# EDGAR Filing Document

**Accession Number:** 0001830437
**File Stem:** 0001145549-25-038367
**Filing Date:** 2025-6
**Character Count:** 361552
**Document Hash:** e01ba4ae5e7b829d3d0a0734a68c2fdd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-038367.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001145549-25-038367

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Perpetual Americas Funds Trust
- **CENTRAL INDEX KEY:** 0001830437

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23615
- **FILM NUMBER:** 251017842

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CONGRESS STREET, SUITE 3101
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114
- **BUSINESS PHONE:** 617-993-0716

**MAIL ADDRESS:**
- **STREET 1:** 1 CONGRESS STREET, SUITE 3101
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JOHCM Funds Trust
- **DATE OF NAME CHANGE:** 20201029

## Series and Classes Contracts Data

### Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund (Series ID: S000084917)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249635 | Institutional Shares | BEOIX           |

### Barrow Hanley Total Return Bond Fund (Series ID: S000084918)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249640 | Institutional Shares | BTRIX           |

### Barrow Hanley Credit Opportunities Fund (Series ID: S000084919)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249645 | Institutional Shares | BCONX           |

### Barrow Hanley Floating Rate Fund (Series ID: S000084920)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249648 | Institutional Shares | BFRNX           |

### Barrow Hanley US Value Opportunities Fund (Series ID: S000084921)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249651 | Institutional Shares | BVOIX           |

### Barrow Hanley Emerging Markets Value Fund (Series ID: S000084922)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249656 | Institutional Shares | BEMVX           |

### Barrow Hanley International Value Fund (Series ID: S000084923)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249661 | Institutional Shares | BNIVX           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-23615

#### Perpetual Americas Funds Trust
(Exact name of registrant as specified in charter)

------

1 Congress Street, Suite 3101

Boston, Massachusetts 02114

(Address of principal executive offices) (Zip code)

Andrew Jolin

1 Congress Street, Suite 3101

Boston, Massachusetts 02114

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(617) 933-0716

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### March 31, 2025
 **Item 1. Reports to Stockholders.**

(a) The Report to Shareholders is attached herewith.

### Barrow Hanley US Value Opportunities Fund

### Institutional Shares/BVOIX
![Fund Logo - Barrow Hanley](images_6965.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Barrow Hanley US Value Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

**This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Barrow Hanley US Value Opportunities Fund<br>(Institutional Shares) | $34 | 0.70% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$96250045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;31.59% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entergy Corp. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 1.7% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2846015.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2846020.jpg)

#### Material Fund Changes
Effective February 1, 2025, to comply with recent Securities and Exchange Commission rule amendments relating to a fund's name, the Fund modified its investment policy as follows:

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities issued by "value companies" located in the United States.

A more detailed explanation of how the Fund defines "value companies" can be found in the Fund's prospectus. In order to satisfy notice requirements related to an investment policy change, the Fund continued to comply with both its old and new investment policies concurrently through May 1, 2025, after which time only the new investment policy applied.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus dated February 1, 2025, at connect.rightprospectus.com/BarrowHanley or upon request at 866-260-9549 (toll free) or 312-557-5913.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Barrow Hanley](images_6966.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/BarrowHanley.

BARROW HANLEY

### Barrow Hanley Total Return Bond Fund

### Institutional Shares/BTRIX
![Fund Logo - Barrow Hanley](images_6965.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Barrow Hanley Total Return Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Barrow Hanley Total Return Bond Fund<br>(Institutional Shares) | $17 | 0.35% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$173632687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37.21% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 0.25%, 05/31/25 | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.88%, 04/30/26 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Pool #SD8267, 5.00%, 11/01/52 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool #CB1384, 2.50%, 08/01/51 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.83%, 02/13/35 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool #FM8787, 2.50%, 10/01/51 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool #MA9017, 5.50%, 07/20/53 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Pool #RJ1265, 5.50%, 04/01/54 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool #FS3744, 2.00%, 07/01/51 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool #MA4841, 5.00%, 12/01/52 | 1.3% |

---

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2845916.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Barrow Hanley](images_6966.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/BarrowHanley.

BARROW HANLEY

### Barrow Hanley International Value Fund

### Institutional Shares/BNIVX
![Fund Logo - Barrow Hanley](images_6965.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Barrow Hanley International Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

**This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Barrow Hanley International Value Fund<br>(Institutional Shares) | $47 | 0.94% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13838806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19.35% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall A.G. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thales S.A. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Snam S.p.A. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;BASF S.E. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enel S.p.A. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SCOR S.E. | 1.9% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2846060.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2846055.jpg)

#### Material Fund Changes
Effective February 1, 2025, in connection with recent Securities and Exchange Commission rule amendments relating to a fund's name, the Fund adopted a new investment policy as follows:

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of "value companies".

A more detailed explanation of how the Fund defines "value companies" can be found in the Fund's prospectus.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus dated February 1, 2025, at connect.rightprospectus.com/BarrowHanley or upon request at 866-260-9549 (toll free) or 312-557-5913.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Barrow Hanley](images_6966.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/BarrowHanley.

BARROW HANLEY

### Barrow Hanley Floating Rate Fund

### Institutional Shares/BFRNX
![Fund Logo - Barrow Hanley](images_6965.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Barrow Hanley Floating Rate Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Barrow Hanley Floating Rate Fund<br>(Institutional Shares) | $30 | 0.59% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$101911176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;56.66% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TMS International Corp., Term B-7 Loan, 7.79%, 03/02/30 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;BCPE Empire Holdings, Inc., Amendment No. 8 Incremental Term Loan, 7.57%, 12/11/30 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nexus Buyer LLC, Initial Term Loan, 7.82%, 07/31/31 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnite, Inc., Amendment No.2 Initial Term Loan, 7.32%, 02/06/31 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell Investments U.S. Institutional Holdco, Inc., 2027 Term Loan, 9.29%, 05/30/27 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Global IID Parent LLC, 2025 Refinancing Term B Loan, 8.55%, 12/16/28 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemours (The) Co., Tranche B-3 US$ Term Loan, 7.32%, 08/18/28 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health, Inc., 2024-1 Refinancing Term Loan, 8.05%, 05/17/31 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC, 2023 May Incremental Term Loan, 8.57%, 05/03/28 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Proofpoint, Inc., 2024 Refinancing Term Loan, 7.32%, 08/31/28 | 1.2% |

---

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2845988.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Barrow Hanley](images_6966.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/BarrowHanley.

BARROW HANLEY

### Barrow Hanley Emerging Markets Value Fund

### Institutional Shares/BEMVX
![Fund Logo - Barrow Hanley](images_6965.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Barrow Hanley Emerging Markets Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

**This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Barrow Hanley Emerging Markets Value Fund<br>(Institutional Shares) | $47 | 0.98% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2958918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15.50% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co. Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. - Class H | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc. - Class A | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;UPL Ltd. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. - Class H | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hiwin Technologies Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL - REG | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Wall Motor Co. Ltd. - Class H | 2.1% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2846132.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2846127.jpg)

#### Material Fund Changes
Effective February 1, 2025, to comply with recent Securities and Exchange Commission rule amendments relating to a fund's name, the Fund modified its investment policy as follows:

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of "value companies" located in emerging market countries and instruments with economic characteristics similar to such securities.

A more detailed explanation of how the Fund defines "value companies" and "emerging market countries" can be found in the Fund's prospectus. In order to satisfy notice requirements related to an investment policy change, the Fund continued to comply with both its old and new investment policies concurrently through May 1, 2025, after which time only the new investment policy applied.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus dated February 1, 2025, at connect.rightprospectus.com/BarrowHanley or upon request at 866-260-9549 (toll free) or 312-557-5913.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Barrow Hanley](images_6966.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/BarrowHanley.

BARROW HANLEY

### Barrow Hanley Credit Opportunities Fund

### Institutional Shares/BCONX
![Fund Logo - Barrow Hanley](images_6965.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Barrow Hanley Credit Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Barrow Hanley Credit Opportunities Fund<br>(Institutional Shares) | $32 | 0.64% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$92914356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18.05% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Barrow Hanley Floating Rate Fund, 0.88%, | 22.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;ILFC E-Capital Trust I, 6.12%, 12/21/65 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Play Telecomunicaciones S.A. de C.V., 11.13%, 12/31/32 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, 9.25%, 07/01/31 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;PROG Holdings, Inc., 6.00%, 11/15/29 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howard Hughes (The) Corp., 4.38%, 02/01/31 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enviri Corp., 5.75%, 07/31/27 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., 8.00%, 10/01/29 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interface, Inc., 5.50%, 12/01/28 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemours (The) Co., 4.63%, 11/15/29 | 1.4% |

---

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2845943.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Barrow Hanley](images_6966.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/BarrowHanley.

BARROW HANLEY

### Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund

### Institutional Shares/BEOIX
![Fund Logo - Barrow Hanley](images_6965.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

**This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund<br>(Institutional Shares) | $54 | 1.13% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5464914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;27.08% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL - REG | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc. - Class A | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. - Class H | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hiwin Technologies Corp. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding Corp. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co. Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Wall Motor Co. Ltd. - Class H | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;B3 S.A. - Brasil Bolsa Balcao | 3.1% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2845871.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2845876.jpg)

#### Material Fund Changes
Effective February 1, 2025, to comply with recent Securities and Exchange Commission rule amendments relating to a fund's name, the Fund modified its investment policy as follows:

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities that are (1) issued by companies located in emerging market countries and (2) consistent with the environmental, social and governance ("ESG") criteria of Barrow, Hanley, Mewhinney & Strauss, LLC, the Fund's sub-adviser.

A more detailed explanation of how the Fund defines "emerging market countries" and "ESG criteria" can be found in the Fund's prospectus. In order to satisfy notice requirements related to an investment policy change, the Fund continued to comply with both its old and new investment policies concurrently through May 1, 2025, after which time only the new investment policy applied.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus dated February 1, 2025, at connect.rightprospectus.com/BarrowHanley or upon request at 866-260-9549 (toll free) or 312-557-5913.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Barrow Hanley](images_6966.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/BarrowHanley.

BARROW HANLEY

------

(b) Not Applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 2. Code of Ethics.**

Not applicable – only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 3. Audit Committee Financial Expert.**

Not applicable - only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 4. Principal Accountant Fees and Services.**

Not applicable - only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 6. Investments.** 

(a) The Schedule of Investments in securities of unaffiliated issuers is included in the Financial Statements filed under Item 7 of this Form.

(b) Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) - (b) The Financial Statements and Financial Highlights are included herewith.

------

![](img892be7d31.gif)

------

---

| |
|:---|
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund |
| Barrow Hanley Credit Opportunities Fund |
| Barrow Hanley Emerging Markets Value Fund |
| Barrow Hanley Floating Rate Fund |
| Barrow Hanley International Value Fund |
| Barrow Hanley Total Return Bond Fund |
| Barrow Hanley US Value Opportunities Fund |

---

SEMI-ANNUAL FINANCIAL STATEMENTS AND

ADDITIONAL INFORMATION

March 31, 2025

------

**BARROW HANLEY FUNDS**

**TABLE OF CONTENTS**

**March 31, 2025**

------

---

| | |
|:---|:---|
| **[FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS](#xx_ff4df04c-ae1f-46a7-89a8-3e9f92821441_SOI-TOCPageHeader_1)** |  |
| **[&nbsp;&nbsp;&nbsp;&nbsp;Schedules of Investments](#xx_ff4df04c-ae1f-46a7-89a8-3e9f92821441_SOI-TOCPageHeader_1)** | **1** |
| **[&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets & Liabilities](#xx_ff4df04c-ae1f-46a7-89a8-3e9f92821441_FS-FundBookHeader2_1)** | **47** |
| **[&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations](#xx_ff4df04c-ae1f-46a7-89a8-3e9f92821441_FS-FundBookHeader2_4)** | **50** |
| **[&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets](#xx_ff4df04c-ae1f-46a7-89a8-3e9f92821441_FS-FundBookHeader2_8)** | **54** |
| **[&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights](#xx_ff4df04c-ae1f-46a7-89a8-3e9f92821441_FS-FundBookHeader2_12)** | **58** |
| **[&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements](#xx_ff4df04c-ae1f-46a7-89a8-3e9f92821441_NTF-NotestoFinancialStatements_1)** | **65** |
| **[PROXY DISCLOSURES](#xx_ff4df04c-ae1f-46a7-89a8-3e9f92821441_PD-PD-TOC_1)** | **91** |
| **[REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS](#xx_ff4df04c-ae1f-46a7-89a8-3e9f92821441_RPDOO-RPDOO-TOC_1)** | **92** |
| **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_ff4df04c-ae1f-46a7-89a8-3e9f92821441_BA-BA-TOC_1)** | **93** |

---

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CONCENTRATED EMERGING MARKETS ESG OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 92.4<br> %<br>|  |  |
| Brazil | 6.0<br> %<br>|  |  |
| B3 S.A. - Brasil Bolsa Balcao |  | 79498 | &nbsp;&nbsp; $169126 |
| Dexco S.A. |  | 64094 | &nbsp;&nbsp; 60427 |
| TIM S.A. |  | 31743 | &nbsp;&nbsp; 100128 |
|  |  |  | &nbsp;&nbsp; 329681 |
| China | 25.8<br> %<br>|  |  |
| Baidu, Inc. - Class A<sup>(a)</sup> <br>|  | 9508 | &nbsp;&nbsp; 109743 |
| China International Capital Corp. Ltd. - Class H<sup>(b)</sup> <br>|  | 77267 | &nbsp;&nbsp; 145280 |
| China Mengniu Dairy Co. Ltd. |  | 54269 | &nbsp;&nbsp; 134040 |
| Great Wall Motor Co. Ltd. - Class H |  | 98730 | &nbsp;&nbsp; 173147 |
| JD.com, Inc. - Class A |  | 10536 | &nbsp;&nbsp; 216742 |
| Li Ning Co. Ltd. |  | 52053 | &nbsp;&nbsp; 106840 |
| Ping An Insurance Group Co. of China Ltd. - Class H |  | 35047 | &nbsp;&nbsp; 209194 |
| Tingyi Cayman Islands Holding Corp. |  | 110709 | &nbsp;&nbsp; 185865 |
| Xinyi Glass Holdings Ltd. |  | 128083 | &nbsp;&nbsp; 126713 |
|  |  |  | &nbsp;&nbsp; 1407564 |
| Hong Kong | 3.8<br> %<br>|  |  |
| ASMPT Ltd. |  | 10885 | &nbsp;&nbsp; 76717 |
| Sino Biopharmaceutical Ltd. |  | 273243 | &nbsp;&nbsp; 132119 |
|  |  |  | &nbsp;&nbsp; 208836 |
| India | 2.8<br> %<br>|  |  |
| UPL Ltd. |  | 20992 | &nbsp;&nbsp; 155898 |
| Indonesia | 2.6<br> %<br>|  |  |
| Telkom Indonesia Persero Tbk PT |  | 962452 | &nbsp;&nbsp; 139777 |
| Malaysia | 3.0<br> %<br>|  |  |
| Petronas Chemicals Group Bhd. |  | 64279 | &nbsp;&nbsp; 52650 |
| Public Bank Bhd. |  | 109285 | &nbsp;&nbsp; 109076 |
|  |  |  | &nbsp;&nbsp; 161726 |
| Mexico | 4.7<br> %<br>|  |  |
| Grupo Financiero Banorte S.A.B. de C.V., Series O |  | 15362 | &nbsp;&nbsp; 106542 |
| Kimberly-Clark de Mexico S.A.B. de C.V. - Class A |  | 93139 | &nbsp;&nbsp; 152694 |
|  |  |  | &nbsp;&nbsp; 259236 |
| Saudi Arabia | 3.0<br> %<br>|  |  |
| Saudi National Bank (The) |  | 17166 | &nbsp;&nbsp; 163581 |
| South Africa | 4.6<br> %<br>|  |  |
| Absa Group Ltd. |  | 11130 | &nbsp;&nbsp; 107853 |
| Sibanye Stillwater Ltd.<sup>(a)</sup> <br>|  | 125976 | &nbsp;&nbsp; 143721 |
|  |  |  | &nbsp;&nbsp; 251574 |
| South Korea | 15.8<br> %<br>|  |  |
| Amorepacific Corp. |  | 2112 | &nbsp;&nbsp; 146316 |
| HL Mando Co. Ltd. |  | 4061 | &nbsp;&nbsp; 107702 |
| Korea Investment Holdings Co. Ltd. |  | 2197 | &nbsp;&nbsp; 109862 |
| Samsung Electro-Mechanics Co. Ltd. |  | 2074 | &nbsp;&nbsp; 183703 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CONCENTRATED EMERGING MARKETS ESG OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SK Hynix, Inc. |  | 1414 | &nbsp;&nbsp; $188495 |
| SK Telecom Co. Ltd. |  | 3402 | &nbsp;&nbsp; 128145 |
|  |  |  | &nbsp;&nbsp; 864223 |
| Taiwan | 12.7<br> %<br>|  |  |
| Bizlink Holding, Inc. |  | 4801 | &nbsp;&nbsp; 74626 |
| Globalwafers Co. Ltd. |  | 6773 | &nbsp;&nbsp; 65778 |
| Hiwin Technologies Corp. |  | 26158 | &nbsp;&nbsp; 192782 |
| Largan Precision Co. Ltd. |  | 1525 | &nbsp;&nbsp; 109837 |
| MediaTek, Inc. |  | 5868 | &nbsp;&nbsp; 252914 |
|  |  |  | &nbsp;&nbsp; 695937 |
| Thailand | 5.4<br> %<br>|  |  |
| Kasikornbank PCL - REG |  | 50068 | &nbsp;&nbsp; 239493 |
| Siam Cement (The) PCL - REG |  | 11729 | &nbsp;&nbsp; 54034 |
|  |  |  | &nbsp;&nbsp; 293527 |
| United Arab Emirates | 2.2<br> %<br>|  |  |
| First Abu Dhabi Bank PJSC |  | 31651 | &nbsp;&nbsp; 118925 |
| TOTAL COMMON STOCKS (Cost $4,788,433) |  |  | &nbsp;&nbsp; 5050485 |
| PREFERRED STOCKS | 4.6<br> %<br>|  |  |
| Brazil | 2.0<br> %<br>|  |  |
| Banco Bradesco S.A.<sup>(a)</sup> <br>|  | 50026 | &nbsp;&nbsp; 111072 |
| Colombia | 2.6<br> %<br>|  |  |
| Bancolombia S.A. - ADR, 9.48%<sup>(c)</sup> <br>|  | 3485 | &nbsp;&nbsp; 140097 |
| TOTAL PREFERRED STOCKS (Cost $249,245) |  |  | &nbsp;&nbsp; 251169 |
| SHORT-TERM INVESTMENTS | 2.3<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(d)</sup> <br>|  | 127021 | &nbsp;&nbsp; 127021 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $127,021) |  |  | &nbsp;&nbsp; 127021 |
| TOTAL INVESTMENTS<br> (Cost $5,164,699)<br>| 99.3<br> %<br>|  | &nbsp;&nbsp; 5428675 |
| NET OTHER ASSETS (LIABILITIES) | 0.7<br> %<br>|  | &nbsp;&nbsp; 36239 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $5464914 |

---

---

| |
|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of March 31, 2025, these securities had a total value of $145,280 or 3% of net assets.<br>|
| <sup>(c)</sup>Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>(d)</sup>7-day current yield as of March 31, 2025 is disclosed. |

---

Abbreviations: <br> ADR – American Depositary Receipt <br> REG – Registered

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CONCENTRATED EMERGING MARKETS ESG OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

At March 31, 2025 the industry sectors (excluding short-term investments) for the Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 31.7% |
| Information Technology  | 16.0  |
| Consumer Staples  | 11.3  |
| Consumer Discretionary  | 11.2  |
| Communication Services  | 8.7  |
| Materials  | 8.5  |
| Industrials  | 7.2  |
| Health Care  | 2.4  |
| Total | &nbsp;&nbsp; 97.0% |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| ASSET-BACKED SECURITIES | 2.3<br> %<br>|  |  |
| Other Asset-Backed Securities | 2.3<br> %<br>|  |  |
| Elmwood CLO 29 Ltd., Series 2024-5A - Class ER<br> (Floating, 3M CME Term SOFR + 6.40%, 6.40% Floor)<br> 10.69%, 04/20/37<sup>(a)(b)</sup> <br>|  | $1000000 | &nbsp;&nbsp; $1004259 |
| Empower CLO Ltd., Series 2023-2A - Class D<br> (Floating, 3M CME Term SOFR + 5.40%, 5.40% Floor)<br> 9.70%, 07/15/36<sup>(a)(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 503509 |
| Katayma CLO II Ltd., Series 2024-2A - Class E<br> (Floating, 3M CME Term SOFR + 7.33%, 7.33% Floor)<br> 11.62%, 04/20/37<sup>(a)(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 254386 |
| PPM CLO 7 Ltd., Series 2024-7A - Class E<br> (Floating, 3M CME Term SOFR + 6.75%, 6.75% Floor)<br> 11.04%, 07/20/37<sup>(a)(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 402728 |
|  |  |  | &nbsp;&nbsp; 2164882 |
| TOTAL ASSET-BACKED SECURITIES (Cost $2,156,127) |  |  | &nbsp;&nbsp; 2164882 |
| CORPORATE BONDS | 63.5<br> %<br>|  |  |
| Aerospace & Defense | 0.3<br> %<br>|  |  |
| Goat Holdco LLC<br> 6.75%, 02/01/32<sup>(a)</sup> <br>|  | 285000 | &nbsp;&nbsp; 278941 |
| Automotive | 1.8<br> %<br>|  |  |
| Goodyear Tire & Rubber (The) Co.<br> 5.63%, 04/30/33<br>|  | 500000 | &nbsp;&nbsp; 446617 |
| Tenneco, Inc.<br> 8.00%, 11/17/28<sup>(a)</sup> <br>|  | 1250000 | &nbsp;&nbsp; 1192180 |
|  |  |  | &nbsp;&nbsp; 1638797 |
| Basic Industry | 0.3<br> %<br>|  |  |
| Avient Corp.<br> 6.25%, 11/01/31<sup>(a)</sup> <br>|  | 315000 | &nbsp;&nbsp; 312035 |
| Biotechnology & Pharmaceuticals | 0.5<br> %<br>|  |  |
| Bausch Health Americas, Inc.<br> 8.50%, 01/31/27<sup>(a)</sup> <br>|  | 446000 | &nbsp;&nbsp; 423776 |
| Cable & Satellite | 3.2<br> %<br>|  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.,  |  |  |  |
| 4.75%, 03/01/30<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 927442 |
| 7.38%, 03/01/31<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 761981 |
| CSC Holdings LLC,  |  |  |  |
| 11.75%, 01/31/29<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 242461 |
| 4.13%, 12/01/30<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 543103 |
| 4.63%, 12/01/30<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 486637 |
|  |  |  | &nbsp;&nbsp; 2961624 |
| Capital Goods | 1.0<br> %<br>|  |  |
| Quikrete Holdings, Inc.<br> 6.38%, 03/01/32<sup>(a)</sup> <br>|  | 290000 | &nbsp;&nbsp; 291841 |
| Waste Pro U.S.A., Inc.<br> 7.00%, 02/01/33<sup>(a)</sup> <br>|  | 670000 | &nbsp;&nbsp; 672261 |
|  |  |  | &nbsp;&nbsp; 964102 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Chemicals | 3.5<br> %<br>|  |  |
| Axalta Coating Systems LLC<br> 3.38%, 02/15/29<sup>(a)</sup> <br>|  | $500000 | &nbsp;&nbsp; $457269 |
| Chemours (The) Co.,  |  |  |  |
| 4.63%, 11/15/29<sup>(a)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1280333 |
| 8.00%, 01/15/33<sup>(a)</sup> <br>|  | 30000 | &nbsp;&nbsp; 28053 |
| Mativ Holdings, Inc.<br> 8.00%, 10/01/29<sup>(a)</sup> <br>|  | 1710000 | &nbsp;&nbsp; 1473816 |
|  |  |  | &nbsp;&nbsp; 3239471 |
| Commercial Support Services | 4.8<br> %<br>|  |  |
| Allied Universal Holdco LLC<br> 7.88%, 02/15/31<sup>(a)</sup> <br>|  | 1135000 | &nbsp;&nbsp; 1149471 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 <br> S.a.r.l.<br> 4.63%, 06/01/28<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 117972 |
| Clean Harbors, Inc.<br> 6.38%, 02/01/31<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 126337 |
| Enviri Corp.<br> 5.75%, 07/31/27<sup>(a)</sup> <br>|  | 1572000 | &nbsp;&nbsp; 1500829 |
| Reworld Holding Corp.<br> 4.88%, 12/01/29<sup>(a)</sup> <br>|  | 1125000 | &nbsp;&nbsp; 1046378 |
| Williams Scotsman, Inc.<br> 6.63%, 06/15/29<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 505857 |
|  |  |  | &nbsp;&nbsp; 4446844 |
| Construction Materials | 0.2<br> %<br>|  |  |
| Standard Building Solutions, Inc.<br> 6.50%, 08/15/32<sup>(a)</sup> <br>|  | 145000 | &nbsp;&nbsp; 144957 |
| Consumer Non-Cyclical | 0.7<br> %<br>|  |  |
| Insulet Corp.<br> 6.50%, 04/01/33<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 152469 |
| LifePoint Health, Inc.<br> 8.38%, 02/15/32<sup>(a)</sup> <br>|  | 495000 | &nbsp;&nbsp; 498395 |
|  |  |  | &nbsp;&nbsp; 650864 |
| Consumer Services | 3.0<br> %<br>|  |  |
| PROG Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 1846174 |
| Upbound Group, Inc.<br> 6.38%, 02/15/29<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 945472 |
|  |  |  | &nbsp;&nbsp; 2791646 |
| Containers & Packaging | 4.1<br> %<br>|  |  |
| Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance <br> PLC<br> 4.00%, 09/01/29<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 851525 |
| Graham Packaging Co., Inc.<br> 7.13%, 08/15/28<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 488377 |
| Graphic Packaging International LLC<br> 3.75%, 02/01/30<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 685291 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| LABL, Inc.,  |  |  |  |
| 5.88%, 11/01/28<sup>(a)</sup> <br>|  | $250000 | &nbsp;&nbsp; $196740 |
| 9.50%, 11/01/28<sup>(a)</sup> <br>|  | 375000 | &nbsp;&nbsp; 317055 |
| 8.25%, 11/01/29<sup>(a)</sup> <br>|  | 375000 | &nbsp;&nbsp; 238594 |
| Mauser Packaging Solutions Holding Co.<br> 7.88%, 04/15/27<sup>(a)</sup> <br>|  | 1050000 | &nbsp;&nbsp; 1029000 |
|  |  |  | &nbsp;&nbsp; 3806582 |
| Electric | 0.1<br> %<br>|  |  |
| Alpha Generation LLC<br> 6.75%, 10/15/32<sup>(a)</sup> <br>|  | 80000 | &nbsp;&nbsp; 80052 |
| Electric Utilities | 1.1<br> %<br>|  |  |
| Vistra Corp.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.74%)<br> 7.00%, 12/15/26<sup>(a)(b)(c)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1012598 |
| Electrical Equipment | 1.0<br> %<br>|  |  |
| Gates Corp.<br> 6.88%, 07/01/29<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 305197 |
| WESCO Distribution, Inc.<br> 6.63%, 03/15/32<sup>(a)</sup> <br>|  | 640000 | &nbsp;&nbsp; 649229 |
|  |  |  | &nbsp;&nbsp; 954426 |
| Engineering & Construction | 0.8<br> %<br>|  |  |
| Dycom Industries, Inc.<br> 4.50%, 04/15/29<sup>(a)</sup> <br>|  | 800000 | &nbsp;&nbsp; 747906 |
| Finance Companies | 0.6<br> %<br>|  |  |
| Bread Financial Holdings, Inc.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.30%)<br> 8.38%, 06/15/35<sup>(a)(b)</sup> <br>|  | 145000 | &nbsp;&nbsp; 141785 |
| Freedom Mortgage Holdings LLC<br> 8.38%, 04/01/32<sup>(a)</sup> <br>|  | 145000 | &nbsp;&nbsp; 141680 |
| Walker & Dunlop, Inc.<br> 6.63%, 04/01/33<sup>(a)</sup> <br>|  | 295000 | &nbsp;&nbsp; 294262 |
|  |  |  | &nbsp;&nbsp; 577727 |
| Food | 1.1<br> %<br>|  |  |
| Darling Ingredients, Inc.<br> 6.00%, 06/15/30<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 993939 |
| Health Care Facilities & Services | 1.0<br> %<br>|  |  |
| Concentra Escrow Issuer Corp.<br> 6.88%, 07/15/32<sup>(a)</sup> <br>|  | 165000 | &nbsp;&nbsp; 167888 |
| HAH Group Holding Co. LLC<br> 9.75%, 10/01/31<sup>(a)</sup> <br>|  | 160000 | &nbsp;&nbsp; 154089 |
| LifePoint Health, Inc.<br> 11.00%, 10/15/30<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 135889 |
| Pediatrix Medical Group, Inc.<br> 5.38%, 02/15/30<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 479800 |
|  |  |  | &nbsp;&nbsp; 937666 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Home Construction | 2.5<br> %<br>|  |  |
| Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.,  |  |  |  |
| 6.63%, 01/15/28<sup>(a)</sup> <br>|  | $250000 | &nbsp;&nbsp; $248014 |
| 4.63%, 04/01/30<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 452105 |
| Interface, Inc.<br> 5.50%, 12/01/28<sup>(a)</sup> <br>|  | 1324000 | &nbsp;&nbsp; 1289266 |
| STL Holding Co. LLC<br> 8.75%, 02/15/29<sup>(a)</sup> <br>|  | 320000 | &nbsp;&nbsp; 328425 |
|  |  |  | &nbsp;&nbsp; 2317810 |
| Household Products | 0.1<br> %<br>|  |  |
| Energizer Holdings, Inc.<br> 6.50%, 12/31/27<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 50272 |
| Institutional Financial Services | 0.9<br> %<br>|  |  |
| Aretec Group, Inc.<br> 10.00%, 08/15/30<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 805198 |
| Insurance | 0.5<br> %<br>|  |  |
| Panther Escrow Issuer LLC<br> 7.13%, 06/01/31<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 509466 |
| Leisure Facilities & Services | 0.5<br> %<br>|  |  |
| Caesars Entertainment, Inc.<br> 6.50%, 02/15/32<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 498379 |
| Machinery | 0.3<br> %<br>|  |  |
| SPX FLOW, Inc.<br> 8.75%, 04/01/30<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 256896 |
| Medical Equipment & Devices | 0.8<br> %<br>|  |  |
| Sotera Health Holdings LLC<br> 7.38%, 06/01/31<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 762473 |
| Metals & Mining | 0.8<br> %<br>|  |  |
| Arsenal AIC Parent LLC<br> 8.00%, 10/01/30<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 254903 |
| Kaiser Aluminum Corp.<br> 4.50%, 06/01/31<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 442513 |
|  |  |  | &nbsp;&nbsp; 697416 |
| Oil & Gas Supply Chain | 3.7<br> %<br>|  |  |
| CQP Holdco L.P./BIP-V Chinook Holdco LLC<br> 5.50%, 06/15/31<sup>(a)</sup> <br>|  | 1073000 | &nbsp;&nbsp; 1029388 |
| Genesis Energy L.P./Genesis Energy Finance Corp.<br> 8.88%, 04/15/30<br>|  | 250000 | &nbsp;&nbsp; 259633 |
| Global Partners L.P./GLP Finance Corp.,  |  |  |  |
| 7.00%, 08/01/27 |  | 750000 | &nbsp;&nbsp; 747764 |
| 8.25%, 01/15/32<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 513981 |
| ITT Holdings LLC<br> 6.50%, 08/01/29<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 922531 |
|  |  |  | &nbsp;&nbsp; 3473297 |
| Real Estate Investment Trusts | 2.0<br> %<br>|  |  |
| Iron Mountain, Inc.,  |  |  |  |
| 4.88%, 09/15/29<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 238629 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| 5.25%, 07/15/30<sup>(a)</sup> <br>|  | $500000 | &nbsp;&nbsp; $479416 |
| 5.63%, 07/15/32<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 239000 |
| MPT Operating Partnership L.P./MPT Finance Corp.<br> 8.50%, 02/15/32<sup>(a)</sup> <br>|  | 70000 | &nbsp;&nbsp; 71309 |
| Service Properties Trust<br> 8.63%, 11/15/31<sup>(a)</sup> <br>|  | 375000 | &nbsp;&nbsp; 395593 |
| Starwood Property Trust, Inc.,  |  |  |  |
| 6.50%, 07/01/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150076 |
| 6.50%, 10/15/30<sup>(a)</sup> <br>|  | 295000 | &nbsp;&nbsp; 292264 |
|  |  |  | &nbsp;&nbsp; 1866287 |
| Real Estate Owners & Developers | 3.0<br> %<br>|  |  |
| Greystar Real Estate Partners LLC<br> 7.75%, 09/01/30<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1045333 |
| Howard Hughes (The) Corp.<br> 4.38%, 02/01/31<sup>(a)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 1780279 |
|  |  |  | &nbsp;&nbsp; 2825612 |
| Real Estate Services | 1.9<br> %<br>|  |  |
| Cushman & Wakefield U.S. Borrower LLC<br> 8.88%, 09/01/31<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1061904 |
| Newmark Group, Inc.<br> 7.50%, 01/12/29<br>|  | 655000 | &nbsp;&nbsp; 687052 |
|  |  |  | &nbsp;&nbsp; 1748956 |
| Retail - Discretionary | 2.8<br> %<br>|  |  |
| Champions Financing, Inc.<br> 8.75%, 02/15/29<sup>(a)</sup> <br>|  | 482000 | &nbsp;&nbsp; 431395 |
| Cougar JV Subsidiary LLC<br> 8.00%, 05/15/32<sup>(a)</sup> <br>|  | 35000 | &nbsp;&nbsp; 36075 |
| Ken Garff Automotive LLC<br> 4.88%, 09/15/28<sup>(a)</sup> <br>|  | 600000 | &nbsp;&nbsp; 572561 |
| Lithia Motors, Inc.,  |  |  |  |
| 3.88%, 06/01/29<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 228899 |
| 4.38%, 01/15/31<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 453011 |
| PetSmart, Inc./PetSmart Finance Corp.<br> 7.75%, 02/15/29<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 459189 |
| Victra Holdings LLC/Victra Finance Corp.<br> 8.75%, 09/15/29<sup>(a)</sup> <br>|  | 445000 | &nbsp;&nbsp; 459007 |
|  |  |  | &nbsp;&nbsp; 2640137 |
| Semiconductors | 0.5<br> %<br>|  |  |
| Entegris, Inc.<br> 5.95%, 06/15/30<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 497456 |
| Specialty Finance | 11.9<br> %<br>|  |  |
| Boost Newco Borrower LLC<br> 7.50%, 01/15/31<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 260234 |
| Bread Financial Holdings, Inc.<br> 9.75%, 03/15/29<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 791757 |
| Burford Capital Global Finance LLC<br> 9.25%, 07/01/31<sup>(a)</sup> <br>|  | 1790000 | &nbsp;&nbsp; 1885903 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Freedom Mortgage Corp.,  |  |  |  |
| 6.63%, 01/15/27<sup>(a)</sup> <br>|  | $500000 | &nbsp;&nbsp; $497398 |
| 12.00%, 10/01/28<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 537060 |
| Freedom Mortgage Holdings LLC<br> 9.13%, 05/15/31<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1006313 |
| ILFC E-Capital Trust I<br> (Variable, 3M CME Term SOFR + 1.81%)<br> 6.12%, 12/21/65<sup>(a)(b)</sup> <br>|  | 2455000 | &nbsp;&nbsp; 2044542 |
| ILFC E-Capital Trust II<br> (Variable, 3M CME Term SOFR + 2.06%)<br> 6.37%, 12/21/65<sup>(a)(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 840277 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp.<br> 6.63%, 10/15/31<sup>(a)</sup> <br>|  | 830000 | &nbsp;&nbsp; 821198 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<br> 7.00%, 07/15/31<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 256595 |
| Nationstar Mortgage Holdings, Inc.,  |  |  |  |
| 5.50%, 08/15/28<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 247955 |
| 6.50%, 08/01/29<sup>(a)</sup> <br>|  | 660000 | &nbsp;&nbsp; 669106 |
| Rithm Capital Corp.<br> 8.00%, 04/01/29<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 994367 |
| Starwood Property Trust, Inc.<br> 6.00%, 04/15/30<sup>(a)</sup> <br>|  | 160000 | &nbsp;&nbsp; 156348 |
|  |  |  | &nbsp;&nbsp; 11009053 |
| Steel | 1.0<br> %<br>|  |  |
| TMS International Corp.<br> 6.25%, 04/15/29<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 930922 |
| Transportation | 0.3<br> %<br>|  |  |
| Stonepeak Nile Parent LLC<br> 7.25%, 03/15/32<sup>(a)</sup> <br>|  | 290000 | &nbsp;&nbsp; 295594 |
| Transportation & Logistics | 0.2<br> %<br>|  |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br> 5.50%, 04/20/26<sup>(a)</sup> <br>|  | 182083 | &nbsp;&nbsp; 181585 |
| Wholesale - Consumer Staples | 0.7<br> %<br>|  |  |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.<br> 9.00%, 02/15/29<sup>(a)</sup> <br>|  | 645000 | &nbsp;&nbsp; 663451 |
| TOTAL CORPORATE BONDS (Cost $58,844,640) |  |  | &nbsp;&nbsp; 58994213 |
| FOREIGN ISSUER BONDS | 8.5<br> %<br>|  |  |
| Automotive | 1.6<br> %<br>|  |  |
| Adient Global Holdings Ltd.<br> 8.25%, 04/15/31<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 968967 |
| Aptiv Swiss Holdings Ltd.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.39%)<br> 6.88%, 12/15/54<sup>(b)</sup> <br>|  | 545000 | &nbsp;&nbsp; 533500 |
|  |  |  | &nbsp;&nbsp; 1502467 |
| Biotechnology & Pharmaceuticals | 0.3<br> %<br>|  |  |
| Bausch Health Cos., Inc.<br> 6.13%, 02/01/27<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 253500 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Cable & Satellite | 0.8<br> %<br>|  |  |
| LCPR Senior Secured Financing DAC<br> 5.13%, 07/15/29<sup>(a)</sup> <br>|  | $1000000 | &nbsp;&nbsp; $733097 |
| Chemicals | 0.7<br> %<br>|  |  |
| INEOS Finance PLC<br> 7.50%, 04/15/29<sup>(a)</sup> <br>|  | 640000 | &nbsp;&nbsp; 636889 |
| Communications | 2.1<br> %<br>|  |  |
| Total Play Telecomunicaciones S.A. de C.V.<br> 11.13%, 12/31/32<sup>(a)</sup> <br>|  | 2175000 | &nbsp;&nbsp; 1989880 |
| Consumer Cyclical | 2.2<br> %<br>|  |  |
| Adient Global Holdings Ltd.<br> 7.50%, 02/15/33<sup>(a)</sup> <br>|  | 1245000 | &nbsp;&nbsp; 1165698 |
| Clarios Global L.P./Clarios U.S. Finance Co.<br> 6.75%, 02/15/30<sup>(a)</sup> <br>|  | 865000 | &nbsp;&nbsp; 873243 |
|  |  |  | &nbsp;&nbsp; 2038941 |
| Containers & Packaging | 0.1<br> %<br>|  |  |
| Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance <br> PLC<br> 6.00%, 06/15/27<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 123261 |
| Household Products | 0.5<br> %<br>|  |  |
| Perrigo Finance Unlimited Co.<br> 6.13%, 09/30/32<br>|  | 455000 | &nbsp;&nbsp; 447656 |
| Leisure Facilities & Services | 0.2<br> %<br>|  |  |
| 1011778 B.C. ULC/New Red Finance, Inc.<br> 5.63%, 09/15/29<sup>(a)</sup> <br>|  | 155000 | &nbsp;&nbsp; 153440 |
| TOTAL FOREIGN ISSUER BONDS (Cost $8,554,384) |  |  | &nbsp;&nbsp; 7879131 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| INVESTMENT COMPANIES | 22.7<br> %<br>|  |  |
| Barrow Hanley Floating Rate Fund<sup>†</sup> <br>|  | 2181606 | &nbsp;&nbsp; 21039915 |
| TOTAL INVESTMENT COMPANIES (Cost $21,485,752) |  |  | &nbsp;&nbsp; 21039915 |
| SHORT-TERM INVESTMENTS | 2.2<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(d)</sup> <br>|  | 2059253 | &nbsp;&nbsp; 2059253 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,059,253) |  |  | &nbsp;&nbsp; 2059253 |
| TOTAL INVESTMENTS<br> (Cost $93,100,156)<br>| 99.2<br> %<br>|  | &nbsp;&nbsp; 92137394 |
| NET OTHER ASSETS (LIABILITIES) | 0.8<br> %<br>|  | &nbsp;&nbsp; 776962 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $92914356 |

