FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments
September 30, 2020
(Unaudited)
| COMMON STOCKS | Shares or Principal Amount | Fair Value | ||||||
| ENERGY — 0.2% | ||||||||
| PHI Group, Inc.(a)(b)(c)(d) | 23,814 | $ | 172,652 | |||||
| PHI Group, Inc., Restricted(a)(b)(c)(d) | 51,478 | 373,215 | ||||||
| $ | 545,867 | |||||||
| TOTAL COMMON STOCKS — 0.2% (Cost $615,785) | $ | 545,867 | ||||||
| BONDS & DEBENTURES | ||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 12.6% | ||||||||
| AGENCY — 1.2% | ||||||||
| Federal Home Loan Mortgage Corp. K042 A1 — 2.267% 6/25/2024 | $ | 210,217 | $ | 217,303 | ||||
| Federal Home Loan Mortgage Corp. K024 A2 — 2.573% 9/25/2022 | 93,000 | 96,196 | ||||||
| Government National Mortgage Association 2014-169 A — 2.600% 11/16/2042 | 630,939 | 638,570 | ||||||
| Government National Mortgage Association 2015-21 A — 2.600% 11/16/2042 | 267,745 | 269,387 | ||||||
| Government National Mortgage Association 2014-148 A — 2.650% 11/16/2043 | 879,346 | 891,766 | ||||||
| Government National Mortgage Association 2014-138 A — 2.700% 1/16/2044 | 66,721 | 67,469 | ||||||
| Government National Mortgage Association 2010-161 B — 3.000% 7/16/2040 | 17,190 | 17,245 | ||||||
| Government National Mortgage Association 2019-39 A — 3.100% 5/16/2059 | 1,035,295 | 1,067,300 | ||||||
| $ | 3,265,236 | |||||||
| AGENCY STRIPPED — 0.9% | ||||||||
| Government National Mortgage Association 2015-19 IO — 0.718% 1/16/2057(e) | $ | 3,292,308 | $ | 130,631 | ||||
| Government National Mortgage Association 2015-7 IO — 0.722% 1/16/2057(e) | 3,576,113 | 146,488 | ||||||
| Government National Mortgage Association 2020-42 IO — 1.056% 3/16/2062(e) | 5,737,594 | 505,295 | ||||||
| Government National Mortgage Association 2020-75, VRN — 1.165% 2/16/2062(e) | 9,470,636 | 837,252 | ||||||
| Government National Mortgage Association 2020-71, VRN — 1.206% 1/16/2062(e) | 4,718,020 | 432,105 | ||||||
| Government National Mortgage Association 2020-43, VRN — 1.357% 11/16/2061(e) | 3,823,159 | 368,682 | ||||||
| $ | 2,420,453 | |||||||
| NON-AGENCY — 10.5% | ||||||||
| A10 Bridge Asset Financing LLC 2020-C A — 2.021% 8/15/2040(f) | $ | 909,000 | $ | 909,025 | ||||
| Citigroup Commercial Mortgage Trust 2012-GC8 AAB — 2.608% 9/10/2045 | 471,253 | 477,417 | ||||||
| Citigroup Commercial Mortgage Trust 2013-GC11 AAB — 2.690% 4/10/2046 | 56,522 | 57,538 | ||||||
| Citigroup Commercial Mortgage Trust 2013-GC11 A3 — 2.815% 4/10/2046 | 744,604 | 769,598 | ||||||
| Citigroup Commercial Mortgage Trust 2012-GC8 A4 — 3.024% 9/10/2045 | 301,190 | 309,383 | ||||||
| Citigroup Commercial Mortgage Trust 2013-GC11 A4 — 3.093% 4/10/2046 | 90,000 | 94,499 | ||||||
| Citigroup Commercial Mortgage Trust 2013-GC11 AS — 3.422% 4/10/2046 | 800,000 | 837,825 | ||||||
| COMM 2013-CCRE7 Mortgage Trust 2013-CR7 A4 — 3.213% 3/10/2046 | 1,153,226 | 1,206,293 | ||||||
| COMM Mortgage Trust 2012-CR5 A3 — 2.540% 12/10/2045 | 874,342 | 896,061 | ||||||
| COMM Mortgage Trust 2013-LC6 A4 — 2.941% 1/10/2046 | 1,359,220 | 1,410,797 | ||||||
| COMM Mortgage Trust 2012-CR2 A4 — 3.147% 8/15/2045 | 297,000 | 306,195 | ||||||
| COMM Mortgage Trust 2015-CR22 A3 — 3.207% 3/10/2048 | 179,000 | 183,316 | ||||||
| CoreVest American Finance Trust 2018-1 A — 3.804% 6/15/2051(f) | 596,847 | 625,197 | ||||||
| DBUBS Mortgage Trust 2011-LC3A AM, VRN — 5.513% 8/10/2044(e)(f) | 500,000 | 508,237 | ||||||
| GS Mortgage Securities Corp. II 2015-GC30 AAB — 3.120% 5/10/2050 | 465,394 | 482,554 | ||||||
| GS Mortgage Securities Corp. Trust 2012-ALOH A — 3.551% 4/10/2034(f) | 988,000 | 991,478 | ||||||
| Hawaii Hotel Trust I 2019-MAUI C, 1M USD LIBOR + 1.650%, FRN — 1.802% 5/15/2038(e)(f) | 1,384,000 | 1,259,491 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2020
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI A — 2.798% 10/5/2031(f) | $ | 602,000 | $ | 598,358 | ||||
| JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8 A3 — 2.829% 10/15/2045 | 468,258 | 482,313 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8 AS — 3.424% 10/15/2045(f) | 687,000 | 706,633 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust C 2012-HSBC A — 3.093% 7/5/2032(f) | 923,772 | 942,350 | ||||||
| JPMBB Commercial Mortgage Securities Trust 2015-C30 ASB — 3.559% 7/15/2048 | 907,835 | 961,505 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 A4 — 2.858% 11/15/2045 | 226,723 | 232,528 | ||||||
| RETL P 2019-RVP B, 1M USD LIBOR + 1.55%, FRN — 1.702% 3/15/2036(e)(f) | 735,000 | 678,090 | ||||||
| UBS Commercial Mortgage Trust 2012-C1 AAB — 3.002% 5/10/2045 | 59,706 | 60,228 | ||||||
| UBS Commercial Mortgage Trust 2012-C1 A3 — 3.400% 5/10/2045 | 2,093,948 | 2,146,482 | ||||||
| UBS-Barclays Commercial Mortgage Trust 2012-C4 A5 — 2.850% 12/10/2045 | 1,697,000 | 1,759,194 | ||||||
| VCC Trust 2020-MC1 A, VRN — 4.500% 6/25/2045(e)(f) | 845,354 | 833,216 | ||||||
| VNDO E Mortgage Trust 2012-6AVE A — 2.996% 11/15/2030(f) | 109,000 | 111,804 | ||||||
| VNDO E Mortgage Trust 2012-6AVE B — 3.298% 11/15/2030(f) | 1,250,000 | 1,286,961 | ||||||
| Wells Fargo Commercial Mortgage Trust 2012-LC5 A3 — 2.918% 10/15/2045 | 1,179,532 | 1,217,544 | ||||||
| Wells Fargo Commercial Mortgage Trust 2014-LC18 ASB — 3.244% 12/15/2047 | 852,032 | 894,991 | ||||||
| WFRBS Commercial Mortgage Trust 2012-C8 AFL, 1M USD LIBOR + 1.000%, FRN — 1.151% 8/15/2045(e)(f) | 824,426 | 825,528 | ||||||
| WFRBS Commercial Mortgage Trust 2013-C11 A3 — 2.695% 3/15/2045 | 163,402 | 167,823 | ||||||
| WFRBS Commercial Mortgage Trust 2012-C9 A3 — 2.870% 11/15/2045 | 1,345,775 | 1,388,822 | ||||||
| WFRBS Commercial Mortgage Trust 2012-C8 A3 — 3.001% 8/15/2045 | 1,254,000 | 1,283,849 | ||||||
| WFRBS Commercial Mortgage Trust 2013-C11 A4 — 3.037% 3/15/2045 | 300,000 | 310,241 | ||||||
| WFRBS Commercial Mortgage Trust 2013-C11 A5 — 3.071% 3/15/2045 | 246,000 | 255,504 | ||||||
| $ | 28,468,868 | |||||||
