FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| BONDS & DEBENTURES — 94.1% | ||||||||
| ASSET-BACKED SECURITIES — 58.3% | ||||||||
| AUTO — 13.1% | ||||||||
| Ally Auto Receivables Trust | ||||||||
| $ | 931,000 | Series 2023-1, Class A4, 5.270%, 11/15/2028 | $ | 927,847 | ||||
| American Credit Acceptance Receivables Trust | ||||||||
| 2,838,000 | Series 2022-1, Class C, 2.120%, 3/13/2028(a) | 2,785,628 | ||||||
| AmeriCredit Automobile Receivables Trust | ||||||||
| 342,000 | Series 2020-2, Class C, 1.480%, 2/18/2026 | 333,618 | ||||||
| 854,481 | Series 2021-3, Class A3, 0.760%, 8/18/2026 | 830,530 | ||||||
| BMW Vehicle Owner Trust | ||||||||
| 701,000 | Series 2023-A, Class A4, 5.250%, 11/26/2029 | 697,788 | ||||||
| CarMax Auto Owner Trust | ||||||||
| 61,000 | Series 2020-3, Class C, 1.690%, 4/15/2026 | 58,910 | ||||||
| 2,027,000 | Series 2023-2, Class A4, 5.010%, 11/15/2028 | 1,995,727 | ||||||
| 904,000 | Series 2023-1, Class A4, 4.650%, 1/16/2029 | 883,230 | ||||||
| 2,146,000 | Series 2023-3, Class A4, 5.260%, 2/15/2029 | 2,128,995 | ||||||
| Drive Auto Receivables Trust | ||||||||
| 3,814,000 | Series 2021-3, Class C, 1.470%, 1/15/2027 | 3,704,775 | ||||||
| DT Auto Owner Trust | ||||||||
| 110,663 | Series 2021-1A, Class C, 0.840%, 10/15/2026(a) | 108,394 | ||||||
| 800,000 | Series 2021-3A, Class C, 0.870%, 5/17/2027(a) | 771,572 | ||||||
| 704,000 | Series 2021-4A, Class C, 1.500%, 9/15/2027(a) | 667,711 | ||||||
| 1,212,000 | Series 2022-1A, Class C, 2.960%, 11/15/2027(a) | 1,180,745 | ||||||
| Exeter Automobile Receivables Trust | ||||||||
| 2,169,000 | Series 2021-4A, Class C, 1.460%, 10/15/2027 | 2,100,653 | ||||||
| 3,168,000 | Series 2022-1A, Class C, 2.560%, 6/15/2028 | 3,067,653 | ||||||
| Flagship Credit Auto Trust | ||||||||
| 456,000 | Series 2021-4, Class B, 1.490%, 2/15/2027(a) | 434,468 | ||||||
| 1,004,000 | Series 2021-2, Class C, 1.270%, 6/15/2027(a) | 942,471 | ||||||
| Ford Credit Auto Owner Trust | ||||||||
| 1,813,190 | Series 2022-A, Class A3, 1.290%, 6/15/2026 | 1,756,008 | ||||||
| 1,343,000 | Series 2023-A, Class A4, 4.560%, 12/15/2028 | 1,309,799 | ||||||
| 734,000 | Series 2023-B, Class A4, 5.060%, 2/15/2029 | 725,674 | ||||||
| GM Financial Automobile Leasing Trust | ||||||||
| 2,794,000 | Series 2022-1, Class A4, 1.960%, 2/20/2026 | 2,724,489 | ||||||
| 793,000 | Series 2022-1, Class B, 2.230%, 2/20/2026 | 770,095 | ||||||
| 2,044,000 | Series 2022-1, Class C, 2.640%, 2/20/2026 | 1,983,443 | ||||||
| GM Financial Consumer Automobile Receivables Trust | ||||||||
| 142,000 | Series 2020-3, Class C, 1.370%, 1/16/2026 | 137,407 | ||||||
| 1,424,000 | Series 2023-3, Class A4, 5.340%, 12/18/2028 | 1,424,348 | ||||||
| GM Financial Revolving Receivables Trust | ||||||||
| 3,383,000 | Series 2021-1, Class A, 1.170%, 6/12/2034(a) | 2,975,475 | ||||||
| 5,133,000 | Series 2023-1, Class A, 5.120%, 4/11/2035(a) | 5,026,916 | ||||||
| Honda Auto Receivables Owner Trust | ||||||||
| 2,017,706 | Series 2021-4, Class A3, 0.880%, 1/21/2026 | 1,947,761 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| AUTO (Continued) | ||||||||
| Hyundai Auto Receivables Trust | ||||||||
| $ | 1,305,009 | Series 2021-C, Class A3, 0.740%, 5/15/2026 | $ | 1,262,423 | ||||
| 1,112,000 | Series 2023-B, Class A4, 5.310%, 8/15/2029 | 1,107,889 | ||||||
| Mercedes-Benz Auto Receivables Trust | ||||||||
| 816,000 | Series 2023-1, Class A4, 4.310%, 4/16/2029 | 791,399 | ||||||
| Nissan Auto Receivables Owner Trust | ||||||||
| 1,485,000 | Series 2023-A, Class A4, 4.850%, 6/17/2030 | 1,458,080 | ||||||
| Porsche Financial Auto Securitization Trust | ||||||||
| 1,721,000 | Series 2023-1A, Class A4, 4.720%, 6/23/2031(a) | 1,693,386 | ||||||
| Prestige Auto Receivables Trust | ||||||||
| 1,965,000 | Series 2021-1A, Class B, 1.190%, 4/15/2026(a) | 1,921,059 | ||||||
| 705,000 | Series 2021-1A, Class C, 1.530%, 2/15/2028(a) | 661,636 | ||||||
| Santander Drive Auto Receivables Trust | ||||||||
| 6,336,000 | Series 2022-1, Class B, 2.360%, 8/17/2026 | 6,250,908 | ||||||
| 3,197,000 | Series 2021-4, Class C, 1.260%, 2/16/2027 | 3,107,133 | ||||||
| 3,700,000 | Series 2022-2, Class B, 3.440%, 9/15/2027 | 3,603,818 | ||||||
| 2,116,000 | Series 2022-1, Class C, 2.560%, 4/17/2028 | 2,043,258 | ||||||
| Santander Retail Auto Lease Trust | ||||||||
| 2,084,000 | Series 2022-A, Class A3, 1.340%, 7/21/2025(a) | 2,030,170 | ||||||
| 612,000 | Series 2022-A, Class B, 1.610%, 1/20/2026(a) | 583,660 | ||||||
| 1,680,000 | Series 2022-B, Class B, 3.850%, 3/22/2027(a) | 1,631,008 | ||||||
| SFS Auto Receivables Securitization Trust | ||||||||
| 919,000 | Series 2023-1A, Class A4, 5.470%, 12/20/2029(a) | 904,015 | ||||||
| Toyota Auto Loan Extended Note Trust | ||||||||
| 5,017,000 | Series 2022-1A, Class A, 3.820%, 4/25/2035(a) | 4,716,684 | ||||||
| 4,553,000 | Series 2023-1A, Class A, 4.930%, 6/25/2036(a) | 4,453,680 | ||||||
| Toyota Auto Receivables Owner Trust | ||||||||
| 1,343,000 | Series 2023-A, Class A4, 4.420%, 8/15/2028 | 1,304,910 | ||||||
| 1,973,000 | Series 2023-B, Class A4, 4.660%, 9/15/2028 | 1,922,095 | ||||||
| 2,714,000 | Series 2023-C, Class A4, 5.010%, 2/15/2029 | 2,678,982 | ||||||
| Volkswagen Auto Loan Enhanced Trust | ||||||||
| 2,350,658 | Series 2021-1, Class A3, 1.020%, 6/22/2026 | 2,272,538 | ||||||
| 1,181,000 | Series 2023-1, Class A4, 5.010%, 1/22/2030 | 1,166,258 | ||||||
| Westlake Automobile Receivables Trust | ||||||||
| 2,450,000 | Series 2021-2A, Class C, 0.890%, 7/15/2026(a) | 2,376,643 | ||||||
| 3,653,000 | Series 2021-3A, Class B, 1.290%, 1/15/2027(a) | 3,583,780 | ||||||
| 3,647,000 | Series 2021-3A, Class C, 1.580%, 1/15/2027(a) | 3,490,697 | ||||||
| 3,419,000 | Series 2022-1A, Class C, 3.110%, 3/15/2027(a) | 3,303,383 | ||||||
| World Omni Auto Receivables Trust | ||||||||
| 176,000 | Series 2020-C, Class C, 1.390%, 5/17/2027 | 166,166 | ||||||
| 300,000 | Series 2021-B, Class B, 1.040%, 6/15/2027 | 275,142 | ||||||