---

---

| |
|:---|
| <sup>(a)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of March 31, 2025, these securities had a total value of $65,916,004 or 71% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at March 31, 2025, and the related index and spread are shown parenthetically for each <br> security.<br>|
| <sup>(c)</sup>Perpetual bond. Maturity date represents next call date. |
| <sup>(d)</sup>7-day current yield as of March 31, 2025 is disclosed. |
| <sup>†</sup>Investment in Affiliated Security. |

---

Abbreviations: <br> CLO – Collateralized Loan Obligation

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

SOFR – Secured Overnight Financing Rate<br>

The following is a summary of the Fund's transactions with affiliates for the period ended March 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** <br> **Description**<br>| &nbsp;&nbsp; **Value**<br> **09/30/2024**<br>| **Purchases**<br> **at Cost**<br>| &nbsp;&nbsp; **Proceeds**<br> **from Sales**<br>| **Realized**<br> **Gain/ (Loss)**<br>| &nbsp;&nbsp; **Change in** <br> **Net** <br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **03/31/2025**<br>| **Income** | **Capital**<br> **Gains**<br>|
| Barrow Hanley <br> Floating <br> Rate Fund<br>| $19476068 | &nbsp;&nbsp; $2846094 | $(1000000) | &nbsp;&nbsp; $(10833)<br>| $(271414) | &nbsp;&nbsp; $21039915<br>| &nbsp;&nbsp; $846095<br>| &nbsp;&nbsp; $— |

---

At March 31, 2025 the Barrow Hanley Credit Opportunities Fund's investments were concentrated as follows:

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| BBB-  | 3.6% |
| BB+  | 3.4  |
| BB  | 11.6  |
| BB-  | 17.9  |
| B+  | 30.8  |
| B  | 16.5  |
| B-  | 6.9  |
| CCC+  | 2.2  |
| CCC  | 0.9  |
| CCC-  | 0.5  |
| Cash equivalents  | 2.2  |
| N/A  | 2.7  |
| Total | 99.2% |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY EMERGING MARKETS VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 96.1<br> %<br>|  |  |
| Brazil | 4.8<br> %<br>|  |  |
| B3 S.A. - Brasil Bolsa Balcao |  | 18907 | &nbsp;&nbsp; $40223 |
| Dexco S.A. |  | 34542 | &nbsp;&nbsp; 32566 |
| Lojas Renner S.A.<sup>(a)</sup> <br>|  | 15343 | &nbsp;&nbsp; 32883 |
| TIM S.A. |  | 11119 | &nbsp;&nbsp; 35073 |
|  |  |  | &nbsp;&nbsp; 140745 |
| China | 24.6<br> %<br>|  |  |
| Autohome, Inc. - ADR |  | 1053 | &nbsp;&nbsp; 29189 |
| Baidu, Inc. - Class A<sup>(a)</sup> <br>|  | 3646 | &nbsp;&nbsp; 42083 |
| Budweiser Brewing Co. APAC Ltd.<sup>(b)</sup> <br>|  | 25400 | &nbsp;&nbsp; 30613 |
| China International Capital Corp. Ltd. - Class H<sup>(b)</sup> <br>|  | 29950 | &nbsp;&nbsp; 56313 |
| China Mengniu Dairy Co. Ltd. |  | 21716 | &nbsp;&nbsp; 53637 |
| China Merchants Bank Co. Ltd. - Class H |  | 14186 | &nbsp;&nbsp; 84108 |
| Chow Tai Fook Jewellery Group Ltd. |  | 27373 | &nbsp;&nbsp; 31014 |
| ENN Energy Holdings Ltd. |  | 6051 | &nbsp;&nbsp; 50013 |
| Great Wall Motor Co. Ltd. - Class H |  | 36079 | &nbsp;&nbsp; 63273 |
| JD.com, Inc. - Class A |  | 4002 | &nbsp;&nbsp; 82327 |
| Li Ning Co. Ltd. |  | 13745 | &nbsp;&nbsp; 28212 |
| Ping An Insurance Group Co. of China Ltd. - Class H |  | 12662 | &nbsp;&nbsp; 75579 |
| Sunny Optical Technology Group Co. Ltd. |  | 3982 | &nbsp;&nbsp; 36760 |
| Xinyi Glass Holdings Ltd. |  | 44305 | &nbsp;&nbsp; 43831 |
| Xinyi Solar Holdings Ltd. |  | 57445 | &nbsp;&nbsp; 22198 |
|  |  |  | &nbsp;&nbsp; 729150 |
| Hong Kong | 4.3<br> %<br>|  |  |
| ASMPT Ltd. |  | 5034 | &nbsp;&nbsp; 35480 |
| Hang Lung Properties Ltd. |  | 37640 | &nbsp;&nbsp; 32202 |
| Sino Biopharmaceutical Ltd. |  | 124065 | &nbsp;&nbsp; 59988 |
|  |  |  | &nbsp;&nbsp; 127670 |
| India | 5.5<br> %<br>|  |  |
| Axis Bank Ltd. |  | 4782 | &nbsp;&nbsp; 61341 |
| Petronet LNG Ltd. |  | 7074 | &nbsp;&nbsp; 24230 |
| UPL Ltd. |  | 10459 | &nbsp;&nbsp; 77674 |
|  |  |  | &nbsp;&nbsp; 163245 |
| Indonesia | 3.4<br> %<br>|  |  |
| Astra International Tbk PT |  | 169118 | &nbsp;&nbsp; 50050 |
| Telkom Indonesia Persero Tbk PT |  | 356902 | &nbsp;&nbsp; 51833 |
|  |  |  | &nbsp;&nbsp; 101883 |
| Macau | 1.2<br> %<br>|  |  |
| Sands China Ltd.<sup>(a)</sup> <br>|  | 17808 | &nbsp;&nbsp; 35724 |
| Malaysia | 2.1<br> %<br>|  |  |
| Petronas Chemicals Group Bhd. |  | 25396 | &nbsp;&nbsp; 20801 |
| Public Bank Bhd. |  | 41724 | &nbsp;&nbsp; 41645 |
|  |  |  | &nbsp;&nbsp; 62446 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY EMERGING MARKETS VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Mexico | 3.1<br> %<br>|  |  |
| Grupo Financiero Banorte S.A.B. de C.V., Series O |  | 6600 | &nbsp;&nbsp; $45774 |
| Kimberly-Clark de Mexico S.A.B. de C.V. - Class A |  | 28667 | &nbsp;&nbsp; 46997 |
|  |  |  | &nbsp;&nbsp; 92771 |
| Philippines | 1.5<br> %<br>|  |  |
| BDO Unibank, Inc. |  | 16080 | &nbsp;&nbsp; 43091 |
| Russia | 0.0<br> %<br>|  |  |
| Alrosa PJSC<sup>(c)</sup> <br>|  | 12058 | &nbsp;&nbsp; — |
| Moscow Exchange MICEX-RTS PJSC<sup>(c)</sup> <br>|  | 8812 | &nbsp;&nbsp; — |
| Saudi Arabia | 1.8<br> %<br>|  |  |
| Saudi National Bank (The) |  | 5603 | &nbsp;&nbsp; 53393 |
| South Africa | 4.4<br> %<br>|  |  |
| Absa Group Ltd. |  | 5338 | &nbsp;&nbsp; 51726 |
| Gold Fields Ltd. |  | 2164 | &nbsp;&nbsp; 47811 |
| Sibanye Stillwater Ltd.<sup>(a)</sup> <br>|  | 27976 | &nbsp;&nbsp; 31917 |
|  |  |  | &nbsp;&nbsp; 131454 |
| South Korea | 16.7<br> %<br>|  |  |
| Amorepacific Corp. |  | 711 | &nbsp;&nbsp; 49257 |
| HL Mando Co. Ltd. |  | 1441 | &nbsp;&nbsp; 38217 |
| Korea Electric Power Corp. |  | 2890 | &nbsp;&nbsp; 42651 |
| Korea Investment Holdings Co. Ltd. |  | 1241 | &nbsp;&nbsp; 62057 |
| Samsung Electro-Mechanics Co. Ltd. |  | 1085 | &nbsp;&nbsp; 96103 |
| SK Hynix, Inc. |  | 919 | &nbsp;&nbsp; 122508 |
| SK Telecom Co. Ltd. |  | 1282 | &nbsp;&nbsp; 48290 |
| S-Oil Corp. |  | 886 | &nbsp;&nbsp; 33830 |
|  |  |  | &nbsp;&nbsp; 492913 |
| Taiwan | 11.7<br> %<br>|  |  |
| Bizlink Holding, Inc. |  | 3478 | &nbsp;&nbsp; 54061 |
| Globalwafers Co. Ltd. |  | 3758 | &nbsp;&nbsp; 36497 |
| Hiwin Technologies Corp. |  | 9769 | &nbsp;&nbsp; 71997 |
| Largan Precision Co. Ltd. |  | 771 | &nbsp;&nbsp; 55531 |
| MediaTek, Inc. |  | 2950 | &nbsp;&nbsp; 127146 |
|  |  |  | &nbsp;&nbsp; 345232 |
| Thailand | 7.8<br> %<br>|  |  |
| Kasikornbank PCL - REG |  | 11888 | &nbsp;&nbsp; 56865 |
| PTT Exploration & Production PCL - REG |  | 19028 | &nbsp;&nbsp; 65268 |
| Siam Cement (The) PCL - REG |  | 4265 | &nbsp;&nbsp; 19648 |
| Thai Beverage PCL |  | 149934 | &nbsp;&nbsp; 56770 |
| Thai Union Group PCL - Class F |  | 97538 | &nbsp;&nbsp; 31376 |
|  |  |  | &nbsp;&nbsp; 229927 |
| United Arab Emirates | 1.7<br> %<br>|  |  |
| First Abu Dhabi Bank PJSC |  | 13285 | &nbsp;&nbsp; 49917 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY EMERGING MARKETS VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| United Kingdom | 1.5<br> %<br>|  |  |
| Fresnillo PLC |  | 3715 | &nbsp;&nbsp; $45168 |
| TOTAL COMMON STOCKS (Cost $3,035,687) |  |  | &nbsp;&nbsp; 2844729 |
| PREFERRED STOCKS | 3.2<br> %<br>|  |  |
| Brazil | 1.4<br> %<br>|  |  |
| Banco Bradesco S.A.<sup>(a)</sup> <br>|  | 18051 | &nbsp;&nbsp; 40079 |
| Colombia | 1.8<br> %<br>|  |  |
| Bancolombia S.A. - ADR, 9.48%<sup>(d)</sup> <br>|  | 1341 | &nbsp;&nbsp; 53908 |
| TOTAL PREFERRED STOCKS (Cost $95,132) |  |  | &nbsp;&nbsp; 93987 |
| SHORT-TERM INVESTMENTS | 1.4<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(e)</sup> <br>|  | 41219 | &nbsp;&nbsp; 41219 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $41,219) |  |  | &nbsp;&nbsp; 41219 |
| TOTAL INVESTMENTS<br> (Cost $3,172,038)<br>| 100.7<br> %<br>|  | &nbsp;&nbsp; 2979935 |
| NET OTHER ASSETS (LIABILITIES) | (0.7<br> %)<br>|  | &nbsp;&nbsp; (21017)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $2958918 |

---

---

| |
|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of March 31, 2025, these securities had a total value of $86,926 or 3% of net assets.<br>|
| <sup>(c)</sup>Security valued pursuant to Level 3 unobservable inputs and is restricted for trading. |
| <sup>(d)</sup>Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>(e)</sup>7-day current yield as of March 31, 2025 is disclosed. |