| TOTAL COMMERICAL MORTGAGE-BACKED SECURITIES (Cost $33,882,000) | $ | 34,154,557 | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES — 7.4% | ||||||||
| AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 1.5% | ||||||||
| Federal Home Loan Mortgage Corp. 4336 WV — 3.000% 10/15/2025 | $ | 596,132 | $ | 612,658 | ||||
| Federal Home Loan Mortgage Corp. 4235 QE — 3.000% 8/15/2031 | 170,043 | 176,379 | ||||||
| Federal Home Loan Mortgage Corp. 4162 P — 3.000% 2/15/2033 | 607,086 | 636,321 | ||||||
| Federal National Mortgage Association 2012-47 HA — 1.500% 5/25/2027 | 233,084 | 235,336 | ||||||
| Federal National Mortgage Association 2013-35 QB — 1.750% 2/25/2043 | 1,048,918 | 1,067,875 | ||||||
| Federal National Mortgage Association 4220 EH — 2.500% 6/15/2028 | 191,938 | 197,154 | ||||||
| Federal National Mortgage Association 4387 VA — 3.000% 2/15/2026 | 786,689 | 812,963 | ||||||
| Federal National Mortgage Association 2012-144 PD — 3.500% 4/25/2042 | 154,333 | 164,025 | ||||||
| $ | 3,902,711 | |||||||
| AGENCY POOL FIXED RATE — 0.1% | ||||||||
| Federal National Mortgage Association AL1576 — 4.000% 3/1/2027 | $ | 244,634 | $ | 261,601 | ||||
| Federal National Mortgage Association FM1102 — 4.000% 3/1/2031 | 101,766 | 107,997 | ||||||
| $ | 369,598 | |||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2020
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| AGENCY STRIPPED — 0.1% | ||||||||
| Federal National Mortgage Association 284 1 — 0.000% 7/25/2027(g) | $ | 259,608 | $ | 248,197 | ||||
| NON-AGENCY — 0.6% | ||||||||
| PRPM 2020 -3 LLC — 2.857% 9/25/2025(b)(f) | $ | 1,705,000 | $ | 1,704,971 | ||||
| NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 5.1% | ||||||||
| Bravo Residential Funding Trust 2019-1 A1C — 3.500% 3/25/2058(f) | $ | 761,802 | $ | 782,838 | ||||
| CIM Trust 2017-7 A, VRN — 3.000% 4/25/2057(e)(f) | 110,707 | 113,851 | ||||||
| CIM Trust 2018-R3 A1, VRN — 5.000% 12/25/2057(e)(f) | 666,660 | 704,546 | ||||||
| Finance of America HECM Buyout 2020-HB2 A, VRN — 1.710% 7/25/2030(e)(f) | 1,560,909 | 1,563,787 | ||||||
| Finance of America HECM Buyout 2020-HB1 M1, VRN — 2.105% 2/25/2030(e)(f) | 198,000 | 199,261 | ||||||
| Finance of America HECM Buyout 2019-AB1 A — 2.656% 12/27/2049(f) | 423,722 | 423,557 | ||||||
| Nationstar HECM Loan Trust 2020-1A A1, VRN — 1.269% 9/25/2030(b)(e)(f) | 2,416,000 | 2,416,000 | ||||||
| Nationstar HECM Loan Trust 2020-1A M1, VRN — 1.472% 9/25/2030(b)(e)(f) | 673,000 | 673,000 | ||||||
| Nationstar HECM Loan Trust 2020-1A M2, VRN — 1.972% 9/25/2030(b)(e)(f) | 602,000 | 602,000 | ||||||
| Nationstar HECM Loan Trust 2019-2A M1, VRN — 2.359% 11/26/2029(b)(e)(f) | 130,000 | 129,711 | ||||||
| Nationstar HECM Loan Trust 2019-1A M1, VRN — 2.664% 6/25/2029(e)(f) | 1,008,000 | 1,013,727 | ||||||
| RCO V Mortgage LLC 2020-1 A1 — 3.105% 9/25/2025(f)(h) | 1,542,000 | 1,537,825 | ||||||
| Towd Point Mortgage Trust 2017-2 A1, VRN — 2.750% 4/25/2057(e)(f) | 1,197,877 | 1,227,148 | ||||||
| Towd Point Mortgage Trust 2018-1 A1, VRN — 3.000% 1/25/2058(e)(f) | 59,634 | 61,884 | ||||||
| Towd Point Mortgage Trust 2018-2 A1, VRN — 3.250% 3/25/2058(e)(f) | 1,082,276 | 1,150,389 | ||||||
| Towd Point Mortgage Trust 2018-5 A1A, VRN — 3.250% 7/25/2058(e)(f) | 134,770 | 140,880 | ||||||
| VCAT LLC 2020-NPL1 A1 — 3.671% 8/25/2050(f)(h) | 1,088,283 | 1,088,173 | ||||||
| $ | 13,828,577 | |||||||
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $19,804,429) | $ | 20,054,054 | ||||||
| ASSET-BACKED SECURITIES — 69.3% | ||||||||
| AUTO — 16.3% | ||||||||
| Ally Auto Receivables Trust 2019-1 A4 — 3.020% 4/15/2024 | $ | 252,000 | $ | 264,353 | ||||
| American Credit Acceptance Receivables Trust 2020-3 C — 1.850% 6/15/2026(f) | 1,033,000 | 1,038,363 | ||||||
| American Credit Acceptance Receivables Trust 2020-2 B — 2.480% 9/13/2024(f) | 340,000 | 351,978 | ||||||
| CarMax Auto Owner Trust 2019-3 A3 — 2.180% 8/15/2024 | 919,000 | 944,086 | ||||||
| CarMax Auto Owner Trust 2017-3 C — 2.720% 5/15/2023 | 240,000 | 244,705 | ||||||
| CarMax Auto Owner Trust 2019-1 A4 — 3.260% 8/15/2024 | 200,000 | 211,917 | ||||||
| CarMax Auto Owner Trust 2018-3 A4 — 3.270% 3/15/2024 | 600,000 | 628,972 | ||||||
| CarMax Auto Owner Trust 2019-1 B — 3.450% 11/15/2024 | 107,000 | 112,690 | ||||||
| CarMax Auto Owner Trust 2018-4 B — 3.670% 5/15/2024 | 95,000 | 97,749 | ||||||
| DT Auto Owner Trust 2020-3A B — 0.910% 12/16/2024(f) | 395,000 | 394,753 | ||||||
| DT Auto Owner Trust 2020-3A C — 1.470% 6/15/2026(f) | 2,884,000 | 2,892,107 | ||||||
| DT Auto Owner Trust 2020-2A B — 2.080% 3/16/2026(f) | 361,000 | 368,741 | ||||||
| Exeter Automobile Receivables Trust 2020-3A B — 0.790% 9/16/2024 | 565,000 | 564,430 | ||||||
| Exeter Automobile Receivables Trust 2020-3A C — 1.320% 7/15/2025 | 2,884,000 | 2,889,912 | ||||||
| Exeter Automobile Receivables Trust 2020-2A B — 2.080% 7/15/2024(f) | 590,000 | 598,323 | ||||||
| Ford Credit Auto Lease Trust 2020-B C — 1.700% 2/15/2025 | 348,000 | 347,816 | ||||||
| Ford Credit Auto Lease Trust 2020-A A4 — 1.880% 5/15/2023 | 320,000 | 327,401 | ||||||
| Ford Credit Auto Lease Trust 2020-A B — 2.050% 6/15/2023 | 1,500,000 | 1,530,284 | ||||||
| Ford Credit Auto Lease Trust 2019-B B — 2.360% 1/15/2023 | 494,000 | 494,295 | ||||||
| Ford Credit Auto Owner Trust 2020-A A2 — 1.030% 10/15/2022 | 1,652,271 | 1,657,775 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2020
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Ford Credit Auto Owner Trust 2019-A A4 — 2.850% 8/15/2024 | $ | 676,000 | $ | 710,989 | ||||
| GM Financial Automobile Leasing Trust 2020-3 C — 1.110% 10/21/2024 | 1,000,000 | 999,963 | ||||||
| GM Financial Automobile Leasing Trust 2020-1 B — 1.840% 12/20/2023 | 255,000 | 257,504 | ||||||
| GM Financial Automobile Leasing Trust 2019-2 B — 2.890% 3/20/2023 | 1,000,000 | 1,018,924 | ||||||
| Honda Auto Receivables Owner Trust 2020-2 A2 — 0.740% 11/15/2022 | 247,000 | 247,664 | ||||||
| Honda Auto Receivables Owner Trust 2020-1 A3 — 1.610% 4/22/2024 | 1,007,000 | 1,030,679 | ||||||
