# EDGAR Filing Document

**Accession Number:** 0001145022
**File Stem:** 0000894189-26-016939
**Filing Date:** 2026-6
**Character Count:** 128116
**Document Hash:** 0b23f7ad229aa27f853e13a2af7518a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016939.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000894189-26-016939

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HOTCHKIS & WILEY FUNDS /DE/
- **CENTRAL INDEX KEY:** 0001145022

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10487
- **FILM NUMBER:** 261050888

**BUSINESS ADDRESS:**
- **STREET 1:** 601 SOUTH FIGUEROA STREET
- **STREET 2:** 39TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017-5704
- **BUSINESS PHONE:** 2134301000

**MAIL ADDRESS:**
- **STREET 1:** 601 SOUTH FIGUEROA STREET
- **STREET 2:** 39TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017-5704

## Series and Classes Contracts Data

### Hotchkis & Wiley High Yield Fund (Series ID: S000025241)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075208 | Class A      | HWHAX           |
| C000075210 | Class I      | HWHIX           |
| C000199806 | Class Z      | HWHZX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Hotchkis & Wiley High Yield Fund** | **Hotchkis & Wiley High Yield Fund** | **Hotchkis & Wiley High Yield Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **CORPORATE BONDS - 86.9%** | **Par**  | **Value**  |
| **Advertising - 0.9%** | **Advertising - 0.9%** | **Advertising - 0.9%** |
|  Stagwell Global LLC, 5.63%, 08/15/2029 <sup>(a)</sup> | $7064000 | $6731338 |
| **Aerospace & Defense - 1.4%** | **Aerospace & Defense - 1.4%** | **Aerospace & Defense - 1.4%** |
|  Amentum Holdings, Inc., 7.25%, 08/01/2032 <sup>(a)</sup> | 2711000 | 2807959 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| &nbsp;&nbsp; 7.13%, 12/01/2031 <sup>(a)</sup> | 1854000 | 1915935 |
| &nbsp;&nbsp; 6.75%, 01/31/2034 <sup>(a)</sup> | 5772000 | 5851971 |
|  |  | 10575865 |
| **Auto Parts & Equipment - 3.4%** | **Auto Parts & Equipment - 3.4%** | **Auto Parts & Equipment - 3.4%** |
|  Adient Global Holdings Ltd., 8.25%, 04/15/2031 <sup>(a)</sup> | 3561000 | 3695994 |
|  American Axle & Manufacturing, Inc., 6.88%, 07/01/2028 | 2432000 | 2430444 |
|  Cyprium Corp. / Cyprium Holdings Luxembourg Sarl, 6.38%, 04/15/2034 <sup>(a)</sup> | 7580000 | 7376416 |
|  Dcli Bidco LLC, 7.75%, 11/15/2029 <sup>(a)</sup> | 4295000 | 4346733 |
|  Phinia, Inc., 6.63%, 10/15/2032 <sup>(a)</sup> | 3478000 | 3542503 |
|  ZF North America Capital, Inc., 6.88%, 04/23/2032 <sup>(a)</sup> | 4123000 | 3921109 |
|  |  | 25313199 |
| **Automakers - 0.6%** | **Automakers - 0.6%** | **Automakers - 0.6%** |
|  New Flyer Holdings, Inc., 9.25%, 07/01/2030 <sup>(a)</sup> | 4257000 | 4553525 |
| **Banking - 5.5%** | **Banking - 5.5%** | **Banking - 5.5%** |
|  BNP Paribas SA, 7.45% to 06/27/2035 then 5 yr. CMT Rate + 3.13%, Perpetual <sup>(a)</sup> | 5756000 | 5780488 |
|  BW Real Estate, Inc., 9.50% to 03/30/2030 then 5 yr. CMT Rate + 5.40%, Perpetual <sup>(a)</sup> | 4905000 | 4936735 |
|  Citigroup, Inc., 6.88% to 08/15/2030 then 5 yr. CMT Rate + 2.89%, Perpetual | 3752000 | 3780920 |
|  First Citizens BancShares, Inc., 7.00% to 12/15/2030 then 5 yr. CMT Rate + 3.30%, Perpetual | 3129000 | 3134420 |
|  ING Groep NV, 7.00% to 11/16/2032 then USISSO05 + 3.59%, Perpetual | 3736000 | 3731657 |
|  Lloyds Banking Group PLC, 6.63% to 09/27/2035 then 5 yr. CMT Rate + 2.68%, Perpetual | 7670000 | 7327413 |
|  Pinnacle Financial Partners, Inc., 7.54% to 02/07/2029 then 5 yr. Mid Swap Rate USD + 3.38%, 02/07/2029 | 1820000 | 1892800 |
|  Societe Generale SA, 7.13% to 01/15/2036 then 5 yr. CMT Rate + 2.95%, Perpetual <sup>(a)</sup> | 7749000 | 7452268 |
|  Texas Capital Bancshares, Inc., 4.00% to 05/06/2026 then 5 yr. CMT Rate + 3.15%, 05/06/2031 | 3489000 | 3483345 |
|  |  | 41520046 |
| **Brokerage - 0.5%** | **Brokerage - 0.5%** | **Brokerage - 0.5%** |
|  Stonex Escrow Issuer LLC, 6.88%, 07/15/2032 <sup>(a)</sup> | 3768000 | 3810680 |
| **Building & Construction - 2.8%** | **Building & Construction - 2.8%** | **Building & Construction - 2.8%** |
|  Adams Homes, Inc., 9.25%, 10/15/2028 <sup>(a)</sup> | 3737000 | 3862317 |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 4.88%, 02/15/2030 <sup>(a)</sup> | 4298000 | 3951482 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 <sup>(a)</sup> | 4353000 | 4371789 |
|  LGI Homes, Inc., 7.00%, 11/15/2032 <sup>(a)</sup> | 4018000 | 3731767 |
|  Weekley Homes LLC / Weekley Finance Corp., 6.75%, 01/15/2034 <sup>(a)</sup> | 5508000 | 5282155 |
|  |  | 21199510 |
| **Building Materials - 3.2%** | **Building Materials - 3.2%** | **Building Materials - 3.2%** |
|  BlueLinx Holdings, Inc., 6.00%, 11/15/2029 <sup>(a)</sup> | 6151000 | 5971920 |
|  Knife River Corp., 7.75%, 05/01/2031 <sup>(a)</sup> | 3066000 | 3175987 |
|  MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 <sup>(a)</sup> | 4088000 | 3535250 |
|  Quikrete Holdings, Inc., 6.75%, 03/01/2033 <sup>(a)</sup> | 3682000 | 3742440 |
|  Specialty Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/2029 <sup>(a)</sup> | 2760000 | 2398815 |
|  Standard Building Solutions, Inc., 6.50%, 08/15/2032 <sup>(a)</sup> | 5348000 | 5355498 |
|  |  | 24179910 |
| **Cable & Satellite TV - 4.9%** | **Cable & Satellite TV - 4.9%** | **Cable & Satellite TV - 4.9%** |
|  Block Communications, Inc., 10.25%, 03/01/2031 <sup>(a)</sup> | 3207000 | 2937326 |
|  Cable One, Inc., 4.00%, 11/15/2030 <sup>(a)</sup> | 5702000 | 3975877 |
| CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. |
| &nbsp;&nbsp; 5.38%, 06/01/2029 <sup>(a)</sup> | 3223000 | 3180691 |
| &nbsp;&nbsp; 7.00%, 02/01/2033 <sup>(a)</sup> | 16549000 | 16611047 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| &nbsp;&nbsp; 11.75%, 01/31/2029 <sup>(a)</sup> | 2423000 | 1753695 |
| &nbsp;&nbsp; 5.75%, 01/15/2030 <sup>(a)</sup> | 666000 | 253534 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 <sup>(a)</sup> | 925000 | 924594 |
|  DISH DBS Corp., 7.75%, 07/01/2026 | 3854000 | 3845568 |
|  Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/2028 <sup>(a)</sup> | 3200000 | 3148614 |
|  |  | 36630946 |
| **Chemicals - 4.4%** | **Chemicals - 4.4%** | **Chemicals - 4.4%** |
|  Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 <sup>(a)</sup> | 621000 | 622117 |
|  INEOS Finance PLC, 7.50%, 04/15/2029 <sup>(a)</sup> | 4279000 | 4155116 |
|  Mativ Holdings, Inc., 8.00%, 10/01/2029 <sup>(a)</sup> | 4281000 | 3992596 |
|  NOVA Chemicals Corp., 7.00%, 12/01/2031 <sup>(a)</sup> | 4397000 | 4657579 |
|  Olin Corp., 6.63%, 04/01/2033 <sup>(a)</sup> | 5777000 | 5658432 |
|  Rain Carbon, Inc., 12.25%, 09/01/2029 <sup>(a)</sup> | 3358000 | 3459072 |
|  Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV LLC, 7.63%, 05/03/2029 <sup>(a)</sup> | 7090963 | 248184 |
| WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
| &nbsp;&nbsp; 5.63%, 08/15/2029 <sup>(a)</sup> | 7498000 | 6903292 |
| &nbsp;&nbsp; 7.00%, 08/01/2033 <sup>(a)</sup> | 3095000 | 3008433 |
|  |  | 32704821 |
| **Consumer/Commercial/Lease Financing - 1.9%** | **Consumer/Commercial/Lease Financing - 1.9%** | **Consumer/Commercial/Lease Financing - 1.9%** |
|  Burford Capital Global Finance LLC, 7.50%, 07/15/2033 <sup>(a)</sup> | 6194000 | 5164495 |
