FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments
September 30, 2021
(Unaudited)
| COMMON STOCKS | Shares or Principal Amount | Fair Value | ||||||
| RETAILING — 0.2% | ||||||||
| Copper Earn Out Trust(a)(b)(c) | 7,803 | $ | 81,932 | |||||
| Copper Property CTL Pass Through Trust(a)(b)(c) | 58,520 | 1,148,455 | ||||||
| $ | 1,230,387 | |||||||
| ENERGY — 0.2% | ||||||||
| PHI Group, Inc.(b)(d) | 23,814 | $ | 333,396 | |||||
| PHI Group, Inc., Restricted(b)(d) | 51,478 | 720,692 | ||||||
| $ | 1,054,088 | |||||||
| TOTAL COMMON STOCKS — 0.4% (Cost $1,555,635) | $ | 2,284,475 | ||||||
| RIGHTS — 0.0% | ||||||||
| MIDSTREAM - OIL & GAS — 0.0% | ||||||||
| Windstream Rights Offering(a)(b)(c)(d) (Cost $372,781) | 11,258 | $ | 163,241 | |||||
| BONDS & DEBENTURES | ||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.9% | ||||||||
| AGENCY — 0.1% | ||||||||
| Freddie Mac Multifamily Structured Pass Through Certificates K042 A1 — 2.267% 6/25/2024 | $ | 156,363 | $ | 159,846 | ||||
| Freddie Mac Multifamily Structured Pass Through Certificates K024 A2 — 2.573% 9/25/2022 | 93,000 | 94,520 | ||||||
| Government National Mortgage Association 2019-39 A — 3.100% 5/16/2059 | 208,346 | 209,552 | ||||||
| $ | 463,918 | |||||||
| AGENCY STRIPPED — 0.3% | ||||||||
| Government National Mortgage Association 2015-19 IO, VRN — 0.325% 1/16/2057(e) | $ | 1,526,640 | $ | 35,417 | ||||
| Government National Mortgage Association 2015-7 IO, VRN — 0.555% 1/16/2057(e) | 1,748,850 | 53,887 | ||||||
| Government National Mortgage Association 2020-75, VRN — 0.973% 2/16/2062(e) | 6,692,510 | 533,886 | ||||||
| Government National Mortgage Association 2020-42 IO, VRN — 1.012% 3/16/2062(e) | 3,940,444 | 316,531 | ||||||
| Government National Mortgage Association 2020-71, VRN — 1.123% 1/16/2062(e) | 3,974,597 | 331,857 | ||||||
| Government National Mortgage Association 2020-43, VRN — 1.284% 11/16/2061(e) | 2,755,166 | 238,534 | ||||||
| $ | 1,510,112 | |||||||
| NON-AGENCY — 10.5% | ||||||||
| A10 Bridge Asset Financing LLC 2020-C A — 2.021% 8/15/2040(f) | $ | 574,063 | $ | 577,045 | ||||
| ACRE Commercial Mortgage Ltd. 2021-FL4 A, 1M USD LIBOR + 0.830% — 0.917% 12/18/2037(e)(f) | 641,893 | 639,639 | ||||||
| ACRES Commercial Realty Ltd. 2021-FL1 A, 1M USD LIBOR + 1.200% — 1.284% 6/15/2036(e)(f) | 2,604,000 | 2,603,190 | ||||||
| Arbor Realty CLO Ltd. 2021-FL2 A, 1M USD LIBOR + 1.100% — 1.184% 5/15/2036(e)(f) | 364,000 | 364,001 | ||||||
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL1 A, 1M USD LIBOR + 0.970% — 1.054% 12/15/2035(e)(f) | 2,210,000 | 2,210,005 | ||||||
| AREIT Trust 2019-CRE3 A, 1M USD LIBOR + 1.020% — 1.185% 9/14/2036(e)(f) | 288,837 | 288,734 | ||||||
| BDS 2021-FL8 A, 1M USD LIBOR + 0.920% — 1.005% 1/18/2036(e)(f) | 988,000 | 987,390 | ||||||
| BDS Ltd. 2019-FL4 A, 1M USD LIBOR + 1.100% — 1.184% 8/15/2036(e)(f) | 1,101,477 | 1,101,419 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2021
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| BDS Ltd. 2019-FL4 AS, 1M USD LIBOR + 1.400% — 1.484% 8/15/2036(e)(f) | $ | 268,000 | $ | 268,095 | ||||
| BPCRE Ltd. 2021-FL1 A, 1M USD LIBOR + 0.850% — 0.934% 2/15/2037(e)(f) | 2,006,811 | 2,005,561 | ||||||
| BX Commercial Mortgage Trust 2021-VOLT E, 1M USD LIBOR + 2.000% — 2.100% 9/15/2036(e)(f) | 1,410,000 | 1,411,766 | ||||||
| BX Commercial Mortgage Trust 2021-VOLT F, 1M USD LIBOR + 2.400% — 2.500% 9/15/2036(e)(f) | 1,111,000 | 1,112,393 | ||||||
| BXMT Ltd. 2021-FL4 A, 1M USD LIBOR + 1.050% — 1.134% 5/15/2038(e)(f) | 2,899,000 | 2,899,893 | ||||||
| Citigroup Commercial Mortgage Trust 2012-GC8 AAB — 2.608% 9/10/2045 | 198,716 | 200,019 | ||||||
| Citigroup Commercial Mortgage Trust 2013-GC11 AAB — 2.690% 4/10/2046 | 31,613 | 31,989 | ||||||
| Citigroup Commercial Mortgage Trust 2013-GC11 A3 — 2.815% 4/10/2046 | 744,604 | 762,639 | ||||||
| Citigroup Commercial Mortgage Trust 2012-GC8 A4 — 3.024% 9/10/2045 | 290,149 | 292,482 | ||||||
| Citigroup Commercial Mortgage Trust 2013-GC11 A4 — 3.093% 4/10/2046 | 90,000 | 92,619 | ||||||
| Citigroup Commercial Mortgage Trust 2013-GC11 AS — 3.422% 4/10/2046 | 800,000 | 822,258 | ||||||
| COMM 2013-CCRE7 Mortgage Trust 2013-CR7 A4 — 3.213% 3/10/2046 | 1,153,226 | 1,189,952 | ||||||
| COMM Mortgage Trust 2012-CR5 A3 — 2.540% 12/10/2045 | 874,342 | 885,856 | ||||||
| COMM Mortgage Trust 2013-LC6 A4 — 2.941% 1/10/2046 | 1,428,567 | 1,455,872 | ||||||
| COMM Mortgage Trust 2012-CR2 A4 — 3.147% 8/15/2045 | 297,000 | 299,883 | ||||||
| COMM Mortgage Trust 2015-CR22 A3 — 3.207% 3/10/2048 | 179,000 | 180,082 | ||||||
| CoreVest American Finance Trust 2018-1 A — 3.804% 6/15/2051(f) | 339,657 | 347,146 | ||||||
| Grand Avenue CRE Ltd. 2019-FL1 AS, 1M USD LIBOR + 1.500% — 1.584% 6/15/2037(e)(f) | 730,000 | 729,771 | ||||||
| Greystone CRE Notes Ltd. 2021-FL3 A, 1M USD LIBOR + 1.020% — 1.104% 7/15/2039(e)(f) | 3,000,000 | 2,997,200 | ||||||
| GS Mortgage Securities Corp. II 2015-GC30 AAB — 3.120% 5/10/2050 | 356,665 | 369,327 | ||||||
| GS Mortgage Securities Corp. Trust 2012-ALOH A — 3.551% 4/10/2034(f) | 988,000 | 987,414 | ||||||
| Hawaii Hotel Trust I 2019-MAUI C, 1M USD LIBOR + 1.650% — 1.734% 5/15/2038(e)(f) | 1,384,000 | 1,381,407 | ||||||
| HERA Commercial Mortgage Ltd. 2021-FL1 A, 1M USD LIBOR + 1.050% — 1.137% 2/18/2038(e)(f) | 2,823,000 | 2,823,640 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 A4 — 2.694% 4/15/2046 | 92,885 | 94,862 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI A — 2.798% 10/5/2031(f) | 602,000 | 602,066 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8 A3 — 2.829% 10/15/2045 | 468,258 | 474,650 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust 2012-HSBC A — 3.093% 7/5/2032(f) | 897,163 | 908,245 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8 AS — 3.424% 10/15/2045(f) | 687,000 | 697,623 | ||||||
| JPMBB Commercial Mortgage Securities Trust 2015-C30 ASB — 3.559% 7/15/2048 | 706,025 | 738,669 | ||||||
| KREF Ltd. 2021-FL2 A, 1M USD LIBOR + 1.070% — 1.154% 2/15/2039(e)(f) | 834,000 | 834,099 | ||||||
| LCCM Trust 2021-FL2 A, 1M USD LIBOR + 1.200% — 1.284% 12/13/2038(e)(f) | 390,000 | 389,878 | ||||||
| LoanCore Issuer Ltd. 2021-CRE4 A, 1M USD LIBOR + 0.914% — 0.965% 7/15/2035(e)(f) | 845,609 | 845,345 | ||||||
| LoanCore Issuer Ltd. 2019-CRE3 A, 1M USD LIBOR + 1.050% — 1.134% 4/15/2034(e)(f) | 618,353 | 618,159 | ||||||
