| Schedule of Investments - March 31, 2024 | | | | | |
| Hotchkis & Wiley High Yield Fund (Unaudited) | | | | | |
| | | | | | | |
| | | | Principal | | | |
| CORPORATE BONDS - 88.91% | | Amount | | | Value |
| Advertising - 0.66% | | | | | |
| Stagwell Global LLC | | | | | |
| 5.625%, 08/15/2029 (r) | $ | 6,741,000 | | $
| 6,127,111 |
| | | | | | | |
| Aerospace/Defense - 2.39% | | | | | |
| F-Brasile SpA / F-Brasile US LLC | | | | | |
| 7.375%, 08/15/2026 (r) | | 4,657,000 | | | 4,650,358 |
| Spirit AeroSystems, Inc. | | | | | |
| 9.375%, 11/30/2029 (r) | | 2,510,000 | | | 2,741,013 |
| 9.750%, 11/15/2030 (r) | | 4,458,000 | | | 4,992,140 |
| TransDigm, Inc. | | | | | |
| 6.875%, 12/15/2030 (r) | | 2,365,000 | | | 2,413,471 |
| 7.125%, 12/01/2031 (r) | | 7,273,000 | | | 7,504,339 |
| | | | | | 22,301,321 |
| Auto Parts & Equipment - 2.50% | | | | | |
| American Axle & Manufacturing, Inc. | | | | | |
| 6.875%, 07/01/2028 | | 5,342,000 | | | 5,328,080 |
| Borgwarner Jersey Ltd. | | | | | |
| 5.000%, 10/01/2025 (r) | | 1,596,000 | | | 1,542,502 |
| Clarios Global LP / Clarios US Finance Company | | | | | |
| 6.750%, 05/15/2028 (r) | | 4,389,000 | | | 4,452,346 |
| The Goodyear Tire & Rubber Company | | | | | |
| 5.250%, 07/15/2031 | | 5,044,000 | | | 4,601,219 |
| Phinia, Inc. | | | | | |
| 6.750%, 04/15/2029 (r) | | 3,051,000 | | | 3,084,235 |
| ZF North America Capital, Inc. | | | | | |
| 6.875%, 04/14/2028 (r) | | 4,161,000 | | | 4,319,849 |
| | | | | | 23,328,231 |
| Banking - 0.95% | | | | | |
| ING Groep NV | | | | | |
| 6.500% (Fixed until 04/15/2025, then 5 Year Swap Rate USD + 4.446%), Perpetual (b) | | 2,892,000 | | | 2,858,681 |
| Popular, Inc. | | | | | |
| 7.250%, 03/13/2028 | | 3,030,000 | | | 3,107,197 |
| Texas Capital Bancshares, Inc. | | | | | |
| 4.000% (Fixed until 05/05/2026, then 5 Year CMT Rate USD + 3.150%), 05/06/2031 (b) | | 3,400,000 | | | 2,935,779 |
| | | | | | 8,901,657 |
| Brokerage - 0.72% | | | | | |
| StoneX Group, Inc. | | | | | |
| 8.625%, 06/15/2025 (r) | | 1,325,000 | | | 1,331,682 |
| 7.875%, 03/01/2031 (r) | | 5,265,000 | | | 5,346,297 |
| | | | | | 6,677,979 |
| Building & Construction - 2.55% | | | | | |
| Ashton Woods USA LLC / Ashton Woods Finance Company | | | | | |
| 4.625%, 08/01/2029 (r) | | 5,710,000 | | | 5,273,032 |
| Brookfield Residential Properties, Inc. / Brookfield Residential US LLC | | | | | |
| 4.875%, 02/15/2030 (r) | | 4,782,000 | | | 4,300,714 |
| Great Lakes Dredge & Dock Corp. | | | | | |
| 5.250%, 06/01/2029 (r) | | 5,476,000 | | | 4,879,593 |
| Installed Building Products, Inc. | | | | | |
| 5.750%, 02/01/2028 (r) | | 4,671,000 | | | 4,563,786 |
| Weekley Homes LLC / Weekley Finance Corp. | | | | | |
| 4.875%, 09/15/2028 (r) | | 5,173,000 | | | 4,787,888 |
| | | | | | 23,805,013 |
| Building Materials - 3.04% | | | | | |
| Arcosa, Inc. | | | | | |
| 4.375%, 04/15/2029 (r) | | 4,947,000 | | | 4,563,746 |
| BlueLinx Holdings, Inc. | | | | | |
| 6.000%, 11/15/2029 (r) | | 6,181,000 | | | 6,033,163 |
| Knife River Corp. | | | | | |
| 7.750%, 05/01/2031 (r) | | 4,427,000 | | | 4,639,084 |
| SRS Distribution, Inc. | | | | | |
| 6.125%, 07/01/2029 (r) | | 3,000,000 | | | 3,062,463 |
| Standard Industries, Inc. | | | | | |
| 4.375%, 07/15/2030 (r) | | 6,710,000 | | | 6,033,902 |
| WESCO Distribution, Inc. | | | | | |
| 7.250%, 06/15/2028 (r) | | 3,990,000 | | | 4,076,771 |
| | | | | | 28,409,129 |
| Cable & Satellite TV - 5.07% | | | | | |
| Block Communications, Inc. | | | | | |
| 4.875%, 03/01/2028 (r) | | 5,858,000 | | | 5,237,321 |
| CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | |
| 5.375%, 06/01/2029 (r) | | 9,877,000 | | | 9,048,891 |
| 4.750%, 02/01/2032 (r) | | 11,380,000 | | | 9,298,467 |
| CSC Holdings LLC | | | | | |
| 11.750%, 01/31/2029 (r) | | 2,414,000 | | | 2,419,274 |
| 5.750%, 01/15/2030 (r) | | 11,102,000 | | | 5,885,927 |
| DirecTV Financing LLC / DirecTV Financing Co-Obligor, Inc. | | | | | |
| 5.875%, 08/15/2027 (r) | | 3,006,000 | | | 2,845,664 |
| DISH Network Corp. | | | | | |
| 11.750%, 11/15/2027 (r) | | 2,145,000 | | | 2,191,999 |
| Telenet Finance Luxembourg | | | | | |
