FPA Crescent Fund NPORTP (Mar 2024 report)

FPA Crescent Fund

SCHEDULE OF INVESTMENTS

As of March 31, 2024 (Unaudited)

Principal Amount			Value
		BONDS & DEBENTURES — 5.4%
		COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.1%
		AGENCY — 0.1%
		Eleven Madison Mortgage Trust
$	12,681,000	Series 2015-11MD, Class A, 3.555%, 9/10/2035^(a),(b)	$	11,922,824
		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
		(Cost $11,306,566)		11,922,824
		CONVERTIBLE BONDS — 1.8%
		Delivery Hero AG
	2,600,000	1.000%, 4/30/2026		2,490,547
	86,200,000	1.000%, 1/23/2027		77,855,925
	1,600,000	1.500%, 1/15/2028		1,353,710
		Wayfair, Inc.
	84,672,000	0.625%, 10/1/2025		78,431,674
	4,278,000	1.000%, 8/15/2026		3,949,022
		Zillow Group, Inc.
	1,703,000	2.750%, 5/15/2025		1,798,802
	12,336,000	1.375%, 9/1/2026		15,196,435
		TOTAL CONVERTIBLE BONDS
		(Cost $169,029,179)		181,076,115
		CORPORATE BANK DEBT — 0.9%
		CB&I STS Delaware LLC
	39,989,722	13.086% (3-Month Term SOFR+776.2 basis points), 12/31/2026^{(b),(c),(d),(e),(f),(g)}		39,189,927
		Cornerstone OnDemand, Inc.
	2,532,241	9.195% (1-Month Term SOFR+386.4 basis points), 10/16/2028^(b),(d),(g)		2,481,596
		Farfetch U.S. Holdings, Inc.
	31,769,673	11.666% (3-Month Term SOFR+625 basis points), 10/20/2027^(b),(d),(g)		29,228,099
		Lealand Finance Company B.V. Senior Exit LC
	28,908,272	3.500%, 6/30/2027^{(b),(c),(d),(e),(g),(h),(i)}		(14,454,136	)
		McDermott LC
	31,488,530	9.592%, 6/30/2027^{(b),(c),(d),(e),(g),(h)}		15,416,456
		McDermott Tanks Escrow LC
	7,265,394	9.592%, 12/31/2026^{(b),(c),(d),(e),(g)}		3,632,697
		McDermott Technology Americas, Inc.
	1,074,221	8.442% (1-Month Term SOFR+311.4 basis points), 6/30/2027^{(b),(c),(d),(g)}		537,110
	38,470,544	6.443% (1-Month Term SOFR+111.4 basis points), 12/31/2027^{(b),(c),(d),(f),(g)}		15,003,512
		Vision Solutions, Inc.
	2,531,937	9.586% (3-Month Term SOFR+426.2 basis points), 5/28/2028^(b),(d),(g)		2,531,936
		TOTAL CORPORATE BANK DEBT
		(Cost $149,540,540)		93,567,197
		CORPORATE BONDS — 0.4%
		ENERGY — 0.0%
		Gulfport Energy Corp.
	637,767	8.000%, 5/17/2026		647,334

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS (Continued)
		FINANCIALS — 0.4%
		Charles Schwab Corp.
$	18,976,000	4.000% (USD 5 Year Tsy+316.8 basis points)^(b),(j)	$	17,637,799
	2,588,000	5.000% (3-Month USD Libor+257.5 basis points)^(b),(j)		2,338,905
		Vornado Realty LP
	8,815,000	3.500%, 1/15/2025		8,539,531
	8,623,000	2.150%, 6/1/2026		7,796,572
				36,312,807
		TOTAL CORPORATE BONDS
		(Cost $33,350,429)		36,960,141
		U.S. TREASURY NOTES & BONDS — 2.2%
		U.S. Treasury Note
	231,000,000	5.000%, 8/31/2025		231,449,018
		TOTAL U.S. TREASURY NOTES & BONDS
		(Cost $231,515,106)		231,449,018
		TOTAL BONDS & DEBENTURES
		(Cost $594,741,820)		554,975,295

