      6900 | NS      | $1661037.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                             | United Parcel Service Inc                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       130 | NC      | $197990.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown Brothers Harriman and Co. | Australia and New Zealand Banking Group Ltd. | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | Long             | STIV             | CORP              | US        |   1006181 | PA      | $1006181.37   | 1.41%             | 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