| 5.500%, 03/01/2028 (r) | | 4,800,000 | | | 4,528,161 |
| Ziggo BV | | | | | |
| 4.875%, 01/15/2030 (r) | | 6,578,000 | | | 5,909,417 |
| | | | | | 47,365,121 |
| Chemicals - 4.44% | | | | | |
| Axalta Coating Systems Dutch Holding B BV | | | | | |
| 7.250%, 02/15/2031 (r) | | 2,752,000 | | | 2,866,092 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc. | | | | | |
| 9.000%, 07/01/2028 (r) | | 2,991,000 | | | 2,954,250 |
| LSF11 A5 HoldCo LLC | | | | | |
| 6.625%, 10/15/2029 (r) | | 6,163,000 | | | 5,560,035 |
| NOVA Chemicals Corp. | | | | | |
| 8.500%, 11/15/2028 (r) | | 4,472,000 | | | 4,765,448 |
| 9.000%, 02/15/2030 (r) | | 2,411,000 | | | 2,490,590 |
| Rain Carbon, Inc. | | | | | |
| 12.250%, 09/01/2029 (r) | | 3,538,000 | | | 3,674,450 |
| SCIH Salt Holdings, Inc. | | | | | |
| 4.875%, 05/01/2028 (r) | | 3,576,000 | | | 3,335,122 |
| SCIL IV LLC / SCIL USA Holdings LLC | | | | | |
| 5.375%, 11/01/2026 (r) | | 5,377,000 | | | 5,224,404 |
| Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. | | | | | |
| 5.125%, 04/01/2029 (r) | | 8,122,000 | | | 2,364,395 |
| WR Grace Holdings LLC | | | | | |
| 5.625%, 08/15/2029 (r) | | 6,470,000 | | | 5,796,664 |
| 7.375%, 03/01/2031 (r) | | 2,425,000 | | | 2,457,781 |
| | | | | | 41,489,231 |
| Consumer - Products - 1.07% | | | | | |
| Acushnet Company | | | | | |
| 7.375%, 10/15/2028 (r) | | 4,535,000 | | | 4,703,444 |
| Winnebago Industries, Inc. | | | | | |
| 6.250%, 07/15/2028 (r) | | 5,372,000 | | | 5,323,809 |
| | | | | | 10,027,253 |
| Consumer/Commercial/Lease Financing - 2.63% | | | | | |
| Burford Capital Global Finance LLC | | | | | |
| 9.250%, 07/01/2031 (r) | | 6,398,000 | | | 6,779,538 |
| GGAM Finance Ltd. | | | | | |
| 6.875%, 04/15/2029 (r) | | 4,365,000 | | | 4,392,281 |
| Macquarie Airfinance Holdings Ltd. | | | | | |
| 8.375%, 05/01/2028 (r) | | 4,405,000 | | | 4,672,850 |
| 6.500%, 03/26/2031 (r) | | 920,000 | | | 937,099 |
| Nationstar Mortgage Holdings, Inc. | | | | | |
| 7.125%, 02/01/2032 (r) | | 4,852,000 | | | 4,822,412 |
| Upbound Group, Inc. | | | | | |
| 6.375%, 02/15/2029 (r) | | 3,031,000 | | | 2,945,358 |
| | | | | | 24,549,538 |
| Diversified Capital Goods - 2.81% | | | | | |
| EMRLD Borrower LP / Emerald Co-Issuer, Inc. | | | | | |
| 6.625%, 12/15/2030 (r) | | 8,060,000 | | | 8,147,395 |
| Patrick Industries, Inc. | | | | | |
| 4.750%, 05/01/2029 (r) | | 5,586,000 | | | 5,223,878 |
| Railworks Holdings LP / Railworks Rally, Inc. | | | | | |
| 8.250%, 11/15/2028 (r) | | 4,383,000 | | | 4,353,237 |
| TK Elevator Holdco GmbH | | | | | |
| 7.625%, 07/15/2028 (r) | | 8,708,000 | | | 8,546,955 |
| | | | | | 26,271,465 |
| Electric - Generation - 0.94% | | | | | |
| Calpine Corp. | | | | | |
| 3.750%, 03/01/2031 (r) | | 4,433,000 | | | 3,886,357 |
| Vistra Operations Company LLC | | | | | |
| 6.950%, 10/15/2033 (r) | | 4,589,000 | | | 4,902,369 |
| | | | | | 8,788,726 |
| Electric - Integrated - 0.44% | | | | | |
| PG&E Corp. | | | | | |
| 5.250%, 07/01/2030 | | 4,341,000 | | | 4,129,546 |
| | | | | | | |
| Electronics - 0.49% | | | | | |
| Coherent Corp. | | | | | |
| 5.000%, 12/15/2029 (r) | | 4,825,000 | | | 4,549,442 |
| | | | | | | |
| Energy - Exploration & Production - 3.57% | | | | | |
| California Resources Corp. | | | | | |
| 7.125%, 02/01/2026 (r) | | 3,649,000 | | | 3,673,127 |
| Callon Petroleum Company | | | | | |
| 6.375%, 07/01/2026 | | 3,721,000 | | | 3,760,554 |
| Chesapeake Energy Corp. | | | | | |
| 6.750%, 04/15/2029 (r) | | 4,574,000 | | | 4,626,711 |
| Civitas Resources, Inc. | | | | | |
| 5.000%, 10/15/2026 (r) | | 2,777,000 | | | 2,717,109 |
| 8.750%, 07/01/2031 (r) | | 876,000 | | | 938,467 |
| Hilcorp Energy I LP / Hilcorp Finance Company | | | | | |
| 6.000%, 02/01/2031 (r) | | 5,213,000 | | | 5,088,265 |
| Kosmos Energy Ltd. | | | | | |
| 7.500%, 03/01/2028 (r) | | 2,320,000 | | | 2,249,780 |
| Matador Resources Company | | | | | |
| 6.875%, 04/15/2028 (r) | | 2,691,000 | | | 2,755,113 |
| 6.500%, 04/15/2032 (r) | | 918,000 | | | 920,261 |
| Permian Resources Operating LLC | | | | | |
| 8.000%, 04/15/2027 (r) | | 4,427,000 | | | 4,562,767 |
| Talos Production, Inc. | | | | | |