---

Abbreviations: <br> ADR – American Depositary Receipt <br> REG – Registered

At March 31, 2025 the industry sectors (excluding short-term investments) for the Barrow Hanley Emerging Markets Value Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 27.6% |
| Information Technology  | 18.1  |
| Consumer Discretionary  | 10.5  |
| Materials  | 9.3  |
| Consumer Staples  | 9.1  |
| Industrials  | 7.4  |
| Communication Services  | 6.9  |
| Energy  | 4.2  |
| Utilities  | 3.1  |
| Health Care  | 2.0  |
| Real Estate  | 1.1  |
| Total | &nbsp;&nbsp; 99.3% |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| ASSET-BACKED SECURITIES | 1.3<br> %<br>|  |  |
| Other Asset-Backed Securities | 1.3<br> %<br>|  |  |
| Empower CLO Ltd., Series 2023-2A - Class D<br> (Floating, 3M CME Term SOFR + 5.40%, 5.40% Floor)<br> 9.70%, 07/15/36<sup>(a)(b)</sup> <br>|  | $500000 | &nbsp;&nbsp; $503509 |
| Katayma CLO II Ltd., Series 2024-2A - Class E<br> (Floating, 3M CME Term SOFR + 7.33%, 7.33% Floor)<br> 11.62%, 04/20/37<sup>(a)(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 508771 |
| PPM CLO 7 Ltd., Series 2024-7A - Class E<br> (Floating, 3M CME Term SOFR + 6.75%, 6.75% Floor)<br> 11.04%, 07/20/37<sup>(a)(b)</sup> <br>|  | 350000 | &nbsp;&nbsp; 352387 |
|  |  |  | &nbsp;&nbsp; 1364667 |
| TOTAL ASSET-BACKED SECURITIES (Cost $1,345,158) |  |  | &nbsp;&nbsp; 1364667 |
| BANK LOAN OBLIGATIONS<sup>(b)</sup> | 86.6<br> %<br>|  |  |
| Aerospace & Defense | 1.1<br> %<br>|  |  |
| Peraton Corp., Term B Loan<br> (Floating, CME Term SOFR USD 1M + 3.75%, 0.75% Floor)<br> 8.17%, 02/01/28<br>|  | 928063 | &nbsp;&nbsp; 824379 |
| TransDigm, Inc., Tranche L Term Loan<br> (Floating, CME Term SOFR USD 3M + 2.50%)<br> 6.80%, 01/19/32<br>|  | 312430 | &nbsp;&nbsp; 310584 |
|  |  |  | &nbsp;&nbsp; 1134963 |
| Asset Management | 2.8<br> %<br>|  |  |
| Fiserv Investment Solutions, Inc., Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.00%)<br> 8.32%, 02/18/27<br>|  | 915606 | &nbsp;&nbsp; 909499 |
| Nexus Buyer LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.50%)<br> 7.82%, 07/31/31<br>|  | 1937379 | &nbsp;&nbsp; 1924863 |
|  |  |  | &nbsp;&nbsp; 2834362 |
| Banking | 0.5<br> %<br>|  |  |
| Nouryon Finance B.V., November 2024 B-1 Dollar Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.25%)<br> 7.55%, 04/03/28<br>|  | 484459 | &nbsp;&nbsp; 482642 |
| Basic Industry | 2.5<br> %<br>|  |  |
| A-AP Buyer, Inc., Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.75%)<br> 7.07%, 09/09/31<br>|  | 440882 | &nbsp;&nbsp; 438677 |
| TMS International Corp., Term B-7 Loan<br> (Floating, CME Term SOFR USD 3M + 3.50%, 0.50% Floor)<br> 7.79%, 03/02/30<br>|  | 2147363 | &nbsp;&nbsp; 2136627 |
|  |  |  | &nbsp;&nbsp; 2575304 |
| Beverage, Food & Tobacco | 0.2<br> %<br>|  |  |
| Del Monte Foods Corp. II, Inc., First Out Term Loan<br> (Floating, CME Term SOFR USD 3M + 8.00%, 0.50% Floor)<br> 12.47%, 08/02/28<br>|  | 122472 | &nbsp;&nbsp; 121247 |
| Del Monte Foods Corp. II, Inc., Second Out Term Loans,  |  |  |  |
| (Floating, CME Term SOFR USD 3M + 4.25%, 0.50% Floor)<br> 8.70%, 08/02/28<br>|  | 14841 | &nbsp;&nbsp; 9480 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| (Floating, CME Term SOFR USD 3M + 4.25%, 0.50% Floor)<br> 8.72%, 08/02/28<br>|  | $91443 | &nbsp;&nbsp; $58409 |
| Del Monte Foods Corp. II, Inc., Third Out Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.90%, 0.50% Floor)<br> 9.20%, 08/02/28<br>|  | 242852 | &nbsp;&nbsp; 48571 |
|  |  |  | &nbsp;&nbsp; 237707 |
| Brokerage Assetmanagers Exchanges | 2.2<br> %<br>|  |  |
| Ascensus Group Holdings, Inc., Amendment No.4 Replacement Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%, 0.50% Floor)<br> 7.32%, 08/02/28<br>|  | 558239 | &nbsp;&nbsp; 553527 |
| DRW Holdings LLC, 2024 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.50%)<br> 7.79%, 06/26/31<br>|  | 148547 | &nbsp;&nbsp; 147897 |
| Edelman Financial Engines Center LLC (The), 2024 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 5.25%)<br> 9.57%, 10/06/28<br>|  | 350000 | &nbsp;&nbsp; 349475 |
| GTCR Everest Borrower LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 2.75%)<br> 7.05%, 09/05/31<br>|  | 234538 | &nbsp;&nbsp; 232707 |
| HighTower Holding LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.00%)<br> 7.29%, 02/03/32<br>|  | 219485 | &nbsp;&nbsp; 217703 |
| Jefferies Finance LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%)<br> 7.32%, 10/21/31<br>|  | 784531 | &nbsp;&nbsp; 781260 |
|  |  |  | &nbsp;&nbsp; 2282569 |
| Buildings & Real Estate | 0.6<br> %<br>|  |  |
| Crown Subsea Communications Holding, Inc., 2024 Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.00%, 0.75% Floor)<br> 8.32%, 01/30/31<br>|  | 645125 | &nbsp;&nbsp; 645125 |
| Cable & Satellite | 1.4<br> %<br>|  |  |
| CSC Holdings LLC, 2022 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.50%)<br> 8.82%, 01/18/28<br>|  | 774200 | &nbsp;&nbsp; 747428 |
| CSC Holdings LLC, September 2019 Initial Term Loan<br> (Floating, PRIME USD 3M + 1.50%)<br> 9.00%, 04/15/27<br>|  | 771722 | &nbsp;&nbsp; 724038 |
|  |  |  | &nbsp;&nbsp; 1471466 |
| Capital Goods | 8.8<br> %<br>|  |  |
| Clydesdale Acquisition Holdings, Inc., Delayed Draw Term Loan<br> 03/27/32<sup>(c)</sup> <br>|  | 18939 | &nbsp;&nbsp; 18828 |
| Clydesdale Acquisition Holdings, Inc., Term Loan B<br> 03/26/32<sup>(c)</sup> <br>|  | 1083289 | &nbsp;&nbsp; 1076973 |
| Compass Power Generation LLC, Tranche B-3 Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.75%, 1.00% Floor)<br> 8.07%, 04/14/29<br>|  | 767757 | &nbsp;&nbsp; 767519 |
| CPM Holdings, Inc., Initial Term Loan<br> 09/28/28<sup>(c)</sup> <br>|  | 425158 | &nbsp;&nbsp; 417255 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Form Technologies LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 5.75%, 0.50% Floor)<br> 10.04%, 07/19/30<br>|  | $237859 | &nbsp;&nbsp; $231913 |
| Global IID Parent LLC, 2025 Refinancing Term B Loan<br> (Floating, CME Term SOFR USD 3M + 4.25%, 0.50% Floor)<br> 8.55%, 12/16/28<br>|  | 1532453 | &nbsp;&nbsp; 1526707 |
| Goat Holdco LLC, Term B Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%)<br> 7.32%, 01/27/32<br>|  | 202525 | &nbsp;&nbsp; 201006 |
| Indicor LLC, Tranche D Dollar Term Loan<br> (Floating, CME Term SOFR USD 3M + 2.75%, 0.50% Floor)<br> 7.05%, 11/22/29<br>|  | 776264 | &nbsp;&nbsp; 771691 |
| Karman Holdings LLC<br> 02/27/32<sup>(c)</sup> <br>|  | 226158 | &nbsp;&nbsp; 225593 |
| Madison IAQ LLC, Loan<br> 03/26/32<sup>(c)</sup> <br>|  | 150547 | &nbsp;&nbsp; 149041 |
| Mauser Packaging Solutions Holding Co., Term B-1 Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%)<br> 7.32%, 04/15/27<br>|  | 279445 | &nbsp;&nbsp; 278165 |
| Potters Industries LLC, 2025 Incremental Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.00%, 0.75% Floor)<br> 7.32%, 12/14/27<br>|  | 1138245 | &nbsp;&nbsp; 1137391 |
| ProAmpac PG Borrower LLC, 2024-1 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.00%, 0.75% Floor)<br> 8.32%, 09/15/28<br>|  | 493762 | &nbsp;&nbsp; 490059 |
| SPX Flow, Inc., December 2024 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%, 0.50% Floor)<br> 7.32%, 04/05/29<br>|  | 551025 | &nbsp;&nbsp; 549444 |
| TK Elevator Midco GmbH, Facility B2<br> (Floating, CME Term SOFR USD 6M + 3.50%, 0.50% Floor)<br> 7.74%, 04/30/30<br>|  | 1136157 | &nbsp;&nbsp; 1132305 |
|  |  |  | &nbsp;&nbsp; 8973890 |
| Cargo Transport | 0.4<br> %<br>|  |  |
| Kenan Advantage Group (The), Inc., U.S. Term B-4 Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%)<br> 7.57%, 01/25/29<br>|  | 377072 | &nbsp;&nbsp; 374715 |
| Chemicals | 4.0<br> %<br>|  |  |
| Chemours (The) Co., Tranche B-3 US$ Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%, 0.50% Floor)<br> 7.32%, 08/18/28<br>|  | 1477500 | &nbsp;&nbsp; 1471339 |
| Mativ Holdings, Inc., Term B Loan<br> (Floating, CME Term SOFR USD 1M + 3.75%, 0.75% Floor)<br> 8.19%, 04/20/28<br>|  | 1109339 | &nbsp;&nbsp; 1098246 |
| Momentive Performance Materials, Inc., Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.00%)<br> 8.32%, 03/29/28<br>|  | 774200 | &nbsp;&nbsp; 768587 |
| W. R. Grace Holdings LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.25%, 0.50% Floor)<br> 7.55%, 09/22/28<br>|  | 764740 | &nbsp;&nbsp; 756136 |
|  |  |  | &nbsp;&nbsp; 4094308 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Chemicals, Plastics & Rubber | 2.1<br> %<br>|  |  |
| Koppers, Inc., Term B-2 Loan<br> (Floating, CME Term SOFR USD 1M + 2.50%, 0.50% Floor)<br> 6.82%, 04/10/30<br>|  | $1164395 | &nbsp;&nbsp; $1160029 |
| Wilsonart LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.25%)<br> 8.55%, 08/05/31<br>|  | 1009925 | &nbsp;&nbsp; 958479 |
|  |  |  | &nbsp;&nbsp; 2118508 |
| Commercial Support Services | 0.5<br> %<br>|  |  |
| Raven Acquisition Holdings LLC, 2024 Delayed Draw Term Loan<br> 11/19/31<sup>(c)</sup> <br>|  | 31602 | &nbsp;&nbsp; 31194 |
| Raven Acquisition Holdings LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%)<br> 7.57%, 11/19/31<br>|  | 442430 | &nbsp;&nbsp; 436713 |
|  |  |  | &nbsp;&nbsp; 467907 |
| Communications | 2.5<br> %<br>|  |  |
| Magnite, Inc., Amendment No.2 Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%)<br> 7.32%, 02/06/31<br>|  | 1616885 | &nbsp;&nbsp; 1611501 |
| MH Sub I LLC, 2024 December New Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.25%, 0.50% Floor)<br> 8.57%, 12/31/31<br>|  | 1021099 | &nbsp;&nbsp; 934020 |
|  |  |  | &nbsp;&nbsp; 2545521 |
| Consumer Cyclical | 6.9<br> %<br>|  |  |
| Adient U.S. LLC, Term B-2 Loan<br> (Floating, CME Term SOFR USD 1M + 2.25%)<br> 6.57%, 01/31/31<br>|  | 1111833 | &nbsp;&nbsp; 1095711 |
| BIFM CA Buyer, Inc., 2024-2 Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.75%, 0.50% Floor)<br> 8.07%, 05/31/28<br>|  | 826970 | &nbsp;&nbsp; 826284 |
| Champions Holdco, Inc., Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.75%)<br> 9.07%, 02/23/29<br>|  | 1200925 | &nbsp;&nbsp; 1077326 |
| Clarios Global LP, Amendment No. 6 Dollar Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.75%)<br> 7.07%, 01/28/32<br>|  | 1000000 | &nbsp;&nbsp; 983750 |
| DS Parent, Inc., Term Loan B<br> (Floating, CME Term SOFR USD 3M + 5.50%, 0.75% Floor)<br> 9.80%, 01/31/31<br>|  | 992500 | &nbsp;&nbsp; 918063 |
| Fleet Midco I Ltd., Facility B2<br> (Floating, CME Term SOFR USD 6M + 2.75%)<br> 7.06%, 02/21/31<br>|  | 405498 | &nbsp;&nbsp; 403977 |
| Golden State Foods LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.25%)<br> 8.56%, 12/04/31<br>|  | 234775 | &nbsp;&nbsp; 235217 |
| Hanesbrands, Inc., Initial Tranche B Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.75%)<br> 7.07%, 03/07/32<br>|  | 253116 | &nbsp;&nbsp; 252376 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Oravel Stays Ltd., Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 8.00%, 1.00% Floor)<br> 12.30%, 01/08/30<br>|  | $234440 | &nbsp;&nbsp; $232096 |
| TMF Sapphire Bidco B.V., Facility B4 Loan<br> (Floating, CME Term SOFR USD 3M + 2.75%)<br> 7.05%, 05/03/28<br>|  | 390082 | &nbsp;&nbsp; 386833 |
| WCG Intermediate Corp., 2025 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%, 1.00% Floor)<br> 7.32%, 02/25/32<br>|  | 640000 | &nbsp;&nbsp; 632806 |
|  |  |  | &nbsp;&nbsp; 7044439 |
| Consumer Non-Cyclical | 3.5<br> %<br>|  |  |
| Aspire Bakeries Holdings LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.25%)<br> 8.57%, 12/23/30<br>|  | 332786 | &nbsp;&nbsp; 332786 |
| Charlotte Buyer, Inc., Second Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.25%, 0.50% Floor)<br> 8.57%, 02/11/28<br>|  | 777189 | &nbsp;&nbsp; 771780 |
| Medline Borrower LP, Third Amendment Incremental Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.25%, 0.50% Floor)<br> 6.57%, 10/23/28<br>|  | 698125 | &nbsp;&nbsp; 696527 |
| Osmosis Buyer Limited, 2025 Refinancing Term B Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%, 0.50% Floor)<br> 7.32%, 07/31/28<br>|  | 500715 | &nbsp;&nbsp; 495572 |
| Primo Brands Corp., 2025 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 3M + 2.25%, 0.50% Floor)<br> 6.55%, 03/31/28<br>|  | 281618 | &nbsp;&nbsp; 280238 |
| Summit Behavioral Healthcare LLC, Tranche B-1 Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.25%, 0.75% Floor)<br> 8.55%, 11/24/28<br>|  | 974684 | &nbsp;&nbsp; 804114 |
| U.S. Fertility Enterprises LLC, Initial Delayed Draw Term Loan<br> 10/11/31<sup>(c)</sup> <br>|  | 6839 | &nbsp;&nbsp; 6839 |
| U.S. Fertility Enterprises LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 6M + 4.50%)<br> 8.78%, 10/11/31<br>|  | 150084 | &nbsp;&nbsp; 150084 |
|  |  |  | &nbsp;&nbsp; 3537940 |
| Consumer Services | 0.5<br> %<br>|  |  |
| ASP Dream Acquisition Co. LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.25%, 0.75% Floor)<br> 8.67%, 12/15/28<br>|  | 500000 | &nbsp;&nbsp; 482500 |
| Containers & Packaging | 0.4<br> %<br>|  |  |
| Five Star Lower Holding LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.25%, 0.50% Floor)<br> 8.54%, 05/05/29<br>|  | 385125 | &nbsp;&nbsp; 376652 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Containers, Packaging & Glass | 0.6<br> %<br>|  |  |
| Pregis TopCo LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.00%)<br> 8.32%, 07/31/26<br>|  | $434271 | &nbsp;&nbsp; $433884 |
| Pregis TopCo LLC, Third Amendment Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.00%, 0.50% Floor)<br> 8.44%, 07/31/26<br>|  | 190563 | &nbsp;&nbsp; 190384 |
|  |  |  | &nbsp;&nbsp; 624268 |
| Diversified/Conglomerate Manufacturing | 1.7<br> %<br>|  |  |
| Ranpak Corp., Initial Dutch Borrower Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.50%)<br> 8.80%, 12/19/31<br>|  | 156256 | &nbsp;&nbsp; 155866 |
| Ranpak Corp., Initial U.S. Borrower Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.50%)<br> 8.80%, 12/19/31<br>|  | 244152 | &nbsp;&nbsp; 243541 |
| VT Topco, Inc., Second Amendment Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.00%, 0.50% Floor)<br> 7.30%, 08/09/30<br>|  | 493775 | &nbsp;&nbsp; 492911 |
| WireCo WorldGroup, Inc., 2023 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.75%)<br> 8.04%, 11/13/28<br>|  | 939446 | &nbsp;&nbsp; 836107 |
|  |  |  | &nbsp;&nbsp; 1728425 |
| Diversified/Conglomerate Service | 5.1<br> %<br>|  |  |
| Allied Universal Holdco LLC, Initial U.S. Dollar Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.75%, 0.50% Floor)<br> 8.17%, 05/12/28<br>|  | 741557 | &nbsp;&nbsp; 740319 |
| DXP Enterprises, Inc., 2024 Incremental Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.75%, 1.00% Floor)<br> 8.07%, 10/11/30<br>|  | 778190 | &nbsp;&nbsp; 775513 |
| Emerald X, Inc., Closing Date Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.75%)<br> 8.07%, 01/30/32<br>|  | 389075 | &nbsp;&nbsp; 388102 |
| Heartland Dental LLC, 2024 New Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.50%, 0.75% Floor)<br> 8.82%, 04/28/28<br>|  | 945782 | &nbsp;&nbsp; 943521 |
| National Mentor Holdings, Inc., Initial Term C Loan<br> 03/02/28<sup>(c)</sup> <br>|  | 24033 | &nbsp;&nbsp; 23238 |
| National Mentor Holdings, Inc., Initial Term Loan<br> 03/02/28<sup>(c)</sup> <br>|  | 827361 | &nbsp;&nbsp; 799992 |
| Russell Investments U.S. Institutional Holdco, Inc., 2027 Term Loan<br> (Floating, CME Term SOFR USD 3M + 5.00%, 1.00% Floor)<br> 9.29%, 05/30/27<br>|  | 1624925 | &nbsp;&nbsp; 1567371 |
|  |  |  | &nbsp;&nbsp; 5238056 |
| Electrical | 1.4<br> %<br>|  |  |
| MH Sub I LLC, 2023 May Incremental Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.25%, 0.50% Floor)<br> 8.57%, 05/03/28<br>|  | 1508737 | &nbsp;&nbsp; 1426707 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Electronics | 1.0<br> %<br>|  |  |
| Ultra Clean Holdings, Inc., Seventh Amendment Replacement Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%)<br> 7.57%, 02/25/28<br>|  | $1012046 | &nbsp;&nbsp; $1011621 |
| Finance | 2.0<br> %<br>|  |  |
| Aretec Group, Inc., Term B-3 Loan<br> (Floating, CME Term SOFR USD 1M + 3.50%)<br> 7.82%, 08/09/30<br>|  | 776488 | &nbsp;&nbsp; 769243 |
| Jane Street Group LLC, Seventh Amendment Extended Term Loan<br> (Floating, CME Term SOFR USD 3M + 2.00%)<br> 6.31%, 12/15/31<br>|  | 241767 | &nbsp;&nbsp; 238721 |
| MSP Recovery Law Firm, Tranche 1 Loan<br> 8.10%, 05/16/25<sup>(d)</sup> <br>|  | 720750 | &nbsp;&nbsp; 277921 |
| Osaic Holdings, Inc., Term B-4 Loan<br> (Floating, CME Term SOFR USD 1M + 3.50%)<br> 7.82%, 08/17/28<br>|  | 803935 | &nbsp;&nbsp; 797287 |
|  |  |  | &nbsp;&nbsp; 2083172 |
| Food | 0.3<br> %<br>|  |  |
| Chefs' Warehouse (The), Inc., 2022 Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.50%, 0.50% Floor)<br> 7.82%, 08/23/29<br>|  | 340358 | &nbsp;&nbsp; 341635 |
| Health Care Facilities & Services | 2.2<br> %<br>|  |  |
| Agiliti Health, Inc., Term Loan,  |  |  |  |
| (Floating, CME Term SOFR USD 6M + 3.00%)<br> 7.26%, 05/01/30<br>|  | 264468 | &nbsp;&nbsp; 248820 |
| (Floating, CME Term SOFR USD 3M + 3.00%)<br> 7.31%, 05/01/30<br>|  | 138486 | &nbsp;&nbsp; 130292 |
| Dermatology Intermediate Holdings III, Inc., Closing Date Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.25%, 0.50% Floor)<br> 8.54%, 03/30/29<br>|  | 389000 | &nbsp;&nbsp; 364477 |
| Dermatology Intermediate Holdings III, Inc., Term B-1 Loan<br> (Floating, CME Term SOFR USD 3M + 5.50%, 0.50% Floor)<br> 9.79%, 03/30/29<br>|  | 801900 | &nbsp;&nbsp; 761308 |
| Sharp Services LLC, Tranche D Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.25%)<br> 7.55%, 12/31/28<br>|  | 766429 | &nbsp;&nbsp; 763554 |
|  |  |  | &nbsp;&nbsp; 2268451 |
| Healthcare & Pharmaceuticals | 1.0<br> %<br>|  |  |
| MED ParentCo LP, Ninth Amendment Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.50%)<br> 7.82%, 04/15/31<br>|  | 1037359 | &nbsp;&nbsp; 1035035 |
| Healthcare, Education & Childcare | 2.2<br> %<br>|  |  |
| LifePoint Health, Inc., 2024-1 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.75%)<br> 8.05%, 05/17/31<br>|  | 1485839 | &nbsp;&nbsp; 1438783 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Outcomes Group Holdings, Inc., 2024 Replacement Term Loan<br> 05/06/31<sup>(c)</sup> <br>|  | $76810 | &nbsp;&nbsp; $76713 |
| Zest Acquisition Corp., Term B-1 Loan<br> (Floating, CME Term SOFR USD 3M + 5.25%)<br> 9.54%, 02/08/28<br>|  | 742628 | &nbsp;&nbsp; 743557 |
|  |  |  | &nbsp;&nbsp; 2259053 |
| Home Construction | 0.8<br> %<br>|  |  |
| Chariot Buyer LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%, 0.50% Floor)<br> 7.67%, 11/03/28<br>|  | 836546 | &nbsp;&nbsp; 828004 |
| Industrial Intermediate Products | 0.8<br> %<br>|  |  |
| AZZ, Inc., Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.50%, 0.50% Floor)<br> 6.82%, 05/13/29<br>|  | 792897 | &nbsp;&nbsp; 793095 |
| Insurance | 3.7<br> %<br>|  |  |
| Acrisure LLC, 2024 Repricing Term B-6 Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%)<br> 7.32%, 11/06/30<br>|  | 625307 | &nbsp;&nbsp; 620280 |
| Asurion LLC, New B-11 Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.25%)<br> 8.67%, 08/19/28<br>|  | 434458 | &nbsp;&nbsp; 430036 |
| Asurion LLC, New B-4 Term Loan<br> (Floating, CME Term SOFR USD 1M + 5.25%)<br> 9.69%, 01/20/29<br>|  | 790000 | &nbsp;&nbsp; 729889 |
| Bella Holding Co. LLC, 2025 Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%, 0.75% Floor)<br> 7.57%, 05/10/28<br>|  | 798477 | &nbsp;&nbsp; 796145 |
| OneDigital Borrower LLC, 2025 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%, 0.50% Floor)<br> 7.32%, 07/02/31<br>|  | 380918 | &nbsp;&nbsp; 378068 |
| OneDigital Borrower LLC, Initial Loan<br> (Floating, CME Term SOFR USD 1M + 5.25%, 0.50% Floor)<br> 9.57%, 07/02/32<br>|  | 810000 | &nbsp;&nbsp; 807975 |
|  |  |  | &nbsp;&nbsp; 3762393 |
| Leisure Facilities & Services | 0.2<br> %<br>|  |  |
| Scientific Games Holdings LP, 2024 Refinancing Dollar Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.00%, 0.50% Floor)<br> 7.30%, 04/04/29<br>|  | 193075 | &nbsp;&nbsp; 191814 |
| Machinery | 2.8<br> %<br>|  |  |
| Alliance Laundry Systems LLC, Initial Term B Loan<br> (Floating, CME Term SOFR USD 3M + 2.75%)<br> 7.07%, 08/19/31<br>|  | 1020000 | &nbsp;&nbsp; 1015726 |
| Engineered Machinery Holdings, Inc., Incremental Amendment No. 3 Term <br> Loan<br> (Floating, CME Term SOFR USD 3M + 6.00%, 0.75% Floor)<br> 10.56%, 05/21/29<br>|  | 395000 | &nbsp;&nbsp; 394755 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Engineered Machinery Holdings, Inc., Incremental Amendment No. 5 Term <br> Loan<br> (Floating, CME Term SOFR USD 3M + 3.75%, 0.75% Floor)<br> 8.31%, 05/19/28<br>|  | $641709 | &nbsp;&nbsp; $641312 |
| Pro Mach Group, Inc., Amendment No.5 Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.75%, 1.00% Floor)<br> 7.07%, 08/31/28<br>|  | 770046 | &nbsp;&nbsp; 767505 |
|  |  |  | &nbsp;&nbsp; 2819298 |
| Metals & Mining | 0.7<br> %<br>|  |  |
| Harsco Corp., Term B-3 Loan<br> (Floating, CME Term SOFR USD 1M + 2.25%)<br> 6.69%, 06/09/28<br>|  | 692894 | &nbsp;&nbsp; 679902 |
| Other Industrial | 1.6<br> %<br>|  |  |
| Azuria Water Solutions, Inc., 2025 Replacement Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%, 0.75% Floor)<br> 7.32%, 05/17/28<br>|  | 762967 | &nbsp;&nbsp; 757443 |
| Service Logic Acquisition, Inc., Amendment No. 8 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%, 0.75% Floor)<br> 7.32%, 10/29/27<br>|  | 835747 | &nbsp;&nbsp; 832613 |
|  |  |  | &nbsp;&nbsp; 1590056 |
| Printing & Publishing | 0.6<br> %<br>|  |  |
| LABL, Inc., Initial Dollar Term Loan<br> (Floating, CME Term SOFR USD 1M + 5.00%, 0.50% Floor)<br> 9.42%, 10/30/28<br>|  | 764739 | &nbsp;&nbsp; 631545 |
| Real Estate Investment Trusts | 0.4<br> %<br>|  |  |
| OEG Borrower LLC, 2024 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.50%)<br> 7.80%, 06/30/31<br>|  | 402975 | &nbsp;&nbsp; 401968 |
| Retail | 1.4<br> %<br>|  |  |
| United Natural Foods, Inc., 2024 Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.75%)<br> 9.07%, 05/01/31<br>|  | 1202950 | &nbsp;&nbsp; 1214475 |
| Victra Holdings LLC, Fourth Amendment Incremental Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.25%, 0.75% Floor)<br> 8.55%, 03/31/29<br>|  | 187779 | &nbsp;&nbsp; 186958 |
|  |  |  | &nbsp;&nbsp; 1401433 |
| Retail - Discretionary | 2.0<br> %<br>|  |  |
| Petco Health and Wellness Co., Inc., Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.25%, 0.75% Floor)<br> 7.81%, 03/03/28<br>|  | 1045000 | &nbsp;&nbsp; 949644 |
| PetSmart LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.75%, 0.75% Floor)<br> 8.17%, 02/11/28<br>|  | 762717 | &nbsp;&nbsp; 749049 |
| Victoria's Secret & Co., Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.25%, 0.50% Floor)<br> 7.81%, 08/02/28<br>|  | 381126 | &nbsp;&nbsp; 380173 |
|  |  |  | &nbsp;&nbsp; 2078866 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Retail Stores | 4.0<br> %<br>|  |  |
| BCPE Empire Holdings, Inc., Amendment No. 8 Incremental Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%, 0.50% Floor)<br> 7.57%, 12/11/30<br>|  | $2048249 | &nbsp;&nbsp; $2016665 |
| Dave & Buster's, Inc., 2024 Incremental Term B Loan<br> (Floating, CME Term SOFR USD 3M + 3.25%, 0.50% Floor)<br> 7.56%, 11/01/31<br>|  | 1017450 | &nbsp;&nbsp; 885822 |
| Dave & Buster's, Inc., 2024 Refinancing Term B Loan<br> (Floating, CME Term SOFR USD 3M + 3.25%, 0.50% Floor)<br> 7.56%, 06/29/29<br>|  | 162020 | &nbsp;&nbsp; 144198 |
| Great Outdoors Group LLC, Term B-3 Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%, 0.75% Floor)<br> 7.57%, 01/23/32<br>|  | 306968 | &nbsp;&nbsp; 305817 |
| Upbound Group, Inc., Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 2.75%, 0.50% Floor)<br> 7.04%, 02/17/28<br>|  | 720637 | &nbsp;&nbsp; 717934 |
|  |  |  | &nbsp;&nbsp; 4070436 |
| Software | 0.8<br> %<br>|  |  |
| Central Parent LLC, 2024 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.25%)<br> 7.55%, 07/06/29<br>|  | 282117 | &nbsp;&nbsp; 241422 |
| Cotiviti, Inc., Initial Floating Rate Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.75%)<br> 7.07%, 05/01/31<br>|  | 562270 | &nbsp;&nbsp; 549619 |
|  |  |  | &nbsp;&nbsp; 791041 |
| Specialty Finance | 0.5<br> %<br>|  |  |
| Blackstone Mortgage Trust, Inc., Term B-5 Loan<br> (Floating, CME Term SOFR USD 1M + 3.75%, 0.50% Floor)<br> 8.07%, 12/10/28<br>|  | 154736 | &nbsp;&nbsp; 154156 |
| Greystone Select Financial LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 5.00%)<br> 9.55%, 06/16/28<br>|  | 375614 | &nbsp;&nbsp; 373735 |
|  |  |  | &nbsp;&nbsp; 527891 |
| Technology | 4.3<br> %<br>|  |  |
| Adeia, Inc., Initial Term B Loan<br> (Floating, CME Term SOFR USD 1M + 2.50%)<br> 6.82%, 06/08/28<br>|  | 435548 | &nbsp;&nbsp; 434734 |
| Cotiviti, Inc., Amendment 2 Term Loan<br> 03/29/32<sup>(c)</sup> <br>|  | 729690 | &nbsp;&nbsp; 712360 |
| Icon Parent I, Inc., Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.00%)<br> 7.32%, 11/13/31<br>|  | 155000 | &nbsp;&nbsp; 153704 |
| Imprivata, Inc., 2024 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.50%, 0.50% Floor)<br> 7.79%, 12/01/27<br>|  | 58555 | &nbsp;&nbsp; 58474 |
| Ingram Micro, Inc., Additional Term B-1 Loan<br> (Floating, CME Term SOFR USD 3M + 2.75%, 0.50% Floor)<br> 7.05%, 09/22/31<br>|  | 157757 | &nbsp;&nbsp; 158151 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Neon Maple Purchaser, Inc., Tranche B-1 Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%)<br> 7.32%, 11/17/31<br>|  | $1014365 | &nbsp;&nbsp; $1006473 |
| Proofpoint, Inc., 2024 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%, 0.50% Floor)<br> 7.32%, 08/31/28<br>|  | 1266339 | &nbsp;&nbsp; 1261198 |
| RealPage, Inc., 2024-1 Incremental Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.75%, 0.50% Floor)<br> 8.05%, 04/24/28<br>|  | 158851 | &nbsp;&nbsp; 158675 |
| Storable, Inc., Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%)<br> 7.57%, 04/16/31<br>|  | 418343 | &nbsp;&nbsp; 415598 |
|  |  |  | &nbsp;&nbsp; 4359367 |
| Telecommunications | 0.6<br> %<br>|  |  |
| Eagle Broadband Investments LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.00%, 0.75% Floor)<br> 7.56%, 11/12/27<br>|  | 617304 | &nbsp;&nbsp; 614477 |
| Transportation | 1.5<br> %<br>|  |  |
| Apple Bidco LLC, Amendment No. 5 Term Loan,  |  |  |  |
| 09/23/31<sup>(c)</sup> <br>|  | 268161 | &nbsp;&nbsp; 265403 |
| (Floating, CME Term SOFR USD 1M + 2.50%)<br> 6.82%, 09/23/31<br>|  | 773306 | &nbsp;&nbsp; 767274 |
| Stonepeak Nile Parent LLC, Term Loan B<br> 02/04/32<sup>(c)</sup> <br>|  | 356082 | &nbsp;&nbsp; 354412 |
| Vista Management Holding, Inc., Term Loan<br> 03/18/31<sup>(c)</sup> <br>|  | 150547 | &nbsp;&nbsp; 149418 |
|  |  |  | &nbsp;&nbsp; 1536507 |
| Transportation & Logistics | 0.8<br> %<br>|  |  |
| AAdvantage Loyality IP Ltd., Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.75%, 0.75% Floor)<br> 9.30%, 04/20/28<br>|  | 770250 | &nbsp;&nbsp; 785416 |
| Wholesale - Discretionary | 0.7<br> %<br>|  |  |
| Fleetpride, Inc., 2023 Incremental Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.50%, 0.50% Floor)<br> 8.82%, 09/29/28<br>|  | 807899 | &nbsp;&nbsp; 746151 |
| TOTAL BANK LOAN OBLIGATIONS (Cost $89,860,435) |  |  | &nbsp;&nbsp; 88306601 |
| CORPORATE BONDS | 9.9<br> %<br>|  |  |
| Automotive | 1.0<br> %<br>|  |  |
| Tenneco, Inc.<br> 8.00%, 11/17/28<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 953744 |
| Biotechnology & Pharmaceuticals | 0.1<br> %<br>|  |  |
| Bausch Health Americas, Inc.<br> 8.50%, 01/31/27<sup>(a)</sup> <br>|  | 115000 | &nbsp;&nbsp; 109270 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Cable & Satellite | 1.8<br> %<br>|  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.<br> 4.75%, 03/01/30<sup>(a)</sup> <br>|  | $685000 | &nbsp;&nbsp; $635298 |
| CSC Holdings LLC<br> 4.13%, 12/01/30<sup>(a)</sup> <br>|  | 1580000 | &nbsp;&nbsp; 1144137 |
|  |  |  | &nbsp;&nbsp; 1779435 |
| Chemicals | 1.0<br> %<br>|  |  |
| Chemours (The) Co.<br> 4.63%, 11/15/29<sup>(a)</sup> <br>|  | 1185000 | &nbsp;&nbsp; 1011463 |
| Commercial Support Services | 0.7<br> %<br>|  |  |
| Enviri Corp.<br> 5.75%, 07/31/27<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 716044 |
| Consumer Non-Cyclical | 0.5<br> %<br>|  |  |
| LifePoint Health, Inc.<br> 8.38%, 02/15/32<sup>(a)</sup> <br>|  | 535000 | &nbsp;&nbsp; 538670 |
| Containers & Packaging | 0.4<br> %<br>|  |  |
| Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance <br> PLC<br> 4.00%, 09/01/29<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 425762 |
| Insurance | 0.3<br> %<br>|  |  |
| Acrisure LLC/Acrisure Finance, Inc.<br> 7.50%, 11/06/30<sup>(a)</sup> <br>|  | 320000 | &nbsp;&nbsp; 325555 |
| Specialty Finance | 4.0<br> %<br>|  |  |
| AerCap Global Aviation Trust<br> (Variable, 3M CME Term SOFR + 4.56%)<br> 6.50%, 06/15/45<sup>(a)(b)</sup> <br>|  | 790000 | &nbsp;&nbsp; 789685 |
| Burford Capital Global Finance LLC<br> 9.25%, 07/01/31<sup>(a)</sup> <br>|  | 1185000 | &nbsp;&nbsp; 1248489 |
| ILFC E-Capital Trust I<br> (Variable, 3M CME Term SOFR + 1.81%)<br> 6.12%, 12/21/65<sup>(a)(b)</sup> <br>|  | 1343000 | &nbsp;&nbsp; 1118461 |
| ILFC E-Capital Trust II<br> (Variable, 3M CME Term SOFR + 2.06%)<br> 6.37%, 12/21/65<sup>(a)(b)</sup> <br>|  | 1102000 | &nbsp;&nbsp; 925985 |
|  |  |  | &nbsp;&nbsp; 4082620 |
| Steel | 0.1<br> %<br>|  |  |
| TMS International Corp.<br> 6.25%, 04/15/29<sup>(a)</sup> <br>|  | 115000 | &nbsp;&nbsp; 107056 |
| TOTAL CORPORATE BONDS (Cost $10,186,937) |  |  | &nbsp;&nbsp; 10049619 |
| FOREIGN ISSUER BONDS | 1.3<br> %<br>|  |  |
| Automotive | 0.6<br> %<br>|  |  |
| Aptiv Swiss Holdings Ltd.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.39%)<br> 6.88%, 12/15/54<sup>(b)</sup> <br>|  | 625000 | &nbsp;&nbsp; 611812 |
| Consumer Cyclical | 0.7<br> %<br>|  |  |
| Adient Global Holdings Ltd.<br> 7.50%, 02/15/33<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 702228 |
| TOTAL FOREIGN ISSUER BONDS (Cost $1,359,437) |  |  | &nbsp;&nbsp; 1314040 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| WARRANTS | 0.0<br> %<br>|  |  |
| Retail - Discretionary | 0.0<br> %<br>|  |  |
| Service King, Strike Price $-<sup>(d)(e)</sup> <br>|  | 2554 | &nbsp;&nbsp; $— |
| TOTAL WARRANTS (Cost $—) |  |  | &nbsp;&nbsp; — |
| SHORT-TERM INVESTMENTS | 3.8<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(f)</sup> <br>|  | 3856708 | &nbsp;&nbsp; 3856708 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,856,708) |  |  | &nbsp;&nbsp; 3856708 |
| TOTAL INVESTMENTS<br> (Cost $106,608,675)<br>| 102.9<br> %<br>|  | &nbsp;&nbsp; 104891635 |
| NET OTHER ASSETS (LIABILITIES) | (2.9<br> %)<br>|  | &nbsp;&nbsp; (2980459)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $101911176 |

---

---

| |
|:---|
| <sup>(a)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of March 31, 2025, these securities had a total value of $12,116,514 or 12% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at March 31, 2025, and the related index and spread are shown parenthetically for each <br> security.<br>|
| <sup>(c)</sup>Position is unsettled. Contract rate was not determined at March 31, 2025 and does not take effect until settlement date. |
| <sup>(d)</sup>Security valued pursuant to Level 3 unobservable inputs. |
| <sup>(e)</sup>Non-income producing security. |
| <sup>(f)</sup>7-day current yield as of March 31, 2025 is disclosed. |

---

---

| |
|:---|
| Abbreviations: |
| CLO – Collateralized Loan Obligation |
| SOFR – Secured Overnight Financing Rate |
| USD – United States Dollar |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY INTERNATIONAL VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 95.9<br> %<br>|  |  |
| Canada | 4.9<br> %<br>|  |  |
| Bank of Nova Scotia (The) |  | 5248 | &nbsp;&nbsp; $248825 |
| Enbridge, Inc. |  | 4925 | &nbsp;&nbsp; 217972 |
| Suncor Energy, Inc. |  | 5376 | &nbsp;&nbsp; 208159 |
|  |  |  | &nbsp;&nbsp; 674956 |
| Denmark | 1.4<br> %<br>|  |  |
| Carlsberg A.S. - Class B |  | 1538 | &nbsp;&nbsp; 194677 |
| Finland | 2.7<br> %<br>|  |  |
| Fortum OYJ |  | 16022 | &nbsp;&nbsp; 262368 |
| Stora Enso OYJ - REG |  | 11777 | &nbsp;&nbsp; 111602 |
|  |  |  | &nbsp;&nbsp; 373970 |
| France | 10.4<br> %<br>|  |  |
| Arkema S.A. |  | 2083 | &nbsp;&nbsp; 159498 |
| BNP Paribas S.A. |  | 4595 | &nbsp;&nbsp; 384047 |
| Sanofi S.A. |  | 2663 | &nbsp;&nbsp; 294852 |
| SCOR S.E. |  | 9337 | &nbsp;&nbsp; 269651 |
| Thales S.A. |  | 1225 | &nbsp;&nbsp; 325631 |
|  |  |  | &nbsp;&nbsp; 1433679 |
| Germany | 11.3<br> %<br>|  |  |
| BASF S.E. |  | 5555 | &nbsp;&nbsp; 278466 |
| Continental A.G. |  | 3322 | &nbsp;&nbsp; 234267 |
| Deutsche Post A.G. |  | 4489 | &nbsp;&nbsp; 192728 |
| Fraport A.G. Frankfurt Airport Services Worldwide<sup>(a)</sup> <br>|  | 2912 | &nbsp;&nbsp; 182742 |
| Infineon Technologies A.G. |  | 6350 | &nbsp;&nbsp; 211677 |
| Rheinmetall A.G. |  | 321 | &nbsp;&nbsp; 459326 |
|  |  |  | &nbsp;&nbsp; 1559206 |
| Hong Kong | 4.6<br> %<br>|  |  |
| AIA Group Ltd. |  | 27885 | &nbsp;&nbsp; 211086 |
| ASMPT Ltd. |  | 15388 | &nbsp;&nbsp; 108454 |
| Jardine Matheson Holdings Ltd. |  | 3503 | &nbsp;&nbsp; 147941 |
| Link REIT |  | 37557 | &nbsp;&nbsp; 175999 |
|  |  |  | &nbsp;&nbsp; 643480 |
| Italy | 6.9<br> %<br>|  |  |
| Azimut Holding S.p.A. |  | 9052 | &nbsp;&nbsp; 253450 |
| Enel S.p.A. |  | 33496 | &nbsp;&nbsp; 271730 |
| Saipem S.p.A.<sup>(a)</sup> <br>|  | 65369 | &nbsp;&nbsp; 151666 |
| Snam S.p.A. |  | 54522 | &nbsp;&nbsp; 282999 |
|  |  |  | &nbsp;&nbsp; 959845 |
| Japan | 15.9<br> %<br>|  |  |
| Komatsu Ltd. |  | 6250 | &nbsp;&nbsp; 183020 |
| Makita Corp. |  | 6630 | &nbsp;&nbsp; 219675 |
| MINEBEA MITSUMI, Inc. |  | 10183 | &nbsp;&nbsp; 148840 |
| MISUMI Group, Inc. |  | 8631 | &nbsp;&nbsp; 143660 |
| Murata Manufacturing Co. Ltd. |  | 11856 | &nbsp;&nbsp; 182878 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY INTERNATIONAL VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Nabtesco Corp. |  | 10468 | &nbsp;&nbsp; $162672 |
| NIPPON EXPRESS HOLDINGS, Inc. |  | 12000 | &nbsp;&nbsp; 218578 |
| Olympus Corp. |  | 13009 | &nbsp;&nbsp; 170297 |
| Persol Holdings Co. Ltd. |  | 102554 | &nbsp;&nbsp; 170876 |
| Tosoh Corp. |  | 11211 | &nbsp;&nbsp; 154269 |
| TOTO Ltd. |  | 9515 | &nbsp;&nbsp; 247286 |
| Welcia Holdings Co. Ltd. |  | 13936 | &nbsp;&nbsp; 201122 |
|  |  |  | &nbsp;&nbsp; 2203173 |
| Jersey | 0.9<br> %<br>|  |  |
| WPP PLC |  | 16092 | &nbsp;&nbsp; 122284 |
| Netherlands | 6.1<br> %<br>|  |  |
| ABN AMRO Bank N.V. - C.V.A.<sup>(b)</sup> <br>|  | 9914 | &nbsp;&nbsp; 208901 |
| Akzo Nobel N.V. |  | 3579 | &nbsp;&nbsp; 220415 |
| Euronext N.V.<sup>(b)</sup> <br>|  | 1613 | &nbsp;&nbsp; 234098 |
| Randstad N.V. |  | 4413 | &nbsp;&nbsp; 183432 |
|  |  |  | &nbsp;&nbsp; 846846 |
| Norway | 3.2<br> %<br>|  |  |
| Aker BP ASA |  | 10220 | &nbsp;&nbsp; 242307 |
| Equinor ASA |  | 7447 | &nbsp;&nbsp; 196666 |
|  |  |  | &nbsp;&nbsp; 438973 |
| South Korea | 0.9<br> %<br>|  |  |
| SK Hynix, Inc. |  | 952 | &nbsp;&nbsp; 126907 |
| Sweden | 5.1<br> %<br>|  |  |
| Boliden AB |  | 6338 | &nbsp;&nbsp; 207967 |
| Electrolux AB - Class B<sup>(a)</sup> <br>|  | 14438 | &nbsp;&nbsp; 118225 |
| Elekta AB - Class B |  | 29326 | &nbsp;&nbsp; 154006 |
| Getinge AB - Class B |  | 10543 | &nbsp;&nbsp; 227241 |
|  |  |  | &nbsp;&nbsp; 707439 |
| Switzerland | 4.2<br> %<br>|  |  |
| Barry Callebaut A.G. - REG |  | 130 | &nbsp;&nbsp; 172174 |
| Julius Baer Group Ltd. |  | 5898 | &nbsp;&nbsp; 408826 |
|  |  |  | &nbsp;&nbsp; 581000 |
| United Kingdom | 17.4<br> %<br>|  |  |
| Centrica PLC |  | 125399 | &nbsp;&nbsp; 242804 |
| CK Hutchison Holdings Ltd. |  | 25216 | &nbsp;&nbsp; 142141 |
| Legal & General Group PLC |  | 66081 | &nbsp;&nbsp; 208396 |
| LondonMetric Property PLC |  | 63044 | &nbsp;&nbsp; 149702 |
| M&G PLC |  | 83814 | &nbsp;&nbsp; 215901 |
| Mondi PLC |  | 14545 | &nbsp;&nbsp; 216971 |
| Persimmon PLC |  | 14474 | &nbsp;&nbsp; 223870 |
| Smith & Nephew PLC |  | 17520 | &nbsp;&nbsp; 246376 |
| Spectris PLC |  | 4145 | &nbsp;&nbsp; 125072 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY INTERNATIONAL VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| St. James's Place PLC |  | 19527 | &nbsp;&nbsp; $248225 |
| Standard Chartered PLC |  | 26556 | &nbsp;&nbsp; 394074 |
|  |  |  | &nbsp;&nbsp; 2413532 |
| TOTAL COMMON STOCKS (Cost $11,604,600) |  |  | &nbsp;&nbsp; 13279967 |
| PREFERRED STOCKS | 1.1<br> %<br>|  |  |
| Germany | 1.1<br> %<br>|  |  |
| Dr Ing hc F Porsche A.G., 5.03%<sup>(b)(c)</sup> <br>|  | 2952 | &nbsp;&nbsp; 147845 |
| TOTAL PREFERRED STOCKS (Cost $283,190) |  |  | &nbsp;&nbsp; 147845 |
| SHORT-TERM INVESTMENTS | 0.5<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(d)</sup> <br>|  | 69141 | &nbsp;&nbsp; 69141 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $69,141) |  |  | &nbsp;&nbsp; 69141 |
| TOTAL INVESTMENTS<br> (Cost $11,956,931)<br>| 97.5<br> %<br>|  | &nbsp;&nbsp; 13496953 |
| NET OTHER ASSETS (LIABILITIES) | 2.5<br> %<br>|  | &nbsp;&nbsp; 341853 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $13838806 |

---

---

| |
|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of March 31, 2025, these securities had a total value of $590,844 or 4% of net assets.<br>|
| <sup>(c)</sup>Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>(d)</sup>7-day current yield as of March 31, 2025 is disclosed. |

