Hotchkis & Wiley Funds

HOTCHKIS & WILEY FUNDS Third Quarter Portfolio Holdings (3-31-21) Fiscal year end: June 30, 2021 Reporting period: March 31, 2021

Schedule of Investments (Unaudited) Diversified Value Fund Large Cap Value Fund Mid-Cap Value Fund Small Cap Value Fund Small Cap Diversified Value Fund Global Value Fund International Value Fund International Small Cap Diversified Value Fund Value Opportunities Fund High Yield Fund

Schedule of Investments - March 31, 2021 Hotchkis & Wiley Diversified Value Fund (Unaudited)

Shares COMMON STOCKS - 96.90% Held Value COMMUNICATION SERVICES - 9.29% Interactive Media & Services - 1.96% Alphabet, Inc. (a) 930 $ 1,918,144

Media - 5.75% Comcast Corp. 22,400 1,212,064 Discovery, Inc. (a) 45,300 1,671,117 The Interpublic Group of Companies, Inc. 17,800 519,760 News Corp. 67,800 1,724,154 Omnicom Group, Inc. 6,800 504,220 5,631,315 Wireless Telecommunication Services - 1.58% Vodafone Group PLC - ADR 83,863 1,545,595 TOTAL COMMUNICATION SERVICES 9,095,054

CONSUMER DISCRETIONARY - 7.38% Auto Components - 3.09% Adient PLC (a) 8,374 370,131 The Goodyear Tire & Rubber Company (a) 24,500 430,465 Magna International, Inc. 25,300 2,227,412 3,028,008 Automobiles - 3.55% General Motors Company (a) 46,900 2,694,874 Harley-Davidson, Inc. 19,400 777,940 3,472,814 Internet & Catalog Retail - 0.74% Booking Holdings, Inc. (a) 310 722,250 TOTAL CONSUMER DISCRETIONARY 7,223,072

CONSUMER STAPLES - 2.66% Food Products - 0.93% Mondelez International, Inc. 15,600 913,068

Personal Products - 1.73% Unilever PLC - ADR 30,300 1,691,649 TOTAL CONSUMER STAPLES 2,604,717

ENERGY - 11.35% Energy Equipment & Services - 3.06% Baker Hughes Company 20,900 451,649 Halliburton Company 46,100 989,306 NOV, Inc. (a) 65,300 895,916 Schlumberger NV 24,100 655,279 2,992,150 Oil, Gas & Consumable Fuels - 8.29% APA Corp. 82,200 1,471,380 Hess Corp. 28,500 2,016,660 Marathon Oil Corp. 200,800 2,144,544 Marathon Petroleum Corp. 12,822 685,849 Murphy Oil Corp. 20,000 328,200 Royal Dutch Shell PLC - ADR 37,562 1,472,806 8,119,439 TOTAL ENERGY 11,111,589 FINANCIALS - 29.08% Banks - 14.34% Bank of America Corp. 60,222 2,329,989 CIT Group, Inc. 15,800 813,858 Citigroup, Inc. 66,974 4,872,359 Citizens Financial Group, Inc. 25,700 1,134,655 Wells Fargo & Company 125,134 4,888,985 14,039,846 Capital Markets - 4.33% The Bank of New York Mellon Corp. 25,900 1,224,811 The Goldman Sachs Group, Inc. 7,000 2,289,000 State Street Corp. 8,600 722,486 4,236,297 Consumer Finance - 0.47% Discover Financial Services 4,800 455,952

Diversified Financial Services - 2.49% Berkshire Hathaway, Inc. (a) 5,600 1,430,632 Equitable Holdings, Inc. 30,900 1,007,958 2,438,590 Insurance - 7.45% American International Group, Inc. 100,800 4,657,968 The Hartford Financial Services Group, Inc. 17,700 1,182,183 The Travelers Companies, Inc. 9,700 1,458,880 7,299,031 TOTAL FINANCIALS 28,469,716

HEALTH CARE - 11.84% Biotechnology - 0.37% Biogen, Inc. (a) 1,300 363,675

Health Care Equipment & Supplies - 2.57% Boston Scientific Corp. (a) 11,800 456,070 Medtronic PLC 12,382 1,462,685 Zimmer Biomet Holdings, Inc. 3,700 592,296 2,511,051 Health Care Providers & Services - 6.27% Anthem, Inc. 8,100 2,907,495 Centene Corp. (a) 15,900 1,016,169 HCA Healthcare, Inc. 2,600 489,684 Humana, Inc. 1,800 754,650 UnitedHealth Group, Inc. 2,600 967,382 6,135,380 Pharmaceuticals - 2.63% Bristol-Myers Squibb Company 8,800 555,544 GlaxoSmithKline PLC - ADR 33,000 1,177,770 Sanofi - ADR 17,100 845,766 2,579,080 TOTAL HEALTH CARE 11,589,186

INDUSTRIALS - 10.48% Air Freight & Logistics - 1.77% FedEx Corp. 6,100 1,732,644

Construction & Engineering - 0.26% Fluor Corp. (a) 11,000 253,990 Industrial Conglomerates - 4.48% General Electric Company 333,700 4,381,481

Machinery - 3.97% CNH Industrial NV (a) 120,100 1,878,364 Cummins, Inc. 6,300 1,632,393 PACCAR, Inc. 4,100 380,972 3,891,729 TOTAL INDUSTRIALS 10,259,844

INFORMATION TECHNOLOGY - 11.40% Communications Equipment - 2.80% F5 Networks, Inc. (a) 7,400 1,543,788 Telefonaktiebolaget LM Ericsson - ADR 91,000 1,200,290 2,744,078 Electronic Equipment, Instruments & Components - 2.73% Corning, Inc. 35,800 1,557,658 TE Connectivity Ltd. 8,600 1,110,346 2,668,004 Semiconductors & Semiconductor Equipment - 0.46% Texas Instruments, Inc. 2,400 453,576

Software - 3.90% Microsoft Corp. 8,200 1,933,314 Oracle Corp. 26,900 1,887,573 3,820,887 Technology Hardware, Storage & Peripherals - 1.51% Hewlett Packard Enterprise Company 93,900 1,477,986 TOTAL INFORMATION TECHNOLOGY 11,164,531

MATERIALS - 0.81% Containers & Packaging - 0.81% International Paper Company 14,700 794,829 TOTAL MATERIALS 794,829

UTILITIES - 2.61% Electric Utilities - 2.61% PPL Corp. 70,800 2,041,872 The Southern Company 8,300 515,928 TOTAL UTILITIES 2,557,800

Total common stocks (Cost $81,391,585) 94,870,338 Total long-term investments (Cost $81,391,585) 94,870,338 Principal SHORT-TERM INVESTMENTS - 3.19% Amount Time Deposits - 3.19% Bank of Montreal, 0.01%, 04/01/2021* $ 3,121,916 3,121,916 Total short-term investments (Cost $3,121,916) 3,121,916

Total investments - 100.09% (Cost $84,513,501) 97,992,254

Liabilities in excess of other assets - (0.09)% (87,266)

Net assets - 100.00% $ 97,904,988

(a) - Non-income producing security. ADR - American Depositary Receipt * - Invested through a cash management account administered by Brown Brothers Harriman & Co.

The Global Industry Classification Standard (GICS®) 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, 24 industry groups, 69 industries and 158 sub-industries. Each stock that is classified will have a coding at all four of these levels. Security Valuation. Portfolio securities that are listed on a U.S. stock exchange or The Nasdaq Stock Market (“NSM”) (including the Nasdaq National Market and the Nasdaq Small Cap Market) are valued at the last reported sale price (or official closing price) on that day as of the close of the New York Stock Exchange (which is generally 4:00 p.m. Eastern time), or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or NSM. Unlisted equity securities that are not included in NSM 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. Fixed- income securities are generally valued on the basis of prices obtained from an approved independent pricing service but may also be valued based on reported transactions on FINRA’s Trade Reporting and Compliance Engine (TRACE) or quotations provided by a broker-dealer. The pricing services may provide a price determined by a matrix pricing method or other analytical pricing models. Investments quoted in foreign currency are valued daily in U.S. dollars on the basis of the foreign currency exchange rate prevailing at the time of valuation. Securities and other assets for which market quotations are not readily available are valued at their fair value as determined by Hotchkis & Wiley Capital Management, LLC (the “Advisor”) under guidelines established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”). The Board has approved the use of a third-party vendor’s proprietary fair value pricing model to assist in determining current valuation for foreign securities traded in markets that close prior to the New York Stock Exchange. When fair value pricing is employed, the value of the portfolio securities used to calculate the Fund’s net asset values 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, 2021:

Level 1 --- Quoted prices in an active market: Common Stocks $ 94,870,338 Time Deposits 3,121,916 Level 2 --- Other significant observable market inputs - Level 3 --- Significant unobservable inputs -

Total Investments $ 97,992,254

Please refer to the Schedule of Investments for additional information regarding the composition of the amounts listed above. Schedule of Investments - March 31, 2021 Hotchkis & Wiley Large Cap Value Fund (Unaudited)

Shares COMMON STOCKS - 98.83% Held Value COMMUNICATION SERVICES - 5.13% Media - 3.40% Comcast Corp. 141,100 $ 7,634,921 Discovery, Inc. (a) 209,800 7,739,522 15,374,443 Wireless Telecommunication Services - 1.73% Vodafone Group PLC - ADR 424,744 7,828,032 TOTAL COMMUNICATION SERVICES 23,202,475

CONSUMER DISCRETIONARY - 7.86% Auto Components - 2.89% Adient PLC (a) 43,691 1,931,142 Magna International, Inc. 126,800 11,163,472 13,094,614 Automobiles - 4.14% General Motors Company (a) 263,800 15,157,948 Harley-Davidson, Inc. 89,500 3,588,950 18,746,898 Internet & Catalog Retail - 0.83% Booking Holdings, Inc. (a) 1,600 3,727,744 TOTAL CONSUMER DISCRETIONARY 35,569,256

CONSUMER STAPLES - 2.69% Food Products - 0.94% Mondelez International, Inc. 73,100 4,278,543

Personal Products - 1.75% Unilever PLC - ADR 141,600 7,905,528 TOTAL CONSUMER STAPLES 12,184,071

ENERGY - 11.70% Energy Equipment & Services - 3.26% Baker Hughes Company 106,600 2,303,626 Halliburton Company 141,200 3,030,152 NOV, Inc. (a) 441,100 6,051,892 Schlumberger NV 124,200 3,376,998 14,762,668 Oil, Gas & Consumable Fuels - 8.44% APA Corp. 357,900 6,406,410 Hess Corp. 143,500 10,154,060 Marathon Oil Corp. 905,700 9,672,876 Marathon Petroleum Corp. 59,093 3,160,885 Murphy Oil Corp. 66,170 1,085,850 Royal Dutch Shell PLC - ADR 197,072 7,727,193 38,207,274 TOTAL ENERGY 52,969,942

FINANCIALS - 30.78% Banks - 14.31% Bank of America Corp. 309,149 11,960,975 Citigroup, Inc. 311,188 22,638,927 Citizens Financial Group, Inc. 170,100 7,509,915 Wells Fargo & Company 579,863 22,655,247 64,765,064 Capital Markets - 5.52% The Bank of New York Mellon Corp. 150,100 7,098,229 The Goldman Sachs Group, Inc. 37,300 12,197,100 State Street Corp. 68,000 5,712,680 25,008,009 Consumer Finance - 0.47% Discover Financial Services 22,500 2,137,275

Diversified Financial Services - 2.50% Berkshire Hathaway, Inc. (a) 26,000 6,642,220 Equitable Holdings, Inc. 143,100 4,667,922 11,310,142 Insurance - 7.98% American International Group, Inc. 479,500 22,157,695 The Hartford Financial Services Group, Inc. 85,200 5,690,508 The Travelers Companies, Inc. 54,900 8,256,960 36,105,163 TOTAL FINANCIALS 139,325,653

HEALTH CARE - 11.85% Health Care Equipment & Supplies - 2.69% Medtronic PLC 71,400 8,434,482 Zimmer Biomet Holdings, Inc. 23,400 3,745,872 12,180,354 Health Care Providers & Services - 5.85% Anthem, Inc. 44,900 16,116,855 HCA Healthcare, Inc. 18,300 3,446,622 UnitedHealth Group, Inc. 18,600 6,920,502 26,483,979 Pharmaceuticals - 3.31% Bristol-Myers Squibb Company 49,400 3,118,622 GlaxoSmithKline PLC - ADR 189,800 6,773,962 Sanofi - ADR 102,900 5,089,434 14,982,018 TOTAL HEALTH CARE 53,646,351

INDUSTRIALS - 11.07% Air Freight & Logistics - 1.86% FedEx Corp. 29,700 8,435,988

Industrial Conglomerates - 4.52% General Electric Company 1,556,800 20,440,784

Machinery - 4.69% CNH Industrial NV (a) 636,800 9,959,552 Cummins, Inc. 34,000 8,809,740 PACCAR, Inc. 26,600 2,471,672 21,240,964 TOTAL INDUSTRIALS 50,117,736

INFORMATION TECHNOLOGY - 13.95% Communications Equipment - 3.88% F5 Networks, Inc. (a) 47,500 9,909,450 Telefonaktiebolaget LM Ericsson - ADR 579,900 7,648,881 17,558,331 Electronic Equipment, Instruments & Components - 3.32% Corning, Inc. 183,100 7,966,681 TE Connectivity Ltd. 54,700 7,062,317 15,028,998 Semiconductors & Semiconductor Equipment - 0.52% Texas Instruments, Inc. 12,400 2,343,476

Software - 4.70% Microsoft Corp. 41,100 9,690,147 Oracle Corp. 165,100 11,585,067 21,275,214 Technology Hardware, Storage & Peripherals - 1.53% Hewlett Packard Enterprise Company 439,700 6,920,878 TOTAL INFORMATION TECHNOLOGY 63,126,897

MATERIALS - 1.03% Containers & Packaging - 1.03% International Paper Company 85,800 4,639,206 TOTAL MATERIALS 4,639,206

UTILITIES - 2.77% Electric Utilities - 2.77% PPL Corp. 331,500 9,560,460 The Southern Company 48,200 2,996,112 TOTAL UTILITIES 12,556,572

Total common stocks (Cost $359,766,129) 447,338,159 Total long-term investments (Cost $359,766,129) 447,338,159 Principal SHORT-TERM INVESTMENTS - 1.15% Amount Time Deposits - 1.15% Barclays PLC, 0.01%, 04/01/2021* $ 5,191,857 5,191,857 Total short-term investments (Cost $5,191,857) 5,191,857

Total investments - 99.98% (Cost $364,957,986) 452,530,016

Other assets in excess of liabilities - 0.02% 108,137 Net assets - 100.00% $ 452,638,153

(a) - Non-income producing security. ADR - American Depositary Receipt * - Invested through a cash management account administered by Brown Brothers Harriman & Co.

The following table presents the valuation levels of the Fund’s assets as of March 31, 2021:

Level 1 --- Quoted prices in an active market: Common Stocks $ 447,338,159 Time Deposits 5,191,857 Level 2 --- Other significant observable market inputs - Level 3 --- Significant unobservable inputs -

Total Investments $ 452,530,016

Shares COMMON STOCKS - 95.32% Held Value COMMUNICATION SERVICES - 4.93% Media - 4.93% Discovery, Inc. (a) 242,700 $ 8,953,203 The Interpublic Group of Companies, Inc. 143,500 4,190,200 News Corp. 169,600 4,312,928 Omnicom Group, Inc. 40,300 2,988,245 ViacomCBS, Inc. 22,000 992,200 TOTAL COMMUNICATION SERVICES 21,436,776

CONSUMER DISCRETIONARY - 12.17% Auto Components - 7.08% Adient PLC (a) 272,200 12,031,240 The Goodyear Tire & Rubber Company (a) 456,800 8,025,976 Lear Corp. 11,300 2,048,125 Magna International, Inc. 98,500 8,671,940 30,777,281 Automobiles - 0.54% Harley-Davidson, Inc. 58,300 2,337,830

Diversified Consumer Services - 0.90% H&R Block, Inc. 179,500 3,913,100

Household Durables - 1.12% Tri Pointe Homes, Inc. (a) 23,500 478,460 Whirlpool Corp. 19,900 4,384,965 4,863,425 Specialty Retail - 2.53% The ODP Corp. (a) 254,145 11,001,937 TOTAL CONSUMER DISCRETIONARY 52,893,573

ENERGY - 15.39% Energy Equipment & Services - 2.54% Frank's International NV (a) 403,700 1,433,135 Halliburton Company 76,500 1,641,690 NexTier Oilfield Solutions, Inc. (a) 1,258,765 4,682,606 NOV, Inc. (a) 72,000 987,840 Schlumberger NV 83,500 2,270,365 11,015,636 Oil, Gas & Consumable Fuels - 12.85% APA Corp. 411,400 7,364,060 Cairn Energy PLC (v) 7,346,208 17,242,620 Cenovus Energy, Inc. 248,900 1,871,728 Equitrans Midstream Corp. 265,500 2,166,480 Hess Corp. 90,200 6,382,552 Kosmos Energy Ltd. (a) 4,220,620 12,957,303 Marathon Oil Corp. 371,200 3,964,416 PDC Energy, Inc. (a) 113,400 3,900,960 55,850,119 TOTAL ENERGY 66,865,755

FINANCIALS - 27.42% Banks - 13.19% CIT Group, Inc. 248,324 12,791,169 Citizens Financial Group, Inc. 377,200 16,653,380 Comerica, Inc. 31,000 2,223,940 First Horizon Corp. 308,900 5,223,499 Popular, Inc. 290,600 20,434,992 57,326,980 Capital Markets - 2.87% Evercore, Inc. 16,300 2,147,362 Lazard Ltd. 40,900 1,779,559 Northern Trust Corp. 32,500 3,416,075 State Street Corp. 61,300 5,149,813 12,492,809 Consumer Finance - 1.62% Discover Financial Services 37,100 3,524,129 SLM Corp. 196,300 3,527,511 7,051,640 Diversified Financial Services - 1.27% Equitable Holdings, Inc. 168,700 5,502,994