| 9.375%, 02/01/2031 (r) | | 1,885,000 | | | 2,010,990 |
| | | | | | 33,303,144 |
| Food - Wholesale - 1.22% | | | | | |
| Central Garden & Pet Company | | | | | |
| 4.125%, 04/30/2031 (r) | | 4,305,000 | | | 3,798,561 |
| HLF Financing Sarl LLC / Herbalife International, Inc. | | | | | |
| 4.875%, 06/01/2029 (r) | | 2,330,000 | | | 1,621,738 |
| US Foods, Inc. | | | | | |
| 7.250%, 01/15/2032 (r) | | 5,767,000 | | | 6,009,096 |
| | | | | | 11,429,395 |
| Food & Drug Retailers - 0.28% | | | | | |
| United Natural Foods, Inc. | | | | | |
| 6.750%, 10/15/2028 (r) | | 3,150,000 | | | 2,620,215 |
| | | | | | | |
| Forestry/Paper - 2.08% | | | | | |
| Ahlstrom Holding 3 Oy | | | | | |
| 4.875%, 02/04/2028 (r) | | 5,999,000 | | | 5,519,080 |
| Mativ Holdings, Inc. | | | | | |
| 6.875%, 10/01/2026 (r) | | 5,894,000 | | | 5,871,736 |
| Mercer International, Inc. | | | | | |
| 12.875%, 10/01/2028 (r) | | 885,000 | | | 967,976 |
| 5.125%, 02/01/2029 | | 5,791,000 | | | 5,096,906 |
| Rayonier AM Products, Inc. | | | | | |
| 7.625%, 01/15/2026 (r) | | 2,182,000 | | | 2,004,462 |
| | | | | | 19,460,160 |
| Gaming - 3.78% | | | | | |
| Allwyn Entertainment Financing UK PLC | | | | | |
| 7.875%, 04/30/2029 (r) | | 4,457,000 | | | 4,590,242 |
| Boyd Gaming Corp. | | | | | |
| 4.750%, 06/15/2031 (r) | | 4,641,000 | | | 4,269,173 |
| Everi Holdings, Inc. | | | | | |
| 5.000%, 07/15/2029 (r) | | 6,570,000 | | | 6,513,567 |
| Jacobs Entertainment, Inc. | | | | | |
| 6.750%, 02/15/2029 (r) | | 5,408,000 | | | 5,258,171 |
| MGM Resorts International | | | | | |
| 6.500%, 04/15/2032 | | 4,584,000 | | | 4,572,604 |
| Penn Entertainment, Inc. | | | | | |
| 5.625%, 01/15/2027 (r) | | 5,350,000 | | | 5,166,469 |
| Scientific Games Holdings LP / Scientific Games US FinCo, Inc. | | | | | |
| 6.625%, 03/01/2030 (r) | | 5,120,000 | | | 4,953,576 |
| | | | | | 35,323,802 |
| Gas Distribution - 5.00% | | | | | |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. | | | | | |
| 5.750%, 03/01/2027 (r) | | 5,534,000 | | | 5,468,360 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC | | | | | |
| 7.500%, 12/15/2033 (r) | | 4,620,000 | | | 4,758,355 |
| DT Midstream, Inc. | | | | | |
| 4.375%, 06/15/2031 (r) | | 5,297,000 | | | 4,801,010 |
| Energy Transfer LP | | | | | |
| 8.000%, 04/01/2029 (r) | | 5,026,000 | | | 5,225,070 |
| EQM Midstream Partners LP | | | | | |
| 7.500%, 06/01/2027 (r) | | 6,117,000 | | | 6,277,051 |
| Harvest Midstream I LP | | | | | |
| 7.500%, 09/01/2028 (r) | | 5,526,000 | | | 5,607,818 |
| ITT Holdings LLC | | | | | |
| 6.500%, 08/01/2029 (r) | | 2,538,000 | | | 2,318,753 |
| Kinetik Holdings LP | | | | | |
| 5.875%, 06/15/2030 (r) | | 4,682,000 | | | 4,583,941 |
| Venture Global LNG, Inc. | | | | | |
| 9.875%, 02/01/2032 (r) | | 7,116,000 | | | 7,673,674 |
| | | | | | 46,714,032 |
| Health Facilities - 1.44% | | | | | |
| Acadia Healthcare Company, Inc. | | | | | |
| 5.500%, 07/01/2028 (r) | | 1,500,000 | | | 1,461,828 |
| CHS / Community Health Systems, Inc. | | | | | |
| 5.250%, 05/15/2030 (r) | | 5,055,000 | | | 4,126,306 |
| Tenet Healthcare Corp. | | | | | |
| 6.250%, 02/01/2027 | | 4,560,000 | | | 4,561,748 |
| 6.125%, 06/15/2030 | | 3,252,000 | | | 3,248,605 |
| | | | | | 13,398,487 |
| Health Services - 0.99% | | | | | |
| Fortrea Holdings, Inc. | | | | | |
| 7.500%, 07/01/2030 (r) | | 4,441,000 | | | 4,589,925 |
| ModivCare Escrow Issuer, Inc. | | | | | |
| 5.000%, 10/01/2029 (r) | | 6,398,000 | | | 4,645,070 |
| | | | | | 9,234,995 |
| Hotels - 1.06% | | | | | |
| Marriott Ownership Resorts, Inc. | | | | | |
| 4.500%, 06/15/2029 (r) | | 5,638,000 | | | 5,161,266 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | | | | | |
| 4.875%, 05/15/2029 (r) | | 5,085,000 | | | 4,732,619 |
| | | | | | 9,893,885 |
| Insurance Brokerage - 2.93% | | | | | |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | | | | | |
| 7.000%, 01/15/2031 (r) | | 4,670,000 | | | 4,720,314 |
| AmWINS Group, Inc. | | | | | |
| 4.875%, 06/30/2029 (r) | | 5,908,000 | | | 5,520,156 |
| AssuredPartners, Inc. | | | | | |
| 7.500%, 02/15/2032 (r) | | 4,826,000 | | | 4,747,072 |
| Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC | | | | | |
