FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS
As of March 31, 2024 (Unaudited)
Principal Amount | Value | |||||||
BONDS & DEBENTURES — 93.6% | ||||||||
| ASSET-BACKED SECURITIES — 41.1% | ||||||||
| AUTO — 6.1% | ||||||||
| Ally Auto Receivables Trust | ||||||||
| $ | 931,000 | Series 2023-1, Class A4, 5.270%, 11/15/2028 | $ | 932,931 | ||||
| BMW Vehicle Owner Trust | ||||||||
| 701,000 | Series 2023-A, Class A4, 5.250%, 11/26/2029 | 704,551 | ||||||
| CarMax Auto Owner Trust | ||||||||
| 61,000 | Series 2020-3, Class C, 1.690%, 4/15/2026 | 60,146 | ||||||
| 2,027,000 | Series 2023-2, Class A4, 5.010%, 11/15/2028 | 2,023,201 | ||||||
| 904,000 | Series 2023-1, Class A4, 4.650%, 1/16/2029 | 893,623 | ||||||
| 2,146,000 | Series 2023-3, Class A4, 5.260%, 2/15/2029 | 2,155,205 | ||||||
| Flagship Credit Auto Trust | ||||||||
| 456,000 | Series 2021-4, Class B, 1.490%, 2/15/2027(a) | 442,084 | ||||||
| 1,004,000 | Series 2021-2, Class C, 1.270%, 6/15/2027(a) | 960,745 | ||||||
| Ford Credit Auto Owner Trust | ||||||||
| 1,343,000 | Series 2023-A, Class A4, 4.560%, 12/15/2028 | 1,328,938 | ||||||
| 734,000 | Series 2023-B, Class A4, 5.060%, 2/15/2029 | 730,466 | ||||||
| GM Financial Consumer Automobile Receivables Trust | ||||||||
| 1,424,000 | Series 2023-3, Class A4, 5.340%, 12/18/2028 | 1,430,597 | ||||||
| GM Financial Revolving Receivables Trust | ||||||||
| 3,383,000 | Series 2021-1, Class A, 1.170%, 6/12/2034(a) | 3,084,271 | ||||||
| 5,133,000 | Series 2023-1, Class A, 5.120%, 4/11/2035(a) | 5,173,843 | ||||||
| 1,403,000 | Series 2023-2, Class A, 5.770%, 8/11/2036(a) | 1,451,051 | ||||||
| 6,307,000 | Series 2024-1, Class A, 4.980%, 12/11/2036(a) | 6,346,166 | ||||||
| Hyundai Auto Receivables Trust | ||||||||
| 1,112,000 | Series 2023-B, Class A4, 5.310%, 8/15/2029 | 1,121,496 | ||||||
| Mercedes-Benz Auto Receivables Trust | ||||||||
| 816,000 | Series 2023-1, Class A4, 4.310%, 4/16/2029 | 803,395 | ||||||
| 1,038,000 | Series 2024-1, Class A4, 4.790%, 7/15/2031 | 1,036,165 | ||||||
| Nissan Auto Receivables Owner Trust | ||||||||
| 1,485,000 | Series 2023-A, Class A4, 4.850%, 6/17/2030 | 1,470,536 | ||||||
| Porsche Financial Auto Securitization Trust | ||||||||
| 1,721,000 | Series 2023-1A, Class A4, 4.720%, 6/23/2031(a) | 1,706,672 | ||||||
Prestige Auto Receivables Trust | ||||||||
| 705,000 | Series 2021-1A, Class C, 1.530%, 2/15/2028(a) | 672,380 | ||||||
| Santander Drive Auto Receivables Trust | ||||||||
| 3,700,000 | Series 2022-2, Class B, 3.440%, 9/15/2027 | 3,642,940 | ||||||
| Santander Retail Auto Lease Trust | ||||||||
| 612,000 | Series 2022-A, Class B, 1.610%, 1/20/2026(a) | 597,215 | ||||||
| 1,680,000 | Series 2022-B, Class B, 3.850%, 3/22/2027(a) | 1,651,922 | ||||||
SFS Auto Receivables Securitization Trust | ||||||||
| 919,000 | Series 2023-1A, Class A4, 5.470%, 12/20/2029(a) | 928,472 | ||||||
| Toyota Auto Loan Extended Note Trust | ||||||||
| 5,017,000 | Series 2022-1A, Class A, 3.820%, 4/25/2035(a) | 4,857,177 | ||||||
| 4,553,000 | Series 2023-1A, Class A, 4.930%, 6/25/2036(a) | 4,568,247 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (Unaudited)
Principal Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| AUTO (Continued) | ||||||||
| Toyota Auto Receivables Owner Trust | ||||||||
| $ | 1,343,000 | Series 2023-A, Class A4, 4.420%, 8/15/2028 | $ | 1,321,048 | ||||
| 1,973,000 | Series 2023-B, Class A4, 4.660%, 9/15/2028 | 1,942,685 | ||||||
| 2,714,000 | Series 2023-C, Class A4, 5.010%, 2/15/2029 | 2,715,164 | ||||||
| Volkswagen Auto Loan Enhanced Trust | ||||||||
| 1,181,000 | Series 2023-1, Class A4, 5.010%, 1/22/2030 | 1,164,421 | ||||||
| Westlake Automobile Receivables Trust | ||||||||
| 3,419,000 | Series 2022-1A, Class C, 3.110%, 3/15/2027(a) | 3,359,520 | ||||||
| World Omni Auto Receivables Trust | ||||||||
| 176,000 | Series 2020-C, Class C, 1.390%, 5/17/2027 | 171,329 | ||||||
| 300,000 | Series 2021-B, Class B, 1.040%, 6/15/2027 | 281,477 | ||||||
| 1,251,000 | Series 2023-A, Class A4, 4.660%, 5/15/2029 | 1,232,573 | ||||||
| 2,055,000 | Series 2023-B, Class A4, 4.680%, 5/15/2029 | 2,026,071 | ||||||
| 1,107,000 | Series 2023-C, Class A4, 5.030%, 11/15/2029 | 1,107,245 | ||||||
| 66,095,968 | ||||||||
| COLLATERALIZED LOAN OBLIGATION — 8.5% | ||||||||
| ABPCI Direct Lending Fund CLO I LLC | ||||||||
| 2,944,000 | Series 2016-1A, Class E2, 14.310% (3-Month Term SOFR+899.161 basis points), 7/20/2033(a),(b) | 2,943,741 | ||||||
| ABPCI Direct Lending Fund CLO II LLC | ||||||||
| 3,062,000 | Series 2017-1A, Class ER, 13.179% (3-Month Term SOFR+786.161 basis points), 4/20/2032(a),(b) | 2,967,495 | ||||||
| ABPCI Direct Lending Fund CLO XI LP | ||||||||
| 2,000,000 | Series 2022-11A, Class E, 15.020% (3-Month Term SOFR+970 basis points), 10/27/2034(a),(b) | 2,010,068 | ||||||
| ABPCI Direct Lending Fund LP | ||||||||
| 678,000 | Series 2020-10A, Class A1A, 7.529% (3-Month Term SOFR+221.161 basis points), 1/20/2032(a),(b) | 678,028 | ||||||
| Barings Middle Market CLO Ltd. | ||||||||
| 1,460,000 | Series 2021-IA, Class D, 14.230% (3-Month Term SOFR+891.161 basis points), 7/20/2033(a),(b) | 1,459,794 | ||||||
| BlackRock Maroon Bells CLO XI LLC | ||||||||
| 5,263,000 | Series 2022-1A, Class E, 14.814% (3-Month Term SOFR+950 basis points), 10/15/2034(a),(b) | 5,289,294 | ||||||
| BTC Offshore Holdings Fund | ||||||||
| 1,279,875 | 8.229%, 10/20/2029(b),(c),(d) | 1,279,875 | ||||||
| Cerberus Loan Funding LLC | ||||||||
| 901,000 | Series 2023-1A, Class A, 7.714% (3-Month Term SOFR+240 basis points), 3/22/2035(a),(b) | 908,668 | ||||||