| Honda Auto Receivables Owner Trust 2019-3 A3 — 1.780% 8/15/2023 | 523,000 | 532,375 | ||||||
| Honda Auto Receivables Owner Trust 2019-2 A4 — 2.540% 3/21/2025 | 1,000,000 | 1,043,760 | ||||||
| Honda Auto Receivables Owner Trust 2019-1 A4 — 2.900% 6/18/2024 | 355,000 | 369,785 | ||||||
| Honda Auto Receivables Owner Trust 2018-4 A4 — 3.300% 7/15/2025 | 155,000 | 161,993 | ||||||
| Hyundai Auto Lease Securitization Trust 2020-A A4 — 2.000% 12/15/2023(f) | 778,000 | 797,898 | ||||||
| Hyundai Auto Lease Securitization Trust 2020-A B — 2.120% 5/15/2024(f) | 656,000 | 673,851 | ||||||
| Hyundai Auto Lease Securitization Trust 2019-A A2 — 2.920% 7/15/2021(f) | 22,170 | 22,190 | ||||||
| Hyundai Auto Lease Securitization Trust 2019-A B — 3.250% 10/16/2023(f) | 334,000 | 337,160 | ||||||
| Hyundai Auto Receivables Trust 2019-A A4 — 2.710% 5/15/2025 | 1,000,000 | 1,043,390 | ||||||
| Legal Fee Funding — 8.000% 7/20/2036(f) | 267,664 | 276,885 | ||||||
| Mercedes-Benz Auto Lease Trust 2020-A A4 — 1.880% 9/15/2025 | 1,438,000 | 1,468,459 | ||||||
| Nissan Auto Lease Trust 2020-A A4 — 1.880% 4/15/2025 | 1,442,000 | 1,470,060 | ||||||
| Nissan Auto Receivables Owner Trust 2019-C A3 — 1.930% 7/15/2024 | 575,000 | 589,046 | ||||||
| Nissan Auto Receivables Owner Trust 2019-A A4 — 3.000% 9/15/2025 | 252,000 | 265,663 | ||||||
| Nissan Auto Receivables Owner Trust 2018-B A4 — 3.160% 12/16/2024 | 435,000 | 444,869 | ||||||
| Prestige Auto Receivables Trust 2019-1A B — 2.530% 1/16/2024(f) | 263,000 | 266,878 | ||||||
| Santander Consumer Auto Receivables Trust 2020-AA B — 2.260% 12/15/2025(f) | 688,000 | 713,224 | ||||||
| Santander Drive Auto Receivables Trust 2020-2 B — 0.960% 11/15/2024 | 450,000 | 450,780 | ||||||
| Santander Drive Auto Receivables Trust 2020-3 C — 1.120% 1/15/2026 | 1,240,000 | 1,239,284 | ||||||
| Toyota Auto Receivables Owner Trust 2020-A A3 — 1.660% 5/15/2024 | 1,063,000 | 1,086,064 | ||||||
| Toyota Auto Receivables Owner Trust 2019-C A3 — 1.910% 9/15/2023 | 238,000 | 242,487 | ||||||
| Toyota Auto Receivables Owner Trust 2019-A A4 — 3.000% 5/15/2024 | 252,000 | 265,101 | ||||||
| Volkswagen Auto Lease Trust 2019-A A4 — 2.020% 8/20/2024 | 259,000 | 264,206 | ||||||
| Volkswagen Auto Loan Enhanced Trust 2020-1 A2A — 0.930% 12/20/2022 | 1,746,000 | 1,752,392 | ||||||
| Westlake Automobile Receivables Trust 2020-2A C — 2.010% 7/15/2025(f) | 530,000 | 537,493 | ||||||
| Westlake Automobile Receivables Trust 2020-1A C — 2.520% 4/15/2025(f) | 1,543,000 | 1,580,247 | ||||||
| World Omni Auto Receivables Trust 2019-C A3 — 1.960% 12/16/2024 | 650,000 | 664,401 | ||||||
| World Omni Auto Receivables Trust 2017-B B — 2.370% 5/15/2024 | 350,000 | 351,144 | ||||||
| World Omni Auto Receivables Trust 2018-A B — 2.890% 4/15/2025 | 1,022,000 | 1,032,054 | ||||||
| World Omni Auto Receivables Trust 2018-B A4 — 3.030% 6/17/2024 | 1,013,000 | 1,053,737 | ||||||
| World Omni Auto Receivables Trust 2019-A A3 — 3.040% 5/15/2024 | 859,000 | 879,523 | ||||||
| World Omni Auto Receivables Trust 2019-A B — 3.340% 6/16/2025 | 252,000 | 266,611 | ||||||
| World Omni Automobile Lease Securitization Trust 2020-A A3 — 1.700% 1/17/2023 | 792,000 | 808,255 | ||||||
| World Omni Automobile Lease Securitization Trust 2019-B A4 — 2.070% 2/18/2025 | 338,000 | 338,985 | ||||||
| World Omni Automobile Lease Securitization Trust 2019-B B — 2.130% 2/18/2025 | 190,000 | 187,360 | ||||||
| World Omni Automobile Lease Securitization Trust 2019-A B — 3.240% 7/15/2024 | 529,000 | 544,049 | ||||||
| $ | 44,248,032 | |||||||
| COLLATERALIZED LOAN OBLIGATION — 25.0% | ||||||||
| AGL CLO 6 Ltd. 2020-6A E, 3M USD LIBOR + 7.480%, FRN — 7.731% 7/20/2031(e)(f) | $ | 500,000 | $ | 493,718 | ||||
| AGL CLO 7 Ltd. 2020-7A A1, 3M USD LIBOR + 1.800%, FRN — 2.050% 7/15/2031(e)(f) | 2,030,000 | 2,034,653 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2020
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| AGL CLO 7 Ltd. 2020-7A E, 3M USD LIBOR + 7.480%, FRN — 7.730% 7/15/2031(e)(f) | $ | 1,715,000 | $ | 1,663,042 | ||||
| AGL Core CLO 8 Ltd. 2020-8A A1, 3M USD LIBOR + 1.500%, FRN — 1.000% 10/20/2031(e)(f) | 2,502,000 | 2,502,000 | ||||||
| Anchorage Capital CLO 16 Ltd. 2020-16A A, 3M USD LIBOR + 1.400%, FRN — 1.000% 10/20/2031(e)(f) | 1,827,000 | 1,827,000 | ||||||
| Battalion CLO 18 Ltd. 2020-18A A1, 3M USD LIBOR + 1.800%, FRN — 1.000% 10/15/2032(e)(f) | 1,052,000 | 1,054,739 | ||||||
| Canyon Capital CLO Ltd. 2014-2A AS, 3M USD LIBOR + 1.250%, FRN — 1.525% 4/15/2029(e)(f) | 627,000 | 623,027 | ||||||
| Carlyle Global Market Strategies CLO Ltd. 2015-2A A1R, 3M USD LIBOR + 0.780%, FRN — 1.025% 4/27/2027(e)(f) | 456,223 | 452,455 | ||||||
| Cayuga Park CLO Ltd. 2020 1A E — 7.562% 7/17/2031(e)(f) | 1,066,000 | 1,058,173 | ||||||
| Cerberus Corporate Credit Solutions Fund — 1.805% 10/15/2030(e)(f) | 1,247,000 | 1,201,639 | ||||||
| Cerberus Loan Funding XXI LP 2017-4A A, 3M USD LIBOR + 1.45%, FRN — 1.725% 10/15/2027(e)(f) | 791,244 | 786,470 | ||||||
| Cerberus Loan Funding XXIII LP 2018-2A A, 3M USD LIBOR + 1.00%, FRN — 1.275% 4/15/2028(e)(f) | 566,358 | 561,587 | ||||||
| Cerberus Loan Funding XXVIII LP 2020-1A A, 3M USD LIBOR + 1.850%, FRN — 1.000% 10/15/2031(e)(f) | 2,412,000 | 2,412,000 | ||||||
| Cerberus Loan Funding XXVIII LP 2020-1A D, 3M USD LIBOR + 5.300%, FRN — 1.000% 10/15/2031(e)(f) | 2,236,000 | 2,235,998 | ||||||
| CIFC Funding Ltd. 2020-2A E, 3M USD LIBOR + 7.635%, FRN — 7.918% 8/24/2032(e)(f) | 1,595,000 | 1,598,917 | ||||||
| Elm Trust 2020-3A A2 — 2.954% 8/20/2029(f) | 362,000 | 363,942 | ||||||
| Elm Trust 2020-3A B — 4.481% 8/20/2029(f) | 897,000 | 901,587 | ||||||
| Fortress Credit Opportunities — 2.518% 7/15/2028(e)(f) | 1,698,000 | 1,698,504 | ||||||
| Fortress Credit Opportunities FCO 2020 13A C 144A — 4.268% 7/15/2028(e)(f) | 711,000 | 710,987 | ||||||
| Fortress Credit Opportunities FCO 2020 13A D 144A — 4.318% 7/15/2028(e)(f) | 1,422,000 | 1,311,017 | ||||||