|  Credit Acceptance Corp., 6.63%, 03/15/2030 <sup>(a)</sup> | 5759000 | 5635325 |
|  PennyMac Financial Services, Inc., 6.88%, 02/15/2033 <sup>(a)</sup> | 3697000 | 3540421 |
|  |  | 14340241 |
| **Consumer-Products - 0.3%** | **Consumer-Products - 0.3%** | **Consumer-Products - 0.3%** |
|  Winnebago Industries, Inc., 6.25%, 07/15/2028 <sup>(a)</sup> | 1884000 | 1885745 |
| **Diversified Capital Goods - 1.6%** | **Diversified Capital Goods - 1.6%** | **Diversified Capital Goods - 1.6%** |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030 <sup>(a)</sup> | 3674000 | 3741267 |
|  Patrick Industries, Inc., 6.38%, 11/01/2032 <sup>(a)</sup> | 3762000 | 3766932 |
|  Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 <sup>(a)</sup> | 4137000 | 4148586 |
|  |  | 11656785 |
| **Electric-Generation - 0.5%** | **Electric-Generation - 0.5%** | **Electric-Generation - 0.5%** |
|  NRG Energy, Inc., 6.25%, 11/01/2034 <sup>(a)</sup> | 3556000 | 3587247 |
| **Electric-Integrated - 1.1%** | **Electric-Integrated - 1.1%** | **Electric-Integrated - 1.1%** |
|  Alpha Generation LLC, 6.25%, 01/15/2034 <sup>(a)</sup> | 4810000 | 4728536 |
|  Hawaiian Electric Co., Inc., 6.00%, 10/01/2033 <sup>(a)</sup> | 3812000 | 3809699 |
|  |  | 8538235 |
| **Energy - Exploration & Production - 3.8%** | **Energy - Exploration & Production - 3.8%** | **Energy - Exploration & Production - 3.8%** |
|  Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029 <sup>(a)</sup> | 2837000 | 2960551 |
|  California Resources Corp., 7.00%, 01/15/2034 <sup>(a)</sup> | 3728000 | 3760739 |
|  Chord Energy Corp., 6.75%, 03/15/2033 <sup>(a)</sup> | 3732000 | 3855426 |
|  DBR Land Holdings LLC, 6.25%, 12/01/2030 <sup>(a)</sup> | 3228000 | 3270351 |
|  Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 02/01/2031 <sup>(a)</sup> | 4063000 | 3951783 |
|  Kraken Oil & Gas Partners LLC, 7.63%, 08/15/2029 <sup>(a)</sup> | 1977000 | 2020006 |
|  Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/2032 <sup>(a)</sup> | 3583000 | 3689476 |
|  SM Energy Co., 8.75%, 07/01/2031 <sup>(a)</sup> | 2745000 | 2870754 |
|  Talos Production, Inc., 9.38%, 02/01/2031 <sup>(a)</sup> | 2251000 | 2386807 |
|  |  | 28765893 |
| **Environmental - 0.5%** | **Environmental - 0.5%** | **Environmental - 0.5%** |
|  Waste Pro USA, Inc., 7.00%, 02/01/2033 <sup>(a)</sup> | 3543000 | 3591720 |
| **Forestry/Paper - 0.5%** | **Forestry/Paper - 0.5%** | **Forestry/Paper - 0.5%** |
|  Ahlstrom Holding 3 Oy, 4.88%, 02/04/2028 <sup>(a)</sup> | 3750000 | 3666877 |
|  Mercer International, Inc., 5.13%, 02/01/2029 | 674000 | 351231 |
|  |  | 4018108 |
| **Gaming - 1.7%** | **Gaming - 1.7%** | **Gaming - 1.7%** |
|  MGM Resorts International, 6.50%, 04/15/2032 | 3737000 | 3769998 |
|  Penn Entertainment, Inc., 6.75%, 04/01/2031 <sup>(a)</sup> | 3856000 | 3749339 |
|  Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030 <sup>(a)</sup> | 6199000 | 5338282 |
|  |  | 12857619 |
| **Gas Distribution - 3.3%** | **Gas Distribution - 3.3%** | **Gas Distribution - 3.3%** |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC, 7.50%, 12/15/2033 <sup>(a)</sup> | 3179000 | 3338516 |
|  Golar LNG Ltd., 7.50%, 10/02/2030 <sup>(a)</sup> | 3078000 | 3115915 |
|  Harvest Midstream I LP, 7.50%, 09/01/2028 <sup>(a)</sup> | 3623000 | 3660139 |
|  ITT Holdings LLC, 6.50%, 08/01/2029 <sup>(a)</sup> | 2323000 | 2260472 |
|  Rockies Express Pipeline LLC, 6.75%, 03/15/2033 <sup>(a)</sup> | 3626000 | 3734664 |
|  Sunoco LP, 6.63%, 08/15/2032 <sup>(a)</sup> | 3543000 | 3600864 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp; 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual <sup>(a)</sup> | 871000 | 868240 |
| &nbsp;&nbsp; 9.88%, 02/01/2032 <sup>(a)</sup> | 2156000 | 2316575 |
|  Venture Global Plaquemines LNG LLC, 7.75%, 05/01/2035 <sup>(a)</sup> | 1657000 | 1858165 |
|  |  | 24753550 |
| **Health Facilities - 2.0%** | **Health Facilities - 2.0%** | **Health Facilities - 2.0%** |
|  Acadia Healthcare Co., Inc., 7.38%, 03/15/2033 <sup>(a)</sup> | 6440000 | 6601480 |
|  CHS/Community Health Systems, Inc., 9.75%, 01/15/2034 <sup>(a)</sup> | 4574000 | 4752926 |
|  Concentra Health Services, Inc., 6.88%, 07/15/2032 <sup>(a)</sup> | 3327000 | 3443824 |
|  |  | 14798230 |
| **Health Services - 1.0%** | **Health Services - 1.0%** | **Health Services - 1.0%** |
|  Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032 <sup>(a)</sup> | 6123000 | 5445710 |
|  Sotera Health Holdings LLC, 7.38%, 06/01/2031 <sup>(a)</sup> | 1745000 | 1804719 |
|  |  | 7250429 |
| **Hotels - 1.2%** | **Hotels - 1.2%** | **Hotels - 1.2%** |
|  Marriott Ownership Resorts, Inc., 6.50%, 10/01/2033 <sup>(a)</sup> | 5869000 | 5585929 |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 4.88%, 05/15/2029 <sup>(a)</sup> | 3579000 | 3438028 |
|  |  | 9023957 |
| **Insurance Brokerage - 2.7%** | **Insurance Brokerage - 2.7%** | **Insurance Brokerage - 2.7%** |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031 <sup>(a)</sup> | 3617000 | 3649633 |
|  AmWINS Group, Inc., 4.88%, 06/30/2029 <sup>(a)</sup> | 3907000 | 3745869 |
|  Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, 8.13%, 02/15/2032 <sup>(a)</sup> | 3783000 | 3547942 |
|  Jones Deslauriers Insurance Management, Inc., 6.88%, 10/01/2033 <sup>(a)</sup> | 3077000 | 2818685 |
|  Ryan Specialty LLC, 5.88%, 08/01/2032 <sup>(a)</sup> | 2616000 | 2587668 |
|  USI, Inc., 7.50%, 01/15/2032 <sup>(a)</sup> | 3785000 | 3839538 |
|  |  | 20189335 |
| **Investments & Miscellaneous Financial Services - 1.9%** | **Investments & Miscellaneous Financial Services - 1.9%** | **Investments & Miscellaneous Financial Services - 1.9%** |
|  Armor Holdco, Inc., 8.50%, 11/15/2029 <sup>(a)</sup> | 4080000 | 3729802 |
|  FS KKR Capital Corp., 3.25%, 07/15/2027 | 2011000 | 1932546 |
|  Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/2032 <sup>(a)</sup> | 5853000 | 5762513 |
|  WEX, Inc., 6.50%, 03/15/2033 <sup>(a)</sup> | 3195000 | 3132241 |
|  |  | 14557102 |
| **Leisure - 0.4%** | **Leisure - 0.4%** | **Leisure - 0.4%** |
|  Lindblad Expeditions LLC, 7.00%, 09/15/2030 <sup>(a)</sup> | 2890000 | 2952412 |
| **Machinery - 2.8%** | **Machinery - 2.8%** | **Machinery - 2.8%** |
|  Arcosa, Inc., 6.88%, 08/15/2032 <sup>(a)</sup> | 3377000 | 3462820 |
|  JB Poindexter & Co., Inc., 8.75%, 12/15/2031 <sup>(a)</sup> | 4155000 | 4216577 |
|  Lsf12 Helix Parent LLC, 7.13%, 02/01/2033 <sup>(a)</sup> | 3873000 | 3737081 |
|  NESCO Holdings II, Inc., 5.50%, 04/15/2029 <sup>(a)</sup> | 3938000 | 3854921 |
|  Titan International, Inc., 7.00%, 04/30/2028 | 3725000 | 3719789 |
|  Wabash National Corp., 4.50%, 10/15/2028 <sup>(a)</sup> | 2081000 | 1825780 |
|  |  | 20816968 |
| **Managed Care - 0.7%** | **Managed Care - 0.7%** | **Managed Care - 0.7%** |
|  Molina Healthcare, Inc., 6.50%, 02/15/2031 <sup>(a)</sup> | 4928000 | 4850903 |
| **Media - Broadcast - 2.1%** | **Media - Broadcast - 2.1%** | **Media - Broadcast - 2.1%** |
|  CMG Media Corp., 8.88%, 12/15/2027 <sup>(a)</sup> | 2132000 | 1950780 |
|  EW Scripps Co., 9.88%, 08/15/2030 <sup>(a)</sup> | 3816000 | 3708171 |
| <br> Gray Media, Inc. | <br> Gray Media, Inc. | <br> Gray Media, Inc. |
| &nbsp;&nbsp; 10.50%, 07/15/2029 <sup>(a)</sup> | 1587000 | 1687371 |
| &nbsp;&nbsp; 5.38%, 11/15/2031 <sup>(a)</sup> | 6306000 | 4687533 |