| 5,057,000 | Series 2023-2A, Class A1, 7.864% (3-Month Term SOFR+255 basis points), 7/15/2035(a),(b) | 5,164,128 | ||||||
| 5,734,000 | Series 2023-4A, Class A, 7.822% (3-Month Term SOFR+242.5 basis points), 10/15/2035(a),(b) | 5,833,754 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (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, 10.876% (3-Month Term SOFR+556.161 basis points), 10/15/2031(a),(b) | $ | 2,236,262 | ||||
| Cerberus Loan Funding XXXIX LP | ||||||||
| 3,600,000 | Series 2022-3A, Class C, 10.564% (3-Month Term SOFR+525 basis points), 1/20/2033(a),(b) | 3,637,584 | ||||||
| Fortress Credit Opportunities IX CLO Ltd. | ||||||||
| 8,814,000 | Series 2017-9A, Class ER, 13.636% (3-Month Term SOFR+832.161 basis points), 10/15/2033(a),(b) | 8,647,248 | ||||||
| Fortress Credit Opportunities Ltd. | ||||||||
| 5,645,000 | Series 2017-9A, Class A1TR, 7.126% (3-Month Term SOFR+181.161 basis points), 10/15/2033(a),(b) | 5,629,629 | ||||||
| Golub Capital Partners CLO 38M Ltd. | ||||||||
| 1,993,000 | Series 2018-38A, Class C, 8.379% (3-Month Term SOFR+306.161 basis points), 7/20/2030(a),(b) | 1,979,786 | ||||||
| Golub Capital Partners CLO 67M Ltd. | ||||||||
| 4,000,000 | Series 2023-67A, Class D, 11.814% (3-Month Term SOFR+650 basis points), 5/9/2036(a),(b) | 4,071,172 | ||||||
| Golub Capital Partners Ltd. | ||||||||
| 1,429,000 | Series 2019-45A, Class B1, 8.129% (3-Month Term SOFR+281.161 basis points), 10/20/2031(a),(b) | 1,429,043 | ||||||
| 4,361,000 | Series 2023-67A, Class A1, 7.814% (3-Month Term SOFR+250 basis points), 5/9/2036(a),(b) | 4,386,433 | ||||||
| 5,388,000 | Series 2019-46A, Class A1R, 7.127% (30-Day SOFR Average+180 basis points), 4/20/2037(a),(b) | 5,388,000 | ||||||
| Ivy Hill Middle Market Credit Fund IX Ltd. | ||||||||
| 6,250,000 | Series 9A, Class ERR, 13.536% (3-Month Term SOFR+822 basis points), 4/23/2034(a),(b) | 6,092,706 | ||||||
| Ivy Hill Middle Market Credit Fund XII Ltd. | ||||||||
| 1,086,000 | Series 12A, Class DR, 13.749% (3-Month Term SOFR+843.161 basis points), 7/20/2033(a),(b) | 1,070,237 | ||||||
| Ivy Hill Middle Market Credit Fund XVIII Ltd. | ||||||||
| 3,766,000 | Series 18A, Class E, 13.329% (3-Month Term SOFR+801.161 basis points), 4/22/2033(a),(b) | 3,656,270 | ||||||
| Ivy Hill Middle Market Credit Fund XX Ltd. | ||||||||
| 5,120,000 | Series 20A, Class E, 15.318% (3-Month Term SOFR+1,000 basis points), 4/20/2035(a),(b) | 5,181,891 | ||||||
Lake Shore MM LLC | ||||||||
| 524,235 | Series 2019-2A, Class A2R, 2.525%, 10/17/2031(a) | 501,856 | ||||||
| Owl Rock CLO III Ltd. | ||||||||
| 800,000 | Series 2020-3A, Class A1L, 7.379% (3-Month Term SOFR+206.161 basis points), 4/20/2032(a),(b) | 799,951 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (Unaudited)
Principal Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| COLLATERALIZED LOAN OBLIGATION (Continued) | ||||||||
| Parliament CLO II Ltd. | ||||||||
| $ | 2,646,000 | Series 2021-2A, Class D, 9.281% (3-Month Term SOFR+396.161 basis points), 8/20/2032(a),(b) | $ | 2,543,356 | ||||
| TCP Waterman CLO LLC | ||||||||
| 2,429,000 | Series 2017-1A, Class ER, 13.741% (3-Month Term SOFR+842.161 basis points), 8/20/2033(a),(b) | 2,392,718 | ||||||
| VCP CLO II Ltd. | ||||||||
| 4,460,000 | Series 2021-2A, Class E, 13.986% (3-Month Term SOFR+867.161 basis points), 4/15/2031(a),(b) | 4,460,388 | ||||||
| 92,639,375 | ||||||||
| CREDIT CARD — 2.7% | ||||||||
| American Express Credit Account Master Trust | ||||||||
| 6,995,000 | Series 2023-2, Class A, 4.800%, 5/15/2030 | 7,007,189 | ||||||
| 8,994,000 | Series 2023-4, Class A, 5.150%, 9/15/2030 | 9,145,057 | ||||||
| Chase Issuance Trust | ||||||||
| 4,798,000 | Series 2023-A2, Class A, 5.080%, 9/15/2030 | 4,849,200 | ||||||
| 8,883,000 | Series 2024-A2, Class A, 4.630%, 1/15/2031 | 8,850,246 | ||||||
| 29,851,692 | ||||||||
| EQUIPMENT — 11.4% | ||||||||
| ARI Fleet Lease Trust | ||||||||
| 644,000 | Series 2022-A, Class A3, 3.430%, 1/15/2031(a) | 630,459 | ||||||
| Avis Budget Rental Car Funding AESOP LLC | ||||||||
| 607,000 | Series 2019-3A, Class A, 2.360%, 3/20/2026(a) | 592,529 | ||||||
| 1,059,000 | Series 2023-1A, Class A, 5.250%, 4/20/2029(a) | 1,060,193 | ||||||
| 3,527,000 | Series 2023-4A, Class A, 5.490%, 6/20/2029(a) | 3,549,176 | ||||||
| 4,981,000 | Series 2023-6A, Class A, 5.810%, 12/20/2029(a) | 5,084,480 | ||||||
| 3,599,000 | Series 2023-8A, Class A, 6.020%, 2/20/2030(a) | 3,713,671 | ||||||
| 1,728,000 | Series 2024-1A, Class A, 5.360%, 6/20/2030(a) | 1,736,686 | ||||||
| 7,423,000 | Series 2024-3A, Class A, 5.230%, 12/20/2030 | 7,406,403 | ||||||
| CNH Equipment Trust | ||||||||
| 581,000 | Series 2022-B, Class A4, 3.910%, 3/15/2028 | 564,554 | ||||||
| 644,000 | Series 2023-A, Class A4, 4.770%, 10/15/2030 | 637,818 | ||||||
| 1,805,000 | Series 2023-B, Class A4, 5.460%, 3/17/2031 | 1,835,053 | ||||||
| Coinstar Funding LLC | ||||||||
| 2,483,248 | Series 2017-1A, Class A2, 5.216%, 4/25/2047(a) | 2,201,080 | ||||||
| Dell Equipment Finance Trust | ||||||||
| 1,139,000 | Series 2022-1, Class C, 2.940%, 8/23/2027(a) | 1,126,736 | ||||||
| Enterprise Fleet Financing LLC | ||||||||
| 2,419,000 | Series 2022-2, Class A3, 4.790%, 5/21/2029(a) | 2,398,921 | ||||||
| 760,000 | Series 2022-3, Class A3, 4.290%, 7/20/2029(a) | 739,480 | ||||||
| 2,522,000 | Series 2023-1, Class A3, 5.420%, 10/22/2029(a) | 2,534,319 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| EQUIPMENT (Continued) | ||||||||
| $ | 1,601,000 | Series 2022-4, Class A3, 5.650%, 10/22/2029(a) | $ | 1,612,500 | ||||
| 3,800,000 | Series 2023-2, Class A3, 5.500%, 4/22/2030(a) | 3,840,887 | ||||||