Insurance - 8.47% Alleghany Corp. (a) 2,800 1,753,612 American International Group, Inc. 308,500 14,255,785 CNO Financial Group, Inc. 459,900 11,170,971 Enstar Group Ltd. (a) 23,200 5,724,136 The Hartford Financial Services Group, Inc. 58,400 3,900,536 36,805,040 TOTAL FINANCIALS 119,179,463

HEALTH CARE - 2.62% Health Care Providers & Services - 2.62% Centene Corp. (a) 97,600 6,237,616 Universal Health Services, Inc. 38,700 5,162,193 TOTAL HEALTH CARE 11,399,809

INDUSTRIALS - 16.55% Aerospace & Defense - 0.86% Embraer SA - ADR (a) 373,500 3,738,735

Air Freight & Logistics - 3.27% Royal Mail PLC (a) (v) 2,040,900 14,204,233

Construction & Engineering - 3.97% Fluor Corp. (a) 748,200 17,275,938

Machinery - 4.02% Allison Transmission Holdings, Inc. 105,600 4,311,648 CNH Industrial NV (a) 841,500 13,161,060 17,472,708 Professional Services - 1.95% KBR, Inc. 220,400 8,461,156

Road & Rail - 2.48% AMERCO 17,600 10,781,760 TOTAL INDUSTRIALS 71,934,530

INFORMATION TECHNOLOGY - 10.93% Communications Equipment - 3.21% CommScope Holding Company, Inc. (a) 288,700 4,434,432 F5 Networks, Inc. (a) 33,300 6,947,046 Telefonaktiebolaget LM Ericsson - ADR 192,800 2,543,032 13,924,510 Electronic Equipment, Instruments & Components - 4.12% Arrow Electronics, Inc. (a) 61,700 6,837,594 Avnet, Inc. 98,300 4,080,433 Corning, Inc. 160,700 6,992,057 17,910,084 IT Services - 1.82% Euronet Worldwide, Inc. (a) 57,200 7,910,760

Technology Hardware, Storage & Peripherals - 1.78% Hewlett Packard Enterprise Company 491,600 7,737,784 TOTAL INFORMATION TECHNOLOGY 47,483,138

REAL ESTATE - 0.74% Equity Real Estate Investment Trusts - 0.74% Pebblebrook Hotel Trust 44,000 1,068,760 Vornado Realty Trust 47,000 2,133,330 TOTAL REAL ESTATE 3,202,090

UTILITIES - 4.57% Electric Utilities - 2.15% NRG Energy, Inc. 247,500 9,338,175

Independent Power and Renewable Electricity Producers - 2.42% Vistra Corp. 596,500 10,546,120 TOTAL UTILITIES 19,884,295

Total common stocks (Cost $325,383,956) 414,279,429 Total long-term investments (Cost $325,383,956) 414,279,429

Principal SHORT-TERM INVESTMENTS - 4.78% Amount Time Deposits - 4.78% Citigroup, Inc., 0.01%, 04/01/2021* GBP 738,737 1,046,001 Skandinaviska Enskilda Banken, 0.01%, 04/01/2021* $ 19,706,246 19,706,246 Total short-term investments (Cost $20,696,142) 20,752,247

Total investments - 100.10% (Cost $346,080,098) 435,031,676

Liabilities in excess of other assets - (0.10)% (434,704)

Net assets - 100.00% $ 434,596,972

(a) - Non-income producing security. (v) - Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $31,446,853, which represents 7.24% of net assets. See Security Valuation below. ADR - American Depositary Receipt GBP - British Pound * - Invested through a cash management account administered by Brown Brothers Harriman & Co.

The Global Industry Classification Standard (GICS®) 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, 24 industry groups, 69 industries and 158 sub-industries. Each stock that is classified will have a coding at all four of these levels. Security Valuation. Portfolio securities that are listed on a U.S. stock exchange or The Nasdaq Stock Market (“NSM”) (including the Nasdaq National Market and the Nasdaq Small Cap Market) are valued at the last reported sale price (or official closing price) on that day as of the close of the New York Stock Exchange (which is generally 4:00 p.m. Eastern time), or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or NSM. Unlisted equity securities that are not included in NSM 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. Fixed- income securities are generally valued on the basis of prices obtained from an approved independent pricing service but may also be valued based on reported transactions on FINRA’s Trade Reporting and Compliance Engine (TRACE) or quotations provided by a broker-dealer. The pricing services may provide a price determined by a matrix pricing method or other analytical pricing models. Investments quoted in foreign currency are valued daily in U.S. dollars on the basis of the foreign currency exchange rate prevailing at the time of valuation. Securities and other assets for which market quotations are not readily available are valued at their fair value as determined by Hotchkis & Wiley Capital Management, LLC (the “Advisor”) under guidelines established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”). The Board has approved the use of a third-party vendor’s proprietary fair value pricing model to assist in determining current valuation for foreign securities traded in markets that close prior to the New York Stock Exchange. When fair value pricing is employed, the value of the portfolio securities used to calculate the Fund’s net asset values may differ from quoted or official closing prices.

The following table presents the valuation levels of the Fund’s assets as of March 31, 2021:

Level 1 --- Quoted prices in an active market: Common Stocks $ 382,832,576 Time Deposits 20,752,247 Level 2 --- Other significant observable market inputs: Common Stocks: Energy 17,242,620 Industrials 14,204,233 Level 3 --- Significant unobservable inputs -

Total Investments $ 435,031,676

Shares COMMON STOCKS - 99.38% Held Value COMMUNICATION SERVICES - 2.95% Media - 2.95% MDC Partners, Inc. (a) 3,277,700 $ 10,226,424 News Corp. 209,000 5,314,870 TOTAL COMMUNICATION SERVICES 15,541,294

CONSUMER DISCRETIONARY - 7.43% Automobiles - 0.31% Harley-Davidson, Inc. 41,500 1,664,150

Diversified Consumer Services - 1.40% H&R Block, Inc. 339,100 7,392,380

Hotels, Restaurants & Leisure - 0.63% International Game Technology PLC (a) 205,900 3,304,695

Internet & Catalog Retail - 0.77% Points International Ltd. (a) 269,200 4,040,692

Specialty Retail - 4.32% The ODP Corp. (a) 442,580 19,159,288 Sonic Automotive, Inc. 73,200 3,628,524 22,787,812 TOTAL CONSUMER DISCRETIONARY 39,189,729

CONSUMER STAPLES - 0.57% Beverages - 0.57% The Duckhorn Portfolio, Inc. (a) (l) 179,600 3,013,688 TOTAL CONSUMER STAPLES 3,013,688

ENERGY - 11.68% Energy Equipment & Services - 3.93% Frank's International NV (a) 3,965,300 14,076,815 KLX Energy Services Holdings, Inc. (a) (l) 17,141 274,770 NexTier Oilfield Solutions, Inc. (a) 709,137 2,637,990 NOV, Inc. (a) 272,400 3,737,328 20,726,903 Oil, Gas & Consumable Fuels - 7.75% Altus Midstream Company 50,495 2,649,473 APA Corp. 159,100 2,847,890 Berry Corp. 234,400 1,291,544 Cairn Energy PLC (v) 471,400 1,106,444 Equitrans Midstream Corp. 993,500 8,106,960 Kosmos Energy Ltd. (a) 1,298,200 3,985,474 Range Resources Corp. (a) 1,478,200 15,269,806 Rockhopper Exploration PLC (a) 3,066,400 465,010 Whiting Petroleum Corp. (a) 145,800 5,168,610 40,891,211 TOTAL ENERGY 61,618,114

FINANCIALS - 28.33% Banks - 13.16% Associated Banc-Corp 66,800 1,425,512 The Bank of NT Butterfield & Son Ltd. 505,700 19,327,854 First BanCorp 471,500 5,309,090 First Hawaiian, Inc. 581,000 15,901,970 Investors Bancorp, Inc. 195,800 2,876,302 Popular, Inc. 349,800 24,597,936 69,438,664 Capital Markets - 4.24% Evercore, Inc. 114,600 15,097,404 Lazard Ltd. 42,500 1,849,175 Stifel Financial Corp. 84,800 5,432,288 22,378,867 Consumer Finance - 2.08% SLM Corp. 609,500 10,952,715

Insurance - 8.58% CNO Financial Group, Inc. 485,200 11,785,508 Enstar Group Ltd. (a) 97,779 24,125,013 Global Indemnity Group LLC 316,036 9,367,307 45,277,828 Thrifts & Mortgage Finance - 0.27% Luther Burbank Corp. 117,800 1,393,574 TOTAL FINANCIALS 149,441,648

HEALTH CARE - 4.13% Health Care Providers & Services - 4.13% Hanger, Inc. (a) 304,600 6,950,972 Triple-S Management Corp. (a) 569,500 14,824,085 TOTAL HEALTH CARE 21,775,057

INDUSTRIALS - 22.17% Building Products - 0.95% Armstrong Flooring, Inc. (a) 796,200 3,893,418 Resideo Technologies, Inc. (a) 39,080 1,104,010 4,997,428 Commercial Services & Supplies - 0.28% Quad/Graphics, Inc. (a) 419,100 1,479,423

Construction & Engineering - 4.52% Fluor Corp. (a) 1,032,300 23,835,807

Machinery - 7.42% Allison Transmission Holdings, Inc. 206,300 8,423,229 Crane Company 56,900 5,343,479 EnPro Industries, Inc. 177,400 15,126,898 The Greenbrier Companies, Inc. 99,600 4,703,112 Meritor, Inc. (a) 94,800 2,789,016 Miller Industries, Inc. 59,700 2,757,543 39,143,277 Professional Services - 4.74% Hudson Global, Inc. (a) (o) 192,560 3,196,496 KBR, Inc. 460,800 17,690,112 Korn Ferry 66,400 4,141,368 25,027,976 Road & Rail - 3.75% AMERCO 32,300 19,786,980

Trading Companies & Distributors - 0.51% Rush Enterprises, Inc. 54,450 2,713,243 TOTAL INDUSTRIALS 116,984,134

INFORMATION TECHNOLOGY - 11.37% Communications Equipment - 0.73% Casa Systems, Inc. (a) 77,400 737,622 CommScope Holding Company, Inc. (a) 201,300 3,091,968 3,829,590 Electronic Equipment, Instruments & Components - 5.29% Arrow Electronics, Inc. (a) 189,400 20,989,308 Avnet, Inc. 62,000 2,573,620 Belden, Inc. 98,200 4,357,134 27,920,062 IT Services - 3.43% Euronet Worldwide, Inc. (a) 131,000 18,117,300

Semiconductors & Semiconductor Equipment - 1.92% Diodes, Inc. (a) 126,600 10,107,744 TOTAL INFORMATION TECHNOLOGY 59,974,696

MATERIALS - 0.01% Metals & Mining - 0.01% Noranda Aluminum Holding Corp. (a) (i) (o) 800,300 48,818 TOTAL MATERIALS 48,818

REAL ESTATE - 4.50% Equity Real Estate Investment Trusts - 3.90% Seritage Growth Properties (a) (l) 1,122,900 20,605,215

Real Estate Management & Development - 0.60% The RMR Group, Inc. 77,100 3,146,451 TOTAL REAL ESTATE 23,751,666

UTILITIES - 6.24% Electric Utilities - 3.51% Hawaiian Electric Industries, Inc. 141,000 6,264,630 Portland General Electric Company 258,200 12,256,754 18,521,384 Multi-Utilities - 2.73% Avista Corp. 301,100 14,377,525 TOTAL UTILITIES 32,898,909

Total common stocks (Cost $429,875,587) 524,237,753 Total long-term investments (Cost $429,875,587) 524,237,753

COLLATERAL FOR SECURITIES ON LOAN - 1.83% Money Market Funds - 1.83% Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class, 0.03%^ 9,672,335 9,672,335 Total collateral for securities on loan (Cost $9,672,335) 9,672,335

Principal SHORT-TERM INVESTMENTS - 0.77% Amount Time Deposits - 0.77% Banco Bilbao Vizcaya Argentaria SA, 0.01%, 04/01/2021* $ 4,078,651 4,078,651 Total short-term investments (Cost $4,078,651) 4,078,651

Total investments - 101.98% (Cost $443,626,573) 537,988,739 Liabilities in excess of other assets - (1.98)% (10,451,454)

Net assets - 100.00% $ 527,537,285

(a) - Non-income producing security. (i) - Illiquid security. The total market value of these securities was $48,818, which represented 0.01% of net assets. (l) - All or a portion of this security is on loan. The total market value of securities on loan was $9,462,257. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. (o) - Affiliated issuer. An issuer in which the Fund's holdings represent 5% or more of the outstanding voting securities of the issuer is an "affiliated" issuer as defined in the 1940 Act. A schedule of the Fund's investments in securities of affiliated issuers held during the nine months ended March 31, 2021, is set forth below:

Net Change Net in Shares Value at Realized Unrealized Value at Held at June 30, Gains Appreciation/ March 31, March 31, Issuer Name 2020 Purchases Sales (Losses) Depreciation 2021 Dividends 2021 Hudson Global, Inc. $1,768,900 $ - $ (145,746) $(1,862,838) $ 3,436,180 $ 3,196,496 $ - $ 192,560 Noranda Aluminum Holding Corp. 3,041 - - - 45,777 48,818 - 800,300 $1,771,941 $ - $ (145,746) $(1,862,838) $ 3,481,957 $ 3,245,314 $ -

(v) - Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $1,106,444, which represented 0.21% of net assets. See Security Valuation below. ^ - Rate shown is the 7-day yield as of March 31, 2021. * - Invested through a cash management account administered by Brown Brothers Harriman & Co.

The Global Industry Classification Standard (GICS®) 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, 24 industry groups, 69 industries and 158 sub-industries. Each stock that is classified will have a coding at all four of these levels. Security Valuation. Portfolio securities that are listed on a U.S. stock exchange or The Nasdaq Stock Market (“NSM”) (including the Nasdaq National Market and the Nasdaq Small Cap Market) are valued at the last reported sale price (or official closing price) on that day as of the close of the New York Stock Exchange (which is generally 4:00 p.m. Eastern time), or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or NSM. Unlisted equity securities that are not included in NSM 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. Fixed- income securities are generally valued on the basis of prices obtained from an approved independent pricing service but may also be valued based on reported transactions on FINRA’s Trade Reporting and Compliance Engine (TRACE) or quotations provided by a broker-dealer. The pricing services may provide a price determined by a matrix pricing method or other analytical pricing models. Investments quoted in foreign currency are valued daily in U.S. dollars on the basis of the foreign currency exchange rate prevailing at the time of valuation. Securities and other assets for which market quotations are not readily available are valued at their fair value as determined by Hotchkis & Wiley Capital Management, LLC (the “Advisor”) under guidelines established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”). The Board has approved the use of a third-party vendor’s proprietary fair value pricing model to assist in determining current valuation for foreign securities traded in markets that close prior to the New York Stock Exchange. When fair value pricing is employed, the value of the portfolio securities used to calculate the Fund’s net asset values may differ from quoted or official closing prices.

The following table presents the valuation levels of the Fund’s assets as of March 31, 2021:

Level 1 --- Quoted prices in an active market: Common Stocks $ 523,131,309 Money Market Funds 9,672,335 Time Deposits 4,078,651 Level 2 --- Other significant observable market inputs: Common Stocks: Energy 1,106,444 Level 3 --- Significant unobservable inputs -

Total Investments $ 537,988,739

Shares COMMON STOCKS - 96.93% Held Value COMMUNICATION SERVICES - 0.85% Media - 0.85% Emerald Holding, Inc. (a) 278,650 $ 1,538,147 Entravision Communications Corp. 93,665 378,407 MDC Partners, Inc. (a) 113,100 352,872 MSG Networks, Inc. (a) 36,600 550,464 TEGNA, Inc. 17,767 334,553 TOTAL COMMUNICATION SERVICES 3,154,443

CONSUMER DISCRETIONARY - 13.48% Auto Components - 1.59% Adient PLC (a) 38,205 1,688,660 Cooper Tire & Rubber Company 27,759 1,553,949 The Goodyear Tire & Rubber Company (a) 91,710 1,611,345 Motorcar Parts of America, Inc. (a) 46,669 1,050,053 5,904,007 Diversified Consumer Services - 0.41% H&R Block, Inc. 69,400 1,512,920

Hotels, Restaurants & Leisure - 1.30% Brinker International, Inc. (a) 9,170 651,620 Hilton Grand Vacations, Inc. (a) 36,452 1,366,585 International Game Technology PLC (a) 39,600 635,580 Jack in the Box, Inc. 10,300 1,130,734 Travel + Leisure Company 17,480 1,069,077 4,853,596 Household Durables - 3.41% Century Communities, Inc. (a) 18,496 1,115,679 Ethan Allen Interiors, Inc. 54,705 1,510,405 Green Brick Partners, Inc. (a) 14,450 327,726 Hooker Furniture Corp. 31,975 1,165,809 KB Home 8,600 400,158 La-Z-Boy, Inc. 17,100 726,408 LGI Homes, Inc. (a) 8,200 1,224,342 M/I Homes, Inc. (a) 27,623 1,631,690 Meritage Homes Corp. (a) 16,500 1,516,680 Taylor Morrison Home Corp. (a) 51,510 1,587,023 Tri Pointe Homes, Inc. (a) 73,341 1,493,223 12,699,143 Internet & Catalog Retail - 0.10% PetMed Express, Inc. 10,600 372,855

Leisure Products - 0.29% Johnson Outdoors, Inc. 7,600 1,084,900

Multiline Retail - 0.52% Big Lots, Inc. 11,640 795,012 Dillard's, Inc. 4,810 464,502 Franchise Group, Inc. 18,500 668,035 1,927,549 Specialty Retail - 5.20% American Eagle Outfitters, Inc. 25,600 748,544 Asbury Automotive Group, Inc. (a) 7,264 1,427,376 The Cato Corp. (a) 84,500 1,014,000 Foot Locker, Inc. 13,500 759,375 Genesco, Inc. (a) 33,930 1,611,674 Group 1 Automotive, Inc. 9,028 1,424,528 Hibbett Sports, Inc. (a) 16,973 1,169,270 MarineMax, Inc. (a) 14,300 705,848 The Michaels Companies, Inc. (a) 54,900 1,204,506 The ODP Corp. (a) 32,001 1,385,323 OneWater Marine, Inc. (a) 28,700 1,146,852 Penske Automotive Group, Inc. 9,400 754,256 Rent-A-Center, Inc. 21,300 1,228,158 Sonic Automotive, Inc. 28,750 1,425,138 Sportsman's Warehouse Holdings, Inc. (a) 91,700 1,580,908 Tilly's, Inc. (a) 30,100 340,732 Urban Outfitters, Inc. (a) 20,910 777,643 Zumiez, Inc. (a) 15,100 647,790 19,351,921 Textiles, Apparel & Luxury Goods - 0.66% Culp, Inc. 21,600 332,424 G-III Apparel Group Ltd. (a) 22,040 664,286 Rocky Brands, Inc. 7,900 427,074 Vera Bradley, Inc. (a) 103,900 1,049,390 2,473,174 TOTAL CONSUMER DISCRETIONARY 50,180,065