| LoanCore Issuer Ltd. 2021-CRE5 A, 1M USD LIBOR + 1.300% — 1.384% 7/15/2036(e)(f) | 363,000 | 363,000 | ||||||
| MF1 Ltd. 2021-FL7 A, 1M USD LIBOR + 1.080% — 1.175% 10/18/2036(e)(f) | 2,750,000 | 2,750,860 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2021
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| MF1 Ltd. 2020-FL4 A, 1M USD LIBOR + 1.700% — 1.865% 11/15/2035(e)(f) | $ | 585,000 | $ | 588,654 | ||||
| Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 A4 — 2.858% 11/15/2045 | 201,549 | 204,136 | ||||||
| PFP Ltd. 2021-7 A, 1M USD LIBOR + 0.850% — 0.934% 4/14/2038(e)(f) | 2,499,875 | 2,500,105 | ||||||
| Ready Capital Commercial Mortgage LLC 2021 FL5 A, 1M USD LIBOR + 1.000% — 1.086% 4/25/2038(e)(f) | 1,010,000 | 1,009,684 | ||||||
| Shelter Growth CRE Issuer Ltd. 2021-FL3 A, 1M USD LIBOR + 1.080% — 1.175% 9/15/2036(e)(f) | 462,000 | 462,001 | ||||||
| STWD Ltd. 2021-FL2 A, 1M USD LIBOR + 1.200% — 1.284% 4/18/2038(e)(f) | 1,468,000 | 1,468,443 | ||||||
| TPG Real Estate Finance Issuer Ltd. 2018-FL2 A, 1M USD LIBOR + 1.130% — 1.214% 11/15/2037(e)(f) | 1,055,091 | 1,055,087 | ||||||
| TRTX Issuer Ltd. 2019-FL3 A, 1M USD LIBOR + 1.264% — 1.315% 10/15/2034(e)(f) | 453,000 | 452,999 | ||||||
| UBS Commercial Mortgage Trust 2012-C1 A3 — 3.400% 5/10/2045 | 1,762,928 | 1,765,738 | ||||||
| UBS-Barclays Commercial Mortgage Trust 2012-C4 A5 — 2.850% 12/10/2045 | 1,697,000 | 1,727,236 | ||||||
| UBS-Barclays Commercial Mortgage Trust 2012-C3 A4 — 3.091% 8/10/2049 | 1,278,781 | 1,298,365 | ||||||
| VCC Trust 2020-MC1 A, VRN — 4.500% 6/25/2045(e)(f) | 297,702 | 297,375 | ||||||
| VNDO E Mortgage Trust 2012-6AVE A — 2.996% 11/15/2030(f) | 109,000 | 111,340 | ||||||
| VNDO E Mortgage Trust 2012-6AVE B — 3.298% 11/15/2030(f) | 1,250,000 | 1,274,395 | ||||||
| Wells Fargo Commercial Mortgage Trust 2012-LC5 A3 — 2.918% 10/15/2045 | 1,179,532 | 1,193,797 | ||||||
| Wells Fargo Commercial Mortgage Trust 2014-LC18 ASB — 3.244% 12/15/2047 | 643,848 | 669,611 | ||||||
| WFRBS Commercial Mortgage Trust 2012-C8 AFL, 1M USD LIBOR + 1.000% — 1.084% 8/15/2045(e)(f) | 824,426 | 824,812 | ||||||
| WFRBS Commercial Mortgage Trust 2012-C9 A3 — 2.870% 11/15/2045 | 1,315,860 | 1,334,835 | ||||||
| WFRBS Commercial Mortgage Trust 2012-C8 A3 — 3.001% 8/15/2045 | 1,254,000 | 1,261,300 | ||||||
| WFRBS Commercial Mortgage Trust 2013-C11 A5 — 3.071% 3/15/2045 | 243,409 | 248,440 | ||||||
| $ | 61,384,496 | |||||||
| TOTAL COMMERICAL MORTGAGE-BACKED SECURITIES (Cost $63,365,988) | $ | 63,358,526 | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES — 5.6% | ||||||||
| AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 0.5% | ||||||||
| Fannie Mae REMICS 2012-47 HA — 1.500% 5/25/2027 | $ | 153,618 | $ | 155,211 | ||||
| Fannie Mae REMICS 2013-35 QB — 1.750% 2/25/2043 | 661,130 | 669,903 | ||||||
| Fannie Mae REMICS 2012-144 PD — 3.500% 4/25/2042 | 115,549 | 121,783 | ||||||
| Freddie Mac REMICS 4220 EH — 2.500% 6/15/2028 | 120,971 | 124,464 | ||||||
| Freddie Mac REMICS 4336 WV — 3.000% 10/15/2025 | 484,254 | 488,310 | ||||||
| Freddie Mac REMICS 4387 VA — 3.000% 2/15/2026 | 648,917 | 659,350 | ||||||
| Freddie Mac REMICS 4235 QE — 3.000% 8/15/2031 | 104,093 | 106,733 | ||||||
| Freddie Mac REMICS 4162 P — 3.000% 2/15/2033 | 413,674 | 431,998 | ||||||
| $ | 2,757,752 | |||||||
| AGENCY POOL FIXED RATE — 0.0% | ||||||||
| Fannie Mae Pool AL1576 — 4.000% 3/1/2027 | $ | 153,904 | $ | 163,039 | ||||
| Fannie Mae Pool FM1102 — 4.000% 3/1/2031 | 65,670 | 69,506 | ||||||
| $ | 232,545 | |||||||
| AGENCY STRIPPED — 0.0% | ||||||||
| Fannie Mae Interest Strip 284 1 — 0.000% 7/25/2027(g) | $ | 165,329 | $ | 157,535 | ||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2021
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 5.1% | ||||||||
| Bravo Residential Funding Trust 2019-1 A1C — 3.500% 3/25/2058(f) | $ | 346,911 | $ | 350,510 | ||||
| Cascade Funding Mortgage Trust 2021-HB6 A, VRN — 0.898% 6/25/2036(e)(f) | 915,001 | 915,163 | ||||||
| CFMT LLC 2021-HB5 A, VRN — 0.801% 2/25/2031(e)(f) | 1,600,774 | 1,601,284 | ||||||
| CFMT LLC 2020-HB4 A, VRN — 0.946% 12/26/2030(e)(f) | 484,104 | 484,979 | ||||||
| CIM Trust 2017-7 A, VRN — 3.000% 4/25/2057(e)(f) | 274,866 | 276,896 | ||||||
| CIM Trust 2018-R3 A1, VRN — 5.000% 12/25/2057(e)(f) | 422,977 | 441,755 | ||||||
| Finance of America HECM Buyout 2021-HB1 A, VRN — 0.875% 2/25/2031(e)(f) | 3,676,310 | 3,676,272 | ||||||
| Finance of America HECM Buyout 2021-HB1 M1, VRN — 1.588% 2/25/2031(e)(f) | 804,000 | 802,840 | ||||||
| Finance of America HECM Buyout 2020-HB2 A, VRN — 1.710% 7/25/2030(e)(f) | 1,291,997 | 1,297,242 | ||||||
| Nationstar HECM Loan Trust 2020-1A A1, VRN — 1.269% 9/25/2030(e)(f) | 1,865,852 | 1,870,939 | ||||||
| Nationstar HECM Loan Trust 2020-1A M1, VRN — 1.472% 9/25/2030(e)(f) | 673,000 | 673,198 | ||||||
| Nationstar HECM Loan Trust 2020-1A M2, VRN — 1.972% 9/25/2030(e)(f) | 602,000 | 602,370 | ||||||
| Pretium Mortgage Credit Partners I LLC 2021-NPL2 A1 — 1.992% 6/27/2060(f)(h) | 2,279,034 | 2,274,892 | ||||||
| PRPM 2020 -3 LLC — 2.857% 9/25/2025(f)(h) | 1,342,755 | 1,352,407 | ||||||
| PRPM LLC 2021-2 A1 — 2.115% 3/25/2026(e)(f) | 1,261,505 | 1,263,997 | ||||||
| PRPM LLC 2020-5 A1 — 3.104% 11/25/2025(f)(h) | 1,421,032 | 1,429,678 | ||||||
| RCO VII Mortgage LLC 2021-2 A1 — 2.116% 9/25/2026(c)(f)(h) | 2,555,000 | 2,555,000 | ||||||
| Towd Point Mortgage Trust 2017-2 A1, VRN — 2.750% 4/25/2057(e)(f) | 615,885 | 622,978 | ||||||
| Towd Point Mortgage Trust 2018-1 A1, VRN — 3.000% 1/25/2058(e)(f) | 38,802 | 39,861 | ||||||
| Towd Point Mortgage Trust 2018-2 A1, VRN — 3.250% 3/25/2058(e)(f) | 764,539 | 790,176 | ||||||
| Towd Point Mortgage Trust 2018-5 A1A, VRN — 3.250% 7/25/2058(e)(f) | 81,394 | 83,666 | ||||||
| VCAT LLC 2021 NPL2 A1 — 2.115% 3/27/2051 | 1,409,022 | 1,408,993 | ||||||
| VCAT LLC 2021-NPL1 A1 — 2.289% 12/26/2050(f)(h) | 393,938 | 394,837 | ||||||
| VOLT C LLC 2021-NPL9 A1 — 1.992% 5/25/2051(f)(h) | 1,489,179 | 1,484,244 | ||||||
| VOLT XCIV LLC 2021-NPL3 A1 — 2.240% 2/27/2051(f)(h) | 1,501,177 | 1,501,380 | ||||||
| VOLT XCV LLC 2021-NPL4 A1 — 2.240% 3/27/2051(f)(h) | 1,603,545 | 1,604,333 | ||||||
| $ | 29,799,890 | |||||||
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $32,830,628) | $ | 32,947,722 | ||||||
| ASSET-BACKED SECURITIES — 62.8% | ||||||||
| AUTO — 18.8% | ||||||||