|  Nexstar Media, Inc., 7.25%, 04/15/2034 <sup>(a)</sup> | 3814000 | 3829396 |
|  |  | 15863251 |
| **Media - Services - 0.3%** | **Media - Services - 0.3%** | **Media - Services - 0.3%** |
|  Champions Financing, Inc., 8.75%, 02/15/2029 <sup>(a)</sup> | 2257000 | 2026069 |
| **Media Content - 0.5%** | **Media Content - 0.5%** | **Media Content - 0.5%** |
|  OAK-Eagle Acquireco, Inc., 8.75%, 07/01/2034 <sup>(a)</sup> | 1078000 | 1129255 |
|  Versant Media Group, Inc., 7.25%, 01/30/2031 <sup>(a)</sup> | 2830000 | 2898546 |
|  |  | 4027801 |
| **Medical Products - 1.7%** | **Medical Products - 1.7%** | **Medical Products - 1.7%** |
|  Grifols SA, 4.75%, 10/15/2028 <sup>(a)</sup> | 3976000 | 3896837 |
|  Insulet Corp., 6.50%, 04/01/2033 <sup>(a)</sup> | 3654000 | 3732331 |
|  Medline Borrower LP, 5.25%, 10/01/2029 <sup>(a)</sup> | 2921000 | 2897043 |
|  Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 <sup>(a)</sup> | 2299000 | 2345515 |
|  |  | 12871726 |
| **Oil Field Equipment & Services - 4.6%** | **Oil Field Equipment & Services - 4.6%** | **Oil Field Equipment & Services - 4.6%** |
|  Borr IHC Ltd. / Borr Finance LLC, 10.00%, 11/15/2028 <sup>(a)</sup> | 3934512 | 4038014 |
|  Enerflex, Inc., 6.88%, 01/15/2031 <sup>(a)</sup> | 3790000 | 3872147 |
|  Kodiak Gas Services LLC, 6.75%, 10/01/2035 <sup>(a)</sup> | 3803000 | 3866346 |
|  Noble Finance II LLC, 8.00%, 04/15/2030 <sup>(a)</sup> | 3652000 | 3761968 |
|  SESI LLC, 7.88%, 09/30/2030 <sup>(a)</sup> | 2981000 | 3041863 |
|  Transocean International Ltd., 8.75%, 02/15/2030 <sup>(a)</sup> | 1845200 | 1924752 |
|  Valaris Ltd., 8.38%, 04/30/2030 <sup>(a)</sup> | 4256000 | 4412221 |
|  WBI Operating LLC, 6.50%, 10/15/2033 <sup>(a)</sup> | 2829000 | 2809353 |
| Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
| &nbsp;&nbsp; 8.63%, 04/30/2030 <sup>(a)</sup> | 1746000 | 1780524 |
| &nbsp;&nbsp; 6.75%, 10/15/2033 <sup>(a)</sup> | 4702000 | 4807414 |
|  |  | 34314602 |
| **Oil Refining & Marketing - 1.2%** | **Oil Refining & Marketing - 1.2%** | **Oil Refining & Marketing - 1.2%** |
|  International Petroleum Corp., 7.50%, 10/10/2030 | 1924000 | 1960756 |
| PBF Holding Co. LLC / PBF Finance Corp. | PBF Holding Co. LLC / PBF Finance Corp. | PBF Holding Co. LLC / PBF Finance Corp. |
| &nbsp;&nbsp; 9.88%, 03/15/2030 <sup>(a)</sup> | 1910000 | 2048540 |
| &nbsp;&nbsp; 7.88%, 09/15/2030 <sup>(a)</sup> | 3947000 | 4055846 |
|  SM Energy Co., 9.63%, 06/15/2033 <sup>(a)</sup> | 964000 | 1065583 |
|  |  | 9130725 |
| **Packaging - 1.4%** | **Packaging - 1.4%** | **Packaging - 1.4%** |
|  Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032 <sup>(a)</sup> | 3711000 | 3515555 |
| Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
| &nbsp;&nbsp; 8.25%, 07/15/2030 <sup>(a)</sup> | 2344000 | 2454292 |
| &nbsp;&nbsp; 12.25%, 01/15/2031 <sup>(a)</sup> | 769000 | 833203 |
|  Veritiv Operating Co., 10.50%, 11/30/2030 <sup>(a)</sup> | 3720000 | 3870653 |
|  |  | 10673703 |
| **Personal & Household Products - 1.1%** | **Personal & Household Products - 1.1%** | **Personal & Household Products - 1.1%** |
|  Energizer Holdings, Inc., 6.00%, 09/15/2033 <sup>(a)</sup> | 5039000 | 4725490 |
|  Scotts Miracle-Gro Co., 4.38%, 02/01/2032 | 3874000 | 3621778 |
|  |  | 8347268 |
| **Pharmaceuticals - 2.1%** | **Pharmaceuticals - 2.1%** | **Pharmaceuticals - 2.1%** |
|  1261229 BC Ltd., 10.00%, 04/15/2032 <sup>(a)</sup> | 3306000 | 3387622 |
|  Bausch + Lomb Corp., 8.38%, 10/01/2028 <sup>(a)</sup> | 3168000 | 3274920 |
|  Bausch Health Cos., Inc., 11.00%, 09/30/2028 <sup>(a)</sup> | 719000 | 734091 |
|  Harrow, Inc., 8.63%, 09/15/2030 <sup>(a)</sup> | 3723000 | 3767508 |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 7.88%, 05/15/2034 <sup>(a)</sup> | 5329000 | 4394040 |
|  |  | 15558181 |
| **Printing & Publishing - 0.6%** | **Printing & Publishing - 0.6%** | **Printing & Publishing - 0.6%** |
|  Cimpress PLC, 7.38%, 09/15/2032 <sup>(a)</sup> | 4648000 | 4613215 |
| **Real Estate Development & Management - 0.5%** | **Real Estate Development & Management - 0.5%** | **Real Estate Development & Management - 0.5%** |
|  Cushman & Wakefield US Borrower LLC, 8.88%, 09/01/2031 <sup>(a)</sup> | 3419000 | 3623730 |
| **Recreation & Travel - 1.9%** | **Recreation & Travel - 1.9%** | **Recreation & Travel - 1.9%** |
|  Boyne USA, Inc., 4.75%, 05/15/2029 <sup>(a)</sup> | 3500000 | 3396754 |
|  Carnival Corp., 6.13%, 02/15/2033 <sup>(a)</sup> | 9213000 | 9310013 |
|  Motion Bondco DAC, 6.63%, 11/15/2027 <sup>(a)</sup> | 1958000 | 1883053 |
|  |  | 14589820 |
| **Reinsurance - 0.1%** | **Reinsurance - 0.1%** | **Reinsurance - 0.1%** |
|  Enstar Group Ltd., 7.50% to 04/01/2035 then 5 yr. CMT Rate + 3.19%, 04/01/2045 <sup>(a)</sup> | 875000 | 902855 |
| **REITs - 0.3%** | **REITs - 0.3%** | **REITs - 0.3%** |
|  Rithm Capital Corp., 8.00%, 04/01/2029 <sup>(a)</sup> | 2416000 | 2375727 |
| **Restaurants - 0.4%** | **Restaurants - 0.4%** | **Restaurants - 0.4%** |
|  Papa John's International, Inc., 3.88%, 09/15/2029 <sup>(a)</sup> | 3398000 | 3237262 |
| **Software/Services - 4.6%** | **Software/Services - 4.6%** | **Software/Services - 4.6%** |
|  Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 <sup>(a)</sup> | 8356000 | 6218978 |
|  Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 <sup>(a)</sup> | 3816000 | 3783433 |
|  Fair Isaac Corp., 6.25%, 09/15/2034 <sup>(a)</sup> | 2892000 | 2846849 |
|  Fortress Intermediate 3, Inc., 7.50%, 06/01/2031 <sup>(a)</sup> | 4718000 | 4694875 |
|  UKG, Inc., 6.88%, 02/01/2031 <sup>(a)</sup> | 11778000 | 11520891 |
|  VM Consolidated, Inc., 5.50%, 04/15/2029 <sup>(a)</sup> | 5728000 | 5545832 |
|  |  | 34610858 |
| **Specialty Retail - 1.8%** | **Specialty Retail - 1.8%** | **Specialty Retail - 1.8%** |
|  Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 <sup>(a)</sup> | 2268000 | 2346743 |
|  Sonic Automotive, Inc., 4.88%, 11/15/2031 <sup>(a)</sup> | 3985000 | 3785927 |
|  Upbound Group, Inc., 6.38%, 02/15/2029 <sup>(a)</sup> | 3908000 | 3790636 |
|  Wand NewCo 3, Inc., 7.63%, 01/30/2032 <sup>(a)</sup> | 3363000 | 3440457 |
|  |  | 13363763 |
| **Steel Producers/Products - 0.9%** | **Steel Producers/Products - 0.9%** | **Steel Producers/Products - 0.9%** |
|  Calderys Financing LLC, 11.25%, 06/01/2028 <sup>(a)</sup> | 3458000 | 3579324 |
|  Commercial Metals Co., 6.00%, 12/15/2035 <sup>(a)</sup> | 2905000 | 2866873 |
|  |  | 6446197 |
| **Support-Services - 3.0%** | **Support-Services - 3.0%** | **Support-Services - 3.0%** |
|  Albion Financing 1 SARL / Aggreko Holdings, Inc., 7.00%, 05/21/2030 <sup>(a)</sup> | 3457000 | 3535740 |
| EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. |
| &nbsp;&nbsp; 8.63%, 05/15/2032 <sup>(a)</sup> | 3685000 | 3850858 |
| &nbsp;&nbsp; 8.00%, 03/15/2033 <sup>(a)</sup> | 2012000 | 2079393 |
|  Herc Holdings, Inc., 7.25%, 06/15/2033 <sup>(a)</sup> | 4228000 | 4336203 |
|  Sotheby's, 7.38%, 10/15/2027 <sup>(a)</sup> | 2703000 | 2691741 |
|  Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/2029 <sup>(a)</sup> | 2251000 | 2124623 |
|  ZipRecruiter, Inc., 5.00%, 01/15/2030 <sup>(a)</sup> | 6145000 | 3554843 |
|  |  | 22173401 |
| **Technology Hardware & Equipment - 0.7%** | **Technology Hardware & Equipment - 0.7%** | **Technology Hardware & Equipment - 0.7%** |