| 8.125%, 02/15/2032 (r) | | 2,873,000 | | | 2,900,098 |
| Ryan Specialty LLC | | | | | |
| 4.375%, 02/01/2030 (r) | | 4,975,000 | | | 4,655,991 |
| USI, Inc. | | | | | |
| 7.500%, 01/15/2032 (r) | | 4,760,000 | | | 4,774,718 |
| | | | | | 27,318,349 |
| Investments & Miscellaneous Financial Services - 0.77% | | | | | |
| Armor Holdco, Inc. | | | | | |
| 8.500%, 11/15/2029 (r) | | 2,602,000 | | | 2,459,028 |
| PennyMac Financial Services, Inc. | | | | | |
| 7.875%, 12/15/2029 (r) | | 4,641,000 | | | 4,773,013 |
| | | | | | 7,232,041 |
| Machinery - 1.99% | | | | | |
| Chart Industries, Inc. | | | | | |
| 7.500%, 01/01/2030 (r) | | 4,198,000 | | | 4,364,644 |
| JB Poindexter & Company, Inc. | | | | | |
| 8.750%, 12/15/2031 (r) | | 4,417,000 | | | 4,571,069 |
| NESCO Holdings II, Inc. | | | | | |
| 5.500%, 04/15/2029 (r) | | 5,285,000 | | | 5,006,044 |
| Titan International, Inc. | | | | | |
| 7.000%, 04/30/2028 | | 4,670,000 | | | 4,612,646 |
| | | | | | 18,554,403 |
| Media - Broadcast - 0.55% | | | | | |
| CMG Media Corp. | | | | | |
| 8.875%, 12/15/2027 (r) | | 1,165,000 | | | 773,025 |
| Gray Television, Inc. | | | | | |
| 5.375%, 11/15/2031 (r) | | 6,618,000 | | | 4,345,871 |
| | | | | | 5,118,896 |
| Media Content - 0.87% | | | | | |
| News Corp. | | | | | |
| 5.125%, 02/15/2032 (r) | | 4,668,000 | | | 4,388,394 |
| Townsquare Media, Inc. | | | | | |
| 6.875%, 02/01/2026 (r) | | 3,839,000 | | | 3,745,904 |
| | | | | | 8,134,298 |
| Medical Products - 1.78% | | | | | |
| Grifols SA | | | | | |
| 4.750%, 10/15/2028 (r) | | 5,356,000 | | | 4,438,091 |
| Medline Borrower LP | | | | | |
| 5.250%, 10/01/2029 (r) | | 3,481,000 | | | 3,292,795 |
| Medline Borrower LP / Medline Co-Issuer, Inc. | | | | | |
| 6.250%, 04/01/2029 (r) | | 3,734,000 | | | 3,755,387 |
| Varex Imaging Corp. | | | | | |
| 7.875%, 10/15/2027 (r) | | 5,053,000 | | | 5,134,687 |
| | | | | | 16,620,960 |
| Metals/Mining Excluding Steel - 0.54% | | | | | |
| Kaiser Aluminum Corp. | | | | | |
| 4.500%, 06/01/2031 (r) | | 5,525,000 | | | 4,893,463 |
| Rain CII Carbon LLC / CII Carbon Corp. | | | | | |
| 7.250%, 04/01/2025 (r) | | 131,000 | | | 128,367 |
| | | | | | 5,021,830 |
| Oil Field Equipment & Services - 2.90% | | | | | |
| Enerflex Ltd. | | | | | |
| 9.000%, 10/15/2027 (r) | | 2,667,000 | | | 2,742,231 |
| Nabors Industries Ltd. | | | | | |
| 7.500%, 01/15/2028 (r) | | 4,405,000 | | | 4,135,863 |
| Noble Finance II LLC | | | | | |
| 8.000%, 04/15/2030 (r) | | 4,449,000 | | | 4,637,371 |
| Transocean Poseidon Ltd. | | | | | |
| 6.875%, 02/01/2027 (r) | | 2,638,575 | | | 2,643,332 |
| Transocean, Inc. | | | | | |
| 8.750%, 02/15/2030 (r) | | 1,894,500 | | | 1,976,600 |
| Valaris Ltd. | | | | | |
| 8.375%, 04/30/2030 (r) | | 5,831,000 | | | 6,019,825 |
| Weatherford International Ltd. | | | | | |
| 8.625%, 04/30/2030 (r) | | 4,696,000 | | | 4,906,353 |
| | | | | | 27,061,575 |
| Oil Refining & Marketing - 0.98% | | | | | |
| Parkland Corp. | | | | | |
| 4.625%, 05/01/2030 (r) | | 5,527,000 | | | 5,100,223 |
| PBF Holding Company LLC / PBF Finance Corp. | | | | | |
| 6.000%, 02/15/2028 | | 4,110,000 | | | 4,047,987 |
| | | | | | 9,148,210 |
| Packaging - 1.04% | | | | | |
| Sealed Air Corp. / Sealed Air Corp. US | | | | | |
| 7.250%, 02/15/2031 (r) | | 4,544,000 | | | 4,730,013 |
| Verde Purchaser LLC | | | | | |
| 10.500%, 11/30/2030 (r) | | 4,698,000 | | | 4,952,340 |
| | | | | | 9,682,353 |
| Personal & Household Products - 1.85% | | | | | |
| Edgewell Personal Care Company | | | | | |
| 5.500%, 06/01/2028 (r) | | 4,620,000 | | | 4,519,334 |
| Energizer Holdings, Inc. | | | | | |
| 4.375%, 03/31/2029 (r) | | 6,161,000 | | | 5,527,117 |
| The Scotts Miracle-Gro Company | | | | | |
| 4.375%, 02/01/2032 | | 5,677,000 | | | 4,899,918 |
| Spectrum Brands, Inc. | | | | | |
| 5.000%, 10/01/2029 (r) | | 2,321,000 | | | 2,276,519 |
| | | | | | 17,222,888 |
| Pharmaceuticals - 1.75% | | | | | |
| Bausch + Lomb Corp. | | | | | |
| 8.375%, 10/01/2028 (r) | | 4,599,000 | | | 4,764,150 |
| Bausch Health Companies, Inc. | | | | | |
| 6.125%, 02/01/2027 (r) | | 2,901,000 | | | 1,810,355 |
