| OAKTREE EMERGING MARKETS EQUITY FUND | | | | | |
| Schedule of Investments (Unaudited) | | | | | |
| September 30, 2021 | | | | | |
| | | | | | |
| | Shares | | | Value | |
| COMMON STOCKS - 19.4% | | | | | |
| BRAZIL - 2.1% | | | | | |
| Afya Ltd. (n) | 449 | | $ | 8,863 | |
| Azul SA, ADR (n) | 1,786 | | | 35,827 | |
| Banco Bradesco SA, ADR | 16,284 | | | 62,369 | |
| Caixa Seguridade Participacoes S/A (n) | 2,607 | | | 3,940 | |
| Itau Unibanco Holding SA, ADR | 9,701 | | | 51,124 | |
| Petroleo Brasileiro SA, ADR | 6,880 | | | 71,139 | |
| Raizen SA (n) | 30,389 | | | 39,676 | |
| Vale SA, ADR | 4,873 | | | 67,978 | |
| Total BRAZIL | | | | 340,916 | |
| CHINA - 6.8% | | | | | |
| 3SBio, Inc. (e) (n) | 15,690 | | | 15,371 | |
| Alibaba Group Holding Ltd. (n) | 4,500 | | | 83,313 | |
| Aluminum Corporation of China Ltd. (n) | 75,154 | | | 55,822 | |
| Anhui Conch Cement Company Ltd. | 8,909 | | | 48,122 | |
| Baoshan Iron & Steel Company Ltd. | 31,589 | | | 42,207 | |
| Cathay Pacific Airways Ltd. (n) | 42,071 | | | 35,146 | |
| China Construction Bank Corp. | 96,197 | | | 68,654 | |
| China Merchants Bank Company Ltd. | 3,000 | | | 23,874 | |
| China Youran Dairy Group Ltd. (e)(n) | 6,791 | | | 4,125 | |
| Country Garden Services Holdings Company Ltd. | 3,000 | | | 23,706 | |
| Galaxy Entertainment Group Ltd. (n) | 6,180 | | | 31,710 | |
| Geely Automobile Holdings Ltd. | 10,673 | | | 30,638 | |
| JD Logistics, Inc. (e)(n) | 16,100 | | | 67,489 | |
| JW Cayman Therapeutics Company Ltd. (e) (n) | 4,500 | | | 8,587 | |
| MMG Ltd. (n) | 53,443 | | | 22,205 | |
| Murata Manufacturing Company Ltd. | 449 | | | 39,715 | |
| Nine Dragons Paper Holdings Ltd. | 31,598 | | | 38,570 | |
| Orient Overseas International Ltd. | 3,017 | | | 52,179 | |
| Pharmaron Beijing Company Ltd. (e) | 2,100 | | | 50,097 | |
| Ping An Bank Company Ltd. | 7,500 | | | 20,706 | |
| Ping An Bank Company Ltd. | 3,800 | | | 10,491 | |
| Ping An Insurance Group Company of China Ltd. | 4,587 | | | 31,372 | |
| Riyue Heavy Industry Company Ltd. | 6,011 | | | 31,975 | |
| Shanghai International Airport Company Ltd. (n) | 5,100 | | | 34,701 | |
| Shimao Group Holdings Ltd. | 17,206 | | | 31,535 | |
| Shimao Services Holdings Ltd. (e) | 14,995 | | | 31,003 | |
| Sun Art Retail Group Ltd. | 37,513 | | | 17,346 | |
| Suofeiya Home Companyllection Company Ltd. | 7,100 | | | 18,210 | |
| Weichai Power Company Ltd. | 16,395 | | | 33,933 | |
| WuXi AppTec Company Ltd. (e) | 3,000 | | | 69,839 | |
| Zijin Mining Group Company Ltd. | 27,056 | | | 32,858 | |
| Total CHINA | | | | 1,105,499 | |
| GREECE - 0.3% | | | | | |
| Alpha Services and Holdings SA (n) | 41,688 | | | 52,298 | |
| Total GREECE | | | | 52,298 | |
| HUNGARY - 0.2% | | | | | |
| OTP Bank Nyrt (n) | 679 | | | 39,730 | |
| Total HUNGARY | | | | 39,730 | |
| INDIA - 1.9% | | | | | |
| Axis Bank Ltd., GDR (n) | 956 | | | 48,852 | |
| ICICI Bank Ltd., ADR | 4,152 | | | 78,347 | |
| Larsen & Toubro Ltd., GDR | 3,723 | | | 86,374 | |