CONSUMER STAPLES - 2.36% Food & Staples Retailing - 1.14% Ingles Markets, Inc. 18,400 1,134,360 Natural Grocers by Vitamin Cottage, Inc. 41,800 733,590 Sprouts Farmers Market, Inc. (a) 34,400 915,728 Village Super Market, Inc. 27,786 654,916 Weis Markets, Inc. 14,500 819,540 4,258,134 Food Products - 0.30% B&G Foods, Inc. (l) 35,900 1,115,054

Household Products - 0.44% Central Garden & Pet Company (a) 21,500 1,247,215 Energizer Holdings, Inc. 7,900 374,934 1,622,149 Personal Products - 0.48% Nu Skin Enterprises, Inc. 13,450 711,371 USANA Health Sciences, Inc. (a) 11,000 1,073,600 1,784,971 TOTAL CONSUMER STAPLES 8,780,308

ENERGY - 8.70% Energy Equipment & Services - 2.90% Cactus, Inc. 26,130 800,101 ChampionX Corp. (a) 53,900 1,171,247 Core Laboratories NV 9,800 282,142 Dril-Quip, Inc. (a) 18,500 614,755 Frank's International NV (a) 357,320 1,268,486 Helix Energy Solutions Group, Inc. (a) 194,900 984,245 Hoegh LNG Partners LP 21,060 306,212 Liberty Oilfield Services, Inc. (a) 95,900 1,082,711 NexTier Oilfield Solutions, Inc. (a) 327,588 1,218,627 Oil States International, Inc. (a) 49,500 298,485 ProPetro Holding Corp. (a) 67,850 723,281 Select Energy Services, Inc. (a) 121,200 603,576 Solaris Oilfield Infrastructure, Inc. 86,300 1,058,901 Technip Energies NV - ADR (a) 5,700 85,329 TechnipFMC PLC (a) 38,400 296,448 10,794,546 Oil, Gas & Consumable Fuels - 5.80% Berry Corp. 169,070 931,576 Bonanza Creek Energy, Inc. (a) 47,730 1,705,393 BP Midstream Partners LP 35,400 448,164 CVR Energy, Inc. 17,500 335,650 Denbury, Inc. (a) 37,500 1,795,875 Earthstone Energy, Inc. (a) 165,287 1,181,802 Equitrans Midstream Corp. 180,900 1,476,144 Green Plains, Inc. (a) 19,500 527,865 HollyFrontier Corp. 19,600 701,288 Kosmos Energy Ltd. (a) 332,613 1,021,122 Noble Midstream Partners LP 47,000 681,500 Northern Oil and Gas, Inc. (a) 112,400 1,357,792 Oasis Petroleum, Inc. 26,100 1,550,079 PDC Energy, Inc. (a) 31,398 1,080,091 Penn Virginia Corp. (a) 43,900 588,260 Range Resources Corp. (a) 151,200 1,561,896 Rattler Midstream LP 76,700 815,321 REX American Resources Corp. (a) 8,478 713,593 Shell Midstream Partners LP 56,300 751,042 Whiting Petroleum Corp. (a) 46,500 1,648,425 World Fuel Services Corp. 20,124 708,365 21,581,243 TOTAL ENERGY 32,375,789

FINANCIALS - 33.50% Banks - 20.50% 1st Source Corp. 14,406 685,437 Amalgamated Financial Corp. 36,600 607,194 Associated Banc-Corp 64,300 1,372,162 BankUnited, Inc. 32,510 1,428,815 Bar Harbor Bankshares 19,316 568,277 Berkshire Hills Bancorp, Inc. 68,700 1,533,384 BOK Financial Corp. 10,700 955,724 Brookline Bancorp, Inc. 70,676 1,060,140 Bryn Mawr Bank Corp. 12,280 558,863 Cadence BanCorp 48,800 1,011,624 Camden National Corp. 7,716 369,288 Cathay General Bancorp 25,132 1,024,883 Central Pacific Financial Corp. 27,200 725,696 CIT Group, Inc. 29,200 1,504,092 Civista Bancshares, Inc. 18,900 433,566 CNB Financial Corp. 14,100 347,001 Community Trust Bancorp, Inc. 19,410 854,622 ConnectOne Bancorp, Inc. 46,500 1,178,775 CrossFirst Bankshares, Inc. (a) 48,000 661,920 Customers Bancorp, Inc. (a) 55,344 1,761,045 Dime Community Bancshares, Inc. 44,098 1,329,114 Eagle Bancorp, Inc. 26,930 1,432,945 Equity Bancshares, Inc. (a) 31,200 854,880 FB Financial Corp. 23,925 1,063,706 Financial Institutions, Inc. 22,361 677,315 First BanCorp 126,086 1,419,728 First Busey Corp. 27,800 713,070 First Business Financial Services, Inc. 13,765 340,408 First Financial Bancorp 43,750 1,050,000 First Financial Corp. 26,663 1,200,102 First Hawaiian, Inc. 54,040 1,479,075 First Internet Bancorp 17,889 630,229 First Midwest Bancorp, Inc. 50,400 1,104,264 The First of Long Island Corp. 33,780 717,825 Flushing Financial Corp. 65,918 1,399,439 FNB Corp. 86,380 1,097,026 Fulton Financial Corp. 84,940 1,446,528 Great Southern Bancorp, Inc. 21,010 1,190,637 Great Western Bancorp, Inc. 49,086 1,486,815 Hancock Whitney Corp. 32,900 1,382,129 Hanmi Financial Corp. 89,767 1,771,102 Hilltop Holdings, Inc. 19,327 659,631 HomeTrust Bancshares, Inc. 15,049 366,443 Hope Bancorp, Inc. 102,833 1,548,664 Horizon Bancorp, Inc. 35,600 661,448 International Bancshares Corp. 14,036 651,551 Investors Bancorp, Inc. 74,164 1,089,469 Lakeland Bancorp, Inc. 62,830 1,095,127 Live Oak Bancshares, Inc. 22,055 1,510,547 Mercantile Bank Corp. 21,700 704,599 Metropolitan Bank Holding Corp. (a) 16,500 830,940 Midland States Bancorp, Inc. 49,813 1,381,813 MidWestOne Financial Group, Inc. 20,994 650,184 Northrim BanCorp, Inc. 8,684 369,157 OceanFirst Financial Corp. 48,110 1,151,753 Orrstown Financial Services, Inc. 14,479 322,882 PacWest Bancorp 40,100 1,529,815 Peapack-Gladstone Financial Corp. 39,136 1,208,520 Peoples Bancorp, Inc. 10,630 352,597 Popular, Inc. 20,000 1,406,400 Preferred Bank 17,700 1,127,136 Primis Financial Corp. 47,756 694,372 RBB Bancorp 23,832 483,075 Republic Bancorp, Inc. 11,570 512,435 S&T Bancorp, Inc. 44,000 1,474,000 Sandy Spring Bancorp, Inc. 8,475 368,069 Sierra Bancorp 13,000 348,400 Simmons First National Corp. 12,900 382,743 Synovus Financial Corp. 30,850 1,411,388 Texas Capital Bancshares, Inc. (a) 18,390 1,304,219 Towne Bank 35,100 1,067,040 TriCo Bancshares 6,594 312,358 TriState Capital Holdings, Inc. (a) 30,400 701,024 Trustmark Corp. 9,501 319,804 Umpqua Holdings Corp. 57,630 1,011,407 Univest Financial Corp. 25,350 724,757 Valley National Bancorp 50,400 692,496 Washington Trust Bancorp, Inc. 13,530 698,554 Webster Financial Corp. 23,700 1,306,107 Wintrust Financial Corp. 18,650 1,413,670 76,273,439 Capital Markets - 2.60% AllianceBernstein Holding LP 18,354 733,976 Brightsphere Investment Group, Inc. 53,713 1,094,671 Cowen, Inc. 44,500 1,564,176 Diamond Hill Investment Group, Inc. 4,300 670,843 Evercore, Inc. 5,310 699,539 Federated Hermes, Inc. 35,300 1,104,890 Greenhill & Company, Inc. 75,425 1,243,004 Lazard Ltd. 34,140 1,485,431 Victory Capital Holdings, Inc. 42,827 1,094,658 9,691,188 Consumer Finance - 0.70% Navient Corp. 92,520 1,323,961 SLM Corp. 70,770 1,271,737 2,595,698 Insurance - 5.63% Ambac Financial Group, Inc. (a) 62,487 1,046,032 American Equity Investment Life Holding Company 34,526 1,088,605 Argo Group International Holdings Ltd. 29,100 1,464,312 Axis Capital Holdings Ltd. 30,500 1,511,885 Brighthouse Financial, Inc. (a) 24,200 1,070,850 CNO Financial Group, Inc. 61,086 1,483,779 Employers Holdings, Inc. 29,435 1,267,471 Enstar Group Ltd. (a) 5,839 1,440,656 Global Indemnity Group LLC 22,548 668,323 The Hanover Insurance Group, Inc. 12,200 1,579,412 Horace Mann Educators Corp. 36,314 1,569,128 James River Group Holdings Ltd. 17,200 784,664 National Western Life Group, Inc. 5,355 1,333,395 ProAssurance Corp. 49,247 1,317,850 SiriusPoint Ltd. (a) 110,278 1,121,527 State Auto Financial Corp. 37,680 742,673 Stewart Information Services Corp. 28,001 1,456,892 20,947,454 Mortgage Real Estate Investment Trusts - 0.93% Apollo Commercial Real Estate Finance, Inc. 21,800 304,546 Arlington Asset Investment Corp. (a) 94,100 380,164 Colony Credit Real Estate, Inc. 129,982 1,107,446 Granite Point Mortgage Trust, Inc. 30,600 366,282 Great Ajax Corp. 61,334 668,541 MFA Financial, Inc. 73,000 297,110 TPG RE Finance Trust, Inc. 31,000 347,200 3,471,289 Thrifts & Mortgage Finance - 3.14% America First Multifamily Investors LP 66,300 366,639 Bridgewater Bancshares, Inc. (a) 18,490 298,614 Essent Group Ltd. 16,400 778,836 Federal Agricultural Mortgage Corp. 11,320 1,140,150 FS Bancorp, Inc. 5,240 352,128 HomeStreet, Inc. 22,778 1,003,826 Luther Burbank Corp. 45,745 541,163 Meridian Bancorp, Inc. 23,970 441,527 Northfield Bancorp, Inc. 45,607 726,063 Premier Financial Corp. 23,360 776,954 Provident Financial Services, Inc. 47,400 1,056,072 Radian Group, Inc. 38,900 904,425 Southern Missouri Bancorp, Inc. 11,579 456,444 Territorial Bancorp, Inc. 12,152 321,542 TrustCo Bank Corp. 141,364 1,041,853 Washington Federal, Inc. 47,644 1,467,436 11,673,672 TOTAL FINANCIALS 124,652,740

HEALTH CARE - 1.14% Biotechnology - 0.19% Vanda Pharmaceuticals, Inc. (a) 47,400 711,948

Health Care Providers & Services - 0.59% Hanger, Inc. (a) 65,800 1,501,556 MEDNAX, Inc. (a) 26,900 685,143 2,186,699 Pharmaceuticals - 0.36% Taro Pharmaceutical Industries Ltd. (a) 18,180 1,340,775 TOTAL HEALTH CARE 4,239,422

INDUSTRIALS - 20.61% Aerospace & Defense - 1.41% AAR Corp. (a) 36,240 1,509,396 Moog, Inc. 12,600 1,047,690 National Presto Industries, Inc. 11,714 1,195,648 Vectrus, Inc. (a) 27,655 1,477,883 5,230,617 Air Freight & Logistics - 0.19% Forward Air Corp. 7,800 692,718

Airlines - 0.19% Spirit Airlines, Inc. (a) 18,900 697,410

Building Products - 1.36% Apogee Enterprises, Inc. 17,700 723,576 Armstrong Flooring, Inc. (a) 145,695 712,449 Griffon Corp. 12,300 334,191 Masonite International Corp. (a) 12,441 1,433,700 Resideo Technologies, Inc. (a) 50,400 1,423,800 UFP Industries, Inc. 5,500 417,120 5,044,836 Commercial Services & Supplies - 2.59% ABM Industries, Inc. 16,200 826,362 ACCO Brands Corp. 185,609 1,566,539 Ennis, Inc. 56,317 1,202,368 Herman Miller, Inc. 18,414 757,736 Interface, Inc. 105,600 1,317,888 Kimball International, Inc. 51,100 715,400 Knoll, Inc. 89,856 1,483,523 Steelcase, Inc. 98,415 1,416,192 US Ecology, Inc. (a) 8,200 341,448 9,627,456 Construction & Engineering - 2.88% Comfort Systems USA, Inc. 15,000 1,121,550 Fluor Corp. (a) 74,730 1,725,516 Great Lakes Dredge & Dock Corp. (a) 108,000 1,574,640 Matrix Service Company (a) 47,900 627,969 MYR Group, Inc. (a) 11,644 834,525 Primoris Services Corp. 42,653 1,413,094 Sterling Construction Company, Inc. (a) 38,000 881,600 Tutor Perini Corp. (a) 59,821 1,133,608 Valmont Industries, Inc. 5,916 1,406,056 10,718,558 Electrical Equipment - 2.77% Acuity Brands, Inc. 5,500 907,500 Atkore, Inc. (a) 5,900 424,210 AZZ, Inc. 29,200 1,470,220 Encore Wire Corp. 22,496 1,510,156 EnerSys 15,410 1,399,228 GrafTech International Ltd. 133,380 1,631,238 Powell Industries, Inc. 21,100 714,657 Preformed Line Products Company 11,227 771,856 Thermon Group Holdings, Inc. (a) 76,783 1,496,501 10,325,566 Machinery - 3.86% Blue Bird Corp. (a) 45,040 1,127,351 Crane Company 9,600 901,536 EnPro Industries, Inc. 15,850 1,351,530 Flowserve Corp. 17,600 683,056 Graham Corp. 22,589 321,667 The Greenbrier Companies, Inc. 33,199 1,567,657 Hillenbrand, Inc. 28,420 1,355,918 Hyster-Yale Materials Handling, Inc. 13,927 1,213,320 Kennametal, Inc. 16,800 671,496 Meritor, Inc. (a) 44,913 1,321,340 Miller Industries, Inc. 15,220 703,012 Mueller Industries, Inc. 16,400 678,140 Mueller Water Products, Inc. 50,700 704,223 TriMas Corp. (a) 10,600 321,392 Wabash National Corp. 76,882 1,445,382 14,367,020 Marine - 0.29% Matson, Inc. 16,313 1,088,077

Professional Services - 3.18% BGSF, Inc. 29,660 415,240 CBIZ, Inc. (a) 22,600 738,116 FTI Consulting, Inc. (a) 5,900 826,649 GP Strategies Corp. (a) 36,983 645,353 Heidrick & Struggles International, Inc. 42,110 1,504,169 KBR, Inc. 48,400 1,858,076 Kelly Services, Inc. (a) 54,550 1,214,829 Kforce, Inc. 5,800 310,880 Korn Ferry 25,356 1,581,454 Resources Connection, Inc. 86,085 1,165,591 TrueBlue, Inc. (a) 72,400 1,594,248 11,854,605 Road & Rail - 0.27% Schneider National, Inc. 12,200 304,634 Universal Logistics Holdings, Inc. 26,670 701,688 1,006,322 Trading Companies & Distributors - 1.62% Boise Cascade Company 20,100 1,202,583 DXP Enterprises, Inc. (a) 50,080 1,510,914 H&E Equipment Services, Inc. 10,400 395,200 Rush Enterprises, Inc. 30,747 1,532,122 WESCO International, Inc. (a) 16,152 1,397,633 6,038,452 TOTAL INDUSTRIALS 76,691,637

INFORMATION TECHNOLOGY - 7.16% Communications Equipment - 0.58% Casa Systems, Inc. (a) 40,500 385,965 Comtech Telecommunications Corp. 56,700 1,408,428 NETGEAR, Inc. (a) 9,100 374,010 2,168,403 Electronic Equipment, Instruments & Components - 3.55% Avnet, Inc. 36,200 1,502,662 Belden, Inc. 35,870 1,591,552 ePlus, Inc. (a) 7,100 707,444 Insight Enterprises, Inc. (a) 15,968 1,523,667 Kimball Electronics, Inc. (a) 31,200 804,960 Methode Electronics, Inc. 33,359 1,400,411 PC Connection, Inc. 22,906 1,062,609 Plexus Corp. (a) 3,800 348,992 Sanmina Corp. (a) 35,595 1,472,921 ScanSource, Inc. (a) 45,333 1,357,723 Vishay Intertechnology, Inc. 59,626 1,435,794 13,208,735 IT Services - 0.80% BM Technologies, Inc. (a) 9,824 114,450 Cass Information Systems, Inc. 29,100 1,346,457 CSG Systems International, Inc. 6,900 309,741 Sykes Enterprises, Inc. (a) 27,100 1,194,568 2,965,216 Semiconductors & Semiconductor Equipment - 1.02% Diodes, Inc. (a) 18,349 1,464,984 NVE Corp. 11,400 799,140 Photronics, Inc. (a) 118,500 1,523,910 3,788,034 Software - 0.60% Ebix, Inc. 28,170 902,285 Xperi Holding Corp. 61,800 1,345,386 2,247,671 Technology Hardware, Storage & Peripherals - 0.61% Diebold Nixdorf, Inc. (a) 47,600 672,588 Super Micro Computer, Inc. (a) 41,100 1,605,366 2,277,954 TOTAL INFORMATION TECHNOLOGY 26,656,013