| Fortress Credit Opportunities IX CLO Ltd. 2017-9A A1T, 3M USD LIBOR + 1.55%, FRN — 1.830% 11/15/2029(e)(f) | 2,193,000 | 2,178,759 | ||||||
| Fortress Credit Opportunities IX CLO Ltd. 2017-9A AFR2 — 2.530% 11/15/2029(b)(f) | 1,069,000 | 1,070,604 | ||||||
| Fortress Credit Opportunities VII CLO Ltd. 2016-7A BR, 3M USD LIBOR + 2.45%, FRN — 2.700% 12/15/2028(e)(f) | 329,000 | 322,770 | ||||||
| Fortress Credit Opportunities VII CLO Ltd. 2016-7I E, 3M USD LIBOR + 7.49%, FRN — 7.740% 12/15/2028(e) | 246,000 | 215,280 | ||||||
| Golub Capital BDC CLO 4 LLC 2020-1A A1, 3M USD LIBOR + 2.350%, FRN — 2.554% 11/5/2032(e)(f) | 2,002,000 | 2,001,952 | ||||||
| Golub Capital Partners CLO Ltd. 2020-49A A1 — 2.779% 7/20/2032(e)(f) | 777,000 | 776,960 | ||||||
| Hercules Capital Funding Trust 2018-1A A — 4.605% 11/22/2027(f) | 1,188,000 | 1,198,480 | ||||||
| Hercules Capital Funding Trust 2019-1A A — 4.703% 2/20/2028(f) | 666,000 | 671,951 | ||||||
| Ivy Hill Middle Market Credit Fund IX Ltd. 9A CR, FRN — 2.622% 1/18/2030(e)(f) | 2,092,000 | 1,974,239 | ||||||
| Ivy Hill Middle Market Credit Fund X Ltd. 10A A1AR, 3M USD LIBOR + 1.25%, FRN — 1.522% 7/18/2030(e)(f) | 227,000 | 218,961 | ||||||
| Jamestown CLO VII Ltd. 2015-7A A1R, 3M USD LIBOR + 0.83%, FRN — 1.075% 7/25/2027(e)(f) | 338,849 | 336,594 | ||||||
| Kayne CLO 8 Ltd. 2020-8A E, 3M USD LIBOR + 7.150%, FRN — 7.395% 7/15/2031(e)(f) | 2,091,000 | 2,052,204 | ||||||
| KKR CLO 17 Ltd. 17 A, 3M USD LIBOR + 1.340%, FRN — 1.615% 4/15/2029(e)(f) | 750,000 | 746,646 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2020
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| KKR CLO 18 Ltd. 18 A, 3M USD LIBOR + 1.270%, FRN — 1.542% 7/18/2030(e)(f) | $ | 800,000 | $ | 794,315 | ||||
| Madison Park Funding XIII Ltd. 2014-13A AR2, 3M USD LIBOR + 0.950%, FRN — 1.222% 4/19/2030(e)(f) | 550,000 | 545,405 | ||||||
| Nassau Ltd. 2017-IA A1AS, 3M USD LIBOR + 1.150%, FRN — 1.425% 10/15/2029(e)(f) | 944,000 | 931,875 | ||||||
| Ocean Trails CLO IX 2020-9A A1, 3M USD LIBOR + 1.870%, FRN — 2.153% 10/15/2029(e)(f) | 250,000 | 249,411 | ||||||
| Ocean Trails CLO X 2020-10A A1, 3M USD LIBOR + 1.550%, FRN — 1.000% 10/15/2031(e)(f) | 1,857,000 | 1,856,998 | ||||||
| Octagon Investment Partners 35 Ltd. 2018-1A A1A, FRN — 1.332% 1/20/2031(e)(f) | 1,249,000 | 1,231,838 | ||||||
| Octagon Investment Partners 46 Ltd. 2020-2A E, 3M USD LIBOR + 7.860%, FRN — 8.109% 7/15/2033(e)(f) | 2,097,000 | 2,102,494 | ||||||
| Octagon Investment Partners 48 Ltd. 2020-3A E, 3M USD LIBOR + 7.660%, FRN — 1.000% 10/20/2031(e)(f) | 300,000 | 295,737 | ||||||
| Owl Rock CLO III Ltd. 2020-3A A1L, 3M USD LIBOR + 1.800%, FRN — 2.072% 4/20/2032(e)(f) | 800,000 | 781,857 | ||||||
| Palmer Square CLO Ltd. 2019-1A A1, 3M USD LIBOR + 1.05%, FRN — 1.322% 4/20/2027(e)(f) | 365,440 | 363,987 | ||||||
| Silvermore CLO Ltd. 2014-1A A1R, 3M USD LIBOR + 1.170% — 1.450% 5/15/2026(e)(f) | 161,429 | 160,836 | ||||||
| Sound Point CLO XII Ltd. 2016-2A AR, 3M USD LIBOR + 1.29%, FRN — 1.562% 10/20/2028(e)(f) | 514,000 | 510,661 | ||||||
| Sound Point CLO XVII Ltd. 2017-3A A1A, 3M USD LIBOR + 1.220%, FRN — 1.492% 10/20/2030(e)(f) | 533,000 | 524,578 | ||||||
| Sound Point CLO XVII Ltd. 2017-3A A1B, 3M USD LIBOR + 1.220%, FRN — 1.492% 10/20/2030(e)(f) | 533,000 | 524,578 | ||||||
| Stratus CLO Ltd. 2020-2A D, 3M USD LIBOR + 3.650%, FRN — 3.918% 10/15/2028(e)(f) | 1,182,000 | 1,182,670 | ||||||
| Symphony CLO XII Ltd. 2013-12A AR, 3M USD LIBOR + 1.030%, FRN — 1.305% 10/15/2025(e)(f) | 611,500 | 609,665 | ||||||
| Symphony CLO XIX Ltd. 2018-19A A, 3M USD LIBOR + 0.960%, FRN — 1.231% 4/16/2031(e)(f) | 800,000 | 788,490 | ||||||
| Telos CLO Ltd. 2014-5A A1R, 3M USD LIBOR + 0.95%, FRN — 1.223% 4/17/2028(e)(f) | 244,111 | 241,885 | ||||||
| Telos CLO Ltd. 2013-3A AR, 3M USD LIBOR + 1.300% — 1.573% 7/17/2026(e)(f) | 425,072 | 423,923 | ||||||
| Trinitas CLO V Ltd. 2016-5A AR, 3M USD LIBOR + 1.39%, FRN — 1.635% 10/25/2028(e)(f) | 628,000 | 623,776 | ||||||
| VCO CLO LLC 2018-1A A, 3M USD LIBOR + 1.50%, FRN — 1.772% 7/20/2030(e)(f) | 249,682 | 245,898 | ||||||
| Venture 35 CLO Ltd. 2018-35A AS, 3M USD LIBOR + 1.150%, FRN — 1.408% 10/22/2031(e)(f) | 155,000 | 154,148 | ||||||
| Venture CDO Ltd., 3M USD LIBOR + 0.88%, FRN — 1.155% 4/15/2027(e)(f) | 1,097,829 | 1,082,247 | ||||||
| Venture XXIX CLO Ltd. 2017-29A A, 3M USD LIBOR + 1.280%, FRN — 1.560% 9/7/2030(e)(f) | 676,000 | 665,116 | ||||||
| Venture XXV CLO Ltd. 2016-25A AR, 3M USD LIBOR + 1.230%, FRN — 1.502% 4/20/2029(e)(f) | 577,000 | 573,824 | ||||||
| Vericrest Opportunity Loan Transferee LLC 2014-NPL4 A1 — 3.967% 4/25/2050(f)(h) | 527,309 | 531,260 | ||||||
| Voya CLO Ltd. 2020-2A E, 3M USD LIBOR + 7.850%, FRN — 8.035% 7/19/2031(e)(f) | 2,304,000 | 2,283,458 | ||||||
| Wellfleet CLO Ltd. 2016-1A AR, 3M USD LIBOR + 0.910% — 1.182% 4/20/2028(e)(f) | 337,889 | 334,539 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2020
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Whitebox CLO II Ltd. 2020-2A A1, 3M USD LIBOR + 1.750%, FRN — 1.992% 10/24/2031(e)(f) | $ | 2,586,000 | $ | 2,587,397 | ||||
| Woodmont Trust — 1.000% 10/18/2032(b)(e) | 2,799,000 | 2,799,000 | ||||||
| Zais CLO 14 Ltd. 2020-14A A1A, 3M USD LIBOR + 1.400%, FRN — 2.380% 4/15/2032(e)(f) | 1,394,000 | 1,385,913 | ||||||
| Zais CLO 5 Ltd. 2016-2A A1, 3M USD LIBOR + 1.530%, FRN — 1.805% 10/15/2028(e)(f) | 492,267 | 488,555 | ||||||
| Zais CLO 7 LLC 2017-2A A, 3M USD LIBOR + 1.290%, FRN — 1.565% 4/15/2030(e)(f) | 625,125 | 615,133 | ||||||
| $ | 67,748,322 | |||||||
| CREDIT CARD — 2.4% | ||||||||
| American Express Credit Account Master Trust 2019-2 A — 2.670% 11/15/2024 | $ | 268,000 | $ | 278,112 | ||||
| American Express Credit Account Master Trust 2019-2 B — 2.860% 11/15/2024 | 1,160,000 | 1,192,694 | ||||||
| American Express Credit Account Master Trust 2019-1 A — 2.870% 10/15/2024 | 1,545,000 | 1,604,789 | ||||||