Number of Shares
		CLOSED-END FUNDS — 0.1%
	4,756,180	Altegrity, Inc.^(e),(g)	11,081,900
		TOTAL CLOSED-END FUNDS
		(Cost $0)	11,081,900
		COMMON STOCKS — 62.0%
		AEROSPACE & DEFENSE — 2.4%
	1,149,838	Howmet Aerospace, Inc.	78,683,414
	745,845	Safran SA	169,020,113
			247,703,527
		APPAREL & TEXTILE PRODUCTS — 0.9%
	606,475	Cie Financiere Richemont SA Class A	92,460,708
		ASSET MANAGEMENT — 1.4%
	476,633	Groupe Bruxelles Lambert NV	36,026,441
	408,466	LPL Financial Holdings, Inc.	107,916,717
	457,176	Pershing Square Tontine Holdings Ltd.^(e),(g)	—
	46,911	PowerUp Acquisition Corp*	517,428
			144,460,586
		BANKING — 4.7%
	4,452,588	Citigroup, Inc.	281,581,665
	3,496,861	Wells Fargo & Co.	202,678,064
			484,259,729
		BEVERAGES — 2.8%
	2,137,538	Heineken Holding NV	172,497,402

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		BEVERAGES (Continued)
	4,466,022	JDE Peet's NV	$	93,762,853
	2,186,351	Swire Pacific Ltd. Class A		17,989,371
				284,249,626
		CABLE & SATELLITE — 4.1%
	393,387	Charter Communications, Inc. Class A*		114,330,064
	7,087,694	Comcast Corp. Class A		307,251,535
				421,581,599
		CHEMICALS — 2.2%
	2,596,396	International Flavors & Fragrances, Inc.		223,264,092
		CONSTRUCTION MATERIALS — 3.4%
	3,902,547	Holcim AG*		353,345,147
		E-COMMERCE DISCRETIONARY — 2.1%
	1,810,103	Alibaba Group Holding Ltd.		16,246,501
	1,081,119	Amazon.com, Inc.*		195,012,245
				211,258,746
		ELECTRIC UTILITIES — 1.0%
	2,241,472	FirstEnergy Corp.		86,565,649
	720,710	PG&E Corp.		12,079,099
				98,644,748
		ELECTRICAL EQUIPMENT — 2.7%
	1,869,808	TE Connectivity Ltd.		271,570,914
		ENGINEERING & CONSTRUCTION — 0.9%
	56,585,910	McDermott International, Ltd.^{*,(c),(e),(g)}		11,317,075
	694,573	Samsung C&T Corp.		82,600,659
				93,917,734
		ENTERTAINMENT CONTENT — 0.5%
	33,130	Epic Games, Inc.^(e),(g)		8,812,580
	2,754,657	Nexon Co. Ltd.		45,674,389
				54,486,969
		FOOD — 0.2%
	1,628,225	Herbalife Ltd.*		16,363,661
		HEALTH CARE FACILITIES & SVCS — 0.8%
	233,915	ICON PLC*		78,583,744
		INDUSTRIAL SUPPORT SERVICES — 1.5%
	699,096	Ferguson PLC		152,703,539
		INSTITUTIONAL FINANCIAL SVCS — 2.0%
	4,697,583	Jefferies Financial Group, Inc.		207,163,410
		INSURANCE — 1.8%
	540,107	Aon PLC Class A		180,244,508