| 1,251,000 | Series 2023-A, Class A4, 4.660%, 5/15/2029 | 1,219,768 | ||||||
| 2,055,000 | Series 2023-B, Class A4, 4.680%, 5/15/2029 | 2,007,526 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| AUTO (Continued) | ||||||||
| $ | 1,107,000 | Series 2023-C, Class A4, 5.030%, 11/15/2029 | $ | 1,094,956 | ||||
| 109,485,180 | ||||||||
| COLLATERALIZED LOAN OBLIGATION — 15.8% | ||||||||
| ABPCI Direct Lending Fund CLO I LLC | ||||||||
| 2,944,000 | Series 2016-1A, Class E2, 14.318% (3-Month Term SOFR+899.161 basis points), 7/20/2033(a),(b) | 2,735,279 | ||||||
| ABPCI Direct Lending Fund CLO II LLC | ||||||||
| 3,062,000 | Series 2017-1A, Class ER, 13.188% (3-Month Term SOFR+786.161 basis points), 4/20/2032(a),(b) | 2,771,775 | ||||||
| ABPCI Direct Lending Fund CLO X LP | ||||||||
| 678,000 | Series 2020-10A, Class A1A, 7.538% (3-Month Term SOFR+221.161 basis points), 1/20/2032(a),(b) | 670,341 | ||||||
| ABPCI Direct Lending Fund CLO XI LP | ||||||||
| 2,000,000 | Series 2022-11A, Class E, 15.057% (3-Month Term SOFR+970 basis points), 10/27/2034(a),(b) | 1,909,606 | ||||||
| ABPCI Direct Lending Fund IX LLC | ||||||||
| 2,378,000 | Series 2020-9A, Class A1R, 7.019% (3-Month Term SOFR+166.161 basis points), 11/18/2031(a),(b) | 2,344,748 | ||||||
| Barings Middle Market CLO Ltd. | ||||||||
| 1,460,000 | Series 2021-IA, Class D, 14.238% (3-Month Term SOFR+891.161 basis points), 7/20/2033(a),(b) | 1,351,878 | ||||||
| BlackRock Maroon Bells CLO XI LLC | ||||||||
| 5,401,500 | Series 2022-1A, Class E, 14.808% (3-Month Term SOFR+950 basis points), 10/15/2034(a),(b) | 5,206,690 | ||||||
| Blackrock Mount Adams CLO IX LP | ||||||||
| 993,346 | Series 2021-9A, Class A1, 7.028% (3-Month Term SOFR+163.161 basis points), 9/22/2031(a),(b) | 987,886 | ||||||
| Brightwood Capital MM CLO Ltd. | ||||||||
| 3,792,158 | Series 2021-2A, Class A, 7.220% (3-Month Term SOFR+191.161 basis points), 11/15/2030(a),(b) | 3,749,527 | ||||||
| BTC Holdings Fund I LLC | ||||||||
| 126,448 | 8.362%, 1/28/2027(b),(c),(d) | 126,448 | ||||||
| BTC Offshore Holdings Fund | ||||||||
| 2,000,000 | 8.245%, 10/20/2029(b),(c),(d) | 2,000,000 | ||||||
| Cerberus Loan Funding XL LLC | ||||||||
| 901,000 | Series 2023-1A, Class A, 7.708% (3-Month Term SOFR+240 basis points), 3/22/2035(a),(b) | 898,884 | ||||||
| Cerberus Loan Funding XLI LLC | ||||||||
| 5,057,000 | Series 2023-2A, Class A1, 7.801% (3-Month Term SOFR+255 basis points), 7/15/2035(a),(b) | 5,056,312 | ||||||
| Cerberus Loan Funding XXIX LP | ||||||||
| 8,355,000 | Series 2020-2A, Class A, 7.469% (3-Month Term SOFR+216.161 basis points), 10/15/2032(a),(b) | 8,333,770 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| COLLATERALIZED LOAN OBLIGATION (Continued) | ||||||||
| Cerberus Loan Funding XXVIII LP | ||||||||
| $ | 2,236,000 | Series 2020-1A, Class D, 10.869% (3-Month Term SOFR+556.161 basis points), 10/15/2031(a),(b) | $ | 2,172,149 | ||||
| Cerberus Loan Funding XXXIX LP | ||||||||
| 3,600,000 | Series 2022-3A, Class C, 10.558% (3-Month Term SOFR+525 basis points), 1/20/2033(a),(b) | 3,599,611 | ||||||
| Cerberus Loan Funding XXXVI LP | ||||||||
| 671,383 | Series 2021-6A, Class A, 6.970% (3-Month Term SOFR+166.161 basis points), 11/22/2033(a),(b) | 668,155 | ||||||
| Ellington CLO IV Ltd. | ||||||||
| 225,335 | Series 2019-4A, Class AR, 7.150% (3-Month Term SOFR+184.161 basis points), 4/15/2029(a),(b) | 225,254 | ||||||
| Fortress Credit Opportunities IX CLO Ltd. | ||||||||
| 5,645,000 | Series 2017-9A, Class A1TR, 7.120% (3-Month Term SOFR+181.161 basis points), 10/15/2033(a),(b) | 5,494,967 | ||||||
| 8,814,000 | Series 2017-9A, Class ER, 13.629% (3-Month Term SOFR+832.161 basis points), 10/15/2033(a),(b) | 7,937,562 | ||||||
| Fortress Credit Opportunities VI CLO Ltd. | ||||||||
| 4,000,000 | Series 2015-6A, Class A2R, 7.142% (3-Month Term SOFR+186.161 basis points), 7/10/2030(a),(b) | 3,960,524 | ||||||
| Golub Capital Partners CLO 36M Ltd. | ||||||||
| 3,121,961 | Series 2018-36A, Class A, 6.931% (3-Month Term SOFR+156.161 basis points), 2/5/2031(a),(b) | 3,103,116 | ||||||
| Golub Capital Partners CLO 38M Ltd. | ||||||||
| 1,993,000 | Series 2018-38A, Class C, 8.388% (3-Month Term SOFR+306.161 basis points), 7/20/2030(a),(b) | 1,928,190 | ||||||
| Golub Capital Partners CLO 42M Ltd. | ||||||||
| 3,006,000 | Series 2019-42A, Class A2, 7.588% (3-Month Term SOFR+226.161 basis points), 4/20/2031(a),(b) | 2,976,851 | ||||||
| Golub Capital Partners CLO 45M Ltd. | ||||||||
| 1,429,000 | Series 2019-45A, Class B1, 8.138% (3-Month Term SOFR+281.161 basis points), 10/20/2031(a),(b) | 1,392,843 | ||||||
| Golub Capital Partners CLO 67M Ltd. | ||||||||
| 4,361,000 | Series 2023-67A, Class A1, 7.631% (3-Month Term SOFR+250 basis points), 5/9/2036(a),(b) | 4,360,533 | ||||||
| 4,000,000 | Series 2023-67A, Class D, 11.631% (3-Month Term SOFR+650 basis points), 5/9/2036(a),(b) | 3,999,348 | ||||||
| Ivy Hill Middle Market Credit Fund IX Ltd. | ||||||||
| 6,250,000 | Series 9A, Class ERR, 13.565% (3-Month Term SOFR+822 basis points), 4/23/2034(a),(b) | 5,591,206 | ||||||
| Ivy Hill Middle Market Credit Fund XII Ltd. | ||||||||
| 1,086,000 | Series 12A, Class DR, 13.758% (3-Month Term SOFR+843.161 basis points), 7/20/2033(a),(b) | 969,052 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| COLLATERALIZED LOAN OBLIGATION (Continued) | ||||||||
| Ivy Hill Middle Market Credit Fund XVIII Ltd. | ||||||||
| $ | 3,766,000 | Series 18A, Class E, 13.357% (3-Month Term SOFR+801.161 basis points), 4/22/2033(a),(b) | $ | 3,350,460 | ||||
| Ivy Hill Middle Market Credit Fund XX Ltd. | ||||||||
| 5,120,000 | Series 20A, Class E, 15.232% (3-Month Term SOFR+1,000 basis points), 4/15/2035(a),(b) | 4,928,512 | ||||||
| Lake Shore MM CLO III LLC | ||||||||
| 575,000 | Series 2019-2A, Class A2R, 2.525%, 10/17/2031(a) | 524,701 | ||||||
| 1,228,000 | Series 2019-2A, Class A1R, 7.050% (3-Month Term SOFR+174.161 basis points), 10/17/2031(a),(b) | 1,206,122 | ||||||
| Lake Shore MM CLO IV Ltd. | ||||||||