| Reliance Industries Ltd., GDR (e) | 1,430 | | | 97,383 | |
| Total INDIA | | | | 310,956 | |
| INDONESIA - 0.9% | | | | | |
| Bank Rakyat Indonesia Persero Tbk PT | 282,243 | | | 75,232 | |
| Freeport-McMoRan, Inc. | 1,512 | | | 49,185 | |
| Semen Indonesia Persero Tbk PT | 52,707 | | | 29,955 | |
| Total INDONESIA | | | | 154,372 | |
| MEXICO - 0.9% | | | | | |
| Cemex SAB de CV, ADR (n) | 7,348 | | | 52,685 | |
| Fresnillo PLC | 3,166 | | | 33,155 | |
| Grupo Financiero Banorte SAB de CV | 10,406 | | | 66,691 | |
| Total MEXICO | | | | 152,531 | |
| RUSSIA - 1.3% | | | | | |
| LUKOIL PJSC, ADR | 956 | | | 90,796 | |
| Polymetal International PLC | 1,793 | | | 30,295 | |
| Sberbank of Russia PJSC, ADR | 5,302 | | | 98,848 | |
| Total RUSSIA | | | | 219,939 | |
| SOUTH AFRICA - 0.3% | | | | | |
| AngloGold Ashanti Ltd., ADR | 3,295 | | | 52,687 | |
| Total SOUTH AFRICA | | | | 52,687 | |
| SOUTH KOREA - 2.3% | | | | | |
| Hana Financial Group, Inc. | 2,085 | | | 81,047 | |
| KB Financial Group, Inc. | 760 | | | 35,346 | |
| Krafton, Inc. (n) | 63 | | | 26,711 | |
| LG Chem Ltd. | 57 | | | 36,969 | |
| Samsung Electronics Company Ltd. | 2,347 | | | 145,502 | |
| SK Hynix, Inc. | 617 | | | 52,819 | |
| Total SOUTH KOREA | | | | 378,394 | |
| TAIWAN - 2.1% | | | | | |
| ASE Technology Holding Company Ltd. | 10,508 | | | 40,653 | |
| Hon Hai Precision Industry Company Ltd. | 13,466 | | | 50,263 | |
| MediaTek, Inc. | 1,403 | | | 45,159 | |
| Taiwan SemiCompanynductor Manufacturing Company Ltd. | 10,550 | | | 218,197 | |
| Total TAIWAN | | | | 354,272 | |
| THAILAND - 0.3% | | | | | |
| Charoen Pokphand Foods PCL, Foreign Shares | 65,500 | | | 49,717 | |
| Total THAILAND | | | | 49,717 | |
| Total COMMON STOCKS | | | | | |
| (Cost $3,353,692) | | | | 3,211,311 | |
| EXCHANGE TRADED FUNDS - 0.6% | | | | | |
| India - 0.4% | | | | | |
| iShares MSCI India ETF | 1,500 | | | 73,035 | |
| Turkey - 0.2% | | | | | |
| iShares MSCI Turkey ETF | 1,200 | | | 25,512 | |
| Total EXCHANGE TRADED FUNDS | | | | 98,547 | |
| (Cost $98,440) | | | | | |
| Total Investments - 20.0% | | | | | |
| (Cost $3,452,132) | | | | 3,309,858 | |
| Other Assets in Excess of Liabilities - 80.0% | | | | 13,249,181 | |
| TOTAL NET ASSETS - 100.0% | | | $ | 16,559,039 | |
| ADR - American Depositary Receipt |
| GDR- Global Depositary Receipt | | | |
| ETF - Exchange-traded Fund | | | |
| (e) - Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2021, the total value of all such securities was $343,894 or 2.1% of net assets. |
| (n) - Non-income producing security. | | | |
Notes to Schedule of Investments (Unaudited)
Valuation of Investments: The Trust’s Board of Trustees (the “Board”) has adopted procedures for the valuation of the Fund’s securities. The Adviser oversees the day to day responsibilities for valuation determinations under these procedures. The Board regularly reviews the application of these procedures to the securities in the Fund’s portfolio. The Adviser’s Valuation Committee is comprised of employees of the Adviser.