| Barclays Dryrock Issuance Trust 2019-1 A — 1.960% 5/15/2025 | 869,000 | 893,119 | ||||||
| Capital One Multi-Asset Execution Trust 2019-A2 A2 — 1.720% 8/15/2024 | 49,000 | 50,338 | ||||||
| Discover Card Execution Note Trust 2019-A1 A1 — 3.040% 7/15/2024 | 174,000 | 180,273 | ||||||
| Synchrony Card Funding LLC 2019-A2 A — 2.340% 6/15/2025 | 1,144,000 | 1,180,307 | ||||||
| Synchrony Card Funding LLC 2019-A1 A — 2.950% 3/15/2025 | 989,000 | 1,022,706 | ||||||
| $ | 6,402,338 | |||||||
| EQUIPMENT — 17.6% | ||||||||
| ARI Fleet Lease Trust 2018-B A3 — 3.430% 8/16/2027(f) | $ | 380,000 | $ | 393,223 | ||||
| Ascentium Equipment Receivables 2019-2A A3 — 2.190% 11/10/2026(f) | 718,000 | 730,444 | ||||||
| Avis Budget Rental Car Funding AESOP LLC 2017-2A A — 2.970% 3/20/2024(f) | 268,000 | 276,529 | ||||||
| Avis Budget Rental Car Funding AESOP LLC 2017-1A A — 3.070% 9/20/2023(f) | 2,192,000 | 2,255,358 | ||||||
| Avis Budget Rental Car Funding AESOP LLC 2019-1A A — 3.450% 3/20/2023(f) | 254,000 | 259,916 | ||||||
| Chesapeake Funding II LLC 2017-3A A1 — 1.910% 8/15/2029(f) | 552,596 | 553,593 | ||||||
| Chesapeake Funding II LLC 2017-2A A1 — 1.990% 5/15/2029(f) | 114,831 | 114,541 | ||||||
| Chesapeake Funding II LLC 2020-1A C — 2.140% 8/16/2032(f) | 368,000 | 367,784 | ||||||
| Chesapeake Funding II LLC 2017-4A C — 2.760% 11/15/2029(f) | 286,000 | 285,821 | ||||||
| Chesapeake Funding II LLC 2018-1A A1 — 3.040% 4/15/2030(f) | 1,216,512 | 1,243,116 | ||||||
| Chesapeake Funding II LLC — 3.110% 4/15/2031(f) | 676,000 | 682,261 | ||||||
| Chesapeake Funding II LLC 2018-2A A1 — 3.230% 8/15/2030(f) | 1,347,160 | 1,366,686 | ||||||
| CNH Equipment Trust 2020-A A2 — 1.080% 7/17/2023 | 683,000 | 686,591 | ||||||
| Coinstar Funding LLC Series 2017-1A A2 — 5.216% 4/25/2047(f) | 2,204,933 | 2,065,322 | ||||||
| Daimler Trucks Retail Trust 2020-1 A2 — 1.140% 4/15/2022 | 185,315 | 185,760 | ||||||
| Daimler Trucks Retail Trust 2019-1 A4 — 2.790% 5/15/2025(f) | 1,000,000 | 1,005,630 | ||||||
| Dell Equipment Finance Trust 2019-2 A3 — 1.910% 10/22/2024(f) | 1,470,000 | 1,487,266 | ||||||
| Dell Equipment Finance Trust 2020-2 D — 1.920% 3/23/2026(f) | 745,000 | 744,771 | ||||||
| Dell Equipment Finance Trust 2019-2 B — 2.060% 10/22/2024(f) | 1,073,000 | 1,075,054 | ||||||
| Dell Equipment Finance Trust 2019-1 A2 — 2.780% 8/23/2021(f) | 154,792 | 155,340 | ||||||
| Dell Equipment Finance Trust 2019-1 B — 2.940% 3/22/2024(f) | 1,294,000 | 1,321,778 | ||||||
| Dell Equipment Finance Trust 2018-2 A3 — 3.370% 10/22/2023(f) | 552,938 | 558,188 | ||||||
| Dell Equipment Finance Trust 2018-2 C — 3.720% 10/22/2023(f) | 1,777,000 | 1,786,948 | ||||||
| Dell Equipment Finance Trust 2020-1 C — 4.260% 6/22/2023(f) | 664,000 | 674,765 | ||||||
| Enterprise Fleet Financing LLC 2020-1 A2 — 1.780% 12/22/2025(f) | 549,000 | 557,344 | ||||||
| Enterprise Fleet Financing LLC 2019-1 A2 — 2.980% 10/20/2024(f) | 989,734 | 1,005,927 | ||||||
| Enterprise Fleet Financing LLC 2018-1 A3 — 3.100% 10/20/2023(f) | 2,195,000 | 2,233,568 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2020
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Enterprise Fleet Financing LLC 2018-2 A2 — 3.140% 2/20/2024(f) | $ | 736,828 | $ | 744,155 | ||||
| Enterprise Fleet Financing LLC 2018-3 A2 — 3.380% 5/20/2024(f) | 273,624 | 277,862 | ||||||
| Great American Auto Leasing, Inc. 2019-1 B — 3.370% 2/18/2025(f) | 252,000 | 258,738 | ||||||
| GreatAmerica Leasing Receivables Funding LLC 2019-1 A4 — 3.210% 2/18/2025(f) | 250,000 | 257,842 | ||||||
| GreatAmerica Leasing Receivables Funding LLC Series 2020-1 A3 — 1.760% 8/15/2023(f) | 369,000 | 372,276 | ||||||
| GreatAmerica Leasing Receivables Funding LLC Series 2018-1 B — 2.990% 6/17/2024(f) | 255,000 | 254,945 | ||||||
| HPEFS Equipment Trust 2020-1A A2 — 1.730% 2/20/2030(f) | 125,000 | 125,940 | ||||||
| HPEFS Equipment Trust 2020-1A B — 1.890% 2/20/2030(f) | 175,000 | 177,571 | ||||||
| HPEFS Equipment Trust 2020-2A C — 2.000% 7/22/2030(f) | 711,000 | 711,577 | ||||||
| HPEFS Equipment Trust 2020-1A C — 2.030% 2/20/2030(f) | 815,000 | 822,903 | ||||||
| HPEFS Equipment Trust 2019-1A B — 2.320% 9/20/2029(f) | 100,000 | 99,386 | ||||||
| John Deere Owner Trust 2019 A A4 — 3.000% 1/15/2026 | 532,000 | 556,749 | ||||||
| Kubota Credit Owner Trust 2020-1A A1 — 1.500% 5/17/2021(f) | 57,781 | 57,791 | ||||||
| Kubota Credit Owner Trust 2020-1A A2 — 1.920% 12/15/2022(f) | 611,000 | 618,193 | ||||||
| Kubota Credit Owner Trust 2018-1A A4 — 3.210% 1/15/2025(f) | 730,000 | 754,748 | ||||||
| Navistar Financial Dealer Note Master Trust 2020-1 A, 1M USD LIBOR + 0.950%, FRN — 1.098% 7/25/2025(e)(f) | 1,572,000 | 1,577,388 | ||||||
| Navistar Financial Dealer Note Master Trust 2020-1 C, 1M USD LIBOR + 2.150%, FRN — 2.298% 7/25/2025(e)(f) | 1,063,000 | 1,063,013 | ||||||
| NextGear Floorplan Master Owner Trust 2019-2A A2 — 2.070% 10/15/2024(f) | 760,000 | 752,082 | ||||||
| NextGear Floorplan Master Owner Trust 2019-1A A2 — 3.210% 2/15/2024(f) | 934,000 | 967,720 | ||||||
| NextGear Floorplan Master Owner Trust 2018-2A A2 — 3.690% 10/15/2023(f) | 412,000 | 422,559 | ||||||
| Verizon Owner Trust 2019 A A1A — 2.930% 9/20/2023 | 847,000 | 867,884 | ||||||
| Verizon Owner Trust 2019 A B — 3.020% 9/20/2023 | 532,000 | 548,113 | ||||||
| Verizon Owner Trust 2019-C A1A — 1.940% 4/22/2024 | 1,532,000 | 1,567,876 | ||||||
| Verizon Owner Trust 2019-C B — 2.060% 4/22/2024 | 925,000 | 941,221 | ||||||
| Verizon Owner Trust 2019-B A1A — 2.330% 12/20/2023 | 141,000 | 144,383 | ||||||
| Verizon Owner Trust 2019-B B — 2.400% 12/20/2023 | 1,006,000 | 1,034,161 | ||||||
| Verizon Owner Trust 2018-1A C — 3.200% 9/20/2022(f) | 1,400,000 | 1,427,318 | ||||||
| Verizon Owner Trust 2018-A A1A — 3.230% 4/20/2023 | 1,656,000 | 1,682,101 | ||||||
| Verizon Owner Trust 2018-A B — 3.380% 4/20/2023 | 556,000 | 574,917 | ||||||
| Volvo Financial Equipment LLC Series 2019-2A A2 — 2.020% 8/15/2022(f) | 1,440,046 | 1,449,663 | ||||||