|  Seagate Data Storage Technology Pte Ltd., 8.50%, 07/15/2031 <sup>(a)</sup> | 3354000 | 3519188 |
|  Xerox Holdings Corp., 8.88%, 11/30/2029 <sup>(a)</sup> | 4700000 | 1504000 |
|  |  | 5023188 |
| **Telecom - Satellite - 0.6%** | **Telecom - Satellite - 0.6%** | **Telecom - Satellite - 0.6%** |
|  Telesat Canada / Telesat LLC, 5.63%, 12/06/2026 <sup>(a)</sup> | 5575000 | 4460000 |
| **Telecom - Wireline Integrated & Services - 0.5%** | **Telecom - Wireline Integrated & Services - 0.5%** | **Telecom - Wireline Integrated & Services - 0.5%** |
|  VZ Secured Financing BV, 7.50%, 01/15/2033 <sup>(a)</sup> | 3849000 | 3631527 |
| **Tobacco - 0.5%** | **Tobacco - 0.5%** | **Tobacco - 0.5%** |
|  Turning Point Brands, Inc., 7.63%, 03/15/2032 <sup>(a)</sup> | 3658000 | 3752742 |
| **TOTAL CORPORATE BONDS** (Cost $671,298,497) | **TOTAL CORPORATE BONDS** (Cost $671,298,497) | 651271930 |
| **BANK LOANS - 6.1%** | **Par**  | **Value**  |
| **Advertising - 0.4%** | **Advertising - 0.4%** | **Advertising - 0.4%** |
|  AP Core Holdings II LLC, 9.43% (1 mo. Term SOFR + 5.50%), 09/01/2027 (Acquired 7/21/2021 - 2/10/2023, Cost $2,968,827) <sup>(b)</sup> | 2986577 | 2916706 |
| **Chemicals - 2.0%** | **Chemicals - 2.0%** | **Chemicals - 2.0%** |
|  Fortis 333, Inc., First Lien, 7.17% (3 mo. Term SOFR + 3.50%), 04/02/2032 <sup>(b)(c)</sup> | 6855198 | 6680939 |
|  Mativ Holdings, Inc., 7.53% (1 mo. Term SOFR + 3.75%), 04/20/2028 (Acquired 2/23/2021, Cost $1,166,474) <sup>(b)</sup> | 1178256 | 1178256 |
|  SCIL USA Holdings LLC, 7.79% (1 mo. Term SOFR + 4.00%), 10/29/2032 <sup>(b)</sup> | 7285740 | 7267562 |
|  |  | 15126757 |
| **Forestry/Paper - 0.2%** | **Forestry/Paper - 0.2%** | **Forestry/Paper - 0.2%** |
|  Mativ Holdings, Inc., 0.00% (1 mo. Term SOFR + 4.50%), 03/30/2033 <sup>(b)(d)</sup> | 1889000 | 1822885 |
| **Machinery - 1.5%** | **Machinery - 1.5%** | **Machinery - 1.5%** |
|  Cleanova US Holdings LLC, 8.42% (1 mo. Term SOFR + 4.75%), 06/14/2032 <sup>(b)</sup> | 6221630 | 6237184 |
|  TK Elevator US Newco, Inc., 0.00% (1 mo. Term SOFR + 2.75%), 04/30/2030 <sup>(b)(d)</sup> | 4290000 | 4301626 |
|  Vantage Elevator/Victory Buyer 1/26 T/L B, First Lien, 6.67% (1 mo. Term SOFR + 3.00%), 02/10/2033 <sup>(b)</sup> | 763000 | 764831 |
|  |  | 11303641 |
| **Oil Refining & Marketing - 0.5%** | **Oil Refining & Marketing - 0.5%** | **Oil Refining & Marketing - 0.5%** |
|  Par Petroleum LLC, First Lien, 6.93% (3 mo. Term SOFR + 3.25%), 02/28/2030 <sup>(b)</sup> | 3678347 | 3686164 |
| **Personal & Household Products - 0.5%** | **Personal & Household Products - 0.5%** | **Personal & Household Products - 0.5%** |
|  Journey Personal Care Corp., 7.42% (1 mo. Term SOFR + 3.75%), 03/01/2028 (Acquired 2/19/2021, Cost $4,008,061) <sup>(b)</sup> | 4028202 | 3887215 |
| **Restaurants - 0.5%** | **Restaurants - 0.5%** | **Restaurants - 0.5%** |
|  Dave & Buster's, Inc., First Lien, 6.94% (3 mo. Term SOFR + 3.25%), 06/29/2029 (Acquired 8/2/2022 - 9/27/2024, Cost $4,144,784) <sup>(b)</sup> | 4177306 | 3669053 |
| **Support-Services - 0.5%** | **Support-Services - 0.5%** | **Support-Services - 0.5%** |
|  Specialty Building Products Holdings LLC, 0.00% (1 mo. Term SOFR + 3.75%), 10/16/2028 <sup>(b)(d)</sup> | 991418 | 849591 |
|  Summer BC Holdco B SARL, First Lien, 8.96% (3 mo. Term SOFR + 5.00%), 02/21/2029 <sup>(b)(c)</sup> | 3320207 | 2852057 |
|  |  | 3701648 |
| **TOTAL BANK LOANS** (Cost $47,137,639) | **TOTAL BANK LOANS** (Cost $47,137,639) | 46114069 |
| **COMMON STOCKS - 2.5%** | **Shares**  | **Value**  |
| **Advertising - 0.0% <sup>(e)</sup>** | **Advertising - 0.0% <sup>(e)</sup>** |  |
| National CineMedia, Inc. 5.75% (Acquired 8/17/2023, Cost $0) <sup>(b)(f)(g)</sup> | 6230000 | 0 |
| **Chemicals - 0.7%** | **Chemicals - 0.7%** |  |
| Iracore Investments Holdings, Inc. (Acquired 4/13/2017, Cost $4,753,500) <sup>(b)(f)(g)(h)</sup> | 22361 | 5137440 |
| **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** |  |
| Avnet, Inc. | 15129 | 932249 |
| **Food Products - 0.1%** | **Food Products - 0.1%** |  |
| Conagra Brands, Inc. | 45788 | 719787 |
| **Health Care Providers & Services - 0.1%** | **Health Care Providers & Services - 0.1%** |  |
| Elevance Health, Inc. | 2517 | 736852 |
| **Machinery - 0.1%** | **Machinery - 0.1%** |  |
| Stanley Black & Decker, Inc. | 10222 | 726375 |
| **Media - 0.1%** | **Media - 0.1%** |  |
| National CineMedia, Inc. | 207497 | 632866 |
| **Metals & Mining - 0.0% <sup>(e)</sup>** | **Metals & Mining - 0.0% <sup>(e)</sup>** |  |
| Metals Recovery Holdings LLC (Acquired 7/19/2012 - 12/10/2019, Cost $27,352,487) <sup>(b)(f)(h)</sup> | 116127 | 38322 |
| **Multi-Utilities - 0.1%** | **Multi-Utilities - 0.1%** |  |
| Dominion Energy, Inc. | 13797 | 852930 |
| **Software - 0.1%** | **Software - 0.1%** |  |
| Workday, Inc. - Class A <sup>(g)</sup> | 3805 | 494346 |
| **Specialty Retail - 1.1%** | **Specialty Retail - 1.1%** |  |
| Authentic Brands Group <sup>(b)(f)(g)</sup> | 65219 | 8689758 |
| **TOTAL COMMON STOCKS** (Cost $68,442,412) | **TOTAL COMMON STOCKS** (Cost $68,442,412) | 18960925 |
| **CONVERTIBLE PREFERRED STOCKS - 0.8%** | **Shares**  | **Value**  |
| **Aerospace & Defense - 0.6%** | **Aerospace & Defense - 0.6%** |  |
|  Boeing Co., 6.00%, 10/15/2027 | 72172 | 4682519 |
| **Personal & Household Products - 0.2%** | **Personal & Household Products - 0.2%** |  |
|  Whirlpool Corp., Series A, 8.50%, 02/15/2029 <sup>(g)</sup> | 38871 | 1591768 |
| **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $5,687,439) | **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $5,687,439) | 6274287 |
| **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 0.4%** | **Shares**  | **Value**  |
| **Hotels - 0.4%** | **Hotels - 0.4%** |  |
|  Pebblebrook Hotel Trust, Series F, 6.30%, Perpetual | 142464 | 2749555 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** (Cost $2,984,049) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** (Cost $2,984,049) | 2749555 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 3.3%** | **Shares**  | **Value**  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(i)</sup> | 2825975 | 2825975 |
| JPMorgan US Government Money Market Fund - Class IM, 3.60% <sup>(i)</sup> | 21912342 | 21912342 |
| **TOTAL MONEY MARKET FUNDS** (Cost $24,738,317) | **TOTAL MONEY MARKET FUNDS** (Cost $24,738,317) | 24738317 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $820,288,353**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $820,288,353**)** | 750109083 |
| Liabilities in Excess of Other Assets - (0.0)% <sup>(e)</sup> | Liabilities in Excess of Other Assets - (0.0)% <sup>(e)</sup> | (344108) |
| **TOTAL NET ASSETS - 100.0%** |  | $749764975 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| USISSO05- 5 Year US Dollar SOFR Swap Rate<br>|
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by MSCI, an independent provider of global indices and benchmark-related products and services, and Standard & Poor's (S&P), an independent international financial data and investment services company. The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio management and asset allocation. The GICS structure consists of 11 sectors, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels. |