| 3,748,000 | Series 2023-3, Class A3, 6.410%, 6/20/2030(a) | 3,839,187 | ||||||
| Ford Credit Floorplan Master Owner Trust A | ||||||||
| 9,814,000 | Series 2018-4, Class A, 4.060%, 11/15/2030 | 9,440,519 | ||||||
| GMF Floorplan Owner Revolving Trust | ||||||||
| 2,130,000 | Series 2023-2, Class A, 5.340%, 6/15/2030(a) | 2,156,095 | ||||||
| 3,737,000 | Series 2024-2A, Class A, 5.060%, 3/17/2031(a) | 3,756,643 | ||||||
| GreatAmerica Leasing Receivables | ||||||||
| 1,675,000 | Series 2023-1, Class A4, 5.060%, 3/15/2030(a) | 1,641,722 | ||||||
| Helios Issuer LLC | ||||||||
| 775,512 | Series 2023-GRID1, Class 1A, 5.750%, 12/20/2050(a) | 788,102 | ||||||
| Hertz Vehicle Financing LLC | ||||||||
| 3,499,000 | Series 2021-2A, Class A, 1.680%, 12/27/2027(a) | 3,182,389 | ||||||
| 3,489,000 | Series 2022-2A, Class A, 2.330%, 6/26/2028(a) | 3,195,982 | ||||||
| 6,142,000 | Series 2022-5A, Class A, 3.890%, 9/25/2028(a) | 5,862,243 | ||||||
| 3,379,000 | Series 2023-4A, Class A, 6.150%, 3/25/2030(a) | 3,494,635 | ||||||
| HPEFS Equipment Trust | ||||||||
| 718,000 | Series 2022-2A, Class B, 4.200%, 9/20/2029(a) | 707,364 | ||||||
| 416,000 | Series 2022-2A, Class C, 4.430%, 9/20/2029(a) | 408,952 | ||||||
| John Deere Owner Trust | ||||||||
| 1,372,000 | Series 2023-A, Class A4, 5.010%, 12/17/2029 | 1,359,897 | ||||||
| 1,203,000 | Series 2023-B, Class A4, 5.110%, 5/15/2030 | 1,192,867 | ||||||
| 1,664,000 | Series 2023-C, Class A4, 5.390%, 8/15/2030 | 1,678,892 | ||||||
| Kubota Credit Owner Trust | ||||||||
| 1,359,000 | Series 2023-2A, Class A4, 5.230%, 6/15/2028(a) | 1,348,634 | ||||||
| 876,000 | Series 2023-1A, Class A4, 5.070%, 2/15/2029(a) | 869,260 | ||||||
| M&T Equipment Notes | ||||||||
| 1,028,000 | Series 2023-1A, Class A4, 5.750%, 7/15/2030(a) | 1,020,845 | ||||||
| MMAF Equipment Finance LLC | ||||||||
| 2,626,000 | Series 2023-A, Class A4, 5.500%, 12/13/2038(a) | 2,611,485 | ||||||
| 736,000 | Series 2020-A, Class A5, 1.560%, 10/9/2042(a) | 653,796 | ||||||
| 1,849,000 | Series 2024-A, Class A4, 5.100%, 7/13/2049(a) | 1,848,369 | ||||||
| NextGear Floorplan Master Owner Trust | ||||||||
| 4,685,000 | Series 2022-1A, Class A2, 2.800%, 3/15/2027(a) | 4,563,279 | ||||||
| Verizon Master Trust | ||||||||
| 2,555,000 | Series 2022-4, Class B, 3.640%, 11/20/2028 | 2,497,204 | ||||||
| 663,000 | Series 2022-4, Class C, 3.890%, 11/20/2028 | 649,614 | ||||||
| 6,196,000 | Series 2023-3, Class A, 4.730%, 4/21/2031(a) | 6,170,791 | ||||||
| 8,097,000 | Series 2023-6, Class A, 5.350%, 9/22/2031(a) | 8,263,009 | ||||||
| 10,281,000 | Series 2024-2, Class A, 4.830%, 12/22/2031(a) | 10,276,326 | ||||||
| 124,743,046 | ||||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (Unaudited)
Principal Amount | Value | |||||||
BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| OTHER — 12.4% | ||||||||
ABPCI Direct Lending Fund ABS I Ltd. | ||||||||
| $ | 2,848,251 | Series 2020-1A, Class B, 4.935%, 12/20/2030(a) | $ | 2,685,718 | ||||
ABPCI Direct Lending Fund ABS II LLC | ||||||||
| 6,978,000 | Series 2022-2A, Class C, 8.236%, 3/1/2032(a) | 6,482,248 | ||||||
| ABPCI Direct Lending Fund LP | ||||||||
| 1,117,371 | Series 2020-1A, Class A, 3.199%, 12/20/2030(a) | 1,066,917 | ||||||
| 1,670,000 | Series 2022-2A, Class A1, 7.419% (3-Month Term SOFR+210 basis points), 3/1/2032(a),(b) | 1,635,354 | ||||||
| American Tower Trust | ||||||||
| 8,058,000 | 5.490%, 3/15/2028(a) | 8,102,206 | ||||||
| Brazos Securitization LLC | ||||||||
| 750,413 | 5.014%, 9/1/2031(a) | 746,735 | ||||||
CARS-DB4 LP | ||||||||
| 291,006 | Series 2020-1A, Class A1, 2.690%, 2/15/2050(a) | 282,873 | ||||||
| Cleco Securitization LLC | ||||||||
| 1,607,713 | 4.016%, 3/1/2031 | 1,539,385 | ||||||
| Cologix Data Centers US Issuer LLC | ||||||||
| 4,273,000 | Series 2021-1A, Class A2, 3.300%, 12/26/2051(a) | 3,831,217 | ||||||
| 3,235,000 | Series 2021-1A, Class C, 5.990%, 12/26/2051(a) | 2,879,148 | ||||||
| Consumers 2023 Securitization Funding LLC | ||||||||
| 2,542,000 | 5.210%, 9/1/2031 | 2,554,710 | ||||||
| DataBank Issuer | ||||||||
| 1,400,000 | Series 2021-1A, Class A2, 2.060%, 2/27/2051(a) | 1,270,395 | ||||||
| 1,500,000 | Series 2021-1A, Class C, 4.430%, 2/27/2051(a) | 1,240,917 | ||||||
Diamond Infrastructure Funding LLC | ||||||||
| 512,000 | Series 2021-1A, Class C, 3.475%, 4/15/2049(a) | 458,224 | ||||||
Diamond Issuer | ||||||||
| 1,718,000 | Series 2021-1A, Class C, 3.787%, 11/20/2051(a) | 1,442,909 | ||||||
| DTE Electric Securitization Funding LLC | ||||||||
| 3,199,000 | 5.970%, 3/1/2033 | 3,298,969 | ||||||
| Elm Trust | ||||||||
| 2,302,777 | Series 2020-3A, Class A2, 2.954%, 8/20/2029(a) | 2,202,279 | ||||||
| 421,387 | Series 2020-3A, Class B, 4.481%, 8/20/2029(a) | 395,167 | ||||||
| 164,640 | Series 2020-4A, Class A2, 2.286%, 10/20/2029(a) | 156,665 | ||||||
| 604,099 | Series 2020-4A, Class B, 3.866%, 10/20/2029(a) | 562,541 | ||||||
FCI Funding LLC | ||||||||
| 49,983 | Series 2021-1A, Class A, 1.130%, 4/15/2033(a) | 49,502 | ||||||
| Golub Capital Partners ABS Funding Ltd. | ||||||||
| 868,774 | Series 2020-1A, Class B, 4.496%, 1/22/2029(a) | 819,347 | ||||||
| 1,866,945 | Series 2021-1A, Class B, 3.816%, 4/20/2029(a) | 1,748,434 | ||||||
| 5,697,000 | Series 2021-2A, Class B, 3.994%, 10/19/2029(a) | 4,899,335 | ||||||
| Golub Capital Partners Funding Ltd. | ||||||||
| 1,262,728 | Series 2020-1A, Class A2, 3.208%, 1/22/2029(a) | 1,202,536 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (Unaudited)
Principal Amount | Value | |||||||
BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| OTHER (Continued) | ||||||||
| $ | 3,346,787 | Series 2021-1A, Class A2, 2.773%, 4/20/2029(a) | $ | 3,169,514 | ||||
| 4,896,000 | Series 2021-2A, Class A, 2.944%, 10/19/2029(a) | 4,516,545 | ||||||
| Hotwire Funding LLC | ||||||||
| 1,250,000 | Series 2021-1, Class C, 4.459%, 11/20/2051(a) | 1,123,556 | ||||||
| 1,385,000 | Series 2023-1A, Class A2, 5.687%, 5/20/2053(a) | 1,344,272 | ||||||
| Kansas Gas Service Securitization LLC | ||||||||
| 5,724,973 | 5.486%, 8/1/2032 | 5,839,820 | ||||||
| MetroNet Infrastructure Issuer LLC | ||||||||
| 3,800,000 | Series 2022-1A, Class A2, 6.350%, 10/20/2052(a) | 3,817,585 | ||||||
| Monroe Capital ABS Funding Ltd. | ||||||||
| 2,580,843 | Series 2021-1A, Class A2, 2.815%, 4/22/2031(a) | 2,505,661 | ||||||
| 885,861 | Series 2021-1A, Class B, 3.908%, 4/22/2031(a) | 863,751 | ||||||
| Monroe Capital Income Plus ABS Funding LLC | ||||||||
| 3,700,000 | Series 2022-1A, Class A, 4.050%, 4/30/2032(a) | 3,368,077 | ||||||
| Oklahoma Development Finance Authority | ||||||||
| 2,176,211 | 4.135%, 12/1/2033 | 2,093,889 | ||||||
| 774,249 | 4.285%, 2/1/2034 | 753,813 | ||||||
| 1,847,940 | 3.877%, 5/1/2037 | 1,776,444 | ||||||
| Oportun Issuance Trust | ||||||||
| 1,020,000 | Series 2021-B, Class A, 1.470%, 5/8/2031(a) | 970,360 | ||||||
| 4,976,000 | Series 2021-C, Class A, 2.180%, 10/8/2031(a) | 4,695,905 | ||||||
| PFS Financing Corp. | ||||||||
| 6,716,000 | Series 2022-A, Class A, 2.470%, 2/15/2027(a) | 6,537,062 | ||||||
| 1,380,000 | Series 2022-A, Class B, 2.770%, 2/15/2027(a) | 1,341,110 | ||||||
| 5,700,000 | Series 2022-C, Class A, 3.890%, 5/15/2027(a) | 5,602,211 | ||||||
| 879,000 | Series 2022-C, Class B, 4.390%, 5/15/2027(a) | 862,039 | ||||||
| 5,205,000 | Series 2022-D, Class A, 4.270%, 8/15/2027(a) | 5,125,978 | ||||||
| PG&E Recovery Funding LLC | ||||||||
| 3,930,216 | 5.045%, 7/15/2032 | 3,903,019 | ||||||
| PG&E Wildfire Recovery Funding LLC | ||||||||
| 3,681,790 | 4.022%, 6/1/2031 | 3,606,521 | ||||||
| SBA Tower Trust | ||||||||
| 1,380,000 | 1.631%, 11/15/2026(a) | 1,239,118 | ||||||
| 1,767,000 | 2.328%, 1/15/2028(a) | 1,575,691 | ||||||
| 1,049,000 | 6.599%, 1/15/2028(a) | 1,071,622 | ||||||
SpringCastle America Funding LLC | ||||||||
| 944,380 | Series 2020-AA, Class A, 1.970%, 9/25/2037(a) | 864,126 | ||||||
| Texas Natural Gas Securitization Finance Corp. | ||||||||
| 794,000 | 5.102%, 4/1/2035 | 799,964 | ||||||
TVEST LLC | ||||||||
| 42,732 | Series 2020-A, Class A, 4.500%, 7/15/2032(a) | 42,576 | ||||||
Vantage Data Centers Issuer LLC | ||||||||
| 1,344,000 | Series 2020-1A, Class A2, 1.645%, 9/15/2045(a) | 1,258,300 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (Unaudited)
Principal Amount | Value | |||||||
BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| OTHER (Continued) | ||||||||
| VCP RRL ABS I Ltd. | ||||||||
| $ | 1,547,775 | Series 2021-1A, Class A, 2.152%, 10/20/2031(a) | $ | 1,457,047 | ||||
| 2,441,396 | Series 2021-1A, Class B, 2.848%, 10/20/2031(a) | 2,248,125 | ||||||
| 3,790,038 | Series 2021-1A, Class C, 5.425%, 10/20/2031(a) | 3,411,140 | ||||||
| Virginia Power Fuel Securitization LLC | ||||||||
| 5,538,000 | 4.877%, 5/1/2031 | 5,516,075 | ||||||
| WEPCo Environmental Trust Finance LLC | ||||||||
| 931,924 | Series 2021-1, Class A, 1.578%, 12/15/2035 | 797,886 | ||||||
| 135,652,533 | ||||||||
| TOTAL ASSET-BACKED SECURITIES | ||||||||
| (Cost $453,400,524) | 448,982,614 | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 15.7% | ||||||||
| AGENCY — 9.6% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| 784,000 | Series K068, Class A2, 3.244%, 8/25/2027 | 748,894 | ||||||
| 1,135,000 | Series K072, Class A2, 3.444%, 12/25/2027 | 1,084,420 | ||||||
| 3,064,000 | Series K073, Class A2, 3.350%, 1/25/2028 | 2,927,593 | ||||||
| 1,691,000 | Series K076, Class A2, 3.900%, 4/25/2028 | 1,649,769 | ||||||
| 377,000 | Series K077, Class A2, 3.850%, 5/25/2028(b) | 364,061 | ||||||
| 3,220,000 | Series K079, Class A2, 3.926%, 6/25/2028 | 3,141,984 | ||||||
| 2,683,000 | Series K080, Class A2, 3.926%, 7/25/2028(b) | 2,618,139 | ||||||
| 7,407,000 | Series K081, Class A2, 3.900%, 8/25/2028(b) | 7,154,187 | ||||||
| 5,016,000 | Series K082, Class A2, 3.920%, 9/25/2028(b) | 4,844,934 | ||||||
| 2,785,000 | Series K083, Class A2, 4.050%, 9/25/2028(b) | 2,717,957 | ||||||
| 7,311,000 | Series K084, Class A2, 3.780%, 10/25/2028(b) | 7,062,140 | ||||||
| 2,867,000 | Series K085, Class A2, 4.060%, 10/25/2028(b) | 2,798,086 | ||||||
| 3,232,000 | Series K089, Class A2, 3.563%, 1/25/2029 | 3,078,271 | ||||||
| 2,866,000 | Series K091, Class A2, 3.505%, 3/25/2029 | 2,740,413 | ||||||
| 560,000 | Series K093, Class A2, 2.982%, 5/25/2029 | 518,697 | ||||||
| 9,192,000 | Series K095, Class A2, 2.785%, 6/25/2029 | 8,422,929 | ||||||
| 8,032,000 | Series K094, Class A2, 2.903%, 6/25/2029 | 7,440,418 | ||||||
| 4,234,000 | Series K097, Class A2, 2.508%, 7/25/2029 | 3,837,793 | ||||||
| 10,423,000 | Series K096, Class A2, 2.519%, 7/25/2029 | 9,404,262 | ||||||
| 4,314,000 | Series K102, Class A2, 2.537%, 10/25/2029 | 3,889,130 | ||||||
| 614,000 | Series K107, Class A2, 1.639%, 1/25/2030 | 525,983 | ||||||
| Freddie Mac Multifamily Structured Pass-Through Certificates | ||||||||
| 509,000 | Series K088, Class A2, 3.690%, 1/25/2029 | 486,655 | ||||||
| 5,136,000 | Series K090, Class A2, 3.422%, 2/25/2029 | 4,859,517 | ||||||
| 269,000 | Series K092, Class A2, 3.298%, 4/25/2029 | 252,713 | ||||||
| 6,001,000 | Series K103, Class A2, 2.651%, 11/25/2029 | 5,440,269 | ||||||
| 150,000 | Series K105, Class A2, 1.872%, 1/25/2030 | 130,002 | ||||||