| Volvo Financial Equipment LLC Series 2019-1A A3 — 3.000% 3/15/2023(f) | 1,206,000 | 1,230,476 | ||||||
| Volvo Financial Equipment LLC Series 2019-1A A4 — 3.130% 11/15/2023(f) | 250,000 | 259,703 | ||||||
| Wheels SPV 2 LLC 2019-1A A3 — 2.350% 5/22/2028(f) | 1,033,000 | 1,062,944 | ||||||
| $ | 47,737,722 | |||||||
| OTHER — 8.0% | ||||||||
| CARS-DB4 LP 2020-1A A1 — 2.690% 2/15/2050(f) | $ | 318,803 | $ | 322,793 | ||||
| InSite Issuer LLC 2020-1A C — 4.213% 9/15/2050(f) | 298,000 | 298,186 | ||||||
| InSite Issuer LLC 2016-1A C — 6.414% 11/15/2046(f) | 1,000,000 | 1,020,813 | ||||||
| LCM XIII LP 13A ARR, 3M USD LIBOR + 1.140%, FRN — 1.412% 7/19/2027(e)(f) | 800,000 | 791,936 | ||||||
| Magnetite XVI Ltd. 2015-16A AR, 3M USD LIBOR + 0.800%, FRN — 1.072% 1/18/2028(e)(f) | 302,953 | 300,584 | ||||||
| MelTel Land Funding LLC 2019-1A C — 6.070% 4/15/2049(f) | 312,000 | 315,283 | ||||||
| New Residential Mortgage LLC 2018-FNT1 A — 3.610% 5/25/2023(f) | 649,113 | 649,280 | ||||||
| NRZ Advance Receivables Trust 2015-ON1 2020-T2 AT2 — 1.475% 9/15/2053(f) | 2,720,000 | 2,719,526 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2020
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| NRZ Excess Spread-Collateralized Notes Series 2018-PLS1 A — 3.193% 1/25/2023(f) | $ | 719,028 | $ | 719,011 | ||||
| Ocwen Master Advance Receivables Trust 2020-T1 AT1 — 1.278% 8/15/2052(f) | 2,191,000 | 2,199,041 | ||||||
| OHA Credit Funding 6 Ltd. 2020-6A E, 3M USD LIBOR + 7.330%, FRN — 7.582% 7/20/2031(e)(f) | 1,418,000 | 1,415,873 | ||||||
| Palmer Square Loan Funding Ltd. 2018-4A A1, 3M USD LIBOR + 0.900%, FRN — 1.180% 11/15/2026(e)(f) | 147,859 | 147,233 | ||||||
| Parliament Funding II Ltd. 2020-1A A, 3M USD LIBOR + 2.450%, FRN — 2.764% 8/12/2030(e)(f) | 986,000 | 986,486 | ||||||
| PFS Financing Corp. 2020-F A — 0.930% 8/15/2024(f) | 460,000 | 460,822 | ||||||
| PFS Financing Corp. 2020-F B — 1.420% 8/15/2024(f) | 130,000 | 129,687 | ||||||
| PFS Financing Corp. 2020-E B — 1.570% 10/15/2025(f) | 1,151,000 | 1,146,795 | ||||||
| PFS Financing Corp. 2020-A B — 1.770% 6/15/2025(f) | 2,119,000 | 2,117,676 | ||||||
| PFS Financing Corp. 2019-A A2 — 2.860% 4/15/2024(f) | 1,420,000 | 1,456,542 | ||||||
| PFS Financing Corp. 2019-A B — 3.130% 4/15/2024(f) | 1,000,000 | 1,021,943 | ||||||
| PFS Financing Corp. 2018-F A — 3.520% 10/15/2023(f) | 486,000 | 500,850 | ||||||
| SpringCastle America Funding LLC 2020-AA A — 1.970% 9/25/2037(f) | 2,083,000 | 2,105,338 | ||||||
| TVEST 2020A LLC 2020-A A — 4.500% 7/15/2032(f) | 791,221 | 791,736 | ||||||
| $ | 21,617,434 | |||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $185,684,749) | $ | 187,753,848 | ||||||
| CORPORATE BONDS & NOTES — 3.0% | ||||||||
| COMMUNICATIONS — 0.4% | ||||||||
| Consolidated Communications, Inc. — 6.500% 10/1/2028(f) | $ | 1,119,000 | $ | 1,139,981 | ||||
| CONSUMER, CYCLICAL — 1.6% | ||||||||
| Air Canada 2020-1 Class C Pass Through Trust — 10.500% 7/15/2026(f) | $ | 1,030,000 | $ | 1,048,297 | ||||
| American Airlines 2016-1 Class A Pass Through Trust — 4.100% 7/15/2029 | 844,166 | 654,229 | ||||||
| American Airlines 2016-2 Class A Pass Through Trust — 3.650% 12/15/2029 | 1,047,488 | 817,041 | ||||||
| Aramark Services, Inc. — 6.375% 5/1/2025(f) | 316,000 | 327,716 | ||||||
| Carnival Corp. — 11.500% 4/1/2023(f) | 512,000 | 573,942 | ||||||
| CD&R Smokey Buyer, Inc. — 6.750% 7/15/2025(f) | 177,000 | 186,292 | ||||||
| Royal Caribbean Cruises Ltd. — 11.500% 6/1/2025(f) | 594,000 | 688,517 | ||||||
| $ | 4,296,034 | |||||||
| CONSUMER, NON-CYCLICAL — 0.7% | ||||||||
| Cimpress plc — 7.000% 6/15/2026(f) | $ | 335,000 | $ | 314,063 | ||||
| StoneMor Partners LP / Cornerstone Family Services of West Virginia Subsidiary PIK — 11.500% 6/30/2024(f) | 1,781,529 | 1,759,260 | ||||||
| $ | 2,073,323 | |||||||
| ENERGY — 0.3% | ||||||||
| Natural Resource Partners LP / NRP Finance Corp. — 9.125% 6/30/2025(f) | $ | 831,000 | $ | 729,651 | ||||
| TOTAL CORPORATE BONDS & NOTES (Cost $7,886,547) | $ | 8,238,989 | ||||||
| CORPORATE BANK DEBT — 5.6% | ||||||||
| ABG Intermediate Holding 2 LLC, 1M USD LIBOR + 5.250% — 6.250% 9/27/2024(a)(e) | $ | 584,000 | $ | 578,160 | ||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2020
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| ABG Intermediate Holding 2 LLC, 3M USD LIBOR + 3.500% — 4.500% 9/27/2024(a)(e) | $ | 963,303 | $ | 941,628 | ||||
| Asurion LLC Second Lien, 1M USD LIBOR + 3.000% — 3.150% 8/4/2025(a)(e) | 745,000 | 745,000 | ||||||
| BJ Services Inc., 3M USD LIBOR + 7.000% — 8.500% 1/3/2023(a)(b)(d)(e) | 237,500 | 200,464 | ||||||
| Cincinnati Bell, Inc., 1M USD LIBOR + 3.250% — 4.250% 10/2/2024(a)(e) | 1,127,372 | 1,126,166 | ||||||
| Consolidated Communications, 1M USD LIBOR + 3.000% — 4.000% 10/4/2023(a)(e) | 946,380 | 934,948 | ||||||
| Delta Air Lines, Inc. 2020 Term Loan B, 3M USD LIBOR + 4.750% — 5.750% 4/29/2023(a)(e) | 333,165 | 332,125 | ||||||
| Frontier Communications Corp., 1M USD LIBOR + 2.000% — 5.250% 3/15/2024(a)(e) | 1,273,226 | 1,057,027 | ||||||
| Frontier Communications Corp., 1M USD LIBOR + 2.750% — 6.000% 6/15/2024(a)(e) | 1,430,808 | 1,412,035 | ||||||
| General Nutrition Centers, Inc., 1M USD LIBOR + 9.000% — 10.000% 12/23/2020(a)(e) | 2,318,000 | 2,260,050 | ||||||
| JC Penney Corp., Inc., 1M USD LIBOR + 11.750% — 13.000% 11/16/2020(a)(e) | 749,709 | 952,131 | ||||||
| JC Penney Corp., Inc., 3M USD LIBOR + 4.250% — 5.250% 6/23/2023(a)(e) | 480,181 | 147,656 | ||||||
| Logix Holding Co. LLC, 1M USD LIBOR + 5.750% — 6.750% 12/22/2024(a)(e) | 332,512 | 305,911 | ||||||
| McDermott Super Senior Exit LC — 6/30/2024(a)(b)(d) | 640,000 | (51,200 | ) | |||||
| Mediaco Holding, Inc. Class A, 6.400% — 8.400% 11/25/2024(a)(b)(d) | 1,214,502 | 1,083,985 | ||||||
| PHI, Inc., 6M USD LIBOR + 7.000% — 8.000% 9/4/2024(a)(e) | 1,189,283 | 1,177,390 | ||||||
| Polyconcept North America Holdings, Inc., 3M USD LIBOR + 4.500% — 5.500% 8/16/2023(a)(e) | 751,075 | 612,126 | ||||||