---

Abbreviations: <br> REG – Registered <br> REIT – Real Estate Investment Trust

At March 31, 2025 the industry sectors (excluding short-term investments) for the Barrow Hanley International Value Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 23.7% |
| Industrials  | 22.5  |
| Materials  | 9.8  |
| Health Care  | 7.8  |
| Utilities  | 7.6  |
| Energy  | 7.4  |
| Information Technology  | 5.5  |
| Consumer Discretionary  | 5.3  |
| Consumer Staples  | 4.1  |
| Real Estate  | 2.4  |
| Communication Services  | 0.9  |
| Total | &nbsp;&nbsp; 97.0% |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| ASSET-BACKED SECURITIES | 6.0<br> %<br>|  |  |
| Other Asset-Backed Securities | 4.1<br> %<br>|  |  |
| Taco Bell Funding LLC, Series 2021-1A - Class A2II<br> 2.29%, 08/25/51<sup>(a)</sup> <br>|  | $176850 | &nbsp;&nbsp; $158628 |
| Volkswagen Auto Loan Enhanced Trust, Series 2021-1 - Class A3<br> 1.02%, 06/22/26<br>|  | 1949 | &nbsp;&nbsp; 1945 |
| Toyota Auto Receivables Owner Trust, Series 2022-A - Class A3<br> 1.23%, 06/15/26<br>|  | 13720 | &nbsp;&nbsp; 13673 |
| AmeriCredit Automobile Receivables Trust, Series 2022-2 - Class A3<br> 4.38%, 04/18/28<br>|  | 70034 | &nbsp;&nbsp; 69982 |
| BMW Vehicle Owner Trust, Series 2022-A - Class A3<br> 3.21%, 08/25/26<br>|  | 16049 | &nbsp;&nbsp; 15997 |
| Ally Auto Receivables Trust, Series 2022-1 - Class A3<br> 3.31%, 11/15/26<br>|  | 33563 | &nbsp;&nbsp; 33457 |
| Honda Auto Receivables Owner Trust, Series 2022-1 - Class A3<br> 1.88%, 05/15/26<br>|  | 115701 | &nbsp;&nbsp; 115079 |
| John Deere Owner Trust, Series 2022-A - Class A3<br> 2.32%, 09/15/26<br>|  | 51892 | &nbsp;&nbsp; 51621 |
| John Deere Owner Trust, Series 2022-B - Class A3<br> 3.74%, 02/16/27<br>|  | 96540 | &nbsp;&nbsp; 96169 |
| Ford Credit Auto Owner Trust, Series 2023-A - Class A3<br> 4.65%, 02/15/28<br>|  | 222081 | &nbsp;&nbsp; 222394 |
| GM Financial Revolving Receivables Trust, Series 2021-1 - Class A<br> 1.17%, 06/12/34<sup>(a)</sup> <br>|  | 155000 | &nbsp;&nbsp; 147853 |
| CNH Equipment Trust, Series 2023-A - Class A3<br> 4.81%, 08/15/28<br>|  | 234245 | &nbsp;&nbsp; 235169 |
| CNH Equipment Trust, Series 2024-B - Class A2A<br> 5.42%, 10/15/27<br>|  | 225196 | &nbsp;&nbsp; 226017 |
| Fifth Third Auto Trust, Series 2023-1 - Class A2A<br> 5.80%, 11/16/26<br>|  | 19957 | &nbsp;&nbsp; 19972 |
| Ford Credit Auto Owner Trust, Series 2021-2 - Class A<br> 1.53%, 05/15/34<sup>(a)</sup> <br>|  | 205000 | &nbsp;&nbsp; 195582 |
| John Deere Owner Trust, Series 2024-B - Class A2A<br> 5.42%, 05/17/27<br>|  | 1399582 | &nbsp;&nbsp; 1405481 |
| Toyota Auto Loan Extended Note Trust, Series 2020-1A - Class A<br> 1.35%, 05/25/33<sup>(a)</sup> <br>|  | 215000 | &nbsp;&nbsp; 213847 |
| Mercedes-Benz Auto Lease Trust, Series 2024-B - Class A3<br> 4.23%, 02/15/28<br>|  | 515000 | &nbsp;&nbsp; 514113 |
| World Omni Automobile Lease Securitization Trust, Series 2025-A - <br> Class A3<br> 4.42%, 04/17/28<br>|  | 495000 | &nbsp;&nbsp; 494803 |
| Compass Datacenters Issuer III LLC, Series 2025-1A - Class A2<br> 5.66%, 02/25/50<sup>(a)</sup> <br>|  | 590000 | &nbsp;&nbsp; 599885 |
| GM Financial Automobile Leasing Trust, Series 2025-1 - Class A3<br> 4.66%, 02/21/28<br>|  | 865000 | &nbsp;&nbsp; 869018 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| GM Financial Consumer Automobile Receivables Trust, Series 2025-1 - <br> Class A3<br> 4.62%, 12/17/29<br>|  | $710000 | &nbsp;&nbsp; $714329 |
| Honda Auto Receivables Owner Trust, Series 2025-1 - Class A3<br> 4.57%, 09/21/29<br>|  | 705000 | &nbsp;&nbsp; 708616 |
|  |  |  | &nbsp;&nbsp; 7123630 |
| Specialty Finance | 0.3<br> %<br>|  |  |
| Toyota Auto Loan Extended Note Trust, Series 2023-1A - Class A<br> 4.93%, 06/25/36<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101573 |
| Mercedes-Benz Auto Lease Trust, Series 2024-A - Class A2A<br> 5.44%, 02/16/27<br>|  | 413167 | &nbsp;&nbsp; 414618 |
|  |  |  | &nbsp;&nbsp; 516191 |
| Institutional Financial Services | 0.3<br> %<br>|  |  |
| BMW Vehicle Lease Trust, Series 2023-2 - Class A3<br> 5.99%, 09/25/26<br>|  | 583332 | &nbsp;&nbsp; 586104 |
| Auto Loan | 1.3<br> %<br>|  |  |
| AmeriCredit Automobile Receivables Trust, Series 2024-1 - Class A2A<br> 5.75%, 02/18/28<br>|  | 921587 | &nbsp;&nbsp; 924527 |
| Porsche Financial Auto Securitization Trust, Series 2024-1 - Class A3<br> 4.44%, 01/22/30<sup>(a)</sup> <br>|  | 1310000 | &nbsp;&nbsp; 1312062 |
|  |  |  | &nbsp;&nbsp; 2236589 |
| TOTAL ASSET-BACKED SECURITIES (Cost $10,419,446) |  |  | &nbsp;&nbsp; 10462514 |
| CORPORATE BONDS | 27.6<br> %<br>|  |  |
| Automotive | 0.8<br> %<br>|  |  |
| Ford Motor Credit Co. LLC<br> 6.80%, 11/07/28<br>|  | 1325000 | &nbsp;&nbsp; 1362703 |
| Banking | 3.4<br> %<br>|  |  |
| Bank of America Corp.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.20%)<br> 2.48%, 09/21/36<sup>(b)</sup> <br>|  | 2675000 | &nbsp;&nbsp; 2230882 |
| Citigroup, Inc.<br> (Variable, U.S. SOFR + 2.06%)<br> 5.83%, 02/13/35<sup>(b)</sup> <br>|  | 2635000 | &nbsp;&nbsp; 2623670 |
| JPMorgan Chase & Co.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.15%)<br> 6.50%, 04/01/30<sup>(b)(c)</sup> <br>|  | 975000 | &nbsp;&nbsp; 997857 |
|  |  |  | &nbsp;&nbsp; 5852409 |
| Biotechnology & Pharmaceuticals | 2.6<br> %<br>|  |  |
| Bayer U.S. Finance II LLC,  |  |  |  |
| 4.25%, 12/15/25<sup>(a)</sup> <br>|  | 645000 | &nbsp;&nbsp; 642116 |
| 3.95%, 04/15/45<sup>(a)</sup> <br>|  | 1770000 | &nbsp;&nbsp; 1257029 |
| Bayer U.S. Finance LLC,  |  |  |  |
| 6.13%, 11/21/26<sup>(a)</sup> <br>|  | 585000 | &nbsp;&nbsp; 595855 |
| 6.88%, 11/21/53<sup>(a)</sup> <br>|  | 1960000 | &nbsp;&nbsp; 2026701 |
|  |  |  | &nbsp;&nbsp; 4521701 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Cable & Satellite | 1.6<br> %<br>|  |  |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital, <br>|  |  |  |
| 6.55%, 06/01/34 |  | $660000 | &nbsp;&nbsp; $678925 |
| 6.48%, 10/23/45 |  | 525000 | &nbsp;&nbsp; 499105 |
| 5.75%, 04/01/48 |  | 925000 | &nbsp;&nbsp; 797777 |
| Cox Communications, Inc.<br> 5.80%, 12/15/53<sup>(a)</sup> <br>|  | 930000 | &nbsp;&nbsp; 846069 |
|  |  |  | &nbsp;&nbsp; 2821876 |
| Chemicals | 0.1<br> %<br>|  |  |
| EIDP, Inc.<br> 1.70%, 07/15/25<br>|  | 150000 | &nbsp;&nbsp; 148694 |
| Communications | 1.8<br> %<br>|  |  |
| Cox Communications, Inc.,  |  |  |  |
| 5.45%, 09/01/34<sup>(a)</sup> <br>|  | 1090000 | &nbsp;&nbsp; 1064681 |
| 5.95%, 09/01/54<sup>(a)</sup> <br>|  | 2200000 | &nbsp;&nbsp; 2039909 |
|  |  |  | &nbsp;&nbsp; 3104590 |
| Electric | 1.5<br> %<br>|  |  |
| Duke Energy Carolinas LLC<br> 5.25%, 03/15/35<br>|  | 445000 | &nbsp;&nbsp; 450628 |
| Entergy Louisiana LLC<br> 5.80%, 03/15/55<br>|  | 880000 | &nbsp;&nbsp; 875740 |
| Entergy Mississippi LLC<br> 5.80%, 04/15/55<br>|  | 380000 | &nbsp;&nbsp; 378321 |
| Exelon Corp.<br> 5.13%, 03/15/31<br>|  | 600000 | &nbsp;&nbsp; 606646 |
| Public Service Enterprise Group, Inc.<br> 5.40%, 03/15/35<br>|  | 315000 | &nbsp;&nbsp; 316755 |
|  |  |  | &nbsp;&nbsp; 2628090 |
| Electric Utilities | 9.5<br> %<br>|  |  |
| Appalachian Power Co.<br> 4.50%, 03/01/49<br>|  | 1550000 | &nbsp;&nbsp; 1259502 |
| Arizona Public Service Co.<br> 2.65%, 09/15/50<br>|  | 90000 | &nbsp;&nbsp; 53234 |
| Consumers Energy Co.<br> 2.50%, 05/01/60<br>|  | 67000 | &nbsp;&nbsp; 36766 |
| Dominion Energy, Inc.,  |  |  |  |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.39%)<br> 6.88%, 02/01/55<sup>(b)</sup> <br>|  | 925000 | &nbsp;&nbsp; 957702 |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.21%)<br> 6.63%, 05/15/55<sup>(b)</sup> <br>|  | 1390000 | &nbsp;&nbsp; 1380236 |
| DTE Energy Co.<br> 1.05%, 06/01/25<br>|  | 620000 | &nbsp;&nbsp; 615869 |
| Duke Energy Carolinas LLC,  |  |  |  |
| 6.00%, 01/15/38 |  | 125000 | &nbsp;&nbsp; 131312 |
| 6.05%, 04/15/38 |  | 355000 | &nbsp;&nbsp; 378788 |
| 3.20%, 08/15/49 |  | 305000 | &nbsp;&nbsp; 205879 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Duke Energy Progress LLC,  |  |  |  |
| 4.15%, 12/01/44 |  | $465000 | &nbsp;&nbsp; $381199 |
| 4.20%, 08/15/45 |  | 225000 | &nbsp;&nbsp; 185130 |
| Duke Energy Progress NC Storm Funding LLC<br> 2.39%, 07/01/37<br>|  | 1135000 | &nbsp;&nbsp; 940858 |
| Entergy Arkansas LLC<br> 3.35%, 06/15/52<br>|  | 145000 | &nbsp;&nbsp; 97915 |
| Entergy Corp.,  |  |  |  |
| 2.80%, 06/15/30 |  | 295000 | &nbsp;&nbsp; 267037 |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.67%)<br> 7.13%, 12/01/54<sup>(b)</sup> <br>|  | 365000 | &nbsp;&nbsp; 369468 |
| Entergy Louisiana LLC,  |  |  |  |
| 4.00%, 03/15/33 |  | 380000 | &nbsp;&nbsp; 353750 |
| 5.35%, 03/15/34 |  | 785000 | &nbsp;&nbsp; 794242 |
| Florida Power & Light Co.<br> 3.95%, 03/01/48<br>|  | 125000 | &nbsp;&nbsp; 99135 |
| Kentucky Utilities Co.<br> 3.30%, 06/01/50<br>|  | 160000 | &nbsp;&nbsp; 108750 |
| National Rural Utilities Cooperative Finance Corp.<br> 5.45%, 10/30/25<br>|  | 195000 | &nbsp;&nbsp; 196100 |
| Pacific Gas and Electric Co.<br> 5.55%, 05/15/29<br>|  | 275000 | &nbsp;&nbsp; 278754 |
| PacifiCorp,  |  |  |  |
| 4.15%, 02/15/50 |  | 890000 | &nbsp;&nbsp; 687826 |
| 5.35%, 12/01/53 |  | 570000 | &nbsp;&nbsp; 523313 |
| 5.50%, 05/15/54 |  | 1110000 | &nbsp;&nbsp; 1041879 |
| Public Service Enterprise Group, Inc.<br> 5.45%, 04/01/34<br>|  | 620000 | &nbsp;&nbsp; 626223 |
| Sempra,  |  |  |  |
| 3.30%, 04/01/25 |  | 630000 | &nbsp;&nbsp; 630000 |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.63%)<br> 6.40%, 10/01/54<sup>(b)</sup> <br>|  | 1045000 | &nbsp;&nbsp; 991174 |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.79%)<br> 6.88%, 10/01/54<sup>(b)</sup> <br>|  | 785000 | &nbsp;&nbsp; 777295 |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.14%)<br> 6.55%, 04/01/55<sup>(b)</sup> <br>|  | 360000 | &nbsp;&nbsp; 342478 |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.35%)<br> 6.63%, 04/01/55<sup>(b)</sup> <br>|  | 645000 | &nbsp;&nbsp; 629742 |
| System Energy Resources, Inc.<br> 5.30%, 12/15/34<br>|  | 385000 | &nbsp;&nbsp; 380607 |
| Vistra Operations Co. LLC<br> 5.13%, 05/13/25<sup>(a)</sup> <br>|  | 805000 | &nbsp;&nbsp; 804165 |
|  |  |  | &nbsp;&nbsp; 16526328 |
| Entertainment Content | 0.5<br> %<br>|  |  |
| Warnermedia Holdings, Inc.<br> 5.14%, 03/15/52<br>|  | 1205000 | &nbsp;&nbsp; 878441 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Gas & Water Utilities | 0.5<br> %<br>|  |  |
| NiSource, Inc.<br> 5.25%, 03/30/28<br>|  | $825000 | &nbsp;&nbsp; $839393 |
| Home & Office Products | 0.4<br> %<br>|  |  |
| Whirlpool Corp.<br> 5.15%, 03/01/43<br>|  | 900000 | &nbsp;&nbsp; 759490 |
| Insurance | 0.8<br> %<br>|  |  |
| Markel Group, Inc.,  |  |  |  |
| 5.00%, 05/20/49 |  | 765000 | &nbsp;&nbsp; 673620 |
| 3.45%, 05/07/52 |  | 915000 | &nbsp;&nbsp; 619751 |
|  |  |  | &nbsp;&nbsp; 1293371 |
| Oil & Gas Supply Chain | 0.8<br> %<br>|  |  |
| Energy Transfer L.P.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.02%)<br> 8.00%, 05/15/54<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 526174 |
| Enterprise Products Operating LLC<br> 4.95%, 02/15/35<br>|  | 310000 | &nbsp;&nbsp; 305694 |
| Kinder Morgan Energy Partners L.P.<br> 5.40%, 09/01/44<br>|  | 75000 | &nbsp;&nbsp; 69290 |
| ONEOK Partners L.P.<br> 6.85%, 10/15/37<br>|  | 110000 | &nbsp;&nbsp; 119968 |
| Sempra Infrastructure Partners L.P.<br> 3.25%, 01/15/32<sup>(a)</sup> <br>|  | 420000 | &nbsp;&nbsp; 354877 |
|  |  |  | &nbsp;&nbsp; 1376003 |
| Real Estate Investment Trusts | 0.1<br> %<br>|  |  |
| Alexandria Real Estate Equities, Inc.<br> 3.55%, 03/15/52<br>|  | 350000 | &nbsp;&nbsp; 239190 |
| Specialty Finance | 0.1<br> %<br>|  |  |
| Fidelity National Financial, Inc.<br> 3.20%, 09/17/51<br>|  | 155000 | &nbsp;&nbsp; 95166 |
| Moody's Corp.<br> 2.55%, 08/18/60<br>|  | 75000 | &nbsp;&nbsp; 38710 |
|  |  |  | &nbsp;&nbsp; 133876 |
| Technology | 0.8<br> %<br>|  |  |
| Foundry JV Holdco LLC<br> 6.30%, 01/25/39<sup>(a)</sup> <br>|  | 1390000 | &nbsp;&nbsp; 1439604 |
| Technology Hardware | 0.0 %<sup>(d)</sup><br>|  |  |
| Dell International LLC/EMC Corp.<br> 3.45%, 12/15/51<br>|  | 60000 | &nbsp;&nbsp; 40549 |
| Telecommunications | 0.8<br> %<br>|  |  |
| AT&T, Inc.,  |  |  |  |
| 3.80%, 12/01/57 |  | 500000 | &nbsp;&nbsp; 351010 |
| 3.65%, 09/15/59 |  | 795000 | &nbsp;&nbsp; 536173 |
| Sprint Capital Corp.<br> 8.75%, 03/15/32<br>|  | 400000 | &nbsp;&nbsp; 481078 |
|  |  |  | &nbsp;&nbsp; 1368261 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Tobacco & Cannabis | 1.5<br> %<br>|  |  |
| BAT Capital Corp.<br> 4.54%, 08/15/47<br>|  | $1395000 | &nbsp;&nbsp; $1114321 |
| Reynolds American, Inc.<br> 5.70%, 08/15/35<br>|  | 1440000 | &nbsp;&nbsp; 1450482 |
|  |  |  | &nbsp;&nbsp; 2564803 |
| Transportation & Logistics | 0.0 %<sup>(d)</sup><br>|  |  |
| American Airlines Pass Through Trust, Series 2019-1 - Class AA<br> 3.15%, 02/15/32<br>|  | 72871 | &nbsp;&nbsp; 66752 |
| TOTAL CORPORATE BONDS (Cost $48,102,895) |  |  | &nbsp;&nbsp; 47966124 |
| FOREIGN ISSUER BONDS | 10.9<br> %<br>|  |  |
| Automotive | 0.2<br> %<br>|  |  |
| Nissan Motor Co. Ltd.<br> 4.81%, 09/17/30<sup>(a)</sup> <br>|  | 400000 | &nbsp;&nbsp; 379935 |
| Banking | 1.9<br> %<br>|  |  |
| BPCE S.A.<br> (Variable, U.S. SOFR + 2.79%)<br> 6.51%, 01/18/35<sup>(a)(b)</sup> <br>|  | 2185000 | &nbsp;&nbsp; 2243550 |
| HBOS PLC<br> 6.00%, 11/01/33<sup>(a)</sup> <br>|  | 665000 | &nbsp;&nbsp; 671160 |
| Intesa Sanpaolo S.p.A.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.60%)<br> 4.20%, 06/01/32<sup>(a)(b)</sup> <br>|  | 460000 | &nbsp;&nbsp; 412717 |
|  |  |  | &nbsp;&nbsp; 3327427 |
| Communications | 1.1<br> %<br>|  |  |
| Rogers Communications, Inc.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.62%)<br> 7.13%, 04/15/55<sup>(b)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 1993214 |
| Electric Utilities | 0.9<br> %<br>|  |  |
| Electricite de France S.A.,  |  |  |  |
| 4.75%, 10/13/35<sup>(a)</sup> <br>|  | 670000 | &nbsp;&nbsp; 629907 |
| 6.00%, 04/22/64<sup>(a)</sup> <br>|  | 1045000 | &nbsp;&nbsp; 987798 |
|  |  |  | &nbsp;&nbsp; 1617705 |
| Insurance | 0.6<br> %<br>|  |  |
| Fairfax Financial Holdings Ltd.<br> 6.35%, 03/22/54<br>|  | 1015000 | &nbsp;&nbsp; 1034034 |
| Oil & Gas Supply Chain | 2.4<br> %<br>|  |  |
| BP Capital Markets PLC<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.15%)<br> 6.45%, 12/01/33<sup>(b)(c)</sup> <br>|  | 1080000 | &nbsp;&nbsp; 1101924 |
| Enbridge, Inc.,  |  |  |  |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.97%)<br> 7.20%, 06/27/54<sup>(b)</sup> <br>|  | 850000 | &nbsp;&nbsp; 857716 |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.12%)<br> 7.38%, 03/15/55<sup>(b)</sup> <br>|  | 2105000 | &nbsp;&nbsp; 2161083 |
|  |  |  | &nbsp;&nbsp; 4120723 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Sovereign Government | 2.8<br> %<br>|  |  |
| Israel Government International Bond,  |  |  |  |
| 5.38%, 03/12/29 |  | $360000 | &nbsp;&nbsp; $362696 |
| 5.50%, 03/12/34 |  | 1435000 | &nbsp;&nbsp; 1422085 |
| 5.63%, 02/19/35 |  | 210000 | &nbsp;&nbsp; 208646 |
| Mexico Government International Bond,  |  |  |  |
| 4.28%, 08/14/41 |  | 1765000 | &nbsp;&nbsp; 1337358 |
| 3.77%, 05/24/61 |  | 2545000 | &nbsp;&nbsp; 1477373 |
|  |  |  | &nbsp;&nbsp; 4808158 |
| Specialty Finance | 1.0<br> %<br>|  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.72%)<br> 6.95%, 03/10/55<sup>(b)</sup> <br>|  | 1675000 | &nbsp;&nbsp; 1714424 |
| TOTAL FOREIGN ISSUER BONDS (Cost $18,906,715) |  |  | &nbsp;&nbsp; 18995620 |
| MORTGAGE-BACKED SECURITIES | 47.5<br> %<br>|  |  |
| Commercial Mortgage-Backed Securities | 1.2<br> %<br>|  |  |
| NRTH Mortgage Trust, Series 2024-PARK - Class A<br> (Floating, 1M CME Term SOFR + 1.64%, 1.64% Floor)<br> 5.96%, 03/15/39<sup>(a)(b)</sup> <br>|  | 1450000 | &nbsp;&nbsp; 1449012 |
| BX Commercial Mortgage Trust, Series 2021-VOLT - Class A<br> (Floating, 1M CME Term SOFR + 0.81%, 0.70% Floor)<br> 5.13%, 09/15/36<sup>(a)(b)</sup> <br>|  | 550000 | &nbsp;&nbsp; 545188 |
|  |  |  | &nbsp;&nbsp; 1994200 |
| Non-Agency Mortgage-Backed Security | 0.1<br> %<br>|  |  |
| Seasoned Loans Structured Transaction Trust, Series 2020-3 - Class A1C<br> 2.00%, 11/25/30<br>|  | 113531 | &nbsp;&nbsp; 104694 |
| Other Commercial Mortgage-Backed Security | 0.1<br> %<br>|  |  |
| New Economy Assets Phase 1 Sponsor LLC, Series 2021-1 - Class A1<br> 1.91%, 10/20/61<sup>(a)</sup> <br>|  | 235000 | &nbsp;&nbsp; 219299 |
| U.S. Government Agencies | 46.1<br> %<br>|  |  |
| Fannie Mae Pool #850280<br> 5.50%, 12/01/35<br>|  | 4463 | &nbsp;&nbsp; 4559 |
| Fannie Mae Pool #AB6228<br> 3.50%, 09/01/42<br>|  | 85662 | &nbsp;&nbsp; 79847 |
| Fannie Mae Pool #AD4062<br> 5.00%, 05/01/40<br>|  | 4913 | &nbsp;&nbsp; 4956 |
| Fannie Mae Pool #AL2752<br> 5.00%, 03/01/42<br>|  | 54780 | &nbsp;&nbsp; 55260 |
| Fannie Mae Pool #AS5469<br> 4.00%, 07/01/45<br>|  | 140955 | &nbsp;&nbsp; 133509 |
| Fannie Mae Pool #AS5597<br> 3.50%, 08/01/45<br>|  | 60541 | &nbsp;&nbsp; 55904 |
| Fannie Mae Pool #AS7170<br> 3.50%, 05/01/46<br>|  | 70283 | &nbsp;&nbsp; 64496 |
| Fannie Mae Pool #AS7242<br> 3.50%, 05/01/46<br>|  | 61467 | &nbsp;&nbsp; 56382 |
| Fannie Mae Pool #AS8299<br> 3.00%, 11/01/46<br>|  | 246761 | &nbsp;&nbsp; 220004 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Fannie Mae Pool #AS8947<br> 3.50%, 03/01/47<br>|  | $128792 | &nbsp;&nbsp; $117988 |
| Fannie Mae Pool #AS9772<br> 3.50%, 06/01/37<br>|  | 79782 | &nbsp;&nbsp; 76639 |
| Fannie Mae Pool #AS9988<br> 4.50%, 07/01/47<br>|  | 34114 | &nbsp;&nbsp; 33196 |
| Fannie Mae Pool #AU1625<br> 3.50%, 07/01/43<br>|  | 82908 | &nbsp;&nbsp; 77209 |
| Fannie Mae Pool #BC4764<br> 3.00%, 10/01/46<br>|  | 81594 | &nbsp;&nbsp; 72246 |
| Fannie Mae Pool #BC9468<br> 3.00%, 06/01/46<br>|  | 172023 | &nbsp;&nbsp; 152652 |
| Fannie Mae Pool #BH8279<br> 3.50%, 09/01/47<br>|  | 104720 | &nbsp;&nbsp; 95946 |
| Fannie Mae Pool #BM1150<br> 3.00%, 12/01/46<br>|  | 92903 | &nbsp;&nbsp; 82393 |
| Fannie Mae Pool #BN6625<br> 3.50%, 05/01/49<br>|  | 657677 | &nbsp;&nbsp; 605666 |
| Fannie Mae Pool #BO3007<br> 3.00%, 10/01/34<br>|  | 28119 | &nbsp;&nbsp; 26917 |
| Fannie Mae Pool #BU1322<br> 2.50%, 02/01/52<br>|  | 2707975 | &nbsp;&nbsp; 2268531 |
| Fannie Mae Pool #BV9960<br> 4.00%, 06/01/52<br>|  | 895833 | &nbsp;&nbsp; 839838 |
| Fannie Mae Pool #CA1563<br> 4.50%, 04/01/48<br>|  | 25266 | &nbsp;&nbsp; 24496 |
| Fannie Mae Pool #CA2055<br> 4.50%, 07/01/48<br>|  | 69111 | &nbsp;&nbsp; 67309 |
| Fannie Mae Pool #CA4372<br> 4.50%, 10/01/49<br>|  | 36545 | &nbsp;&nbsp; 35411 |
| Fannie Mae Pool #CA4569<br> 4.00%, 11/01/49<br>|  | 178314 | &nbsp;&nbsp; 167974 |
| Fannie Mae Pool #CA6645<br> 3.00%, 08/01/50<br>|  | 164394 | &nbsp;&nbsp; 144297 |
| Fannie Mae Pool #CA6951<br> 2.50%, 09/01/50<br>|  | 180688 | &nbsp;&nbsp; 151922 |
| Fannie Mae Pool #CB0855<br> 3.00%, 06/01/51<br>|  | 93452 | &nbsp;&nbsp; 81701 |
| Fannie Mae Pool #CB1384<br> 2.50%, 08/01/51<br>|  | 3231122 | &nbsp;&nbsp; 2718883 |
| Fannie Mae Pool #CB2857<br> 2.50%, 02/01/52<br>|  | 970535 | &nbsp;&nbsp; 818432 |
| Fannie Mae Pool #CB3486<br> 3.50%, 05/01/52<br>|  | 451914 | &nbsp;&nbsp; 408227 |
| Fannie Mae Pool #CB3878<br> 5.00%, 06/01/52<br>|  | 448500 | &nbsp;&nbsp; 446430 |
| Fannie Mae Pool #CB7980<br> 5.50%, 02/01/54<br>|  | 1479820 | &nbsp;&nbsp; 1488318 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Fannie Mae Pool #DA2948<br> 5.50%, 10/01/53<br>|  | $1394057 | &nbsp;&nbsp; $1393020 |
| Fannie Mae Pool #FM1306<br> 4.50%, 07/01/48<br>|  | 186520 | &nbsp;&nbsp; 181931 |
| Fannie Mae Pool #FM4053<br> 2.50%, 08/01/50<br>|  | 143135 | &nbsp;&nbsp; 120710 |
| Fannie Mae Pool #FM4638<br> 2.50%, 10/01/50<br>|  | 89623 | &nbsp;&nbsp; 75326 |
| Fannie Mae Pool #FM4720<br> 3.00%, 10/01/50<br>|  | 113241 | &nbsp;&nbsp; 99458 |
| Fannie Mae Pool #FM4828<br> 3.00%, 11/01/50<br>|  | 1058730 | &nbsp;&nbsp; 926178 |
| Fannie Mae Pool #FM4901<br> 2.00%, 11/01/35<br>|  | 98795 | &nbsp;&nbsp; 89976 |
| Fannie Mae Pool #FM5204<br> 2.00%, 12/01/35<br>|  | 90171 | &nbsp;&nbsp; 82131 |
| Fannie Mae Pool #FM5537<br> 2.00%, 01/01/36<br>|  | 234036 | &nbsp;&nbsp; 213147 |
| Fannie Mae Pool #FM6943<br> 2.00%, 04/01/51<br>|  | 383142 | &nbsp;&nbsp; 309523 |
| Fannie Mae Pool #FM7377<br> 3.00%, 05/01/51<br>|  | 197446 | &nbsp;&nbsp; 173131 |
| Fannie Mae Pool #FM7708<br> 3.50%, 06/01/51<br>|  | 228410 | &nbsp;&nbsp; 207010 |
| Fannie Mae Pool #FM8787<br> 2.50%, 10/01/51<br>|  | 2952064 | &nbsp;&nbsp; 2492447 |
| Fannie Mae Pool #FM9765<br> 3.00%, 11/01/51<br>|  | 217418 | &nbsp;&nbsp; 188989 |
| Fannie Mae Pool #FS1564<br> 2.00%, 04/01/51<br>|  | 305352 | &nbsp;&nbsp; 242844 |
| Fannie Mae Pool #FS1704<br> 4.00%, 05/01/52<br>|  | 165796 | &nbsp;&nbsp; 155990 |
| Fannie Mae Pool #FS1807<br> 3.50%, 07/01/51<br>|  | 304639 | &nbsp;&nbsp; 277640 |
| Fannie Mae Pool #FS3071<br> 3.00%, 07/01/52<br>|  | 2572949 | &nbsp;&nbsp; 2253070 |
| Fannie Mae Pool #FS3159<br> 4.50%, 10/01/52<br>|  | 765898 | &nbsp;&nbsp; 736546 |
| Fannie Mae Pool #FS3533<br> 2.00%, 01/01/52<br>|  | 448210 | &nbsp;&nbsp; 361628 |
| Fannie Mae Pool #FS3744<br> 2.00%, 07/01/51<br>|  | 2860452 | &nbsp;&nbsp; 2293024 |
| Fannie Mae Pool #FS4075<br> 5.00%, 04/01/53<br>|  | 770968 | &nbsp;&nbsp; 763478 |
| Fannie Mae Pool #FS4621<br> 5.00%, 06/01/53<br>|  | 280496 | &nbsp;&nbsp; 278978 |
| Fannie Mae Pool #FS4624<br> 2.50%, 11/01/51<br>|  | 316840 | &nbsp;&nbsp; 265282 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Fannie Mae Pool #FS5044<br> 4.50%, 06/01/53<br>|  | $1886082 | &nbsp;&nbsp; $1825028 |
| Fannie Mae Pool #FS6141<br> 2.00%, 01/01/52<br>|  | 2402518 | &nbsp;&nbsp; 1927215 |
| Fannie Mae Pool #FS6787<br> 6.00%, 01/01/54<br>|  | 1552608 | &nbsp;&nbsp; 1595253 |
| Fannie Mae Pool #FS8138<br> 6.50%, 06/01/54<br>|  | 639154 | &nbsp;&nbsp; 666868 |
| Fannie Mae Pool #FS8291<br> 5.50%, 07/01/53<br>|  | 2177398 | &nbsp;&nbsp; 2194859 |
| Fannie Mae Pool #FS9085<br> 3.00%, 12/01/51<br>|  | 1119242 | &nbsp;&nbsp; 974792 |
| Fannie Mae Pool #FS9456<br> 5.50%, 11/01/54<br>|  | 1663923 | &nbsp;&nbsp; 1665254 |
| Fannie Mae Pool #MA1870<br> 4.50%, 04/01/34<br>|  | 49683 | &nbsp;&nbsp; 49585 |
| Fannie Mae Pool #MA3101<br> 4.50%, 08/01/47<br>|  | 73273 | &nbsp;&nbsp; 71378 |
| Fannie Mae Pool #MA4327<br> 3.00%, 05/01/51<br>|  | 167973 | &nbsp;&nbsp; 147059 |
| Fannie Mae Pool #MA4475<br> 2.50%, 11/01/41<br>|  | 184804 | &nbsp;&nbsp; 162990 |
| Fannie Mae Pool #MA4841<br> 5.00%, 12/01/52<br>|  | 2316444 | &nbsp;&nbsp; 2279650 |
| Fannie Mae Pool #MA5039<br> 5.50%, 06/01/53<br>|  | 217272 | &nbsp;&nbsp; 217323 |
| Freddie Mac Gold Pool #G60990<br> 3.00%, 04/01/47<br>|  | 309652 | &nbsp;&nbsp; 270233 |
| Freddie Mac Gold Pool #G61281<br> 3.50%, 01/01/48<br>|  | 92765 | &nbsp;&nbsp; 84840 |
| Freddie Mac Gold Pool #J25557<br> 3.50%, 09/01/28<br>|  | 21793 | &nbsp;&nbsp; 21465 |
| Freddie Mac Gold Pool #J37949<br> 3.00%, 11/01/32<br>|  | 59417 | &nbsp;&nbsp; 57421 |
| Freddie Mac Gold Pool #Q55227<br> 4.00%, 04/01/48<br>|  | 111898 | &nbsp;&nbsp; 105478 |
| Freddie Mac Pool #QD1484<br> 2.50%, 11/01/51<br>|  | 364289 | &nbsp;&nbsp; 307436 |
| Freddie Mac Pool #QK1511<br> 3.50%, 05/01/42<br>|  | 321128 | &nbsp;&nbsp; 299274 |
| Freddie Mac Pool #RA2970<br> 2.50%, 07/01/50<br>|  | 675985 | &nbsp;&nbsp; 567967 |
| Freddie Mac Pool #RA4218<br> 2.50%, 12/01/50<br>|  | 93333 | &nbsp;&nbsp; 78640 |
| Freddie Mac Pool #RB5126<br> 2.50%, 09/01/41<br>|  | 225184 | &nbsp;&nbsp; 198605 |
| Freddie Mac Pool #RB5136<br> 2.50%, 11/01/41<br>|  | 203757 | &nbsp;&nbsp; 179706 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Freddie Mac Pool #RB5170<br> 4.00%, 06/01/42<br>|  | $1130963 | &nbsp;&nbsp; $1080014 |
| Freddie Mac Pool #RC1421<br> 2.50%, 06/01/35<br>|  | 504199 | &nbsp;&nbsp; 469067 |
| Freddie Mac Pool #RJ1265<br> 5.50%, 04/01/54<br>|  | 2314404 | &nbsp;&nbsp; 2316257 |
| Freddie Mac Pool #SD1061<br> 2.50%, 05/01/52<br>|  | 185132 | &nbsp;&nbsp; 155721 |
| Freddie Mac Pool #SD1836<br> 2.00%, 02/01/52<br>|  | 384166 | &nbsp;&nbsp; 308160 |
| Freddie Mac Pool #SD3511<br> 6.00%, 08/01/53<br>|  | 1388665 | &nbsp;&nbsp; 1417880 |
| Freddie Mac Pool #SD3669<br> 5.50%, 09/01/53<br>|  | 683260 | &nbsp;&nbsp; 691631 |
| Freddie Mac Pool #SD3824<br> 6.00%, 03/01/53<br>|  | 1077991 | &nbsp;&nbsp; 1110925 |
| Freddie Mac Pool #SD4227<br> 4.50%, 05/01/53<br>|  | 1983403 | &nbsp;&nbsp; 1898550 |
| Freddie Mac Pool #SD4495<br> 6.00%, 12/01/53<br>|  | 185615 | &nbsp;&nbsp; 190162 |
| Freddie Mac Pool #SD4901<br> 5.50%, 02/01/54<br>|  | 1350103 | &nbsp;&nbsp; 1354119 |
| Freddie Mac Pool #SD5092<br> 5.00%, 08/01/53<br>|  | 1342749 | &nbsp;&nbsp; 1318853 |
| Freddie Mac Pool #SD5223<br> 6.00%, 04/01/54<br>|  | 1080703 | &nbsp;&nbsp; 1110848 |
| Freddie Mac Pool #SD6046<br> 6.00%, 08/01/54<br>|  | 1633625 | &nbsp;&nbsp; 1672612 |
| Freddie Mac Pool #SD6260<br> 5.00%, 09/01/54<br>|  | 1746984 | &nbsp;&nbsp; 1719132 |
| Freddie Mac Pool #SD6548<br> 5.50%, 10/01/54<br>|  | 1693115 | &nbsp;&nbsp; 1699724 |
| Freddie Mac Pool #SD8090<br> 2.00%, 09/01/50<br>|  | 747144 | &nbsp;&nbsp; 599507 |
| Freddie Mac Pool #SD8199<br> 2.00%, 03/01/52<br>|  | 849783 | &nbsp;&nbsp; 676219 |
| Freddie Mac Pool #SD8267<br> 5.00%, 11/01/52<br>|  | 2933742 | &nbsp;&nbsp; 2883783 |
| Ginnie Mae I Pool #723248<br> 5.00%, 10/15/39<br>|  | 82434 | &nbsp;&nbsp; 83506 |
| Ginnie Mae I Pool #783403<br> 3.50%, 09/15/41<br>|  | 119305 | &nbsp;&nbsp; 112054 |
| Ginnie Mae II Pool #CE1974<br> 3.00%, 08/20/51<br>|  | 224281 | &nbsp;&nbsp; 201222 |
| Ginnie Mae II Pool #MA4778<br> 3.50%, 10/20/47<br>|  | 50814 | &nbsp;&nbsp; 46842 |
| Ginnie Mae II Pool #MA4901<br> 4.00%, 12/20/47<br>|  | 50362 | &nbsp;&nbsp; 47594 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Ginnie Mae II Pool #MA4963<br> 4.00%, 01/20/48<br>|  | $22168 | &nbsp;&nbsp; $20928 |
| Ginnie Mae II Pool #MA6413<br> 5.00%, 01/20/50<br>|  | 140946 | &nbsp;&nbsp; 140643 |
| Ginnie Mae II Pool #MA6477<br> 4.50%, 02/20/50<br>|  | 49314 | &nbsp;&nbsp; 47946 |
| Ginnie Mae II Pool #MA6545<br> 5.00%, 03/20/50<br>|  | 29949 | &nbsp;&nbsp; 29938 |
| Ginnie Mae II Pool #MA6598<br> 2.50%, 04/20/50<br>|  | 234782 | &nbsp;&nbsp; 200934 |
| Ginnie Mae II Pool #MA7418<br> 2.50%, 06/20/51<br>|  | 236090 | &nbsp;&nbsp; 201469 |
| Ginnie Mae II Pool #MA7419<br> 3.00%, 06/20/51<br>|  | 1580639 | &nbsp;&nbsp; 1400771 |
| Ginnie Mae II Pool #MA7472<br> 2.50%, 07/20/51<br>|  | 496977 | &nbsp;&nbsp; 424098 |
| Ginnie Mae II Pool #MA7705<br> 2.50%, 11/20/51<br>|  | 727055 | &nbsp;&nbsp; 620437 |
| Ginnie Mae II Pool #MA7768<br> 3.00%, 12/20/51<br>|  | 1664592 | &nbsp;&nbsp; 1475170 |
| Ginnie Mae II Pool #MA7829<br> 3.50%, 01/20/52<br>|  | 167888 | &nbsp;&nbsp; 154140 |
| Ginnie Mae II Pool #MA7939<br> 4.00%, 03/20/52<br>|  | 1524118 | &nbsp;&nbsp; 1430054 |
| Ginnie Mae II Pool #MA7987<br> 2.50%, 04/20/52<br>|  | 1037358 | &nbsp;&nbsp; 885236 |
| Ginnie Mae II Pool #MA8268<br> 4.50%, 09/20/52<br>|  | 682202 | &nbsp;&nbsp; 655253 |
| Ginnie Mae II Pool #MA8800<br> 5.00%, 04/20/53<br>|  | 2288733 | &nbsp;&nbsp; 2259138 |
| Ginnie Mae II Pool #MA8874<br> 3.00%, 05/20/53<br>|  | 973214 | &nbsp;&nbsp; 865271 |
| Ginnie Mae II Pool #MA8943<br> 3.00%, 06/20/53<br>|  | 1583551 | &nbsp;&nbsp; 1403352 |
| Ginnie Mae II Pool #MA9017<br> 5.50%, 07/20/53<br>|  | 2315039 | &nbsp;&nbsp; 2327225 |
| Government National Mortgage Association, Series 2023-111 - Class PH<br> 5.00%, 05/20/53<br>|  | 604917 | &nbsp;&nbsp; 604722 |
|  |  |  | &nbsp;&nbsp; 80118421 |
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $82,515,745) |  |  | &nbsp;&nbsp; 82436614 |
| U.S. GOVERNMENT OBLIGATIONS | 7.1<br> %<br>|  |  |
| U.S. Treasury Notes,<br> 0.25%, 05/31/25<br>|  | 9285000 | &nbsp;&nbsp; 9222858 |
| U.S. Treasury Notes,<br> 4.88%, 04/30/26<br>|  | 3015000 | &nbsp;&nbsp; 3040793 |
| TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $12,245,276) |  |  | &nbsp;&nbsp; 12263651 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 0.2<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(e)</sup> <br>|  | 367963 | &nbsp;&nbsp; $367963 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $367,963) |  |  | &nbsp;&nbsp; 367963 |
| TOTAL INVESTMENTS<br> (Cost $172,558,040)<br>| 99.3<br> %<br>|  | &nbsp;&nbsp; 172492486 |
| NET OTHER ASSETS (LIABILITIES) | 0.7<br> %<br>|  | &nbsp;&nbsp; 1140201 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $173632687 |