| 11.000%, 09/30/2028 (r) | | 1,770,000 | | | 1,185,900 |
| Jazz Securities DAC | | | | | |
| 4.375%, 01/15/2029 (r) | | 3,955,000 | | | 3,687,316 |
| Organon & Company / Organon Foreign Debt Co-Issuer BV | | | | | |
| 5.125%, 04/30/2031 (r) | | 5,534,000 | | | 4,924,360 |
| | | | | | 16,372,081 |
| Real Estate Development & Management - 1.44% | | | | | |
| Cushman & Wakefield US Borrower LLC | | | | | |
| 8.875%, 09/01/2031 (r) | | 5,464,000 | | | 5,778,983 |
| Five Point Operating Company LP / Five Point Capital Corp. | | | | | |
| 10.500%, 01/15/2028 (r) | | 2,841,070 | | | 2,927,484 |
| Greystar Real Estate Partners LLC | | | | | |
| 7.750%, 09/01/2030 (r) | | 4,528,000 | | | 4,690,812 |
| | | | | | 13,397,279 |
| Real Estate Investment Trusts - 0.52% | | | | | |
| Service Properties Trust | | | | | |
| 8.625%, 11/15/2031 (r) | | 4,568,000 | | | 4,876,418 |
| | | | | | | |
| Recreation & Travel - 3.53% | | | | | |
| Boyne USA, Inc. | | | | | |
| 4.750%, 05/15/2029 (r) | | 5,714,000 | | | 5,300,348 |
| Carnival Corp. | | | | | |
| 6.000%, 05/01/2029 (r) | | 5,826,000 | | | 5,752,212 |
| 7.000%, 08/15/2029 (r) | | 2,241,000 | | | 2,339,144 |
| 10.500%, 06/01/2030 (r) | | 7,333,000 | | | 8,025,976 |
| NCL Corp. Ltd. | | | | | |
| 8.125%, 01/15/2029 (r) | | 4,525,000 | | | 4,791,251 |
| Royal Caribbean Cruises Ltd. | | | | | |
| 8.250%, 01/15/2029 (r) | | 2,184,000 | | | 2,313,437 |
| 7.250%, 01/15/2030 (r) | | 4,235,000 | | | 4,403,074 |
| | | | | | 32,925,442 |
| Reinsurance - 0.99% | | | | | |
| Enstar Finance LLC | | | | | |
| 5.750% (Fixed until 08/31/2025, then 5 Year CMT Rate USD + 5.468%), 09/01/2040 (b) | | 3,131,000 | | | 3,041,467 |
| Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc. | | | | | |
| 7.625% Cash or 8.375% PIK, 10/15/2025 (p) (r) | | 6,240,983 | | | 6,189,891 |
| | | | | | 9,231,358 |
| Restaurants - 1.73% | | | | | |
| 1011778 BC ULC / New Red Finance, Inc. | | | | | |
| 4.000%, 10/15/2030 (r) | | 4,909,000 | | | 4,377,462 |
| Dave & Buster's, Inc. | | | | | |
| 7.625%, 11/01/2025 (r) | | 2,521,000 | | | 2,542,653 |
| Papa John's International, Inc. | | | | | |
| 3.875%, 09/15/2029 (r) | | 4,977,000 | | | 4,418,626 |
| Raising Cane's Restaurants LLC | | | | | |
| 9.375%, 05/01/2029 (r) | | 4,409,000 | | | 4,770,494 |
| | | | | | 16,109,235 |
| Software/Services - 3.41% | | | | | |
| Boost Newco Borrower LLC | | | | | |
| 7.500%, 01/15/2031 (r) | | 4,595,000 | | | 4,813,621 |
| Central Parent LLC / CDK Global II LLC / CDK Financing Company, Inc. | | | | | |
| 8.000%, 06/15/2029 (r) | | 4,493,000 | | | 4,661,492 |
| Consensus Cloud Solutions, Inc. | | | | | |
| 6.500%, 10/15/2028 (r) | | 5,145,000 | | | 4,579,719 |
| Twilio, Inc. | | | | | |
| 3.625%, 03/15/2029 | | 4,870,000 | | | 4,384,817 |
| UKG, Inc. | | | | | |
| 6.875%, 02/01/2031 (r) | | 4,858,000 | | | 4,952,522 |
| Virtusa Corp. | | | | | |
| 7.125%, 12/15/2028 (r) | | 3,418,000 | | | 3,072,040 |
| VM Consolidated, Inc. | | | | | |
| 5.500%, 04/15/2029 (r) | | 5,611,000 | | | 5,387,518 |
| | | | | | 31,851,729 |
| Specialty Retail - 3.64% | | | | | |
| Academy Ltd. | | | | | |
| 6.000%, 11/15/2027 (r) | | 5,313,000 | | | 5,237,918 |
| Kontoor Brands, Inc. | | | | | |
| 4.125%, 11/15/2029 (r) | | 5,554,000 | | | 4,990,023 |
| LCM Investments Holdings II LLC | | | | | |
| 8.250%, 08/01/2031 (r) | | 4,556,000 | | | 4,770,004 |
| Liberty Interactive LLC | | | | | |
| 8.250%, 02/01/2030 | | 1,005,000 | | | 616,458 |
| Lithia Motors, Inc. | | | | | |
| 4.375%, 01/15/2031 (r) | | 5,010,000 | | | 4,491,925 |
| PetSmart, Inc. / PetSmart Finance Corp. | | | | | |
| 4.750%, 02/15/2028 (r) | | 4,596,000 | | | 4,307,419 |
| Sonic Automotive, Inc. | | | | | |
| 4.875%, 11/15/2031 (r) | | 5,301,000 | | | 4,644,570 |
| Wand NewCo 3, Inc. | | | | | |
| 7.625%, 01/30/2032 (r) | | 4,750,000 | | | 4,916,568 |
| | | | | | 33,974,885 |
| Steel Producers/Products - 1.40% | | | | | |
| ATI, Inc. | | | | | |
| 5.875%, 12/01/2027 | | 4,054,000 | | | 3,995,489 |
| Calderys Financing LLC | | | | | |
| 11.250%, 06/01/2028 (r) | | 3,912,000 | | | 4,213,459 |
| Carpenter Technology Corp. | | | | | |