| 528,600 | Series 2021-1A, Class X, 6.750% (3-Month Term SOFR+144.161 basis points), 10/15/2033(a),(b) | 526,945 | ||||||
| Madison Park Funding XIII Ltd. | ||||||||
| 436,427 | Series 2014-13A, Class AR2, 6.532% (3-Month Term SOFR+121.161 basis points), 4/19/2030(a),(b) | 434,768 | ||||||
| MCF CLO IX Ltd. | ||||||||
| 7,029,000 | Series 2019-1A, Class A1R, 6.808% (3-Month Term SOFR+150 basis points), 7/17/2031(a),(b) | 6,921,372 | ||||||
| Owl Rock CLO III Ltd. | ||||||||
| 800,000 | Series 2020-3A, Class A1L, 7.388% (3-Month Term SOFR+206.161 basis points), 4/20/2032(a),(b) | 795,750 | ||||||
| Owl Rock CLO VI Ltd. | ||||||||
| 3,634,000 | Series 2021-6A, Class A, 7.109% (3-Month Term SOFR+171.161 basis points), 6/21/2032(a),(b) | 3,559,416 | ||||||
| Parliament CLO II Ltd. | ||||||||
| 1,728,113 | Series 2021-2A, Class A, 6.991% (3-Month Term SOFR+161.161 basis points), 8/20/2032(a),(b) | 1,692,144 | ||||||
| 2,646,000 | Series 2021-2A, Class D, 9.341% (3-Month Term SOFR+396.161 basis points), 8/20/2032(a),(b) | 2,425,557 | ||||||
| Parliament Funding II Ltd. | ||||||||
| 2,125,593 | Series 2020-1A, Class AR, 6.838% (3-Month Term SOFR+151.161 basis points), 10/20/2031(a),(b) | 2,099,633 | ||||||
| TCP Waterman CLO LLC | ||||||||
| 2,429,000 | Series 2017-1A, Class ER, 13.801% (3-Month Term SOFR+842.161 basis points), 8/20/2033(a),(b) | 2,191,483 | ||||||
| VCP CLO II Ltd. | ||||||||
| 6,216,000 | Series 2021-2A, Class A1, 7.239% (3-Month Term SOFR+193.161 basis points), 4/15/2031(a),(b) | 6,165,135 | ||||||
| 4,460,000 | Series 2021-2A, Class E, 13.979% (3-Month Term SOFR+867.161 basis points), 4/15/2031(a),(b) | 4,279,838 | ||||||
| Woodmont Trust | ||||||||
| 2,657,000 | Series 2019-6A, Class A1R, 7.050% (3-Month Term SOFR+174.161 basis points), 7/15/2031(a),(b) | 2,629,256 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| COLLATERALIZED LOAN OBLIGATION (Continued) | ||||||||
| $ | 1,679,000 | Series 2019-6A, Class A1R2, 7.050% (3-Month Term SOFR+174.161 basis points), 7/15/2031(a),(b) | $ | 1,661,468 | ||||
| 131,915,065 | ||||||||
| CREDIT CARD — 2.2% | ||||||||
| American Express Credit Account Master Trust | ||||||||
| 6,995,000 | Series 2023-2, Class A, 4.800%, 5/15/2030 | 6,867,516 | ||||||
| 6,657,000 | Series 2023-4, Class A, 5.150%, 9/16/2030 | 6,629,445 | ||||||
| Chase Issuance Trust | ||||||||
| 4,798,000 | Series 2023-A2, Class A, 5.080%, 9/16/2030 | 4,731,482 | ||||||
| 18,228,443 | ||||||||
| EQUIPMENT — 12.3% | ||||||||
| ARI Fleet Lease Trust | ||||||||
| 644,000 | Series 2022-A, Class A3, 3.430%, 1/15/2031(a) | 621,602 | ||||||
| Avis Budget Rental Car Funding AESOP LLC | ||||||||
| 607,000 | Series 2019-3A, Class A, 2.360%, 3/20/2026(a) | 578,984 | ||||||
| 1,059,000 | Series 2023-1A, Class A, 5.250%, 4/20/2029(a) | 1,022,897 | ||||||
| 3,527,000 | Series 2023-4A, Class A, 5.490%, 6/20/2029(a) | 3,432,270 | ||||||
| 4,981,000 | Series 2023-6A, Class A, 5.810%, 12/20/2029(a) | 4,910,939 | ||||||
| 3,599,000 | Series 2023-8A, Class A, 6.020%, 2/20/2030(a) | 3,569,415 | ||||||
| Chesapeake Funding II LLC | ||||||||
| 368,000 | Series 2020-1A, Class C, 2.140%, 8/15/2032(a) | 366,625 | ||||||
| CNH Equipment Trust | ||||||||
| 581,000 | Series 2022-B, Class A4, 3.910%, 3/15/2028 | 553,111 | ||||||
| 644,000 | Series 2023-A, Class A4, 4.770%, 10/15/2030 | 627,881 | ||||||
| 1,805,000 | Series 2023-B, Class A4, 5.460%, 3/17/2031 | 1,799,543 | ||||||
| Coinstar Funding LLC | ||||||||
| 2,496,562 | Series 2017-1A, Class A2, 5.216%, 4/25/2047(a) | 2,091,227 | ||||||
| Dell Equipment Finance Trust | ||||||||
| 7,144,000 | Series 2022-1, Class A3, 2.490%, 8/23/2027(a) | 7,029,873 | ||||||
| 1,109,000 | Series 2022-1, Class B, 2.720%, 8/23/2027(a) | 1,076,634 | ||||||
| 1,139,000 | Series 2022-1, Class C, 2.940%, 8/23/2027(a) | 1,102,273 | ||||||
| Enterprise Fleet Financing LLC | ||||||||
| 1,325,984 | Series 2021-3, Class A2, 0.770%, 8/20/2027(a) | 1,283,735 | ||||||
| 2,419,000 | Series 2022-2, Class A3, 4.790%, 5/21/2029(a) | 2,351,678 | ||||||
| 760,000 | Series 2022-3, Class A3, 4.290%, 7/20/2029(a) | 727,331 | ||||||
| 2,522,000 | Series 2023-1, Class A3, 5.420%, 10/22/2029(a) | 2,475,071 | ||||||
| 1,601,000 | Series 2022-4, Class A3, 5.650%, 10/22/2029(a) | 1,589,970 | ||||||
| 3,800,000 | Series 2023-2, Class A3, 5.500%, 4/22/2030(a) | 3,727,119 | ||||||
| Ford Credit Floorplan Master Owner Trust A | ||||||||
| 7,790,000 | Series 2018-4, Class A, 4.060%, 11/15/2030 | 7,242,108 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| EQUIPMENT (Continued) | ||||||||
| GMF Floorplan Owner Revolving Trust | ||||||||
| $ | 1,938,000 | Series 2023-2, Class A, 5.340%, 6/15/2030(a) | $ | 1,910,345 | ||||
| GreatAmerica Leasing Receivables | ||||||||
| 1,675,000 | Series 2023-1, Class A4, 5.060%, 3/15/2030(a) | 1,626,654 | ||||||
| Hertz Vehicle Financing III LLC | ||||||||
| 3,379,000 | Series 2023-4A, Class A, 6.150%, 3/25/2030(a) | 3,361,511 | ||||||
| Hertz Vehicle Financing III LP | ||||||||
| 3,499,000 | Series 2021-2A, Class A, 1.680%, 12/27/2027(a) | 3,071,720 | ||||||
| Hertz Vehicle Financing LLC | ||||||||
| 3,489,000 | Series 2022-2A, Class A, 2.330%, 6/26/2028(a) | 3,084,362 | ||||||
| 6,142,000 | Series 2022-5A, Class A, 3.890%, 9/25/2028(a) | 5,666,982 | ||||||
| HPEFS Equipment Trust | ||||||||
| 1,619,000 | Series 2022-1A, Class B, 1.790%, 5/21/2029(a) | 1,565,144 | ||||||
| 1,076,000 | Series 2022-1A, Class C, 1.960%, 5/21/2029(a) | 1,029,729 | ||||||
| 718,000 | Series 2022-2A, Class B, 4.200%, 9/20/2029(a) | 689,132 | ||||||
| 416,000 | Series 2022-2A, Class C, 4.430%, 9/20/2029(a) | 397,533 | ||||||
| John Deere Owner Trust | ||||||||
| 1,372,000 | Series 2023-A, Class A4, 5.010%, 12/17/2029 | 1,357,994 | ||||||
| 1,203,000 | Series 2023-B, Class A4, 5.110%, 5/15/2030 | 1,181,648 | ||||||
| 1,664,000 | Series 2023-C, Class A4, 5.390%, 8/15/2030 | 1,657,596 | ||||||
| Kubota Credit Owner Trust | ||||||||
| 1,359,000 | Series 2023-2A, Class A4, 5.230%, 6/15/2028(a) | 1,339,509 | ||||||