| Ally Auto Receivables Trust 2019-1 A4 — 3.020% 4/15/2024 | $ | 252,000 | $ | 257,785 | ||||
| American Credit Acceptance Receivables Trust 2021-1 B — 0.610% 3/13/2025(f) | 303,000 | 303,032 | ||||||
| American Credit Acceptance Receivables Trust 2021-3 B — 0.660% 2/13/2026(f) | 806,000 | 807,238 | ||||||
| American Credit Acceptance Receivables Trust 2021-2 B — 0.680% 5/13/2025(f) | 400,000 | 399,833 | ||||||
| American Credit Acceptance Receivables Trust 2021-1 C — 0.830% 3/15/2027(f) | 4,750,000 | 4,755,317 | ||||||
| American Credit Acceptance Receivables Trust 2020-4 B — 0.850% 12/13/2024(f) | 760,000 | 761,492 | ||||||
| American Credit Acceptance Receivables Trust 2021-2 C — 0.970% 7/13/2027(f) | 2,670,000 | 2,677,096 | ||||||
| American Credit Acceptance Receivables Trust 2021-3 C — 0.980% 11/15/2027(f) | 1,731,000 | 1,729,138 | ||||||
| American Credit Acceptance Receivables Trust 2020-4 C — 1.310% 12/14/2026(f) | 3,501,000 | 3,528,195 | ||||||
| American Credit Acceptance Receivables Trust 2020-3 C — 1.850% 6/15/2026(f) | 1,033,000 | 1,048,663 | ||||||
| American Credit Acceptance Receivables Trust 2020-2 B — 2.480% 9/13/2024(f) | 340,000 | 342,460 | ||||||
| CarMax Auto Owner Trust 2019-3 A3 — 2.180% 8/15/2024 | 737,470 | 746,752 | ||||||
| CarMax Auto Owner Trust 2019-1 A4 — 3.260% 8/15/2024 | 200,000 | 206,301 | ||||||
| CarMax Auto Owner Trust 2018-3 A4 — 3.270% 3/15/2024 | 600,000 | 612,903 | ||||||
| CarMax Auto Owner Trust 2019-1 B — 3.450% 11/15/2024 | 107,000 | 111,059 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2021
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| CarMax Auto Owner Trust 2018-4 B — 3.670% 5/15/2024 | $ | 95,000 | $ | 98,270 | ||||
| Drive Auto Receivables Trust 2021-2 B — 0.580% 12/15/2025 | 2,650,000 | 2,650,897 | ||||||
| Drive Auto Receivables Trust 2021-1 B — 0.650% 7/15/2025 | 737,000 | 738,989 | ||||||
| Drive Auto Receivables Trust 2021-2 C — 0.870% 10/15/2027 | 2,324,000 | 2,324,233 | ||||||
| Drive Auto Receivables Trust 2021-1 C — 1.020% 6/15/2027 | 2,000,000 | 2,006,073 | ||||||
| DT Auto Owner Trust 2021-3A B — 0.580% 11/17/2025(f) | 908,000 | 906,144 | ||||||
| DT Auto Owner Trust 2021-1A B — 0.620% 9/15/2025(f) | 190,000 | 189,861 | ||||||
| DT Auto Owner Trust 2021-2A B — 0.810% 1/15/2027(f) | 394,000 | 395,076 | ||||||
| DT Auto Owner Trust 2021-1A C — 0.840% 10/15/2026(f) | 168,000 | 168,081 | ||||||
| DT Auto Owner Trust 2021-3A C — 0.870% 5/17/2027(f) | 800,000 | 797,092 | ||||||
| DT Auto Owner Trust 2020-3A B — 0.910% 12/16/2024(f) | 395,000 | 396,214 | ||||||
| DT Auto Owner Trust 2021-2A C — 1.100% 2/16/2027(f) | 4,000,000 | 4,008,653 | ||||||
| DT Auto Owner Trust 2020-3A C — 1.470% 6/15/2026(f) | 2,884,000 | 2,911,273 | ||||||
| DT Auto Owner Trust 2020-2A B — 2.080% 3/16/2026(f) | 361,000 | 364,973 | ||||||
| Exeter Automobile Receivables Trust 2021-1A A3 — 0.340% 3/15/2024 | 377,000 | 377,189 | ||||||
| Exeter Automobile Receivables Trust 2021-1A B — 0.500% 2/18/2025 | 1,150,000 | 1,150,766 | ||||||
| Exeter Automobile Receivables Trust 2021-2A B — 0.570% 9/15/2025 | 1,945,000 | 1,946,699 | ||||||
| Exeter Automobile Receivables Trust 2021-3A B — 0.690% 1/15/2026 | 4,737,000 | 4,736,999 | ||||||
| Exeter Automobile Receivables Trust 2020-3A B — 0.790% 9/16/2024 | 565,000 | 566,183 | ||||||
| Exeter Automobile Receivables Trust 2020-3A C — 1.320% 7/15/2025 | 3,084,000 | 3,105,138 | ||||||
| Exeter Automobile Receivables Trust 2020-2A B — 2.080% 7/15/2024(f) | 558,763 | 561,424 | ||||||
| Exeter Automobile Receivables Trust 2021-2 2021-1A C — 0.740% 1/15/2026 | 500,000 | 500,953 | ||||||
| First Investors Auto Owner Trust 2021-1A A — 0.450% 3/16/2026(f) | 720,372 | 720,727 | ||||||
| First Investors Auto Owner Trust 2021-2A A — 0.480% 3/15/2027(f) | 6,117,649 | 6,110,846 | ||||||
| Ford Credit Auto Lease Trust 2021-B B — 0.660% 1/15/2025 | 1,055,000 | 1,052,985 | ||||||
| Ford Credit Auto Lease Trust 2021-B C — 0.900% 5/15/2026 | 1,044,000 | 1,045,765 | ||||||
| Ford Credit Auto Lease Trust 2020-B C — 1.700% 2/15/2025 | 348,000 | 353,025 | ||||||
| Ford Credit Auto Lease Trust 2020-A A4 — 1.880% 5/15/2023 | 320,000 | 323,112 | ||||||
| Ford Credit Auto Lease Trust 2020-A B — 2.050% 6/15/2023 | 1,500,000 | 1,517,374 | ||||||
| Ford Credit Auto Lease Trust 2019-B B — 2.360% 1/15/2023 | 494,000 | 496,887 | ||||||
| Ford Credit Auto Owner Trust 2019-A A4 — 2.850% 8/15/2024 | 676,000 | 693,828 | ||||||
| GM Financial Automobile Leasing Trust 2020-3 C — 1.110% 10/21/2024 | 1,000,000 | 1,005,371 | ||||||
| GM Financial Automobile Leasing Trust 2020-1 B — 1.840% 12/20/2023 | 255,000 | 257,941 | ||||||
| GM Financial Automobile Leasing Trust 2019-3 B — 2.160% 7/20/2023 | 300,000 | 301,504 | ||||||
| GM Financial Automobile Leasing Trust 2019-3 C — 2.350% 7/20/2023 | 300,000 | 301,336 | ||||||
| Honda Auto Receivables Owner Trust 2020-2 A2 — 0.740% 11/15/2022 | 37,888 | 37,908 | ||||||
| Honda Auto Receivables Owner Trust 2020-1 A3 — 1.610% 4/22/2024 | 1,007,000 | 1,017,679 | ||||||
| Honda Auto Receivables Owner Trust 2019-3 A3 — 1.780% 8/15/2023 | 372,872 | 375,697 | ||||||
| Honda Auto Receivables Owner Trust 2019-2 A4 — 2.540% 3/21/2025 | 1,000,000 | 1,022,478 | ||||||
| Honda Auto Receivables Owner Trust 2019-1 A4 — 2.900% 6/18/2024 | 355,000 | 361,647 | ||||||
| Honda Auto Receivables Owner Trust 2018-4 A4 — 3.300% 7/15/2025 | 155,000 | 157,550 | ||||||
| Hyundai Auto Lease Securitization Trust 2020-A A4 — 2.000% 12/15/2023(f) | 778,000 | 786,910 | ||||||
| Hyundai Auto Lease Securitization Trust 2020-A B — 2.120% 5/15/2024(f) | 2,556,000 | 2,589,913 | ||||||
| Hyundai Auto Receivables Trust 2019-A A4 — 2.710% 5/15/2025 | 1,000,000 | 1,022,267 | ||||||
| Mercedes-Benz Auto Lease Trust 2020-A A4 — 1.880% 9/15/2025 | 1,438,000 | 1,454,968 | ||||||
| Nissan Auto Lease Trust 2020-A A4 — 1.880% 4/15/2025 | 1,442,000 | 1,458,408 | ||||||
| Nissan Auto Receivables Owner Trust 2019-C A3 — 1.930% 7/15/2024 | 477,441 | 481,864 | ||||||
| Nissan Auto Receivables Owner Trust 2019-A A4 — 3.000% 9/15/2025 | 252,000 | 259,431 | ||||||
| Nissan Auto Receivables Owner Trust 2018-B A4 — 3.160% 12/16/2024 | 435,000 | 443,530 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2021
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Prestige Auto Receivables Trust 2020-1A B — 0.770% 10/15/2024(f) | $ | 476,000 | $ | 477,187 | ||||