---

---

| |
|:---|
| <sup>(a)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of March 31, 2025, these securities had a total value of $21,339,002 or 12% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at March 31, 2025, and the related index and spread are shown parenthetically for each <br> security.<br>|
| <sup>(c)</sup>Perpetual bond. Maturity date represents next call date. |
| <sup>(d)</sup>Amount rounds to less than 0.05%. |
| <sup>(e)</sup>7-day current yield as of March 31, 2025 is disclosed. |

---

Abbreviations: <br> SOFR – Secured Overnight Financing Rate

At March 31, 2025 the Barrow Hanley Total Return Bond Fund's investments were concentrated as follows:

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| AAA  | 52.9% |
| AA  | 7.1  |
| A  | 5.6  |
| BBB  | 30.8  |
| BB  | 1.8  |
| Cash equivalents  | 0.2  |
| N/A  | 0.9  |
| Total | 99.3% |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY US VALUE OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 96.3<br> %<br>|  |  |
| Banking | 7.7<br> %<br>|  |  |
| Wells Fargo & Co. |  | 25915 | &nbsp;&nbsp; $1860438 |
| Bank of America Corp. |  | 35121 | &nbsp;&nbsp; 1465599 |
| Comerica, Inc. |  | 22433 | &nbsp;&nbsp; 1324893 |
| M&T Bank Corp. |  | 7817 | &nbsp;&nbsp; 1397289 |
| Western Alliance Bancorp |  | 17623 | &nbsp;&nbsp; 1353975 |
|  |  |  | &nbsp;&nbsp; 7402194 |
| Beverages | 1.8<br> %<br>|  |  |
| Keurig Dr. Pepper, Inc. |  | 52120 | &nbsp;&nbsp; 1783546 |
| Biotechnology & Pharmaceuticals | 4.3<br> %<br>|  |  |
| Merck & Co., Inc. |  | 18570 | &nbsp;&nbsp; 1666843 |
| Sanofi S.A. - ADR |  | 27486 | &nbsp;&nbsp; 1524374 |
| Elanco Animal Health, Inc.<sup>(a)</sup> <br>|  | 88745 | &nbsp;&nbsp; 931822 |
|  |  |  | &nbsp;&nbsp; 4123039 |
| Chemicals | 4.1<br> %<br>|  |  |
| Air Products and Chemicals, Inc. |  | 4898 | &nbsp;&nbsp; 1444518 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> <br>|  | 40755 | &nbsp;&nbsp; 1351844 |
| Element Solutions, Inc. |  | 50146 | &nbsp;&nbsp; 1133801 |
|  |  |  | &nbsp;&nbsp; 3930163 |
| Communications | 1.1<br> %<br>|  |  |
| Aptiv PLC<sup>(a)</sup> <br>|  | 18059 | &nbsp;&nbsp; 1074511 |
| Construction Materials | 2.8<br> %<br>|  |  |
| Knife River Corp.<sup>(a)</sup> <br>|  | 14223 | &nbsp;&nbsp; 1283057 |
| CRH PLC |  | 16324 | &nbsp;&nbsp; 1436022 |
|  |  |  | &nbsp;&nbsp; 2719079 |
| Electric Utilities | 7.1<br> %<br>|  |  |
| Entergy Corp. |  | 21348 | &nbsp;&nbsp; 1825040 |
| CenterPoint Energy, Inc. |  | 45481 | &nbsp;&nbsp; 1647777 |
| Xcel Energy, Inc. |  | 23691 | &nbsp;&nbsp; 1677086 |
| Pinnacle West Capital Corp. |  | 17579 | &nbsp;&nbsp; 1674400 |
|  |  |  | &nbsp;&nbsp; 6824303 |
| Electrical Equipment | 5.8<br> %<br>|  |  |
| Littelfuse, Inc. |  | 3633 | &nbsp;&nbsp; 714756 |
| Johnson Controls International PLC |  | 20100 | &nbsp;&nbsp; 1610211 |
| Fortive Corp. |  | 12570 | &nbsp;&nbsp; 919873 |
| BWX Technologies, Inc. |  | 12188 | &nbsp;&nbsp; 1202346 |
| Vertiv Holdings Co. - Class A |  | 15584 | &nbsp;&nbsp; 1125165 |
|  |  |  | &nbsp;&nbsp; 5572351 |
| Engineering & Construction | 3.0<br> %<br>|  |  |
| AECOM |  | 12853 | &nbsp;&nbsp; 1191859 |
| Jacobs Solutions, Inc. |  | 4778 | &nbsp;&nbsp; 577612 |
| Everus Construction Group, Inc.<sup>(a)</sup> <br>|  | 29795 | &nbsp;&nbsp; 1105097 |
|  |  |  | &nbsp;&nbsp; 2874568 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY US VALUE OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Entertainment Content | 2.8<br> %<br>|  |  |
| Electronic Arts, Inc. |  | 7994 | &nbsp;&nbsp; $1155293 |
| Warner Music Group Corp. - Class A |  | 47987 | &nbsp;&nbsp; 1504392 |
|  |  |  | &nbsp;&nbsp; 2659685 |
| Gas & Water Utilities | 1.6<br> %<br>|  |  |
| MDU Resources Group, Inc. |  | 91321 | &nbsp;&nbsp; 1544238 |
| Health Care Facilities & Services | 4.3<br> %<br>|  |  |
| UnitedHealth Group, Inc. |  | 4377 | &nbsp;&nbsp; 2292454 |
| Elevance Health, Inc. |  | 4161 | &nbsp;&nbsp; 1809868 |
|  |  |  | &nbsp;&nbsp; 4102322 |
| Home Construction | 0.9<br> %<br>|  |  |
| Lennar Corp. - Class A |  | 8029 | &nbsp;&nbsp; 921569 |
| Institutional Financial Services | 1.2<br> %<br>|  |  |
| Jefferies Financial Group, Inc. |  | 21320 | &nbsp;&nbsp; 1142112 |
| Insurance | 6.0<br> %<br>|  |  |
| Willis Towers Watson PLC |  | 5142 | &nbsp;&nbsp; 1737739 |
| American International Group, Inc. |  | 16362 | &nbsp;&nbsp; 1422512 |
| Chubb Ltd. |  | 4369 | &nbsp;&nbsp; 1319394 |
| Allstate (The) Corp. |  | 6166 | &nbsp;&nbsp; 1276794 |
|  |  |  | &nbsp;&nbsp; 5756439 |
| Internet Media & Services | 1.3<br> %<br>|  |  |
| Alphabet, Inc. - Class C |  | 7961 | &nbsp;&nbsp; 1243747 |
| Leisure Facilities & Services | 4.4<br> %<br>|  |  |
| Wynn Resorts Ltd. |  | 16464 | &nbsp;&nbsp; 1374744 |
| Carnival Corp.<sup>(a)</sup> <br>|  | 88131 | &nbsp;&nbsp; 1721198 |
| United Parks & Resorts, Inc.<sup>(a)</sup> <br>|  | 26119 | &nbsp;&nbsp; 1187370 |
|  |  |  | &nbsp;&nbsp; 4283312 |
| Medical Equipment & Devices | 3.3<br> %<br>|  |  |
| Medtronic PLC |  | 19791 | &nbsp;&nbsp; 1778419 |
| Avantor, Inc.<sup>(a)</sup> <br>|  | 87680 | &nbsp;&nbsp; 1421293 |
|  |  |  | &nbsp;&nbsp; 3199712 |
| Oil & Gas Supply Chain | 7.5<br> %<br>|  |  |
| Exxon Mobil Corp. |  | 18468 | &nbsp;&nbsp; 2196399 |
| Phillips 66 |  | 11795 | &nbsp;&nbsp; 1456446 |
| Hess Corp. |  | 6794 | &nbsp;&nbsp; 1085206 |
| Enbridge, Inc. |  | 23794 | &nbsp;&nbsp; 1054312 |
| Permian Resources Corp. |  | 102189 | &nbsp;&nbsp; 1415318 |
|  |  |  | &nbsp;&nbsp; 7207681 |
| Oil, Gas Services & Equipment | 1.0<br> %<br>|  |  |
| Halliburton Co. |  | 39994 | &nbsp;&nbsp; 1014648 |
| Real Estate Investment Trusts | 6.9<br> %<br>|  |  |
| Mid-America Apartment Communities, Inc. |  | 6711 | &nbsp;&nbsp; 1124629 |
| Prologis, Inc. |  | 14881 | &nbsp;&nbsp; 1663547 |
| Public Storage |  | 4337 | &nbsp;&nbsp; 1298021 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY US VALUE OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SBA Communications Corp. |  | 4666 | &nbsp;&nbsp; $1026567 |
| VICI Properties, Inc. |  | 46048 | &nbsp;&nbsp; 1502086 |
|  |  |  | &nbsp;&nbsp; 6614850 |
| Semiconductors | 2.7<br> %<br>|  |  |
| Microchip Technology, Inc. |  | 14394 | &nbsp;&nbsp; 696814 |
| QUALCOMM, Inc. |  | 8212 | &nbsp;&nbsp; 1261445 |
| Entegris, Inc. |  | 7295 | &nbsp;&nbsp; 638167 |
|  |  |  | &nbsp;&nbsp; 2596426 |
| Software | 3.0<br> %<br>|  |  |
| Oracle Corp. |  | 9167 | &nbsp;&nbsp; 1281638 |
| Nice Ltd. - ADR<sup>(a)</sup> <br>|  | 10226 | &nbsp;&nbsp; 1576543 |
|  |  |  | &nbsp;&nbsp; 2858181 |
| Specialty Finance | 5.4<br> %<br>|  |  |
| American Express Co. |  | 4194 | &nbsp;&nbsp; 1128396 |
| Discover Financial Services |  | 4669 | &nbsp;&nbsp; 796998 |
| Fidelity National Information Services, Inc. |  | 22235 | &nbsp;&nbsp; 1660510 |
| SLM Corp. |  | 54834 | &nbsp;&nbsp; 1610474 |
|  |  |  | &nbsp;&nbsp; 5196378 |
| Technology Hardware | 1.0<br> %<br>|  |  |
| Ciena Corp.<sup>(a)</sup> <br>|  | 15401 | &nbsp;&nbsp; 930682 |
| Technology Services | 2.9<br> %<br>|  |  |
| CACI International, Inc. - Class A<sup>(a)</sup> <br>|  | 4210 | &nbsp;&nbsp; 1544733 |
| Cognizant Technology Solutions Corp. - Class A |  | 16110 | &nbsp;&nbsp; 1232415 |
|  |  |  | &nbsp;&nbsp; 2777148 |
| Tobacco & Cannabis | 1.6<br> %<br>|  |  |
| Philip Morris International, Inc. |  | 9728 | &nbsp;&nbsp; 1544126 |
| Transportation & Logistics | 0.8<br> %<br>|  |  |
| JB Hunt Transport Services, Inc. |  | 5336 | &nbsp;&nbsp; 789461 |
| TOTAL COMMON STOCKS (Cost $77,370,040) |  |  | &nbsp;&nbsp; 92686471 |
| MASTER LIMITED PARTNERSHIPS | 1.1<br> %<br>|  |  |
| Oil & Gas Supply Chain | 1.1<br> %<br>|  |  |
| Plains GP Holdings L.P. - Class A<sup>(a)</sup> <br>|  | 52266 | &nbsp;&nbsp; 1116401 |
| TOTAL MASTER LIMITED PARTNERSHIPS (Cost $843,625) |  |  | &nbsp;&nbsp; 1116401 |
| SHORT-TERM INVESTMENTS | 2.2<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(b)</sup> <br>|  | 2106628 | &nbsp;&nbsp; 2106628 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,106,628) |  |  | &nbsp;&nbsp; 2106628 |
| TOTAL INVESTMENTS<br> (Cost $80,320,293)<br>| 99.6<br> %<br>|  | &nbsp;&nbsp; 95909500 |
| NET OTHER ASSETS (LIABILITIES) | 0.4<br> %<br>|  | &nbsp;&nbsp; 340545 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $96250045 |

---

<sup>(a)</sup>Non-income producing security. <br> <sup>(b)</sup>7-day current yield as of March 31, 2025 is disclosed.

Abbreviations: <br> ADR – American Depositary Receipt

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF ASSETS & LIABILITIES**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Barrow Hanley**<br> **Concentrated** <br> **Emerging Markets**<br> **ESG Opportunities** <br> **Fund**<br>| **Barrow Hanley**<br> **Credit**<br> **Opportunities Fund**<br>| **Barrow Hanley**<br> **Emerging Markets**<br> **Value Fund**<br>|
| Assets: |  |  |  |
| Investments, at cost | &nbsp;&nbsp; $5164699 | &nbsp;&nbsp; $71614404 | &nbsp;&nbsp; $3172038 |
| Investments, at value  | &nbsp;&nbsp; 5428675 | &nbsp;&nbsp; 71097479 | &nbsp;&nbsp; 2979935 |
| Investments in affiliates, at cost | &nbsp;&nbsp; — | &nbsp;&nbsp; 21485752 | &nbsp;&nbsp; — |
| Investments in affiliates, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; 21039915 | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| Foreign currencies (Cost:$0, $0 and $208, respectively) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 208 |
| Receivable for interest | &nbsp;&nbsp; — | &nbsp;&nbsp; 1148143 | &nbsp;&nbsp; — |
| Receivable for dividends | &nbsp;&nbsp; 61219 | &nbsp;&nbsp; 9438 | &nbsp;&nbsp; 19460 |
| Reclaims receivable | &nbsp;&nbsp; 21806 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2349 |
| Receivable for investments sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 313100 | &nbsp;&nbsp; — |
| Prepaid expenses | &nbsp;&nbsp; 8864 | &nbsp;&nbsp; 13719 | &nbsp;&nbsp; 8837 |
| Total Assets | &nbsp;&nbsp; 5520564 | &nbsp;&nbsp; 93621795 | &nbsp;&nbsp; 3010789 |
| Liabilities: |  |  |  |
| Securities purchased payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 605000 | &nbsp;&nbsp; 5300 |
| Investment advisory fees payable | &nbsp;&nbsp; 4469 | &nbsp;&nbsp; 47763 | &nbsp;&nbsp; 2237 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 22661 | &nbsp;&nbsp; 29911 | &nbsp;&nbsp; 16393 |
| Treasurer Service fees payable | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 1448 | &nbsp;&nbsp; 48 |
| Trustee fees payable | &nbsp;&nbsp; 358 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued Audit fees payable | &nbsp;&nbsp; 7783 | &nbsp;&nbsp; 5238 | &nbsp;&nbsp; 8786 |
| Accrued expenses and other payables | &nbsp;&nbsp; 20029 | &nbsp;&nbsp; 18079 | &nbsp;&nbsp; 19107 |
| Total Liabilities | &nbsp;&nbsp; 55650 | &nbsp;&nbsp; 707439 | &nbsp;&nbsp; 51871 |
| Net Assets | &nbsp;&nbsp; $5464914 | &nbsp;&nbsp; $92914356 | &nbsp;&nbsp; $2958918 |
| Net Assets: |  |  |  |
| Paid in capital | &nbsp;&nbsp; $7687453 | &nbsp;&nbsp; $100901752 | &nbsp;&nbsp; $3286325 |
| Distributable earnings (loss) | &nbsp;&nbsp; (2222539)<br>| &nbsp;&nbsp; (7987396)<br>| &nbsp;&nbsp; (327407)<br>|
| Net Assets | &nbsp;&nbsp; $5464914 | &nbsp;&nbsp; $92914356 | &nbsp;&nbsp; $2958918 |
| Net Assets: |  |  |  |
| Institutional Shares | &nbsp;&nbsp; $5464914 | &nbsp;&nbsp; $92914356 | &nbsp;&nbsp; $2958918 |
| Share of Common Stock Outstanding: |  |  |  |
| Institutional Shares | &nbsp;&nbsp; 657830 | &nbsp;&nbsp; 9778140 | &nbsp;&nbsp; 338251 |
| Net Asset Value per Share: |  |  |  |
| Institutional Shares | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $8.75 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF ASSETS & LIABILITIES**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Barrow Hanley**<br> **Floating**<br> **Rate Fund**<br>| **Barrow Hanley**<br> **International**<br> **Value Fund**<br>| **Barrow Hanley**<br> **Total Return**<br> **Bond Fund**<br>|
| Assets: |  |  |  |
| Investments, at cost | &nbsp;&nbsp; $106608675 | &nbsp;&nbsp; $11956931 | &nbsp;&nbsp; $172558040 |
| Investments, at value  | &nbsp;&nbsp; 104891635 | &nbsp;&nbsp; 13496953 | &nbsp;&nbsp; 172492486 |
| Foreign currencies (Cost:$0, $49,638 and $0, respectively) | &nbsp;&nbsp; — | &nbsp;&nbsp; 49626 | &nbsp;&nbsp; — |
| Receivable for interest | &nbsp;&nbsp; 976238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1247430 |
| Receivable for dividends | &nbsp;&nbsp; 11258 | &nbsp;&nbsp; 61575 | &nbsp;&nbsp; 2520 |
| Reclaims receivable | &nbsp;&nbsp; — | &nbsp;&nbsp; 297051 | &nbsp;&nbsp; — |
| Receivable for investments sold | &nbsp;&nbsp; 1884707 | &nbsp;&nbsp; 79996 | &nbsp;&nbsp; — |
| Prepaid expenses | &nbsp;&nbsp; 6341 | &nbsp;&nbsp; 9312 | &nbsp;&nbsp; 24645 |
| Total Assets | &nbsp;&nbsp; 107770179 | &nbsp;&nbsp; 13994513 | &nbsp;&nbsp; 173767081 |
| Liabilities: |  |  |  |
| Cash overdraft | &nbsp;&nbsp; 1199347 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities purchased payable | &nbsp;&nbsp; 4561464 | &nbsp;&nbsp; 161 | &nbsp;&nbsp; — |
| Investment advisory fees payable | &nbsp;&nbsp; 39158 | &nbsp;&nbsp; 9527 | &nbsp;&nbsp; 51509 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 32420 | &nbsp;&nbsp; 19056 | &nbsp;&nbsp; 48555 |
| Credit facility payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; — |
| Treasurer Service fees payable | &nbsp;&nbsp; 1650 | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 2821 |
| Trustee fees payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 739 | &nbsp;&nbsp; — |
| Accrued Audit fees payable | &nbsp;&nbsp; 8298 | &nbsp;&nbsp; 6635 | &nbsp;&nbsp; 2007 |
| Accrued expenses and other payables | &nbsp;&nbsp; 16666 | &nbsp;&nbsp; 18860 | &nbsp;&nbsp; 29502 |
| Total Liabilities | &nbsp;&nbsp; 5859003 | &nbsp;&nbsp; 155707 | &nbsp;&nbsp; 134394 |
| Net Assets | &nbsp;&nbsp; $101911176 | &nbsp;&nbsp; $13838806 | &nbsp;&nbsp; $173632687 |
| Net Assets: |  |  |  |
| Paid in capital | &nbsp;&nbsp; $104573817 | &nbsp;&nbsp; $13593735 | &nbsp;&nbsp; $174108991 |
| Distributable earnings (loss) | &nbsp;&nbsp; (2662641)<br>| &nbsp;&nbsp; 245071 | &nbsp;&nbsp; (476304)<br>|
| Net Assets | &nbsp;&nbsp; $101911176 | &nbsp;&nbsp; $13838806 | &nbsp;&nbsp; $173632687 |
| Net Assets: |  |  |  |
| Institutional Shares | &nbsp;&nbsp; $101911176 | &nbsp;&nbsp; $13838806 | &nbsp;&nbsp; $173632687 |
| Share of Common Stock Outstanding: |  |  |  |
| Institutional Shares | &nbsp;&nbsp; 10563260 | &nbsp;&nbsp; 1328442 | &nbsp;&nbsp; 18881862 |
| Net Asset Value per Share: |  |  |  |
| Institutional Shares | &nbsp;&nbsp; $9.65 | &nbsp;&nbsp; $10.42 | &nbsp;&nbsp; $9.20 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF ASSETS & LIABILITIES**

**March 31, 2025 (Unaudited)** 

------

---

| | |
|:---|:---|
|  | **Barrow Hanley**<br> **US Value**<br> **Opportunities Fund**<br>|
| Assets: |  |
| Investments, at cost | &nbsp;&nbsp; $80320293 |
| Investments, at value  | &nbsp;&nbsp; 95909500 |
| Receivable for dividends | &nbsp;&nbsp; 138056 |
| Reclaims receivable | &nbsp;&nbsp; 21239 |
| Receivable for investments sold | &nbsp;&nbsp; 281581 |
| Prepaid expenses | &nbsp;&nbsp; 4959 |
| Total Assets | &nbsp;&nbsp; 96355335 |
| Liabilities: |  |
| Investment advisory fees payable | &nbsp;&nbsp; 45516 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 32519 |
| Treasurer Service fees payable | &nbsp;&nbsp; 1703 |
| Accrued Audit fees payable | &nbsp;&nbsp; 4714 |
| Accrued expenses and other payables | &nbsp;&nbsp; 20838 |
| Total Liabilities | &nbsp;&nbsp; 105290 |
| Net Assets | &nbsp;&nbsp; $96250045 |
| Net Assets: |  |
| Paid in capital | &nbsp;&nbsp; $72796941 |
| Distributable earnings (loss) | &nbsp;&nbsp; 23453104 |
| Net Assets | &nbsp;&nbsp; $96250045 |
| Net Assets: |  |
| Institutional Shares | &nbsp;&nbsp; $96250045 |
| Share of Common Stock Outstanding: |  |
| Institutional Shares | &nbsp;&nbsp; 8572014 |
| Net Asset Value per Share: |  |
| Institutional Shares | &nbsp;&nbsp; $11.23 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2025 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Barrow Hanley**<br> **Concentrated** <br> **Emerging Markets**<br> **ESG Opportunities** <br> **Fund**<br>| **Barrow Hanley**<br> **Credit**<br> **Opportunities Fund**<br>|
| Investment Income: |  |  |
| Dividend income | &nbsp;&nbsp; $166088 | &nbsp;&nbsp; $— |
| Interest income | &nbsp;&nbsp; — | &nbsp;&nbsp; 2664756 |
| Interest income from affiliates | &nbsp;&nbsp; — | &nbsp;&nbsp; 846095 |
| Less: Foreign Taxes Withheld | &nbsp;&nbsp; (13903)<br>| &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 152185 | &nbsp;&nbsp; 3510851 |
| Operating expenses: |  |  |
| Investment Advisory Fees | &nbsp;&nbsp; 99091 | &nbsp;&nbsp; 277503 |
| Administration Fees | &nbsp;&nbsp; 10801 | &nbsp;&nbsp; 16492 |
| Trustees' Fees | &nbsp;&nbsp; 1553 | &nbsp;&nbsp; 4476 |
| Compliance Fees | &nbsp;&nbsp; 724 | &nbsp;&nbsp; 2093 |
| Registration & Filing Fees | &nbsp;&nbsp; 18087 | &nbsp;&nbsp; 18087 |
| Custodian Fees | &nbsp;&nbsp; 3714 | &nbsp;&nbsp; 415 |
| Treasurer Service fees | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 1994 |
| Audit Fees | &nbsp;&nbsp; 10010 | &nbsp;&nbsp; 11345 |
| Transfer Agent Fees | &nbsp;&nbsp; 1611 | &nbsp;&nbsp; 7145 |
| Legal Fees | &nbsp;&nbsp; 3122 | &nbsp;&nbsp; 9033 |
| Printing Fees | &nbsp;&nbsp; 5147 | &nbsp;&nbsp; 8060 |
| Interest expense | &nbsp;&nbsp; 10090 | &nbsp;&nbsp; — |
| Other Expenses | &nbsp;&nbsp; 4502 | &nbsp;&nbsp; 6457 |
| Total expenses | &nbsp;&nbsp; 168928 | &nbsp;&nbsp; 363100 |
| Less: |  |  |
| Expenses reduced by investment advisor | &nbsp;&nbsp; (48026)<br>| &nbsp;&nbsp; (68018)<br>|
| Net expenses | &nbsp;&nbsp; 120902 | &nbsp;&nbsp; 295082 |
| Net investment income | &nbsp;&nbsp; 31283 | &nbsp;&nbsp; 3215769 |
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |  |
| Net realized losses from investment transactions | &nbsp;&nbsp; (2039647)<br>| &nbsp;&nbsp; (1639)<br>|
| Net realized gains (losses) from Affiliated Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (10833)<br>|
| Net realized losses from foreign currency transactions | &nbsp;&nbsp; (31451)<br>| &nbsp;&nbsp; — |
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (476315)<br>| &nbsp;&nbsp; (1096828)<br>|
| Change in unrealized appreciation (depreciation) on investments in affiliated securities | &nbsp;&nbsp; — | &nbsp;&nbsp; (271414)<br>|
| Change in unrealized appreciation (depreciation) on foreign capital gains tax | &nbsp;&nbsp; 24372 | &nbsp;&nbsp; — |
| Change in unrealized appreciation (depreciation) on foreign currency | &nbsp;&nbsp; 1041 | &nbsp;&nbsp; — |
| Net realized and unrealized losses from investment activities | &nbsp;&nbsp; (2522000)<br>| &nbsp;&nbsp; (1380714)<br>|
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $(2490717)<br>| &nbsp;&nbsp; $1835055 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2025 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Barrow Hanley**<br> **Emerging Markets**<br> **Value Fund**<br>| **Barrow Hanley**<br> **Floating**<br> **Rate Fund**<br>|
| Investment Income: |  |  |
| Dividend income | &nbsp;&nbsp; $43347 | &nbsp;&nbsp; $66725 |
| Interest income | &nbsp;&nbsp; — | &nbsp;&nbsp; 4503861 |
| Less: Foreign Taxes Withheld | &nbsp;&nbsp; (6226)<br>| &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 37121 | &nbsp;&nbsp; 4570586 |
| Operating expenses: |  |  |
| Investment Advisory Fees | &nbsp;&nbsp; 13274 | &nbsp;&nbsp; 232623 |
| Administration Fees | &nbsp;&nbsp; 8776 | &nbsp;&nbsp; 17649 |
| Trustees' Fees | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 5102 |
| Compliance Fees | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 2394 |
| Registration & Filing Fees | &nbsp;&nbsp; 22010 | &nbsp;&nbsp; 18087 |
| Custodian Fees | &nbsp;&nbsp; 2797 | &nbsp;&nbsp; 438 |
| Treasurer Service fees | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 2222 |
| Audit Fees | &nbsp;&nbsp; 9378 | &nbsp;&nbsp; 15128 |
| Transfer Agent Fees | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 7944 |
| Legal Fees | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 10332 |
| Printing Fees | &nbsp;&nbsp; 5091 | &nbsp;&nbsp; 8300 |
| Other Expenses | &nbsp;&nbsp; 3058 | &nbsp;&nbsp; 7124 |
| Total expenses | &nbsp;&nbsp; 65209 | &nbsp;&nbsp; 327343 |
| Less: |  |  |
| Expenses reduced by investment advisor | &nbsp;&nbsp; (50338)<br>| &nbsp;&nbsp; (23987)<br>|
| Net expenses | &nbsp;&nbsp; 14871 | &nbsp;&nbsp; 303356 |
| Net investment income | &nbsp;&nbsp; 22250 | &nbsp;&nbsp; 4267230 |
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |  |
| Net realized gains (losses) from investment transactions | &nbsp;&nbsp; (62933)<br>| &nbsp;&nbsp; 151700 |
| Net realized losses from foreign currency transactions | &nbsp;&nbsp; (1105)<br>| &nbsp;&nbsp; — |
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (170985)<br>| &nbsp;&nbsp; (1509635)<br>|
| Change in unrealized appreciation (depreciation) on foreign capital gains tax | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; — |
| Change in unrealized appreciation (depreciation) on foreign currency | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — |
| Net realized and unrealized losses from investment activities | &nbsp;&nbsp; (231903)<br>| &nbsp;&nbsp; (1357935)<br>|
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $(209653)<br>| &nbsp;&nbsp; $2909295 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2025 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Barrow Hanley**<br> **International**<br> **Value Fund**<br>| **Barrow Hanley**<br> **Total Return**<br> **Bond Fund**<br>|
| Investment Income: |  |  |
| Dividend income | &nbsp;&nbsp; $413629 | &nbsp;&nbsp; $— |
| Interest income | &nbsp;&nbsp; 7594 | &nbsp;&nbsp; 4611422 |
| Less: Foreign Taxes Withheld | &nbsp;&nbsp; (61958)<br>| &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 359265 | &nbsp;&nbsp; 4611422 |
| Operating expenses: |  |  |
| Investment Advisory Fees | &nbsp;&nbsp; 124318 | &nbsp;&nbsp; 305176 |
| Administration Fees | &nbsp;&nbsp; 8861 | &nbsp;&nbsp; 25488 |
| Trustees' Fees | &nbsp;&nbsp; 2899 | &nbsp;&nbsp; 8702 |
| Compliance Fees | &nbsp;&nbsp; 1342 | &nbsp;&nbsp; 4090 |
| Registration & Filing Fees | &nbsp;&nbsp; 22125 | &nbsp;&nbsp; 18087 |
| Custodian Fees | &nbsp;&nbsp; 1918 | &nbsp;&nbsp; 324 |
| Treasurer Service fees | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 3746 |
| Audit Fees | &nbsp;&nbsp; 10618 | &nbsp;&nbsp; 13285 |
| Transfer Agent Fees | &nbsp;&nbsp; 2816 | &nbsp;&nbsp; 13398 |
| Legal Fees | &nbsp;&nbsp; 5789 | &nbsp;&nbsp; 17655 |
| Printing Fees | &nbsp;&nbsp; 6651 | &nbsp;&nbsp; 10680 |
| Interest expense | &nbsp;&nbsp; 17183 | &nbsp;&nbsp; 220 |
| Other Expenses | &nbsp;&nbsp; 4953 | &nbsp;&nbsp; 10804 |
| Total expenses | &nbsp;&nbsp; 210323 | &nbsp;&nbsp; 431655 |
| Less: |  |  |
| Expenses reduced by investment advisor | &nbsp;&nbsp; (34504)<br>| &nbsp;&nbsp; (127880)<br>|
| Net expenses | &nbsp;&nbsp; 175819 | &nbsp;&nbsp; 303775 |
| Net investment income | &nbsp;&nbsp; 183446 | &nbsp;&nbsp; 4307647 |
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |  |
| Net realized losses from investment transactions | &nbsp;&nbsp; (112049)<br>| &nbsp;&nbsp; (541762)<br>|
| Net realized gains from foreign currency transactions | &nbsp;&nbsp; 19830 | &nbsp;&nbsp; — |
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (2910717)<br>| &nbsp;&nbsp; (4614226)<br>|
| Change in unrealized appreciation (depreciation) on foreign currency | &nbsp;&nbsp; (11798)<br>| &nbsp;&nbsp; — |
| Net realized and unrealized losses from investment activities | &nbsp;&nbsp; (3014734)<br>| &nbsp;&nbsp; (5155988)<br>|
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $(2831288)<br>| &nbsp;&nbsp; $(848341)<br>|

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2025 (Unaudited)** 

------

---

| | |
|:---|:---|
|  | **Barrow Hanley**<br> **US Value**<br> **Opportunities Fund**<br>|
| Investment Income: |  |
| Dividend income | &nbsp;&nbsp; $1047680 |
| Interest income | &nbsp;&nbsp; 42396 |
| Less: Foreign Taxes Withheld | &nbsp;&nbsp; (7752)<br>|
| Total investment income | &nbsp;&nbsp; 1082324 |
| Operating expenses: |  |
| Investment Advisory Fees | &nbsp;&nbsp; 293649 |
| Administration Fees | &nbsp;&nbsp; 16523 |
| Trustees' Fees | &nbsp;&nbsp; 5466 |
| Compliance Fees | &nbsp;&nbsp; 2566 |
| Registration & Filing Fees | &nbsp;&nbsp; 18087 |
| Custodian Fees | &nbsp;&nbsp; 1130 |
| Treasurer Service fees | &nbsp;&nbsp; 2290 |
| Audit Fees | &nbsp;&nbsp; 11811 |
| Transfer Agent Fees | &nbsp;&nbsp; 8193 |
| Legal Fees | &nbsp;&nbsp; 11084 |
| Printing Fees | &nbsp;&nbsp; 8518 |
| Other Expenses | &nbsp;&nbsp; 7393 |
| Total expenses | &nbsp;&nbsp; 386710 |
| Less: |  |
| Expenses reduced by investment advisor | &nbsp;&nbsp; (14994)<br>|
| Net expenses | &nbsp;&nbsp; 371716 |
| Net investment income | &nbsp;&nbsp; 710608 |
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 10479654 |
| Net realized gains from foreign currency transactions | &nbsp;&nbsp; 22 |
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (13902408)<br>|
| Change in unrealized appreciation (depreciation) on foreign currency | &nbsp;&nbsp; (7)<br>|
| Net realized and unrealized losses from investment activities | &nbsp;&nbsp; (3422739)<br>|
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $(2712131)<br>|

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2025 (Unaudited), period ended September 30, 2024 and for the year ended October 31, 2023**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Barrow Hanley**<br> **Concentrated Emerging Markets**<br> **ESG Opportunities Fund** | **Barrow Hanley**<br> **Concentrated Emerging Markets**<br> **ESG Opportunities Fund** | **Barrow Hanley**<br> **Concentrated Emerging Markets**<br> **ESG Opportunities Fund** | **Barrow Hanley**<br> **Credit**<br> **Opportunities Fund** | **Barrow Hanley**<br> **Credit**<br> **Opportunities Fund** | **Barrow Hanley**<br> **Credit**<br> **Opportunities Fund** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(b)</sup> <br>| **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(b)</sup> <br>|
| Increase (decrease) in net <br> assets:<br>|  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |
| Net investment income | $31283 | $744330 | $717186 | $3215769 | $6693732 | $6847944 |
| Net realized gains <br> (losses) from <br> investments and <br> foreign currency <br> transactions<br>| (2071098)<br>| 2874894 | 760783 | (12472)<br>| (2319465)<br>| (1121362)<br>|
| Change in unrealized <br> appreciation <br> (depreciation) on <br> investments and <br> foreign currency<br>| (450902)<br>| 2497891 | (905299)<br>| (1368242)<br>| 9956217 | 1688443 |
| Change in net assets <br> resulting from <br> operations<br>| (2490717)<br>| 6117115 | 572670 | 1835055 | 14330484 | 7415025 |
| Dividends paid to <br> shareholders:<br>|  |  |  |  |  |  |
| From distributable <br> earnings:<br>|  |  |  |  |  |  |
| Institutional Shares | (3709694)<br>| (1347558)<br>| (170927)<br>| (3253571)<br>| (7420054)<br>| (7734787)<br>|
| Total dividends paid <br> to shareholders<br>| (3709694)<br>| (1347558)<br>| (170927)<br>| (3253571)<br>| (7420054)<br>| (7734787)<br>|
| Net Capital Transactions: |  |  |  |  |  |  |
| Institutional Shares | (22290791)<br>| 1076960 | 22544412 | 3698215 | (11053721)<br>| (2204366)<br>|
| Change in net assets <br> from capital <br> transactions<br>| (22290791)<br>| 1076960 | 22544412 | 3698215 | (11053721)<br>| (2204366)<br>|
| Change in net assets | (28491202)<br>| 5846517 | 22946155 | 2279699 | (4143291)<br>| (2524128)<br>|
| Net assets: |  |  |  |  |  |  |
| Beginning of period | 33956116 | 28109599 | 5163444 | 90634657 | 94777948 | 97302076 |
| End of period | $5464914 | $33956116 | $28109599 | $92914356 | $90634657 | $94777948 |

---

<br> <sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024. <br> <sup>(b)</sup> For the Fund's prior fiscal year ended October 31, 2023.