MATERIALS - 3.66% Chemicals - 1.83% American Vanguard Corp. 50,629 1,033,338 Cabot Corp. 20,570 1,078,691 FutureFuel Corp. 20,730 301,207 Hawkins, Inc. 9,600 321,792 HB Fuller Company 6,100 383,751 PQ Group Holdings, Inc. 40,000 668,000 Tredegar Corp. 42,330 635,373 Trinseo SA 21,050 1,340,253 W.R. Grace & Company 5,700 341,202 Westlake Chemical Partners LP 28,800 691,776 6,795,383 Metals & Mining - 1.09% Commercial Metals Company 27,800 857,352 Kaiser Aluminum Corp. 12,967 1,432,853 Schnitzer Steel Industries, Inc. 9,100 380,289 Warrior Met Coal, Inc. 43,100 738,303 Worthington Industries, Inc. 9,950 667,546 4,076,343 Paper & Forest Products - 0.74% Domtar Corp. 42,180 1,558,551 Glatfelter Corp. 18,900 324,135 Mercer International, Inc. 61,050 878,510 2,761,196 TOTAL MATERIALS 13,632,922 REAL ESTATE - 1.29% Equity Real Estate Investment Trusts - 0.75% Alexander's, Inc. 4,000 1,109,200 Pebblebrook Hotel Trust 42,900 1,042,041 Seritage Growth Properties (a) (l) 35,348 648,636 2,799,877 Real Estate Management & Development - 0.54% RE/MAX Holdings, Inc. 8,900 350,571 The RMR Group, Inc. 40,600 1,656,886 2,007,457 TOTAL REAL ESTATE 4,807,334

UTILITIES - 4.18% Electric Utilities - 1.61% ALLETE, Inc. 21,076 1,416,096 Otter Tail Corp. 32,140 1,483,904 PNM Resources, Inc. 32,402 1,589,318 Portland General Electric Company 31,400 1,490,558 5,979,876 Gas Utilities - 1.73% South Jersey Industries, Inc. 53,344 1,204,508 Southwest Gas Holdings, Inc. 23,700 1,628,428 Spire, Inc. 19,173 1,416,693 Star Group LP 62,460 661,451 Suburban Propane Partners LP 101,917 1,510,410 6,421,490 Multi-Utilities - 0.84% Avista Corp. 32,061 1,530,913 NorthWestern Corp. 24,603 1,604,115 3,135,028 TOTAL UTILITIES 15,536,394

Total common stocks (Cost $256,771,389) 360,707,067 Total long-term investments (Cost $256,771,389) 360,707,067

COLLATERAL FOR SECURITIES ON LOAN - 0.32% Money Market Funds - 0.32% Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class, 0.03%^ 1,202,184 1,202,184 Total collateral for securities on loan (Cost $1,202,184) 1,202,184

Principal SHORT-TERM INVESTMENTS - 2.99% Amount Time Deposits - 2.99% Australia and New Zealand Banking Group Ltd., 0.01%, 04/01/2021* $ 11,131,986 11,131,986 Total short-term investments (Cost $11,131,986) 11,131,986

Total investments - 100.24% (Cost $269,105,559) 373,041,237

Liabilities in excess of other assets - (0.24)% (913,377)

Net assets - 100.00% $ 372,127,860

(a) - Non-income producing security. (l) - All or a portion of this security is on loan. The total market value of securities on loan was $1,176,851. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. ADR - American Depositary Receipt ^ - Rate shown is the 7-day yield as of March 31, 2021. * - Invested through a cash management account administered by Brown Brothers Harriman & Co.

The following table presents the valuation levels of the Fund’s assets as of March 31, 2021:

Level 1 --- Quoted prices in an active market: Common Stocks $ 360,707,067 Money Market Funds 1,202,184 Time Deposits 11,131,986 Level 2 --- Other significant observable market inputs - Level 3 --- Significant unobservable inputs -

Total Investments $ 373,041,237

Country Breakdown* (% of net assets) United States 57.63% United Kingdom 11.70% France 7.81% Netherlands 6.53% Canada 4.28% Puerto Rico 1.99% Japan 1.91% Germany 1.58% Switzerland 1.37% Australia 0.98% Italy 0.92% Sweden 0.92% Short-term securities and liabilities in excess of other assets 2.38% * Based on country of risk.

Shares COMMON STOCKS - 97.62% Held Value COMMUNICATION SERVICES - 6.48% Interactive Media & Services - 0.87% Alphabet, Inc. (a) 150 $ 309,378

Media - 3.72% Discovery, Inc. (a) 16,350 603,151 News Corp. 28,500 724,755 1,327,906 Wireless Telecommunication Services - 1.89% Vodafone Group PLC - ADR 36,572 674,022 TOTAL COMMUNICATION SERVICES 2,311,306

CONSUMER DISCRETIONARY - 8.65% Auto Components - 2.20% Magna International, Inc. 8,911 784,524

Automobiles - 2.45% General Motors Company (a) 15,245 875,978

Hotels, Restaurants & Leisure - 3.09% Accor SA (a) (v) 21,000 791,196 Compass Group PLC (a) (v) 15,400 311,140 1,102,336 Internet Catalog & Retail - 0.91% Booking Holdings, Inc. (a) 140 326,178 TOTAL CONSUMER DISCRETIONARY 3,089,016

CONSUMER STAPLES - 4.67% Beverages - 3.09% Heineken Holding NV (v) 12,387 1,100,690

Household Products - 1.58% Henkel AG & Company KGaA (v) 5,700 564,715 TOTAL CONSUMER STAPLES 1,665,405

ENERGY - 6.64% Energy Equipment & Services - 1.08% NOV, Inc. (a) 28,169 386,479

Oil, Gas & Consumable Fuels - 5.56% Cenovus Energy, Inc. 27,700 208,075 Hess Corp. 6,400 452,864 Royal Dutch Shell PLC - ADR 7,100 278,391 Suncor Energy, Inc. 25,500 533,051 Total SE (v) 10,938 509,929 1,982,310 TOTAL ENERGY 2,368,789

FINANCIALS - 28.34% Banks - 16.26% ABN AMRO Bank NV (a) (r) (v) 28,600 347,204 BNP Paribas SA (v) 8,756 533,499 Citigroup, Inc. 15,004 1,091,541 ING Groep NV (v) 49,556 605,283 Popular, Inc. 10,100 710,232 Societe Generale SA (v) 15,193 397,220 UniCredit SpA (v) 31,100 328,506 Wells Fargo & Company 45,830 1,790,578 5,804,063 Capital Markets - 3.30% Credit Suisse Group AG (v) 46,064 487,328 The Goldman Sachs Group, Inc. 2,114 691,278 1,178,606 Diversified Financial Services - 2.01% Berkshire Hathaway, Inc. (a) 2,800 715,316

Insurance - 6.77% American International Group, Inc. 37,569 1,736,063 Tokio Marine Holdings, Inc. (v) 14,300 680,553 2,416,616 TOTAL FINANCIALS 10,114,601

HEALTH CARE - 7.64% Health Care Equipment & Supplies - 1.49% Medtronic PLC 4,500 531,585

Health Care Providers & Services - 5.08% Anthem, Inc. 3,915 1,405,289 UnitedHealth Group, Inc. 1,100 409,277 1,814,566 Pharmaceuticals - 1.07% GlaxoSmithKline PLC - ADR 10,719 382,561 TOTAL HEALTH CARE 2,728,712

INDUSTRIALS - 17.96% Aerospace & Defense - 4.33% Airbus SE (a) (v) 4,900 555,747 BAE Systems PLC (v) 142,159 990,010 1,545,757 Air Freight & Logistics - 3.04% Royal Mail PLC (a) (v) 155,787 1,084,245

Airlines - 0.98% Qantas Airways Ltd. (a) (v) 90,200 350,078

Industrial Conglomerates - 4.48% General Electric Company 121,872 1,600,179

Machinery - 3.39% CNH Industrial NV (a) 46,982 734,799 Cummins, Inc. 1,829 473,912 1,208,711 Road & Rail - 1.74% AMERCO 1,012 619,951 TOTAL INDUSTRIALS 6,408,921

INFORMATION TECHNOLOGY - 16.69% Communications Equipment - 4.19% F5 Networks, Inc. (a) 5,600 1,168,272 Telefonaktiebolaget LM Ericsson - ADR 24,872 328,062 1,496,334 Electronic Equipment, Instruments & Components - 2.99% Corning, Inc. 8,473 368,660 TE Connectivity Ltd. 5,400 697,194 1,065,854 IT Services - 3.02% Euronet Worldwide, Inc. (a) 7,800 1,078,740

Software - 5.06% Microsoft Corp. 3,413 804,683 Oracle Corp. 14,275 1,001,677 1,806,360 Technology Hardware, Storage & Peripherals - 1.43% Hewlett Packard Enterprise Company 32,287 508,197 TOTAL INFORMATION TECHNOLOGY 5,955,485

REAL ESTATE - 0.55% Equity Real Estate Investment Trusts - 0.55% Seritage Growth Properties (a) 10,643 195,299 TOTAL REAL ESTATE 195,299

Total common stocks (Cost $27,482,963) 34,837,534

Total long-term investments (Cost $27,482,963) 34,837,534 Principal SHORT-TERM INVESTMENTS - 2.54% Amount Time Deposits - 2.54% Skandinaviska Enskilda Banken, 0.01%, 04/01/2021* $ 906,530 906,530 Total short-term investments (Cost $906,530) 906,530

Total investments - 100.16% (Cost $28,389,493) 35,744,064 Liabilities in excess of other assets - (0.16)% (58,098) Net assets - 100.00% $ 35,685,966

(a) - Non-income producing security. (r) - Rule 144A security under the Securities Act of 1933. Purchased in a private placement transaction; resale to the public may require registration or be limited to qualified institutional buyers. The total market value of these securities was $347,204, which represented 0.97% of net assets. (v) - Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $9,637,343, which represented 27.01% of net assets. See Security Valuation below. ADR - American Depositary Receipt * - Invested through a cash management account administered by Brown Brothers Harriman & Co.

The Global Industry Classification Standard (GICS®) 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, 24 industry groups, 69 industries and 158 sub-industries. Each stock that is classified will have a coding at all four of these levels. Security Valuation. Portfolio securities that are listed on a U.S. stock exchange or The Nasdaq Stock Market (“NSM”) (including the Nasdaq National Market and the Nasdaq Small Cap Market) are valued at the last reported sale price (or official closing price) on that day as of the close of the New York Stock Exchange (which is generally 4:00 p.m. Eastern time), or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or NSM. Unlisted equity securities that are not included in NSM 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. Fixed- income securities are generally valued on the basis of prices obtained from an approved independent pricing service but may also be valued based on reported transactions on FINRA’s Trade Reporting and Compliance Engine (TRACE) or quotations provided by a broker-dealer. The pricing services may provide a price determined by a matrix pricing method or other analytical pricing models. Investments quoted in foreign currency are valued daily in U.S. dollars on the basis of the foreign currency exchange rate prevailing at the time of valuation. Securities and other assets for which market quotations are not readily available are valued at their fair value as determined by Hotchkis & Wiley Capital Management, LLC (the “Advisor”) under guidelines established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”). The Board has approved the use of a third-party vendor’s proprietary fair value pricing model to assist in determining current valuation for foreign securities traded in markets that close prior to the New York Stock Exchange. When fair value pricing is employed, the value of the portfolio securities used to calculate the Fund’s net asset values may differ from quoted or official closing prices.

The following table presents the valuation levels of the Fund’s assets as of March 31, 2021:

Level 1 --- Quoted prices in an active market: Common Stocks $ 25,200,191 Time Deposits 906,530 Level 2 --- Other significant observable market inputs: Common Stocks: Consumer Discretionary 1,102,336 Consumer Staples 1,665,405 Energy 509,929 Financials 3,379,593 Industrials 2,980,080 Level 3 --- Significant unobservable inputs -

Total Investments $ 35,744,064

Country Breakdown* (% of net assets) United Kingdom 28.64% France 14.11% United States 12.38% Netherlands 11.79% Canada 7.40% Germany 6.42% Japan 4.61% Switzerland 3.56% Australia 2.23% Sweden 2.16% Ireland 2.00% Italy 1.93% Taiwan 0.97% Luxembourg 0.84% Denmark 0.52% Short-term securities and liabilities in excess of other assets 0.44% * Based on country of risk.

Shares COMMON STOCKS - 99.56% Held Value COMMUNICATION SERVICES - 3.15% Media - 0.84% RTL Group SA (a) (v) 400 $ 23,457

Wireless Telecommunication Services - 2.31% Vodafone Group PLC (v) 35,446 64,639 TOTAL COMMUNICATION SERVICES 88,096

CONSUMER DISCRETIONARY - 12.15% Auto Components - 2.72% Magna International, Inc. 862 75,891

Automobiles - 1.60% Bayerische Motoren Werke AG (v) 561 44,660

Hotels, Restaurants & Leisure - 5.34% Accor SA (a) (v) 2,620 98,711 Compass Group PLC (a) (v) 2,500 50,510 149,221 Internet & Catalog Retail - 2.49% Points International Ltd. (a) 4,600 69,547 TOTAL CONSUMER DISCRETIONARY 339,319

CONSUMER STAPLES - 10.89% Beverages - 5.02% Britvic PLC (v) 2,100 24,178 Coca-Cola European Partners PLC 560 29,210 Heineken Holding NV (v) 977 86,815 140,203 Food & Staples Retailing - 0.66% Tesco PLC (v) 5,838 18,432

Food Products - 0.58% Ezaki Glico Company Ltd. (v) 400 16,052

Household Products - 2.94% Henkel AG & Company KGaA (v) 830 82,230

Personal Products - 1.17% Unilever PLC (v) 588 32,810

Tobacco - 0.52% Scandinavian Tobacco Group A/S (r) (v) 757 14,531 TOTAL CONSUMER STAPLES 304,258

ENERGY - 11.39% Energy Equipment & Services - 4.53% Frank's International NV (a) 8,957 31,797 Schlumberger NV 1,600 43,504 Subsea 7 SA (v) 5,100 51,237 126,538 Oil, Gas & Consumable Fuels - 6.86% Cairn Energy PLC (v) 19,830 46,544 Cenovus Energy, Inc. 4,000 30,047 Kosmos Energy Ltd. (a) 5,768 17,708 Royal Dutch Shell PLC (v) 1,527 30,016 Suncor Energy, Inc. 1,500 31,356 Total SE (v) 775 36,130 191,801 TOTAL ENERGY 318,339

FINANCIALS - 28.68% Banks - 17.68% ABN AMRO Bank NV (a) (r) (v) 3,500 42,490 AIB Group PLC (a) (v) 12,600 33,056 Bank of Ireland Group PLC (a) (v) 4,600 22,716 Barclays PLC (v) 26,217 67,140 BNP Paribas SA (v) 1,524 92,857 ING Groep NV (v) 7,867 96,088 Natwest Group PLC (v) 10,100 27,329 Societe Generale SA (v) 2,231 58,329 UniCredit SpA (v) 5,100 53,871 493,876 Capital Markets - 2.10% Credit Suisse Group AG (v) 5,548 58,694

Insurance - 8.90% Enstar Group Ltd. (a) 379 93,510 Global Indemnity Group LLC 968 28,692 Tokio Marine Holdings, Inc. (v) 1,800 85,664 Zurich Insurance Group AG (v) 96 40,863 248,729 TOTAL FINANCIALS 801,299

HEALTH CARE - 5.45% Health Care Equipment & Supplies - 3.89% Koninklijke Philips NV (v) 767 43,739 Medtronic PLC 550 64,972 108,711 Pharmaceuticals - 1.56% GlaxoSmithKline PLC (v) 1,609 28,484 Sanofi (v) 153 15,129 43,613 TOTAL HEALTH CARE 152,324

INDUSTRIALS - 20.61% Aerospace & Defense - 6.49% Airbus SE (a) (v) 820 93,003 BAE Systems PLC (v) 12,675 88,270 181,273 Air Freight & Logistics - 4.69% Royal Mail PLC (a) (v) 18,829 131,046

Airlines - 2.23% Qantas Airways Ltd. (a) (v) 16,100 62,486

Commercial Services & Supplies - 1.35% Babcock International Group PLC (a) (v) 12,000 37,816

Industrial Conglomerates - 1.88% Siemens AG (v) 320 52,580

Machinery - 3.67% CNH Industrial NV (a) 6,553 102,489

Professional Services - 0.30% Hudson Global, Inc. (a) 499 8,283 TOTAL INDUSTRIALS 575,973

INFORMATION TECHNOLOGY - 7.24% Communications Equipment - 2.16% Telefonaktiebolaget LM Ericsson (v) 4,544 60,232

Electronic Equipment, Instruments & Components - 3.03% Hitachi Ltd. (v) 600 27,197 TE Connectivity Ltd. 445 57,454 84,651 Semiconductors & Semiconductor Equipment - 2.05% NXP Semiconductors NV 150 30,201 Taiwan Semiconductor Manufacturing Company Ltd. - ADR 230 27,204 57,405 TOTAL INFORMATION TECHNOLOGY 202,288

Total common stocks (Cost $2,320,613) 2,781,896

Total long-term investments (Cost $2,320,613) 2,781,896 Principal SHORT-TERM INVESTMENTS - 1.08% Amount Time Deposits - 1.08% Skandinaviska Enskilda Banken, 0.01%, 04/01/2021* $ 30,274 30,274 Total short-term investments (Cost $30,274) 30,274

Total investments - 100.64% (Cost $2,350,887) 2,812,170

Liabilities in excess of other assets - (0.64)% (17,953)

Net assets - 100.00% $ 2,794,217

(a) - Non-income producing security. (r) - Rule 144A security under the Securities Act of 1933. Purchased in a private placement transaction; resale to the public may require registration or be limited to qualified institutional buyers. The total market value of these securities was $57,021, which represented 2.04% of net assets. (v) - Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $2,040,031, which represented 73.01% of net assets. See Security Valuation below. ADR - American Depositary Receipt * - Invested through a cash management account administered by Brown Brothers Harriman & Co.

