# EDGAR Filing Document

**Accession Number:** 0001145022
**File Stem:** 0000894189-25-014437
**Filing Date:** 2025-11
**Character Count:** 41251
**Document Hash:** a66cdce72a8d9094e92b28535c1eca46
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014437.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000894189-25-014437

**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:** 251514168

**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 Global Value Fund (Series ID: S000039502)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000121672 | Class I      | HWGIX           |
| C000121673 | Class A      | HWGAX           |
| C000205772 | Class Z      |  |

## Nport-Ex

---

| |
|:---|
| **Hotchkis & Wiley Global Value Fund** |
| **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COMMON STOCKS - 97.7%** | **COMMON STOCKS - 97.7%** | | **Shares** | **Value**  |
| **Aerospace & Defense - 1.9%** | **Aerospace & Defense - 1.9%** | **Aerospace & Defense - 1.9%** | **Aerospace & Defense - 1.9%** |  |
| Airbus SE | Airbus SE |  | 2200 | $513759 |
| Babcock International Group PLC | Babcock International Group PLC |  | 13500 | 242871 |
|  |  |  |  | 756630 |
| **Air Freight & Logistics - 1.2%** | **Air Freight & Logistics - 1.2%** | **Air Freight & Logistics - 1.2%** | **Air Freight & Logistics - 1.2%** |  |
| FedEx Corp. | FedEx Corp. |  | 1970 | 464546 |
| **Automobile Components - 1.6%** | **Automobile Components - 1.6%** | **Automobile Components - 1.6%** | **Automobile Components - 1.6%** |  |
| Magna International, Inc. | Magna International, Inc. |  | 13161 | 623568 |
| **Automobiles - 2.2%** | **Automobiles - 2.2%** | **Automobiles - 2.2%** | **Automobiles - 2.2%** |  |
| General Motors Co. | General Motors Co. |  | 10245 | 624637 |
| Mercedes-Benz Group AG | Mercedes-Benz Group AG |  | 4100 | 258424 |
|  |  |  |  | 883061 |
| **Banks - 10.5%** | **Banks - 10.5%** | **Banks - 10.5%** | **Banks - 10.5%** |  |
| Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |  | 42800 | 380844 |
| BNP Paribas SA | BNP Paribas SA |  | 6556 | 599632 |
| Citigroup, Inc. | Citigroup, Inc. |  | 4084 | 414526 |
| ING Groep NV | ING Groep NV |  | 12556 | 329166 |
| Lloyds Banking Group PLC | Lloyds Banking Group PLC |  | 429400 | 485902 |
| Popular, Inc. | Popular, Inc. |  | 3300 | 419133 |
| Truist Financial Corp. | Truist Financial Corp. |  | 6600 | 301752 |
| US Bancorp | US Bancorp |  | 16900 | 816777 |
| Wells Fargo & Co. | Wells Fargo & Co. |  | 5200 | 435864 |
|  |  |  |  | 4183596 |
| **Beverages - 2.1%** | **Beverages - 2.1%** | **Beverages - 2.1%** | **Beverages - 2.1%** |  |
| Heineken Holding NV | Heineken Holding NV |  | 12000 | 823960 |
| **Capital Markets - 2.4%** | **Capital Markets - 2.4%** | **Capital Markets - 2.4%** | **Capital Markets - 2.4%** |  |
| Julius Baer Group Ltd. | Julius Baer Group Ltd. |  | 8200 | 570986 |
| State Street Corp. | State Street Corp. |  | 3500 | 406035 |
|  |  |  |  | 977021 |
| **Chemicals - 4.3%** | **Chemicals - 4.3%** | **Chemicals - 4.3%** | **Chemicals - 4.3%** |  |
| Akzo Nobel NV | Akzo Nobel NV |  | 8600 | 613764 |
| Nippon Sanso Holdings Corp. | Nippon Sanso Holdings Corp. |  | 15300 | 541861 |
| PPG Industries, Inc. | PPG Industries, Inc. |  | 5200 | 546572 |
|  |  |  |  | 1702197 |
| **Communications Equipment - 8.6%** | **Communications Equipment - 8.6%** | **Communications Equipment - 8.6%** | **Communications Equipment - 8.6%** |  |
| F5, Inc. <sup>(a)</sup> | F5, Inc. <sup>(a)</sup> |  | 6580 | 2126590 |
| Telefonaktiebolaget LM Ericsson - ADR | Telefonaktiebolaget LM Ericsson - ADR |  | 159872 | 1322142 |
|  |  |  |  | 3448732 |
| **Energy Equipment & Services - 3.6%** | **Energy Equipment & Services - 3.6%** | **Energy Equipment & Services - 3.6%** | **Energy Equipment & Services - 3.6%** |  |
| Baker Hughes Co. | Baker Hughes Co. |  | 8000 | 389760 |
| NOV, Inc. | NOV, Inc. |  | 26669 | 353364 |
| Schlumberger NV | Schlumberger NV |  | 20600 | 708022 |
|  |  |  |  | 1451146 |
| **Entertainment - 1.3%** | **Entertainment - 1.3%** | **Entertainment - 1.3%** | **Entertainment - 1.3%** |  |