| 150,000 | Series K104, Class A2, 2.253%, 1/25/2030 | 132,994 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (Unaudited)
Principal Amount | Value | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
| AGENCY (Continued) | ||||||||
| $ | 740,000 | Series K108, Class A2, 1.517%, 3/25/2030 | $ | 626,573 | ||||
| 7,921,000 | Series K751, Class A2, 4.412%, 3/25/2030 | 7,839,938 | ||||||
| 1,920,000 | Series K109, Class A2, 1.558%, 4/25/2030 | 1,616,234 | ||||||
| 823,000 | Series K114, Class A2, 1.366%, 6/25/2030 | 680,551 | ||||||
| 6,431,000 | Series K754, Class A2, 4.940%, 11/25/2030(b) | 6,548,115 | ||||||
| 105,583,621 | ||||||||
| AGENCY STRIPPED — 0.1% | ||||||||
| Government National Mortgage Association | ||||||||
| 1,303,451 | Series 2015-19, Class IO, 0.294%, 1/16/2057(b) | 18,473 | ||||||
| 1,227,623 | Series 2015-7, Class IO, 0.454%, 1/16/2057(b) | 23,674 | ||||||
| 2,117,635 | Series 2020-43, Class IO, 1.261%, 11/16/2061(b) | 156,319 | ||||||
| 2,745,188 | Series 2020-71, Class IO, 1.102%, 1/16/2062(b) | 186,113 | ||||||
| 5,141,920 | Series 2020-75, Class IO, 0.870%, 2/16/2062(b) | 304,195 | ||||||
| 3,405,797 | Series 2020-42, Class IO, 0.937%, 3/16/2062(b) | 207,333 | ||||||
| 896,107 | ||||||||
| NON-AGENCY — 6.0% | ||||||||
A10 Bridge Asset Financing LLC | ||||||||
| 987,878 | Series 2021-D, Class A1FX, 2.589%, 10/1/2038(a) | 944,704 | ||||||
| ACRES Commercial Realty Ltd. | ||||||||
| 2,186,468 | Series 2021-FL1, Class A, 6.640% (1-Month Term SOFR+131.448 basis points), 6/15/2036(a),(b) | 2,171,054 | ||||||
| 763,686 | Series 2021-FL2, Class A, 6.840% (1-Month Term SOFR+151.448 basis points), 1/15/2037(a),(b) | 759,753 | ||||||
| Arbor Multifamily Mortgage Securities Trust | ||||||||
| 6,960,000 | Series 2020-MF1, Class A5, 2.756%, 5/15/2053(a) | 6,145,823 | ||||||
| Arbor Realty Commercial Real Estate Notes Ltd. | ||||||||
| 3,148,000 | Series 2021-FL4, Class A, 6.790% (1-Month Term SOFR+146.448 basis points), 11/15/2036(a),(b) | 3,124,419 | ||||||
| 3,442,000 | Series 2022-FL1, Class A, 6.769% (30-Day SOFR Average+145 basis points), 1/15/2037(a),(b) | 3,415,112 | ||||||
| 2,524,000 | Series 2022-FL2, Class A, 7.175% (1-Month Term SOFR+185 basis points), 5/15/2037(a),(b) | 2,518,480 | ||||||
BBCMS Trust | ||||||||
| 679,654 | Series 2015-SRCH, Class A1, 3.312%, 8/10/2035(a) | 637,642 | ||||||
| BX Commercial Mortgage Trust | ||||||||
| 1,410,000 | Series 2021-VOLT, Class E, 7.440% (1-Month Term SOFR+211.448 basis points), 9/15/2036(a),(b) | 1,389,734 | ||||||
| 2,319,000 | Series 2021-VOLT, Class F, 7.840% (1-Month Term SOFR+251.448 basis points), 9/15/2036(a),(b) | 2,334,940 | ||||||
BX Trust | ||||||||
| 5,125,000 | Series 2019-OC11, Class A, 3.202%, 12/9/2041(a) | 4,566,859 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (Unaudited)
Principal Amount | Value | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
| NON-AGENCY (Continued) | ||||||||
| BXMT Ltd. | ||||||||
| $ | 2,791,298 | Series 2021-FL4, Class A, 6.490% (1-Month Term SOFR+116.448 basis points), 5/15/2038(a),(b) | $ | 2,658,715 | ||||
| Greystone CRE Notes Ltd. | ||||||||
| 3,000,000 | Series 2021-FL3, Class A, 6.460% (1-Month Term SOFR+113.448 basis points), 7/15/2039(a),(b) | 2,965,402 | ||||||
| Hawaii Hotel Trust | ||||||||
| 1,384,000 | Series 2019-MAUI, Class C, 7.023% (1-Month Term SOFR+169.701 basis points), 5/15/2038(a),(b) | 1,373,643 | ||||||
| HERA Commercial Mortgage Ltd. | ||||||||
| 2,095,258 | Series 2021-FL1, Class A, 6.491% (1-Month Term SOFR+116.448 basis points), 2/18/2038(a),(b) | 2,060,753 | ||||||
Independence Plaza Trust | ||||||||
| 819,000 | Series 2018-INDP, Class A, 3.763%, 7/10/2035(a) | 783,926 | ||||||
| JPMBB Commercial Mortgage Securities Trust | ||||||||
| 163,146 | Series 2015-C30, Class ASB, 3.559%, 7/15/2048 | 160,731 | ||||||
| 519,825 | Series 2015-C31, Class A3, 3.801%, 8/15/2048 | 502,429 | ||||||
| KREF Ltd. | ||||||||
| 834,000 | Series 2021-FL2, Class A, 6.510% (1-Month Term SOFR+118.448 basis points), 2/15/2039(a),(b) | 814,203 | ||||||
Manhattan West Mortgage Trust | ||||||||
| 4,991,000 | Series 2020-1MW, Class A, 2.130%, 9/10/2039(a) | 4,442,143 | ||||||
| MF1 Ltd. | ||||||||
| 260,413 | Series 2020-FL4, Class A, 7.140% (1-Month Term SOFR+181.448 basis points), 11/15/2035(a),(b) | 260,575 | ||||||
| 2,592,719 | Series 2021-FL7, Class A, 6.521% (1-Month Term SOFR+119.448 basis points), 10/16/2036(a),(b) | 2,576,531 | ||||||
| Progress Residential Trust | ||||||||
| 2,887,000 | Series 2023-SFR2, Class A, 4.500%, 10/17/2028(a) | 2,812,801 | ||||||
| 1,428,833 | Series 2021-SFR11, Class A, 2.283%, 1/17/2039(a) | 1,261,343 | ||||||
| 1,264,685 | Series 2021-SFR7, Class A, 1.692%, 8/17/2040(a) | 1,093,630 | ||||||
| 725,507 | Series 2021-SFR9, Class A, 2.013%, 11/17/2040(a) | 632,187 | ||||||
| 4,461,518 | Series 2021-SFR10, Class A, 2.393%, 12/17/2040(a) | 3,966,395 | ||||||
SLG Office Trust | ||||||||
| 5,585,000 | Series 2021-OVA, Class A, 2.585%, 7/15/2041(a) | 4,620,930 | ||||||
| STWD Ltd. | ||||||||
| 1,304,249 | Series 2021-FL2, Class A, 6.641% (1-Month Term SOFR+131.448 basis points), 4/18/2038(a),(b) | 1,283,376 | ||||||
| TRTX Issuer Ltd. | ||||||||
| 2,356,000 | Series 2022-FL5, Class A, 6.969% (30-Day SOFR Average+165 basis points), 2/15/2039(a),(b) | 2,339,382 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (Unaudited)
Principal Amount | Value | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
| NON-AGENCY (Continued) | ||||||||
| VMC Finance LLC | ||||||||