| 876,000 | Series 2023-1A, Class A4, 5.070%, 2/15/2029(a) | 862,843 | ||||||
| M&T Equipment Notes | ||||||||
| 1,028,000 | Series 2023-1A, Class A4, 5.750%, 7/15/2030(a) | 1,014,470 | ||||||
| MMAF Equipment Finance LLC | ||||||||
| 2,560,000 | Series 2023-A, Class A4, 5.500%, 12/13/2038(a) | 2,527,859 | ||||||
| 736,000 | Series 2020-A, Class A5, 1.560%, 10/9/2042(a) | 640,657 | ||||||
| NextGear Floorplan Master Owner Trust | ||||||||
| 4,685,000 | Series 2022-1A, Class A2, 2.800%, 3/15/2027(a) | 4,478,934 | ||||||
| Verizon Master Trust | ||||||||
| 2,555,000 | Series 2022-4, Class B, 3.640%, 11/20/2028 | 2,417,812 | ||||||
| 663,000 | Series 2022-4, Class C, 3.890%, 11/20/2028 | 626,908 | ||||||
| 6,196,000 | Series 2023-3, Class A, 4.730%, 4/21/2031(a) | 6,099,581 | ||||||
| 8,097,000 | Series 2023-6, Class A, 5.350%, 9/22/2031(a) | 8,051,188 | ||||||
| 102,840,397 | ||||||||
| OTHER — 14.9% | ||||||||
| ABPCI Direct Lending Fund ABS I Ltd. | ||||||||
| 1,258,150 | Series 2020-1A, Class A, 3.199%, 12/20/2030(a) | 1,184,397 | ||||||
| 3,207,107 | Series 2020-1A, Class B, 4.935%, 12/20/2030(a) | 2,979,787 | ||||||
| ABPCI Direct Lending Fund ABS II LLC | ||||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| OTHER (Continued) | ||||||||
| $ | 1,670,000 | Series 2022-2A, Class A1, 7.457% (3-Month Term SOFR+210 basis points), 3/1/2032(a),(b) | $ | 1,654,970 | ||||
| 6,978,000 | Series 2022-2A, Class C, 8.236%, 3/1/2032(a) | 5,936,275 | ||||||
| American Tower Trust 1 | ||||||||
| 8,058,000 | 5.490%, 3/15/2028(a) | 7,894,415 | ||||||
| Brazos Securitization LLC | ||||||||
| 792,656 | 5.014%, 9/1/2031(a) | 767,856 | ||||||
| CARS-DB4 LP | ||||||||
| 291,784 | Series 2020-1A, Class A1, 2.690%, 2/15/2050(a) | 277,659 | ||||||
| Cleco Securitization I LLC | ||||||||
| 1,724,931 | 4.016%, 3/1/2031 | 1,602,660 | ||||||
| Cologix Data Centers US Issuer LLC | ||||||||
| 4,273,000 | Series 2021-1A, Class A2, 3.300%, 12/26/2051(a) | 3,765,122 | ||||||
| 3,235,000 | Series 2021-1A, Class C, 5.990%, 12/26/2051(a) | 2,639,214 | ||||||
| DataBank Issuer | ||||||||
| 1,400,000 | Series 2021-1A, Class A2, 2.060%, 2/27/2051(a) | 1,228,909 | ||||||
| 1,500,000 | Series 2021-1A, Class C, 4.430%, 2/27/2051(a) | 1,186,643 | ||||||
| Diamond Infrastructure Funding LLC | ||||||||
| 512,000 | Series 2021-1A, Class C, 3.475%, 4/15/2049(a) | 444,492 | ||||||
| Diamond Issuer | ||||||||
| 1,718,000 | Series 2021-1A, Class C, 3.787%, 11/20/2051(a) | 1,369,772 | ||||||
| Elm Trust | ||||||||
| 3,969,333 | Series 2020-3A, Class A2, 2.954%, 8/20/2029(a) | 3,728,029 | ||||||
| 658,831 | Series 2020-3A, Class B, 4.481%, 8/20/2029(a) | 592,020 | ||||||
| 265,007 | Series 2020-4A, Class A2, 2.286%, 10/20/2029(a) | 245,224 | ||||||
| 906,247 | Series 2020-4A, Class B, 3.866%, 10/20/2029(a) | 795,228 | ||||||
| FCI Funding LLC | ||||||||
| 102,313 | Series 2021-1A, Class A, 1.130%, 4/15/2033(a) | 99,288 | ||||||
| Golub Capital Partners ABS Funding Ltd. | ||||||||
| 1,570,726 | Series 2020-1A, Class A2, 3.208%, 1/22/2029(a) | 1,487,164 | ||||||
| 1,080,682 | Series 2020-1A, Class B, 4.496%, 1/22/2029(a) | 976,644 | ||||||
| 3,868,000 | Series 2021-1A, Class A2, 2.773%, 4/20/2029(a) | 3,603,877 | ||||||
| 1,924,000 | Series 2021-1A, Class B, 3.816%, 4/20/2029(a) | 1,765,412 | ||||||
| 4,896,000 | Series 2021-2A, Class A, 2.944%, 10/19/2029(a) | 4,310,654 | ||||||
| 5,697,000 | Series 2021-2A, Class B, 3.994%, 10/19/2029(a) | 4,608,691 | ||||||
| Hotwire Funding LLC | ||||||||
| 1,250,000 | Series 2021-1, Class C, 4.459%, 11/20/2051(a) | 1,040,343 | ||||||
| 1,385,000 | Series 2023-1A, Class A2, 5.687%, 5/20/2053(a) | 1,338,702 | ||||||
| Kansas Gas Service Securitization I LLC | ||||||||
| 5,062,368 | 5.486%, 8/1/2032 | 4,996,542 | ||||||
| MetroNet Infrastructure Issuer LLC | ||||||||
| 3,800,000 | Series 2022-1A, Class A2, 6.350%, 10/20/2052(a) | 3,664,214 | ||||||
| Monroe Capital ABS Funding Ltd. | ||||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| OTHER (Continued) | ||||||||
| $ | 2,912,000 | Series 2021-1A, Class A2, 2.815%, 4/22/2031(a) | $ | 2,780,742 | ||||
| 907,000 | Series 2021-1A, Class B, 3.908%, 4/22/2031(a) | 868,840 | ||||||
| Monroe Capital Income Plus ABS Funding LLC | ||||||||
| 3,700,000 | Series 2022-1A, Class A, 4.050%, 4/30/2032(a) | 3,336,127 | ||||||
| Oklahoma Development Finance Authority | ||||||||
| 2,290,705 | 4.135%, 12/1/2033 | 2,155,018 | ||||||
| 814,686 | 4.285%, 2/1/2034 | 782,765 | ||||||
| 1,939,590 | 3.877%, 5/1/2037 | 1,785,950 | ||||||
| Oportun Funding XIV LLC | ||||||||
| 344,564 | Series 2021-A, Class A, 1.210%, 3/8/2028(a) | 332,382 | ||||||
| Oportun Issuance Trust | ||||||||
| 1,020,000 | Series 2021-B, Class A, 1.470%, 5/8/2031(a) | 933,815 | ||||||
| 4,976,000 | Series 2021-C, Class A, 2.180%, 10/8/2031(a) | 4,523,092 | ||||||
| PFS Financing Corp. | ||||||||
| 713,000 | Series 2021-B, Class B, 1.090%, 8/15/2026(a) | 680,706 | ||||||
| 6,716,000 | Series 2022-A, Class A, 2.470%, 2/15/2027(a) | 6,408,837 | ||||||
| 1,380,000 | Series 2022-A, Class B, 2.770%, 2/15/2027(a) | 1,307,739 | ||||||
| 5,700,000 | Series 2022-C, Class A, 3.890%, 5/15/2027(a) | 5,516,003 | ||||||
| 879,000 | Series 2022-C, Class B, 4.390%, 5/15/2027(a) | 851,581 | ||||||
| 5,205,000 | Series 2022-D, Class A, 4.270%, 8/15/2027(a) | 5,069,320 | ||||||
| PG&E Recovery Funding LLC | ||||||||
| 2,127,108 | 5.045%, 7/15/2032 | 2,077,895 | ||||||
| PG&E Wildfire Recovery Funding LLC | ||||||||
| 3,893,595 | 4.022%, 6/1/2031 | 3,680,316 | ||||||
| SBA Tower Trust | ||||||||
| 1,380,000 | 1.631%, 11/15/2026(a) | 1,195,133 | ||||||
| 1,767,000 | 2.328%, 1/15/2028(a) | 1,499,833 | ||||||
| 1,049,000 | 6.599%, 1/15/2028(a) | 1,049,460 | ||||||
| SpringCastle America Funding LLC | ||||||||
| 1,088,411 | Series 2020-AA, Class A, 1.970%, 9/25/2037(a) | 984,792 | ||||||
| Texas Natural Gas Securitization Finance Corp. | ||||||||
| 794,000 | 5.102%, 4/1/2035 | 776,638 | ||||||