| Warner Bros Discovery, Inc. <sup>(a)</sup> | Warner Bros Discovery, Inc. <sup>(a)</sup> |  | 26200 | 511686 |
| **Financial Services - 1.6%** | **Financial Services - 1.6%** | **Financial Services - 1.6%** | **Financial Services - 1.6%** |  |
| Euronet Worldwide, Inc. <sup>(a)</sup> | Euronet Worldwide, Inc. <sup>(a)</sup> |  | 3400 | 298554 |
| Fiserv, Inc. <sup>(a)</sup> | Fiserv, Inc. <sup>(a)</sup> |  | 2800 | 361004 |
|  |  |  |  | 659558 |
| **Food Products - 1.1%** | **Food Products - 1.1%** | **Food Products - 1.1%** | **Food Products - 1.1%** |  |
| Kraft Heinz Co. | Kraft Heinz Co. |  | 17500 | 455700 |
| **Ground Transportation - 1.9%** | **Ground Transportation - 1.9%** | **Ground Transportation - 1.9%** | **Ground Transportation - 1.9%** |  |
| U-Haul Holding Co. | U-Haul Holding Co. |  | 14715 | 748994 |
| **Health Care Equipment & Supplies - 5.0%** | **Health Care Equipment & Supplies - 5.0%** | **Health Care Equipment & Supplies - 5.0%** | **Health Care Equipment & Supplies - 5.0%** |  |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |  | 13140 | 986814 |
| Koninklijke Philips NV | Koninklijke Philips NV |  | 15448 | 423185 |
| Medtronic PLC | Medtronic PLC |  | 6300 | 600012 |
|  |  |  |  | 2010011 |
| **Health Care Providers & Services - 7.2%** | **Health Care Providers & Services - 7.2%** | **Health Care Providers & Services - 7.2%** | **Health Care Providers & Services - 7.2%** |  |
| Elevance Health, Inc. | Elevance Health, Inc. |  | 3904 | 1261460 |
| Humana, Inc. | Humana, Inc. |  | 2300 | 598391 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |  | 2900 | 1001370 |
|  |  |  |  | 2861221 |
| **Hotels, Restaurants & Leisure - 1.7%** | **Hotels, Restaurants & Leisure - 1.7%** | **Hotels, Restaurants & Leisure - 1.7%** | **Hotels, Restaurants & Leisure - 1.7%** |  |
| Accor SA | Accor SA |  | 14500 | 688903 |
| **Household Products - 2.0%** | **Household Products - 2.0%** | **Household Products - 2.0%** | **Household Products - 2.0%** |  |
| Henkel AG & Co. KGaA | Henkel AG & Co. KGaA |  | 10700 | 794227 |
| **Industrial Conglomerates - 2.0%** | **Industrial Conglomerates - 2.0%** | **Industrial Conglomerates - 2.0%** | **Industrial Conglomerates - 2.0%** |  |
| Siemens AG | Siemens AG |  | 2900 | 782939 |
| **Insurance - 2.8%** | **Insurance - 2.8%** | **Insurance - 2.8%** | **Insurance - 2.8%** |  |
| American International Group, Inc. | American International Group, Inc. |  | 14269 | 1120687 |
| **Interactive Media & Services - 1.4%** | **Interactive Media & Services - 1.4%** | **Interactive Media & Services - 1.4%** | **Interactive Media & Services - 1.4%** |  |
| Alphabet, Inc. - Class A | Alphabet, Inc. - Class A |  | 2380 | 578578 |
| **Machinery - 4.2%** | **Machinery - 4.2%** | **Machinery - 4.2%** | **Machinery - 4.2%** |  |
| CNH Industrial NV | CNH Industrial NV |  | 52800 | 572880 |
| Cummins, Inc. | Cummins, Inc. |  | 1720 | 726476 |
| PACCAR, Inc. | PACCAR, Inc. |  | 4000 | 393280 |
|  |  |  |  | 1692636 |
| **Media - 5.0%** | **Media - 5.0%** | **Media - 5.0%** | **Media - 5.0%** |  |
| Comcast Corp. - Class A | Comcast Corp. - Class A |  | 28300 | 889186 |
| Omnicom Group, Inc. | Omnicom Group, Inc. |  | 5100 | 415803 |
| WPP PLC | WPP PLC |  | 138100 | 688389 |
|  |  |  |  | 1993378 |
| **Multi-Utilities - 3.3%** | **Multi-Utilities - 3.3%** | **Multi-Utilities - 3.3%** | **Multi-Utilities - 3.3%** |  |
| Dominion Energy, Inc. | Dominion Energy, Inc. |  | 16900 | 1033773 |
| National Grid PLC | National Grid PLC |  | 20800 | 298868 |
|  |  |  |  | 1332641 |
| **Oil, Gas & Consumable Fuels - 4.2%** | **Oil, Gas & Consumable Fuels - 4.2%** | **Oil, Gas & Consumable Fuels - 4.2%** | **Oil, Gas & Consumable Fuels - 4.2%** |  |
| APA Corp. | APA Corp. |  | 20800 | 505024 |
| Kosmos Energy Ltd. <sup>(a)</sup> | Kosmos Energy Ltd. <sup>(a)</sup> |  | 68400 | 113544 |
| Ovintiv, Inc. | Ovintiv, Inc. |  | 6600 | 266508 |
| Shell PLC - ADR | Shell PLC - ADR |  | 10900 | 779677 |
|  |  |  |  | 1664753 |