The following table presents the valuation levels of the Fund’s assets as of March 31, 2021:

Level 1 --- Quoted prices in an active market: Common Stocks $ 741,865 Time Deposits 30,274 Level 2 --- Other significant observable market inputs: Common Stocks: Communication Services 88,096 Consumer Discretionary 193,881 Consumer Staples 275,048 Energy 163,927 Financials 679,097 Health Care 87,352 Industrials 465,201 Information Technology 87,429 Level 3 --- Significant unobservable inputs -

Total Investments $ 2,812,170

Country Breakdown* (% of net assets) Japan 27.32% United Kingdom 16.83% France 6.31% Australia 6.17% Italy 6.06% Germany 3.91% Canada 3.54% Sweden 3.15% Switzerland 2.82% Spain 2.50% Austria 2.38% Ireland 2.25% Israel 2.22% Singapore 1.83% Denmark 1.80% Finland 1.53% United States 1.35% Netherlands 1.32% Norway 1.01% Hong Kong 0.96% Malaysia 0.87% Poland 0.79% Czech Republic 0.73% Portugal 0.61% New Zealand 0.39% Belgium 0.38% Short-term securities and other assets in excess of liabilities 0.97% * Based on country of risk.

Shares COMMON STOCKS - 99.03% Held Value COMMUNICATION SERVICES - 2.63% Diversified Telecommunication Services - 0.44% O2 Czech Republic AS 2,400 $ 27,929

Entertainment - 0.35% Akatsuki, Inc. (v) 300 12,173 GungHo Online Entertainment, Inc. (v) 500 9,906 22,079 Media - 1.84% APG SGA SA (a) (v) 140 32,335 Atresmedia Corp. de Medios de Comunicacion SA (a) (v) 3,400 14,026 ITV PLC (a) (v) 8,500 14,071 Metropole Television SA (v) 1,200 25,627 Reach PLC 6,811 20,235 TX Group AG 130 10,412 116,706 TOTAL COMMUNICATION SERVICES 166,714

CONSUMER DISCRETIONARY - 12.64% Auto Components - 1.55% Cie Plastic Omnium SA (v) 500 18,299 FCC Company Ltd. (v) 1,100 18,527 Hella GmbH & Company KGaA (a) (v) 200 11,231 NHK Spring Company Ltd. (v) 2,600 19,567 Nokian Renkaat Oyj (v) 300 10,867 Toyota Boshoku Corp. (v) 1,200 19,900 98,391 Automobiles - 1.28% Mazda Motor Corp. (a) (v) 4,500 36,870 Mitsubishi Motors Corp. (a) (v) 8,900 25,448 Trigano SA (v) 100 18,691 81,009 Distributors - 0.52% Inchcape PLC (v) 3,200 33,200

Hotels, Restaurants & Leisure - 0.83% 888 Holdings PLC (v) 2,800 15,235 Dalata Hotel Group PLC (a) 7,500 37,160 52,395 Household Durables - 2.78% Bellway PLC (v) 800 37,523 Countryside Properties PLC (a) (r) (v) 2,100 14,683 Crest Nicholson Holdings PLC (a) (v) 4,100 23,017 Foster Electric Company Ltd. (v) 2,100 24,867 Henry Boot PLC 2,800 10,229 Redrow PLC (v) 4,200 36,364 Tamron Company Ltd. (v) 1,500 29,274 175,957 Internet & Catalog Retail - 0.22% Takkt AG (v) 900 13,624

Leisure Products - 0.35% Photo-Me International PLC (a) (v) 28,000 21,946

Specialty Retail - 4.25% Adastria Company Ltd. (v) 1,600 29,405 AOKI Holdings, Inc. (v) 5,800 32,427 Bilia AB (v) 2,400 35,526 Geo Holdings Corp. (v) 1,500 16,128 Kingfisher PLC (v) 7,900 34,626 Mobilezone Holding AG (v) 1,100 14,358 Premier Investments Ltd. (v) 1,000 19,840 Unieuro SpA (a) (r) (v) 1,900 48,198 United Arrows Ltd. (a) (v) 2,000 38,162 268,670 Textiles, Apparel & Luxury Goods - 0.86% Chargeurs SA (v) 700 18,967 HUGO BOSS AG (v) 900 35,365 54,332 TOTAL CONSUMER DISCRETIONARY 799,524

CONSUMER STAPLES - 6.78% Beverages - 1.28% Britvic PLC (v) 2,800 32,237 Corby Spirit and Wine Ltd. 1,300 18,175 Stock Spirits Group PLC (v) 8,000 30,805 81,217 Food & Staples Retailing - 1.79% Amsterdam Commodities NV 400 10,015 Arcs Company Ltd. (v) 800 17,313 Kato Sangyo Company Ltd. (v) 900 29,055 Metcash Ltd. (v) 11,700 32,832 Sugi Holdings Company Ltd. (v) 300 23,807 113,022 Food Products - 3.23% Austevoll Seafood ASA (v) 2,000 24,279 Ezaki Glico Company Ltd. (v) 700 28,091 Greencore Group PLC (a) (v) 10,800 23,339 Itoham Yonekyu Holdings, Inc. (v) 1,800 11,876 La Doria SpA 1,800 37,996 Neto ME Holdings Ltd. (v) 400 19,512 Nippn Corp. (v) 1,100 16,477 Tassal Group Ltd. (v) 11,400 28,962 Tate & Lyle PLC (v) 1,300 13,715 204,247 Tobacco - 0.48% Scandinavian Tobacco Group A/S (r) (v) 1,600 30,712 TOTAL CONSUMER STAPLES 429,198

ENERGY - 2.78% Energy Equipment & Services - 1.73% Frank's International NV (a) 13,400 47,570 Subsea 7 SA (a) (v) 3,200 32,149 Technip Energies NV (a) 560 8,504 TechnipFMC PLC (a) (v) 2,800 21,360 109,583 Oil, Gas & Consumable Fuels - 1.05% Cairn Energy PLC (v) 12,261 28,778 Kosmos Energy Ltd. (a) 12,300 37,761 66,539 TOTAL ENERGY 176,122

FINANCIALS - 25.85% Banks - 10.11% AIB Group PLC (a) (v) 16,500 43,287 The Aichi Bank Ltd. (v) 400 10,917 Banca Popolare di Sondrio SCPA (a) (v) 4,700 15,724 Banco de Sabadell SA (v) 66,500 35,659 Bank Millennium SA (a) (v) 28,800 27,553 Bank of Ireland Group PLC (a) (v) 7,800 38,519 Caisse Regionale de Credit Agricole Mutuel Brie Picardie (v) 1,200 32,194 Caisse Regionale de Credit Agricole Mutuel de Normandie-Seine 220 28,379 Caisse Regionale de Credit Agricole Mutuel de Paris et d'Ile-de-France (v) 360 33,758 Caisse Regionale de Credit Agricole Mutuel d'Ille-et-Vilaine (v) 190 18,469 Caisse Regionale de Credit Agricole Mutuel Nord de France 700 18,798 Caisse Regionale de Credit Agricole Mutuel Toulouse 31 230 26,802 Canadian Western Bank 1,200 30,547 Credito Valtellinese SpA (a) (v) 2,000 28,585 Dah Sing Financial Holdings Ltd. (v) 4,000 13,198 The Hachijuni Bank Ltd. (v) 3,600 13,109 Jutlander Bank A/S 500 17,341 The Keiyo Bank Ltd. (v) 3,000 12,430 Komercni Banka AS (a) (v) 600 18,517 The Musashino Bank Ltd. (v) 800 13,220 Pareto Bank ASA (v) 3,900 21,556 Resona Holdings, Inc. (v) 3,266 13,719 San ju San Financial Group, Inc. (v) 1,000 12,587 Santander Bank Polska SA (a) (v) 400 22,109 Sparebanken Telemark 1,000 18,239 Sparekassen Sjaelland-Fyn A/S (a) 1,100 19,249 The Tochigi Bank Ltd. (v) 7,100 12,185 Unicaja Banco SA (a) (r) (v) 42,600 42,873 639,523 Capital Markets - 4.97% AGF Management Ltd. 6,300 37,548 Alaris Equity Partners Income 900 11,387 Canaccord Genuity Group, Inc. 1,200 10,981 CI Financial Corp. 1,300 18,775 GAM Holding AG (a) (v) 12,400 32,725 JAFCO Group Company Ltd. (v) 600 35,835 Janus Henderson Group PLC 400 12,460 Jupiter Fund Management PLC (v) 3,300 12,673 Man Group PLC (v) 9,400 20,859 Meitav Dash Investments Ltd. (v) 3,400 17,513 Navigator Global Investments Ltd. (v) 17,600 19,805 Numis Corp. PLC 2,700 14,033 Quilter PLC (r) (v) 5,100 11,233 Rothschild & Company (a) (v) 900 32,512 Sawada Holdings Company Ltd. 1,900 12,990 Value Partners Group Ltd. (v) 19,000 12,979 314,308 Consumer Finance - 3.04% AEON Credit Service M Bhd (v) 11,100 32,906 AEON Financial Service Company Ltd. (v) 1,500 20,174 goeasy Ltd. 160 15,929 Hoist Finance AB (a) (r) (v) 7,400 32,379 Humm Group Ltd. (a) (v) 11,300 8,289 Nawi Brothers Ltd. (v) 5,600 36,802 Orient Corp. (v) 9,000 12,545 Provident Financial PLC (a) (v) 5,200 15,557 Resurs Holding AB (r) (v) 3,200 17,504 192,085 Diversified Financial Services - 3.14% Banca IFIS SpA (v) 2,900 38,261 Banca Mediolanum SpA (v) 1,400 13,207 Challenger Ltd. (v) 2,200 10,719 doValue SpA (a) (r) (v) 1,500 18,281 Financial Products Group Company Ltd. (v) 6,200 40,618 Investment AB Oresund (v) 800 12,767 Japan Investment Adviser Company Ltd. (v) 1,100 16,743 M&G PLC (v) 12,000 34,292 Tokyo Century Corp. (v) 200 13,476 198,364 Insurance - 4.42% ASR Nederland NV (v) 800 35,756 Beazley PLC (a) (v) 2,300 11,148 Clal Insurance Enterprises Holdings Ltd. (a) (v) 800 13,178 Direct Line Insurance Group PLC (v) 6,700 28,923 Grupo Catalana Occidente SA 400 15,949 Helvetia Holding AG (v) 100 11,739 Hiscox Ltd. (a) (v) 900 10,658 Lancashire Holdings Ltd. (v) 3,000 26,604 RSA Insurance Group PLC (v) 3,200 30,021 SCOR SE (a) (v) 1,000 34,063 Unipol Gruppo SpA (v) 3,800 21,167 UNIQA Insurance Group AG (v) 1,600 12,006 Vienna Insurance Group AG Wiener Versicherung Gruppe 1,100 28,507 279,719 Thrifts & Mortgage Finance - 0.17% Asax Company Ltd. (v) 1,700 10,991 TOTAL FINANCIALS 1,634,990

HEALTH CARE - 3.28% Health Care Equipment & Supplies - 0.51% Draegerwerk AG & Company KGaA (v) 200 15,168 Paramount Bed Holdings Company Ltd. (v) 800 17,051 32,219 Health Care Providers & Services - 2.06% Arvida Group Ltd. (v) 9,400 10,836 Estia Health Ltd. (a) (v) 21,000 34,388 Regis Healthcare Ltd. (v) 20,900 32,795 Ship Healthcare Holdings, Inc. (v) 400 11,259 Summerset Group Holdings Ltd. (v) 1,600 13,587 Toho Holdings Company Ltd. (v) 1,500 27,570 130,435 Pharmaceuticals - 0.71% Alliance Pharma PLC 9,500 12,311 Sawai Pharmaceutical Company Ltd. 300 14,597 Tsumura & Company (v) 500 17,900 44,808 TOTAL HEALTH CARE 207,462

INDUSTRIALS - 24.00% Aerospace & Defense - 2.45% Austal Ltd. (v) 9,200 15,710 Avio SpA (a) (v) 2,000 28,780 Meggitt PLC (a) (v) 3,100 20,385 QinetiQ Group PLC (v) 4,400 19,172 Saab AB (v) 600 16,438 Senior PLC (a) (v) 22,800 34,796 Ultra Electronics Holdings PLC (v) 700 19,582 154,863 Air Freight & Logistics - 2.45% bpost SA (a) (v) 2,500 23,877 Oesterreichische Post AG (v) 400 17,504 PostNL NV (v) 7,800 37,811 Royal Mail PLC (a) (v) 5,200 36,191 Wincanton PLC 7,400 39,684 155,067 Airlines - 0.50% Qantas Airways Ltd. (a) (v) 8,100 31,437

Building Products - 0.65% Inrom Construction Industries Ltd. (v) 2,500 12,348 Nichiha Corp. (v) 400 11,663 Takasago Thermal Engineering Company Ltd. (v) 1,100 17,156 41,167 Commercial Services & Supplies - 2.61% Aggreko PLC (v) 3,600 43,495 Daiseki Company Ltd. (v) 400 14,527 Downer EDI Ltd. (v) 4,400 17,219 ISS A/S (a) (v) 700 13,046 Loomis AB (v) 1,200 36,461 Okamura Corp. (v) 1,300 15,281 Pilot Corp. (v) 400 12,786 Societe BIC SA (v) 210 12,292 165,107 Construction & Engineering - 3.39% Balfour Beatty PLC (v) 3,300 13,429 CIMIC Group Ltd. (v) 600 8,035 Grupo Empresarial San Jose SA (v) 2,300 16,912 Hazama Ando Corp. (v) 1,500 11,517 Implenia AG (a) (v) 500 13,787 Keller Group PLC 1,400 15,518 Kumagai Gumi Company Ltd. (v) 500 13,566 Maire Tecnimont SpA (v) 8,500 24,970 Morgan Sindall Group PLC (v) 600 14,603 Per Aarsleff Holding A/S (v) 300 13,029 Sanki Engineering Company Ltd. (v) 1,000 13,106 Strabag SE (v) 300 10,601 Sumitomo Densetsu Company Ltd. (v) 400 8,709 Sumitomo Mitsui Construction Company Ltd. (v) 2,800 12,620 Taikisha Ltd. (v) 400 10,979 Tobishima Corp. (v) 1,200 13,053 214,434 Electrical Equipment - 0.26% GS Yuasa Corp. (v) 600 16,334

Industrial Conglomerates - 0.84% MBB SE (v) 170 25,730 Rheinmetall AG (v) 270 27,384 53,114 Machinery - 8.17% ANDRITZ AG (v) 300 13,483 Aumann AG (a) (r) (v) 1,000 17,089 Bucher Industries AG (v) 40 20,383 Danieli & C Officine Meccaniche SpA 2,500 38,289 Duerr AG (v) 800 33,308 Ebara Corp. (v) 500 20,401 Frencken Group Ltd. (v) 19,400 22,149 Fu Yu Corp. Ltd. (v) 51,000 11,373 Glory Ltd. (v) 900 19,393 The Japan Steel Works Ltd. (v) 1,100 26,205 Manitou BF SA 600 20,124 Meidensha Corp. (v) 600 13,095 Morgan Advanced Materials PLC (v) 4,400 18,880 Nitta Corp. (v) 800 19,068 Noritake Company Ltd. (v) 600 19,277 OKUMA Corp. (v) 200 11,482 OSG Corp. (v) 600 10,708 Ponsse Oyj (v) 500 22,147 Shibuya Corp. (v) 500 16,038 Shinmaywa Industries Ltd. (v) 1,400 12,939 Sulzer AG (v) 130 14,643 Takeuchi Manufacturing Company Ltd. (v) 1,300 36,366 Takuma Company Ltd. (v) 900 19,547 Talgo SA (a) (r) (v) 2,600 13,065 Tsubakimoto Chain Company (v) 700 19,316 Tsukishima Kikai Company Ltd. (v) 1,400 16,259 Wacker Neuson SE (v) 500 11,971 516,998 Professional Services - 1.39% Bertrandt AG (v) 600 32,696 Gateley Holdings PLC (a) 7,500 17,939 McMillan Shakespeare Ltd. (v) 1,400 11,637 Persol Holdings Company Ltd. (v) 600 11,794 SThree PLC (v) 2,600 13,818 87,884 Road & Rail - 0.40% Nikkon Holdings Company Ltd. (v) 600 12,072 Sankyu, Inc. (v) 300 13,200 25,272 Trading Companies & Distributors - 0.89% Ferronordic AB 1,400 32,702 Kanamoto Company Ltd. (v) 500 13,043 Kanematsu Corp. (v) 800 10,758 56,503 TOTAL INDUSTRIALS 1,518,180

INFORMATION TECHNOLOGY - 7.47% Communications Equipment - 1.01% Evertz Technologies Ltd. 2,900 33,553 Telit Communications PLC (a) 10,500 30,181 63,734 Electronic Equipment, Instruments & Components - 2.96% Alps Alpine Company Ltd. (v) 2,100 27,851 AT&S Austria Technologie & Systemtechnik AG (v) 300 10,758 Esprinet SpA (v) 1,600 20,173 Horiba Ltd. (v) 200 12,656 Japan Aviation Electronics Industry Ltd. (v) 2,000 32,558 Kaga Electronics Company Ltd. (v) 700 15,735 Macnica Fuji Electronics Holdings, Inc. (v) 600 12,022 Nippon Electric Glass Company Ltd. (v) 800 18,596 Oki Electric Industry Company Ltd. (v) 1,200 12,502 V Technology Company Ltd. (v) 500 24,710 187,561 IT Services - 1.31% CSE Global Ltd. (v) 46,800 18,110 DTS Corp. (v) 500 11,435 Global Dominion Access SA (a) (r) 3,900 19,689 KNOW IT AB (v) 500 15,563 Sword Group (v) 400 17,952 82,749 Semiconductors & Semiconductor Equipment - 1.80% Elmos Semiconductor SE (v) 300 12,615 Kulicke & Soffa Industries, Inc. 800 39,287 Micronics Japan Company Ltd. (v) 700 10,695 Siltronic AG (v) 70 11,085 Tokyo Seimitsu Company Ltd. (v) 300 13,725 Ulvac, Inc. (v) 300 12,669 UMS Holdings Ltd. (v) 13,700 13,592 113,668 Software - 0.39% Silverlake Axis Ltd. (v) 135,400 24,673 TOTAL INFORMATION TECHNOLOGY 472,385