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		INTERNET MEDIA & SERVICES — 10.7%
	2,123,830	Alphabet, Inc. Class A*	$	320,549,662
	1,369,800	Alphabet, Inc. Class C*		208,565,748
	551,839	Delivery Hero SE^*,(a)		15,785,965
	646,495	Just Eat Takeaway.com NV^*,(a)		9,581,992
	687,716	Meta Platforms, Inc. Class A		333,941,135
	68,469	Netflix, Inc.*		41,583,278
	2,882,508	Prosus N.V.*		90,418,514
	951,959	Uber Technologies, Inc.*		73,291,323
				1,093,717,617
		LEISURE FACILITIES & SERVICES — 1.1%
	1,533,842	Entain PLC		15,437,153
	402,415	Marriott International, Inc. Class A		101,533,328
				116,970,481
		METALS & MINING — 1.3%
	25,011,010	Glencore PLC*		137,413,766
		OIL & GAS PRODUCERS — 1.7%
	479,313	Gulfport Energy Corp.*		76,747,598
	5,262,897	Kinder Morgan, Inc.		96,521,531
				173,269,129
		OTHER COMMON STOCK — 0.6%
	—	Other Common Stock^(k)		64,732,243
		REIT — 1.0%
	4,120,722	Douglas Emmett, Inc.		57,154,414
	1,668,698	Vornado Realty Trust		48,008,442
				105,162,856
		RETAIL - DISCRETIONARY — 1.3%
	1,521,148	CarMax, Inc.*		132,507,202
		SEMICONDUCTORS — 5.3%
	1,449,667	Analog Devices, Inc.		286,729,636
	96,076	Broadcom, Inc.		127,340,091
	521,846	NXP Semiconductors NV		129,297,784
				543,367,511
		TECHNOLOGY HARDWARE — 2.0%
	418,505	Dell Technologies, Inc. Class C		47,755,606
	1,942,412	NCR Atleos Corp.*		38,362,637
	2,082,160	NCR Voyix Corp.*		26,297,681
	1,626,680	Nintendo Co. Ltd.		88,748,514
				201,164,438
		TECHNOLOGY SERVICES — 0.9%
	1,430,916	LG Corp.		93,109,186

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		TRANSPORTATION EQUIPMENT — 0.7%
	493,896	Westinghouse Air Brake Technologies Corp.	$	71,950,769
		TOTAL COMMON STOCKS
		(Cost $3,677,498,736)		6,349,628,185
		LIMITED PARTNERSHIPS — 2.8%
	150,000	Footpath Ventures SPV IV LP^(g),(l)		12,412,430
	2,073,734	FPS Group Ltd.^(c),(e),(g)		240,622,105
	107,799	FPS Shelby Holdco I LLC^(c),(e),(g)		8,876,468
	958,312	GACP II LP^(g),(l)		2,595,156
	1,146,250	Sound Holding FP^(c),(e),(g)		22,861,312
	120,000	U.S. Farming Realty Trust II LP^(c),(e),(g)		3,022,116
		TOTAL LIMITED PARTNERSHIPS
		(Cost $180,536,435)		290,389,587
		PREFERRED STOCKS — 0.1%
		ENERGY — 0.0%
	1,345	Gulfport Energy Corp., 10.000%, ^(e)		1,306,640

		INDUSTRIALS — 0.1%
	26,288	McDermott International, Ltd., 8.000%, ^(c),(e),(g)		2,987,331
		TOTAL PREFERRED STOCKS
		(Cost $2,473,080)		4,293,971
		WARRANTS (SPAC) — 0.0%
	18,063	American Oncology Network, Inc., Expiration Date: March 31, 2028*		6,143
	160,436	Atlantic Coastal Acquisition Corp. II, Expiration Date: June 2, 2028*		8,631
	266,952	BigBear.ai Holdings, Inc., Expiration Date: December 31, 2028*		89,482
	173,528	Brand Engagement Network, Inc., Expiration Date: December 31, 2027*		20,841
	1,007,550	BurTech Acquisition Corp., Expiration Date: December 18, 2026*		181,258
	123,284	Churchill Capital Corp. VII, Expiration Date: February 29, 2028*		39,451
	344,045	Disruptive Acquisition Corp. I A Shares, Expiration Date: March 6, 2026^*,(e)		—
	167,442	ECARX Holdings, Inc., Expiration Date: December 21, 2027*		5,023
	414,327	Electriq Power Holdings, Inc., Expiration Date: January 25, 2028*		456
	64,614	Global Partner Acquisition Corp. II, Expiration Date: December 30, 2027^*,(e)		—
	344,044	Golden Arrow Merger Corp., Expiration Date: July 31, 2027*		65,437
	98,835	Heliogen, Inc., Expiration Date: March 31, 2028*		978
	316,054	MariaDB PLC, Expiration Date: December 16, 2027*		28,445
	179,967	Metals Acquisition Ltd., Expiration Date: June 16, 2028*		367,133
	216,065	NioCorp Developments Ltd., Expiration Date: March 17, 2028*		84,265
	91,791	Northern Star Investment Corp. III, Expiration Date: February 24, 2028^*,(e)		92
	70,911	Northern Star Investment Corp. IV, Expiration Date: December 31, 2027^*,(e)		7
	193,976	Plum Acquisition Corp. I, Expiration Date: December 31, 2028*		75,651
	13,439	Plum Acquisition Corp. III, Expiration Date: March 31, 2028*		1,814
	23,455	PowerUp Acquisition Corp., Expiration Date: February 18, 2027*		706
	10,692	Prenetics Global Ltd., Expiration Date: December 31, 2026*		111