| 7.625%, 03/15/2030 | | 4,676,000 | | | 4,832,973 |
| | | | | | 13,041,921 |
| Support - Services - 1.53% | | | | | |
| The Dun & Bradstreet Corp. | | | | | |
| 5.000%, 12/15/2029 (r) | | 4,705,000 | | | 4,346,887 |
| Summer BC Bidco B LLC | | | | | |
| 5.500%, 10/31/2026 (r) | | 4,752,000 | | | 4,592,746 |
| ZipRecruiter, Inc. | | | | | |
| 5.000%, 01/15/2030 (r) | | 6,091,000 | | | 5,370,191 |
| | | | | | 14,309,824 |
| Technology Hardware & Equipment - 1.41% | | | | | |
| CommScope, Inc. | | | | | |
| 6.000%, 03/01/2026 (r) | | 3,196,000 | | | 2,928,335 |
| Seagate HDD Cayman | | | | | |
| 8.500%, 07/15/2031 (r) | | 4,394,000 | | | 4,752,937 |
| Xerox Holdings Corp. | | | | | |
| 8.875%, 11/30/2029 (r) | | 5,374,000 | | | 5,479,127 |
| | | | | | 13,160,399 |
| Telecom - Satellite - 0.30% | | | | | |
| Telesat Canada / Telesat LLC | | | | | |
| 5.625%, 12/06/2026 (r) | | 5,575,000 | | | 2,792,406 |
| | | | | | | |
| Telecom - Wireline Integrated & Services - 0.41% | | | | | |
| Frontier Communications Holdings LLC | | | | | |
| 8.625%, 03/15/2031 (r) | | 3,700,000 | | | 3,782,451 |
| | | | | | | |
| Tobacco - 0.53% | | | | | |
| Turning Point Brands, Inc. | | | | | |
| 5.625%, 02/15/2026 (r) | | 5,007,000 | | | 4,926,067 |
| Total corporate bonds (Cost $855,555,232) | | | | | 829,966,176 |
| | | | | | |
| CONVERTIBLE BONDS - 1.00% | | | | | |
| Specialty Retail - 1.00% | | | | | |
| Authentic Brands Group LLC | | | | | |
| 5.000% PIK until 09/01/2025, then 2.750% PIK, 09/01/2029 (Acquired 07/11/2013 - 02/01/2024, Cost $29,092,676) (f) (i) (m) (p) (u) | | 9,361,195 | | | 9,361,195 |
| Total convertible bonds (Cost $29,092,676) | | | | | 9,361,195 |
| | | | | | | |
| TERM LOANS - 5.09% | | | | | |
| Advertising - 0.48% | | | | | |
| AP Core Holdings II LLC | | | | | |
| 10.945% (1 Month SOFR USD + 5.500%), 09/01/2027 (Acquired 07/21/2021 - 02/10/2023, Cost $4,546,166) (b) (m) | | 4,591,192 | | | 4,509,699 |
| | | | | | | |
| Air Transportation - 0.86% | | | | | |
| AAdvantage Loyalty IP Ltd. | | | | | |
| 10.329% (3 Month SOFR USD + 4.750%), 04/20/2028 (Acquired 06/24/2021 - 07/12/2022, Cost $4,625,490) (b) (m) | | 4,534,750 | | | 4,717,092 |
| United Airlines, Inc. | | | | | |
| 8.076% (1 Month SOFR USD + 2.750%), 02/22/2031 (Acquired 02/15/2024, Cost $3,293,450) (b) (m) | | 3,310,000 | | | 3,319,301 |
| | | | | | 8,036,393 |
| Building Materials - 0.31% | | | | | |
| Foundation Building Materials, Inc. | | | | | |
| 9.313% (1 Month SOFR + 4.000%), 01/29/2031 (Acquired 01/25/2024 - 01/31/2024, Cost $2,821,597) (b) (m) | | 2,834,000 | | | 2,849,417 |
| | | | | | | |
| Cable & Satellite TV - 0.11% | | | | | |
| DirecTV Financing LLC | | | | | |
| 10.445% (1 Month SOFR USD + 5.000%), 08/02/2027 (Acquired 08/17/2022, Cost $996,406) (b) (m) | | 1,013,115 | | | 1,015,648 |
| | | | | | | |
| Consumer/Commercial/Lease Financing - 0.23% | | | | | |
| Upbound Group, Inc. | | | | | |
| 9.119% (1 Month SOFR USD + 3.250%), 02/17/2028 (Acquired 02/14/2023, Cost $2,147,897) (b) (m) | | 2,177,969 | | | 2,181,138 |
| | | | | | | |
| Forestry/Paper - 0.18% | | | | | |
| Mativ Holdings, Inc. | | | | | |
| 9.195% (1 Month SOFR USD + 3.750%), 04/20/2028 (Acquired 02/23/2021 - 02/13/2023, Cost $1,612,368) (b) (m) | | 1,627,750 | | | 1,630,469 |
| | | | | | | |
| Metals/Mining Excluding Steel - 0.41% | | | | | |
| Arsenal AIC Parent LLC | | | | | |
| 9.080% (1 Month SOFR USD + 3.750%), 08/18/2030 (Acquired 07/27/2023 - 02/21/2024, Cost $3,830,088) (b) (m) | | 3,823,368 | | | 3,841,051 |
| | | | | | | |
| Oil Field Equipment & Services - 0.20% | | | | | |
| Iracore International Holdings, Inc. | | | | | |
| 14.459% (3 Month SOFR USD + 9.000%), 04/12/2026 (Acquired 04/13/2017, Cost $1,826,992) (b) (f) (i) (m) (u) | | 1,826,992 | | | 1,826,992 |
| | | | | | | |
| Oil Refining & Marketing - 0.53% | | | | | |
| Par Petroleum LLC | | | | | |
| 9.693% (1 Month SOFR USD + 4.250%),02/28/2030 (Acquired 02/14/2023 - 01/24/2024, Cost $4,886,222) (b) (m) | | 4,944,157 | | | 4,958,050 |
| | | | | | | |
| Personal & Household Products - 0.52% | | | | | |
| Journey Personal Care Corp. | | | | | |