| **Passenger Airlines - 1.4%** | **Passenger Airlines - 1.4%** | **Passenger Airlines - 1.4%** | **Passenger Airlines - 1.4%** |  |
| Qantas Airways Ltd. | Qantas Airways Ltd. |  | 80100 | 578786 |
| **Personal Care Products - 0.8%** | **Personal Care Products - 0.8%** | **Personal Care Products - 0.8%** | **Personal Care Products - 0.8%** |  |
| Unilever PLC | Unilever PLC |  | 5500 | 325097 |
| **Pharmaceuticals - 1.1%** | **Pharmaceuticals - 1.1%** | **Pharmaceuticals - 1.1%** | **Pharmaceuticals - 1.1%** |  |
| GSK PLC - ADR | GSK PLC - ADR |  | 10600 | 457496 |
| **Professional Services - 1.2%** | **Professional Services - 1.2%** | **Professional Services - 1.2%** | **Professional Services - 1.2%** |  |
| Randstad NV | Randstad NV |  | 11500 | 490353 |
| **Semiconductors & Semiconductor Equipment - 2.5%** | **Semiconductors & Semiconductor Equipment - 2.5%** | **Semiconductors & Semiconductor Equipment - 2.5%** | **Semiconductors & Semiconductor Equipment - 2.5%** |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR |  | 1900 | 530651 |
| Tokyo Electron Ltd. | Tokyo Electron Ltd. |  | 2700 | 478621 |
|  |  |  |  | 1009272 |
| **Software - 6.9%** | **Software - 6.9%** | **Software - 6.9%** | **Software - 6.9%** |  |
| Salesforce, Inc. | Salesforce, Inc. |  | 3300 | 782100 |
| Workday, Inc. - Class A <sup>(a)</sup> | Workday, Inc. - Class A <sup>(a)</sup> |  | 8220 | 1978801 |
|  |  |  |  | 2760901 |
| **Wireless Telecommunication Services - 0.7%** | **Wireless Telecommunication Services - 0.7%** | **Wireless Telecommunication Services - 0.7%** | **Wireless Telecommunication Services - 0.7%** |  |
| Vodafone Group PLC - ADR | Vodafone Group PLC - ADR |  | 25100 | 291160 |
| **TOTAL COMMON STOCKS** (Cost $33,442,082) | **TOTAL COMMON STOCKS** (Cost $33,442,082) | **TOTAL COMMON STOCKS** (Cost $33,442,082) | **TOTAL COMMON STOCKS** (Cost $33,442,082) | 39123434 |
| **PREFERRED STOCKS - 0.8%** | **PREFERRED STOCKS - 0.8%** |  | **Shares** | **Value**  |
| **Automobiles - 0.8%** | **Automobiles - 0.8%** | **Automobiles - 0.8%** | **Automobiles - 0.8%** |  |
|  Bayerische Motoren Werke AG, 0.00% | Bayerische Motoren Werke AG, 0.00% |  | 3500 | 326016 |
| **TOTAL PREFERRED STOCKS** (Cost $237,419) | **TOTAL PREFERRED STOCKS** (Cost $237,419) | **TOTAL PREFERRED STOCKS** (Cost $237,419) | **TOTAL PREFERRED STOCKS** (Cost $237,419) | 326016 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |  |
| **MONEY MARKET FUNDS - 2.0%** | **MONEY MARKET FUNDS - 2.0%** | **MONEY MARKET FUNDS - 2.0%** | **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> |  | 801277 | 801277 |
| **TOTAL MONEY MARKET FUNDS** (Cost $801,277) | **TOTAL MONEY MARKET FUNDS** (Cost $801,277) | **TOTAL MONEY MARKET FUNDS** (Cost $801,277) | **TOTAL MONEY MARKET FUNDS** (Cost $801,277) | 801277 |
| **TIME DEPOSITS - 0.1%** | **TIME DEPOSITS - 0.1%** | **TIME DEPOSITS - 0.1%** | **Par** | **Value**  |
| Citigroup, Inc., 2.92%, 10/01/2025 <sup>(c)</sup> | Citigroup, Inc., 2.92%, 10/01/2025 <sup>(c)</sup> | GBP | 608 | 817 |
| Skandinaviska Enskilda Banken, 3.44%, 10/01/2025 <sup>(c)</sup> | Skandinaviska Enskilda Banken, 3.44%, 10/01/2025 <sup>(c)</sup> |  | 6511 | 6511 |
| Citigroup, Inc., 0.79%, 10/01/2025 <sup>(c)</sup> | Citigroup, Inc., 0.79%, 10/01/2025 <sup>(c)</sup> | EUR | 12735 | 14952 |
| **TOTAL TIME DEPOSITS** (Cost $22,280) | **TOTAL TIME DEPOSITS** (Cost $22,280) | **TOTAL TIME DEPOSITS** (Cost $22,280) | **TOTAL TIME DEPOSITS** (Cost $22,280) | 22280 |
| **TOTAL INVESTMENTS - 100.6% (**Cost $34,503,058**)** | **TOTAL INVESTMENTS - 100.6% (**Cost $34,503,058**)** | **TOTAL INVESTMENTS - 100.6% (**Cost $34,503,058**)** | **TOTAL INVESTMENTS - 100.6% (**Cost $34,503,058**)** | 40273007 |
| Liabilities in Excess of Other Assets - (0.6)% | Liabilities in Excess of Other Assets - (0.6)% | Liabilities in Excess of Other Assets - (0.6)% | Liabilities in Excess of Other Assets - (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; (250459) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% |  | 0.0% | $40022548 |