| Prestige Auto Receivables Trust 2019-1A B — 2.530% 1/16/2024(f) | 263,000 | 264,718 | ||||||
| Santander Consumer Auto Receivables Trust 2020-AA B — 2.260% 12/15/2025(f) | 688,000 | 699,960 | ||||||
| Santander Drive Auto Receivables Trust 2021-2 B — 0.590% 9/15/2025 | 1,232,000 | 1,232,504 | ||||||
| Santander Drive Auto Receivables Trust 2021-3 B — 0.600% 12/15/2025 | 5,042,000 | 5,046,706 | ||||||
| Santander Drive Auto Receivables Trust 2020-2 B — 0.960% 11/15/2024 | 2,770,000 | 2,778,090 | ||||||
| Santander Drive Auto Receivables Trust 2020-3 C — 1.120% 1/15/2026 | 1,699,000 | 1,709,624 | ||||||
| Santander Retail Auto Lease Trust 2021-C A3 — 0.500% 3/20/2025(f) | 2,420,000 | 2,420,127 | ||||||
| Toyota Auto Receivables Owner Trust 2020-A A3 — 1.660% 5/15/2024 | 1,063,000 | 1,073,166 | ||||||
| Toyota Auto Receivables Owner Trust 2019-C A3 — 1.910% 9/15/2023 | 154,597 | 155,743 | ||||||
| Toyota Auto Receivables Owner Trust 2019-A A4 — 3.000% 5/15/2024 | 252,000 | 259,312 | ||||||
| Volkswagen Auto Lease Trust 2019-A A4 — 2.020% 8/20/2024 | 259,000 | 261,256 | ||||||
| Volkswagen Auto Loan Enhanced Trust 2020-1 A2A — 0.930% 12/20/2022 | 29,047 | 29,059 | ||||||
| Westlake Automobile Receivables Trust 2021-2A B — 0.620% 7/15/2026(f) | 1,230,000 | 1,225,583 | ||||||
| Westlake Automobile Receivables Trust 2021-1A B — 0.640% 3/16/2026(f) | 1,809,000 | 1,812,184 | ||||||
| Westlake Automobile Receivables Trust 2020-3A B — 0.780% 11/17/2025(f) | 934,000 | 937,930 | ||||||
| Westlake Automobile Receivables Trust 2021-2A C — 0.890% 7/15/2026(f) | 2,450,000 | 2,455,462 | ||||||
| Westlake Automobile Receivables Trust 2021-1A C — 0.950% 3/16/2026(f) | 330,000 | 331,276 | ||||||
| Westlake Automobile Receivables Trust 2020-3A C — 1.240% 11/17/2025(f) | 783,000 | 789,637 | ||||||
| Westlake Automobile Receivables Trust 2020-2A B — 1.320% 7/15/2025(f) | 1,674,000 | 1,686,621 | ||||||
| Westlake Automobile Receivables Trust 2020-2A C — 2.010% 7/15/2025(f) | 530,000 | 539,882 | ||||||
| Westlake Automobile Receivables Trust 2020-1A C — 2.520% 4/15/2025(f) | 2,933,000 | 2,993,056 | ||||||
| World Omni Auto Receivables Trust 2019-C A3 — 1.960% 12/16/2024 | 553,772 | 558,945 | ||||||
| World Omni Auto Receivables Trust 2017-B B — 2.370% 5/15/2024 | 350,000 | 350,581 | ||||||
| World Omni Auto Receivables Trust 2018-A B — 2.890% 4/15/2025 | 1,022,000 | 1,033,726 | ||||||
| World Omni Auto Receivables Trust 2018-B A4 — 3.030% 6/17/2024 | 1,013,000 | 1,028,170 | ||||||
| World Omni Auto Receivables Trust 2019-A A3 — 3.040% 5/15/2024 | 372,578 | 376,448 | ||||||
| World Omni Auto Receivables Trust 2019-A B — 3.340% 6/16/2025 | 252,000 | 260,173 | ||||||
| World Omni Automobile Lease Securitization Trust 2020-A A3 — 1.700% 1/17/2023 | 792,000 | 800,567 | ||||||
| World Omni Automobile Lease Securitization Trust 2019-B A4 — 2.070% 2/18/2025 | 338,000 | 341,064 | ||||||
| World Omni Automobile Lease Securitization Trust 2019-B B — 2.130% 2/18/2025 | 190,000 | 192,023 | ||||||
| World Omni Automobile Lease Securitization Trust 2019-A B — 3.240% 7/15/2024 | 529,000 | 529,489 | ||||||
| $ | 109,489,664 | |||||||
| COLLATERALIZED LOAN OBLIGATION — 21.7% | ||||||||
| ABPCI Direct Lending Fund CLO I LLC 2017-1A ER, 3M USD LIBOR + 7.600% — 7.734% 4/20/2032(e)(f) | $ | 3,062,000 | $ | 2,927,581 | ||||
| ABPCI Direct Lending Fund CLO I LLC 2016-1A E2, 3M USD LIBOR + 8.730% — 8.913% 7/20/2033(e)(f) | 2,944,000 | 2,880,012 | ||||||
| ABPCI Direct Lending Fund CLO X LP 2020-10A A1A, 3M USD LIBOR + 1.950% — 2.084% 1/20/2032(e)(f) | 678,000 | 678,821 | ||||||
| ABPCI Direct Lending Fund IX LLC 2020-9A A1, 3M USD LIBOR + 1.950% — 2.084% 11/18/2031(e)(f) | 881,000 | 882,607 | ||||||
| AMMC CLO 16 Ltd. 2015-16A AR2, 3M USD LIBOR + 0.980% — 1.113% 4/14/2029(e)(f) | 3,096,242 | 3,096,273 | ||||||
| Barings CLO Ltd. 2021 — 8.799% 7/20/2033(e)(f) | 1,460,000 | 1,429,620 | ||||||
| Battalion CLO 18 Ltd. 2020-18A A1, 3M USD LIBOR + 1.800% — 1.926% 10/15/2032(e)(f) | 1,052,000 | 1,052,419 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2021
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Blackrock DLF VIII-L CLO Trust 2021-1A A, 3M USD LIBOR + 1.350% — 1.423% 4/17/2032(e)(f) | $ | 2,566,000 | $ | 2,565,990 | ||||
| Blackrock Mount Adams CLO IX LP 2021-9A A1, 3M USD LIBOR + 1.370% — 1.506% 9/22/2031(e)(f) | 1,395,000 | 1,395,057 | ||||||
| BTC Holdings Fund I, LLC — 2.870% 1/28/2027(b)(c) | 2,200,000 | 2,200,000 | ||||||
| Cerberus Loan Funding XXI LP 2017-4A A, 3M USD LIBOR + 1.450% — 1.576% 10/15/2027(e)(f) | 38,110 | 38,113 | ||||||
| Cerberus Loan Funding XXIX LP 2020-2A A, 3M USD LIBOR + 1.900% — 2.026% 10/15/2032(e)(f) | 2,733,000 | 2,737,482 | ||||||
| Cerberus Loan Funding XXV LP 2018-4RA A1TR, 3M USD LIBOR + 1.530% — 1.656% 10/15/2030(e)(f) | 1,247,000 | 1,247,142 | ||||||
| Cerberus Loan Funding XXVI LP 2019-1A AR, 3M USD LIBOR + 1.500% — 1.626% 4/15/2031(e)(f) | 436,000 | 436,282 | ||||||
| Cerberus Loan Funding XXVIII LP 2020-1A A, 3M USD LIBOR + 1.850% — 1.976% 10/15/2031(e)(f) | 2,412,000 | 2,412,535 | ||||||
| Cerberus Loan Funding XXVIII LP 2020-1A D, 3M USD LIBOR + 5.300% — 5.426% 10/15/2031(e)(f) | 2,236,000 | 2,237,257 | ||||||
| Cerberus Loan Funding XXXI LP 2021-1A A, 3M USD LIBOR + 1.500% — 1.626% 4/15/2032(e)(f) | 1,598,000 | 1,598,834 | ||||||
| Cerberus Onshore CLO LLC 2021-4A A, 3M USD LIBOR + 1.500% — 2.686% 8/13/2033(e)(f) | 2,611,000 | 2,611,206 | ||||||
| Ellington CLO IV Ltd. 2019-4A AR, 3M USD LIBOR + 1.580% — 1.706% 4/15/2029(e)(f) | 1,838,000 | 1,838,305 | ||||||
| Fortress Credit Opportunities IX CLO Ltd. 2017-9A A1TR, 3M USD LIBOR + 1.550%, — 0.000% 10/15/2033(f)(g) | 5,645,000 | 5,645,000 | ||||||
| Fortress Credit Opportunities IX CLO Ltd. 2017-9A ER, 3M USD LIBOR + 8.060%, — 0.000% 10/15/2033(f)(g) | 8,814,000 | 8,593,650 | ||||||
| Fortress Credit Opportunities IX CLO Ltd. 2017-9A A1T, 3M USD LIBOR + 1.550% — 1.675% 11/15/2029(e)(f) | 2,193,000 | 2,193,000 | ||||||
| Fortress Credit Opportunities IX CLO Ltd. 2017-9A AFR2 — 2.530% 11/15/2029(f) | 1,069,000 | 1,069,000 | ||||||
| Fortress Credit Opportunities IX CLO Ltd. 2017-9A C, 3M USD LIBOR + 2.650% — 2.775% 11/15/2029(e)(f) | 3,187,000 | 3,187,000 | ||||||
| Fortress Credit Opportunities VI CLO Ltd. 2015-6A A2R, 3M USD LIBOR + 1.600% — 1.719% 7/10/2030(e)(f) | 4,000,000 | 3,994,052 | ||||||