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2025 (Unaudited), period ended September 30, 2024 and for the year ended October 31, 2023**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Barrow Hanley**<br> **Emerging Markets**<br> **Value Fund** | **Barrow Hanley**<br> **Emerging Markets**<br> **Value Fund** | **Barrow Hanley**<br> **Emerging Markets**<br> **Value Fund** | **Barrow Hanley**<br> **Floating**<br> **Rate Fund** | **Barrow Hanley**<br> **Floating**<br> **Rate Fund** | **Barrow Hanley**<br> **Floating**<br> **Rate Fund** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(b)</sup> <br>| **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(b)</sup> <br>|
| Increase (decrease) in net <br> assets:<br>|  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |
| Net investment income | $22250 | $77991 | $75170 | $4267230 | $8900133 | $9772326 |
| Net realized gains <br> (losses) from <br> investments and <br> foreign currency <br> transactions<br>| (64038)<br>| 206967 | 46424 | 151700 | (217045)<br>| (2050705)<br>|
| Change in unrealized <br> appreciation <br> (depreciation) on <br> investments and <br> foreign currency<br>| (167865)<br>| 201674 | 91639 | (1509635)<br>| 1992123 | 4737025 |
| Change in net assets <br> resulting from <br> operations<br>| (209653)<br>| 486632 | 213233 | 2909295 | 10675211 | 12458646 |
| Dividends paid to <br> shareholders:<br>|  |  |  |  |  |  |
| From distributable <br> earnings:<br>|  |  |  |  |  |  |
| Institutional Shares | (358525)<br>| (64407)<br>| (65461)<br>| (4269808)<br>| (9510641)<br>| (9385204)<br>|
| Y Shares<sup>(c)</sup> |  | (2095)<br>| (2520)<br>|  |  |  |
| Total dividends paid <br> to shareholders<br>| (358525)<br>| (66502)<br>| (67981)<br>| (4269808)<br>| (9510641)<br>| (9385204)<br>|
| Net Capital Transactions: |  |  |  |  |  |  |
| Institutional Shares | 199620 | 363671 | 355351 | 1116015 | (3496994)<br>| (7741483)<br>|
| Y Shares<sup>(c)</sup> |  | (98025)<br>| 1 |  |  |  |
| Change in net assets <br> from capital <br> transactions<br>| 199620 | 265646 | 355352 | 1116015 | (3496994)<br>| (7741483)<br>|
| Change in net assets | (368558)<br>| 685776 | 500604 | (244498)<br>| (2332424)<br>| (4668041)<br>|
| Net assets: |  |  |  |  |  |  |
| Beginning of period | 3327476 | 2641700 | 2141096 | 102155674 | 104488098 | 109156139 |
| End of period | $2958918 | $3327476 | $2641700 | $101911176 | $102155674 | $104488098 |

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024. 

<sup>(b)</sup> For the Fund's prior fiscal year ended October 31, 2023.

<sup>(c)</sup> During the period September 30, 2024, share class "Y" transitioned to "Institutional" shares.

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2025 (Unaudited), period ended September 30, 2024 and for the year ended October 31, 2023**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Barrow Hanley**<br> **International**<br> **Value Fund** | **Barrow Hanley**<br> **International**<br> **Value Fund** | **Barrow Hanley**<br> **International**<br> **Value Fund** | **Barrow Hanley**<br> **Total Return**<br> **Bond Fund** | **Barrow Hanley**<br> **Total Return**<br> **Bond Fund** | **Barrow Hanley**<br> **Total Return**<br> **Bond Fund** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(b)</sup> <br>| **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(b)</sup> <br>|
| Increase (decrease) in net <br> assets:<br>|  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |
| Net investment income | $183446 | $1669762 | $1717856 | $4307647 | $7534462 | $2670351 |
| Net realized gains <br> (losses) from <br> investments and <br> foreign currency <br> transactions<br>| (92219)<br>| 1500764 | 664504 | (541762)<br>| 4005896 | (2067287)<br>|
| Change in unrealized <br> appreciation <br> (depreciation) on <br> investments and <br> foreign currency<br>| (2922515)<br>| 8106770 | (3317738)<br>| (4614226)<br>| 10771019 | (1971182)<br>|
| Change in net assets <br> resulting from <br> operations<br>| (2831288)<br>| 11277296 | (935378)<br>| (848341)<br>| 22311377 | (1368118)<br>|
| Dividends paid to <br> shareholders:<br>|  |  |  |  |  |  |
| From distributable <br> earnings:<br>|  |  |  |  |  |  |
| Institutional Shares | (3538240)<br>| (2222424)<br>| (178254)<br>| (6731294)<br>| (7292884)<br>| (2264393)<br>|
| Y Shares<sup>(c)</sup> |  | (3583)<br>| (1193)<br>|  |  |  |
| Total dividends paid <br> to shareholders<br>| (3538240)<br>| (2226007)<br>| (179447)<br>| (6731294)<br>| (7292884)<br>| (2264393)<br>|
| Net Capital Transactions: |  |  |  |  |  |  |
| Institutional Shares | (43230608)<br>| (7091800)<br>| 56679818 | 4456575 | 2886771 | 121496973 |
| Y Shares<sup>(c)</sup> |  | (108928)<br>|  |  |  |  |
| Change in net assets <br> from capital <br> transactions<br>| (43230608)<br>| (7200728)<br>| 56679818 | 4456575 | 2886771 | 121496973 |
| Change in net assets | (49600136)<br>| 1850561 | 55564993 | (3123060)<br>| 17905264 | 117864462 |
| Net assets: |  |  |  |  |  |  |
| Beginning of period | 63438942 | 61588381 | 6023388 | 176755747 | 158850483 | 40986021 |
| End of period | $13838806 | $63438942 | $61588381 | $173632687 | $176755747 | $158850483 |

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024. 

<sup>(b)</sup> For the Fund's prior fiscal year ended October 31, 2023.

<sup>(c)</sup> During the period September 30, 2024, share class "Y" transitioned to "Institutional" shares.

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2025 (Unaudited), period ended September 30, 2024 and for the year ended October 31, 2023**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Barrow Hanley**<br> **US Value**<br> **Opportunities Fund** | **Barrow Hanley**<br> **US Value**<br> **Opportunities Fund** | **Barrow Hanley**<br> **US Value**<br> **Opportunities Fund** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(b)</sup> <br>|
| Increase (decrease) in net assets: |  |  |  |
| Operations: |  |  |  |
| Net investment income | &nbsp;&nbsp; $710608 | &nbsp;&nbsp; $1283697 | &nbsp;&nbsp; $1207244 |
| Net realized gains (losses) from investments and foreign currency <br> transactions<br>| &nbsp;&nbsp; 10479676 | &nbsp;&nbsp; 9255175 | &nbsp;&nbsp; (82477)<br>|
| Change in unrealized appreciation (depreciation) on investments <br> and foreign currency<br>| &nbsp;&nbsp; (13902415)<br>| &nbsp;&nbsp; 19034251 | &nbsp;&nbsp; 1397486 |
| Change in net assets resulting from operations | &nbsp;&nbsp; (2712131)<br>| &nbsp;&nbsp; 29573123 | &nbsp;&nbsp; 2522253 |
| Dividends paid to shareholders: |  |  |  |
| From distributable earnings: |  |  |  |
| Institutional Shares | &nbsp;&nbsp; (11789734)<br>| &nbsp;&nbsp; (1190228)<br>| &nbsp;&nbsp; (1397879)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (11789734)<br>| &nbsp;&nbsp; (1190228)<br>| &nbsp;&nbsp; (1397879)<br>|
| Net Capital Transactions: |  |  |  |
| Institutional Shares | &nbsp;&nbsp; 2708619 | &nbsp;&nbsp; (3172928)<br>| &nbsp;&nbsp; (22597269)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; 2708619 | &nbsp;&nbsp; (3172928)<br>| &nbsp;&nbsp; (22597269)<br>|
| Change in net assets | &nbsp;&nbsp; (11793246)<br>| &nbsp;&nbsp; 25209967 | &nbsp;&nbsp; (21472895)<br>|
| Net assets: |  |  |  |
| Beginning of period | &nbsp;&nbsp; 108043291 | &nbsp;&nbsp; 82833324 | &nbsp;&nbsp; 104306219 |
| End of period | &nbsp;&nbsp; $96250045 | &nbsp;&nbsp; $108043291 | &nbsp;&nbsp; $82833324 |

---

<br> <sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024. <br> <sup>(b)</sup> For the Fund's prior fiscal year ended October 31, 2023.

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**FINANCIAL HIGHLIGHTS**

**For the periods indicated**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Concentrated Emerging Markets** <br> **ESG Opportunities Fund**<br>| **Six Months Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2023**<br>| **Period Ended**<br> **October 31,**<br> **2022**<sup>(b)</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp;&nbsp;&nbsp; $8.83 | &nbsp;&nbsp;&nbsp;&nbsp; $7.97 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.19 |
| Net realized and unrealized gains <br> (losses) from investments and <br> foreign currency<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp; (2.22)<br>|
| Total from investment operations | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp; (2.03)<br>|
| Less distributions paid: |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — |
| From net realized gains | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — |
| Change in net asset value | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp; (2.03)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp;&nbsp;&nbsp; $10.25 | &nbsp;&nbsp;&nbsp;&nbsp; $8.83 | &nbsp;&nbsp; $7.97 |
| Total return | &nbsp;&nbsp; (8.15 %)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.32 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.58<br> %<br>| &nbsp;&nbsp; (20.30 %)<sup>(d)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp; $5465 | &nbsp;&nbsp;&nbsp;&nbsp; $33956 | &nbsp;&nbsp;&nbsp;&nbsp; $28110 | &nbsp;&nbsp; $5163 |
| Ratio of net expenses to average net assets | 1.13 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| 1.05 %<sup>(e)</sup><br>|
| Ratio of net investment income to average <br> net assets<br>| 0.29 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>| 3.76 %<sup>(e)</sup><br>|
| Ratio of gross expenses to average net <br> assets<br>| 1.58 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| 4.62 %<sup>(e)</sup><br>|
| Portfolio turnover rate | 27.08 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 76.11 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.00<br> %<br>| 59.00 %<sup>(d)</sup><br>|

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024. 

<sup>(b)</sup> For the period from April 12, 2022 to October 31, 2022.

<sup>(c)</sup> Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**FINANCIAL HIGHLIGHTS**

**For the periods indicated**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Credit Opportunities Fund** | **Six Months Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2023**<br>| **Period Ended**<br> **October 31,**<br> **2022**<sup>(b)</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp;&nbsp; $8.99 | &nbsp;&nbsp;&nbsp;&nbsp; $9.04 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | 0.33 |
| Net realized and unrealized gains <br> (losses) from investments and <br> foreign currency<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (1.00)<br>|
| Total from investment operations | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp; (0.67)<br>|
| Less distributions paid: |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.29)<br>|
| Total distributions paid | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.29)<br>|
| Change in net asset value | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.96)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp;&nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp;&nbsp; $8.99 | &nbsp;&nbsp; $9.04 |
| Total return | 1.93 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.94 %<sup>(d)</sup><sup>, (e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.49<br> %<br>| &nbsp;&nbsp; (6.63 %)<sup>(d)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp; $92914 | &nbsp;&nbsp;&nbsp;&nbsp; $90635 | &nbsp;&nbsp;&nbsp;&nbsp; $94778 | &nbsp;&nbsp; $97302 |
| Ratio of net expenses to average net <br> assets<br>| 0.64 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33 %<sup>(f)</sup><sup>, (g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| 0.78 %<sup>(f)</sup><br>|
| Ratio of net investment income to <br> average net assets<br>| 6.96 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.18 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.82<br> %<br>| 6.19 %<sup>(f)</sup><br>|
| Ratio of gross expenses to average net <br> assets<br>| 0.79 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| 1.11 %<sup>(f)</sup><br>|
| Portfolio turnover rate | 18.05 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.39 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.00<br> %<br>| 29.00 %<sup>(d)</sup><br>|

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024. 

<sup>(b)</sup> For the period from April 12, 2022 to October 31, 2022.

<sup>(c)</sup> Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> The prior Adviser reimbursed the Fund $249,281 during the period in connection with a prior year expense overpayment. Without the reimbursement, the total return would have been 16.58%. 

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> The prior Adviser reimbursed the Fund $249,281 during the period in connection with a prior year expense overpayment. Without the reimbursement, the net expense ratio would have been 0.64%. 

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**FINANCIAL HIGHLIGHTS**

**For the periods indicated**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Emerging Markets Value Fund** | **Six Months Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2023**<br>| **Period Ended**<br> **October 31,**<br> **2022**<sup>(b)</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp;&nbsp;&nbsp; $9.15 | &nbsp;&nbsp;&nbsp;&nbsp; $8.47 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 0.29 |
| Net realized and unrealized gains <br> (losses) from investments and <br> foreign currency<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp; (1.82)<br>|
| Total from investment operations | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp; (1.53)<br>|
| Less distributions paid: |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — |
| From net realized gains | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — |
| Change in net asset value | &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp; (1.53)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $8.75 | &nbsp;&nbsp;&nbsp;&nbsp; $10.54 | &nbsp;&nbsp;&nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $8.47 |
| Total return | &nbsp;&nbsp; (6.32 %)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.63 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.10<br> %<br>| &nbsp;&nbsp; (15.30 %)<sup>(d)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp; $2959 | &nbsp;&nbsp;&nbsp;&nbsp; $3327 | &nbsp;&nbsp;&nbsp;&nbsp; $2550 | &nbsp;&nbsp; $2056 |
| Ratio of net expenses to average net assets | 0.98 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| 0.99 %<sup>(e)</sup><br>|
| Ratio of net investment income to average <br> net assets<br>| 1.47 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> %<br>| 3.55 %<sup>(e)</sup><br>|
| Ratio of gross expenses to average net <br> assets<br>| 4.30 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.90 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.64<br> %<br>| 14.67 %<sup>(e)</sup><br>|
| Portfolio turnover rate | 15.50 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 85.34 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 50.00<br> %<br>| 40.00 %<sup>(d)</sup><br>|

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024. 

<sup>(b)</sup> For the period from December 29, 2021 to October 31, 2022.

<sup>(c)</sup> Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**FINANCIAL HIGHLIGHTS**

**For the periods indicated**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Floating Rate Fund** | **Six Months Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2023**<br>| **Period Ended**<br> **October 31,**<br> **2022**<sup>(b)</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp;&nbsp;&nbsp; $9.68 | &nbsp;&nbsp;&nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | 0.33 |
| Net realized and unrealized gains <br> (losses) from investments and <br> foreign currency<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (0.61)<br>|
| Total from investment operations | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp; (0.28)<br>|
| Less distributions paid: |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.27)<br>|
| Total distributions paid | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.27)<br>|
| Change in net asset value | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (0.55)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.65 | &nbsp;&nbsp;&nbsp;&nbsp; $9.78 | &nbsp;&nbsp;&nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $9.45 |
| Total return | 2.67 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.17 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.32<br> %<br>| &nbsp;&nbsp; (2.81 %)<sup>(d)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp; $101911 | &nbsp;&nbsp;&nbsp;&nbsp; $102156 | &nbsp;&nbsp;&nbsp;&nbsp; $104488 | &nbsp;&nbsp; $109156 |
| Ratio of net expenses to average net assets | 0.59 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| 0.60 %<sup>(e)</sup><br>|
| Ratio of net investment income to average <br> net assets<br>| 8.30 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.76 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.20<br> %<br>| 6.10 %<sup>(e)</sup><br>|
| Ratio of gross expenses to average net <br> assets<br>| 0.64 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| 1.02 %<sup>(e)</sup><br>|
| Portfolio turnover rate | 56.66 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 43.39 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.00<br> %<br>| 9.00 %<sup>(d)</sup><br>|

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024. 

<sup>(b)</sup> For the period from April 12, 2022 to October 31, 2022.

<sup>(c)</sup> Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**FINANCIAL HIGHLIGHTS**

**For the periods indicated**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley International Value Fund** | **Six Months Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2023**<br>| **Period Ended**<br> **October 31,**<br> **2022**<sup>(b)</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $11.57 | &nbsp;&nbsp;&nbsp;&nbsp; $9.93 | &nbsp;&nbsp;&nbsp;&nbsp; $8.78 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.23 |
| Net realized and unrealized gains <br> (losses) from investments and <br> foreign currency<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp; (1.45)<br>|
| Total from investment operations | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp; (1.22)<br>|
| Less distributions paid: |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — |
| From net realized gains | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — |
| Change in net asset value | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp; (1.22)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.42 | &nbsp;&nbsp;&nbsp;&nbsp; $11.57 | &nbsp;&nbsp;&nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $8.78 |
| Total return | &nbsp;&nbsp; (0.33 %)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.37 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.72<br> %<br>| &nbsp;&nbsp; (12.20 %)<sup>(d)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp; $13839 | &nbsp;&nbsp;&nbsp;&nbsp; $63439 | &nbsp;&nbsp;&nbsp;&nbsp; $61489 | &nbsp;&nbsp; $5935 |
| Ratio of net expenses to average net assets | 0.94 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| 0.86 %<sup>(e)</sup><br>|
| Ratio of net investment income to average <br> net assets<br>| 0.98 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.91 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.74<br> %<br>| 2.89 %<sup>(e)</sup><br>|
| Ratio of gross expenses to average net <br> assets<br>| 1.13 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| 5.16 %<sup>(e)</sup><br>|
| Portfolio turnover rate | 19.35 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 57.63 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 57.00<br> %<br>| 105.00 %<sup>(d)</sup><br>|

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024. 

<sup>(b)</sup> For the period from December 29, 2021 to October 31, 2022.

<sup>(c)</sup> Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**FINANCIAL HIGHLIGHTS**

**For the periods indicated**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Total Return Bond Fund** | **Six Months Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2023**<br>| **Period Ended**<br> **October 31,**<br> **2022**<sup>(b)</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp;&nbsp; $8.79 | &nbsp;&nbsp;&nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.17 |
| Net realized and unrealized gains <br> (losses) from investments and <br> foreign currency<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.00)<br>|
| Total from investment operations | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.83)<br>|
| Less distributions paid: |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.14)<br>|
| From net realized gains | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.14)<br>|
| Change in net asset value | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.97)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.20 | &nbsp;&nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $9.03 |
| Total return | &nbsp;&nbsp; (0.49 %)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.25 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp; (8.38 %)<sup>(d)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp; $173633 | &nbsp;&nbsp;&nbsp;&nbsp; $176756 | &nbsp;&nbsp;&nbsp;&nbsp; $158850 | &nbsp;&nbsp; $40986 |
| Ratio of net expenses to average net assets | 0.35 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| 0.35 %<sup>(e)</sup><br>|
| Ratio of net investment income to average <br> net assets<br>| 4.97 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.01 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br> %<br>| 3.13 %<sup>(e)</sup><br>|
| Ratio of gross expenses to average net <br> assets<br>| 0.50 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| 1.16 %<sup>(e)</sup><br>|
| Portfolio turnover rate | 37.21 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 131.01 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 125.00<br> %<br>| 20.00 %<sup>(d)</sup><br>|

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024. 

<sup>(b)</sup> For the period from April 12, 2022 to October 31, 2022.

<sup>(c)</sup> Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**FINANCIAL HIGHLIGHTS**

**For the periods indicated**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley US Value Opportunities Fund** | **Six Months Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2023**<br>| **Period Ended**<br> **October 31,**<br> **2022**<sup>(b)</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $12.96 | &nbsp;&nbsp;&nbsp;&nbsp; $9.59 | &nbsp;&nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.07 |
| Net realized and unrealized gains <br> (losses) from investments and <br> foreign currency<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.54)<br>|
| Total from investment operations | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (0.47)<br>|
| Less distributions paid: |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — |
| From net realized gains | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — |
| Change in net asset value | &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.47)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp;&nbsp;&nbsp; $12.96 | &nbsp;&nbsp;&nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $9.53 |
| Total return | &nbsp;&nbsp; (3.05 %)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.92 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> %<br>| &nbsp;&nbsp; (4.70 %)<sup>(d)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp; $96250 | &nbsp;&nbsp;&nbsp;&nbsp; $108043 | &nbsp;&nbsp;&nbsp;&nbsp; $82833 | &nbsp;&nbsp; $104306 |
| Ratio of net expenses to average net assets | 0.70 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| 0.71 %<sup>(e)</sup><br>|
| Ratio of net investment income to average <br> net assets<br>| 1.34 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| 1.28 %<sup>(e)</sup><br>|
| Ratio of gross expenses to average net <br> assets<br>| 0.73 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| 0.99 %<sup>(e)</sup><br>|
| Portfolio turnover rate | 31.59 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.90 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.00<br> %<br>| 47.00 %<sup>(d)</sup><br>|

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024. 

<sup>(b)</sup> For the period from April 12, 2022 to October 31, 2022.

<sup>(c)</sup> Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

The Perpetual Americas Funds Trust (the "Trust") is a Massachusetts business trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement"). The Trust is an open-end registered investment company (as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update 2013-08), the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services - Investment Companies". The Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund, Barrow Hanley Credit Opportunities Fund, Barrow Hanley Floating Rate Fund, Barrow Hanley Total Return Bond Fund, Barrow Hanley US Value Opportunities Fund, Barrow Hanley Emerging Markets Value Fund, and Barrow Hanley International Value Fund (each, a "Fund" and collectively, the "Funds") are each a diversified fund, a series of the Trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a management investment company. The Trust Agreement permits the Board of Trustees (the "Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest in separate series of the Trust. Each Fund is authorized to issue up to four classes of shares as follows: Advisor, Investor, Institutional and Class Z shares. Each class of shares is distinguished by the class-specific shareholder servicing and distribution (Rule 12b-1) fees and/or sub-transfer agency fees incurred, as applicable. As of March 31, 2025, the following classes of shares were in operation:

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| | | |
|:---|:---|:---|
| **Fund** | **Commencement Date** | **Investment Objective** |
| Barrow Hanley Concentrated Emerging<br> Markets ESG Opportunities Fund<br>| Institutional Shares: April 12, 2022 | &nbsp;&nbsp; to seek long term capital appreciation and <br> consistent income<br>|
| Barrow Hanley Credit Opportunities Fund | Institutional Shares: April 12, 2022 | &nbsp;&nbsp; to seek to maximize total return, <br> consistent with preservation of capital<br>|
| Barrow Hanley Emerging Markets Value Fund | Institutional Shares: December 29, 2021 | &nbsp;&nbsp; to seek long term capital appreciation and <br> consistent income from dividends<br>|
| Barrow Hanley Floating Rate Fund | Institutional Shares: April 12, 2022 | &nbsp;&nbsp; to seek to maximize total return, <br> consistent with preservation of capital<br>|
| Barrow Hanley International Value Fund | Institutional Shares: December 29, 2021 | &nbsp;&nbsp; to seek to obtain higher returns compared <br> to the MSCI EAFE Index, while <br> maintaining lower risk<br>|
| Barrow Hanley Total Return Bond Fund | Institutional Shares: April 12, 2022 | &nbsp;&nbsp; to seek to provide maximum long-term <br> total return<br>|
| Barrow Hanley US Value Opportunites Fund | Institutional Shares: April 12, 2022 | &nbsp;&nbsp; to seek to outperform the Fund's <br> benchmark over a full market cycle<br>|

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Prior to August 18, 2024, the Funds were each a series of The Advisors' Inner Circle Fund III ("AIC") (each a "Predecessor Fund" and collectively, the "Predecessor Funds"). On August 18, 2024, the Predecessor Funds were reorganized into the Trust as noted below, pursuant to a Plan of Reorganization approved by the AIC's Board of Trustees on May 13, 2024 and by the Predecessor Funds' shareholders at a special meeting held on August 5, 2024 (the "Reorganizations").

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| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **Perpetual Americas Funds Trust** |
| Barrow Hanley Concentrated Emerging <br> Markets ESG Opportunities<br>| Barrow Hanley Concentrated Emerging Markets ESG Opportunities |
| Barrow Hanley Credit Opportunities Fund | Barrow Hanley Credit Opportunities Fund |
| Barrow Hanley Floating Rate Fund | Barrow Hanley Floating Rate Fund |
| Barrow Hanley Total Return Bond Fund | Barrow Hanley Total Return Bond Fund |
| Barrow Hanley US Value Opportunities Fund | Barrow Hanley US Value Opportunities Fund |
| Barrow Hanley Emerging Markets Value Fund | Barrow Hanley Emerging Markets Value Fund |
| Barrow Hanley International Value Fund | Barrow Hanley International Value Fund |

---

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**A. Significant accounting policies related to Investments are as follows:**

**INVESTMENT VALUATION**

Investments are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Funds, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:

• Level 1 — quoted prices in active markets for identical assets

• Level 2 — other significant observable inputs (including adjustments made to quoted prices of a security, quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain short-term debt securities may be valued using amortized cost. Generally, amortized cost approximates the current value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.

Security prices are generally provided by an independent third party pricing service approved by the Trustees as of the close of the New York Stock Exchange, normally at 4:00 p.m. Eastern Time, each business day on which the share price of the Funds are calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations as of the close of the primary exchange. Investments in closed-end investment companies are valued at the last quoted sales prices or official closing prices taken from the primary market, or composite in which each security trades. Investments in other open-end registered investment companies, including money market funds, are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt and other fixed income securities, if any, are generally valued at an evaluated price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques, which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

The Trustees have designated PAFS, investment adviser to the Funds, as the Funds' Valuation Designee with responsibility for establishing fair value, in accordance with the Trust's valuation policy, when the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service did not provide a price, a furnished price was in error, certain stale prices, or an event occurred that materially affected the furnished price). In addition, fair value pricing may be used if events materially affecting the value of non-U.S. securities occur between the time when the exchange on which they are traded closes and the time when a Fund's net asset value is calculated. The Funds identify possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Funds generally use a systematic valuation model provided by an approved independent third party pricing service to fair value their international equity securities.

In the fair value situations noted above, while the Trust's valuation policy is intended to result in a calculation of each Fund's net asset value that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined pursuant to these guidelines would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold, and these differences could be material to the financial statements. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of March 31, 2025 in valuing the Funds' investments based upon the three fair value levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **Barrow Hanley Concentrated Emerging Markets** <br> **ESG Opportunities Fund**<br>|  |  |  |  |
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $329681 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $329681 |
| Mexico | &nbsp;&nbsp; 259236 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 259236 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4461568 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4461568 |
| Total Common Stocks | &nbsp;&nbsp; $588917 | &nbsp;&nbsp; $4461568 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5050485 |
| Preferred Stocks\* | &nbsp;&nbsp; $251169 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $251169 |
| Short-Term Investments | &nbsp;&nbsp; 127021 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 127021 |
| Total Investments | &nbsp;&nbsp; $967107 | &nbsp;&nbsp; $4461568 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5428675 |
| **Barrow Hanley Credit Opportunities Fund** |  |  |  |  |
| Asset-Backed Securities\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2164882 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2164882 |
| Corporate Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 58994213 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58994213 |
| Foreign Issuer Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 7879131 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7879131 |
| Investment Companies | &nbsp;&nbsp; 21039915 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21039915 |
| Short-Term Investments | &nbsp;&nbsp; 2059253 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2059253 |
| Total Investments | &nbsp;&nbsp; $23099168 | &nbsp;&nbsp; $69038226 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $92137394 |
| **Barrow Hanley Emerging Markets Value Fund** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $140745 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $140745 |
| China | &nbsp;&nbsp; 29189 | &nbsp;&nbsp; 699961 | &nbsp;&nbsp; — | &nbsp;&nbsp; 729150 |
| Mexico | &nbsp;&nbsp; 92771 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 92771 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp; — |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 1882063 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1882063 |
| Total Common Stocks | &nbsp;&nbsp; $262705 | &nbsp;&nbsp; $2582024 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2844729 |
| Preferred Stocks\* | &nbsp;&nbsp; $93987 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $93987 |
| Short-Term Investments | &nbsp;&nbsp; 41219 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41219 |
| Total Investments | &nbsp;&nbsp; $397911 | &nbsp;&nbsp; $2582024 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2979935 |
| **Barrow Hanley Floating Rate Fund** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1364667 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1364667 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 10049619 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10049619 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1314040 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1314040 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp; — |
| Bank Loan Obligations: |  |  |  |  |
| Finance | &nbsp;&nbsp; — | &nbsp;&nbsp; 1805251 | &nbsp;&nbsp; 277921 | &nbsp;&nbsp; 2083172 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 86223429 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86223429 |
| Total Bank Loan Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $88028680 | &nbsp;&nbsp; $277921 | &nbsp;&nbsp; $88306601 |
| Short-Term Investments | &nbsp;&nbsp; $3856708 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3856708 |
| Total Investments | &nbsp;&nbsp; $3856708 | &nbsp;&nbsp; $100757006 | &nbsp;&nbsp; $277921 | &nbsp;&nbsp; $104891635 |

---

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **Barrow Hanley International Value Fund** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Canada | &nbsp;&nbsp; $674956 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $674956 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 12605011 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12605011 |
| Total Common Stocks | &nbsp;&nbsp; $674956 | &nbsp;&nbsp; $12605011 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13279967 |
| Preferred Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp; $147845 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $147845 |
| Short-Term Investments | &nbsp;&nbsp; 69141 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69141 |
| Total Investments | &nbsp;&nbsp; $744097 | &nbsp;&nbsp; $12752856 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13496953 |
| **Barrow Hanley Total Return Bond Fund** |  |  |  |  |
| Asset-Backed Securities\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10462514 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10462514 |
| Corporate Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 47966124 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47966124 |
| Foreign Issuer Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 18995620 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18995620 |
| Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 82436614 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82436614 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 12263651 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12263651 |
| Short-Term Investments | &nbsp;&nbsp; 367963 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 367963 |
| Total Investments | &nbsp;&nbsp; $367963 | &nbsp;&nbsp; $172124523 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $172492486 |
| **Barrow Hanley US Value Opportunities Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $92686471 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $92686471 |
| Master Limited Partnerships | &nbsp;&nbsp; 1116401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1116401 |
| Short-Term Investments | &nbsp;&nbsp; 2106628 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2106628 |
| Total Investments | &nbsp;&nbsp; $95909500 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $95909500 |

---

\* See additional categories in the Schedule of Investments.