---

---

| |
|:---|
| Par amount is in USD unless otherwise indicated. |
| 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. |

---

ADR - American Depositary Receipt EUR – Euro GBP - British Pound <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) 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 Global 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 | $28212897 | $10910537 | $– | $39123434 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | – | 326016 | – | 326016 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 801277 | – | – | 801277 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Time Deposits | – | 22280 | – | 22280 |
| Total Investments | $29014174 | $11258833 | $– | $40273007 |
| 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. |

---

---

| |
|:---|
| **Allocation of Portfolio Holdings by Country as of September 30, 2025** |
| (% of Net Assets) |

---

---

| | | |
|:---|:---|:---|
| United States | $22616179 | 56.5% |
| United Kingdom | 4142341 | 10.4 |
| Netherlands | 2680428 | 6.7 |
| Germany | 2161605 | 5.4 |
| France | 1802293 | 4.5 |
| Sweden | 1322141 | 3.3 |
| Japan | 1020481 | 2.6 |
| Canada | 623568 | 1.6 |
| Ireland | 600012 | 1.5 |
| Australia | 578786 | 1.4 |
| Switzerland | 570986 | 1.4 |
| Taiwan | 530651 | 1.3 |
| Puerto Rico | 419133 | 1.0 |
| Italy | 380844 | 1.0 |
| Cash and Other | 573098 | 1.4 |
|  | $**40022548** | 100.0<br> **%** |