| $ | 654,795 | Series 2021-HT1, Class A, 7.091% (1-Month Term SOFR+176.448 basis points), 1/18/2037(a),(b) | $ | 646,679 | ||||
| 65,264,294 | ||||||||
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | ||||||||
| (Cost $171,009,033) | 171,744,022 | |||||||
| CONVERTIBLE BONDS — 0.3% | ||||||||
| Upwork, Inc. | ||||||||
| 3,400,000 | 0.250%, 8/15/2026 | 2,964,460 | ||||||
| TOTAL CONVERTIBLE BONDS | ||||||||
| (Cost $2,833,320) | 2,964,460 | |||||||
| CORPORATE BANK DEBT — 1.8% | ||||||||
Axiom Global, Inc. | ||||||||
| 3,031,833 | 10.179% (1-Month Term SOFR+485 basis points), 10/1/2026(b),(d),(e) | 2,933,041 | ||||||
| Azalea Topco, Inc. | ||||||||
| 2,044,641 | 8.942% (3-Month Term SOFR+361.4 basis points), 7/25/2026(b),(d),(e) | 2,027,995 | ||||||
| 1,925,700 | 9.177% (1-Month Term SOFR+385 basis points), 7/25/2026(b),(d),(e) | 1,916,047 | ||||||
| Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan | ||||||||
| 89,719 | 10.180% (1-Month Term SOFR+485 basis points), 11/12/2027(b),(c),(d),(e) | 85,878 | ||||||
Capstone Acquisition Holdings, Inc. 2020 Term Loan | ||||||||
| 1,761,859 | 10.180% (1-Month Term SOFR+485 basis points), 11/12/2027(b),(c),(d),(e) | 1,686,430 | ||||||
Farfetch U.S. Holdings, Inc. | ||||||||
| 4,488,491 | 11.666% (3-Month Term SOFR+625 basis points), 10/20/2027(b),(d),(e) | 4,128,472 | ||||||
Frontier Communications Holdings LLC | ||||||||
| 1,093,190 | 9.195% (1-Month Term SOFR+386.4 basis points), 10/8/2027(b),(d),(e) | 1,085,879 | ||||||
JC Penney Corp., Inc. | ||||||||
| 471,014 | 9.500% (1-Month USD Libor+425 basis points), 6/23/2025*,(b),(d),(e),(f) | 47 | ||||||
| Lealand Finance Company B.V. Senior Exit LC | ||||||||
| 405,491 | 5.250%, 6/30/2027(b),(c),(d),(e),(g),(h) | (145,977 | ) | |||||
McDermott Tanks Secured LC | ||||||||
| 218,452 | 10.250%, 12/31/2026(b),(c),(d),(e),(g),(h) | (34,952 | ) | |||||
McDermott Technology Americas, Inc. | ||||||||
| 12,921 | 6.443% (1-Month Term SOFR+111.4 basis points), 12/31/2027(d),(e),(i),(j) | 5,039 | ||||||
Polaris Newco, LLC Term Loan B | ||||||||
| 2,636,633 | 9.313% (3-Month Term SOFR+400 basis points), 6/5/2028(b),(d),(e) | 2,607,450 | ||||||
WH Borrower LLC, Term Loan B | ||||||||
| 2,783,422 | 10.903% (3-Month Term SOFR+550 basis points), 2/15/2027(b),(d),(e) | 2,772,958 | ||||||
Windstream Services LLC | ||||||||
| 817,718 | 11.680% (1-Month Term SOFR+635 basis points), 9/21/2027(b),(d),(e) | 795,851 | ||||||
| TOTAL CORPORATE BANK DEBT | ||||||||
| (Cost $20,012,833) | 19,864,158 | |||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (Unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS — 6.9% | ||||||||
| COMMUNICATIONS — 0.9% | ||||||||
| CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||
| $ | 2,633,000 | 6.375%, 9/1/2029(a) | $ | 2,494,767 | ||||
| Consolidated Communications, Inc. | ||||||||
| 1,119,000 | 6.500%, 10/1/2028(a) | 976,328 | ||||||
| DISH Network Corp. | ||||||||
| 2,000,000 | 11.750%, 11/15/2027(a) | 2,035,000 | ||||||
| Frontier Communications Holdings LLC | ||||||||
| 3,066,000 | 5.875%, 10/15/2027(a) | 2,959,648 | ||||||
| 1,636,000 | 6.000%, 1/15/2030(a) | 1,386,510 | ||||||
| 9,852,253 | ||||||||
| CONSUMER DISCRETIONARY — 1.2% | ||||||||
| Air Canada Pass-Through Trust | ||||||||
| 1,805,339 | Series 2017-1, Class AA, 3.300%, 7/15/2031(a) | 1,633,832 | ||||||
| Amazon.com, Inc. | ||||||||
| 1,834,000 | 1.650%, 5/12/2028 | 1,635,059 | ||||||
| Cimpress PLC | ||||||||
| 8,557,000 | 7.000%, 6/15/2026 | 8,563,846 | ||||||
| VT Topco, Inc. 8.500%, | ||||||||
| 979,000 | 8/15/2030(a) | 1,030,397 | ||||||
| 12,863,134 | ||||||||
| FINANCIALS — 3.9% | ||||||||
| Apollo Debt Solutions BDC Senior Notes | ||||||||
| 3,644,000 | 8.620%, 9/28/2028(c),(d) | 3,644,000 | ||||||
| Ares Capital Corp. | ||||||||
| 4,700,000 | 2.875%, 6/15/2028 | 4,185,956 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 4,500,000 | 4.000%, 1/15/2029 | 4,122,453 | ||||||
| Blue Owl Credit Income Corp. | ||||||||
| 5,122,000 | 7.750%, 9/16/2027 | 5,240,604 | ||||||
| 5,727,000 | 7.950%, 6/13/2028(a) | 5,921,890 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 1,487,000 | 3.375%, 4/15/2024 | 1,486,940 | ||||||
| HPS Corporate Lending Fund | ||||||||
| 2,981,000 | 6.750%, 1/30/2029(a) | 2,972,287 | ||||||
| Midcap Financial Issuer Trust | ||||||||
| 10,563,000 | 6.500%, 5/1/2028(a) | 9,711,305 | ||||||
| Oaktree Strategic Credit Fund | ||||||||
| 4,032,000 | 8.400%, 11/14/2028(a) | 4,272,529 | ||||||
| OCREDIT BDC Senior Notes | ||||||||
| 1,557,000 | 7.770%, 3/7/2029(c),(d) | 1,557,000 | ||||||
| 43,114,964 | ||||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS (Continued) | ||||||||
| HEALTH CARE — 0.4% | ||||||||
Heartland Dental LLC/Heartland Dental Finance Corp. | ||||||||
| $ | 4,410,000 | 10.331% (1-Month Term SOFR+500 basis points), 4/30/2028(a),(b),(d) | $ | 4,674,600 | ||||
| TECHNOLOGY — 0.5% | ||||||||
| Hlend Senior Notes | ||||||||
| 5,000,000 | 8.170%, 3/15/2028(c),(d) | 5,000,000 | ||||||
| TOTAL CORPORATE BONDS | ||||||||
| (Cost $73,833,322) | 75,504,951 | |||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES — 15.6% | ||||||||
| AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 0.0% | ||||||||
| Federal National Mortgage Association | ||||||||
| 66,705 | Series 2012-144, Class PD, 3.500%, 4/25/2042 | 64,019 | ||||||
Freddie Mac REMICS | ||||||||
| 152,644 | Series 4162, Class P, 3.000%, 2/15/2033 | 145,738 | ||||||
| 209,757 | ||||||||
| AGENCY POOL ADJUSTABLE RATE — 1.8% | ||||||||
| Fannie Mae Pool | ||||||||
| 343,069 | 1.726% (30-Day SOFR Average+211 basis points), 7/1/2051(b) | 297,901 | ||||||