\*\* Amount is $0.

As of March 31, 2025, there were Level 3 investments held in certain Funds as noted above and in the corresponding Schedules of Investments, and such securities are the same Level 3 securities as was noted as of the prior fiscal year end of September 30, 2024. Some of these investments relate to Russian securities held in certain Funds that halted trading in 2022 when United States ("U.S.") sanctions were imposed after the Russian invasion of Ukraine. The value of Level 3 securities compared to each Fund's total net assets is not material and, therefore, the reconciliation of Level 3 securities and related valuation techniques are not disclosed.

**CURRENCY TRANSACTIONS**

The functional and reporting currency for the Funds is the U.S. dollar. The market values of non-U.S. securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gains (losses) from investment activities on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains or losses arising from sales of spot foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gains (losses) from foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in Change in unrealized appreciation (depreciation) on foreign currency on the Statements of Operations.

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

The Funds may engage in spot currency transactions for the purpose of non-U.S. security settlement and operational processes. Certain Funds are authorized to enter into forward foreign currency exchange contracts, for the purchase or sale of a specific foreign currency at a specified exchange rate on a future date as a hedge against either specific transactions or portfolio positions, or as a cross-hedge transaction or for speculative purposes. The objective of a Fund's foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund's foreign currency denominated securities will decline in value due to change in foreign currency exchange rates. Changes in foreign currency exchange rates will affect the value of a Funds' securities and the price of a Funds' shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country's government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.

All forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign exchange contracts in the Statements of Operations.

Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The Funds bear the market risk from changes in forward foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity.

There were no forward foreign currency exchange contracts as of or for the six months ended March 31, 2025.

**WHEN-ISSUED/DELAYED DELIVERY SECURITIES**

Certain Funds purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time a Fund enters into the commitment to purchase a security, the transaction is recorded and the value of the commitment is reflected in the NAV. The value of the commitment may vary with market fluctuations. No interest accrues to a Fund until settlement takes place. When-issued securities at March 31, 2025, if any, are noted in each Fund's Schedule of Investments and in aggregate as "Payable for when-issued securities", in each Fund's Statement of Assets and Liabilities.

**INVESTMENT TRANSACTIONS AND INCOME**

Investment transactions are accounted for no later than one business day after trade date. For financial reporting purposes, investments are reported as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recognized on the ex-dividend date. Dividends from non-U.S. securities are recorded on the ex-dividend date, or as soon as the information is available, and reflect applicable foreign withholdings taxes and any related reclaim amounts. Non-cash dividends are recognized as investment income at the fair value of the asset received.

**EXPENSE ALLOCATIONS**

Expenses directly attributable to a Fund are charged to that Fund, while expenses that are attributable to more than one Fund are allocated among the applicable Funds in the Trust on a pro-rata basis based on relative net assets or another reasonable basis. Certain expenses that arise in connection with a class of shares are charged to that class of shares.

The investment income, expenses (other than class-specific expenses charged to a class), and realized/unrealized gains/losses on investments are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized/unrealized gains/losses are incurred.

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

**DIVIDENDS AND DISTRIBUTIONS**

Distributions of dividends from net investment income, if any, are declared and paid as follows:

---

| | |
|:---|:---|
|  | **Declaration and** <br> **Payment Frequency**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | &nbsp;&nbsp; Annually |
| Barrow Hanley Credit Opportunities Fund | &nbsp;&nbsp; Quarterly<br> \*<br>|
| Barrow Hanley Emerging Markets Value Fund | &nbsp;&nbsp; Annually |
| Barrow Hanley Floating Rate Fund | &nbsp;&nbsp; Quarterly<br> \*<br>|
| Barrow Hanley International Value Fund | &nbsp;&nbsp; Annually |
| Barrow Hanley Total Return Bond Fund | &nbsp;&nbsp; Quarterly<br> \*<br>|
| Barrow Hanley US Value Opportunities Fund | &nbsp;&nbsp; Annually |

---

<sup>\*</sup> Effective April 1, 2025 the Fund declares net investment income daily and pays such amounts monthly.

The Funds intend to distribute their net realized long-term capital gains and their net realized short-term capital gains, if any, at least once a year.

Effective April 1, 2025, each of the Barrow Hanley Total Return Bond Fund, Barrow Hanley Credit Opportunities Fund and Barrow Hanley Floating Rate Fund will declare daily and pay monthly substantially all of its net investment income to shareholders in the form of dividends.

Distributions from net investment income and from net realized capital gain are determined in accordance with U.S. federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. treatment of certain dividend distributions, gains/losses, return of capital, etc.), such amounts are reclassified within the composition of net assets based on their U.S. federal tax-basis treatment; temporary differences do not require reclassification. Distributions to shareholders that exceed net investment income and net realized capital gains for tax purposes are reported as return of capital.

**U.S. FEDERAL INCOME TAX INFORMATION**

No provision is made for U.S. federal income taxes as each Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and distribute substantially all of its net investment income and net realized capital gain in accordance with the Code.

The Funds analyzed all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions that remain subject to examination. The Funds' U.S. federal income tax returns for the tax period from November 1, 2023 to September 30, 2024 and for the tax years ended October 31, 2023 and October 31, 2022 remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Funds will be recorded as interest expense on the Statements of Operations.

Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**USE OF ESTIMATES**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

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**CAPITAL GAIN TAXES**

Investments in certain non-U.S. securities may subject the Funds to capital gain taxes on the disposal of those securities. Any capital gains assessed will reduce the proceeds received on the sale and be reflected in net realized gain/loss on the transaction. The Funds estimate and accrue foreign capital gain taxes on certain investments held which impact the amount of unrealized appreciation/depreciation on such investments.

**SUMMARY OF PRINCIPAL AND NON-PRINCIPAL RISKS**

This section describes the principal risks and some related risks of investing in the Funds, listed in alphabetical order, but it does not describe every possible risk of investing in a Fund. Any investment in the Funds is subject to investment risks, including the possible loss of the principal amount invested. The significance of any specific risk to an investment in a Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. Your investment in a Fund may be subject (in varying degrees) to the following risks discussed below. Each Fund may be more susceptible to some of the risks than others and not all risks will be applicable to all Funds. You should read all of the risk information for your Fund presented below carefully, because any one or more of these risks may result in losses to the Fund.

**Asset Allocation Risk.** The risk that if a Fund's strategy for allocating assets among different asset classes does not work as intended, the Fund may not achieve its objective or may underperform other funds with similar investment strategies.

**Benchmark and Reference Rate Risk.** The London Interbank Offered Rate (LIBOR) was the offered rate at which major international banks could obtain wholesale, unsecured funding. The terms of debt instruments and other investments and transactions (including certain derivatives transactions) to which a Fund may be a party were historically tied to LIBOR, which was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies, and the transition to new reference rates continues. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly, but the full impact of the transition on the Funds or the financial instruments in which a Fund invests cannot yet be fully determined.

**China Risk.** To the extent a Fund invests in securities of Chinese issuers, it may be subject to certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on non-U.S. ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, embargoes and other trade limitations, and custody risks. U.S. or non-U.S. government sanctions or other government's interventions could preclude a Fund from making certain investments in China or result in a Fund selling investments in China at disadvantageous times or prices. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.

**CLO Risk.** Collateralized loan obligations ("CLOs") issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the tranche and the type of the underlying debts and loans in the tranche. Investments in subordinate tranches may carry greater risk. CLOs also carry risks including, but not limited to, interest rate risk and credit risk. Because the underlying assets in CLOs are loans, in the event an underlying loan is subject to liquidity risks such as the risk of extended settlement, investments in the corresponding CLOs may be indirectly subject to the same risks.

**Commercial Paper Risk.** Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

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paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

**Convertible Securities Risk.** Convertible securities subject a Fund to the risks associated with both fixed-income securities and equity securities. If a convertible security's investment value is greater than its conversion value, its price will likely increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. Certain "triggering events" may cause a Fund to lose the principal amount invested in a contingent convertible security and coupon payments on contingent convertible securities may be discretionary and cancelled by the issuer. Due to these factors, the value of contingent convertible securities is unpredictable, and holders of contingent convertible securities may suffer a loss of capital when comparable equity holders do not.

**Credit Risk.** Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security held by a Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating agency; generally, lower credit quality issuers present higher credit risks. An actual or perceived decline in creditworthiness of an issuer of a fixed-income security held by a Fund may result in a decrease in the value of the security. It is possible that the ability of an issuer to meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its obligations or that the obligations of the issuer will be limited or restructured.

The credit rating assigned to any particular investment does not necessarily reflect the issuer's current financial condition and does not reflect an assessment of an investment's volatility or liquidity. Securities rated in the lowest category of investment grade are considered to have speculative characteristics. If a security held by a Fund loses its rating or its rating is downgraded, a Fund may nonetheless continue to hold the security in the discretion of Barrow Hanley. In the case of asset-backed or mortgage-related securities, changes in the actual or perceived ability of the obligors on the underlying assets or mortgages to make payments of interest and/or principal may affect the values of those securities.

**Currency Risk.** A significant portion of a Fund's assets may be denominated in non-U.S. currencies. There is the risk that the value of such assets and/ or the value of any distributions from such assets may decrease if the currency in which such assets are priced or in which they make distributions falls in relation to the value of the U.S. dollar. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. A Fund is not required to hedge its non-U.S. currency risk, although it may do so through non-U.S. currency exchange contracts and other methods. Therefore, to the extent a Fund does not hedge its non-U.S. currency risk, or the hedges are ineffective, the value of a Fund's assets and income could be adversely affected by currency exchange rate movements.

**Cybersecurity Risk.** The computer systems, networks, and devices used by a Fund and their service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons, and security breaches. Despite the various protections utilized by a Fund and its service providers, systems, networks, or devices potentially can be breached. The Funds and their shareholders could be negatively impacted as a result of a cybersecurity breach.

Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact the Funds' business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its NAV; impediments to trading; the inability of the Funds, Barrow Hanley and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information. Any problems relating to the performance and effectiveness of security procedures used by a Fund or its service providers to protect the Fund's assets, such as algorithms, codes, passwords, multiple signature systems, encryption and telephone call-backs, may have an adverse impact on a Fund or its investors. Furthermore, as a Fund's assets grow, it may become a more appealing target for cybersecurity threats such as hackers and malware.

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**March 31, 2025 (Unaudited)**

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Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which the Funds invest; counterparties with which the Funds engage in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for the Funds' shareholders); and other parties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future.

**Depositary Receipts.** Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depositary), although most sponsored depositary receipt holders may bear costs such as deposit and withdrawal fees. Depositaries of most sponsored depositary receipts agree to distribute notices of shareholder meetings, voting instructions, and other shareholder communications and financial information to the depositary receipt holders at the underlying issuer's request. Some Funds may also invest in certain depositary receipts without voting rights, for example, Thai non-voting depositary receipts ("NVDRs"). NVDRs are similar to other depositary receipts except that they do not allow the holder to participate in company decision making through voting. See Investment Strategies and Risks – Depositary Receipts in the Funds' Statement of Additional Information ("SAI") for additional information.

**Emerging Markets Risk.** Investing in emerging market securities magnifies the risks inherent in non-U.S. investments. In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, nationalization or confiscatory taxation, currency exchange restrictions, tariffs and other sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Geopolitical events such as nationalization or expropriation could even cause the loss of the Fund's entire investment in one or more countries. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established healthcare systems. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

Some countries with emerging securities markets have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain countries. Moreover, the economies of some countries may differ favorably or unfavorably from the U.S. economy in such respects as rate of growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency, number and depth of industries forming the economy's base, condition and stability of financial institutions, governmental controls, and investment restrictions that are subject to political change and balance of payments position. Issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards.

Further, a Fund may face greater difficulties or restrictions with respect to investments made in emerging markets countries than in the United States. Satisfactory custodial services may not be available in some emerging markets countries, which may result in a Fund incurring additional costs and delays in the transportation and custody of such securities. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than those in developed markets. In addition, the laws of certain countries may put limits on the Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. The Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation.

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A sub-set of emerging markets, frontier markets, are less developed than other emerging markets and are the most speculative. They have the least number of investors and may not have a stock market on which to trade. Most frontier markets consist chiefly of stocks of financial, telecommunications, and consumer companies that count on monthly payments from customers. Investments in this sector are typically illiquid, nontransparent, and subject to very low levels of regulation and high transaction fees. Frontier market investments may be subject to substantial political and currency risk. The risk of investing in frontier markets can be increased due to government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by frontier market countries or their trading partners; and the relatively new and unsettled securities laws in many frontier market countries. These risks can result in the potential for extreme price volatility.

**Equity-Linked Instruments Risk.** There is a risk that, in addition to market risk and other risks of the referenced equity security, a Fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject a Fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of a Fund's investment.

**Equity Securities Risk.** Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include both direct and indirect investments in such ownership interests, such as public and privately issued equity securities and common and preferred stocks, warrants and rights to subscribe to common stock or other equity securities, convertible securities, and derivative instruments that are expected or intended to track the price movement of equity indices. Different types of equity securities (including different types of instruments that provide direct or indirect exposure to ownership interests in issuers) provide different voting and dividend rights and priority in the event of a bankruptcy and/or insolvency of the issuer. In general, investments in equity securities and equity derivatives are subject to market risks that may cause their prices to fluctuate over time. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a mutual fund invests will cause a Fund's net asset value to fluctuate. Historically, the equity markets have moved in cycles, and the value of a Fund's equity securities may fluctuate drastically from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations.

**ESG Factor Risk.** To the extent portfolio managers of a Fund incorporate environmental, social and/or governance considerations ("ESG factors") into their investment process, the Fund will be subject to risks associated with the relevant ESG factors.

Environmental performance criteria rate a company's management of its environmental challenges, including its effort to reduce or offset the impacts of its products and operations. Social criteria measure how well a company manages its impact on the communities where it operates, including its treatment of local populations, its handling of human rights issues, its record regarding labor-management relations, anti-discrimination policies and practices, employee safety and the quality and safety record of a company's products, its marketing practices and any involvement in regulatory or anti-competitive controversies. Governance criteria address a company's investor relations and management practices, including company sustainability reporting, board accountability and business ethics policies and practices.

In general, use of ESG factors in the securities selection process will affect a Fund's exposure to certain issuers, industries, sectors, regions, and countries; may lead to a smaller universe of investments than other funds that do not incorporate ESG factor analysis; and may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG factors are incorporated and whether such investments are in or out of favor. Successful incorporation of ESG factors into a Fund's overall investment strategy will depend on its portfolio managers' ability to identify and analyze financially material ESG issues, and there can be no assurance that the strategy or techniques employed will be successful.

**Euro- and Eurozone-Related Risk.** To the extent a Fund invests in investments located in Europe, it may be subject to risks not typically associated with investments in the United States. A majority of western European countries and a number of eastern European countries are members of the European Union, an intergovernmental union aimed at developing economic and political coordination and cooperation among its member states. European countries that are members of the Economic and Monetary Union of the European Union ("EMU") are subject to restrictions on inflation rates, interest rates, deficits, and debt levels. The EMU sets out different stages and commitments for member states to follow in an effort to achieve greater coordination of economic, fiscal, and monetary policies. As a

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

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condition to adopting the euro, EMU member states must also relinquish control of their monetary policies to the European Central Bank and become subject to certain monetary and fiscal controls imposed by the EMU. These controls remove EMU member states' flexibility in implementing monetary policy measures to address regional economic conditions, which may impair their ability to respond to crises. A number of countries in the European Union have experienced, and may continue to experience, severe economic and financial difficulties. Additional European Union member countries may also fall subject to such difficulties. These events could negatively affect the value and liquidity of a Fund's investments in euro-denominated securities and derivatives contracts, as well as securities of issuers located in the European Union or with significant exposure to European Union issuers or countries, to the extent a Fund invests in such securities. If the euro is dissolved entirely, the legal and contractual consequences for holders of euro-denominated obligations and derivative contracts would be determined by laws in effect at such time. Such investments may continue to be held, or purchased, to the extent consistent with a Fund's investment objective and permitted under applicable law. These potential developments, or market perceptions concerning these and related issues, could adversely affect the value of a Fund's shares.

Continuing uncertainty as to the status of the European Economic and Monetary Union ("EMU") and the potential for certain countries to withdraw from the institution has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EU could have significant adverse effects on currency and financial markets, and on the values of a Fund's portfolio investments. In 2020, the UK left the EU (commonly known as "Brexit"). The full extent of the political, economic and legal consequences of Brexit are not yet fully known, and the long-term impact of Brexit on the UK, the EU and the broader global economy may be significant. As a result of the political divisions within the UK and between the UK and the EU that the referendum vote has highlighted and the uncertain consequences of Brexit, the UK and European economies and the broader economy could be significantly impacted, potentially resulting in increased market volatility and illiquidity, political, economic, and legal uncertainty, and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. Any further exits from the EU, or the possibility of such exits, or the abandonment of the Euro, may cause additional market disruption globally and introduce new legal and regulatory uncertainties.

If one or more EMU countries were to stop using the euro as its primary currency, a Fund's investments in such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to liquidity risk and the risk that a Fund may not be able to value investments accurately to a greater extent than similar investments currently denominated in euros. To the extent a currency used for redenomination purposes is not specified in respect of certain EMU related investments, or should the euro cease to be used entirely, the currency in which such investments are denominated may be unclear, making such investments particularly difficult to value or dispose of. A Fund may incur additional expenses to the extent it is required to seek judicial or other clarification of the denomination or value of such securities.

**Fixed Income Risk.** Some Funds may invest in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of a Fund's fixed income securities generally declines. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of a Fund's investments decreases. Fixed income securities with greater interest rate sensitivity and longer maturities tend to produce higher yields, but are subject to greater fluctuations in value. Usually, changes in the value of fixed income securities will not affect cash income generated, but may affect the value of your investment.

**Floating Rate Securities Risk.** A Fund may invest in obligations with interest rates that are reset periodically. Although floating rate securities are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain floating rate instruments have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the "reference rate"). If the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time. Floating rate securities are issued by a wide variety of issuers and may be issued for a wide variety of purposes, including as a method of reconstructing cash flows. Issuers of floating rate securities may include, but are not limited to, financial companies, merchandising entities, bank holding companies, and other entities. In addition to the risks associated with the floating nature of interest payments, investors remain exposed to other underlying risks associated with the issuer of the floating rate security, such as credit risk.

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

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**Focused Investment Risk.** Focusing investments in a particular market, sector or value chain (which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in such market, sector or value chain may decline in value due to economic, market, technological, political or regulatory developments adversely affecting the market or value chain.

**Geographic Focus Risk.** From time to time a Fund's investment may be focused in a particular geographic region. The value of the investments of a Fund that focuses its investments in a particular geographic location will be highly sensitive to financial, economic, political, and other developments affecting the fiscal stability of that location, and conditions that negatively impact that location will have a greater impact on the Fund as compared with a fund that does not have its holdings similarly focused. Events negatively affecting such location are therefore likely to cause the value of a Fund's shares to decrease, perhaps significantly.

**High Yield ("Junk Bond") Investments Risk.** Some Funds may invest in high yield securities, also known as "junk bonds," which have a higher risk of issuer default or may be in default. The securities are not investment grade and are generally considered speculative because they present a greater risk of loss than higher quality debt securities. In particular, lower-rated high yield securities (CCC or below) are subject to a greater degree of credit risk than higher-rated high yield bonds. These lower-rated or defaulted debt securities may fluctuate more in price, and are less liquid than higher-rated securities because issuers of such lower-rated debt securities are not as strong financially, and are more likely to encounter financial difficulties and be more vulnerable to adverse changes in the economy. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of high yield bond holders, leaving few or no assets available to repay high yield bond holders. A characteristic of the high yield bond is the issuance of securities under Rule 144A, many with registration rights. Some Funds may invest in high yield securities issued under Rule 144A, with or without registration rights.

**Inflation Protected Securities Risk.** The value of inflation protected securities, generally will fluctuate in response to changes in "real" interest rates. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. The value of an inflation protected security generally decreases when real interest rates rise and generally increases when real interest rates fall. In addition, the principal value of an inflation protected security is periodically adjusted up or down along with the rate of inflation. If the measure of inflation falls, the principal value of the inflation protected security will be adjusted downwards, and consequently, the interest payable on the security will be reduced.

**Interest Rate Risk.** When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. When interest rates fall, the value of fixed income securities generally increase. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by a Fund. Your investment will decline in value if the value of the Fund's investments decreases. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. The risks associated with rising interest rates may be particularly acute in the current market environment because the Federal Reserve Board recently raised rates and may continue to do so.

**Investment Company Risk.** If a Fund invests in shares of another investment company, shareholders will indirectly bear fees and expenses charged by the underlying investment companies in which a Fund invests in addition to the Fund's direct fees and expenses. A Fund also will incur brokerage costs when it purchases ETFs and closed-end funds. Furthermore, investments in other funds could affect the timing, amount, and character of distributions to shareholders and therefore may increase the amount of taxes payable by investors in a Fund.

**IPO Risk.** A Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time a Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired because, for example, only a small portion (if any) of the securities being offered in an IPO may be made available to the Fund. In addition, under certain market conditions a relatively small number of companies may issue securities in IPOs. Similarly, as the number of funds to which IPO securities are allocated increases,

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

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the number of securities issued to any one fund, if any, may decrease. The investment performance of a Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as a Fund increases in size, the impact of IPOs on the Fund's performance will generally decrease.

**Key Person Risk.** Key person risk is the risk that results when a Fund's investment program is highly dependent on the investment skill and dedication of a small number of "key" persons at Barrow Hanley, which can result in decreased investment results if these "key" persons become unable to apply their full attention to the management of a Fund's investments for health or other reasons.

**Liquidity Risk.** The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may be amplified in situations where foreign countries close their securities markets for extended periods of time due to scheduled holidays, such as the week-long closure of Chinese securities markets that occurs annually in October. The SEC has recently proposed rule amendments that, if adopted as proposed, could result in a larger percentage of a Fund's investments being classified as illiquid investments.

**Loan-Related Investments Risk.** In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks.

Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Bank loans are generally less liquid than many other debt securities. Transactions in bank loans may settle on a delayed basis (and in certain cases may take longer than seven days to settle), such that a Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, the proceeds related to the sale of bank loans may not be available to make additional investments or to meet a Fund's redemption obligations until a substantial period after the sale of the loans.

**Market Risk.** The market value of a Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon political, regulatory, market, economic, and social conditions, as well as developments that impact specific economic sectors, industries, or segments of the market, including conditions that directly relate to the issuers of a Fund's investments, such as management performance, financial condition, and demand for the issuers' goods and services. The Funds are subject to the risk that geopolitical events will adversely affect global economies and markets. War, terrorism, and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on global economies and markets. Likewise, natural and environmental disasters and epidemics or pandemics may be highly disruptive to economies and markets.

**Management Risk.** Barrow Hanley's judgments about the attractiveness, value, and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, data and systems imperfections, the complex nature of designing and implementing portfolio construction systems or quantitative processes, and/or the outlook on market trends and opportunities.

**Management and Quantitative Securities Risk.** Barrow Hanley's use of a systematic quantitative screening process for certain Funds and judgments about the attractiveness, value, and potential appreciation of, or social and environmental factors related to, a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, data and systems imperfections, the complex nature of designing and implementing portfolio construction systems or quantitative processes, and/or the outlook on market trends and opportunities. Because Barrow Hanley relies, in part, on a systematic, quantitative screening process in selecting securities for certain Funds, each such Fund is subject to the additional risk that Barrow Hanley's judgments regarding the investment criteria underlying the screening process may prove to be incorrect.

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

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**Mortgage-Backed and Asset-Backed Securities Risk.** Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage re-financings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates.

Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Therefore, repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed securities present credit risks that are not presented by mortgage-backed securities because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, a Fund will be unable to possess and sell the underlying collateral and that the Fund's recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, a Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.

**Municipal Securities Risk.** Municipal securities are obligations, often bonds and notes, issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies, authorities and instrumentalities, the interest on which is typically exempt from U.S. federal income tax.

Municipal bonds are generally considered riskier investments than Treasury securities. The prices and yields on municipal securities are subject to change from time to time and depend upon a variety of factors, including general money market conditions, the financial condition of the issuer (or other entities whose financial resources are supporting the municipal security), general conditions in the market for tax-exempt obligations, the size of a particular offering and the maturity of the obligation and the rating(s) of the issue. The value of municipal bonds that depend on a specific revenue source or general revenue source to fund their payment obligations may fluctuate as a result of changes in the cash flows generated by the revenue source(s) or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source(s). In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal bonds.

Changes in a municipality's financial health may make it difficult for the municipality to make interest and principal payments when due. A number of municipalities have had significant financial problems recently, and these and other municipalities could, potentially, continue to experience significant financial problems resulting from lower tax revenues and/or decreased aid from state and local governments in the event of an economic downturn. This could decrease a Fund's income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal securities might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some securities, including municipal lease obligations, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue. Since some municipal securities may be secured or guaranteed by banks and other institutions, the risk to a Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. If such events were to occur, the value of the security could decrease or the value could be lost entirely, and it may be difficult or impossible for the Fund to sell the security at the time and the price that normally prevails in the market. Interest on municipal obligations, while generally exempt from U.S. federal income tax, may not be exempt from U.S. federal alternative minimum tax.

**Natural Disaster/Epidemic Risk.** Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and may be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. An epidemic or pandemic can result in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

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demand, which may adversely affect markets, issuers, and/or non U.S. exchange rates. The effects of any disease outbreak may be greater in countries with less developed disease prevention and control programs and may also exacerbate other pre-existing political, social, economic, market and financial risks. A pandemic and its effects can result in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession. Infectious illness outbreaks can adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. Any such events could have a significant adverse impact on the value of a Fund's investments.

**Non-U.S. Securities Risk.** Non-U.S. securities risk is the risk associated with investments in issuers located in non-U.S. countries. Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. Securities markets outside the U.S., while growing in volume, have for the most part substantially less volume than U.S. markets, and many securities traded on these non-U.S. markets are less liquid and their prices are more volatile than securities of comparable U.S. companies. In addition, settlement of trades in some non-U.S. markets is much slower and more subject to failure than in U.S. markets. Other risks associated with investing in non-U.S. securities include, among other things, imposition of exchange control regulation by the U.S. or non-U.S. governments, U.S. and non-U.S. withholding or other taxes, limitations on the removal of funds or other assets, policies of governments with respect to possible nationalization of their industries, and economic or political instability in non-U.S. nations. There may be less publicly available information about certain non-U.S. companies than would be the case for comparable companies in the U.S. and certain non-U.S. companies may not be subject to accounting, auditing, and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain non-U.S. countries. Investors in non-U.S. countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against non-U.S. issuers or non-U.S. persons is limited. Many countries, including developed nations and emerging markets, are faced with concerns about high government debt levels, credit rating downgrades, the future of the euro as a common currency, possible government debt restructuring and related issues, all of which may cause the value of a Fund's non-U.S. investments to decline. Nationalization, expropriation or confiscatory taxation, currency blockage, the imposition of sanctions by other countries (such as the United States), political changes or diplomatic developments may also cause the value of a Fund's non-U.S. investments to decline. When imposed, non-U.S. withholding or other taxes reduce a Fund's return on non-U.S. securities. In the event of nationalization, expropriation or other confiscation, a Fund could lose its entire non-U.S. investment. Investments in emerging markets may be subject to these risks to a greater extent than those in more developed markets and securities of developed market companies that conduct substantial business in emerging markets may also be subject to greater risk. These risks also apply to securities of non-U.S. issuers traded in the United States or through depositary receipt programs such as American Depositary Receipts. In certain cases, depositary receipts may also be issued through programs in local markets, such as Thai NVDRs. See Summary of Principal and Non-Principal Risks – Depositary Receipts in this Prospectus for additional information. To the extent a Fund invests a significant portion of its assets in a specific geographic region, the Fund may have more exposure to regional political, economic, environmental, credit/counterparty and information risks. In addition, non-U.S. securities may be subject to increased credit/counterparty risk because of the potential difficulties of requiring non-U.S. entities to honor their contractual commitments.

**Participatory Notes Risk.** Participatory notes are equity access products structured as debt obligations issued by banks or broker-dealers that are designed to replicate the performance of certain issuers and markets where direct investment is either impossible or difficult due to local restrictions. The performance results of participatory notes will not replicate exactly the performance of the issuers or markets that the notes seek to replicate due to transaction costs and other expenses. Investments in participatory notes involve the same risks associated with a direct investment in the shares of the companies the notes seek to replicate. In addition, participatory notes are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the notes will not fulfill its contractual obligation to complete the transaction with a Fund. Some participatory notes may be considered illiquid and, therefore, will be subject to a Fund's percentage limitation for investments in illiquid securities. The Funds may take long or short positions in participatory notes.

**Portfolio Turnover Risk.** A Fund may sell its portfolio securities, regardless of the length of time that they have been held, if Barrow Hanley determines that it would be in the Fund's best interest to do so. It may be appropriate to buy or sell portfolio securities due to economic, market, or other factors that are not within Barrow Hanley's control. These transactions will increase a Fund's "portfolio

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

turnover." A 100% portfolio turnover rate would occur if all of the securities in a Fund were replaced during the annual measurement period. High turnover rates generally result in higher brokerage costs to a Fund, may result in higher amounts of taxable distributions to shareholders each year and higher effective tax rates on those distribution amounts, and may reduce the Fund's returns.

**Preferred Stock Risk.** A Fund may invest in preferred stock. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**Regulatory Risk.** Changes in the laws or regulations of the United States or other countries, including changes to applicable tax laws and regulations, could impair the ability of a Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**REIT Risk.** REITs are subject to certain other risks related to their structure and focus. REITs generally are dependent upon management skills and may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the Investment Company Act of 1940, as amended (the "1940 Act"). The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

**Small-Cap and Mid-Cap Company Risk.** Small- and mid-capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon a relatively small management group. These companies may experience higher growth rates and higher interest rates than larger capitalization companies. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. Small cap securities may be traded over the counter or listed on an exchange and it may be harder to sell the smallest capitalization company stocks, which can reduce their selling prices. Smaller capitalization companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans that have a floating interest rate.

**Stock Connect Investing Risk.** Trading through Stock Connect is subject to a number of restrictions that may affect a Fund's investments and returns. For example, trading through Stock Connect is subject to daily quotas that limit the maximum daily net purchases on any particular day, which may restrict or preclude the Fund's ability to invest in China A Shares through Stock Connect. In addition, investments made through Stock Connect are subject to trading, clearance and settlement procedures that are relatively untested, which could pose risks to a Fund. Moreover, China A Shares purchased through Stock Connect generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. A primary feature of Stock Connect is the application of the home market's laws and rules applicable to investors in China A Shares. Therefore, a Fund's investments in China A Shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in China A Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect will only operate on days when both the China and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when a Fund may be subject to the risk of price fluctuations of China A Shares during the time when Stock Connect is not trading. Stock Connect is a relatively new program. Further developments are likely and there can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect a Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of Stock Connect are uncertain, and they may have a detrimental effect on the Fund's investments and returns.

**Structured Notes Risk.** Structured notes are debt obligations issued by industrial corporations, financial institutions or governmental or international agencies that obligate the issuer to pay amounts of principal or interest that are determined by reference to changes in some external factor or factors, or may vary from the stated rate because of changes in these factors. Investment in structured notes involves certain risks, including the risk that the issuer may be unable or unwilling to satisfy its obligations to pay principal or interest, which is separate from the risk that the note's reference instruments may move in a manner that is disadvantageous to the holder of the note. Structured notes, which are often illiquid, are also subject to additional risk such as market risk, liquidity risk and interest rate risk. The

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

terms of certain structured notes may provide that a decline in the reference instrument may result in the interest rate or principal amount being reduced to zero. Structured notes may be more volatile than the underlying reference instruments or traditional debt instruments. In addition, structured notes may charge fees and administrative expenses.

A credit-linked note is a type of structured note whose value is linked to an underlying reference asset. Credit-linked notes typically provide periodic payments of interest as well as payment of principal upon maturity, the value of which is tied to the underlying reference asset. Like structured notes generally, investments in credit-linked notes are subject to the risk of loss of the principal investment and/ or periodic interest payments expected to be received from an investment in a credit-linked note in the event that one or more of the underlying obligations of a note default or otherwise become non-performing. To the extent the Fund invests in a credit-linked note that represents an interest in a single issuer or limited number of issuers, a credit event with respect to that issuer or limited number of issuers presents a greater risk of loss to the Fund than if the credit-linked note represented an interest in underlying obligations of multiple issuers.

**Sustainable Investing Risk.** Applying sustainability criteria to the investment process may exclude or reduce exposure to securities of certain issuers for sustainability reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use sustainability criteria. The Fund's performance may at times be better or worse than the performance of funds that do not use sustainability criteria. Although Barrow Hanley seeks to identify issuers that fit within its sustainability criteria, investors may differ in their views of what fits within this category of investments. As a result, the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. Barrow Hanley's exclusion of certain investments from the Fund's investment universe may adversely affect the Fund's relative performance at times when such investments are performing well. Because Barrow Hanley evaluates ESG metrics when selecting certain securities, the Fund's portfolio may perform differently than funds that do not use ESG metrics. ESG metrics may prioritize long term rather than short term returns. There is a risk that the information that Barrow Hanley uses in evaluating an issuer may be incomplete, inaccurate or unavailable, which could adversely affect the analysis relevant to a particular investment. In addition, Barrow Hanley's assessment of whether an issuer fits within its sustainability criteria is made at the time of purchase and as a result, there is a risk that the issuers identified by Barrow Hanley will not operate as anticipated and will no longer fit within Barrow Hanley's sustainability criteria. Further, the regulatory landscape with respect to sustainable investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment process with respect to sustainable investing.

**U.S. Government Securities Risk.** A Fund's investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

**Value Investing Risk.** Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.

**B. Fees and Transactions with Affiliates and Other Parties**

The Trust, on behalf of the Funds, has entered into an Amended and Restated Investment Advisory Agreement (the "Agreement") with JOHCM (USA) Inc d/b/a Perpetual Americas Funds Services (the "Adviser" or "PAFS") to provide investment management services to the Funds.

Total fees incurred pursuant to the Agreement are reflected as "Investment Advisory" fees on the Statements of Operations. Under the terms of the Agreement, PAFS receives an annual fee, computed daily and payable monthly, at the annual rates set forth in the following table (expressed as a percentage of each Fund's respective average daily net assets). The Trust, on behalf of the Funds, and PAFS have entered into a Third Amended and Restated Expense Limitation Agreement whereby PAFS has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, expenses associated

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

with investments in underlying investment companies (excluding Barrow Hanley Credit Opportunities Fund), brokerage commissions, interest, dividends, litigation and indemnification expenses) exceed the rates in the table below (expressed as a percentage of each Fund's respective average daily net assets).