| Tech Data Corp., 1M USD LIBOR + 3.500% — 3.645% 6/30/2025(a)(e) | 470,000 | 470,978 | ||||||
| Windstream Corp., 1M USD LIBOR + 0.000% — 7.500% 2/17/2024(a)(e) | 283,588 | 170,152 | ||||||
| Windstream Services LLC, 1M USD LIBOR + 6.250% — 7.250% 9/21/2027(a)(e) | 847,875 | 816,080 | ||||||
| TOTAL CORPORATE BANK DEBT (Cost $15,467,810) | $ | 15,272,812 | ||||||
| U.S. TREASURIES — 8.3% | ||||||||
| U.S. Treasury Bills — 0.007% 10/6/2020(g) | $ | 1,635,000 | $ | 1,634,984 | ||||
| U.S. Treasury Bills — 0.084% 10/13/2020(g) | 7,703,000 | 7,702,811 | ||||||
| U.S. Treasury Bills — 0.086% 10/20/2020(g) | 7,890,000 | 7,889,620 | ||||||
| U.S. Treasury Bills — 0.081% 10/27/2020(g) | 5,191,000 | 5,190,718 | ||||||
| TOTAL U.S. TREASURIES (Cost $22,418,118) | $ | 22,418,133 | ||||||
| TOTAL BONDS & DEBENTURES — 106.2% (Cost $285,143,653) | $ | 287,892,393 | ||||||
| TOTAL INVESTMENT SECURITIES — 106.4% (Cost $285,759,438) | $ | 288,438,260 | ||||||
| SHORT-TERM INVESTMENTS — 0.9% | ||||||||
| State Street Bank Repurchase Agreement — 0.00% 10/1/2020 (Dated 09/30/2020, repurchase price of $2,511,000, collateralized by $2,560,700 principal amount U.S. Treasury Notes — 0.125% 2022, fair value $2,561,268) | $ | 2,511,000 | $ | 2,511,000 | ||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,511,000) | $ | 2,511,000 | ||||||
| TOTAL INVESTMENTS — 107.3% (Cost $288,270,438) | $ | 290,949,260 | ||||||
| Other Assets and Liabilities, net — (7.3)% | (19,866,967 | ) | ||||||
| NET ASSETS — 100.0% — NOTE 2 | $ | 271,082,293 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2020
(Unaudited)
| (a) | Restricted securities. These restricted securities constituted 5.84% of total net assets at September 30, 2020, 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. |
| (b) | Investments categorized as a significant unobservable input (Level 3). (See Note 1 of the Notes to Financial Statements). |
| (c) | Non-income producing security. |
| (d) | These securities have been valued in good faith under policies adopted by authority of the Board of Trustees in accordance with the Fund's fair value procedures. These securities constituted 0.66% of total net assets at September 30, 2020. |
| (e) | Variable/Floating Rate Security — The rate shown is based on the latest available information as of September 30, 2020. For Corporate Bank Debt, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (f) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. |
| (g) | Zero coupon bond. Coupon amount represents effective yield to maturity. |
| (h) | Step Coupon - Coupon rate increases in increments to maturity. Rate disclosed is as of September 30, 2020. |
fpa Flexible fixed income fund
Portfolio of investments – RESTRICTED SECURITIES
September 30, 2020
(Unaudited)
| Issuer | Acquisition Date (s) | Cost | Fair Value | Fair Value as a % of Net Assets | ||||||||||
| ABG Intermediate Holding 2 LLC, 1M USD LIBOR + 5.250% — 6.250% 9/27/2024 | 07/15/2020 | $ | 570,069 | $ | 578,160 | 0.21 | % | |||||||
| ABG Intermediate Holding 2 LLC, 3M USD LIBOR + 3.500% — 4.500% 9/27/2024 | 03/06/2020, 03/12/2020, 03/20/2020 | 868,097 | 941,628 | 0.35 | % | |||||||||
| Asurion LLC Second Lien, 1M USD LIBOR + 3.000% — 3.150% 8/4/2025 | 09/25/2020 | 745,931 | 745,000 | 0.28 | % | |||||||||
| BJ Services Inc., 3M USD LIBOR + 7.000% — 8.500% 1/3/2023 | 03/31/2020 | 235,985 | 200,464 | 0.07 | % | |||||||||
| Cincinnati Bell, Inc., 1M USD LIBOR + 3.250% — 4.250% 10/2/2024 | 03/16/2020, 03/24/2020, 06/30/2020 | 1,062,478 | 1,126,166 | 0.42 | % | |||||||||
| Consolidated Communications, 1M USD LIBOR + 3.000% — 4.000% 10/4/2023 | 03/18/2020, 05/04/2020, 06/30/2020 | 807,963 | 934,948 | 0.34 | % | |||||||||
| Delta Air Lines, Inc. 2020 Term Loan B, 3M USD LIBOR + 4.750% — 5.750% 4/29/2023 | 04/27/2020 | 324,243 | 332,125 | 0.12 | % | |||||||||
| Frontier Communications Corp., 1M USD LIBOR + 2.000% — 5.250% 3/15/2024 | 12/10/2019 | 1,049,533 | 1,057,027 | 0.39 | % | |||||||||
| Frontier Communications Corp., 1M USD LIBOR + 2.750% — 6.000% 6/15/2024 | 03/20/2020, 04/14/2020 | 1,365,910 | 1,412,035 | 0.53 | % | |||||||||
| General Nutrition Centers, Inc., 1M USD LIBOR + 9.000% — 10.000% 12/23/2020 | 02/14/2020, 04/12/2019, 12/11/2019, 03/12/2020, 03/23/2020, 07/23/2020 | 2,239,172 | 2,260,050 | 0.84 | % | |||||||||
| JC Penney Corp., Inc., 1M USD LIBOR + 11.750% — 13.000% 11/16/2020 | 06/08/2020 | 762,867 | 952,131 | 0.35 | % | |||||||||
| JC Penney Corp., Inc., 3M USD LIBOR + 4.250% — 5.250% 6/23/2023 | 03/30/2020, 06/08/2020, 07/08/2020 | 439,892 | 147,656 | 0.05 | % | |||||||||
| Logix Holding Co. LLC, 1M USD LIBOR + 5.750% — 6.750% 12/22/2024 | 01/09/2019, 06/18/2019, 06/19/2019 | 332,434 | 305,911 | 0.11 | % | |||||||||
| McDermott Super Senior Exit LC —6/30/2024 | 02/28/2020 | (5,651 | ) | (51,200 | ) | (0.02 | )% | |||||||
| Mediaco Holding, Inc. Class A, 6.400% — 8.400% 11/25/2024 | 11/25/2019, 12/12/2019, 12/13/2019, 12/18/2019, 03/27/2020, 06/30/2020 | 1,204,068 | 1,083,985 | 0.40 | % | |||||||||
| PHI Group, Inc. | 08/19/2019 | 188,003 | 172,652 | 0.06 | % | |||||||||
| PHI Group, Inc, Restricted | 08/19/2019 | 427,782 | 373,215 | 0.14 | % | |||||||||
| PHI, Inc., 6M USD LIBOR + 7.000% — 8.000% 9/4/2024 | 07/10/2019, 12/05/2019 | 1,171,170 | 1,177,390 | 0.44 | % | |||||||||
| Polyconcept North America Holdings, Inc., 3M USD LIBOR + 4.500% — 5.500% 8/16/2023 | 11/18/2019 | 745,097 | 612,126 | 0.23 | % | |||||||||
| Tech Data Corp., 1M USD LIBOR + 3.500% — 3.645% 6/30/2025 | 06/26/2020 | 463,261 | 470,978 | 0.17 | % | |||||||||
| Windstream Corp., 1M USD LIBOR + 0.000% — 7.500% 2/17/2024 | 01/07/2020, 02/14/2020 | 271,291 | 170,152 | 0.06 | % | |||||||||
| Windstream Services LLC, 1M USD LIBOR + 6.250% — 7.250% 9/21/2027 | 03/08/2019, 03/29/2019 | 814,000 | 816,080 | 0.30 | % | |||||||||
| TOTAL RESTRICTED SECURITIES | $ | 16,083,595 | $ | 15,818,679 | 5.84 | % | ||||||||
See Notes to Financial Statements.