| TVEST LLC | ||||||||
| 80,425 | Series 2020-A, Class A, 4.500%, 7/15/2032(a) | 79,729 | ||||||
| Vantage Data Centers Issuer LLC | ||||||||
| 1,344,000 | Series 2020-1A, Class A2, 1.645%, 9/15/2045(a) | 1,210,252 | ||||||
| VCP RRL ABS I Ltd. | ||||||||
| 1,758,301 | Series 2021-1A, Class A, 2.152%, 10/20/2031(a) | 1,598,702 | ||||||
| 2,773,471 | Series 2021-1A, Class B, 2.848%, 10/20/2031(a) | 2,520,056 | ||||||
| 4,305,554 | Series 2021-1A, Class C, 5.425%, 10/20/2031(a) | 3,839,951 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| OTHER (Continued) | ||||||||
| WEPCo Environmental Trust Finance LLC | ||||||||
| $ | 974,785 | Series 2021-1, Class A, 1.578%, 12/15/2035 | $ | 804,226 | ||||
| 124,834,103 | ||||||||
| TOTAL ASSET-BACKED SECURITIES | ||||||||
| (Cost $505,821,400) | 487,303,188 | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 14.8% | ||||||||
| AGENCY — 7.3% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| 784,000 | Series K068, Class A2, 3.244%, 8/25/2027 | 730,536 | ||||||
| 1,135,000 | Series K072, Class A2, 3.444%, 12/25/2027 | 1,060,585 | ||||||
| 3,064,000 | Series K073, Class A2, 3.350%, 1/25/2028 | 2,850,225 | ||||||
| 1,691,000 | Series K076, Class A2, 3.900%, 4/25/2028 | 1,604,133 | ||||||
| 377,000 | Series K077, Class A2, 3.850%, 5/25/2028(b) | 356,585 | ||||||
| 3,220,000 | Series K079, Class A2, 3.926%, 6/25/2028 | 3,050,057 | ||||||
| 2,218,000 | Series K080, Class A2, 3.926%, 7/25/2028(b) | 2,099,424 | ||||||
| 6,547,000 | Series K081, Class A2, 3.900%, 8/25/2028(b) | 6,183,156 | ||||||
| 4,848,000 | Series K082, Class A2, 3.920%, 9/25/2028(b) | 4,578,842 | ||||||
| 2,483,000 | Series K083, Class A2, 4.050%, 9/25/2028(b) | 2,357,706 | ||||||
| 5,758,000 | Series K084, Class A2, 3.780%, 10/25/2028(b) | 5,386,357 | ||||||
| 2,867,000 | Series K085, Class A2, 4.060%, 10/25/2028(b) | 2,723,421 | ||||||
| 2,558,000 | Series K089, Class A2, 3.563%, 1/25/2029 | 2,366,178 | ||||||
| 1,719,000 | Series K091, Class A2, 3.505%, 3/25/2029 | 1,583,668 | ||||||
| 414,000 | Series K093, Class A2, 2.982%, 5/25/2029 | 370,623 | ||||||
| 8,195,000 | Series K095, Class A2, 2.785%, 6/25/2029 | 7,238,617 | ||||||
| 6,270,000 | Series K094, Class A2, 2.903%, 6/25/2029 | 5,571,048 | ||||||
| 4,234,000 | Series K097, Class A2, 2.508%, 7/25/2029 | 3,668,839 | ||||||
| 8,160,000 | Series K096, Class A2, 2.519%, 7/25/2029 | 7,084,234 | ||||||
| 60,864,234 | ||||||||
| AGENCY STRIPPED — 0.1% | ||||||||
| Government National Mortgage Association | ||||||||
| 1,320,632 | Series 2015-19, Class IO, 0.295%, 1/16/2057(b) | 19,731 | ||||||
| 1,240,386 | Series 2015-7, Class IO, 0.454%, 1/16/2057(b) | 24,721 | ||||||
| 2,142,349 | Series 2020-43, Class IO, 1.261%, 11/16/2061(b) | 158,569 | ||||||
| 2,839,391 | Series 2020-71, Class IO, 1.086%, 1/16/2062(b) | 191,678 | ||||||
| 5,190,247 | Series 2020-75, Class IO, 0.869%, 2/16/2062(b) | 308,733 | ||||||
| 3,438,702 | Series 2020-42, Class IO, 0.937%, 3/16/2062(b) | 211,103 | ||||||
| 914,535 | ||||||||
| NON-AGENCY — 7.4% | ||||||||
| A10 Bridge Asset Financing LLC | ||||||||
| 1,115,435 | Series 2021-D, Class A1FX, 2.589%, 10/1/2038(a) | 1,052,122 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
| NON-AGENCY (Continued) | ||||||||
| ACRE Commercial Mortgage Ltd. | ||||||||
| $ | 227,984 | Series 2021-FL4, Class A, 6.275% (1-Month Term SOFR+94.448 basis points), 12/18/2037(a),(b) | $ | 226,455 | ||||
| ACRES Commercial Realty Ltd. | ||||||||
| 2,410,305 | Series 2021-FL1, Class A, 6.647% (1-Month Term SOFR+131.448 basis points), 6/15/2036(a),(b) | 2,369,698 | ||||||
| 809,000 | Series 2021-FL2, Class A, 6.847% (1-Month Term SOFR+151.448 basis points), 1/15/2037(a),(b) | 800,965 | ||||||
| Arbor Realty Commercial Real Estate Notes Ltd. | ||||||||
| 2,210,000 | Series 2021-FL1, Class A, 6.417% (1-Month Term SOFR+108.448 basis points), 12/15/2035(a),(b) | 2,189,110 | ||||||
| 2,370,000 | Series 2021-FL2, Class A, 6.547% (1-Month Term SOFR+121.448 basis points), 5/15/2036(a),(b) | 2,348,464 | ||||||
| 3,148,000 | Series 2021-FL4, Class A, 6.797% (1-Month Term SOFR+146.448 basis points), 11/15/2036(a),(b) | 3,117,572 | ||||||
| 3,442,000 | Series 2022-FL1, Class A, 6.763% (30-Day SOFR Average+145 basis points), 1/15/2037(a),(b) | 3,403,276 | ||||||
| 2,524,000 | Series 2022-FL2, Class A, 7.182% (1-Month Term SOFR+185 basis points), 5/15/2037(a),(b) | 2,514,185 | ||||||
| BBCMS Trust | ||||||||
| 770,317 | Series 2015-SRCH, Class A1, 3.312%, 8/10/2035(a) | 708,587 | ||||||
| BDS Ltd. | ||||||||
| 510,716 | Series 2021-FL8, Class A, 6.365% (1-Month Term SOFR+103.448 basis points), 1/18/2036(a),(b) | 506,194 | ||||||
| BX Commercial Mortgage Trust | ||||||||
| 1,410,000 | Series 2021-VOLT, Class E, 7.446% (1-Month Term SOFR+211.448 basis points), 9/15/2036(a),(b) | 1,344,780 | ||||||
| 2,319,000 | Series 2021-VOLT, Class F, 7.846% (1-Month Term SOFR+251.448 basis points), 9/15/2036(a),(b) | 2,178,394 | ||||||
| BX Trust | ||||||||
| 3,230,000 | Series 2019-OC11, Class A, 3.202%, 12/9/2041(a) | 2,717,559 | ||||||
| BXMT Ltd. | ||||||||
| 2,899,000 | Series 2021-FL4, Class A, 6.497% (1-Month Term SOFR+116.448 basis points), 5/15/2038(a),(b) | 2,760,019 | ||||||
| Greystone CRE Notes Ltd. | ||||||||
| 3,000,000 | Series 2021-FL3, Class A, 6.467% (1-Month Term SOFR+113.448 basis points), 7/15/2039(a),(b) | 2,948,495 | ||||||
| GS Mortgage Securities Trust | ||||||||
| 125,167 | Series 2015-GC30, Class AAB, 3.120%, 5/10/2050 | 123,038 | ||||||
| Hawaii Hotel Trust | ||||||||
| 1,384,000 | Series 2019-MAUI, Class C, 7.029% (1-Month Term SOFR+169.701 basis points), 5/15/2038(a),(b) | 1,354,055 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
| NON-AGENCY (Continued) | ||||||||
| HERA Commercial Mortgage Ltd. | ||||||||
| $ | 2,435,543 | Series 2021-FL1, Class A, 6.495% (1-Month Term SOFR+116.448 basis points), 2/18/2038(a),(b) | $ | 2,364,466 | ||||
| Independence Plaza Trust | ||||||||