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

Number of Shares			Value
		WARRANTS (SPAC) (Continued)
	77,074	Ross Acquisition Corp. II, Expiration Date: February 12, 2026^*,(e)	$	6,952
	516,072	Sable Offshore Corp., Expiration Date: December 31, 2028*		1,331,466
	178,581	Slam Corp., Expiration Date: December 31, 2027*		32,145
	27,467	Swvl Holdings Corp., Expiration Date: March 31, 2027*		467
	330,005	Twelve Seas Investment Co. II, Expiration Date: March 2, 2028*		31,021
		TOTAL WARRANTS (SPAC)
		(Cost $1,540,172)		2,377,975
		SHORT-TERM INVESTMENTS — 27.8%
		MONEY MARKET INVESTMENTS — 0.0%
	152,045	Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.08%^(m)		152,045

Principal Amount
		COMMERCIAL PAPER — 9.3%
$	33,750,000	Cisco Systems, Inc., 5.32%, 4/8/2024	33,715,087
	29,700,000	Cisco Systems, Inc., 5.28%, 4/12/2024	29,652,084
	17,000,000	Cisco Systems, Inc., 5.32%, 5/28/2024	16,856,803
	40,000,000	Coca-Cola Co., 5.28%, 6/5/2024	39,618,667
	120,000,000	Coca-Cola Co., 5.27%, 6/28/2024	118,454,133
	25,000,000	Johnson & Johnson Co., 5.38%, 4/3/2024	24,992,528
	57,000,000	Johnson & Johnson Co., 5.26%, 6/6/2024	56,450,330
	67,873,000	Johnson & Johnson Co., 5.23%, 7/1/2024	66,975,700
	21,800,000	Johnson & Johnson Co., 5.15%, 7/12/2024	21,481,902
	15,000,000	Kenvue, Inc., 5.32%, 4/1/2024	15,000,000
	40,000,000	Kenvue, Inc., 5.31%, 4/24/2024	39,864,300
	35,000,000	PepsiCo., Inc., 5.27%, 6/11/2024	34,636,224
	60,000,000	Pfizer, Inc., 5.28%, 5/31/2024	59,472,000
	35,000,000	Pfizer, Inc., 5.28%, 6/7/2024	34,656,067
	8,000,000	Roche Holdings, Inc., 5.25%, 4/2/2024	7,998,833
	54,100,000	Roche Holdings, Inc., 5.25%, 4/3/2024	54,084,221
	50,000,000	Roche Holdings, Inc., 5.25%, 4/10/2024	49,934,375
	70,000,000	Roche Holdings, Inc., 5.25%, 4/12/2024	69,887,708
	50,000,000	Roche Holdings, Inc., 5.26%, 4/22/2024	49,846,583
	97,000,000	Roche Holdings, Inc., 5.27%, 4/24/2024	96,673,406
	35,000,000	Roche Holdings, Inc., 5.30%, 5/13/2024	34,783,583
			955,034,534
		TREASURY BILLS — 18.5%
	70,000,000	U.S. Treasury Bill, 1.33%, 4/2/2024⁽ⁿ⁾	69,989,832
	45,000,000	U.S. Treasury Bill, 2.65%, 4/4/2024⁽ⁿ⁾	44,980,448
	50,500,000	U.S. Treasury Bill, 3.83%, 4/9/2024⁽ⁿ⁾	50,441,711
	80,000,000	U.S. Treasury Bill, 4.06%, 4/11/2024⁽ⁿ⁾	79,884,447
	60,000,000	U.S. Treasury Bill, 4.38%, 4/16/2024⁽ⁿ⁾	59,870,678
	60,000,000	U.S. Treasury Bill, 4.49%, 4/18/2024⁽ⁿ⁾	59,852,780