---

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of March 31, 2026, the value of these securities total $606,289,265 or 80.9% of the Fund's net assets.

(b) Restricted security purchased in a private placement transaction in which resale to the public may require registration. As of March 31, 2026, the value of these securities total $59,979,589 or 8.0% of the Fund's
 net assets.

(c) Security or a portion of the security purchased on a when-issued or delayed delivery basis.

(d) Zero coupon bonds make no periodic interest payments.

(e) Represents less than 0.05% of net assets.

(f) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented
 $13,865,520 or 1.8% of net assets as of March 31, 2026.

(g) Non-income producing security.

(h) Affiliated security as defined by the Investment Company Act of 1940.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value as of**<br> **June 30, 2025** | **Additions** | **Reductions** | **Realized**<br> **Gain (Loss)** | **Net Change in Unrealized**<br> **Appreciation (Depreciation)** | **Value as of**<br> **March 31, 2026** | **Shares as of** <br> **March 31, 2026** | **Dividend / Interest Income** | **Capital Gain Distributions**<br> **from**<br> **Underlying Funds** |
| Iracore Investments<br> Holdings, Inc. | $5425226 | $– | $– | $– | $(287786) | $5137440 | 22361 | $– | $– |
| Metals Recovery <br> Holdings LLC | 69676 | – | – | – | (31354) | 38322 | 116127 | 31090 | – |
|  | $**5494902** | $**–** | $**–** | $**–** | $**(319140)** | $**5175762** | **138488** | $**31090** | $**–** |

---

(i) The rate shown represents the 7-day annualized yield as of March 31, 2026.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Hotchkis & Wiley High Yield Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $651271930 | $– | $651271930 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | – | 46114069 | – | 46114069 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 5095405 | – | 13865520 | 18960925 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 6274287 | – | – | 6274287 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Preferred | 2749555 | – | – | 2749555 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 24738317 | – | – | 24738317 |
| Total Investments | $38857564 | $697385999 | $13865520 | $750109083 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| The following table provides information about the Level 3 values, as well as their inputs, as of March 31. 2026: | The following table provides information about the Level 3 values, as well as their inputs, as of March 31. 2026: | The following table provides information about the Level 3 values, as well as their inputs, as of March 31. 2026: | The following table provides information about the Level 3 values, as well as their inputs, as of March 31. 2026: | The following table provides information about the Level 3 values, as well as their inputs, as of March 31. 2026: |  |
|  | Fair Value at<br> March 31, 2026 | Valuation<br> Techniques | Unobservable<br> Inputs | Input Values<br> (Weighted Average)\* | Impact to Valuation from <br> an Increase to Input |
| Common Stocks | $38322 | Estimated recovery value | Probability of asset recovery | $0.00 - $0.60 ($0.60) | Increase |
|  | 13827198 | Market comparable companies | EBIT multiple | 9.8x - 16.8x (14.2x) | Increase |
| Total Common Stocks | 13865520 |  |  |  |  |
|  | $13865520 |  |  |  |  |
| \* Unobservable inputs were weighted by the fair value of the investments. | \* Unobservable inputs were weighted by the fair value of the investments. | \* Unobservable inputs were weighted by the fair value of the investments. |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: |
|  | Bank Loans | Convertible Bonds | Common Stocks | Total |
| Balance at June 30, 2025 | $1162631 | $9962745 | $5494902 | $16620278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | - | 191208 | - | 191208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | (1162631) | - | - | (1162631) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued discounts (premiums) | - | (29885433) | 29885433 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains (losses) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/depreciation | - | 19731480 | (21514815) | (1783335) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 | - | - | - | - |
| Balance at March 31, 2026 | $- | $0 | $13865520 | $13865520 |
| Change in unrealized appreciation/depreciation for Level 3 assets held at March 31, 2026 | $- | $19731480 | $(21514815) | $(1783335) |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** HOTCHKIS & WILEY FUNDS/DE/

- **b. Investment Company Act file number:** 811-10487

- **c. CIK number of Registrant:** 0001145022

- **d. LEI of Registrant:** 549300DFU8YF1PWZ5A57

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 601 South Figueroa Street

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90017-5704

  - **Telephone number:** 213-430-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Hotchkis and Wiley High Yield Fund