| 819,000 | Series 2018-INDP, Class A, 3.763%, 7/10/2035(a) | 769,622 | ||||||
| JPMBB Commercial Mortgage Securities Trust | ||||||||
| 271,887 | Series 2015-C30, Class ASB, 3.559%, 7/15/2048 | 266,238 | ||||||
| 537,851 | Series 2015-C31, Class A3, 3.801%, 8/15/2048 | 507,630 | ||||||
| KREF Ltd. | ||||||||
| 834,000 | Series 2021-FL2, Class A, 6.517% (1-Month Term SOFR+118.448 basis points), 2/15/2039(a),(b) | 816,226 | ||||||
| LCCM Trust | ||||||||
| 388,635 | Series 2021-FL2, Class A, 6.647% (1-Month Term SOFR+131.448 basis points), 12/13/2038(a),(b) | 382,493 | ||||||
| LoanCore Issuer Ltd. | ||||||||
| 136,858 | Series 2021-CRE4, Class A, 6.228% (30-Day SOFR Average+91.448 basis points), 7/15/2035(a),(b) | 136,074 | ||||||
| 363,000 | Series 2021-CRE5, Class A, 6.747% (1-Month USD Libor+130 basis points), 7/15/2036(a),(b) | 355,135 | ||||||
| Manhattan West 2020-1MW Mortgage Trust | ||||||||
| 3,132,000 | Series 2020-1MW, Class A, 2.130%, 9/10/2039(a) | 2,683,914 | ||||||
| MF1 Ltd. | ||||||||
| 303,759 | Series 2020-FL4, Class A, 7.147% (1-Month Term SOFR+181.448 basis points), 11/15/2035(a),(b) | 303,145 | ||||||
| 2,750,000 | Series 2021-FL7, Class A, 6.525% (1-Month Term SOFR+119.448 basis points), 10/16/2036(a),(b) | 2,712,508 | ||||||
| Progress Residential Trust | ||||||||
| 2,887,000 | Series 2023-SFR2, Class A, 4.500%, 10/17/2028(a) | 2,709,325 | ||||||
| 1,428,833 | Series 2021-SFR11, Class A, 2.283%, 1/17/2039(a) | 1,190,713 | ||||||
| 1,264,685 | Series 2021-SFR7, Class A, 1.692%, 8/17/2040(a) | 1,036,888 | ||||||
| 725,507 | Series 2021-SFR9, Class A, 2.013%, 11/17/2040(a) | 604,976 | ||||||
| 4,508,919 | Series 2021-SFR10, Class A, 2.393%, 12/17/2040(a) | 3,771,627 | ||||||
| Ready Capital Mortgage Financing LLC | ||||||||
| 406,735 | Series 2021-FL5, Class A, 6.434% (1-Month Term SOFR+111.448 basis points), 4/25/2038(a),(b) | 402,664 | ||||||
| Shelter Growth CRE Issuer Ltd. | ||||||||
| 504,066 | Series 2021-FL3, Class A, 6.527% (1-Month Term SOFR+119.448 basis points), 9/15/2036(a),(b) | 497,673 | ||||||
| SLG Office Trust | ||||||||
| 3,501,000 | Series 2021-OVA, Class A, 2.585%, 7/15/2041(a) | 2,720,941 | ||||||
| STWD Ltd. | ||||||||
| 1,468,000 | Series 2021-FL2, Class A, 6.645% (1-Month Term SOFR+131.448 basis points), 4/18/2038(a),(b) | 1,429,096 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
| NON-AGENCY (Continued) | ||||||||
| TRTX Issuer Ltd. | ||||||||
| $ | 2,356,000 | Series 2022-FL5, Class A, 6.963% (30-Day SOFR Average+165 basis points), 2/15/2039(a),(b) | $ | 2,309,158 | ||||
| VMC Finance LLC | ||||||||
| 1,089,723 | Series 2021-HT1, Class A, 7.095% (1-Month Term SOFR+176.448 basis points), 1/18/2037(a),(b) | 1,063,795 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| 225,408 | Series 2014-LC18, Class ASB, 3.244%, 12/15/2047 | 221,285 | ||||||
| 61,918,560 | ||||||||
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | ||||||||
| (Cost $126,948,025) | 123,697,329 | |||||||
| CONVERTIBLE BONDS — 0.7% | ||||||||
| Opendoor Technologies, Inc. | ||||||||
| 4,000,000 | 0.250%, 8/15/2026(a) | 2,689,124 | ||||||
| Upwork, Inc. | ||||||||
| 3,400,000 | 0.250%, 8/15/2026 | 2,789,775 | ||||||
| TOTAL CONVERTIBLE BONDS | ||||||||
| (Cost $5,303,473) | 5,478,899 | |||||||
| CORPORATE BANK DEBT — 3.0% | ||||||||
| ABG Intermediate Holdings 2 LLC | ||||||||
| 973,600 | 11.415% (1-Month Term SOFR+600 basis points), 12/20/2029(b),(d),(e) | 978,468 | ||||||
| Axiom Global, Inc. | ||||||||
| 3,055,588 | 10.175% (1-Month Term SOFR+475 basis points), 10/1/2026(b),(d),(e) | 2,956,281 | ||||||
| Azalea Topco, Inc. | ||||||||
| 2,060,698 | 8.945% (3-Month Term SOFR+350 basis points), 7/25/2026(b),(d),(e) | 1,985,998 | ||||||
| 1,940,437 | 9.165% (1-Month Term SOFR+375 basis points), 7/25/2026(b),(e) | 1,857,969 | ||||||
| Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan | ||||||||
| 90,409 | 10.165% (1-Month Term SOFR+0.000 basis points), 11/12/2027(b),(c),(d),(e),(f) | 86,792 | ||||||
| Capstone Acquisition Holdings, Inc. 2020 Term Loan | ||||||||
| 1,775,517 | 10.165% (1-Month Term SOFR+0.000 basis points), 11/12/2027(b),(c),(d),(e) | 1,704,496 | ||||||
| Cimpress Public Ltd. | ||||||||
| 1,191,572 | 8.930% (1-Month Term SOFR+350 basis points), 5/17/2028(b),(d),(e) | 1,177,667 | ||||||
| Farfetch U.S. Holdings, Inc. | ||||||||
| 3,980,000 | 11.576% (3-Month Term SOFR+0.000 basis points), 10/20/2027(b),(d),(e) | 3,701,400 | ||||||
| Frontier Communications Holdings LLC | ||||||||
| 1,098,825 | 9.179% (1-Month Term SOFR+375 basis points), 10/8/2027(b),(d),(e) | 1,066,552 | ||||||
| Heartland Dental LLC/Heartland Dental Finance Corp. | ||||||||
| 4,049,000 | 10.500% (1-Month Term SOFR+0.000 basis points), 4/30/2028(d),(e) | 4,049,000 | ||||||
| JC Penney Corp., Inc. | ||||||||
| 480,181 | 9.384% (1-Month USD Libor+425 basis points), 6/23/2025*,(b),(d),(e) | 48 | ||||||
| Lealand Finance Company B.V. Senior Exit LC | ||||||||
| 476,168 | 10.069%, 6/30/2024(c),(d),(e),(f) | (297,159 | ) | |||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| CORPORATE BANK DEBT (Continued) | ||||||||
| McDermott Tanks Secured LC | ||||||||
| $ | 163,832 | 10.066%, 12/31/2026(c),(d),(e) | $ | 140,895 | ||||
| Polaris Newco, LLC Term Loan B | ||||||||
| 2,656,915 | 9.652% (1-Month Term SOFR+400 basis points), 6/4/2028(b),(d),(e) | 2,540,675 | ||||||
| WH Borrower LLC, Term Loan B | ||||||||
| 2,804,670 | 10.808% (3-Month Term SOFR+550 basis points), 2/15/2027(b),(d),(e) | 2,790,647 | ||||||
| Windstream Services LLC | ||||||||
| 824,199 | 11.664% (1-Month Term SOFR+625 basis points), 9/21/2027(b),(d),(e) | 786,080 | ||||||
| TOTAL CORPORATE BANK DEBT | ||||||||
| (Cost $25,924,594) | 25,525,809 | |||||||
| CORPORATE BONDS — 9.0% | ||||||||
| COMMUNICATIONS — 1.1% | ||||||||
| CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||
| 2,633,000 | 6.375%, 9/1/2029(a) | 2,445,399 | ||||||
| Consolidated Communications, Inc. | ||||||||
| 1,119,000 | 6.500%, 10/1/2028(a) | 874,219 | ||||||