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

Principal Amount			Value
		TREASURY BILLS (Continued)
$	61,800,000	U.S. Treasury Bill, 4.67%, 4/23/2024⁽ⁿ⁾	$	61,602,982
	55,500,000	U.S. Treasury Bill, 4.72%, 4/25/2024⁽ⁿ⁾		55,306,860
	15,000,000	U.S. Treasury Bill, 4.80%, 4/30/2024⁽ⁿ⁾		14,937,099
	60,000,000	U.S. Treasury Bill, 4.86%, 5/2/2024⁽ⁿ⁾		59,729,370
	39,900,000	U.S. Treasury Bill, 4.92%, 5/7/2024⁽ⁿ⁾		39,691,411
	50,000,000	U.S. Treasury Bill, 4.94%, 5/9/2024⁽ⁿ⁾		49,724,078
	44,000,000	U.S. Treasury Bill, 4.96%, 5/14/2024⁽ⁿ⁾		43,726,427
	300,000,000	U.S. Treasury Bill, 4.73%, 5/16/2024⁽ⁿ⁾		298,146,875
	18,000,000	U.S. Treasury Bill, 5.03%, 5/21/2024⁽ⁿ⁾		17,869,405
	46,000,000	U.S. Treasury Bill, 5.05%, 5/23/2024⁽ⁿ⁾		45,652,460
	35,000,000	U.S. Treasury Bill, 5.07%, 5/30/2024⁽ⁿ⁾		34,682,799
	55,000,000	U.S. Treasury Bill, 5.09%, 6/4/2024⁽ⁿ⁾		54,471,263
	300,000,000	U.S. Treasury Bill, 4.98%, 6/13/2024⁽ⁿ⁾		296,696,310
	10,000,000	U.S. Treasury Bill, 5.12%, 6/18/2024⁽ⁿ⁾		9,883,200
	50,000,000	U.S. Treasury Bill, 5.15%, 6/25/2024⁽ⁿ⁾		49,366,580
	136,000,000	U.S. Treasury Bill, 5.12%, 9/5/2024⁽ⁿ⁾		132,903,919
	276,000,000	U.S. Treasury Bill, 5.22%, 10/3/2024⁽ⁿ⁾		268,739,378
				1,898,150,312
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $2,853,776,395)		2,853,336,891

		TOTAL INVESTMENTS — 98.2%
		(Cost $7,310,566,638)		10,066,083,804

		Other Assets in Excess of Liabilities — 1.8%		182,379,351
		TOTAL NET ASSETS — 100.0%	$	10,248,463,155

Number of Shares
		SECURITIES SOLD SHORT — (0.2)%
		COMMON STOCKS — (0.2)%
	—	Other Common Stock^(k)		(21,251,864	)
		TOTAL COMMON STOCKS
		(Proceeds $19,151,988)		(21,251,864	)

		TOTAL SECURITIES SOLD SHORT
		(Proceeds $19,151,988)	$	(21,251,864	)

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

REIT – Real Estate Investment Trust

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 $37,290,781, which represents 0.36% of Net Assets.

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

^(b)

Variable or floating rate security.