- **b. EDGAR series identifier (if any):** S000025241

- **c. LEI of Series:** 549300Q9KIJE8HOUVV59

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $765424919.65

**Total Liabilities:** $17407936.54

**Net Assets:** $748016983.11

**Delayed Delivery Securities:** $5296642.50

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 372.467843000000 | **1-Year:** 0.000000000000 | **5-Year:** 2529.654828000000 | **10-Year:** 8737.467402000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 59974.687489000000 | **1-Year:** 98478.996803000000 | **5-Year:** 41723.942273000000 | **10-Year:** 6566.658440000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000075208 | 0.42%                | 0.26%                | -1.59%               |
| Class ID C000075210 | 0.44%                | 0.18%                | -1.55%               |
| Class ID C000199806 | 0.54%                | 0.19%                | -1.54%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $437761.21               | $-933380.70                                |
| Month 2  | $-6892799.65             | $4650867.86                                |
| Month 3  | $-687429.15              | $-15278652.94                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                      | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Elevance Health Inc                       | Elevance Health Inc                                                              | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      2517 | NS      | $736851.75    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CSC HOLDINGS LLC                          | CSC Holdings LLC                                                                 | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2423000 | PA      | $1753694.71   | 0.23%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                              | Cimpress PLC                                                                     | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   4648000 | PA      | $4613214.79   | 0.62%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DBR LAND HOLDINGS LLC                     | DBR Land Holdings LLC                                                            | CUSIP: 24024BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3228000 | PA      | $3270351.36   | 0.44%             | 2030-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                     | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    925000 | PA      | $924594.11    | 0.12%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                       | Dominion Energy Inc                                                              | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     13797 | NS      | $852930.54    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                  | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3674000 | PA      | $3741267.27   | 0.50%             | 2030-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ENERFLEX INC                              | Enerflex Inc                                                                     | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |   3790000 | PA      | $3872146.70   | 0.52%             | 2031-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                    | EquipmentShare.com Inc                                                           | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   2012000 | PA      | $2079392.85   | 0.28%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                       | FS KKR Capital Corp                                                              | CUSIP: 302635AL1<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |   2011000 | PA      | $1932546.22   | 0.26%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK                   | Great Lakes Dredge & Dock Corp                                                   | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |   4353000 | PA      | $4371789.29   | 0.58%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                  | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4063000 | PA      | $3951782.69   | 0.53%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                              | ING Groep NV                                                                     | CUSIP: 456837BT9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   3736000 | PA      | $3731657.24   | 0.50%             | 2032-11-16      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER                  | Kraken Oil & Gas Partners LLC                                                    | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |   1977000 | PA      | $2020005.68   | 0.27%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                             | LGI Homes Inc                                                                    | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |   4018000 | PA      | $3731766.92   | 0.50%             | 2032-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR                  | Marriott Ownership Resorts Inc                                                   | CUSIP: 57164PAK2<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   5869000 | PA      | $5585928.74   | 0.75%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                     | Molina Healthcare Inc                                                            | CUSIP: 60855RAN0<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   4928000 | PA      | $4850902.92   | 0.65%             | 2031-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MOTION BONDCO DAC                         | Motion Bondco DAC                                                                | CUSIP: 61978XAA5<br>LEI: 635400KFD3IETNQLA755 | Long             | DBT              | CORP              | IE        |   1958000 | PA      | $1883053.05   | 0.25%             | 2027-11-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                            | NRG Energy Inc                                                                   | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   3556000 | PA      | $3587247.25   | 0.48%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| National CineMedia Inc                    | National CineMedia Inc                                                           | CUSIP: N/A<br>LEI: 5493000MOLIVSOGKEB48       | Long             | EC               | CORP              | US        |   6230000 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NESCO HOLDINGS II INC                     | NESCO Holdings II Inc                                                            | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |   3938000 | PA      | $3854920.80   | 0.52%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                       | NOVA Chemicals Corp                                                              | CUSIP: 66977WAV1<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |   4397000 | PA      | $4657579.41   | 0.62%             | 2031-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                         | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   3732000 | PA      | $3855425.38   | 0.52%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                                 | Olin Corp                                                                        | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |   5777000 | PA      | $5658432.27   | 0.76%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                    | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3579000 | PA      | $3438027.84   | 0.46%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                    | Patrick Industries Inc                                                           | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   3762000 | PA      | $3766931.76   | 0.50%             | 2032-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                    | Penn Entertainment Inc                                                           | CUSIP: 707569AY5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3856000 | PA      | $3749339.57   | 0.50%             | 2031-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                         | Seagate Data Storage Technology Pte Ltd                                          | CUSIP: 81180LAQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   3354000 | PA      | $3519187.85   | 0.47%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S                                 | Sotheby's                                                                        | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |   2703000 | PA      | $2691740.92   | 0.36%             | 2027-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker Inc                | Stanley Black & Decker Inc                                                       | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     10222 | NS      | $726375.32    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TALOS PRODUCTION INC                      | Talos Production Inc                                                             | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |   2251000 | PA      | $2386807.33   | 0.32%             | 2031-02-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                  | Texas Capital Bancshares Inc                                                     | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |   3489000 | PA      | $3483344.54   | 0.47%             | 2031-05-06      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                  | Transocean International Ltd                                                     | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   1845200 | PA      | $1924752.11   | 0.26%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TRINSEO LUX/TRINSEO NA                    | Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV LLC                      | CUSIP: 89668JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   7003420 | PA      | $245119.70    | 0.03%             | 2029-05-03      | None          | 7.62%                 | No            |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE                  | Telenet Finance Luxembourg Notes Sarl                                            | CUSIP: AQ2322842<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |   3200000 | PA      | $3148613.82   | 0.42%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DAVE & BUSTER'S INC                       | Dave & Buster's Inc                                                              | CUSIP: 23833EAX2<br>LEI: 549300JAVWTAY1FT5Z45 | Long             | LON              | CORP              | US        |   4177306 | PA      | $3669053.28   | 0.49%             | 2029-06-29      | Floating      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                   | Summer BC Holdco B SARL                                                          | CUSIP: N/A<br>LEI: 984500NRF59D5DB9B654       | Long             | LON              | CORP              | LU        |   3328655 | PA      | $2859314.58   | 0.38%             | 2029-02-21      | Floating      | 8.93%                 | Yes           |                  2 | On Loan: No      |
| WBI OPERATING LLC                         | WBI Operating LLC                                                                | CUSIP: 92944BAB7<br>LEI: 254900POBWB4RX0ODY78 | Long             | DBT              | CORP              | US        |   2829000 | PA      | $2809352.60   | 0.38%             | 2033-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                          | Wand NewCo 3 Inc                                                                 | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |   3363000 | PA      | $3440456.52   | 0.46%             | 2032-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                  | Weekley Homes LLC / Weekley Finance Corp                                         | CUSIP: 948565AF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5508000 | PA      | $5282154.93   | 0.71%             | 2034-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                             | Boeing Co/The                                                                    | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     72172 | NS      | $4682519.36   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                    | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3223000 | PA      | $3180690.71   | 0.43%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                  | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   4574000 | PA      | $4752926.28   | 0.64%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC                    | Calderys Financing LLC                                                           | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |   3458000 | PA      | $3579323.93   | 0.48%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                             | Carnival Corp                                                                    | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   9213000 | PA      | $9310012.89   | 1.24%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CNT PRNT/CDK GLO II/FIN                   | Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc                    | CUSIP: 154915AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8356000 | PA      | $6218978.40   | 0.83%             | 2029-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                      | Commercial Metals Co                                                             | CUSIP: 201723AV5<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |   2905000 | PA      | $2866873.33   | 0.38%             | 2035-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                          | Enstar Group Ltd                                                                 | CUSIP: 29359UAD1<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |    875000 | PA      | $902854.75    | 0.12%             | 2045-04-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                            | Gray Media Inc                                                                   | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1587000 | PA      | $1687370.58   | 0.23%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                | Grifols SA                                                                       | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |   3976000 | PA      | $3896837.04   | 0.52%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                         | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   4228000 | PA      | $4336202.98   | 0.58%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                    | JB Poindexter & Co Inc                                                           | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |   4155000 | PA      | $4216577.10   | 0.56%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                  | Jones Deslauriers Insurance Management Inc                                       | CUSIP: 48020RAE5<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |   3077000 | PA      | $2818684.83   | 0.38%             | 2033-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| KNIFE RIVER CORP                          | Knife River Corp                                                                 | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3066000 | PA      | $3175986.62   | 0.42%             | 2031-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC                  | Lindblad Expeditions LLC                                                         | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |   2890000 | PA      | $2952412.44   | 0.39%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION                     | CMG Media Corp                                                                   | CUSIP: 88146LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2132000 | PA      | $1950780.00   | 0.26%             | 2027-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                     | Directv Financing LLC                                                            | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    105886 | PA      | $106299.96    | 0.01%             | 2027-08-02      | Floating      | 8.93%                 | Yes           |                  2 | On Loan: No      |