---

## 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 Global Value Fund

- **b. EDGAR series identifier (if any):** S000039502

- **c. LEI of Series:** 549300IZU80UBKZNF609

**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:** $40093537.35

**Total Liabilities:** $71866.88

**Net Assets:** $40021670.47

**Cash Not Reported:** $11614.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000121672 | -1.46%               | 5.21%                | 1.53%                |
| Class ID C000121673 | -1.52%               | 5.21%                | 1.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1100220.21              | $-1674983.08                               |
| Month 2  | $875628.56               | $1075957.09                                |
| Month 3  | $1030556.64              | $-508592.28                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Henkel AG & Co KGaA             | Henkel AG & Co KGaA                       | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EC               | CORP              | DE        |     10700 | NS      | $794227.11    | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Kraft Heinz Co/The              | Kraft Heinz Co/The                        | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     17500 | NS      | $455700.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                | Wells Fargo & Co                          | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      5200 | NS      | $435864.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                     | Cummins Inc                               | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      1720 | NS      | $726476.40    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                       | Shell PLC                                 | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     10900 | NS      | $779677.00    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                            | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1900 | NS      | $530651.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Group Ltd           | Julius Baer Group Ltd                     | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |      8200 | NS      | $570986.23    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                    | Alphabet Inc                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2380 | NS      | $578578.00    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc             | Elevance Health Inc                       | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      3904 | NS      | $1261460.48   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lloyds Banking Group PLC        | Lloyds Banking Group PLC                  | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               | CORP              | GB        |    429400 | NS      | $485902.58    | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Babcock International Group PL  | Babcock International Group PLC           | CUSIP: N/A<br>LEI: 213800TSKOLX4EU6L377       | Long             | EC               | CORP              | GB        |     13500 | NS      | $242871.58    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Comcast Corp                    | Comcast Corp                              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     28300 | NS      | $889186.00    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc             | Dominion Energy Inc                       | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     16900 | NS      | $1033773.00   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Ericsson                        | Telefonaktiebolaget LM Ericsson           | CUSIP: 294821608<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    159872 | NS      | $1322141.44   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                         | GSK PLC                                   | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     10600 | NS      | $457496.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Accor SA                        | Accor SA                                  | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |     14500 | NS      | $688902.72    | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV          | Koninklijke Philips NV                    | CUSIP: N/A<br>LEI: H1FJE8H61JGM1JSGM897       | Long             | EC               | CORP              | NL        |     15448 | NS      | $423184.75    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Omnicom Group Inc               | Omnicom Group Inc                         | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |      5100 | NS      | $415803.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                     | Ovintiv Inc                               | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |      6600 | NS      | $266508.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                      | PACCAR Inc                                | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      4000 | NS      | $393280.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                  | Salesforce Inc                            | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      2400 | NS      | $568800.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                 | Schlumberger NV                           | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     14000 | NS      | $481180.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I  | American International Group Inc          | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     14269 | NS      | $1120687.26   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                        | APA Corp                                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     20800 | NS      | $505024.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                   | Citigroup Inc                             | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      4084 | NS      | $414526.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                      | Fiserv Inc                                | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      2800 | NS      | $361004.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Randstad NV                     | Randstad NV                               | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               | CORP              | NL        |     11500 | NS      | $490352.86    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG     | Bayerische Motoren Werke AG               | CUSIP: N/A<br>LEI: YEH5ZCD6E441RHVHD759       | Long             | EP               | CORP              | DE        |      3500 | NS      | $326016.00    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Qantas Airways Ltd              | Qantas Airways Ltd                        | CUSIP: N/A<br>LEI: YLXNW6TI6QSK1H8H0N82       | Long             | EC               | CORP              | AU        |     80100 | NS      | $578786.39    | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| PPG Industries Inc              | PPG Industries Inc                        | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      5200 | NS      | $546572.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                  | BNP Paribas SA                            | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |      6556 | NS      | $599631.85    | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Corp               | State Street Corp                         | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      3500 | NS      | $406035.