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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Ecovyst Inc</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ericsson</name>
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        <title>Telefonaktiebolaget LM Ericsson</title>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Fluor Corp</name>
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        <title>Fluor Corp</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GE HealthCare Technologies Inc</name>
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        <title>GE HealthCare Technologies Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Jones Lang LaSalle Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Shell PLC</name>
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        <title>Shell PLC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>State Street Corp</name>
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        <title>State Street Corp</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Articore Group Ltd</name>
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        <title>Articore Group Ltd</title>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>F5 Inc</name>
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        <title>F5 Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>NOV Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PPG Industries Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SAP SE</name>
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        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>WPP PLC</name>
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        <title>WPP PLC</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Workday Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Workiva Inc</name>
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        <name>METALS RECOVERY HOLDINGS LLC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>UTEX Industries Inc</name>
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        <name>CDW Corp/DE</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
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          <ticker value="COP"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Olin Corp</name>
        <lei>549300GKK294V7W57P06</lei>
        <title>Olin Corp</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>American International Group I</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc</title>
        <cusip>026874784</cusip>
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          <ticker value="AIG"/>
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        <balance>182700.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13748175.000000000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fuso Chemical Co Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Avnet Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bank of New York Mellon Corp/T</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Philip Morris International In</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Stanley Black &amp; Decker Inc</name>
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        <name>Siemens AG</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LEALAND FINANCE CO BV</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ovintiv Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SLM Corp</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Global Indemnity Group LLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Seritage Growth Properties</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <name>FED HOME LOAN MORTGAGE</name>
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        <name>Heineken NV</name>
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        <name>Henkel AG &amp; Co KGaA</name>
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        <name>Microsoft Corp</name>
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        <name>Salesforce Inc</name>
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        <name>Vanguard Long-Term Treasury ET</name>
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        <title>Vanguard Long-Term Treasury ETF</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Alphabet Inc</name>
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        <title>Alphabet Inc</title>
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          <ticker value="GOOGL"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Elevance Health Inc</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health Inc</title>
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          <ticker value="ELV"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>APA Corp</name>
        <lei>549300VCIWLRHYVSHC79</lei>
        <title>APA Corp</title>
        <cusip>03743Q108</cusip>
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          <ticker value="APA"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Constellation Brands Inc</name>
        <lei>5493005GKEG8QCVY7037</lei>
        <title>Constellation Brands Inc</title>
        <cusip>21036P108</cusip>
        <identifiers>
          <isin value="US21036P1084"/>
          <ticker value="STZ"/>
        </identifiers>
        <balance>21800.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3270000.000000000000</valUSD>
        <pctVal>0.4022403614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First American Government Obli</name>
        <lei>549300R5MYM6VZF1RM44</lei>
        <title>First American Government Obligations Fund</title>
        <cusip>31846V336</cusip>
        <identifiers>
          <isin value="US31846V3362"/>
          <ticker value="FGXXX"/>
        </identifiers>
        <balance>21020651.050000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21020651.050000000000</valUSD>
        <pctVal>2.5857352521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SLB Ltd</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>SLB Ltd</title>
        <cusip>806857108</cusip>
        <identifiers>
          <isin value="AN8068571086"/>
          <ticker value="SLB"/>
        </identifiers>
        <balance>213570.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10975362.300000000000</valUSD>
        <pctVal>1.3500714672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UnitedHealth Group Inc</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group Inc</title>
        <cusip>91324P102</cusip>
        <identifiers>
          <isin value="US91324P1021"/>
          <ticker value="UNH"/>
        </identifiers>
        <balance>21600.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5844744.000000000000</valUSD>
        <pctVal>0.7189577794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Iracore International Holdings Inc</name>
        <lei>5493001MEBLCGW71EE69</lei>
        <title>Iracore Investments Holdings Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="IRACOMMON"/>
        </identifiers>
        <balance>32422.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7448954.500000000000</valUSD>
        <pctVal>0.9162905657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEALAND FINANCE CO BV</name>
        <lei>N/A</lei>
        <title>Lealand Finance Co BV</title>
        <cusip>N5200EAC5</cusip>
        <identifiers>
          <isin value="XAN5200EAC56"/>
        </identifiers>
        <balance>442882.540000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>370914.130000000000</valUSD>
        <pctVal>0.0456258819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.787480000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mount Vernon Liquid Assets Portfolio, LLC</name>
        <lei>N/A</lei>
        <title>Mount Vernon Liquid Assets Portfolio, LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="USER DEFINED" value="990VR1110"/>
        </identifiers>
        <balance>42155912.5</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42155912.5</valUSD>
        <pctVal>5.1855686476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="42155912.500000000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The monthly total returns shown in B.5.a. do not reflect the deduction of sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>HOTCHKIS &amp; WILEY FUNDS/DE/</ncom:nameOfApplicant>
      <ncom:signature>/s/ James Menvielle </ncom:signature>
      <ncom:signerName>James Menvielle </ncom:signerName>
      <ncom:title>Treasurer / Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