^(c)

Affiliated company.

^(d)

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.

^(e)

Level 3 securities fair valued under procedures established by the Board of Trustees, represents 3.46% of Net Assets. The total value of these securities is $354,679,522.

^(f)

Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash.

^(g)

Restricted securities. These restricted securities constituted 4.08% of total net assets at March 31, 2024, 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 Trustees.

^(h)

As of March 31, 2024, 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.

⁽ⁱ⁾

All or a portion of the loan is unfunded.

^(j)

Perpetual security. Maturity date is not applicable.

^(k)

As permitted by U.S. Securities and Exchange Commission regulations, "Other" Common Stocks include holdings in their first year of acquisition that have not previously been publicly disclosed.

^(l)

Investment valued using net asset value per share (or its equivalent) as a practical expedient.

^(m)

The rate is the annualized seven-day yield at period end.

⁽ⁿ⁾

Treasury bill discount rate.

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

Total Return Swaps - Short

Receive	Pay	Payment Frequency	Counterparty	Expiration Date	Notional Amount		Value		Upfront Premiums Paid(Received)		Unrealized Appreciation (Depreciation)
Cresco Labs, Inc.	CDOR01M + 1.500%	Annual	Nomura Securities International, Inc.	6/30/2024	CAD	2,043,176	$	887,991		—	$	887,991
Green Thumb Industries, Inc.	OBFR + 1.500%	Annual	Nomura Securities International, Inc.	6/30/2024	$	2,012,762		12,017,826		—		12,017,826
Trulieve Cannabis Corp.	CDOR01M + 1.500%	Annual	Nomura Securities International, Inc.	6/30/2024	CAD	521,511		3,978,797		—		3,978,797
Verano Holdings Corp.	CDOR01M + 1.500%	Annual	Nomura Securities International, Inc.	6/30/2024	CAD	1,619,914		4,505,449		—		4,505,449
							$	21,390,063		—	$	21,390,063

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

Restricted Security	Initial Acquisition Date	Cost			Fair Value			Fair Value as a % of Net Assets
Altegrity, Inc.	9/1/2021	$	-		$	11,081,900			0.11	%
CB&I STS Delaware LLC, 13.086% (3-Month Term SOFR+776.2basis points),12/31/2026	9/5/2023		39,989,722			39,189,927			0.38	%
Cornerstone OnDemand, Inc., 9.195% (1-Month Term SOFR+386.4basis points),10/16/2028	12/7/2022		2,278,658			2,481,596			0.02	%
Epic Games, Inc.	6/25/2020		19,049,750			8,812,580			0.09	%
Farfetch U.S. Holdings, Inc., 11.666% (3-Month Term SOFR+625basis points),10/20/2027	9/28/2022		29,383,002			29,228,099			0.28	%
Footpath Ventures SPV IV LP	9/24/2021		15,562,050			12,412,430			0.12	%
FPS Group Ltd.	10/17/2018		153,900,450			240,622,105			2.35	%
FPS Shelby Holdco I LLC	2/4/2020		11,073,935			8,876,468			0.09	%
GACP II LP	1/12/2018		-			2,595,156			0.02	%
Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027	11/12/2019		(12,507,204	)		(14,454,136	)		-0.14	%
McDermott International, Ltd.	7/1/2020		55,498,910			11,317,075			0.11	%
McDermott International, Ltd., 8.000%	12/31/2020		1,201,538			2,987,331			0.03	%
McDermott LC, 9.592%, 6/30/2027	12/31/2020		31,160,754			15,416,456			0.15	%
McDermott Tanks Escrow LC, 9.592%, 12/31/2026	12/31/2020		7,265,350			3,632,697			0.04	%
McDermott Technology Americas, Inc., 8.442% (1-Month Term SOFR+311.4basis points),6/30/2027	7/1/2020		1,074,192			537,110			0.01	%
McDermott Technology Americas, Inc., 6.443% (1-Month Term SOFR+111.4basis points),12/31/2027	7/1/2020		48,730,033			15,003,512			0.15	%
Pershing Square Tontine Holdings Ltd.	7/26/2022		-			-			0.00	%
Sound Holding FP	10/7/2013		-			22,861,312			0.22	%
U.S. Farming Realty Trust II LP	12/24/2012		-			3,022,116			0.03	%
Vision Solutions, Inc., 9.586% (3-Month Term SOFR+426.2basis points),5/28/2028	12/7/2022		2,166,033			2,531,936			0.02	%
		$	405,827,173		$	418,155,670			4.08	%