| FORTIS 333 INC                            | Fortis 333 Inc                                                                   | CUSIP: 34958SAB5<br>LEI: 254900SLITS19RU1VB55 | Long             | LON              | CORP              | US        |   6872465 | PA      | $6697766.94   | 0.90%             | 2032-02-06      | Floating      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| National CineMedia Inc                    | National CineMedia Inc                                                           | CUSIP: 635309206<br>LEI: 5493000MOLIVSOGKEB48 | Long             | EC               | CORP              | US        |    207497 | NS      | $632865.85    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW FLYER HOLDINGS                        | New Flyer Holdings Inc                                                           | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4257000 | PA      | $4553524.78   | 0.61%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                      | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3652000 | PA      | $3761967.96   | 0.50%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OAK-EAGLE ACQUIRECO INC                   | OAK-Eagle Acquireco Inc                                                          | CUSIP: 67124CAB9<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |   1078000 | PA      | $1129255.31   | 0.15%             | 2034-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PHINIA INC                                | Phinia Inc                                                                       | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |   3478000 | PA      | $3542502.99   | 0.47%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S/BIDFAIR HLD                     | Sotheby's/Bidfair Holdings Inc                                                   | CUSIP: 83600GAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2251000 | PA      | $2124623.46   | 0.28%             | 2029-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                              | SM Energy Co                                                                     | CUSIP: 17888HAB9<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   2745000 | PA      | $2870753.94   | 0.38%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FORTRESS INTERMEDIATE                     | Fortress Intermediate 3 Inc                                                      | CUSIP: 34966MAA0<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | DBT              | CORP              | US        |   4718000 | PA      | $4694874.72   | 0.63%             | 2031-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HAWAIIAN ELEC CO                          | Hawaiian Electric Co Inc                                                         | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |   3812000 | PA      | $3809698.70   | 0.51%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                  | Medline Borrower LP/Medline Co-Issuer Inc                                        | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2299000 | PA      | $2345515.39   | 0.31%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                     | Scotts Miracle-Gro Co/The                                                        | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   3874000 | PA      | $3621778.19   | 0.48%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC                      | Sonic Automotive Inc                                                             | CUSIP: 83545GBE1<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |   3985000 | PA      | $3785927.33   | 0.51%             | 2031-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                  | Stonex Escrow Issuer LLC                                                         | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3768000 | PA      | $3810680.14   | 0.51%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                             | TransDigm Inc                                                                    | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   5772000 | PA      | $5851971.06   | 0.78%             | 2034-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                     | Trivium Packaging Finance BV                                                     | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    769000 | PA      | $833203.04    | 0.11%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                   | VZ Secured Financing BV                                                          | CUSIP: 91845AAB1<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |   3849000 | PA      | $3631527.27   | 0.49%             | 2033-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                     | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1657000 | PA      | $1858164.77   | 0.25%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                         | Waste Pro USA Inc                                                                | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |   3543000 | PA      | $3591719.79   | 0.48%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                            | Whirlpool Corp                                                                   | CUSIP: 963320205<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EP               | CORP              | US        |     38871 | NS      | $1591767.45   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| XEROX HOLDINGS CORP                       | Xerox Holdings Corp                                                              | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |   4700000 | PA      | $1504000.00   | 0.20%             | 2029-11-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                        | Mativ Holdings Inc                                                               | CUSIP: 80854EAH1<br>LEI: 549300Z1FU4IDULG1R21 | Long             | LON              | CORP              | US        |   1178256 | PA      | $1178255.86   | 0.16%             | 2028-04-20      | Floating      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| SCIL USA HOLDINGS LLC                     | SCIL USA Holdings LLC                                                            | CUSIP: 80881LAC3<br>LEI: 984500E0P46NA78BDF93 | Long             | LON              | CORP              | US        |   7285740 | PA      | $7267562.08   | 0.97%             | 2032-10-08      | Floating      | 7.79%                 | Yes           |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                    | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |   3561000 | PA      | $3695993.95   | 0.49%             | 2031-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AETHON UN/AETHIN UN FIN                   | Aethon United BR LP / Aethon United Finance Corp                                 | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2837000 | PA      | $2960551.35   | 0.40%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                    | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16549000 | PA      | $16611047.17  | 2.22%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC                   | Champions Financing Inc                                                          | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |   2257000 | PA      | $2026068.95   | 0.27%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                                                    | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   3752000 | PA      | $3780920.42   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| SM ENERGY CO                              | SM Energy Co                                                                     | CUSIP: 17888HAD5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    964000 | PA      | $1065582.46   | 0.14%             | 2033-06-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Conagra Brands Inc                        | Conagra Brands Inc                                                               | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     45788 | NS      | $719787.36    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CONCENTRA HEALTH SERVICE                  | Concentra Health Services Inc                                                    | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |   3327000 | PA      | $3443824.28   | 0.46%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                    | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |   3419000 | PA      | $3623729.96   | 0.48%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CYPRIUM CORP/CYPRIUM HOL                  | Cyprium Corp / Cyprium Holdings Luxembourg Sarl                                  | CUSIP: 23292NAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7580000 | PA      | $7376416.51   | 0.99%             | 2034-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                            | Dcli Bidco LLC                                                                   | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |   4295000 | PA      | $4346733.28   | 0.58%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                             | DISH DBS Corp                                                                    | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3854000 | PA      | $3845568.22   | 0.51%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG                     | Illuminate Buyer LLC / Illuminate Holdings IV Inc                                | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    621000 | PA      | $622116.56    | 0.08%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan US Government Money M            | JPMorgan US Government Money Market Fund                                         | CUSIP: 4812C2270<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |  21912342 | NS      | $21912342.20  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                  | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp               | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3583000 | PA      | $3689476.01   | 0.49%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                            | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   3306000 | PA      | $3387621.83   | 0.45%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                        | PBF Holding Co LLC / PBF Finance Corp                                            | CUSIP: 69318FAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1910000 | PA      | $2048539.94   | 0.27%             | 2030-03-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA                  | Papa John's International Inc                                                    | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |   3398000 | PA      | $3237262.03   | 0.43%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PARADIGM PRNT/CO-ISSUER                   | Paradigm Parent LLC and Paradigm Parent CO-Issuer Inc                            | CUSIP: 69902PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6123000 | PA      | $5445709.93   | 0.73%             | 2032-04-17      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                     | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   3697000 | PA      | $3540420.59   | 0.47%             | 2033-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                     | Quikrete Holdings Inc                                                            | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   3682000 | PA      | $3742440.03   | 0.50%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RAIN CARBON INC                           | Rain Carbon Inc                                                                  | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |   3358000 | PA      | $3459072.44   | 0.46%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| SESI LLC                                  | SESI LLC                                                                         | CUSIP: 78412FAX2<br>LEI: XDZ56K6RXS5J1ESBZS35 | Long             | DBT              | CORP              | US        |   2981000 | PA      | $3041863.08   | 0.41%             | 2030-09-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| EW SCRIPPS CO                             | EW Scripps Co/The                                                                | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |   3816000 | PA      | $3708170.91   | 0.50%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                   | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5853000 | PA      | $5762512.85   | 0.77%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                          | Societe Generale SA                                                              | CUSIP: 83370RAF5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   7749000 | PA      | $7452268.32   | 1.00%             | 2035-07-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                   | Sotera Health Holdings LLC                                                       | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |   1745000 | PA      | $1804719.14   | 0.24%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODU                  | Specialty Building Products Holdings LLC / SBP Finance Corp                      | CUSIP: 84749AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2760000 | PA      | $2398815.36   | 0.32%             | 2029-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                  | Telesat Canada / Telesat LLC                                                     | CUSIP: 87952VAR7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   5575000 | PA      | $4460000.00   | 0.60%             | 2026-12-06      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| USI INC/NY                                | USI Inc/NY                                                                       | CUSIP: 90346KAB5<br>LEI: 2549006D7UF7072T7I27 | Long             | DBT              | CORP              | US        |   3785000 | PA      | $3839538.07   | 0.51%             | 2032-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VALARIS LTD                               | Valaris Ltd                                                                      | CUSIP: 91889FAC5<br>LEI: 5299008BQ9IREYWBTS30 | Long             | DBT              | CORP              | BM        |   4256000 | PA      | $4412220.74   | 0.59%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| VERSANT MEDIA GROUP INC                   | Versant Media Group Inc                                                          | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |   2830000 | PA      | $2898545.43   | 0.39%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP                      | Wabash National Corp                                                             | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |   2081000 | PA      | $1825779.92   | 0.24%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Workday Inc                               | Workday Inc                                                                      | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      3805 | NS      | $494345.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL PETROLEUM                   | International Petroleum Corp                                                     | CUSIP: YK4418884<br>LEI: 54930025D80LU0SMR645 | Long             | DBT              | CORP              | CA        |   1924000 | PA      | $1960756.06   | 0.26%             | 2030-10-10      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SPECIALTY BUILDINGS PROD                  | Specialty Building Products Holdings LLC                                         | CUSIP: 84748EAF7<br>LEI: 549300ICFD46O3KMJC06 | Long             | LON              | CORP              | US        |    994000 | PA      | $851803.33    | 0.11%             | 2028-10-16      | Floating      | 7.52%                 | Yes           |                  2 | On Loan: No      |
| JOURNEY PERSONAL CARE CO                  | Journey Personal Care Corp                                                       | CUSIP: 48114NAF8<br>LEI: 5493000G9KGROJ41TP46 | Long             | LON              | CORP              | US        |   4038427 | PA      | $3897081.84   | 0.52%             | 2028-03-01      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP                    | Harvest Midstream I LP                                                           | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |   3623000 | PA      | $3660139.37   | 0.49%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                   | Kodiak Gas Services LLC                                                          | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |   3803000 | PA      | $3866346.57   | 0.52%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                        | Mativ Holdings Inc                                                               | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   4281000 | PA      | $3992595.88   | 0.53%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Iracore International Holdings Inc        | Iracore Investments Holdings Inc                                                 | CUSIP: N/A<br>LEI: 5493001MEBLCGW71EE69       | Long             | EC               | CORP              | US        |     22361 | NS      | $5137439.75   | 0.69%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AMENTUM HOLDINGS INC                      | Amentum Holdings Inc                                                             | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |   2711000 | PA      | $2807958.92   | 0.38%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                          | AmWINS Group Inc                                                                 | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |   3907000 | PA      | $3745868.68   | 0.50%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                     | Bausch Health Cos Inc                                                            | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    719000 | PA      | $734090.75    | 0.10%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                   | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   2432000 | PA      | $2430443.52   | 0.32%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BW REAL ESTATE INC                        | BW Real Estate Inc                                                               | CUSIP: 05614HAA7<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   4905000 | PA      | $4936735.35   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                        | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |   3168000 | PA      | $3274920.00   | 0.44%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                  | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   4298000 | PA      | $3951482.35   | 0.53%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                    | Energizer Holdings Inc                                                           | CUSIP: 29272WAG4<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   5039000 | PA      | $4725489.54   | 0.63%             | 2033-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                   | Pebblebrook Hotel Trust                                                          | CUSIP: 70509V704<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    142464 | NS      | $2749555.20   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                  | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |   3626000 | PA      | $3734663.97   | 0.50%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                     | Trivium Packaging Finance BV                                                     | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |   2344000 | PA      | $2454292.23   | 0.33%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| METALS RECOVERY HOLDINGS LLC              | METALS RECOVERY HOLDINGS LLC                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    116127 | NS      | $38322.01     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PAR PETROLEUM LLC                         | Par Petroleum LLC                                                                | CUSIP: 69889PAF2<br>LEI: 984500CCF05C2FB39F45 | Long             | LON              | CORP              | US        |   3687805 | PA      | $3695641.80   | 0.49%             | 2030-02-28      | Floating      | 6.95%                 | Yes           |                  2 | On Loan: No      |
| ADAMS HOMES INC                           | Adams Homes Inc                                                                  | CUSIP: 00623PAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3737000 | PA      | $3862316.56   | 0.52%             | 2028-10-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                  | Albion Financing 1 SARL / Aggreko Holdings Inc                                   | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   3457000 | PA      | $3535740.09   | 0.47%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARMOR HOLDCO INC                          | Armor Holdco Inc                                                                 | CUSIP: 04625PAA9<br>LEI: 254900X6HLK0YPTHHF09 | Long             | DBT              | CORP              | US        |   4080000 | PA      | $3729802.18   | 0.50%             | 2029-11-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Avnet Inc                                 | Avnet Inc                                                                        | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     15129 | NS      | $932248.98    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUELINX HOLDING                          | BlueLinx Holdings Inc                                                            | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |   6151000 | PA      | $5971920.40   | 0.80%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                  | California Resources Corp                                                        | CUSIP: 13057QAL1<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |   3728000 | PA      | $3760738.92   | 0.50%             | 2034-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                  | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3617000 | PA      | $3649632.83   | 0.49%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                | Arcosa Inc                                                                       | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |   3377000 | PA      | $3462819.70   | 0.46%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                               | BNP Paribas SA                                                                   | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   5756000 | PA      | $5780487.64   | 0.77%             | 2035-06-27      | Variable      | 7.45%                 | No            |                  2 | On Loan: No      |