| 9.692% (3 Month SOFR USD + 4.250%), 03/01/2028 (Acquired 02/19/2021, Cost $4,903,470) (b) (m) | | 4,928,111 | | | 4,864,045 |
| | | | | | | |
| Restaurants - 0.48% | | | | | |
| Dave & Buster's, Inc. | | | | | |
| 8.625% (1 Month SOFR USD + 3.250%), 06/29/2029 (Acquired 08/02/2022 - 06/30/2023, Cost $4,466,161) (b) (m) | | 4,508,785 | | | 4,520,913 |
| | | | | | | |
| Software/Services - 0.78% | | | | | |
| Syncapay, Inc. | | | | | |
| 11.942% (1 Month SOFR USD + 6.500%), 12/10/2027 (Acquired 12/31/2020 - 11/29/2023, Cost $4,169,147) (b) (m) | | 4,281,417 | | | 4,302,824 |
| UKG, Inc. | | | | | |
| 10.680% (3 Month SOFR USD + 5.250%), 05/03/2027 (Acquired 07/11/2023 - 07/13/2023, Cost $2,950,537) (b) (m) | | 2,986,931 | | | 3,018,667 |
| | | | | | 7,321,491 |
| Total term loans (Cost $47,075,991) | | | | | 47,555,306 |
| | | Shares | | | |
| PREFERRED STOCKS - 0.19% | | Held | | | |
| Hotels - 0.19% | | | | | |
| Pebblebrook Hotel Trust - Series F, 6.300% | | 85,621 | | | 1,746,668 |
| Total preferred stocks (Cost $1,779,088) | | | | | 1,746,668 |
| | | | | | |
| COMMON STOCKS - 1.01% | | | | | 6.98 |
| Advertising - 0.12% | | | | | |
| National CineMedia, Inc. (a) | | 207,497 | | | 1,068,610 |
| National CineMedia, Inc. (Acquired 08/17/2023, Cost $0) (f) (i) (m) (u) | | 6,230,000 | | | 0 |
| | | | | | | 1,068,610 |
| Energy - Exploration & Production - 0.00% | | | | | |
| Warren Resources, Inc. (Acquired 11/23/2016, Cost $162,924) (a) (f) (i) (m) (u) | | 117,785 | | | 0 |
| | | | | | | |
| Metals/Mining Excluding Steel - 0.06% | | | | | |
| Metals Recovery Holdings LLC (Acquired 07/19/2012 - 12/10/2019, Cost $27,352,487) (a) (f) (i) (m) (o) (u) | | 116,127 | | | 603,862 |
| | | | | | | |
| Oil Field Equipment & Services - 0.83% | | | | | |
| Iracore Investments Holdings, Inc. - Class A (Acquired 04/13/2017, Cost $4,753,500) (a) (f) (i) (m) (o) (u) | | 22,361 | | | 7,710,520 |
| | | | | | | |
| Oil Refining & Marketing - 0.00% | | | | | |
| PetroQuest Energy, Inc. (Acquired 02/14/2019 - 04/06/2023, Cost $23,022,611) (a) (f) (i) (m) (o) (u) | | 89,691 | | | 0 |
| Total common stocks (Cost $57,232,901) | | | | | 9,382,992 |
| | | | | | |
| Total long-term investments (Cost $990,735,888) | | | | | 898,012,337 |
| | | | | | | |
| SHORT-TERM INVESTMENTS - 3.52% | | | | | |
| Money Market Funds - 3.31% | | | | | |
| JPMorgan U.S. Government Money Market Fund - Class IM, 5.38%^ | | 30,932,578 | | | 30,932,578 |
| | | | | | | |
| | | | Principal | | | |
| Time Deposits - 0.21% | | Amount | | | |
| Citigroup, Inc., 4.68%, 04/01/2024* | $ | 13,578 | | | 13,578 |
| JPMorgan Chase & Company, 4.68%, 04/01/2024* | | 1,893,321 | | | 1,893,321 |
| | | | | | | 1,906,899 |
| | | | | | | |
| Total short-term investments (Cost $32,839,477) | | | | | 32,839,477 |
| | | | | | | |
| Total investments - 99.72% (Cost $1,023,575,365) | | | | | 930,851,814 |
| | | | | | |
| Other assets in excess of liabilities - 0.28% | | | | | 2,632,133 |
| | | | | | |
| Net assets - 100.00% | | | | $ | 933,483,947 |
Security Valuation. Equity securities traded on a national stock exchange or Nasdaq Global Markets, Nasdaq Select Market and the Nasdaq Capital Markets (together, “Nasdaq”) are valued at the last reported sale price or Nasdaq Official Closing Price, as applicable, on that day, or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or Nasdaq. Over-the-counter securities not traded on Nasdaq are valued at the last sale price, or if the last sale price is unavailable, at the average of the quoted bid and asked prices in the over-the-counter market. Foreign equity securities (which are principally traded in markets other than the U.S.) are valued based upon the last reported sale price on the primary exchange or market on which they trade as of the close of business of such exchange or market immediately preceding the time of determining the Fund’s net asset value. Any Fund assets or liabilities initially valued in terms of non-U.S. dollar currencies are translated into U.S. dollars at the prevailing foreign currency exchange market rates as provided by an independent and qualified pricing source approved by the valuation designee (“Pricing Service”).