MATERIALS - 9.85% Chemicals - 3.94% Daicel Corp. (v) 1,600 12,328 ICL Group Ltd. (v) 2,200 12,897 Johnson Matthey PLC (v) 500 20,770 Kanto Denka Kogyo Company Ltd. (v) 4,000 32,414 Lenzing AG (a) (v) 150 19,239 Nihon Parkerizing Company Ltd. (v) 1,200 12,983 Sumitomo Seika Chemicals Company Ltd. (v) 700 25,580 Tikkurila Oyj (v) 1,600 63,521 Toagosei Company Ltd. (v) 1,600 18,778 Tokuyama Corp. (v) 1,200 30,362 248,872 Construction Materials - 2.16% Breedon Group PLC (a) 9,100 11,717 Buzzi Unicem SpA (v) 700 18,183 CSR Ltd. (v) 4,200 18,489 Forterra PLC (r) (v) 8,500 33,601 H+H International A/S (a) (v) 800 20,592 Vicat SA (v) 700 33,970 136,552 Containers & Packaging - 0.84% Fuji Seal International, Inc. (v) 600 13,439 Mayr Melnhof Karton AG 60 12,342 Orora Ltd. (v) 5,600 12,968 Winpak Ltd. 400 14,346 53,095 Metals & Mining - 1.79% Dowa Holdings Company Ltd. (v) 300 12,518 MACA Ltd. (v) 11,100 8,655 Macmahon Holdings Ltd. (v) 49,900 7,599 Mineral Resources Ltd. (v) 400 11,611 Mount Gibson Iron Ltd. (v) 39,200 22,709 Regis Resources Ltd. (v) 10,600 23,457 Sandfire Resources Ltd. (v) 3,200 13,047 Tokyo Steel Manufacturing Company Ltd. (v) 1,800 13,796 113,392 Paper & Forest Products - 1.12% Altri SGPS SA (v) 2,400 18,334 The Navigator Company SA (a) (v) 6,200 20,259 Stella-Jones, Inc. 800 32,453 71,046 TOTAL MATERIALS 622,957

REAL ESTATE - 2.12% Equity Real Estate Investment Trusts - 0.14% First Real Estate Investment Trust (v) 50,600 8,663

Real Estate Management & Development - 1.98% Airport City Ltd. (a) (v) 2,000 28,116 Great Eagle Holdings Ltd. (v) 10,000 34,744 Nisshin Group Holdings Company Ltd. (v) 7,400 32,700 Shinoken Group Company Ltd. (v) 2,600 29,839 125,399 TOTAL REAL ESTATE 134,062

UTILITIES - 1.63% Electric Utilities - 0.86% BKW AG (v) 260 28,306 EVN AG (v) 1,200 25,817 54,123 Gas Utilities - 0.77% Hiroshima Gas Company Ltd. (v) 4,500 16,922 Italgas SpA (v) 4,900 31,821 48,743 TOTAL UTILITIES 102,866 Total common stocks (Cost $4,622,153) 6,264,460

Total long-term investments (Cost $4,622,153) 6,264,460 Principal SHORT-TERM INVESTMENTS - 0.94% Amount Time Deposits - 0.94% Banco Bilbao Vizcaya Argentaria SA, 0.01%, 04/01/2021* $ 59,531 59,531 Total short-term investments (Cost $59,531) 59,531

Total investments - 99.97% (Cost $4,681,684) 6,323,991

Other assets in excess of liabilities - 0.03% 1,931

Net assets - 100.00% $ 6,325,922

(a) - Non-income producing security. (r) - Rule 144A security under the Securities Act of 1933. Purchased in a private placement transaction; resale to the public may require registration or be limited to qualified institutional buyers. The total market value of these securities was $299,307, which represented 4.73% of net assets. (v) - Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $5,275,828, which represented 83.40% of net assets. See Security Valuation below. * - Invested through a cash management account administered by Brown Brothers Harriman & Co.

The Global Industry Classification Standard (GICS®) 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, 24 industry groups, 69 industries and 158 sub- industries. Each stock that is classified will have a coding at all four of these levels. Security Valuation. Portfolio securities that are listed on a U.S. stock exchange or The Nasdaq Stock Market (“NSM”) (including the Nasdaq National Market and the Nasdaq Small Cap Market) are valued at the last reported sale price (or official closing price) on that day as of the close of the New York Stock Exchange (which is generally 4:00 p.m. Eastern time), or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or NSM. Unlisted equity securities that are not included in NSM 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. Fixed- income securities are generally valued on the basis of prices obtained from an approved independent pricing service but may also be valued based on reported transactions on FINRA’s Trade Reporting and Compliance Engine (TRACE) or quotations provided by a broker-dealer. The pricing services may provide a price determined by a matrix pricing method or other analytical pricing models. Investments quoted in foreign currency are valued daily in U.S. dollars on the basis of the foreign currency exchange rate prevailing at the time of valuation. Securities and other assets for which market quotations are not readily available are valued at their fair value as determined by Hotchkis & Wiley Capital Management, LLC (the “Advisor”) under guidelines established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”). The Board has approved the use of a third-party vendor’s proprietary fair value pricing model to assist in determining current valuation for foreign securities traded in markets that close prior to the New York Stock Exchange. When fair value pricing is employed, the value of the portfolio securities used to calculate the Fund’s net asset values may differ from quoted or official closing prices.

The following table presents the valuation levels of the Fund’s assets as of March 31, 2021:

Level 1 --- Quoted prices in an active market: Common Stocks $ 974,035 Time Deposits 59,531 Level 2 --- Other significant observable market inputs: Common Stocks: Communication Services 108,138 Consumer Discretionary 752,135 Consumer Staples 363,012 Energy 82,287 Financials 1,297,076 Health Care 195,151 Industrials 1,353,924 Information Technology 349,675 Materials 552,099 Real Estate 134,062 Utilities 102,866 Level 3 --- Significant unobservable inputs -

Total Investments $ 6,323,991

Shares COMMON STOCKS - 97.07% Held Value COMMUNICATION SERVICES - 9.10% Interactive Media & Services - 2.12% Alphabet, Inc. (a) 5,300 $ 10,931,356

Media - 5.03% Discovery, Inc. (a) 423,600 15,626,604 News Corp. 404,200 10,278,806 25,905,410 Wireless Telecommunication Services - 1.95% Vodafone Group PLC - ADR 543,500 10,016,705 TOTAL COMMUNICATION SERVICES 46,853,471

CONSUMER DISCRETIONARY - 5.94% Automobiles - 2.41% General Motors Company (a) 216,100 12,417,106

Hotels, Restaurants & Leisure - 1.59% Accor SA (a) (v) 216,500 8,156,857

Specialty Retail - 1.94% The ODP Corp. (a) 230,270 9,968,388 TOTAL CONSUMER DISCRETIONARY 30,542,351

CONSUMER STAPLES - 3.19% Beverages - 0.46% Heineken Holding NV (v) 26,500 2,354,750

Tobacco - 2.73% Philip Morris International, Inc. 158,300 14,047,542 TOTAL CONSUMER STAPLES 16,402,292

ENERGY - 9.54% Energy Equipment & Services - 2.95% Frank's International NV (a) 1,096,800 3,893,640 Mcdermott International Ltd. (a) 2,266,028 1,812,823 NOV, Inc. (a) 688,300 9,443,476 15,149,939 Oil, Gas & Consumable Fuels - 6.59% Cairn Energy PLC (v) 2,280,645 5,353,006 Equitrans Midstream Corp. 663,600 5,414,976 Hess Corp. 105,800 7,486,408 Range Resources Corp. (a) 865,800 8,943,714 Royal Dutch Shell PLC - ADR 112,200 4,399,362 Whiting Petroleum Corp. (a) 65,725 2,329,951 33,927,417 TOTAL ENERGY 49,077,356

FINANCIALS - 20.83% Banks - 9.71% Bank of America Corp. (c) 337,500 13,057,875 Popular, Inc. 84,400 5,935,008 Wells Fargo & Company 792,600 30,966,882 49,959,765 Capital Markets - 4.09% The Goldman Sachs Group, Inc. 52,200 17,069,400 State Street Corp. 47,300 3,973,673 21,043,073 Diversified Financial Services - 2.88% Berkshire Hathaway, Inc. (a) 57,900 14,791,713

Insurance - 4.15% American International Group, Inc. (c) 395,400 18,271,434 Global Indemnity Group LLC 104,400 3,094,416 21,365,850 TOTAL FINANCIALS 107,160,401

HEALTH CARE - 6.27% Health Care Providers & Services - 6.27% Anthem, Inc. 35,200 12,635,040 Triple-S Management Corp. (a) 753,600 19,616,208 TOTAL HEALTH CARE 32,251,248

INDUSTRIALS - 16.26% Air Freight & Logistics - 3.99% Royal Mail PLC (a) (c) (v) 2,947,100 20,511,194

Commercial Services & Supplies - 1.46% Babcock International Group PLC (a) (v) 2,378,600 7,495,789

Construction & Engineering - 0.78% Fluor Corp. (a) 174,600 4,031,514

Industrial Conglomerates - 6.25% General Electric Company (c) 2,449,700 32,164,561

Professional Services - 0.15% Hudson Global, Inc. (a) 48,170 799,622

Road & Rail - 3.63% AMERCO 30,500 18,684,300 TOTAL INDUSTRIALS 83,686,980

INFORMATION TECHNOLOGY - 21.26% Communications Equipment - 5.70% F5 Networks, Inc. (a) 140,500 29,311,110

Electronic Equipment, Instruments & Components - 2.41% Arrow Electronics, Inc. (a) 65,400 7,247,628 TE Connectivity Ltd. 39,900 5,151,489 12,399,117 IT Services - 1.77% Euronet Worldwide, Inc. (a) 66,000 9,127,800

Software - 10.86% Microsoft Corp. (c) 171,100 40,340,247 Oracle Corp. (c) 221,100 15,514,587 55,854,834 Technology Hardware, Storage & Peripherals - 0.52% Hewlett Packard Enterprise Company 170,500 2,683,670 TOTAL INFORMATION TECHNOLOGY 109,376,531

MATERIALS - 2.82% Chemicals - 2.40% Iracore Investments Holdings, Inc. - Class A (Acquired 04/13/2017, Cost $6,892,250) (f) (i) (m) (o) (u) 32,422 12,375,802

Metals & Mining - 0.42% American Zinc Recycling Corp. (Acquired 07/24/2014 - 12/10/2019, Cost $7,951,436) (a) (f) (i) (m) (u) 7,042 2,150,576 TOTAL MATERIALS 14,526,378

REAL ESTATE - 1.86% Equity Real Estate Investment Trusts - 1.86% Seritage Growth Properties (a) 522,600 9,589,710 TOTAL REAL ESTATE 9,589,710

Total common stocks (Cost $387,642,904) 499,466,718

PREFERRED STOCKS - 0.27% FINANCIALS - 0.27% Thrifts & Mortgage Finance - 0.27% Federal Home Loan Mortgage Corp. - Series K (a) 33,900 291,201 Federal Home Loan Mortgage Corp. - Series N (a) (i) 118,600 948,800 Federal Home Loan Mortgage Corp. - Series S (a) 18,700 158,015 TOTAL FINANCIALS 1,398,016

Total preferred stocks (Cost $274,262) 1,398,016

CONVERTIBLE BONDS - 0.31% REAL ESTATE - 0.31% Equity Real Estate Investment Trusts - 0.31% GEO Corrections Holdings, Inc. 6.500%, 02/23/2026 (r) 1,497,000 1,570,697 Total convertible bonds (Cost $1,497,000) 1,570,697

TERM LOANS - 1.41% CONSUMER DISCRETIONARY - 0.29% Specialty Retail - 0.29% Ascena Retail Group, Inc. 5.250% (3 Month LIBOR USD + 4.500%), 08/21/2022 (Acquired 07/15/2019 - 11/04/2019, Cost $6,870,183) (b) (d) (m) 8,654,049 1,512,685 TOTAL CONSUMER DISCRETIONARY 1,512,685

ENERGY - 0.22% Energy Equipment & Services - 0.22% Lealand Finance Company BV 3.109% (1 Month LIBOR USD + 3.000%), 06/28/2024 (Acquired 06/30/2020, Cost $442,883) (b) (m) 442,883 360,949 4.109% (1 Month LIBOR USD + 4.000%), 06/30/2025 (Acquired 06/30/2020 - 03/01/2021, Cost $1,463,632) (b) (m) 1,318,507 747,152 TOTAL ENERGY 1,108,101

MATERIALS - 0.90% Chemicals - 0.74% Iracore International Holdings, Inc. 11.250% (1 Month LIBOR USD + 9.000%), 04/12/2024 (Acquired 04/13/2017, Cost $2,649,013) (b) (f) (m) (u) 2,649,013 2,649,013 UTEX Industries, Inc. TBD, 05/21/2021 (Acquired 07/30/2020, Cost $853,251) (d) (e) (i) (m) 2,820,666 1,157,657 3,806,670 Metals & Mining - 0.16% American Zinc Recycling Corp. 15.000% PIK, 04/12/2023 (Acquired 01/31/2020 - 02/04/2021, Cost $859,933) (f) (i) (m) (p) (u) 877,681 851,351 TOTAL MATERIALS 4,658,021

Total term loans (Cost $13,138,895) 7,278,807

Contracts (100 shares Notional PURCHASED PUT OPTIONS - 0.06% per contract) Amount CONSUMER DISCRETIONARY - 0.06% Automobiles - 0.06% Tesla, Inc. (a)

Expiration: June 2022, Exercise Price: $160.00 100 $ 6,679,300 47,000 Expiration: January 2023, Exercise Price: $600.00 15 1,001,895 286,650 TOTAL CONSUMER DISCRETIONARY 333,650

Total purchased put options (Cost $853,297) 333,650

Total long-term investments (Cost $403,406,358) 510,047,888 Principal SHORT-TERM INVESTMENTS - 0.56% Amount Time Deposits - 0.56% Bank of Montreal, 0.01%, 04/01/2021* $ 2,869,321 2,869,321 Brown Brothers Harriman & Co., 0.01%, 04/01/2021* GBP 1 1 Total short-term investments (Cost $2,869,322) 2,869,322

Total investments - 99.68% (Cost $406,275,680) 512,917,210

Other assets in excess of liabilities - 0.32% 1,643,357

Net assets - 100.00% $ 514,560,567

(a) - Non-income producing security. (b) - The coupon rate shown on variable rate securities represents the rate at March 31, 2021. (c) - All or a portion of this security is segregated as collateral for delayed delivery securities and/or futures contracts. (d) - Issuer is currently in default on its regularly scheduled interest payments. (e) - Delayed delivery security. (f) - Security was fair valued under guidelines established by and under the general supervision and responsibility of the Trust's Board of Trustees. The total market value of these securities was $18,026,742, which represented 3.50% of net assets. See Security Valuation below. (i) - Illiquid security. The total market value of these securities was $17,484,186, which represented 3.40% of net assets. (m) - Restricted security. Purchased in a private placement transaction; resale to the public may require registration. The total market value of these securities was $21,805,185, which represented 4.24% of net assets. (o) - Affiliated issuer. An issuer in which the Fund's holdings represent 5% or more of the outstanding voting securities of the issuer is an "affiliated" issuer as defined in the 1940 Act. A schedule of the Fund's investments in securities of affiliated issuers held during the nine months ended March 31, 2021, is set forth below:

Net Change in Net Unrealized Shares Value at Realized Appreciation/ Value at Held at June 30, Gains March 31, March 31, Issuer Name 2020 Purchases Sales (Losses) Depreciation 2021 Dividends 2021 Iracore Investments Holdings, Inc. $ 9,564,166 $ - $ - $ - $ 2,811,636 $12,375,802 $ 770,959 32,422 Motors Liquidation Company GUC Trust+ 2,450,881 - (3,339,050) 3,161,898 (2,273,729) - - - $12,015,047 $ - $(3,339,050) $ 3,161,898 $ 537,907 $12,375,802 $ 770,959

+ Issuer was not an affiliate as of March 31, 2021. (p) - Payment in-kind (PIK) security. (r) - Rule 144A security under the Securities Act of 1933. Purchased in a private placement transaction; resale to the public may require registration or be limited to qualified institutional buyers. The total market value of these securities was $1,570,697, which represented 0.31% of net assets. (u) - Value determined using significant unobservable inputs. (v) - Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $43,871,596, which represented 8.53% of net assets. See Security Valuation below. ADR - American Depositary Receipt GBP - British Pound LIBOR - London Interbank Offered Rate TBD - To be determined. USD - United States Dollar * - Invested through a cash management account administered by Brown Brothers Harriman & Co. The Global Industry Classification Standard (GICS®) 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, 24 industry groups, 69 industries and 158 sub-industries. Each stock that is classified will have a coding at all four of these levels.

Schedule of Futures Contracts - March 31, 2021 Hotchkis & Wiley Value Opportunities Fund (Unaudited) Number of Contracts Purchased Value/Unrealized Description (Sold) Expiration Notional Amount Appreciation/Depreciation

British Pound Currency Futures (167) June 2021 $ (14,383,919) $ 158,743 Security Valuation. Portfolio securities that are listed on a U.S. stock exchange or The Nasdaq Stock Market (“NSM”) (including the Nasdaq National Market and the Nasdaq Small Cap Market) are valued at the last reported sale price (or official closing price) on that day as of the close of the New York Stock Exchange (which is generally 4:00 p.m. Eastern time), or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or NSM. Unlisted equity securities that are not included in NSM 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. Fixed- income securities are generally valued on the basis of prices obtained from an approved independent pricing service but may also be valued based on reported transactions on FINRA’s Trade Reporting and Compliance Engine (TRACE) or quotations provided by a broker-dealer. The pricing services may provide a price determined by a matrix pricing method or other analytical pricing models. Investments quoted in foreign currency are valued daily in U.S. dollars on the basis of the foreign currency exchange rate prevailing at the time of valuation. Securities and other assets for which market quotations are not readily available are valued at their fair value as determined by Hotchkis & Wiley Capital Management, LLC (the “Advisor”) under guidelines established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”). The Board has approved the use of a third-party vendor’s proprietary fair value pricing model to assist in determining current valuation for foreign securities traded in markets that close prior to the New York Stock Exchange. When fair value pricing is employed, the value of the portfolio securities used to calculate the Fund’s net asset values may differ from quoted or official closing prices.