| 3,145,125 | 1.970% (30-Day SOFR Average+207.5 basis points), 8/1/2051(b) | 2,777,800 | ||||||
| 247,446 | 1.609% (30-Day SOFR Average+209.5 basis points), 9/1/2051(b) | 213,538 | ||||||
| 2,799,065 | 1.892% (30-Day SOFR Average+233 basis points), 4/1/2052(b) | 2,432,771 | ||||||
| Freddie Mac Non Gold Pool | ||||||||
| 1,075,127 | 1.687% (30-Day SOFR Average+213 basis points), 9/1/2051(b) | 926,734 | ||||||
| 1,542,254 | 2.568% (30-Day SOFR Average+213 basis points), 3/1/2052(b) | 1,376,154 | ||||||
| 966,350 | 2.546% (30-Day SOFR Average+214 basis points), 5/1/2052(b) | 865,866 | ||||||
| 9,879,815 | 2.154% (30-Day SOFR Average+217.6 basis points), 7/1/2052(b) | 8,637,204 | ||||||
| 1,354,633 | 3.404% (30-Day SOFR Average+221.8 basis points), 11/1/2052(b) | 1,251,163 | ||||||
| 1,425,711 | 2.160% (30-Day SOFR Average+217.7 basis points), 5/1/2053(b) | 1,258,033 | ||||||
| 20,037,164 | ||||||||
| AGENCY POOL FIXED RATE — 9.5% | ||||||||
| Fannie Mae Pool | ||||||||
| 8,671,190 | 1.500%, 12/1/2035 | 7,560,794 | ||||||
| 1,076,498 | 1.500%, 3/1/2036 | 935,955 | ||||||
| 2,113,543 | 1.000%, 4/1/2036 | 1,768,544 | ||||||
| 695,610 | 1.500%, 4/1/2036 | 604,794 | ||||||
| 1,135,247 | 1.500%, 4/1/2036 | 987,034 | ||||||
| 12,485,969 | 1.500%, 8/1/2036 | 10,855,853 | ||||||
| 899,060 | 1.500%, 8/1/2036 | 780,277 | ||||||
| 1,535,370 | 1.500%, 9/1/2036 | 1,332,519 | ||||||
| 3,777,706 | 1.500%, 10/1/2036 | 3,270,338 | ||||||
| 12,168,861 | 1.000%, 12/1/2036 | 10,108,780 | ||||||
| 20,057,597 | 1.000%, 3/1/2037 | 16,662,023 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (Unaudited)
Principal Amount | Value | |||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
| AGENCY POOL FIXED RATE (Continued) | ||||||||
| $ | 784,558 | 2.000%, 11/1/2040 | $ | 661,037 | ||||
| 1,821,062 | 2.500%, 5/1/2041 | 1,585,895 | ||||||
| 1,088,973 | 2.000%, 7/1/2041 | 913,441 | ||||||
| 7,226,575 | 1.500%, 10/1/2041 | 5,853,492 | ||||||
| 10,692,232 | 1.500%, 11/1/2041 | 8,660,658 | ||||||
| 2,588,449 | 2.000%, 8/1/2042 | 2,171,214 | ||||||
| 3,777,138 | 3.500%, 4/1/2044 | 3,463,244 | ||||||
| Freddie Mac Pool | ||||||||
| 11,599,346 | 1.500%, 11/1/2035 | 10,113,982 | ||||||
| 2,036,991 | 1.500%, 6/1/2036 | 1,762,138 | ||||||
| 731,785 | 1.000%, 7/1/2036 | 610,405 | ||||||
| 3,700,289 | 1.500%, 8/1/2036 | 3,211,413 | ||||||
| 2,772,323 | 1.500%, 10/1/2036 | 2,399,984 | ||||||
| 820,155 | 1.500%, 11/1/2036 | 713,079 | ||||||
| 4,657,311 | 2.000%, 5/1/2042 | 3,906,594 | ||||||
| 3,125,674 | 2.000%, 8/1/2042 | 2,615,006 | ||||||
| 103,508,493 | ||||||||
| AGENCY STRIPPED — 0.0% | ||||||||
Fannie Mae Interest Strip | ||||||||
| 66,347 | Series 284, Class 1, 0.000%, 7/25/2027(k) | 61,089 | ||||||
| NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 4.3% | ||||||||
| GS Mortgage-Backed Securities Trust | ||||||||
| 1,679,802 | Series 2021-PJ6, Class A8, 2.500%, 11/25/2051(b) | 1,458,921 | ||||||
| 2,169,147 | Series 2021-PJ7, Class A8, 2.500%, 1/25/2052(a),(b) | 1,881,729 | ||||||
| 2,067,487 | Series 2022-PJ2, Class A24, 3.000%, 6/25/2052(b) | 1,832,952 | ||||||
| J.P. Morgan Mortgage Trust | ||||||||
| 1,954,525 | Series 2021-13, Class A4, 2.500%, 4/25/2052(b) | 1,701,100 | ||||||
| 452,879 | Series 2022-3, Class A4A, 2.500%, 8/25/2052(b) | 391,085 | ||||||
| 4,290,000 | Series 2024-3, Class A4, 3.000%, 5/25/2054(b) | 3,787,198 | ||||||
PRET LLC | ||||||||
| 779,410 | Series 2021-NPL6, Class A1, 2.487%, 7/25/2051(a),(l) | 753,203 | ||||||
| Pretium Mortgage Credit Partners LLC | ||||||||
| 3,999,535 | Series 2021-NPL5, Class A1, 2.487%, 10/25/2051(a),(l) | 3,859,019 | ||||||
| 1,399,667 | Series 2021-NPL2, Class A1, 1.992%, 6/27/2060(a),(l) | 1,358,379 | ||||||
| 3,166,911 | Series 2021-NPL4, Class A1, 2.363%, 10/27/2060(a),(l) | 3,049,719 | ||||||
| 1,177,000 | Series 2024-RPL1, Class A1, 3.900%, 10/25/2063(b) | 1,108,157 | ||||||
| PRPM LLC | ||||||||
| 4,208,611 | Series 2021-2, Class A1, 5.115%, 3/25/2026(a),(b) | 4,134,536 | ||||||
| 1,983,928 | Series 2021-9, Class A1, 2.363%, 10/25/2026(a),(l) | 1,911,085 | ||||||
| 2,587,173 | Series 2021-10, Class A1, 2.487%, 10/25/2026(a),(l) | 2,495,894 | ||||||
| 2,041,254 | Series 2021-11, Class A1, 2.487%, 11/25/2026(a),(l) | 1,973,533 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (Unaudited)
Principal Amount | Value | |||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
| NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION (Continued) | ||||||||
| Towd Point Mortgage Trust | ||||||||
| $ | 315,331 | Series 2018-2, Class A1, 3.250%, 3/25/2058(a),(b) | $ | 304,205 | ||||
| 34,516 | Series 2018-5, Class A1A, 3.250%, 7/25/2058(a),(b) | 33,398 | ||||||
| 4,656,791 | Series 2019-4, Class A1, 2.900%, 10/25/2059(a),(b) | 4,350,757 | ||||||
| 708,961 | Series 2020-4, Class A1, 1.750%, 10/25/2060(a) | 623,724 | ||||||
| 1,875,990 | Series 2023-1, Class A1, 3.750%, 1/25/2063(a) | 1,758,701 | ||||||
| VCAT LLC | ||||||||
| 2,584,335 | Series 2021-NPL1, Class A1, 5.289%, 12/26/2050(a),(l) | 2,562,701 | ||||||
| 1,239,619 | Series 2021-NPL2, Class A1, 5.115%, 3/27/2051(a),(l) | 1,221,602 | ||||||
| VOLT LLC | ||||||||
| 2,948,683 | Series 2021-NPL3, Class A1, 5.239%, 2/27/2051(a),(l) | 2,896,673 | ||||||
| 720,114 | Series 2021-NPL4, Class A1, 5.240%, 3/27/2051(a),(l) | 705,066 | ||||||
| 699,199 | Series 2021-NPL9, Class A1, 1.992%, 5/25/2051(a),(l) | 681,676 | ||||||
| 46,835,013 | ||||||||
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES | ||||||||
| (Cost $170,155,283) | 170,651,516 | |||||||
| U.S. TREASURY NOTES & BONDS — 12.2% | ||||||||
| U.S. Treasury Note | ||||||||