| Fortress Credit Opportunities VII CLO Ltd. 2016-7A BR, 3M USD LIBOR + 2.450% — 2.566% 12/15/2028(e)(f) | 329,000 | 327,334 | ||||||
| Fortress Credit Opportunities VII CLO Ltd. 2016-7I E, 3M USD LIBOR + 7.490% — 7.606% 12/15/2028(e) | 246,000 | 240,239 | ||||||
| Golub Capital Partners Clo 38M Ltd. 2018-38A C, 3M USD LIBOR + 2.800% — 2.934% 7/20/2030(e)(f) | 1,993,000 | 1,993,943 | ||||||
| Golub Capital Partners TALF LLC 2020-2A A, 3M USD LIBOR + 1.850% — 1.971% 2/5/2030(e)(f) | 975,165 | 978,280 | ||||||
| Ivy Hill Middle Market Credit Fund IX Ltd. 9A CR, 3M USD LIBOR + 1.350% — 2.484% 1/18/2030(e)(f) | 2,092,000 | 2,041,978 | ||||||
| IVY Hill Middle Market Credit Fund XII Ltd. 12A DR, 3M USD LIBOR + 8.170% — 8.312% 7/20/2033(e)(f) | 1,086,000 | 1,063,548 | ||||||
| Ivy Hill Middle Market Credit Fund XVIII Ltd. 18A E, 3M USD LIBOR + 7.750% — 7.934% 4/22/2033(e)(f) | 3,766,000 | 3,673,733 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2021
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Kayne CLO 8 Ltd. 2020-8A E, 3M USD LIBOR + 7.150% — 7.276% 7/15/2031(e)(f) | $ | 2,091,000 | $ | 2,091,703 | ||||
| KKR CLO 18 Ltd. 18 A, 3M USD LIBOR + 1.270% — 1.404% 7/18/2030(e)(f) | 800,000 | 800,000 | ||||||
| LCM XIII LP 13A ARR, 3M USD LIBOR + 1.140% — 1.274% 7/19/2027(e)(f) | 800,000 | 800,184 | ||||||
| Madison Park Funding X Ltd. 2012-10A AR3, 3M USD LIBOR + 1.010% — 1.144% 1/20/2029(e)(f) | 3,356,017 | 3,356,366 | ||||||
| Madison Park Funding XIII Ltd. 2014-13A AR2, 3M USD LIBOR + 0.950% — 1.084% 4/19/2030(e)(f) | 544,889 | 544,928 | ||||||
| Madison Park Funding XXIII Ltd. 2017-23A AR, 3M USD LIBOR + 0.970% — 1.099% 7/27/2031(e)(f) | 3,380,000 | 3,380,774 | ||||||
| Madison Park Funding XXV Ltd. 2017-25A A1R, 3M USD LIBOR + 0.970% — 1.095% 4/25/2029(e)(f) | 535,000 | 535,040 | ||||||
| Neuberger Berman CLO XV, 3M USD LIBOR + 0.920% — 1.046% 10/15/2029(e)(f) | 3,102,000 | 3,102,347 | ||||||
| Ocean Trails CLO IX 2020-9A A1, 3M USD LIBOR + 1.870% — 1.996% 10/15/2029(e)(f) | 250,000 | 250,000 | ||||||
| Ocean Trails Clo X 2020-10A A1, 3M USD LIBOR + 1.550% — 1.676% 10/15/2031(e)(f) | 1,857,000 | 1,857,173 | ||||||
| OCP CLO Ltd. 2017-13A A1AR, 3M USD LIBOR + 0.960% — 1.076% 7/15/2030(e)(f) | 3,328,000 | 3,327,997 | ||||||
| Octagon Investment Partners 48 Ltd. 2020-3A E, 3M USD LIBOR + 7.660% — 7.794% 10/20/2031(e)(f) | 471,380 | 471,661 | ||||||
| Octagon Investment Partners XV Ltd. 2013-1A A1RR, 3M USD LIBOR + 0.970% — 0.970% 7/19/2030(e)(f) | 4,686,000 | 4,687,036 | ||||||
| OFSI BSL VIII Ltd. 2017-1A AR, 3M USD LIBOR + 1.000% — 1.126% 8/16/2029(e)(f) | 2,862,000 | 2,862,080 | ||||||
| Owl Rock CLO III Ltd. 2020-3A A1L, 3M USD LIBOR + 1.800% — 1.934% 4/20/2032(e)(f) | 800,000 | 801,737 | ||||||
| Owl Rock CLO VI Ltd. 2021-6A A, 3M USD LIBOR + 1.450% — 1.572% 6/21/2032(e)(f) | 3,634,000 | 3,635,864 | ||||||
| Palmer Square CLO Ltd. 2019-1A A1, 3M USD LIBOR + 1.050% — 1.184% 4/20/2027(e)(f) | 173,701 | 173,730 | ||||||
| Parliament CLO II Ltd. 2021-2A A, 3M USD LIBOR + 1.350% — 2.536% 8/20/2032(e)(f) | 1,756,000 | 1,756,202 | ||||||
| Parliament CLO II Ltd. 2021-2A D, 3M USD LIBOR + 3.700% — 4.886% 8/20/2032(e)(f) | 2,646,000 | 2,646,122 | ||||||
| Parliament Funding II Ltd. 2020-1A A, 3M USD LIBOR + 2.450% — 2.584% 8/12/2030(e)(f) | 986,000 | 986,515 | ||||||
| TCP Whitney CLO Ltd. 2017-1A ER, 3M USD LIBOR + 8.160% — 8.302% 8/20/2033(e)(f) | 2,429,000 | 2,378,195 | ||||||
| Telos CLO Ltd. 2014-5A A1R, 3M USD LIBOR + 0.950% — 1.084% 4/17/2028(e)(f) | 75,191 | 75,192 | ||||||
| Telos CLO Ltd. 2013-3A AR, 3M USD LIBOR + 1.300% — 1.434% 7/17/2026(e)(f) | 28,867 | 28,871 | ||||||
| VCP CLO II Ltd. 2021-2A A1, 3M USD LIBOR + 1.670% — 1.796% 4/15/2031(e)(f) | 3,500,000 | 3,495,923 | ||||||
| VCP CLO II Ltd. 2021-2A E, 3M USD LIBOR + 8.400% — 8.526% 4/15/2031(e)(f) | 4,460,000 | 4,411,805 | ||||||
| Venture Xxv Clo Ltd. 2016-25A ARR, 3M USD LIBOR + 1.020% — 1.154% 4/20/2029(e)(f) | 483,208 | 482,664 | ||||||
| Whitebox Clo II Ltd. 2020-2A A1, 3M USD LIBOR + 1.750% — 1.875% 10/24/2031(e)(f) | 2,586,000 | 2,587,283 | ||||||
| Woodmont Trust 2019-6A A1R, 3M USD LIBOR + 1.480% — 1.606% 7/15/2031(e)(f) | 2,657,000 | 2,657,624 | ||||||
| Woodmont Trust, 3M USD LIBOR + 2.000% — 2.134% 10/18/2032(e)(f) | 2,799,000 | 2,804,441 | ||||||
| Zais Clo 7 Ltd. 2017-2A A, 3M USD LIBOR + 1.290% — 1.416% 4/15/2030(e)(f) | 620,583 | 619,745 | ||||||
| $ | 126,875,495 | |||||||
| CREDIT CARD — 1.1% | ||||||||
| American Express Credit Account Master Trust 2019-2 A — 2.670% 11/15/2024 | $ | 268,000 | $ | 271,663 | ||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2021
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| American Express Credit Account Master Trust 2019-2 B — 2.860% 11/15/2024 | $ | 1,160,000 | $ | 1,175,926 | ||||
| American Express Credit Account Master Trust 2019-1 A — 2.870% 10/15/2024 | 1,545,000 | 1,564,244 | ||||||
| Barclays Dryrock Issuance Trust 2019-1 A — 1.960% 5/15/2025 | 869,000 | 881,334 | ||||||
| Capital One Multi-Asset Execution Trust 2019-A2 A2 — 1.720% 8/15/2024 | 49,000 | 49,663 | ||||||
| Discover Card Execution Note Trust 2019-A1 A1 — 3.040% 7/15/2024 | 174,000 | 175,469 | ||||||
| Synchrony Card Funding LLC 2019-A2 A — 2.340% 6/15/2025 | 1,144,000 | 1,160,248 | ||||||
| Synchrony Card Funding LLC 2019-A1 A — 2.950% 3/15/2025 | 989,000 | 1,001,183 | ||||||
| $ | 6,279,730 | |||||||
| EQUIPMENT — 10.5% | ||||||||
| ARI Fleet Lease Trust 2020-A B — 2.060% 11/15/2028(f) | $ | 1,239,000 | $ | 1,261,149 | ||||
| ARI Fleet Lease Trust 2018-B A3 — 3.430% 8/16/2027(f) | 380,000 | 385,474 | ||||||
| Avis Budget Rental Car Funding AESOP LLC 2017-2A A — 2.970% 3/20/2024(f) | 268,000 | 276,662 | ||||||
| Avis Budget Rental Car Funding AESOP LLC 2017-1A A — 3.070% 9/20/2023(f) | 2,192,000 | 2,237,482 | ||||||
| Avis Budget Rental Car Funding AESOP LLC 2019-1A A — 3.450% 3/20/2023(f) | 254,000 | 256,064 | ||||||
| Chesapeake Funding II LLC 2020-1A C — 2.140% 8/16/2032(f) | 368,000 | 376,074 | ||||||
| Chesapeake Funding II LLC — 3.110% 4/15/2031(f) | 676,000 | 691,570 | ||||||
| Chesapeake Funding II LLC 2018-2A A1 — 3.230% 8/15/2030(f) | 595,459 | 597,276 | ||||||
| CNH Equipment Trust 2020-A A2 — 1.080% 7/17/2023 | 85,010 | 85,022 | ||||||
| Coinstar Funding LLC 2017-1A A2 — 5.216% 4/25/2047(f) | 2,549,823 | 2,537,969 | ||||||