The following table presents the valuation levels of the Fund’s assets as of March 31, 2021:

Level 1 --- Quoted prices in an active market: Common Stocks $ 441,068,744 Preferred Stocks 1,106,815 Purchased Put Options 333,650 Time Deposits 2,869,322 Level 2 --- Other significant observable market inputs: Common Stocks: Consumer Discretionary 8,156,857 Consumer Staples 2,354,750 Energy 5,353,006 Industrials 28,006,983 Preferred Stocks: Financials 291,201 Convertible Bonds 1,570,697 Term Loans 3,778,443 Level 3 --- Significant unobservable inputs: Common Stocks: Materials 14,526,378 Term Loans 3,500,364

Total Investments $ 512,917,210

Other Financial Instruments Level 1 --- Quoted prices in an active market: Futures Contracts * $ 158,743 Level 2 --- Other significant observable market inputs - Level 3 --- Significant unobservable inputs -

Total Other Financial Instruments $ 158,743

* Futures contracts are derivative instruments not reflected on the Schedule of Investments and are reflected at the unrealized appreciation/depreciation on the instrument.

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, 2021:

Impact to Input Valuation Values from an Fair Value at Unobservable (Weighted Increase March 31, 2021 Valuation Techniques Inputs Average)* to Input

8x - 14x Common Stocks $ 14,526,378 Market comparable companies EBIT multiple (11.6x) Increase

Term Loans 2,649,013 Market quote (stale) N/A $100.00 Increase 851,351 Purchase price N/A $97.00 Increase Total Term Loans 3,500,364 $ 18,026,742

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Common Stocks Term Loans Total Balance at June 30, 2020 $ 11,128,189 $ 3,772,233 $ 14,900,422 Purchases - 354,507 354,507 Sales - (623,670) (623,670) Accrued discounts (premiums) - 198,596 198,596 Realized gains (losses) - - - Change in unrealized appreciation/depreciation 3,398,189 (201,302) 3,196,887 Transfers into Level 3 - - - Balance at March 31, 2021 $ 14,526,378 $ 3,500,364 $ 18,026,742

Change in unrealized appreciation/depreciation for Level 3 assets held at March 31, 2021 $ 3,398,189 $ (201,302) $ 3,196,887

Commitments. Bridge loan commitments may obligate a Fund to furnish temporary financing to a borrower until permanent financing can be arranged. At March 31, 2021, the Fund did not have any outstanding bridge loan commitments. Unfunded loan commitments are contractual obligations for funding to a borrower. At March 31, 2021, the Fund did not have any outstanding unfunded loan commitments. Schedule of Investments - March 31, 2021 Hotchkis & Wiley High Yield Fund (Unaudited)

Principal CORPORATE BONDS - 80.38% Amount Value Advertising - 0.50% MDC Partners, Inc. 7.500%, 05/01/2024 (r) $ 5,532,000 $ 5,623,333

Aerospace/Defense - 1.73% F-Brasile SpA / F-Brasile US LLC 7.375%, 08/15/2026 (r) 7,538,000 7,592,274 Spirit AeroSystems, Inc. 7.500%, 04/15/2025 (r) 4,793,000 5,164,841 TransDigm, Inc. 6.250%, 03/15/2026 (r) 6,194,000 6,574,652 19,331,767 Airlines - 1.28% American Airlines, Inc. /AAdvantage Loyalty IP Ltd. 5.750%, 04/20/2029 (r) 5,610,000 5,974,089 Delta Air Lines, Inc. 7.000%, 05/01/2025 (r) 4,393,000 5,064,191 Delta Air Lines, Inc. / SkyMiles IP Ltd. 4.750%, 10/20/2028 (r) 2,921,000 3,178,845 14,217,125 Apparel/Textiles - 0.32% The William Carter Company 5.625%, 03/15/2027 (r) 3,318,000 3,510,859

Auto Loans - 0.51% Ford Motor Credit Company LLC 5.113%, 05/03/2029 (c) 5,286,000 5,680,864

Auto Parts & Equipment - 2.47% Adient Global Holdings Ltd. 4.875%, 08/15/2026 (r) 3,611,000 3,736,771 Adient US LLC 7.000%, 05/15/2026 (r) 44,000 46,932 American Axle & Manufacturing, Inc. 6.875%, 07/01/2028 5,467,000 5,741,990 Clarios Global LP / Clarios US Finance Company 6.250%, 05/15/2026 (r) 6,591,000 7,008,144 The Goodyear Tire & Rubber Company 4.875%, 03/15/2027 5,030,000 5,184,044 Meritor, Inc. 4.500%, 12/15/2028 (r) 5,770,000 5,798,129 27,516,010 Automakers - 1.09% Ford Motor Company 9.000%, 04/22/2025 5,122,000 6,209,913 General Motors Company 5.200%, 04/01/2045 5,205,000 5,985,026 12,194,939 Banking - 0.63% BNP Paribas SA 6.625% (Fixed until 03/24/2024, then 5 Year Swap Rate USD + 4.149%), Perpetual (b) (r) 4,147,000 4,541,670 Societe Generale SA 7.375% (Fixed until 09/12/2021, then 5 Year Swap Rate USD + 6.238%), Perpetual (b) (r) 2,397,000 2,453,857 6,995,527 Building & Construction - 2.18% Ashton Woods USA LLC / Ashton Woods Finance Company 6.750%, 08/01/2025 (r) 7,025,000 7,278,919 Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. 4.875%, 02/15/2030 (r) 5,584,000 5,592,711 Tri Pointe Homes, Inc. 5.250%, 06/01/2027 5,755,000 6,178,338 Weekley Homes LLC / Weekley Finance Corp. 4.875%, 09/15/2028 (r) 5,153,000 5,294,707 24,344,675 Building Materials - 2.34% ARCOSA, Inc. 4.375%, 04/15/2029 (e) (r) 4,195,000 4,224,314 Beacon Roofing Supply, Inc. 4.875%, 11/01/2025 (r) 4,950,000 5,070,359 Builders FirstSource, Inc. 6.750%, 06/01/2027 (r) 4,550,000 4,902,625 Foundation Building Materials, Inc. 6.000%, 03/01/2029 (r) 2,684,000 2,653,805 Resideo Funding, Inc. 6.125%, 11/01/2026 (r) 4,755,000 5,020,852 WESCO Distribution, Inc. 7.250%, 06/15/2028 (r) 3,810,000 4,258,818 26,130,773 Cable & Satellite TV - 3.98% CCO Holdings LLC / CCO Holdings Capital Corp. 5.375%, 06/01/2029 (c) (r) 16,791,000 18,027,489 CSC Holdings LLC 5.750%, 01/15/2030 (r) 7,716,000 8,136,522 Telenet Finance Luxembourg 5.500%, 03/01/2028 (r) 6,000,000 6,318,000 Virgin Media Secured Finance PLC 5.500%, 05/15/2029 (r) 5,953,000 6,327,086 Ziggo BV 4.875%, 01/15/2030 (r) 5,461,000 5,592,119 44,401,216 Chemicals - 2.23% Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV 4.750%, 06/15/2027 (r) 5,240,000 5,483,922 Illuminate Buyer LLC / Illuminate Holdings IV, Inc. 9.000%, 07/01/2028 (r) 2,932,000 3,303,045 Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 5.375%, 09/01/2025 (r) 3,368,000 3,468,282 5.125%, 04/01/2029 (r) 5,996,000 6,190,870 Univar Solutions USA, Inc. 5.125%, 12/01/2027 (r) 6,119,000 6,377,895 24,824,014 Consumer - Products - 0.51% Winnebago Industries, Inc. 6.250%, 07/15/2028 (r) 5,335,000 5,725,122

Consumer/Commercial/Lease Financing - 1.81% Credit Acceptance Corp. 6.625%, 03/15/2026 5,555,000 5,860,525 DAE Funding LLC 5.000%, 08/01/2024 (r) 5,786,000 5,970,429 Park Aerospace Holdings Ltd. 5.500%, 02/15/2024 (r) 4,200,000 4,568,505 Rent-A-Center, Inc. 6.375%, 02/15/2029 (r) 3,602,000 3,827,125 20,226,584 Diversified Capital Goods - 2.99% EnPro Industries, Inc. 5.750%, 10/15/2026 2,626,000 2,788,970 General Electric Company 3.514% (3 Month LIBOR USD + 3.330%), Perpetual (b) 17,624,000 16,676,710 Matthews International Corp. 5.250%, 12/01/2025 (r) 6,692,000 6,942,247 Vertical US Newco, Inc. 5.250%, 07/15/2027 (r) 6,607,000 6,929,091 33,337,018 Electric - Generation - 0.77% Calpine Corp. 5.000%, 02/01/2031 (r) 3,165,000 3,093,788 3.750%, 03/01/2031 (r) 5,794,000 5,530,952 8,624,740 Electric - Integrated - 0.47% PG&E Corp. 5.000%, 07/01/2028 2,545,000 2,692,101 5.250%, 07/01/2030 2,446,000 2,595,817 5,287,918 Energy - Exploration & Production - 5.48% Apache Corp. 4.875%, 11/15/2027 3,421,000 3,511,657 4.375%, 10/15/2028 3,656,000 3,650,516 Callon Petroleum Company 6.375%, 07/01/2026 8,964,000 7,103,970 HighPoint Operating Corp. 8.750%, 06/15/2025 (d) 12,312,000 7,202,520 Moss Creek Resources Holdings, Inc. 7.500%, 01/15/2026 (r) 9,381,000 7,571,171 Murphy Oil Corp. 6.375%, 07/15/2028 5,115,000 5,128,299 Occidental Petroleum Corp. 3.500%, 08/15/2029 9,144,000 8,591,245 6.125%, 01/01/2031 3,030,000 3,351,407 Range Resources Corp. 9.250%, 02/01/2026 5,682,000 6,180,709 SM Energy Company 10.000%, 01/15/2025 (r) 3,117,000 3,512,469 Southwestern Energy Company 7.750%, 10/01/2027 4,968,000 5,318,865 61,122,828 Food - Wholesale - 1.57% Kraft Heinz Foods Company 5.000%, 07/15/2035 3,247,000 3,742,870 Post Holdings, Inc. 4.500%, 09/15/2031 (r) 7,600,000 7,525,900 TreeHouse Foods, Inc. 4.000%, 09/01/2028 6,220,000 6,275,638 17,544,408 Food & Drug Retailers - 0.55% Murphy Oil USA, Inc. 5.625%, 05/01/2027 4,204,000 4,408,146 Parkland Corp. 4.500%, 10/01/2029 (e) (r) 1,729,000 1,735,484 6,143,630 Forestry/Paper - 2.92% Enviva Partners LP / Enviva Partners Finance Corp. 6.500%, 01/15/2026 (r) 5,827,000 6,114,708 Mercer International, Inc. 5.125%, 02/01/2029 (r) 7,529,000 7,809,455 Rayonier AM Products, Inc. 5.500%, 06/01/2024 (r) 3,261,000 3,134,636 7.625%, 01/15/2026 (r) 3,489,000 3,711,424 Schweitzer-Mauduit International, Inc. 6.875%, 10/01/2026 (r) 6,282,000 6,681,284 SpA Holdings 3 Oy 4.875%, 02/04/2028 (r) 5,077,000 5,104,289 32,555,796 Gaming - 3.77% Boyd Gaming Corp. 6.000%, 08/15/2026 4,864,000 5,076,439 Churchill Downs, Inc. 5.500%, 04/01/2027 (r) 4,606,000 4,824,854 International Game Technology PLC 6.250%, 01/15/2027 (r) 6,198,000 6,878,664 Jacobs Entertainment, Inc. 7.875%, 02/01/2024 (c) (r) 6,545,000 6,830,657 MGM China Holdings Ltd. 5.875%, 05/15/2026 (r) 5,483,000 5,763,126 Penn National Gaming, Inc. 5.625%, 01/15/2027 (r) 6,163,000 6,393,373 Wynn Macau Ltd. 5.500%, 10/01/2027 (r) 6,007,000 6,284,824 42,051,937 Gas Distribution - 2.39% Antero Midstream Partners LP / Antero Midstream Finance Corp. 5.750%, 03/01/2027 (r) 5,700,000 5,711,942 EQM Midstream Partners LP 5.500%, 07/15/2028 6,528,000 6,866,607 Holly Energy Partners LP / Holly Energy Finance Corp. 5.000%, 02/01/2028 (r) 5,575,000 5,656,813 Rockpoint Gas Storage Canada Ltd. 7.000%, 03/31/2023 (r) 8,325,000 8,403,047 26,638,409 Health Facilities - 3.15% CHS / Community Health Systems, Inc. 8.000%, 03/15/2026 (r) 6,901,000 7,468,953 6.875%, 04/01/2028 (r) 3,447,000 3,148,300 Encompass Health Corp. 4.625%, 04/01/2031 6,005,000 6,222,681 HCA, Inc. 5.875%, 02/01/2029 (c) 6,222,000 7,259,238 Tenet Healthcare Corp. 6.250%, 02/01/2027 (c) (r) 4,675,000 4,942,691 5.125%, 11/01/2027 (r) 5,782,000 6,060,692 35,102,555 Health Services - 1.05% Charles River Laboratories International, Inc. 4.000%, 03/15/2031 (r) 5,750,000 5,852,350 DaVita, Inc. 4.625%, 06/01/2030 (r) 5,735,000 5,850,331 11,702,681 Hotels - 1.00% Travel + Leisure Company 4.625%, 03/01/2030 (r) 4,810,000 4,994,127 Wyndham Hotels & Resorts, Inc. 5.375%, 04/15/2026 (r) 5,982,000 6,127,811 11,121,938 Investments & Miscellaneous Financial Services - 0.81% SoftBank Group Corp. 6.000% (Fixed until 07/18/2023, then 5 Year Mid Swap Rate USD + 4.226%), Perpetual (b) 8,930,000 8,985,813

Machinery - 1.05% Cleaver-Brooks, Inc. 7.875%, 03/01/2023 (r) 7,098,000 6,981,912 NESCO Holdings II, Inc. 5.500%, 04/15/2029 (e) (r) 4,620,000 4,744,971 11,726,883 Media - Diversified - 0.97% National CineMedia LLC 5.750%, 08/15/2026 9,117,000 7,964,247 5.875%, 04/15/2028 (r) 3,041,000 2,835,732 10,799,979 Media Content - 0.53% Townsquare Media, Inc. 6.875%, 02/01/2026 (r) 5,590,000 5,963,831

Medical Products - 0.76% Varex Imaging Corp. 7.875%, 10/15/2027 (c) (r) 7,550,000 8,418,250

Metals/Mining Excluding Steel - 1.94% Grinding Media, Inc. / Moly-Cop AltaSteel Ltd. 7.375%, 12/15/2023 (r) 7,561,000 7,745,866 Kaiser Aluminum Corp. 6.500%, 05/01/2025 (r) 5,254,000 5,580,799 Rain CII Carbon LLC / CII Carbon Corp. 7.250%, 04/01/2025 (c) (r) 8,009,000 8,315,945 21,642,610 Oil Field Equipment & Services - 3.65% Bristow Group, Inc. 6.875%, 03/01/2028 (r) 2,770,000 2,766,219 ChampionX Corp. 6.375%, 05/01/2026 2,676,000 2,812,637 Exterran Energy Solutions LP / EES Finance Corp. 8.125%, 05/01/2025 (c) 10,190,000 9,411,942 Nabors Industries Ltd. 7.500%, 01/15/2028 (r) 4,331,000 3,570,368 Shelf Drilling Holdings Ltd. 8.875%, 11/15/2024 (r) 1,783,000 1,787,457 8.250%, 02/15/2025 (r) 10,331,000 7,561,001 TechnipFMC PLC 6.500%, 02/01/2026 (r) 7,045,000 7,376,449 Transocean Poseidon Ltd. 6.875%, 02/01/2027 (r) 5,863,000 5,430,223 40,716,296 Oil Refining & Marketing - 1.55% Parkland Corp. 5.875%, 07/15/2027 (r) 5,451,000 5,822,349 PBF Holding Company LLC / PBF Finance Corp. 9.250%, 05/15/2025 (r) 4,099,000 4,190,715 6.000%, 02/15/2028 (c) 9,762,000 7,229,982 17,243,046 Packaging - 0.84% Mauser Packaging Solutions Holding Company 7.250%, 04/15/2025 (r) 1,995,000 1,997,494 Plastipak Holdings, Inc. 6.250%, 10/15/2025 (c) (r) 7,120,000 7,338,050 9,335,544 Personal & Household Products - 1.27% Edgewell Personal Care Company 5.500%, 06/01/2028 (r) 5,526,000 5,843,110 Energizer Holdings, Inc. 4.375%, 03/31/2029 (r) 5,094,000 5,119,470 Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5.000%, 12/31/2026 (r) 3,181,000 3,184,976 14,147,556 Pharmaceuticals - 1.76% Bausch Health Companies, Inc. 5.000%, 02/15/2029 (r) 5,755,000 5,726,225 7.250%, 05/30/2029 (r) 5,743,000 6,420,301 Par Pharmaceutical, Inc. 7.500%, 04/01/2027 (r) 7,062,000 7,499,561 19,646,087 Printing & Publishing - 1.20% Meredith Corp. 6.500%, 07/01/2025 (r) 4,137,000 4,451,433 6.875%, 02/01/2026 3,903,000 4,021,261 Vericast Corp. 8.375%, 08/15/2022 (r) 4,790,000 4,885,800 13,358,494 Real Estate Development & Management - 0.51% Realogy Group LLC / Realogy Co-Issuer Corp. 5.750%, 01/15/2029 (r) 5,710,000 5,638,625

Recreation & Travel - 2.14% Carnival Corp. 11.500%, 04/01/2023 (r) 6,467,000 7,422,208 5.750%, 03/01/2027 (r) 2,630,000 2,702,325 TripAdvisor, Inc. 7.000%, 07/15/2025 (r) 5,276,000 5,715,886 VOC Escrow Ltd. 5.000%, 02/15/2028 (r) 8,047,000 7,968,019 23,808,438 Reinsurance - 0.60% Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc. 7.625% Cash or 8.375% PIK, 10/15/2025 (p) (r) 6,222,000 6,688,650