NOTE 1 — Disclosure of Fair Value Measurements
The Fund uses the following methods and inputs to establish the fair value of its assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally valued each day at the official closing price of, or the last reported sale price on, the exchange or market on which such securities principally are traded, as of the close of business on that day. If there have been no sales that day, equity securities are generally valued at the last available bid price. Securities that are unlisted and fixed-income and convertible securities listed on a national securities exchange for which the over-the-counter ("OTC") market more accurately reflects the securities’ value in the judgment of the Fund's officers, are valued at the most recent bid price. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the NYSE. The Fund may utilize an independent fair valuation service in adjusting the valuations of foreign securities. Currency forwards are valued at the closing currency exchange rate which is not materially different from the forward rate. Short-term corporate notes with maturities of 60 days or less at the time of purchase are valued at amortized cost.
Securities for which representative market quotations are not readily available or are considered unreliable by the Adviser are valued as determined in good faith under procedures adopted by the authority of the Fund’s Board of Trustees. Various inputs may be reviewed in order to make a good faith determination of a security’s value. These inputs include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations of investments that would have been used had greater market activity occurred.
The Fund classifies its assets based on three valuation methodologies. Level 1 values are based on quoted market prices in active markets for identical assets. Level 2 values are based on significant observable market inputs, such as quoted prices for similar assets and quoted prices in inactive markets or other market observable inputs as noted above including spreads, cash flows, financial performance, prepayments, defaults, collateral, credit enhancements, and interest rate volatility. Level 3 values are based on significant unobservable inputs that reflect the Fund’s determination of assumptions that market participants might reasonably use in valuing the assets. These assumptions consider inputs such as proprietary pricing models, cash flows, prepayments, defaults, and collateral The valuation levels are not necessarily an indication of the risk associated with investing in those securities. The following table presents the valuation levels of the Fund's investments as of September 30, 2020:
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | ||||||||||||||||
| Energy | — | — | $ | 545,867 | $ | 545,867 | ||||||||||
| Commercial Mortgage-Backed Securities | ||||||||||||||||
| Agency | — | $ | 3,265,236 | — | 3,265,236 | |||||||||||
| Agency Stripped | — | 2,420,453 | — | 2,420,453 | ||||||||||||
| Non-Agency | — | 28,468,868 | — | 28,468,868 | ||||||||||||
| Residential Mortgage-Backed Securities | ||||||||||||||||
| Agency Collateralized Mortgage Obligation | — | 3,902,711 | — | 3,902,711 | ||||||||||||
| Agency Pool Fixed Rate | — | 369,598 | — | 369,598 | ||||||||||||
| Agency Stripped | — | 248,197 | — | 248,197 | ||||||||||||
| Non-Agency | — | — | 1,704,971 | 1,704,971 | ||||||||||||
| Non-Agency Collateralized Mortgage Obligation | — | 10,007,866 | 3,820,711 | 13,828,577 | ||||||||||||
| Asset-Backed Securities | ||||||||||||||||
| Auto | — | 44,248,032 | — | 44,248,032 | ||||||||||||
| Collateralized Loan Obligation | — | 63,878,718 | 3,869,604 | 67,748,322 | ||||||||||||
| Credit Card | — | 6,402,338 | — | 6,402,338 | ||||||||||||
| Equipment | — | 47,737,722 | — | 47,737,722 | ||||||||||||
| Other | — | 21,617,434 | — | 21,617,434 | ||||||||||||
| Corporate Bonds & Notes | — | 8,238,989 | — | 8,238,989 | ||||||||||||
| Corporate Bank Debt | — | 14,039,563 | 1,233,249 | 15,272,812 | ||||||||||||
| U.S. Treasuries | — | 22,418,133 | — | 22,418,133 | ||||||||||||
| Short-Term Investment | — | 2,511,000 | — | 2,511,000 | ||||||||||||
| — | $ | 279,774,858 | $ | 11,174,402 | $ | 290,949,260 | ||||||||||
The following table summarizes the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2020:
| Investments | Beginning Value at December 31, 2019 | Net Realized and Unrealized Gains (Losses)* | Purchases | (Sales) | Gross Transfers In/(Out) | Ending Value at September 30, 2020 | Net Change in Unrealized Appreciation (Depreciation) related to Investments held at September 30, 2020 | |||||||||||||||||||||
| Common Stocks | $ | 489,398 | $ | 56,469 | — | — | — | $ | 545,867 | $ | 56,469 | |||||||||||||||||
| Residential Mortgage-Backed Securities Non-Agency | — | — | $ | 1,704,971 | — | — | 1,704,971 | — | ||||||||||||||||||||
| Residential Mortgage-Backed Securities Non-Agency Collateralized Mortgage Obligation | 1,204,188 | (349 | ) | 4,367,375 | $ | (1,456,657 | ) | $ | (293,846 | ) | 3,820,711 | — | ||||||||||||||||
| Asset-Backed Securities Collateralized Loan Obligation | — | 1,604 | 3,868,000 | — | — | 3,869,604 | 1,604 | |||||||||||||||||||||
| Corporate Bank Debt | 2,554,734 | (839,036 | ) | 639,096 | (1,121,545 | ) | — | 1,233,249 | (201,231 | ) | ||||||||||||||||||
| $ | 4,248,320 | $ | (781,312 | ) | $ | 10,579,442 | $ | (2,578,202 | ) | $ | (293,846 | ) | $ | 11,174,402 | $ | (143,158 | ) | |||||||||||
* Net realized and unrealized gains (losses) are included in the related amounts in the statement of operations.
Level 3 Valuation Process: Investments classified within Level 3 of the fair value hierarchy are valued by the Adviser in good faith under procedures adopted by authority of the Fund’s Board of Trustees. The Adviser employs various methods to determine fair valuations including regular review of key inputs and assumptions, and review of related market activity, if any. However, there are generally no observable trade activities in these securities. The Adviser reports to the Board of Trustees at their regularly scheduled quarterly meetings, or more often if warranted. The report includes a summary of the results of the process, the key inputs and assumptions noted, and any changes to the inputs and assumptions used. When appropriate, the Adviser will recommend changes to the procedures and process employed. The value determined for an investment using the fair value procedures may differ significantly from the value realized upon the sale of such investment. Transfers of investments between different levels of the fair value hierarchy are recorded at fair value as of the end of the reporting period.
There were transfers of $129,711 out of Level 2 into Level 3 and $423, 557 out of Level 3 into Level 2 during the period ended September 30, 2020.
The following table summarizes the quantitative inputs and assumptions used for items categorized as items categorized as Level 3 of the fair value hierarchy as of September 30, 2020:
| Financial Assets | Fair Value at September 30, 2020 | Valuation Technique(s) | Unobservable Inputs | Price/Range | ||||||
| Common Stocks | $ | 545,867 | Recent Trade Activity (a) | Quotes/Prices | $7.25 | |||||
| Residential Mortgage-Backed Securities Non-Agency | $ | 1,704,971 | Third-Party Broker Quote (b) | Quotes/Prices | $100.00 | |||||
| Residential Mortgage-Backed Securities Non-Agency Collateralized Mortgage Obligation | $ | 3,820,711 | Third-Party Broker Quote (b) | Quotes/Prices | $99.78 - $100.00 | |||||
| Asset-Backed Securities Collateralized Loan Obligation | $ | 1,070,604 | Third-Party Broker Quote (b) | Quotes/Prices | $100.15 | |||||
| 2,799,000 | Recent Trade Activity (e) | Cost | $100.00 | |||||||
| Corporate Bank Debt | $ | 1,284,449 | Pricing Model (c) | Amortized Cost | $84.41 - $89.25 | |||||
| Liqudity Discount | 10% | |||||||||
| (51,200 | ) | Pricing Model (d) | Quotes/Prices | $92.00 | ||||||
| (a) The fair value is based on recent trade activity obtained from market makers in the security. |
| (b) The Third Party Broker Quote technique involves obtaining an independent third-party broker quote for the security. |
| (c) The Pricing Model technique for Level 3 securities involves amortized cost and the application of a discount for lack of liquidity. The discount reflects the current market expectation of discount needed in order to effect a transaction in a timely manner. |
| (d) The Pricing Model technique for Level 3 securities involves recently quoted funding prices of the security. |
| (e) The significant unobservable inputs used in the fair value measurement are based on the most recent trade executed by the Fund. |
NOTE 2 — Federal Income Tax
The cost of investment securities held at September 30, 2020 (excluding short-term investments), was $285,759,438 for federal income tax purposes. Net unrealized appreciation consists of:
| Gross unrealized appreciation: | $ | 3,897,180 | ||
| Gross unrealized depreciation: | (1,218,358 | ) | ||
| Net unrealized appreciation: | $ | 2,678,822 |