The Trust’s Board of Trustees (the “Board”) has designated Hotchkis & Wiley Capital Management, LLC (the “Advisor”) as the Fund’s “valuation designee” to perform all fair valuations of the Fund’s portfolio investments, subject to the Board’s oversight. The Advisor, as the Fund’s valuation designee, has established procedures for its fair valuation of the Fund’s portfolio investments, which address, among other things, determining when market quotations are not readily available or reliable and certain methodologies for the fair valuation of such portfolio investments, as well as the use and oversight of Pricing Services.
Fixed-income securities are generally valued at their evaluated mean prices provided by Pricing Services. Pricing Services generally provide an evaluated price that takes into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data, and may provide a price determined by a matrix pricing method or other analytical pricing models. If valuations from the Pricing Services are unavailable or deemed unreliable, the fixed-income security shall be priced according to the average of the bid and ask prices of broker quotes (or a single broker quote) for such security or the last sale price reported on FINRA’s Trade Reporting and Compliance Engine (“TRACE”) (excluding cross and retail trades).
For portfolio holdings which trade in markets that close prior to the close of trading on the New York Stock Exchange (which is generally 4:00 p.m. Eastern time), the Fund generally utilizes a Pricing Service’s fair value price which is designed to capture events occurring after a foreign exchange closes that may affect the value of certain portfolio holdings traded on those foreign exchanges. When this fair value pricing is employed, the value of the portfolio holdings used to calculate the Fund’s net asset value may differ from quoted or official closing prices.
The Trust has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the following three broad categories:
• Level 1 — Quoted unadjusted prices for identical instruments in active markets to which the Trust has access at the date of measurement.
• Level 2—Other significant observable inputs (including quoted prices for similar instruments, interest rates, current yields, credit quality, prepayment speeds for mortgage related securities, collateral for asset-backed securities, foreign security indices, foreign exchange rates, fair value estimates for foreign securities, and changes in benchmark securities indices). Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.
• Level 3—Significant unobservable inputs including model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Trust’s own assumptions that market participants would use to price the asset or liability based on the best available information.
The following table presents the valuation levels of the Fund’s assets as of March 31, 2024:
| Level 1 --- Quoted prices in an active market: | | | |
| Common Stocks | | $ | 1,068,610 | |
| Preferred Stocks | | | 1,746,668 | |
| Money Market Funds | | | 30,932,578 | |
| Level 2 --- Other significant observable market inputs: | | | | |
| Corporate Bonds | | | 829,966,176 | |
| Term Loans | | | 45,728,314 | |
| Time Deposits | | | 1,906,899 | |
| Level 3 --- Significant unobservable inputs: | | | | |
| Common Stocks: | | | | |
| Advertising | | | 0 | |
| Energy - Exploration & Production | | | 0 | |
| Metals/Mining Excluding Steel | | | 603,862 | |
| Oil Field Equipment & Services | | | 7,710,520 | |
| Oil Refining & Marketing | | | 0 | |
| Convertible Bonds | | | 9,361,195 | |
| Term Loans | | | 1,826,992 | |
| | | | | |
| Total Investments | | $ | 930,851,814 | |
Please refer to the Schedule of Investments for additional information regarding the composition of the amounts listed above.
| The following table provides information about the Level 3 values, as well as their inputs, as of March 31, 2024: | | | | | |
| | | | | | | | | | | | |
| | | Fair Value at March 31, 2024 | | Valuation Techniques | | Unobservable Inputs | | | Input Values (Weighted Average)* | | Impact to Valuation from an Increase to Input |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Common Stocks | | $ | 603,862 | | Estimated recovery value | | Probability of asset recovery | | |
| $0.00-$5.20 | | Increase |
| | | | 7,710,520 | | Market comparable companies | | EBIT multiple | | | | 12.6x |
| Increase |
| Total Common Stocks | | | 8,314,382 | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Convertible Bonds | | | 9,361,195 | | Estimated recovery value | | Probability of asset recovery | | |
| $100.00 | | Increase |
| | | | | | | | | | | | | | |
| Term Loans | | | 1,826,992 | | Market comparable securities | | | N/A | | |
| $100.00 | | Increase |
| | | $ | 19,502,569 | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| * Unobservable inputs were weighted by the fair value of the investments. | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | |
| | | | | | | | | | | | | | | | |
| | | Common Stocks | | | Preferred Stocks | | | Convertible Bonds | | | Term Loans | | | Total | |
| Balance at June 30, 2023 | | $ | 14,657,730 | | | $ | 10,772,299 | | | $ | - | | | $ | 9,356,564 | | | $ | 34,786,593 | |
| Purchases | | | - | | | | - | | | | 29,092,676 | | | | 60,226 | | | | 29,152,902 | |
| Sales | | | (1,165,858 | ) | | | (28,937,490 | ) | | | - | | | | (7,589,799 | ) | | | (37,693,147 | ) |
| Accrued discounts (premiums) | | | - | | | | - | | | | - | | | | 4,202 | | | | 4,202 | |
| Realized gains (losses) | | | - | | | | - | | | | - | | | | 15,045 | | | | 15,045 | |
| Change in unrealized appreciation/depreciation | | | (5,177,490 | ) | | | 18,165,191 | | | | (19,731,481 | ) | | | (19,246 | ) | | | (6,763,026 | ) |
| Transfers into Level 3 | | | - | | | | - | | | | - | | | | - | | | | - | |
| Balance at March 31, 2024 | | $ | 8,314,382 | | | $ | - | | | $ | 9,361,195 | | | $ | 1,826,992 | | | $ | 19,502,569 | |
| | | | | | | | | | | | | | | | | | | | | |
| Change in unrealized appreciation/depreciation for Level 3 assets held at March 31, 2024 | | $ | (5,177,490 | ) | | $ | - | | | $ | (19,731,481 | ) | | $ | - | | | $ | (24,908,971 | ) |
| | | | | | | | | | | | | | | | | | | | | |
Commitments. Bridge loan commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. At March 31, 2024, the Fund did not have any outstanding bridge loan commitments. Unfunded loan commitments are contractual obligations for funding to a borrower. At March 31, 2024, the Fund did not have any outstanding unfunded loan commitments.