| 80,031,000 | 4.000%, 1/31/2029 | 79,226,641 | ||||||
| 42,690,000 | 4.250%, 2/28/2029 | 42,758,167 | ||||||
| 10,896,000 | 4.625%, 9/30/2030 | 11,138,202 | ||||||
| TOTAL U.S. TREASURY NOTES & BONDS | ||||||||
| (Cost $133,437,770) | 133,123,010 | |||||||
| TOTAL BONDS & DEBENTURES | ||||||||
| (Cost $1,024,682,085) | 1,022,834,731 | |||||||
Number of Shares | ||||||||
| COMMON STOCKS — 0.2% | ||||||||
| REAL ESTATE SERVICES — 0.1% | ||||||||
| 58,520 | Copper Property CTL Pass Through Trust(d) | 576,422 | ||||||
| SOFTWARE — 0.0% | ||||||||
| 11,258 | Windstream Holdings, Inc.*,(c) | 106,951 | ||||||
| TRANSPORTATION & LOGISTICS — 0.1% | ||||||||
| 75,292 | PHI Group, Inc.*,(c),(d) | 1,505,840 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $1,928,416) | 2,189,213 | |||||||
| SHORT-TERM INVESTMENTS — 6.4% | ||||||||
| MONEY MARKET INVESTMENTS — 1.0% | ||||||||
| 10,900,865 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.08%(m) | 10,900,865 | ||||||
FPA Flexible Fixed Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2024 (Unaudited)
Principal Amount | Value | |||||||
TREASURY BILLS — 5.4% | ||||||||
| $ | 59,196,999 | U.S. Treasury Bill, 2.64%, 4/4/2024(n) | $ | 59,171,249 | ||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $70,072,114) | 70,072,114 | |||||||
| TOTAL INVESTMENTS — 100.2% | ||||||||
| (Cost $1,096,682,615) | 1,095,096,058 | |||||||
| Liabilities in Excess of Other Assets — (0.2)% | (1,954,348 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 1,093,141,710 | ||||||
BDC – Business Development Company
IO – Interest Only
LLC – Limited Liability Company
LP – Limited Partnership
PLC – Public Limited Company
US – United States
| * | 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 $469,037,355, which represents 42.91% of Net Assets. |
| (b) | Variable or floating rate security. |
| (c) | Level 3 securities fair valued under procedures established by the Board of Trustees, represents 1.34% of Net Assets. The total value of these securities is $14,685,045. |
| (d) | Restricted securities. These restricted securities constituted 3.49% 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. |
| (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) | Security is in default. |
| (g) | 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. At March 31, 2024, unfunded commitments totaled $623,943. |
| (h) | All or a portion of the loan is unfunded. |
| (i) | Floating rate security. |
| (j) | Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash. |
| (k) | Zero-coupon bond. |
| (l) | Step rate security. |
| (m) | The rate is the annualized seven-day yield at period end. |
| (n) | Treasury bill discount rate. |
FPA Flexible Fixed Income 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 | ||||||||||
| Apollo Debt Solutions BDC Senior Notes, 8.620%, 9/28/2028 | 8/10/2023 | $ | 3,644,000 | $ | 3,644,000 | 0.33 | % | |||||||
| Axiom Global, Inc., 10.179% (1-Month USD Libor+485 basis points), 10/1/2026 | 11/18/2021 | 3,011,149 | 2,933,041 | 0.27 | % | |||||||||
| Azalea Topco, Inc., 8.942% (3-Month Term SOFR+361.4 basis points), 7/25/2026 | 9/20/2021 | 2,035,676 | 2,027,995 | 0.19 | % | |||||||||
| Azalea Topco, Inc., 9.177% (1-Month Term SOFR+385 basis points), 7/25/2026 | 2/17/2022 | 1,889,448 | 1,916,047 | 0.17 | % | |||||||||
| BTC Offshore Holdings Fund, 8.229%, 10/20/2029 | 10/25/2021 | 1,279,875 | 1,279,875 | 0.12 | % | |||||||||
| Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan, 10.180% (1-Month Term SOFR+485 basis points), 11/12/2027 | 11/12/2020 | 89,440 | 85,878 | 0.01 | % | |||||||||
| Capstone Acquisition Holdings, Inc. 2020 Term Loan, 10.180% (1-Month Term SOFR+485 basis points), 11/12/2027 | 11/12/2020 | 1,752,246 | 1,686,430 | 0.15 | % | |||||||||
| Copper Property CTL Pass Through Trust | 1/17/2019 | 939,850 | 576,422 | 0.05 | % | |||||||||
| Farfetch U.S. Holdings, Inc., 11.666% (3-Month Term SOFR+625 basis points), 10/20/2027 | 9/28/2022 | 4,187,270 | 4,128,472 | 0.38 | % | |||||||||
| Frontier Communications Holdings LLC, 9.195% (1-Month Term SOFR+386.4 basis points), 10/8/2027 | 4/9/2021 | 1,085,588 | 1,085,879 | 0.10 | % | |||||||||
| Heartland Dental LLC/Heartland Dental Finance Corp., 10.331% (1-Month Term SOFR+500 basis points), 4/30/2028 | 5/5/2023 | 4,362,573 | 4,674,600 | 0.43 | % | |||||||||
| Hlend Senior Notes, 8.170%, 3/15/2028 | 2/16/2023 | 5,000,000 | 5,000,000 | 0.46 | % | |||||||||
| JC Penney Corp., Inc., 9.500% (3-Month USD Libor+425 basis points), 6/23/2025 | 2/3/2021 | - | 47 | 0.00 | % | |||||||||
| Lealand Finance Company B.V. Senior Exit LC, 5.250%, 6/30/2027 | 2/28/2020 | (921 | ) | (145,977 | ) | -0.01 | % | |||||||
| McDermott Tanks Secured LC, 10.250%, 12/31/2026 | 2/28/2020 | (493 | ) | (34,952 | ) | 0.00 | % | |||||||
| McDermott Technology Americas, Inc., 6.443% (1-Month Term SOFR+111.4 basis points), 12/31/2027 | 3/25/2024 | 5,039 | 5,039 | 0.00 | % | |||||||||
| OCREDIT BDC Senior Notes, 7.770%, 3/7/2029 | 2/22/2024 | 1,557,000 | 1,557,000 | 0.14 | % | |||||||||
| PHI Group, Inc. | 8/19/2019 | 615,785 | 1,505,840 | 0.14 | % | |||||||||
| Polaris Newco, LLC Term Loan B, 9.313% (3-Month Term SOFR+400 basis points), 6/5/2028 | 6/3/2021 | 2,620,998 | 2,607,450 | 0.24 | % | |||||||||
| WH Borrower LLC, Term Loan B, 10.903% (1-Month Term SOFR+550 basis points), 2/15/2027 | 2/9/2022 | 2,597,910 | 2,772,958 | 0.25 | % | |||||||||
| Windstream Services LLC, 11.680% (1-Month Term SOFR+635 basis points), 9/21/2027 | 8/11/2020 | 739,482 | 795,851 | 0.07 | % | |||||||||
| $ | 37,411,916 | $ | 38,101,895 | 3.49 | % | |||||||||