| Daimler Trucks Retail Trust 2019-1 A4 — 2.790% 5/15/2025(f) | 1,000,000 | 1,010,391 | ||||||
| Dell Equipment Finance Trust 2021-1 C — 0.810% 5/22/2026(f) | 2,100,000 | 2,100,002 | ||||||
| Dell Equipment Finance Trust 2021-2 C — 0.940% 12/22/2026(f) | 535,000 | 534,310 | ||||||
| Dell Equipment Finance Trust 2020-2 C — 1.370% 1/22/2024(f) | 2,200,000 | 2,224,011 | ||||||
| Dell Equipment Finance Trust 2019-2 A3 — 1.910% 10/22/2024(f) | 1,294,342 | 1,302,445 | ||||||
| Dell Equipment Finance Trust 2020-2 D — 1.920% 3/23/2026(f) | 6,801,000 | 6,923,860 | ||||||
| Dell Equipment Finance Trust 2019-2 B — 2.060% 10/22/2024(f) | 1,073,000 | 1,084,271 | ||||||
| Dell Equipment Finance Trust 2019-1 B — 2.940% 3/22/2024(f) | 1,294,000 | 1,303,043 | ||||||
| Dell Equipment Finance Trust 2018-2 C — 3.720% 10/22/2023(f) | 1,039,506 | 1,042,253 | ||||||
| Dell Equipment Finance Trust 2020-1 C — 4.260% 6/22/2023(f) | 664,000 | 688,057 | ||||||
| Donlen Fleet Lease Funding 2 LLC 2021-2 A2 — 0.560% 12/11/2034(f) | 2,625,000 | 2,628,136 | ||||||
| Encina Equipment Finance LLC 2021-1A A2 — 0.740% 12/15/2026(f) | 945,000 | 943,841 | ||||||
| Enterprise Fleet Financing LLC 2021-2 A2 — 0.480% 5/20/2027(f) | 3,422,000 | 3,416,903 | ||||||
| Enterprise Fleet Financing LLC 2020-1 A2 — 1.780% 12/22/2025(f) | 343,264 | 347,014 | ||||||
| Enterprise Fleet Financing LLC 2019-2 A2 — 2.290% 2/20/2025(f) | 353,213 | 356,859 | ||||||
| Enterprise Fleet Financing LLC 2019-1 A2 — 2.980% 10/20/2024(f) | 342,622 | 343,947 | ||||||
| Enterprise Fleet Financing LLC 2018-3 A2 — 3.380% 5/20/2024(f) | 35,999 | 36,141 | ||||||
| Great American Auto Leasing, Inc. 2019-1 B — 3.370% 2/18/2025(f) | 252,000 | 260,817 | ||||||
| GreatAmerica Leasing Receivables Funding LLC 2020-1 A3 — 1.760% 8/15/2023(f) | 369,000 | 372,888 | ||||||
| GreatAmerica Leasing Receivables Funding LLC 2018-1 B — 2.990% 6/17/2024(f) | 255,000 | 255,828 | ||||||
| GreatAmerica Leasing Receivables Funding LLC 2019-1 A4 — 3.210% 2/18/2025(f) | 250,000 | 256,302 | ||||||
| HPEFS Equipment Trust 2021-1A C — 0.750% 3/20/2031(f) | 1,300,000 | 1,298,528 | ||||||
| HPEFS Equipment Trust 2020-1A A2 — 1.730% 2/20/2030(f) | 19,500 | 19,524 | ||||||
| HPEFS Equipment Trust 2020-1A B — 1.890% 2/20/2030(f) | 175,000 | 176,853 | ||||||
| HPEFS Equipment Trust 2020-2A C — 2.000% 7/22/2030(f) | 711,000 | 724,368 | ||||||
| HPEFS Equipment Trust 2020-1A C — 2.030% 2/20/2030(f) | 815,000 | 823,667 | ||||||
| HPEFS Equipment Trust 2020-1A D — 2.260% 2/20/2030(f) | 1,000,000 | 1,018,158 | ||||||
| HPEFS Equipment Trust 2019-1A B — 2.320% 9/20/2029(f) | 100,000 | 100,449 | ||||||
| HPEFS Equipment Trust 2019-1A D — 2.720% 9/20/2029(f) | 4,500,000 | 4,580,716 | ||||||
| HPEFS Equipment Trust 2020-2A D — 2.790% 7/22/2030(f) | 2,000,000 | 2,063,904 | ||||||
| John Deere Owner Trust 2019 A A4 — 3.000% 1/15/2026 | 532,000 | 543,626 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2021
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Kubota Credit Owner Trust 2020-1A A2 — 1.920% 12/15/2022(f) | $ | 133,465 | $ | 133,751 | ||||
| Kubota Credit Owner Trust 2018-1A A4 — 3.210% 1/15/2025(f) | 730,000 | 735,341 | ||||||
| Navistar Financial Dealer Note Master Trust 2020-1 A, 1M USD LIBOR + 0.950% — 1.036% 7/25/2025(e)(f) | 1,572,000 | 1,578,964 | ||||||
| Navistar Financial Dealer Note Master Trust 2020-1 C, 1M USD LIBOR + 2.150% — 2.236% 7/25/2025(e)(f) | 1,563,000 | 1,578,714 | ||||||
| NextGear Floorplan Master Owner Trust 2019-2A A2 — 2.070% 10/15/2024(f) | 971,000 | 988,262 | ||||||
| NextGear Floorplan Master Owner Trust 2019-1A A2 — 3.210% 2/15/2024(f) | 934,000 | 943,947 | ||||||
| NextGear Floorplan Master Owner Trust 2018-2A A2 — 3.690% 10/15/2023(f) | 412,000 | 412,901 | ||||||
| Verizon Owner Trust 2019 A A1A — 2.930% 9/20/2023 | 379,108 | 382,732 | ||||||
| Verizon Owner Trust 2019 A B — 3.020% 9/20/2023 | 696,000 | 708,954 | ||||||
| Verizon Owner Trust 2019-C A1A — 1.940% 4/22/2024 | 1,532,000 | 1,547,310 | ||||||
| Verizon Owner Trust 2019-C B — 2.060% 4/22/2024 | 925,000 | 945,332 | ||||||
| Verizon Owner Trust 2020-A C — 2.060% 7/22/2024 | 230,000 | 234,294 | ||||||
| Verizon Owner Trust 2019-C C — 2.160% 4/22/2024 | 290,000 | 296,182 | ||||||
| Verizon Owner Trust 2019-B A1A — 2.330% 12/20/2023 | 97,307 | 98,228 | ||||||
| Verizon Owner Trust 2019-B B — 2.400% 12/20/2023 | 1,006,000 | 1,023,776 | ||||||
| Verizon Owner Trust 2019-A C — 3.220% 9/20/2023 | 200,000 | 204,637 | ||||||
| Verizon Owner Trust 2018-A B — 3.380% 4/20/2023 | 556,000 | 561,407 | ||||||
| Volvo Financial Equipment LLC 2019-1A A3 — 3.000% 3/15/2023(f) | 342,781 | 344,854 | ||||||
| Volvo Financial Equipment LLC 2019-1A A4 — 3.130% 11/15/2023(f) | 250,000 | 255,080 | ||||||
| Wheels SPV 2 LLC 2019-1A A3 — 2.350% 5/22/2028(f) | 1,033,000 | 1,051,390 | ||||||
| $ | 61,511,910 | |||||||
| OTHER — 10.7% | ||||||||
| ABPCI Direct Lending Fund ABS I Ltd. 2020-1A A — 3.199% 12/20/2030(f) | $ | 1,284,000 | $ | 1,286,162 | ||||
| ABPCI Direct Lending Fund ABS I Ltd. 2020-1A B — 4.935% 12/20/2030(f) | 3,273,000 | 3,280,996 | ||||||
| CARS-DB4 LP 2020-1A A1 — 2.690% 2/15/2050(f) | 297,503 | 305,008 | ||||||
| Conn's Receivables Funding LLC 2020-A B — 4.270% 6/16/2025(f) | 482,702 | 484,995 | ||||||
| DataBank Issuer 2021-1A C — 4.430% 2/27/2051(f) | 1,500,000 | 1,515,009 | ||||||
| Diamond Infrastructure Funding LLC 2021-1A C — 3.475% 4/15/2049(f) | 512,000 | 514,749 | ||||||
| Elm Trust 2020-4A A2 — 2.286% 10/20/2029(f) | 330,000 | 328,678 | ||||||
| Elm Trust 2020-3A A2 — 2.954% 8/20/2029(f) | 362,000 | 362,634 | ||||||
| Elm Trust 2020-4A B — 3.866% 10/20/2029(f) | 985,000 | 981,072 | ||||||
| Elm Trust 2020-3A B — 4.481% 8/20/2029(f) | 897,000 | 897,031 | ||||||
| FCI Funding LLC 2021-1A A — 1.130% 4/15/2033(f) | 534,439 | 534,765 | ||||||
| Golub Capital Partners ABS Funding Ltd. 2021-1A A2 — 2.773% 4/20/2029(f) | 1,668,000 | 1,675,806 | ||||||
| Golub Capital Partners ABS Funding Ltd. 2020-1A A2 — 3.208% 1/22/2029(f) | 2,267,000 | 2,276,111 | ||||||
| Golub Capital Partners ABS Funding Ltd. 2021-1A B — 3.816% 4/20/2029(f) | 1,924,000 | 1,922,111 | ||||||
| Golub Capital Partners ABS Funding Ltd. 2020-1A B — 4.496% 1/22/2029(f) | 1,404,000 | 1,404,642 | ||||||
| Gracie Point International Funding 2021-1A A, 1M USD LIBOR + 0.750% — 0.836% 11/1/2023(e)(f) | 1,802,994 | 1,802,994 | ||||||