Investments in equity securities listed or traded on any securities exchange or traded in the over-the-counter market are valued at the last trade price as of the close of business on the valuation date. If the NYSE closes early, then the equity security will be valued at the last traded price before the NYSE close. Prices of foreign equities that are principally traded on certain foreign markets will generally be adjusted daily pursuant to a fair value pricing service approved by the Board in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE close. When fair value pricing is employed, the value of the portfolio securities used to calculate the Fund’s NAV may differ from quoted or official closing prices. Investments in open-end registered investment companies, if any, are valued at the NAV as reported by those investment companies.
Securities for which market prices are not readily available, cannot be determined using the sources described above, or the Adviser’s Valuation Committee determines that the quotation or price for a portfolio security provided by a broker-dealer or an independent pricing service is inaccurate will be valued at a fair value determined by the Adviser’s Valuation Committee following the procedures adopted by the Adviser under the supervision of the Board. The Adviser’s valuation policy establishes parameters for the sources, methodologies, and inputs the Adviser’s Valuation Committee uses in determining fair value.
The fair valuation methodology may include or consider the following guidelines, as appropriate: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level, supply and demand of the respective security; (2) comparison to the values and current pricing of securities that have comparable characteristics; (3) knowledge of historical market information with respect to the security; (4) other factors relevant to the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve, and credit quality. The fair value may be difficult to determine and thus judgment plays a greater role in the valuation process. Imprecision in estimating fair value can also impact the amount of unrealized appreciation or depreciation recorded for a particular portfolio security and differences in the assumptions used could result in a different determination of fair value, and those differences could be material. For those securities valued by fair valuations, the Adviser’s Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s NAV.
A three-tier hierarchy has been established to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
Level 1 - quoted prices in active markets for identical assets or liabilities
Level 2 - quoted prices in markets that are not active or other significant observable inputs (including, but not limited to: quoted prices for similar assets or liabilities, quoted prices based on recently executed
transactions, interest rates, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets or liabilities)
The following table summarizes the Fund’s investments valuation inputs categorized in the disclosure hierarchy as of September 30, 2021:
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks: | | | | | | | | | | | | |
| Brazil | | $ | 340,916 | | | $ | - | | | $ | - | | | $ | 340,916 | |
| China | | | - | | | | 1,105,499 | | | | - | | | | 1,105,499 | |
| Greece | | | - | | | | 52,298 | | | | - | | | | 52,298 | |
| Hungary | | | - | | | | 39,730 | | | | - | | | | 39,730 | |
| India | | | 310,956 | | | | - | | | | - | | | | 310,956 | |
| Indonesia | | | 49,185 | | | | 105,187 | | | | - | | | | 154,372 | |
| Mexico | | | 119,376 | | | | 33,155 | | | | - | | | | 152,531 | |
| Russia | | | - | | | | 219,939 | | | | - | | | | 219,939 | |
| South Africa | | | 52,687 | | | | - | | | | - | | | | 52,687 | |
| South Korea | | | 26,711 | | | | 351,683 | | | | - | | | | 378,394 | |
| Taiwan | | | - | | | | 354,272 | | | | - | | | | 354,272 | |
| Thailand | | | - | | | | 49,717 | | | | - | | | | 49,717 | |
| Total Common Stocks | | | 899,831 | | | | 2,311,480 | | | | - | | | | 3,211,311 | |
| Exchange Traded Funds: | | | | | | | | | | | | | | | | |
| India | | | 73,035 | | | | - | | | | - | | | | 73,035 | |
| Turkey | | | 25,512 | | | | - | | | | - | | | | 25,512 | |
| Total Exchange Traded Funds | | | 98,547 | | | | - | | | | - | | | | 98,547 | |
| Total | | $ | 998,378 | | | $ | 2,311,480 | | | $ | - | | | $ | 3,309,858 | |