| AHLSTROM HLDG 3 OY                        | Ahlstrom Holding 3 Oy                                                            | CUSIP: 84612JAA0<br>LEI: 743700UEY0YM039XN974 | Long             | DBT              | CORP              | FI        |   3750000 | PA      | $3666876.98   | 0.49%             | 2028-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                      | WR Grace Holdings LLC                                                            | CUSIP: 92943GAH4<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |   3095000 | PA      | $3008432.85   | 0.40%             | 2033-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WINNEBAGO INDUSTRIES                      | Winnebago Industries Inc                                                         | CUSIP: 974637AC4<br>LEI: 549300B7OYKYJLTE3G11 | Long             | DBT              | CORP              | US        |   1884000 | PA      | $1885744.58   | 0.25%             | 2028-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                  | Standard Building Solutions Inc                                                  | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   5348000 | PA      | $5355497.90   | 0.72%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                             | TransDigm Inc                                                                    | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1854000 | PA      | $1915934.72   | 0.26%             | 2031-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                  | Turning Point Brands Inc                                                         | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |   3658000 | PA      | $3752742.20   | 0.50%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| VM CONSOLIDATED INC                       | VM Consolidated Inc                                                              | CUSIP: 91835HAA0<br>LEI: 549300GCTGJLEBXJUK89 | Long             | DBT              | CORP              | US        |   5728000 | PA      | $5545832.42   | 0.74%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                    | Venture Global LNG Inc                                                           | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | EP               | CORP              | US        |    871000 | PA      | $868239.95    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO                      | Veritiv Operating Co                                                             | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |   3720000 | PA      | $3870652.56   | 0.52%             | 2030-11-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                  | Weatherford International Ltd                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   1746000 | PA      | $1780523.66   | 0.24%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                  | Weatherford International Ltd                                                    | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   4702000 | PA      | $4807414.14   | 0.64%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                    | EquipmentShare.com Inc                                                           | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   3685000 | PA      | $3850858.17   | 0.51%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                           | Fair Isaac Corp                                                                  | CUSIP: 303250AJ3<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   2892000 | PA      | $2846848.94   | 0.38%             | 2034-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GOLAR LNG LTD                             | Golar LNG Ltd                                                                    | CUSIP: 38046YAE1<br>LEI: 213800C2VSFZG3EZLO34 | Long             | DBT              | CORP              | BM        |   3078000 | PA      | $3115914.80   | 0.42%             | 2030-10-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                          | ITT Holdings LLC                                                                 | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   2323000 | PA      | $2260472.27   | 0.30%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LSF12 HELIX PARENT LLC                    | Lsf12 Helix Parent LLC                                                           | CUSIP: 548916AA3<br>LEI: 254900H70V4IL22BHL88 | Long             | DBT              | CORP              | US        |   3873000 | PA      | $3737081.33   | 0.50%             | 2033-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                      | WR Grace Holdings LLC                                                            | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |   7498000 | PA      | $6903291.86   | 0.92%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HARROW INC                                | Harrow Inc                                                                       | CUSIP: 415858AC3<br>LEI: 529900AP4LIRLNV8A089 | Long             | DBT              | CORP              | US        |   3723000 | PA      | $3767508.47   | 0.50%             | 2030-09-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                           | Mercer International Inc                                                         | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    674000 | PA      | $351231.51    | 0.05%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                         | Nexstar Media Inc                                                                | CUSIP: 65346UAA7<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   3814000 | PA      | $3829395.90   | 0.51%             | 2034-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                        | PBF Holding Co LLC / PBF Finance Corp                                            | CUSIP: 69318FAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3947000 | PA      | $4055846.42   | 0.54%             | 2030-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| RAILWORKS HOLDINGS LP/R                   | Railworks Holdings LP / Railworks Rally Inc                                      | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4137000 | PA      | $4148586.50   | 0.55%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PINNACLE FINANCL PARTNRS                  | Pinnacle Financial Partners Inc                                                  | CUSIP: 87161CAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1820000 | PA      | $1892799.95   | 0.25%             | 2029-02-07      | Variable      | 7.54%                 | No            |                  2 | On Loan: No      |
| BOYNE USA INC                             | Boyne USA Inc                                                                    | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3396754.55   | 0.45%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                          | CSC Holdings LLC                                                                 | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    666000 | PA      | $253533.68    | 0.03%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN                  | CQP Holdco LP / BIP-V Chinook Holdco LLC                                         | CUSIP: 12657NAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3179000 | PA      | $3338515.86   | 0.45%             | 2033-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                             | Cable One Inc                                                                    | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |   5702000 | PA      | $3975876.88   | 0.53%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUGAR JV SUBSIDIARY LLC                  | Cougar JV Subsidiary LLC                                                         | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2268000 | PA      | $2346742.69   | 0.31%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| First American Government Obli            | First American Government Obligations Fund                                       | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   2764880 | NS      | $2764879.53   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT ACCEPTANC                          | Credit Acceptance Corp                                                           | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5759000 | PA      | $5635325.48   | 0.75%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                  | First Citizens BancShares Inc/NC                                                 | CUSIP: 31959XAG8<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EP               | CORP              | US        |   3129000 | PA      | $3134419.43   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                            | Gray Media Inc                                                                   | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   6306000 | PA      | $4687533.57   | 0.63%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                         | INEOS Finance PLC                                                                | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |   4279000 | PA      | $4155116.10   | 0.56%             | 2029-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| INSULET CORPORATION                       | Insulet Corp                                                                     | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |   3654000 | PA      | $3732330.80   | 0.50%             | 2033-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                  | Lloyds Banking Group PLC                                                         | CUSIP: 539439BF5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   7670000 | PA      | $7327413.31   | 0.98%             | 2035-09-27      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                        | Rithm Capital Corp                                                               | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |   2416000 | PA      | $2375726.73   | 0.32%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                  | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 68622FAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5329000 | PA      | $4394040.27   | 0.59%             | 2034-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                         | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |   3908000 | PA      | $3790636.51   | 0.51%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY                            | Ryan Specialty LLC                                                               | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |   2616000 | PA      | $2587667.67   | 0.35%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                  | Scientific Games Holdings LP/Scientific Games US FinCo Inc                       | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6199000 | PA      | $5338281.87   | 0.71%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC                   | Titan International Inc                                                          | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |   3725000 | PA      | $3719789.47   | 0.50%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                             | ZF North America Capital Inc                                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   4123000 | PA      | $3921109.06   | 0.52%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CLEANOVA US HOLDINGS LLC                  | Cleanova US Holdings LLC                                                         | CUSIP: N/A<br>LEI: 254900Q8HEK85N92G859       | Long             | LON              | CORP              | US        |   6236315 | PA      | $6251905.79   | 0.84%             | 2032-05-13      | Floating      | 8.48%                 | Yes           |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC                  | TK Elevator US Newco Inc                                                         | CUSIP: N/A<br>LEI: 549300C2AFWPAYWS5574       | Long             | LON              | CORP              | US        |   4290000 | PA      | $4301625.90   | 0.58%             | 2030-04-30      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                  | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |   6440000 | PA      | $6601479.33   | 0.88%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                      | Alpha Generation LLC                                                             | CUSIP: 02073LAC5<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |   4810000 | PA      | $4728535.92   | 0.63%             | 2034-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BLOCK COMMUNICATIONS INC                  | Block Communications Inc                                                         | CUSIP: 093645AK5<br>LEI: M5G68A9OHJWIL4SFC742 | Long             | DBT              | CORP              | US        |   3207000 | PA      | $2937326.26   | 0.39%             | 2031-03-01      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN                   | Borr IHC Ltd / Borr Finance LLC                                                  | CUSIP: 100018AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3934512 | PA      | $4038014.24   | 0.54%             | 2028-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                  | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   6194000 | PA      | $5164495.26   | 0.69%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                    | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   3711000 | PA      | $3515555.03   | 0.47%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                  | Consensus Cloud Solutions Inc                                                    | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3816000 | PA      | $3783432.73   | 0.51%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                  | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC    | CUSIP: 44287DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   3783000 | PA      | $3547942.54   | 0.47%             | 2032-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                          | MGM Resorts International                                                        | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   3737000 | PA      | $3769997.71   | 0.50%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN                    | MIWD Holdco II LLC / MIWD Finance Corp                                           | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4088000 | PA      | $3535250.07   | 0.47%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC                   | Stagwell Global LLC                                                              | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |   7064000 | PA      | $6731337.87   | 0.90%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                       | Medline Borrower LP                                                              | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   2921000 | PA      | $2897042.83   | 0.39%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                 | Sunoco LP                                                                        | CUSIP: 86765KAL3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   3543000 | PA      | $3600864.28   | 0.48%             | 2032-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| UKG INC                                   | UKG Inc                                                                          | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |  11778000 | PA      | $11520891.32  | 1.54%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                    | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2156000 | PA      | $2316574.57   | 0.31%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| WEX INC                                   | WEX Inc                                                                          | CUSIP: 96208TAD6<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | DBT              | CORP              | US        |   3195000 | PA      | $3132240.30   | 0.42%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ZIPRECRUITER INC                          | ZipRecruiter Inc                                                                 | CUSIP: 98980BAA1<br>LEI: 549300HLOVNNFCY2IV80 | Long             | DBT              | CORP              | US        |   6145000 | PA      | $3554842.56   | 0.48%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Authentic Brands Group                    | Authentic Brands Group                                                           | CUSIP: N/A<br>LEI: 549300KVW8YK7XYOKV49       | Long             | EC               | CORP              | US        |     65219 | NS      | $8689758.21   | 1.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AP CORE HOLDINGS II LLC                   | AP Core Holdings II LLC                                                          | CUSIP: 00187GAC3<br>LEI: 549300PND8ZZ4RWYRZ56 | Long             | LON              | CORP              | US        |   3036337 | PA      | $2965302.33   | 0.40%             | 2027-09-01      | Floating      | 9.33%                 | Yes           |                  2 | On Loan: No      |
| Vantage Elevator/Victory Buyer 1/26 T/L B | Victory Buyer, LLC, Senior Secured First Lien Term Loan                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    763000 | PA      | $764831.20    | 0.10%             | 2033-02-10      | Floating      | 6.66%                 | Yes           |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                        | Mativ Holdings Inc                                                               | CUSIP: 80854EAK4<br>LEI: 549300Z1FU4IDULG1R21 | Long             | LON              | CORP              | US        |   1889000 | PA      | $1822885.00   | 0.24%             | 2033-03-30      | Floating      | 8.18%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-01

**Name of Applicant:** HOTCHKIS & WILEY FUNDS/DE/

**Signature:** /s/ James Menvielle

**Name of Signer:** James Menvielle

**Title:** Treasurer / Principal Financial Officer