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                      | US Bancorp                                | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     16900 | NS      | $816777.00    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc       | Warner Bros Discovery Inc                 | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     26200 | NS      | $511686.00    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Holding NV             | Heineken Holding NV                       | CUSIP: N/A<br>LEI: 724500M1WJLFM9TYBS04       | Long             | EC               | CORP              | NL        |     12000 | NS      | $823959.93    | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Monte dei Paschi di Sien  | Banca Monte dei Paschi di Siena SpA       | CUSIP: N/A<br>LEI: J4CP7MHCXR8DAQMKIL78       | Long             | EC               | CORP              | IT        |     42800 | NS      | $380843.97    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| CNH Industrial NV               | CNH Industrial NV                         | CUSIP: N/A<br>LEI: 549300WGC2HZ5J67V817       | Long             | EC               | CORP              | GB        |     52800 | NS      | $572880.00    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co               | U-Haul Holding Co                         | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |     14715 | NS      | $748993.50    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc           | Euronet Worldwide Inc                     | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |      3400 | NS      | $298554.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc  | GE HealthCare Technologies Inc            | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     13140 | NS      | $986814.00    | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                 | Baker Hughes Co                           | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10300 | NS      | $501816.00    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG          | Mercedes-Benz Group AG                    | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               | CORP              | DE        |      4100 | NS      | $258423.73    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                      | Siemens AG                                | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |      2900 | NS      | $782938.57    | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Sanso Holdings Corp      | Nippon Sanso Holdings Corp                | CUSIP: N/A<br>LEI: 353800F1K6653B4VPY57       | Long             | EC               | CORP              | JP        |     15300 | NS      | $541860.66    | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd              | Tokyo Electron Ltd                        | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |      2700 | NS      | $478620.81    | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Popular Inc                     | Popular Inc                               | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |      3300 | NS      | $419133.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp           | Truist Financial Corp                     | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      6600 | NS      | $301752.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC              | Vodafone Group PLC                        | CUSIP: 92857W308<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |     25100 | NS      | $291160.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                     | Workday Inc                               | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      8220 | NS      | $1978800.60   | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                    | Unilever PLC                              | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |      5500 | NS      | $325097.44    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| WPP PLC                         | WPP PLC                                   | CUSIP: N/A<br>LEI: 549300LSGBXPYHXGDT93       | Long             | EC               | CORP              | GB        |    138100 | NS      | $688388.61    | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| FedEx Corp                      | FedEx Corp                                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1970 | NS      | $464545.70    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                       | Airbus SE                                 | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | FR        |      2200 | NS      | $513758.67    | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Akzo Nobel NV                   | Akzo Nobel NV                             | CUSIP: N/A<br>LEI: 724500XYIJUGXAA5QD70       | Long             | EC               | CORP              | NL        |      8600 | NS      | $613764.15    | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Humana Inc                      | Humana Inc                                | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      2300 | NS      | $598391.00    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                         | NOV Inc                                   | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     26669 | NS      | $353364.25    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc          | UnitedHealth Group Inc                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2900 | NS      | $1001370.00   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                   | Medtronic PLC                             | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      6300 | NS      | $600012.00    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                          | F5 Inc                                    | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      6580 | NS      | $2126590.20   | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co               | General Motors Co                         | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     10245 | NS      | $624637.65    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Kosmos Energy Ltd               | Kosmos Energy Ltd                         | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |     68400 | NS      | $113544.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc         | Magna International Inc                   | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     13161 | NS      | $623568.18    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC               | National Grid PLC                         | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |     20800 | NS      | $298868.24    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                    | ING Groep NV                              | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |     12556 | NS      | $329165.99    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Brown Brothers Harriman and Co. | Citigroup, Inc.                           | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | Long             | STIV             | CORP              | US        |    814027 | PA      | $814027.13    | 2.03%             | 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