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (unaudited)

Affiliated Security	Shares Held as of December 31, 2023		Beginning Value December 31, 2023			Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss) on Sales Affiliated Investment		Accretion of Discount (Amortization of Premium) and Return of Capital			Change in Unrealized Appreciation (Depreciation)			Transfer In (Out)		Ending Value March 31, 2024			Shares as of March 31, 2024		Income from Affiliated Investments
CB&I STS Delaware LLC 13.086% (3-Month Term SOFR+776.2 basis points), 12/31/2026(a),(b),(c),(d),(e)		38,703,999	$	37,929,919		$	1,285,724	$	-		$	-	$	-		$	(25,716	)	$	-	$	39,189,927			39,989,722	$	1,296,989
FPS Group Ltd.(c),(e)		2,073,734		240,622,105			-		-			-		-			-			-		240,622,105			2,073,734		-
FPS Shelby Holdco I LLC(c),(e)		107,799		8,876,468			-		-			-		(1,960,000	)		1,960,000			-		8,876,468			107,799		-
Lealand Finance Company B.V. Senior Exit LC 3.500%, 6/30/2027(a),(b),(c),(e),(f),(g)		19,148,815		(9,868,366	)		-		(4,223,182	)		641,704		(388,301	)		(615,991	)		-		(14,454,136	)		28,908,272		133,739
McDermott International, Ltd.*,(b),(e)		56,585,375		5,092,684			-		-			-		-			6,224,391			-		11,317,075			56,585,910		-
McDermott International, Ltd., 8.000%,(c),(e)		26,288		2,987,331			-		-			-		-			-			-		2,987,331			26,288		-
McDermott LC 9.592%, 6/30/2027(a),(b),(c),(e),(f)		21,452,975		10,726,488			4,223,182		(1,246,903	)		-		(327,812	)		2,041,501			-		15,416,456			31,488,530		778,504
McDermott Tanks Escrow LC 9.592%, 12/31/2026(a),(b),(c),(e)		7,265,394		3,632,697			-		-			-		-			-			-		3,632,697			7,265,394		192,239
McDermott Technology Americas, Inc., 8.442% (1-Month Term SOFR+311.4 basis points), 6/30/2024(a),(b),(e)		1,074,221		708,986			-		-			-		-			(171,876	)		-		537,110			1,074,221		30,256
McDermott Technology Americas, Inc., 6.443% (1-Month Term SOFR+111.4 basis points), 6/30/2025(a),(b),(d),(e)		35,242,982		13,744,763			1,414,037		-			-		(2,694,144	)		2,538,856			-		15,003,512			38,470,544		1,914,942
Sound Holding FP(c),(e)		1,146,250		23,393,851			-		-			-		-			(532,539	)		-		22,861,312			1,146,250		-
U.S. Farming Realty Trust II LP(c),(e)		120,000		2,992,419			-		-			-		-			29,697			-		3,022,116			120,000		-
Total			$	340,839,345		$	6,922,943	$	(5,470,085	)	$	641,704	$	(5,370,257	)	$	11,448,323		$	-	$	349,011,973				$	4,346,669

(a)	Variable or floating rate security.

(b)

(c)	Level 3 securities fair valued under procedures established by the Board of Trustees, represents 3.46% of Net Assets. The total value of these securities is $354,679,522.

(d)	Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash.

(e)

(f)

(g)	All or a portion of the loan is unfunded.

FPA Crescent Fund (FPACX) NPORT-PFPA Crescent Fund (Mar 2024 report)