| Hercules Capital Funding Trust 2018-1A A — 4.605% 11/22/2027(f) | 973,751 | 978,318 | ||||||
| Hercules Capital Funding Trust 2019-1A A — 4.703% 2/20/2028(f) | 814,122 | 820,993 | ||||||
| Legal Fee Funding — 8.000% 7/20/2036(f) | 299,643 | 308,966 | ||||||
| Monroe Capital ABS Funding Ltd. 2021-1A A2 — 2.815% 4/22/2031(f) | 1,579,000 | 1,572,877 | ||||||
| Monroe Capital ABS Funding Ltd. 2021-1A B — 3.908% 4/22/2031(f) | 907,000 | 902,108 | ||||||
| New Residential Advance Receivables Trust Advance Receivables Backed Notes 2020-APT1 AT1 — 1.035% 12/16/2052(f) | 734,000 | 733,525 | ||||||
| NRZ Advance Receivables Trust 2015-ON1 2020-T3 AT3 — 1.317% 10/15/2052(f) | 508,200 | 509,481 | ||||||
| NRZ Advance Receivables Trust 2015-ON1 2020-T2 AT2 — 1.475% 9/15/2053(f) | 2,720,000 | 2,724,028 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2021
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| NRZ Excess Spread-Collateralized Notes 2018-FNT1 A — 3.610% 5/25/2023(f) | $ | 288,038 | $ | 288,290 | ||||
| Oasis Securitization Funding LLC 2021-1A A — 2.579% 2/15/2033(f) | 402,659 | 403,604 | ||||||
| Ocwen Master Advance Receivables Trust 2020-T1 AT1 — 1.278% 8/15/2052(f) | 2,793,000 | 2,793,161 | ||||||
| Oportun Funding XIV LLC 2021-A A — 1.210% 3/8/2028(f) | 532,000 | 533,725 | ||||||
| Oportun Issuance Trust 2021-B A — 1.470% 5/8/2031(f) | 1,020,000 | 1,021,282 | ||||||
| Owl Rock Technology Financing LLC 2020-1A A, 3M USD LIBOR + 2.950% — 3.076% 1/15/2031(e)(f) | 3,099,000 | 3,100,267 | ||||||
| PFS Financing Corp. 2020-F A — 0.930% 8/15/2024(f) | 2,229,000 | 2,240,713 | ||||||
| PFS Financing Corp. 2020-G A — 0.970% 2/15/2026(f) | 832,000 | 836,322 | ||||||
| PFS Financing Corp. 2020-E A — 1.000% 10/15/2025(f) | 204,000 | 205,549 | ||||||
| PFS Financing Corp. 2020-A A — 1.270% 6/15/2025(f) | 633,000 | 640,443 | ||||||
| PFS Financing Corp. 2020-F B — 1.420% 8/15/2024(f) | 230,000 | 230,850 | ||||||
| PFS Financing Corp. 2020-E B — 1.570% 10/15/2025(f) | 1,151,000 | 1,161,709 | ||||||
| PFS Financing Corp. 2020-A B — 1.770% 6/15/2025(f) | 2,119,000 | 2,145,620 | ||||||
| PFS Financing Corp. 2019-C A — 2.230% 10/15/2024(f) | 947,000 | 962,936 | ||||||
| PFS Financing Corp. 2019-C B — 2.420% 10/15/2024(f) | 4,300,000 | 4,377,907 | ||||||
| PFS Financing Corp. 2019-A A2 — 2.860% 4/15/2024(f) | 1,676,000 | 1,698,862 | ||||||
| PFS Financing Corp. 2019-A B — 3.130% 4/15/2024(f) | 1,000,000 | 1,009,637 | ||||||
| PFS Financing Corp. 2018-F A — 3.520% 10/15/2023(f) | 486,000 | 486,494 | ||||||
| SMB Private Education Loan Trust 2021-A A1, 1M USD LIBOR + 0.500% — 0.584% 1/15/2053(e)(f) | 198,470 | 198,712 | ||||||
| SpringCastle America Funding LLC 2020-AA A — 1.970% 9/25/2037(f) | 2,154,516 | 2,173,544 | ||||||
| TVEST 2020A LLC 2020-A A — 4.500% 7/15/2032(f) | 431,851 | 434,979 | ||||||
| VCP RRL ABS I Ltd. 2021-1A A — 2.152% 10/20/2031(f) | 2,391,000 | 2,387,466 | ||||||
| VCP RRL ABS I Ltd. 2021-1A B — 2.848% 10/20/2031(f) | 2,135,000 | 2,145,402 | ||||||
| VCP RRL ABS I Ltd. 2021-1A C — 5.425% 10/20/2031(f) | 2,667,000 | 2,660,994 | ||||||
| $ | 62,261,527 | |||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $364,984,673) | $ | 366,418,326 | ||||||
| CORPORATE BONDS & NOTES — 1.9% | ||||||||
| COMMUNICATIONS — 0.3% | ||||||||
| Consolidated Communications, Inc. — 6.500% 10/1/2028(f) | $ | 1,119,000 | $ | 1,216,913 | ||||
| Frontier Communications Holdings LLC — 5.875% 10/15/2027(f) | 398,000 | 421,880 | ||||||
| $ | 1,638,793 | |||||||
| CONSUMER, CYCLICAL — 0.4% | ||||||||
| Air Canada 2020-1 Class C Pass Through Trust — 10.500% 7/15/2026(f) | $ | 1,030,000 | $ | 1,266,617 | ||||
| Aramark Services, Inc. — 6.375% 5/1/2025(f) | 316,000 | 331,010 | ||||||
| Carnival Corp. — 11.500% 4/1/2023(f) | 86,000 | 95,997 | ||||||
| CD&R Smokey Buyer, Inc. — 6.750% 7/15/2025(f) | 462,000 | 488,565 | ||||||
| Royal Caribbean Cruises Ltd. — 11.500% 6/1/2025(f) | 354,000 | 403,029 | ||||||
| $ | 2,585,218 | |||||||
| CONSUMER, NON-CYCLICAL — 0.1% | ||||||||
| Cimpress PLC — 7.000% 6/15/2026(f) | $ | 335,000 | $ | 348,758 | ||||
| ENERGY — 0.1% | ||||||||
| Natural Resource Partners LP / NRP Finance Corp. — 9.125% 6/30/2025(f) | $ | 831,000 | $ | 837,233 | ||||
| FINANCIAL — 1.0% | ||||||||
| Golub Capital BDC, Inc. — 3.375% 4/15/2024 | $ | 1,487,000 | $ | 1,553,428 | ||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2021
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Midcap Financial Issuer Trust — 6.500% 5/1/2028(f) | $ | 4,098,000 | $ | 4,271,222 | ||||
| $ | 5,824,650 | |||||||
| TOTAL CORPORATE BONDS & NOTES (Cost $10,407,340) | $ | 11,234,652 | ||||||
| CORPORATE BANK DEBT — 4.5% | ||||||||
| ABG Intermediate Holding 2 LLC, 3M USD LIBOR + 5.250% — 6.250% 9/27/2024(b)(e) | $ | 578,160 | $ | 578,160 | ||||
| ABG Intermediate Holdings 2 LLC, 3M USD LIBOR + 3.250% — 4.000% 9/29/2024(b)(e) | 1,826,576 | 1,824,293 | ||||||
| Applied Systems, Inc., 1M USD LIBOR + 3.250% 9/19/2024(b)(e) | 1,714,000 | 1,709,286 | ||||||
| Asurion LLC, 1M USD LIBOR + 3.000% — 3.084% 11/3/2024(b)(e) | 3,560,346 | 3,520,292 | ||||||
| BJ Services, Inc., 7.000% — 8.500% 1/3/2023(a)(b)(c) | 51,669 | 49,086 | ||||||
| Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan, 1M USD LIBOR + 4.750% — 0.000% 11/12/2027(b)(i) | 240,160 | — | ||||||
| Capstone Acquisition Holdings, Inc. 2020 Term Loan, 1M USD LIBOR + 4.750% — 5.750% 11/12/2027(b)(e) | 1,807,385 | 1,807,385 | ||||||
| Cimpress Public Ltd., 1M USD LIBOR + 3.500% — 4.000% 5/17/2028(b)(e) | 1,215,952 | 1,215,952 | ||||||
| Emerald Topco, Inc., 1M USD LIBOR + 3.500% — 0.000% 7/24/2026(b)(e) | 1,900,000 | 1,886,947 | ||||||
| Frontier Communications Corp., 3M USD LIBOR + 3.750% — 4.500% 5/1/2028(b)(e) | 1,121,365 | 1,118,562 | ||||||
| GHX Ultimate Parent Corp., 3M USD LIBOR + 3.250% — 4.250% 6/28/2024(b)(e) | 2,630,882 | 2,620,595 | ||||||
| Hanjin International Corp., 3M USD LIBOR + 5.000% — 5.500% 12/23/2022(b)(e) | 1,627,000 | 1,622,932 | ||||||
| Heartland Dental LLC, 1M USD LIBOR + 4.000% — 4.085% 4/30/2025(b)(e) | 2,623,623 | 2,615,962 | ||||||
| JC Penney Corp., Inc., 3M USD LIBOR + 4.250% — 5.250% 6/23/2023(b)(e) | 480,181 | 240 | ||||||
| McDermott Super Senior Exit LC — 0.500% 6/30/2024(b)(i) | 640,000 | (153,600 | ) | |||||
| Mediaco Holding, Inc. Class A 6.400% — 8.400% 11/25/2024(a)(b)(c) | 1,166,561 | 1,084,901 | ||||||