Restaurants - 0.75% 1011778 BC ULC / New Red Finance, Inc. 4.000%, 10/15/2030 (r) 4,596,000 4,440,885 Dave & Buster's, Inc. 7.625%, 11/01/2025 (r) 3,625,000 3,881,016 8,321,901 Software/Services - 0.88% Twilio, Inc. 3.625%, 03/15/2029 5,510,000 5,591,713 VM Consolidated, Inc. 5.500%, 04/15/2029 (r) 4,121,000 4,227,858 9,819,571 Specialty Retail - 4.10% Academy Ltd. 6.000%, 11/15/2027 (r) 5,004,000 5,279,220 Bed Bath & Beyond, Inc. 5.165%, 08/01/2044 10,047,000 9,171,957 Eagle Intermediate Global Holding BV / Ruyi US Finance LLC 7.500%, 05/01/2025 (r) 10,044,000 8,688,060 L Brands, Inc. 6.625%, 10/01/2030 (r) 1,870,000 2,138,672 Liberty Interactive LLC 8.250%, 02/01/2030 (c) 8,200,000 9,322,375 Lithia Motors, Inc. 4.375%, 01/15/2031 (r) 5,547,000 5,767,882 PetSmart, Inc. / PetSmart Finance Corp. 4.750%, 02/15/2028 (r) 5,266,000 5,392,173 45,760,339 Steel Producers/Products - 0.44% Allegheny Technologies, Inc. 5.875%, 12/01/2027 4,756,000 4,931,377

Support - Services - 1.83% Fluor Corp. 4.250%, 09/15/2028 4,341,000 4,401,774 Gartner, Inc. 4.500%, 07/01/2028 (r) 4,736,000 4,889,920 Herc Holdings, Inc. 5.500%, 07/15/2027 (r) 4,424,000 4,716,316 Vizient, Inc. 6.250%, 05/15/2027 (r) 6,048,000 6,439,971 20,447,981 Technology Hardware & Equipment - 1.98% CommScope Technologies LLC 6.000%, 06/15/2025 (r) 3,833,000 3,915,026 CommScope, Inc. 6.000%, 03/01/2026 (r) 5,301,000 5,592,555 NCR Corp. 6.125%, 09/01/2029 (r) 5,571,000 5,907,711 Xerox Holdings Corp. 5.500%, 08/15/2028 (r) 6,450,000 6,689,875 22,105,167 Telecom - Satellite - 0.48% Telesat Canada / Telesat LLC 6.500%, 10/15/2027 (r) 5,324,000 5,340,611

Telecom - Wireline Integrated & Services - 0.82% Frontier Communications Corp. 5.875%, 10/15/2027 (r) 3,170,000 3,366,144 Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 6.000%, 04/15/2023 (r) 5,678,000 5,780,913 9,147,057 Theaters & Entertainment - 0.52% Live Nation Entertainment, Inc. 6.500%, 05/15/2027 (r) 5,196,000 5,774,211 Tobacco - 0.49% Turning Point Brands, Inc. 5.625%, 02/15/2026 (r) 5,266,000 5,476,640

Transport Infrastructure/Services - 0.82% GasLog Ltd. 8.875%, 03/22/2022 8,934,000 9,144,083 Total corporate bonds (Cost $866,495,134) 896,345,706

CONVERTIBLE BONDS - 1.16% Hotels - 0.55% Pebblebrook Hotel Trust 1.750%, 12/15/2026 5,190,000 6,098,250

REITs - 0.52% GEO Corrections Holdings, Inc. 6.500% (Principal Only), 02/23/2026 (r) 5,495,000 5,765,519

Software/Services - 0.09% Twitter, Inc. 0.000% (Principal Only), 03/15/2026 (r) 1,132,000 1,075,400 Total convertible bonds (Cost $11,817,048) 12,939,169

ASSET-BACKED SECURITIES - 0.45% Airlines - 0.45% Air Canada Pass-Through Trust, Series 2020-2, Class A 5.250%, 04/01/2029 (r) 4,624,000 4,981,091 Total asset-backed securities (Cost $4,698,166) 4,981,091

TERM LOANS - 7.37% Building & Construction - 0.54% Tutor Perini Corp. 5.500% (9 Month LIBOR USD + 4.500%), 08/18/2027 (Acquired 08/14/2020, Cost $5,839,607) (b) (m) 5,952,575 6,028,857

Building Materials - 0.46% Foundation Building Materials, Inc. 3.750% (1 Month LIBOR USD + 3.250%), 01/31/2028 (Acquired 02/03/2021, Cost $1,873,726) (b) (m) 1,873,726 1,858,970 3.750% (1 Month LIBOR USD + 3.250%), 01/31/2028 (Acquired 02/03/2021, Cost $3,231,884) (b) (m) 3,239,984 3,214,469 5,073,439 Chemicals - 0.57% Momentive Performance Materials USA LLC 3.360% (1 Month LIBOR USD + 3.250%), 05/15/2024 (Acquired 04/18/2019, Cost $6,405,652) (b) (m) 6,437,841 6,335,898

Consumer/Commercial/Lease Financing - 0.31% Rent-A-Center, Inc. 4.750% (1 Month LIBOR USD + 4.000%), 02/17/2028 (Acquired 02/04/2021, Cost $3,402,055) (b) (m) 3,405,000 3,429,124

Forestry/Paper - 0.30% Schweitzer-Mauduit International, Inc. TBD, 01/27/2028 (Acquired 02/23/2021, Cost $3,366,000) (e) (m) 3,400,000 3,395,750

Machinery - 0.62% Granite US Holdings Corp. 4.200% (3 Month LIBOR USD + 4.000%), 09/30/2026 (Acquired 09/25/2019, Cost $6,738,156) (b) (m) 6,915,633 6,906,989

Metals/Mining Excluding Steel - 0.59% American Zinc Recycling Corp. 15.000% PIK, 04/12/2023 (Acquired 01/31/2020 - 02/04/2021, Cost $6,667,905) (f) (i) (m) (p) (u) 6,805,523 6,601,358

Oil Field Equipment & Services - 0.52% ChampionX Holding, Inc. 6.000% (6 Month LIBOR USD + 5.000%), 06/03/2027 (Acquired 05/29/2020 - 06/11/2020, Cost $3,721,456) (b) (m) 3,850,000 3,929,406 Iracore International Holdings, Inc. 11.250% (1 Month LIBOR USD + 9.000%), 04/12/2024 (Acquired 04/13/2017, Cost $1,826,992) (b) (f) (m) (u) 1,826,992 1,826,992 5,756,398 Oil Refining & Marketing - 0.27% Par Petroleum LLC 6.990% (3 Month LIBOR USD + 6.750%), 01/12/2026 (Acquired 02/13/2020 - 03/10/2020, Cost $2,938,308) (b) (m) 3,017,368 3,007,562

Personal & Household Products - 0.51% Journey Personal Care Corp. 5.000% (3 Month LIBOR USD + 4.250%), 03/01/2028 (Acquired 02/19/2021, Cost $5,643,640) (b) (m) 5,672,000 5,685,017

Pharmaceuticals - 0.68% Mallinckrodt International Finance SA 5.750% (3 Month LIBOR USD + 5.000%), 02/24/2025 (Acquired 12/23/2019 - 01/22/2020, Cost $6,611,853) (b) (d) (m) 7,670,271 7,578,381

Software/Services - 0.90% The Dun & Bradstreet Corp. 3.359% (1 Month LIBOR USD + 3.250%), 02/06/2026 (Acquired 02/01/2019, Cost $4,899,890) (b) (m) 4,974,632 4,954,435 Syncapay, Inc. 7.500% (3 Month LIBOR USD + 6.500%), 12/10/2027 (Acquired 12/31/2020, Cost $4,917,018) (b) (m) 5,117,813 5,117,813 10,072,248 Specialty Retail - 0.52% Ascena Retail Group, Inc. 5.250% (1 Month LIBOR USD + 4.500%), 08/21/2022 (Acquired 07/15/2019 - 08/23/2019, Cost $7,223,869) (b) (d) (m) 9,145,977 1,598,671 Boardriders, Inc. 7.500% (3 Month LIBOR USD + 6.500%), 04/23/2024 (Acquired 03/21/2018, Cost $6,233,572) (b) (i) (m) 6,310,860 2,871,441 9.000% (3 Month LIBOR USD + 8.000%), 04/23/2024 (Acquired 10/07/2020 - 02/05/2021, Cost $1,436,175) (b) (m) 1,436,175 1,335,643 5,805,755 Support - Services - 0.58% Drive Chassis Holdco LLC 8.484% (3 Month LIBOR USD + 8.250%), 04/10/2026 (Acquired 04/12/2019, Cost $6,084,615) (b) (m) 6,355,000 6,461,859 Total term loans (Cost $89,062,373) 82,138,635 Shares CONVERTIBLE PREFERRED STOCKS - 0.09% Held Media Content - 0.09% ViacomCBS, Inc. - Series A 5.750%, 04/01/2024 15,945 1,070,707 Total convertible preferred stocks (Cost $1,432,385) 1,070,707

PREFERRED STOCKS - 1.19% Hotels - 0.38% Pebblebrook Hotel Trust - Series E, 6.375% 24,216 596,440 Pebblebrook Hotel Trust - Series F, 6.300% 151,114 3,664,515 4,260,955 Specialty Retail - 0.81% Quiksilver, Inc. - Series B (Acquired 07/11/2013 - 08/09/2019, Cost $28,937,490) (a) (f) (i) (m) (u) 13,810,639 8,976,916 Total preferred stocks (Cost $32,872,097) 13,237,871

COMMON STOCKS - 5.96% Energy - Exploration & Production - 0.60% Fieldwood Energy, Inc. (a) (f) (i) (u) 30,428 0 Fieldwood Energy, Inc. (Acquired 05/03/2018, Cost $2,629,338) (a) (f) (i) (m) (u) 112,702 0 Jonah Energy Parent LLC (Acquired 12/31/2020, Cost $204,836) (a) (f) (i) (m) 13,656 157,044 Lonestar Resources US, Inc. (a) (o) 560,156 3,136,874 PetroQuest Energy, Inc. (a) (f) (i) (o) (u) 8,969,064 0 Unit Corp. (a) (i) 277,175 3,387,078 Warren Resources, Inc. (Acquired 11/23/2016, Cost $162,924) (a) (f) (i) (m) (u) 117,785 0 6,680,996 Gas Distribution - 0.20% Equitrans Midstream Corp. 275,497 2,248,056

Metals/Mining Excluding Steel - 4.39% American Zinc Recycling Corp. (Acquired 07/19/2012 - 12/10/2019, Cost $43,607,065) (a) (f) (i) (m) (o) (u) 116,127 35,462,955 RA Parent, Inc. (Acquired 12/23/2014 - 01/18/2018, Cost $18,046,229) (a) (f) (i) (m) (o) (u) 291 13,535,396 48,998,351 Oil Field Equipment & Services - 0.77% Iracore Investments Holdings, Inc. - Class A (Acquired 04/13/2017, Cost $4,753,500) (f) (i) (m) (o) (u) 22,361 8,535,417 Total common stocks (Cost $125,813,579) 66,462,820

INVESTMENT COMPANIES - 1.99% Exchange Traded Funds - 1.99% iShares Broad USD High Yield Corporate Bond ETF 538,050 22,162,279 Total investment companies (Cost $21,990,537) 22,162,279 Total long-term investments (Cost $1,154,181,319) 1,099,338,278

SHORT-TERM INVESTMENTS - 0.89% Principal Time Deposits - 0.89% Amount Brown Brothers Harriman & Co., 0.01%, 04/01/2021* $ 36 36 Royal Bank of Canada, 0.01%, 04/01/2021* 9,970,645 9,970,645 Total short-term investments (Cost $9,970,681) 9,970,681

Total investments - 99.48% (Cost $1,164,152,000) 1,109,308,959

Other assets in excess of liabilities - 0.52% 5,809,707

Net assets - 100.00% $1,115,118,666

(a) - Non-income producing security. (b) - The coupon rate shown on variable rate securities represents the rate at March 31, 2021. (c) - All or a portion of this security is segregated for delayed delivery securities and/or unfunded loan commitments. (d) - Issuer is currently in default on its regularly scheduled interest payments. (e) - Delayed delivery security. (f) - Security was fair valued under guidelines established by and under the general supervision and responsibility of the Trust's Board of Trustees. The total market value of these securities was $75,096,078, which represented 6.73% of net assets. See Security Valuation below. (i) - Illiquid security. The total market value of these securities was $79,527,605, which represented 7.13% of net assets. (m) - Restricted security. Purchased in a private placement transaction; resale to the public may require registration. The total market value of these securities was $148,806,363, which represented 13.34% of net assets. (o) - Affiliated issuer. An issuer in which the Fund's holdings represent 5% or more of the outstanding voting securities of the issuer is an "affiliated" issuer as defined in the 1940 Act. A schedule of the Fund's investments in securities of affiliated issuers held during the nine months ended March 31, 2021, is set forth below:

Net Change Net in Shares Value at Realized Unrealized Value at Held at June 30, Gains Appreciation/ March 31, March 31, Issuer Name 2020 Purchases Sales (Losses) Depreciation 2021 Dividends 2021 American Zinc Recycling Corp. $25,790,712 $ - $ - $ - $ 9,672,243 $35,462,955 $ - 116,127 Iracore Investments Holdings, Inc. 6,596,271 - - - 1,939,146 8,535,417 531,720 22,361 Lonestar Resources US, Inc. - 1,313,734* (515,989) 367,380 1,971,749 3,136,874 - 560,156 PetroQuest Energy, Inc. 0 0* - - - 0 - 8,969,064 RA Parent, Inc. 8,203,359 - - - 5,332,037 13,535,396 - 291 $40,590,342 $ 1,313,734 $ (515,989) $ 367,380 $ 18,915,175 $60,670,642 $ 531,720

* Purchases reflect conversion from corporate bond to common stock. (p) - Payment in-kind (PIK) security. (r) - Rule 144A security under the Securities Act of 1933. Purchased in a private placement transaction; resale to the public may require registration or be limited to qualified institutional buyers. The total market value of these securities was $669,693,450, which represented 60.06% of net assets. (u) - Value determined using significant unobservable inputs. LIBOR - London Interbank Offered Rate USD - United States Dollar * - Invested through a cash management account administered by Brown Brothers Harriman & Co. Security Valuation. Portfolio securities that are listed on a U.S. stock exchange or The Nasdaq Stock Market (“NSM”) (including the Nasdaq National Market and the Nasdaq Small Cap Market) are valued at the last reported sale price (or official closing price) on that day as of the close of the New York Stock Exchange (which is generally 4:00 p.m. Eastern time), or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or NSM. Unlisted equity securities that are not included in NSM 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. Fixed- income securities are generally valued on the basis of prices obtained from an approved independent pricing service but may also be valued based on reported transactions on FINRA’s Trade Reporting and Compliance Engine (TRACE) or quotations provided by a broker-dealer. The pricing services may provide a price determined by a matrix pricing method or other analytical pricing models. Investments quoted in foreign currency are valued daily in U.S. dollars on the basis of the foreign currency exchange rate prevailing at the time of valuation. Securities and other assets for which market quotations are not readily available are valued at their fair value as determined by Hotchkis & Wiley Capital Management, LLC (the “Advisor”) under guidelines established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”). The Board has approved the use of a third-party vendor’s proprietary fair value pricing model to assist in determining current valuation for foreign securities traded in markets that close prior to the New York Stock Exchange. When fair value pricing is employed, the value of the portfolio securities used to calculate the Fund’s net asset values may differ from quoted or official closing prices.

The following table presents the valuation levels of the Fund’s assets as of March 31, 2021:

Level 1 --- Quoted prices in an active market: Common Stocks $ 8,772,008 Investment Companies 22,162,279 Preferred Stocks 4,260,955 Convertible Preferred Stocks 1,070,707 Time Deposits 9,970,681 Level 2 --- Other significant observable market inputs: Common Stocks: Energy - Exploration & Production 157,044 Convertible Bonds 12,939,169 Corporate Bonds 896,345,706 Asset-Backed Securities 4,981,091 Term Loans 73,710,285 Level 3 --- Significant unobservable inputs: Common Stocks: Energy - Exploration & Production 0 Metals/Mining Excluding Steel 48,998,351 Oil Field Equipment & Services 8,535,417 Preferred Stocks: Specialty Retail 8,976,916 Term Loans 8,428,350

Total Investments $1,109,308,959

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, 2021:

Impact to Input Values Valuation from Fair Value at Valuation (Weighted an March 31, 2021 Techniques Unobservable Inputs Average)* Increase to Input

Estimated recovery Probability of asset Common Stocks $ 0 value recovery $0.00 Increase Market comparable 57,533,768 companies EBIT multiple 8x - 14x (9.8x) Increase Total Common Stocks 57,533,768

Market comparable Preferred Stocks 8,976,916 companies EBIT multiple 12x-14.5x Increase

Term Loans 1,826,992Market quote (stale) N/A $100.00 Increase 6,601,358 Purchase price N/A $97.00 Increase Total Term Loans 8,428,350 $ 74,939,034

* 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 Preferred Corporate Stocks Stocks Bonds Term Loans Total Balance at June 30, 2020 $ 49,618,084 $ 0 $ 0 $ 6,130,631 $ 55,748,715 Purchases 7,962,425 28,937,490 363,882 2,748,838 40,012,635 Sales (28,937,490) - (7,646,150) (430,138) (37,013,778) Accrued discounts (premiums) - - (36,022) 1,539,912 1,503,890 Realized gains (losses) (827,164) (11,261,746) (15,573,603) - (27,662,513) Change in unrealized appreciation/depreciation 29,717,913 (8,698,828) 22,891,893 (1,560,893) 42,350,085 Transfers into Level 3 - - - - - Balance at March 31, 2021 $ 57,533,768 $ 8,976,916 $ - $ 8,428,350 $ 74,939,034

Change in unrealized appreciation/depreciation for Level 3 assets held at March 31, 2021 $ 8,979,824 $ (19,960,574) $ - $ (1,560,893) $ (12,541,643)

Commitments. Bridge loan commitments may obligate a Fund to furnish temporary financing to a borrower until permanent financing can be arranged. At March 31, 2021, the Fund did not have any outstanding bridge loan commitments. Unfunded loan commitments are contractual obligations for funding to a borrower. At March 31, 2021, the Fund had an outstanding unfunded loan commitment of $622,645.