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Advisory Fee** | &nbsp;&nbsp; **Expense**<br> **Limitation**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | Institutional | 0.93% | 1.04% |
| Barrow Hanley Credit Opportunities Fund | Institutional | 0.60% | 0.77% |
| Barrow Hanley Emerging Markets Value Fund | Institutional | 0.87% | 0.98% |
| Barrow Hanley Floating Rate Fund | Institutional | 0.45% | 0.59% |
| Barrow Hanley International Value Fund | Institutional | 0.66% | 0.85% |
| Barrow Hanley Total Return Bond Fund | Institutional | 0.35% | 0.35% |
| Barrow Hanley US Value Opportunities Fund | Institutional | 0.55% | 0.70% |

---

The Third Amended and Restated Expense Limitation Agreement is effective until February 1, 2026 for the Funds (excluding the Barrow Hanley Credit Opportunities Fund). A Fund-of-Funds Fee Waiver and Expense Limitation Agreement is effective until February 1, 2026 for the Barrow Hanley Credit Opportunities Fund. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements, including prior waivers or reimbursements in the Predecessor Funds that were available for recoupment by Perpetual US Services, LLC, investment adviser to the Predecessor Funds, at the time of the Reorganization, for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies (excluding Barrow Hanley Credit Opportunities Fund) and extraordinary expenses) to exceed the current expense limitation at the time of repayment or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board at any time and will terminate automatically upon termination of the Agreement.

Pursuant to the Fund-of-Funds Fee Waiver and Expense Limitation Agreement, the Adviser further has agreed contractually to waive its investment advisory fee payable by the Barrow Hanley Credit Opportunities Fund in the amount of the investment advisory fee the Adviser receives attributable to the assets of the Barrow Hanley Credit Opportunities Fund invested in the Barrow Hanley Floating Rate Fund until February 1, 2026. This Fund-of-Funds Fee Waiver and Expense Limitation Agreement may be terminated by the Board at any time and will terminate automatically upon termination of the Agreement.

For the six months ended March 31, 2025, the Funds incurred advisory fees payable to PAFS, received expense waivers/reimbursements from PAFS, and paid expense recoupments to PAFS as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp; **Advisory Fee**<br> **Payable to**<br> **PAFS**<br>| &nbsp;&nbsp; **Expenses**<br> **Reduced**<br> **by PAFS**<br>| &nbsp;&nbsp; **Advisory Waivers**<br> **Recouped**<br> **by PAFS**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities <br> Fund<br>| $99091 | $48026 | $— |
| Barrow Hanley Credit Opportunities Fund | 277503 | 68018 |  |
| Barrow Hanley Emerging Markets Value Fund | 13274 | 50338 |  |
| Barrow Hanley Floating Rate Fund | 232623 | 23987 |  |
| Barrow Hanley International Value Fund | 124318 | 34504 |  |
| Barrow Hanley Total Return Bond Fund | 305176 | 127880 |  |
| Barrow Hanley US Value Opportunities Fund | 293649 | 14994 |  |

---

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

The balances of recoverable expenses to PAFS by the Funds at March 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the year ended:** | **Expiring** | **Barrow Hanley**<br> **Concentrated**<br> **Emerging**<br> **Markets**<br> **ESG**<br> **Opportunities**<br> **Fund**<br>| **Barrow Hanley**<br> **Credit**<br> **Opportunities**<br> **Fund**<br>| **Barrow Hanley**<br> **Emerging**<br> **Markets**<br> **Value**<br> **Fund**<br>| **Barrow Hanley**<br> **Floating**<br> **Rate**<br> **Fund**<br>| **Barrow Hanley**<br> **International**<br> **Value**<br> **Fund**<br>| **Barrow Hanley**<br> **Total**<br> **Return**<br> **Bond**<br> **Fund**<br>| **Barrow Hanley**<br> **US**<br> **Value**<br> **Opportunities**<br> **Fund**<br>|
| October 31 2022 | October 31, <br> 2025<br>| $104933 | $211154 | $225225 | $257663 | $215454 | $184792 | $143065 |
| October 31, 2023 | October 31, <br> 2026<br>| 183228 | 304910 | 150198 | 442292 | 173297 | 351628 | 219777 |
| September 30, 2024 | September <br> 30, 2027 <br>| 117950 | 143221 | 131478 | 170215 | 166780 | 454830 | 138319 |
| Six months ended March <br> 31, 2025<br>| September <br> 30, 2028<br>| 48026 | 6144 | 50338 | 23987 | 34504 | 127880 | 14994 |
| Balances of Recoverable <br> Expenses to PAFS<br>|  | $454137 | $665429 | $557239 | $894157 | $590035 | $1119130 | $516155 |

---

Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley" or the "Sub-Adviser") serves as a sub-adviser to the Funds. Barrow Hanley, a Delaware limited liability company, is registered as an investment adviser with the U.S. Securities and Exchange Commission and was founded in 1979. Barrow Hanley provides investment advisory services to large institutional clients, mutual funds, employee benefit plans, endowments, foundations, limited liability companies and other institutions and individuals. Barrow Hanley is an indirect subsidiary of Perpetual Limited, a public company listed on the Australian Stock Exchange.

The Sub-Adviser will be responsible for the day-to-day management of each Fund's investment portfolio in accordance with the investment policies and guidelines of the Funds subject to the general oversight of the Adviser.

The provision of investment advisory services by the Sub-Adviser is governed by an individual investment sub-advisory agreement between the Sub-Adviser and the Adviser (the "Sub-Advisory Agreement"). Under the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of the Funds, makes investment decisions for the Funds and administers the investment program of the Funds, subject to the supervision of, and policies established by, the Adviser and the Board.

The Sub-Advisory Agreement will continue in effect for its initial term until the second anniversary of the date of effectiveness, and thereafter from year to year provided such continuance is specifically approved at least annually (a) by the Board or by a majority of the outstanding voting securities of the Funds (as defined in the 1940 Act), and (b) in either event, by a majority of the Independent Trustees with such Independent Trustees casting votes in person at a meeting called for such purpose. Any party to the Sub-Advisory Agreement may terminate the Sub-Advisory Agreement without penalty, in each case on not less than 60 days' written notice to the other party.

As compensation for its services, the Adviser pays to Barrow Hanley a monthly base fee for its services as indicated in the table below (the "Base Sub-Advisory Fee"). The Base Sub-Advisory Fee in effect for each Fund is below:

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| | |
|:---|:---|
| **Fund** | Base Subadvisory Fee |
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | 0.78<br> %<br>|
| Barrow Hanley Credit Opportunities Fund | 0.45 |
| Barrow Hanley Emerging Markets Value Fund | 0.72 |
| Barrow Hanley Floating Rate Fund | 0.30 |
| Barrow Hanley International Value Fund | 0.51 |
| Barrow Hanley Total Return Bond Fund | 0.20 |
| Barrow Hanley US Value Opportunities Fund | 0.40 |

---

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

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Perpetual Americas Funds Distributors, LLC (the "Distributor"), a wholly owned subsidiary of Foreside Financial Group, LLC d/b/a ACA Group ("ACA Group"), provides distribution services to the Funds pursuant to a distribution agreement with the Trust on behalf of the Funds. The Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. PAFS, at its own expense, pays the Distributor an annual base fee, an asset-based fee and reimbursement for certain expenses and out-of-pocket costs incurred on behalf of the Funds. Neither the Distributor nor ACA Group is affiliated with the Trust, the Adviser or Barrow Hanley.

The Northern Trust Company ("Northern Trust") serves as the administrator, transfer agent, custodian, and fund accounting agent for the Funds pursuant to written agreements with the Trust on behalf of the Funds. The Funds have agreed to pay Northern Trust a tiered basis-point fee based on the Trust's complex level net assets, certain per account and transaction charges, other fees for additional service activities, and reimbursement of certain expense. Total fees paid to Northern Trust for their services, which are reflected as "Administration", "Transfer Agent", and "Custodian" fees, respectively, on the Statements of Operations.

Foreside Fund Officer Services, LLC, an affiliate of ACA Group provides principal financial officer and treasurer services for the Funds pursuant to a written agreement with the Trust on behalf of the Funds. The Funds have agreed to pay ACA Group an annual fee based on the level of net assets in the Fund complex, subject to an overall minimum annual fee of $200,000 for these services, and reimburse for certain expenses incurred on behalf of the Funds. Total fees allocated to the Funds and paid to ACA Group pursuant to these agreements are reflected as "Treasurer Service" fees on the Statements of Operations.

PAFS and the Trust have entered into an Amended and Restated Administration and Compliance Support Services Agreement (the "ACSS Agreement") pursuant to which PAFS provides, coordinates or otherwise supports the provision of, administration and compliance services for the Trust. As full compensation for the services rendered and expenses borne by PAFS in connection with the services PAFS provides under the ACSS Agreement, the Trust, on behalf of each Fund, agrees to reimburse PAFS in such amounts as are approved by the Board from time to time. Total fees allocated to the Funds and paid to PAFS pursuant to the ACSS Agreement are reflected as "Compliance" fees in the Statements of Operations.

PAFS and the Trust have entered into an Amended and Restated Institutional Class Shareholder Services, Recordkeeping and Sub-Transfer Agency Agreement (the "Shareholder Services Agreement"). Pursuant to the Shareholder Services Agreement, the Trust, on behalf of each Fund, agrees that Institutional Shares of each Fund shall reimburse PAFS or its designee for any payments PAFS or such designee makes to third-party service providers for personal services, accounting or subaccounting, recordkeeping and/or other administrative services provided to beneficial holders of Institutional Class shares of the Funds. Payments by a Fund pursuant to the Shareholder Services Agreement shall not exceed such amounts as are approved by the Board from time to time. Total fees reimbursed to PAFS pursuant to the Shareholder Services Agreement are reflected as "Shareholder Services - Institutional Shares" fees in the Statements of Operations.

Certain officers of the Trust are affiliated with PAFS, ACA Group, Northern Trust, or the Distributor and receive no compensation directly from the Funds for serving in their respective roles. The Trust pays each trustee who is not an "interested person" within the meaning of Section 2(a)(19) of the 1940 Act ("Independent Trustee") compensation for their services based on an annual retainer of $140,000, certain committee and chairperson retainers and reimbursement for certain expenses. For the six months ended March 31, 2025, the aggregate Independent Trustee compensation paid by the Trust was $377,000. The amount of total Independent Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Funds are reflected in "Trustee" fees on the Statements of Operations.

**C. Credit Agreements**

On August 18, 2024, the Funds, other than the Barrow Hanley Floating Rate Fund, became parties to the Trust's $150 million revolving credit facility agreement (the "Credit Agreement") with Northern Trust for liquidity or for other temporary or emergency purposes which permits the applicable Funds to borrow up to an aggregate amount of $150 million, $50 million of which is committed and $100 million of which is uncommitted. The Barrow Hanley Floating Rate Fund became a party to the Credit Agreement on October 25, 2024. For each Barrow Hanley Fund, other than the Barrow Hanley Floating Rate Fund, any advance under the Credit Agreement will accrue interest at a rate per annum equivalent to the Fund's option of the sum of the U.S. Federal Fund Target Rate plus 1.30%, the daily Simple Secured

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

Overnight Financing Rate plus 1.30% or the Prime Rate minus 1.50%. In the case of the Barrow Hanley Floating Rate Fund, any advance under the Credit Agreement will accrue interest at a rate per annum equivalent to the Fund's option of the sum of the U.S. Federal Fund Target Rate plus 1.50%, the daily Simple Secured Overnight Financing Rate plus 1.50% or the Prime Rate minus 1.30%.

During the six months ended March 31, 2025, the following Funds had borrowings with the average loan and weighted interest rate as disclosed below:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | Dollar Amount | Days Outstanding | Rate |
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities <br> Fund<br>| &nbsp;&nbsp; $2792391 | &nbsp;&nbsp; 23 | 5.66<br> %<br>|
| Barrow Hanley International Value Fund | &nbsp;&nbsp; 3713103 | &nbsp;&nbsp; 29 | 5.74 |
| Barrow Hanley Total Return Bond Fund | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 3 | 5.87 |

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The Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund, Barrow Hanley International Value Fund and Barrow Hanley Total Return Bond Fund incurred interest expense of $10,090, $17,183 and $220, respectively, related to borrowings for the six months ended March 31, 2025. The amounts are included in the "Interest Expense" on the Statements of Operations.

**D. Investment Transactions**

For the six months ended March 31, 2025, the aggregate cost of purchases and proceeds from sales of securities (excluding short-term investments and U.S. government securities) for the Funds were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Cost of Purchases** | **Proceeds from Sales** |
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | &nbsp;&nbsp; $5677766 | &nbsp;&nbsp; $30184112 |
| Barrow Hanley Credit Opportunities Fund | &nbsp;&nbsp; 19015320 | &nbsp;&nbsp; 16197726 |
| Barrow Hanley Emerging Markets Value Fund | &nbsp;&nbsp; 458973 | &nbsp;&nbsp; 517480 |
| Barrow Hanley Floating Rate Fund | &nbsp;&nbsp; 58442334 | &nbsp;&nbsp; 57414808 |
| Barrow Hanley International Value Fund | &nbsp;&nbsp; 7095310 | &nbsp;&nbsp; 52296825 |
| Barrow Hanley Total Return Bond Fund | &nbsp;&nbsp; 39456904 | &nbsp;&nbsp; 24689711 |
| Barrow Hanley US Value Opportunities Fund | &nbsp;&nbsp; 32838521 | &nbsp;&nbsp; 42700690 |

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For the six months ended March 31, 2025, the aggregate cost of purchases and proceeds from sales of U.S. government securities (excluding short-term investments) for the Funds were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Cost of Purchases** | **Proceeds from Sales** |
| Barrow Hanley Total Return Bond Fund | &nbsp;&nbsp; $20885806 | &nbsp;&nbsp; $38383997 |

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E. U.S. Federal Income Tax**

As of March 31, 2025, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for U.S. Federal income tax purposes, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross**<br> **Unrealized**<br> **Appreciation**<br>| **Gross**<br> **Unrealized**<br> **(Depreciation)**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG <br> Opportunities Fund<br>| &nbsp;&nbsp; $5331974 | &nbsp;&nbsp; $388544 | &nbsp;&nbsp; $(291843)<br>| &nbsp;&nbsp; $96701 |
| Barrow Hanley Credit Opportunities Fund | &nbsp;&nbsp; 93892302 | &nbsp;&nbsp; 1087951 | &nbsp;&nbsp; (2842859)<br>| &nbsp;&nbsp; (1754908)<br>|
| Barrow Hanley Emerging Markets Value Fund | &nbsp;&nbsp; 3255999 | &nbsp;&nbsp; 98162 | &nbsp;&nbsp; (374226)<br>| &nbsp;&nbsp; (276064)<br>|
| Barrow Hanley Floating Rate Fund | &nbsp;&nbsp; 106615287 | &nbsp;&nbsp; 768791 | &nbsp;&nbsp; (2492443)<br>| &nbsp;&nbsp; (1723652)<br>|
| Barrow Hanley International Value Fund | &nbsp;&nbsp; 12597792 | &nbsp;&nbsp; 1467029 | &nbsp;&nbsp; (567868)<br>| &nbsp;&nbsp; 899161 |
| Barrow Hanley Total Return Bond Fund | &nbsp;&nbsp; 172577490 | &nbsp;&nbsp; 1721990 | &nbsp;&nbsp; (1806994)<br>| &nbsp;&nbsp; (85004)<br>|
| Barrow Hanley US Value Opportunities Fund | &nbsp;&nbsp; 81269707 | &nbsp;&nbsp; 18104738 | &nbsp;&nbsp; (3464945)<br>| &nbsp;&nbsp; 14639793 |

---

The tax character of distributions paid by the Funds during the latest tax period from November 1, 2023 to September 30, 2024 and the tax years ended October 31, 2023 and October 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Distributions From** | **Distributions From** | **Distributions From** | **Distributions From** | **Distributions From** | **Distributions From** |
| **Fund** | **Ordinary**<br> **Income\***<br> **2024**<br>| &nbsp;&nbsp; **Long-Term**<br> **Capital Gains**<br> **2024**<br>| &nbsp;&nbsp; **Ordinary**<br> **Income\***<br> **2023**<br>| &nbsp;&nbsp; **Long-Term**<br> **Capital Gains**<br> **2023**<br>| &nbsp;&nbsp; **Ordinary**<br> **Income\***<br> **2022**<br>| &nbsp;&nbsp; **Long-Term**<br> **Capital Gains**<br> **2022**<br>|
| Barrow Hanley <br> Concentrated <br> Emerging Markets <br> ESG Opportunities <br> Fund<br>| $1199093 | &nbsp;&nbsp;&nbsp; $148,465<br> \*\*<br>| &nbsp;&nbsp;&nbsp; $170927 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barrow Hanley Credit <br> Opportunities Fund<br>| 7420054 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7734787 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3544896 | &nbsp;&nbsp;&nbsp; — |
| Barrow Hanley Emerging <br> Markets Value Fund<br>| 66502 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 67981 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Barrow Hanley Floating <br> Rate Fund<br>| 9510641 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9385204 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3068871 | &nbsp;&nbsp;&nbsp; — |
| Barrow Hanley <br> International <br> Value Fund<br>| 1943876 | &nbsp;&nbsp;&nbsp; 282,131<br> \*\*\*<br>| &nbsp;&nbsp;&nbsp; 179447 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Barrow Hanley Total <br> Return Bond Fund<br>| 7292884 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2264393 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 580835 | &nbsp;&nbsp;&nbsp; — |
| Barrow Hanley US Value <br> Opportunities Fund<br>| 1190228 | &nbsp;&nbsp;&nbsp; —<br> \*\*\*\*<br>| &nbsp;&nbsp;&nbsp; 1029833 | &nbsp;&nbsp;&nbsp; 368046 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

---

| | |
|:---|:---|
| \* | Ordinary income includes short-term capital gains, if any. |
| \*\* | The amounts do not include tax equalization utilized of $119,728 in net long term capital gains in which the Fund designated as being distributed to shareholders <br> on their redemption of shares.<br>|
| \*\*\* | The amounts do not include tax equalization utilized of $359,835 in net long term capital gains in which the Fund designated as being distributed to <br> shareholders on their redemption of shares.<br>|
| \*\*\*\* | The amounts do not include tax equalization utilized of $131,503 in net long term capital gains in which the Fund designated as being distributed to shareholders <br> on their redemption of shares.<br>|

---

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

As of the latest tax period ended September 30, 2024, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary**<br> **Income**<br>| &nbsp;&nbsp; **Undistributed**<br> **Long-Term**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Accumulated**<br> **Capital and**<br> **Other Losses**<br>| &nbsp;&nbsp; **Other** <br> **Temporary** <br> **Differences**<br>| &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| &nbsp;&nbsp; **Total**<br> **Accumulated**<br> **Earnings**<br> **(Deficit)**<br>|
| Barrow Hanley <br> Concentrated <br> Emerging Markets <br> ESG Opportunities <br> Fund<br>| $902937 | &nbsp;&nbsp;&nbsp; $2650810 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $424125 | &nbsp;&nbsp;&nbsp; $3977872 |
| Barrow Hanley Credit <br> Opportunities Fund<br>| 111658 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6304705)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (375833)<br>| &nbsp;&nbsp;&nbsp; (6568880)<br>|
| Barrow Hanley Emerging <br> Markets Value Fund<br>| 102962 | &nbsp;&nbsp;&nbsp; 250720 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (112911)<br>| &nbsp;&nbsp;&nbsp; 240771 |
| Barrow Hanley Floating <br> Rate Fund<br>| 387620 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1472442)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (217306)<br>| &nbsp;&nbsp;&nbsp; (1302128)<br>|
| Barrow Hanley <br> International <br> Value Fund<br>| 1533110 | &nbsp;&nbsp;&nbsp; 1854582 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3226907 | &nbsp;&nbsp;&nbsp; 6614599 |
| Barrow Hanley Total <br> Return Bond Fund<br>| 2580171 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4523160 | &nbsp;&nbsp;&nbsp; 7103331 |
| Barrow Hanley US Value <br> Opportunities Fund<br>| 1322182 | &nbsp;&nbsp;&nbsp; 8204563 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28428224 | &nbsp;&nbsp;&nbsp; 37954969 |

---

As of the latest tax period ended September 30, 2024, capital losses incurred by the Funds are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 and are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>| **Long-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>|
| Barrow Hanley Credit Opportunities Fund | &nbsp;&nbsp; $196506 | &nbsp;&nbsp; $6108199 |
| Barrow Hanley Floating Rate Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 1472442 |

---

During the latest tax period ended September 30, 2024, the Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund, Barrow Hanley Emerging Markets Value Fund, Barrow Hanley Total Return Bond Fund and Barrow Hanley US Value Opportunities Fund utilized $157,863, $14,045, $1,500,722 and $196,602, respectively, in capital loss carry forwards.

Primarily as a result of differing book/tax treatment of tax equalization, the Funds made reclassifications among certain capital accounts. These reclassifications have no effect on net assets or net asset value per share. As of September 30, 2024, the following reclassifications were made to the Funds' Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable**<br> **Earnings (Loss)**<br>| **Paid-in**<br> **Capital**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | &nbsp;&nbsp; $(119728)<br>| &nbsp;&nbsp; $119728 |
| Barrow Hanley International Value Fund | &nbsp;&nbsp; (359835)<br>| &nbsp;&nbsp; 359835 |
| Barrow Hanley US Value Opportunities Fund | &nbsp;&nbsp; (131503)<br>| &nbsp;&nbsp; 131503 |

---

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**F. Capital Share Transactions**

Transactions in dollars for the six months ended March 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG <br> Opportunities Fund<br>| Institutional Shares | &nbsp;&nbsp; $782967 | &nbsp;&nbsp; $3314940 | &nbsp;&nbsp; $(26388698) | &nbsp;&nbsp; $(22290791) |
| Barrow Hanley Credit Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 10995425 | &nbsp;&nbsp; 3107717 | &nbsp;&nbsp; (10404927) | &nbsp;&nbsp; 3698215 |
| Barrow Hanley Emerging Markets Value Fund | Institutional Shares | &nbsp;&nbsp; 67148 | &nbsp;&nbsp; 132525 | (53) | &nbsp;&nbsp; 199620 |
| Barrow Hanley Floating Rate Fund | Institutional Shares | &nbsp;&nbsp; 5010889 | &nbsp;&nbsp; 3453242 | &nbsp;&nbsp; (7348116) | &nbsp;&nbsp; 1116015 |
| Barrow Hanley International Value Fund | Institutional Shares | &nbsp;&nbsp; 579611 | &nbsp;&nbsp; 2970514 | &nbsp;&nbsp; (46780733) | &nbsp;&nbsp; (43230608) |
| Barrow Hanley Total Return Bond Fund | Institutional Shares | &nbsp;&nbsp; 12536431 | &nbsp;&nbsp; 6731294 | &nbsp;&nbsp; (14811150) | &nbsp;&nbsp; 4456575 |
| Barrow Hanley US Value Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 7997109 | &nbsp;&nbsp; 8253570 | &nbsp;&nbsp; (13542060) | &nbsp;&nbsp; 2708619 |

---

Transactions in shares for the six months ended March 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG <br> Opportunities Fund<br>| Institutional Shares | &nbsp;&nbsp; 84729 | &nbsp;&nbsp; 390913 | &nbsp;&nbsp; (3129304) | &nbsp;&nbsp; (2653662) |
| Barrow Hanley Credit Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 1142893 | &nbsp;&nbsp; 323786 | &nbsp;&nbsp; (1073376) | &nbsp;&nbsp; 393303 |
| Barrow Hanley Emerging Markets Value Fund | Institutional Shares | &nbsp;&nbsp; 7591 | &nbsp;&nbsp; 15060 | (6) | &nbsp;&nbsp; 22645 |
| Barrow Hanley Floating Rate Fund | Institutional Shares | &nbsp;&nbsp; 509734 | &nbsp;&nbsp; 355049 | &nbsp;&nbsp; (746379) | &nbsp;&nbsp; 118404 |
| Barrow Hanley International Value Fund | Institutional Shares | &nbsp;&nbsp; 57018 | &nbsp;&nbsp; 302805 | &nbsp;&nbsp; (4516101) | &nbsp;&nbsp; (4156278) |
| Barrow Hanley Total Return Bond Fund | Institutional Shares | &nbsp;&nbsp; 1329563 | &nbsp;&nbsp; 730377 | &nbsp;&nbsp; (1574303) | &nbsp;&nbsp; 485637 |
| Barrow Hanley US Value Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 679558 | &nbsp;&nbsp; 686653 | &nbsp;&nbsp; (1130226) | &nbsp;&nbsp; 235985 |

---

Transactions in dollars for the period from November 1, 2023 to September 30, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG <br> Opportunities Fund<br>| Institutional Shares | &nbsp;&nbsp; $4042597 | &nbsp;&nbsp; $1293285 | &nbsp;&nbsp; $(4258922) | &nbsp;&nbsp; $1076960 |
| Barrow Hanley Credit Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 15261740 | &nbsp;&nbsp; 7417942 | &nbsp;&nbsp; (33733403) | &nbsp;&nbsp; (11053721) |
| Barrow Hanley Emerging Markets Value Fund | Y Shares<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; (98026) | &nbsp;&nbsp; (98025) |
| Barrow Hanley Emerging Markets Value Fund | Institutional Shares | &nbsp;&nbsp; 480632 | &nbsp;&nbsp; 24601 | &nbsp;&nbsp; (141562) | &nbsp;&nbsp; 363671 |
| Barrow Hanley Floating Rate Fund | Institutional Shares | &nbsp;&nbsp; 6385264 | &nbsp;&nbsp; 8595773 | &nbsp;&nbsp; (18478031) | &nbsp;&nbsp; (3496994) |
| Barrow Hanley International Value Fund | Y Shares<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; (108929) | &nbsp;&nbsp; (108928) |
| Barrow Hanley International Value Fund | Institutional Shares | &nbsp;&nbsp; 14041390 | &nbsp;&nbsp; 1947790 | &nbsp;&nbsp; (23080980) | &nbsp;&nbsp; (7091800) |
| Barrow Hanley Total Return Bond Fund | Institutional Shares | &nbsp;&nbsp; 18082825 | &nbsp;&nbsp; 7292884 | &nbsp;&nbsp; (22488938) | &nbsp;&nbsp; 2886771 |
| Barrow Hanley US Value Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 2846280 | &nbsp;&nbsp; 813744 | &nbsp;&nbsp; (6832952) | &nbsp;&nbsp; (3172928) |

---

<sup>1</sup> During the period, share class "Y" transitioned to "Institutional" shares.

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

Transactions in shares for the period from November 1, 2023 to September 30, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG <br> Opportunities Fund<br>| Institutional Shares | &nbsp;&nbsp; 448988 | &nbsp;&nbsp; 138503 | &nbsp;&nbsp; (458509) | &nbsp;&nbsp; 128982 |
| Barrow Hanley Credit Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 1611565 | &nbsp;&nbsp; 782515 | &nbsp;&nbsp; (3550505) | &nbsp;&nbsp; (1156425) |
| Barrow Hanley Emerging Markets Value Fund | Y Shares<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (10003) | &nbsp;&nbsp; (10003) |
| Barrow Hanley Emerging Markets Value Fund | Institutional Shares | &nbsp;&nbsp; 48915 | &nbsp;&nbsp; 2485 | &nbsp;&nbsp; (14639) | &nbsp;&nbsp; 36761 |
| Barrow Hanley Floating Rate Fund | Institutional Shares | &nbsp;&nbsp; 643903 | &nbsp;&nbsp; 877634 | &nbsp;&nbsp; (1870269) | &nbsp;&nbsp; (348732) |
| Barrow Hanley International Value Fund | Y Shares<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (10003) | &nbsp;&nbsp; (10003) |
| Barrow Hanley International Value Fund | Institutional Shares | &nbsp;&nbsp; 1274718 | &nbsp;&nbsp; 179183 | &nbsp;&nbsp; (2159251) | &nbsp;&nbsp; (705350) |
| Barrow Hanley Total Return Bond Fund | Institutional Shares | &nbsp;&nbsp; 1958447 | &nbsp;&nbsp; 775051 | &nbsp;&nbsp; (2408415) | &nbsp;&nbsp; 325083 |
| Barrow Hanley US Value Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 251469 | &nbsp;&nbsp; 75627 | &nbsp;&nbsp; (626364) | &nbsp;&nbsp; (299268) |

---

<sup>1</sup> During the period, share class "Y" transitioned to "Institutional" shares.

Transactions in dollars for the year ended October 31, 2023, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG <br> Opportunities Fund<br>| Institutional Shares | &nbsp;&nbsp; $24845447 | &nbsp;&nbsp; $165297 | &nbsp;&nbsp; $(2466332) | &nbsp;&nbsp; $22544412 |
| Barrow Hanley Credit Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 6639107 | &nbsp;&nbsp; 7732924 | &nbsp;&nbsp; (16576397) | &nbsp;&nbsp; (2204366) |
| Barrow Hanley Emerging Markets Value Fund | Y Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Barrow Hanley Emerging Markets Value Fund | Institutional Shares | &nbsp;&nbsp; 345305 | &nbsp;&nbsp; 14693 | &nbsp;&nbsp; (4647) | &nbsp;&nbsp; 355351 |
| Barrow Hanley Floating Rate Fund | Institutional Shares | &nbsp;&nbsp; 16522117 | &nbsp;&nbsp; 8861665 | &nbsp;&nbsp; (33125265) | &nbsp;&nbsp; (7741483) |
| Barrow Hanley International Value Fund | Y Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Barrow Hanley International Value Fund | Institutional Shares | &nbsp;&nbsp; 61051174 | &nbsp;&nbsp; 54772 | &nbsp;&nbsp; (4426128) | &nbsp;&nbsp; 56679818 |
| Barrow Hanley Total Return Bond Fund | Institutional Shares | &nbsp;&nbsp; 119587659 | &nbsp;&nbsp; 2264393 | &nbsp;&nbsp; (355079) | &nbsp;&nbsp; 121496973 |
| Barrow Hanley US Value Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 1591890 | &nbsp;&nbsp; 963958 | &nbsp;&nbsp; (25153117) | &nbsp;&nbsp; (22597269) |

---

Transactions in shares for the year ended October 31, 2023, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG <br> Opportunities Fund<br>| Institutional Shares | &nbsp;&nbsp; 2776954 | &nbsp;&nbsp; 18026 | &nbsp;&nbsp; (260283) | &nbsp;&nbsp; 2534697 |
| Barrow Hanley Credit Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 708225 | &nbsp;&nbsp; 848271 | &nbsp;&nbsp; (1777737) | &nbsp;&nbsp; (221241) |
| Barrow Hanley Emerging Markets Value Fund | Y Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Barrow Hanley Emerging Markets Value Fund | Institutional Shares | &nbsp;&nbsp; 35069 | &nbsp;&nbsp; 1563 | (480) | &nbsp;&nbsp; 36152 |
| Barrow Hanley Floating Rate Fund | Institutional Shares | &nbsp;&nbsp; 1746219 | &nbsp;&nbsp; 928297 | &nbsp;&nbsp; (3432488) | &nbsp;&nbsp; (757972) |
| Barrow Hanley International Value Fund | Y Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Barrow Hanley International Value Fund | Institutional Shares | &nbsp;&nbsp; 5927661 | &nbsp;&nbsp; 5658 | &nbsp;&nbsp; (418917) | &nbsp;&nbsp; 5514402 |
| Barrow Hanley Total Return Bond Fund | Institutional Shares | &nbsp;&nbsp; 13325774 | &nbsp;&nbsp; 245369 | &nbsp;&nbsp; (37908) | &nbsp;&nbsp; 13533235 |
| Barrow Hanley US Value Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 164349 | &nbsp;&nbsp; 100363 | &nbsp;&nbsp; (2573113) | &nbsp;&nbsp; (2308401) |

---

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**G. Concentration of Ownership**

A significant portion of a Fund's shares may be held in a limited number of shareholder accounts, including in certain omnibus or institutional accounts which typically hold shares for the benefit of other underlying investors. To the extent that a shareholder or group of shareholders redeem a significant portion of the shares issued by a Fund, this could have a disruptive impact on the efficient implementation of a Fund's investment strategy.

As of March 31, 2025, PAFS or PAFS affiliates held outstanding shares of the Funds as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **% Ownership** |
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | Institutional Shares | 31.3 |
| Barrow Hanley Credit Opportunities Fund | Institutional Shares | 0.1 |
| Barrow Hanley Emerging Markets Value Fund | Institutional Shares | 59.1 |
| Barrow Hanley Floating Rate Fund | Institutional Shares | 32.7 |
| Barrow Hanley International Value Fund | Institutional Shares | 0.8 |

---

------

**BARROW HANLEY FUNDS**

**PROXY DISCLOSURES**

**March 31, 2025 (Unaudited)**

------

Not Applicable.

------

**BARROW HANLEY FUNDS**

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS**

**March 31, 2025 (Unaudited)**

------

Included on page 84 in the Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**March 31, 2025 (Unaudited)**

------

Not Applicable.

------

**Investment Subadviser**

Barrow, Hanley, Mewhinney & Straus, LLC

220 Ross Avenue, 31st Floor

Dallas, Texas 75201

**Investment Adviser**

Perpetual Americas Funds Services

1 Congress Street, Suite 3101

Boston, Massachusetts 02114

**Custodian**

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

One North Wacker Drive

Chicago, Illinois 60606

**Legal Counsel**

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, Massachusetts 02199

**Distributor**

Perpetual Americas Funds Distributors, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

**For Additional Information, call**

866-260-9549 (toll free) or 312-557-5913

BH 03/25

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 16. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

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**Item 19. Exhibits.**

(a)(1) Not applicable - only for annual reports

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) is filed herewith.](Exhibit_b.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Perpetual Americas Funds Trust

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| | |
|:---|:---|
| By:  | /s/ Troy Sheets  |
|  | Troy Sheets  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | June 3, 2025  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By:  | /s/ Jonathan Weitz  |
|  | Jonathan Weitz  |
|  | President and Principal Executive Officer  |
| Date:  | June 3, 2025  |

---

---

| | |
|:---|:---|
| By:  | /s/ Troy Sheets  |
|  | Troy Sheets  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | June 3, 2025  |

---

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## Ex-99.Cert

#### Certification
I, Jonathan Weitz, certify that:

1. I have reviewed this report on Form N-CSR of the Perpetual Americas Funds Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: June 3, 2025  | /s/ Jonathan Weitz  |
|  | Jonathan Weitz  |
|  | President and Principal Executive Officer  |

---

I, Troy Sheets, certify that:

1. I have reviewed this report on Form N-CSR of the Perpetual Americas Funds Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

------

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 3, 2025  | /s/ Troy Sheets  |
|  | Troy Sheets  |
|  | Treasurer and Principal Financial Officer  |

---

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## Exhibit 99.906

#### Certification
This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2025 of the Perpetual Americas Funds Trust (the "registrant").

Jonathan Weitz, Principal Executive Officer, and Troy Sheets, Principal Financial Officer of registrant, each certify to the best of his or her knowledge that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

---

| | |
|:---|:---|
| June 3, 2025  | June 3, 2025  |
| Date  | Date  |
| /s/ Jonathan Weitz  | /s/ Troy Sheets  |
| Jonathan Weitz  | Troy Sheets  |
| President and Principal Executive Officer  | Treasurer and Principal Financial Officer  |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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