| DISH Network Corp. | ||||||||
| 2,000,000 | 11.750%, 11/15/2027(a) | 2,017,500 | ||||||
| Frontier Communications Holdings LLC | ||||||||
| 3,066,000 | 5.875%, 10/15/2027(a) | 2,777,275 | ||||||
| 1,636,000 | 6.000%, 1/15/2030(a) | 1,192,071 | ||||||
| 9,306,464 | ||||||||
| CONSUMER DISCRETIONARY — 2.3% | ||||||||
| Air Canada Pass Through Trust | ||||||||
| 1,030,000 | Series 2020-1, Class C, 10.500%, 7/15/2026(a) | 1,098,793 | ||||||
| Air Canada Pass-Through Trust | ||||||||
| 1,869,672 | Series 2017-1, Class AA, 3.300%, 7/15/2031(a) | 1,629,073 | ||||||
| Amazon.com, Inc. | ||||||||
| 1,834,000 | 1.650%, 5/12/2028 | 1,578,308 | ||||||
| Aramark Services, Inc. | ||||||||
| 2,460,000 | 6.375%, 5/1/2025(a) | 2,486,076 | ||||||
| CD&R Smokey Buyer, Inc. | ||||||||
| 3,866,000 | 6.750%, 7/15/2025(a) | 3,725,278 | ||||||
| Cimpress PLC | ||||||||
| 8,557,000 | 7.000%, 6/15/2026 | 8,022,187 | ||||||
| VT Topco, Inc. | ||||||||
| 979,000 | 8.500%, 8/15/2030(a) | 969,269 | ||||||
| 19,508,984 | ||||||||
| FINANCIALS — 5.0% | ||||||||
| Apollo Debt Solution Delayed Draw Term Loan | ||||||||
| 3,644,000 | 8.620%, 9/28/2028(c),(d),(e),(f) | 3,644,000 | ||||||
| Ares Capital Corp. | ||||||||
| 4,700,000 | 2.875%, 6/15/2028 | 3,924,293 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| CORPORATE BONDS (Continued) | ||||||||
| FINANCIALS (Continued) | ||||||||
| Blackstone Private Credit Fund | ||||||||
| $ | 4,500,000 | 4.000%, 1/15/2029 | $ | 3,817,271 | ||||
| Blue Owl Credit Income Corp. | ||||||||
| 3,919,000 | 5.500%, 3/21/2025 | 3,790,981 | ||||||
| 5,384,000 | 4.700%, 2/8/2027 | 4,886,607 | ||||||
| 5,122,000 | 7.750%, 9/16/2027 | 5,080,523 | ||||||
| 5,727,000 | 7.950%, 6/13/2028(a) | 5,681,753 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 1,487,000 | 3.375%, 4/15/2024 | 1,457,351 | ||||||
| Midcap Financial Issuer Trust | ||||||||
| 10,563,000 | 6.500%, 5/1/2028(a) | 9,163,402 | ||||||
| 41,446,181 | ||||||||
| TECHNOLOGY — 0.6% | ||||||||
| Hlend Senior Notes | ||||||||
| 5,000,000 | 8.170%, 3/15/2028(c),(d) | 5,000,000 | ||||||
| TOTAL CORPORATE BONDS | ||||||||
| (Cost $77,253,789) | 75,261,629 | |||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES — 5.0% | ||||||||
| AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 0.1% | ||||||||
| Fannie Mae REMICS | ||||||||
| 58,231 | Series 2012-47, Class HA, 1.500%, 5/25/2027 | 55,163 | ||||||
| 160,555 | Series 2013-35, Class QB, 1.750%, 2/25/2043 | 157,470 | ||||||
| Federal National Mortgage Association | ||||||||
| 73,263 | Series 2012-144, Class PD, 3.500%, 4/25/2042 | 69,455 | ||||||
| Freddie Mac REMICS | ||||||||
| 43,865 | Series 4220, Class EH, 2.500%, 6/15/2028 | 42,268 | ||||||
| 24,583 | Series 4235, Class QE, 3.000%, 8/15/2031 | 24,194 | ||||||
| 187,310 | Series 4162, Class P, 3.000%, 2/15/2033 | 177,287 | ||||||
| 525,837 | ||||||||
| AGENCY POOL FIXED RATE — 0.0% | ||||||||
| Fannie Mae Pool | ||||||||
| 64,818 | 4.000%, 3/1/2027 | 63,227 | ||||||
| Federal National Mortgage Association | ||||||||
| 23,115 | 4.000%, 3/1/2031 | 22,623 | ||||||
| 85,850 | ||||||||
| AGENCY STRIPPED — 0.0% | ||||||||
| Fannie Mae Interest Strip | ||||||||
| 78,657 | Series 284, Class 1, 0.000%, 7/25/2027(g) | 71,225 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
| NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 4.9% | ||||||||
| Cascade Funding Mortgage Trust | ||||||||
| $ | 474,068 | Series 2021-HB6, Class A, 0.898%, 6/25/2036(a),(b) | $ | 459,261 | ||||
| CFMT LLC | ||||||||
| 560,755 | Series 2021-HB5, Class A, 0.801%, 2/25/2031(a),(b) | 547,426 | ||||||
| 715,601 | Series 2021-HB7, Class A, 1.151%, 10/27/2031(a),(b) | 682,625 | ||||||
| 1,183,000 | Series 2021-HB7, Class M1, 2.125%, 10/27/2031(a),(b) | 1,094,937 | ||||||
| PRET LLC | ||||||||
| 1,010,232 | Series 2021-NPL6, Class A1, 2.487%, 7/25/2051(a),(h) | 947,685 | ||||||
| 4,325,316 | Series 2021-NPL5, Class A1, 2.487%, 10/25/2051(a),(h) | 4,063,942 | ||||||
| Pretium Mortgage Credit Partners I LLC | ||||||||
| 1,485,389 | Series 2021-NPL2, Class A1, 1.992%, 6/27/2060(a),(h) | 1,368,251 | ||||||
| 3,427,623 | Series 2021-NPL4, Class A1, 2.363%, 10/27/2060(a),(h) | 3,157,848 | ||||||
| PRPM LLC | ||||||||
| 4,810,164 | Series 2021-2, Class A1, 2.115%, 3/25/2026(a),(b) | 4,572,655 | ||||||
| 2,164,866 | Series 2021-9, Class A1, 2.363%, 10/25/2026(a),(h) | 2,025,334 | ||||||
| 2,812,864 | Series 2021-10, Class A1, 2.487%, 10/25/2026(a),(h) | 2,621,984 | ||||||
| 2,344,964 | Series 2021-11, Class A1, 2.487%, 11/25/2026(a),(h) | 2,186,022 | ||||||
| Towd Point Mortgage Trust | ||||||||
| 364,703 | Series 2018-2, Class A1, 3.250%, 3/25/2058(a),(b) | 348,147 | ||||||
| 40,201 | Series 2018-5, Class A1A, 3.250%, 7/25/2058(a),(b) | 38,499 | ||||||
| 5,097,945 | Series 2019-4, Class A1, 2.900%, 10/25/2059(a),(b) | 4,684,289 | ||||||
| 761,568 | Series 2020-4, Class A1, 1.750%, 10/25/2060(a) | 650,892 | ||||||
| 2,003,601 | Series 2023-1, Class A1, 3.750%, 1/25/2063(a) | 1,833,757 | ||||||
| VCAT LLC | ||||||||
| 3,423,317 | Series 2021-NPL1, Class A1, 2.289%, 12/26/2050(a),(h) | 3,321,156 | ||||||
| 1,579,351 | Series 2021-NPL2, Class A1, 2.115%, 3/27/2051(a),(h) | 1,509,685 | ||||||
| VOLT C LLC | ||||||||
| 798,002 | Series 2021-NPL9, Class A1, 1.992%, 5/25/2051(a),(h) | 733,535 | ||||||
| VOLT XCIV LLC | ||||||||
| 3,759,971 | Series 2021-NPL3, Class A1, 2.239%, 2/27/2051(a),(h) | 3,605,997 | ||||||
| VOLT XCV LLC | ||||||||
| 874,751 | Series 2021-NPL4, Class A1, 2.240%, 3/27/2051(a),(h) | 835,903 | ||||||
| 41,289,830 | ||||||||
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES | ||||||||
| (Cost $44,266,615) | 41,972,742 | |||||||
| U.S. TREASURY NOTES & BONDS — 3.3% | ||||||||
| United States Treasury Note | ||||||||
| 3,214,000 | 4.000%, 6/30/2028 | 3,128,111 | ||||||
| 20,541,000 | 4.375%, 8/31/2028 | 20,335,914 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| U.S. TREASURY NOTES & BONDS (Continued) | ||||||||
| $ | 4,431,000 | 2.875%, 4/30/2029 | $ | 4,045,608 | ||||
| TOTAL U.S. TREASURY NOTES & BONDS | ||||||||
| (Cost $27,673,457) | 27,509,633 | |||||||
| TOTAL BONDS & DEBENTURES | ||||||||
| (Cost $813,191,353) | 786,749,229 | |||||||
| Number | ||||||||
| of Shares | ||||||||
| COMMON STOCKS — 0.2% | ||||||||
| REAL ESTATE SERVICES — 0.1% | ||||||||
| 7,803 | Copper Earn Out Trust(c),(d) | 6,711 | ||||||
| 58,520 | Copper Property CTL Pass Through Trust(d) | 620,312 | ||||||
| 627,023 | ||||||||
| TRANSPORTATION & LOGISTICS — 0.1% | ||||||||
| 75,292 | PHI Group, Inc.*,(c),(d),(i) | 1,374,079 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $1,555,635) | 2,001,102 | |||||||
| WARRANTS — 0.0% | ||||||||
| 11,258 | Windstream Holdings, Inc., Expiration Date: September 20, 2055*,(c),(d) | 101,322 | ||||||
| TOTAL WARRANTS | ||||||||
| (Cost $372,781) | 101,322 | |||||||
| SHORT-TERM INVESTMENTS — 4.8% | ||||||||
| MONEY MARKET INVESTMENTS — 1.9% | ||||||||
| 15,453,820 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.14%(j) | 15,453,820 | ||||||
| Principal | ||||||||
| Amount | ||||||||
| TREASURY BILLS — 2.9% | ||||||||
| $ | 24,567,000 | U.S. Treasury Bill, 3.55%, 10/3/2023(k) | 24,563,391 | |||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $40,013,655) | 40,017,211 | |||||||
| TOTAL INVESTMENTS — 99.1% | ||||||||
| (Cost $855,133,424) | 828,868,864 | |||||||
| Other Assets in Excess of Liabilities — 0.9% | 7,560,991 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 836,429,855 | ||||||
BDC – Business Development Company
IO – Interest Only
LLC – Limited Liability Company
LP – Limited Partnership
PLC – Public Limited Company
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
| * | Non-income producing security. |
| (a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $506,419,118, which represents 60.55% of Net Assets. |
| (b) | Variable or floating rate security. |
| (c) | Level 3 securities fair valued under procedures established by the Board of Trustees, represents 1.66% of Net Assets. The total value of these securities is $13,887,584. |
| (d) | Restricted securities. These restricted securities constituted 4.37% of total net assets at September 30, 2023, most of which are considered liquid by the Adviser. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Directors. |
| (e) | Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate (“SOFR”). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. |
| (f) | As of September 30, 2023, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied. At September 30, 2023, unfunded commitments totaled $640,000. |
| (g) | Zero-coupon bond. |
| (h) | Step rate security. |
| (i) | Affiliated company. |
| (j) | The rate is the annualized seven-day yield at period end. |
| (k) | Treasury bill discount rate. |
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (unaudited)
| Restricted Security | Initial Acquisition Date | Cost | Fair Value | Fair Value as a % of Net Assets | ||||||||||
| ABG Intermediate Holdings 2 LLC, 11.415% (1-Month Term SOFR+600basis points), 12/20/2029 | 1/5/2023 | $ | 904,250 | $ | 978,468 | 0.12 | % | |||||||
| Apollo Debt Solution Delayed Draw Term Loan, 8.620%, 09/28/2028 | 8/10/2023 | 3,644,000 | 3,644,000 | 0.44 | % | |||||||||
| Axiom Global, Inc., 10.175% (1-Month Term SOFR+475basis points), 10/01/2026 | 11/18/2021 | 3,034,742 | 2,956,281 | 0.35 | % | |||||||||
| Azalea Topco, Inc., 8.945% (3-Month Term SOFR+350basis points), 07/25/2026 | 9/20/2021 | 2,051,663 | 1,985,998 | 0.24 | % | |||||||||
| BTC Holdings Fund I LLC, 8.362%, 01/28/2027 | 9/1/2021 | 126,448 | 126,448 | 0.02 | % | |||||||||
| BTC Offshore Holdings Fund, 8.245%, 10/20/2029 | 10/25/2021 | 2,000,000 | 2,000,000 | 0.24 | % | |||||||||
| Capstone Acquisition Holdings, Inc., 2020 Delayed Draw Term Loan, 10.165% (1-Month Term SOFR+0.000basis points), 11/12/2027 | 11/12/2020 | 90,128 | 86,792 | 0.01 | % | |||||||||
| Capstone Acquisition Holdings, Inc., 2020 Term Loan, 10.165% (1-Month Term SOFR+0.000basis points), 11/12/2027 | 11/12/2020 | 1,765,830 | 1,704,496 | 0.20 | % | |||||||||
| Cimpress Public Ltd., 8.930% (1-Month Term SOFR+350basis points), 05/17/2028 | 4/30/2021 | 1,183,305 | 1,177,667 | 0.14 | % | |||||||||
| Copper Earn Out Trust | 12/7/2020 | - | 6,711 | 0.00 | % | |||||||||
| Copper Property CTL Pass Through Trust | 1/17/2019 | 939,850 | 620,312 | 0.08 | % | |||||||||
| Farfetch U.S. Holdings, Inc., 11.576% (3-Month Term SOFR+0.000basis points), 10/20/2027 | 9/28/2022 | 3,767,258 | 3,701,400 | 0.44 | % | |||||||||
| Frontier Communications Holdings LLC, 9.179% (1-Month Term SOFR+375basis points), 10/08/2027 | ||||||||||||||
| 4/9/2021 | 1,091,184 | 1,066,552 | 0.13 | % | ||||||||||
| Heartland Dental LLC/Heartland Dental Finance Corp., 10.500% (1-Month Term SOFR+0.000basis points), 04/30/2028 | 5/5/2023 | 4,013,075 | 4,049,000 | 0.49 | % | |||||||||
| Hlend Senior Notes, 8.170%, 03/15/2028 | 2/16/2023 | 5,000,000 | 5,000,000 | 0.60 | % | |||||||||
| JC Penney Corp., Inc., 9.384% (1-Month USD Libor+425basis points), 06/23/2025 | 2/3/2021 | - | 48 | 0.00 | % | |||||||||
| Lealand Finance Company B.V. Senior Exit LC, 10.069%, 06/30/2024 | 2/28/2020 | (164,901 | ) | (297,159 | ) | -0.04 | % | |||||||
| McDermott Tanks Secured LC, 10.066%, 12/31/2026 | 2/28/2020 | 163,463 | 140,895 | 0.02 | % | |||||||||
| PHI Group, Inc., 2.470% | 8/19/2019 | 615,785 | 1,374,079 | 0.16 | % | |||||||||
| Polaris Newco, LLC Term Loan B, 9.652% (1-Month Term SOFR+400basis points), 06/04/2028 | 6/3/2021 | 2,640,163 | 2,540,675 | 0.30 | % | |||||||||
| WH Borrower LLC, Term Loan B, 10.808% (3-Month Term SOFR+550basis points), 02/15/2027 | 2/9/2022 | 2,704,817 | 2,790,647 | 0.33 | % | |||||||||
| Windstream Holdings, Inc. | 11/16/2020 | 372,781 | 101,322 | 0.01 | % | |||||||||
| Windstream Services LLC, 11.664% (1-Month Term SOFR+625basis points), 09/21/2027 | 8/11/2020 | 781,172 | 786,080 | 0.09 | % | |||||||||
| $ | 36,725,013 | $ | 36,540,712 | 4.37 | % | |||||||||