| Packers Holdings LLC, 6M USD LIBOR + 3.250% — 4.000% 3/9/2028(b)(e) | 1,719,758 | 1,710,436 | ||||||
| Polaris Newco, LLC Term Loan B, 1M USD LIBOR + 4.000% — 4.500% 6/2/2028(b) | 1,705,000 | 1,707,984 | ||||||
| Polyconcept North America Holdings, Inc., 6M USD LIBOR + 4.500% — 5.500% 8/16/2023(b)(e) | 747,168 | 743,119 | ||||||
| Windstream Services LLC, 1M USD LIBOR + 6.250% — 7.250% 9/21/2027(b)(e) | 839,322 | 840,900 | ||||||
| TOTAL CORPORATE BANK DEBT (Cost $26,603,408) | $ | 26,503,432 | ||||||
| U.S. TREASURY — 4.2% | ||||||||
| U.S. Treasury Bill — 0.037% 10/7/2021(g)(Cost $24,233,883) | $ | 24,234,000 | $ | 24,233,859 | ||||
| TOTAL BONDS & DEBENTURES — 89.9% (Cost $522,425,920) | $ | 524,696,517 | ||||||
| TOTAL INVESTMENT SECURITIES — 90.3% (Cost $524,354,336) | $ | 527,144,233 | ||||||
| SHORT-TERM INVESTMENTS — 11.9% | ||||||||
| State Street Bank Repurchase Agreement — 0.00% 10/1/2021 | ||||||||
| (Dated 09/30/2021, repurchase price of $69,362,000, collateralized by $70,812,900 principal amount U.S. Treasury Notes — 0.25% 2023, fair value $70,749,310) | $ | 69,362,000 | $ | 69,362,000 | ||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $69,362,000) | $ | 69,362,000 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
September 30, 2021
(Unaudited)
| Fair Value | ||||||||
| TOTAL INVESTMENTS — 102.2% (Cost $593,716,336) | $ | 596,506,233 | ||||||
| Other Assets and Liabilities, net — (2.2)% | (13,063,591 | ) | ||||||
| NET ASSETS — 100.0% | $ | 583,442,642 | ||||||
| (a) | 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 0.43% of total net assets at September 30, 2021. |
| (b) | Restricted securities. These restricted securities constituted 5.34% of total net assets at September 30, 2021, 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. |
| (c) | Investments categorized as a significant unobservable input (Level 3) (See Note 1 of the Notes to Financial Statements). |
| (d) | Non-income producing security. |
| (e) | Variable/Floating Rate Security — The rate shown is based on the latest available information as of September 30, 2021. 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, 2021. |
| (i) | All or a portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. |
FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS – RESTRICTED SECURITIES
September 30, 2021
(Unaudited)
| Issuer | Acquisition Date (s) | Cost | Fair Value | Fair Value as a % of Net Assets | ||||||||||||
| ABG Intermediate Holding 2 LLC, 3M USD LIBOR + 5.250% — 6.250% 9/27/2024 | 07/15/2020 | $ | 567,824 | $ | 578,160 | 0.10 | % | |||||||||
| ABG Intermediate Holdings 2 LLC, 3M USD LIBOR + 3.250% — 4.000% 9/29/2024 | 03/06/2020, 03/12/2020, 03/20/2020, 02/02/2021, 03/17/2021, 03/18/2021 | 1,754,410 | 1,824,293 | 0.31 | % | |||||||||||
| Applied Systems, Inc., 1M USD LIBOR + 3.250% 9/19/2024 | 07/28/2021, 08/03/2021, 08/04/2021 | 1,709,715 | 1,709,286 | 0.29 | % | |||||||||||
| Asurion LLC, 1M USD LIBOR + 3.000% — 3.084% 11/3/2024 | 01/06/2021, 03/01/2021, 03/02/2021, 05/21/2021, | 3,549,754 | 3,520,292 | 0.60 | % | |||||||||||
| BJ Services, Inc., 7.000% — 8.500% 1/3/2023 | 12/31/2019 | 51,339 | 49,086 | 0.01 | % | |||||||||||
| BTC Holdings Fund I, LLC — 2.870% 1/28/2027 | 09/01/2021 | 2,200,000 | 2,200,000 | 0.38 | % | |||||||||||
| Capstone Acquisition Holdings, Inc. 2020 Term Loan, 1M USD LIBOR + 4.750% — 5.750% 11/12/2027 | 04/30/2021 | 1,793,461 | 1,807,385 | 0.31 | % | |||||||||||
| Cimpress Public Ltd., 1M USD LIBOR + 3.500% — 4.000% 5/17/2028 | 04/30/2021 | 1,204,404 | 1,215,952 | 0.21 | % | |||||||||||
| Copper Earn Out Trust | 12/07/2020 | — | 81,932 | 0.01 | % | |||||||||||
| Copper Property CTL Pass Through Trust | 01/17/2019, 02/08/2019, 03/11/2019, 06/08/2020, 07/10/2020 | 939,850 | 1,148,455 | 0.20 | % | |||||||||||
| Emerald Topco, Inc., 1M USD LIBOR + 3.500% — 0.000% 7/24/2026 | 09/20/2021 | 1,888,125 | 1,886,947 | 0.32 | % | |||||||||||
| Frontier Communications Corp., 3M USD LIBOR + 3.750% — 4.500% 5/1/2028 | 04/09/2021 | 1,110,668 | 1,118,562 | 0.19 | % | |||||||||||
| GHX Ultimate Parent Corp., 3M USD LIBOR + 3.250% — 4.250% 6/28/2024 | 05/20/2021, 07/23/2021, 08/05/2021, 08/17/2021 | 2,619,949 | 2,620,595 | 0.45 | % | |||||||||||
| Hanjin International Corp., 3M USD LIBOR + 5.000% — 5.500% 12/23/2022 | 12/23/2020, 02/25/2021 | 1,621,807 | 1,622,932 | 0.28 | % | |||||||||||
| Heartland Dental LLC, 1M USD LIBOR + 4.000% — 4.085% 4/30/2025 | 06/10/2021, 08/02/2021, 08/03/2021, 08/12/2021 | 2,614,160 | 2,615,962 | 0.45 | % | |||||||||||
| JC Penney Corp., Inc., 3M USD LIBOR + 4.250% — 5.250% 6/23/2023 | 02/03/2021 | — | 240 | 0.00 | % | |||||||||||
| McDermott Super Senior Exit LC — 0.500% 6/30/2024 | 02/28/2020 | (4,144 | ) | (153,600 | ) | (0.03 | )% | |||||||||
| Mediaco Holding, Inc. Class A 6.400% — 8.400% 11/25/2024 | 06/01/2021, 07/01/2021, 08/01/2021, 09/01/2021 | 1,158,666 | 1,084,901 | 0.19 | % | |||||||||||
| PHI Group, Inc. | 08/19/2019 | 188,003 | 333,396 | 0.06 | % | |||||||||||
| PHI Group, Inc., Restricted | 08/19/2019 | 427,782 | 720,692 | 0.12 | % | |||||||||||
| Packers Holdings LLC, 6M USD LIBOR + 3.250% — 4.000% 3/9/2028 | 04/16/2021, 08/03/2021 | 1,710,292 | 1,710,436 | 0.29 | % | |||||||||||
| Polaris Newco, LLC Term Loan B, 1M USD LIBOR + 4.000% — 4.500% 6/2/2028 | 06/03/2021, 07/30/2021 | 1,700,143 | 1,707,984 | 0.29 | % | |||||||||||
FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS – RESTRICTED SECURITIES (Continued)
September 30, 2021
(Unaudited)
| Issuer | Acquisition Date (s) | Cost | Fair Value | Fair Value as a % of Net Assets | ||||||||||||
| Polyconcept North America Holdings, Inc., 6M USD LIBOR + 4.500% — 5.500% 8/16/2023 | 11/18/2019 | $ | 743,291 | $ | 743,119 | 0.13 | % | |||||||||
| Windstream Rights Offering | 11/16/2020 | 372,781 | 163,241 | 0.03 | % | |||||||||||
| Windstream Services LLC, 1M USD LIBOR + 6.250% — 7.250% 9/21/2027 | 08/11/2020 | 810,596 | 840,900 | 0.15 | % | |||||||||||
| TOTAL RESTRICTED SECURITIES | $ | 30,732,876 | $ | 31,151,148 | 5.34 | % | ||||||||||
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. However, most fixed income securities are generally valued at prices obtained from pricing vendors and brokers. Vendors value such securities based on one or more of the following inputs: transactions, bids, offers quotations from dealers and trading systems, spreads and other relationships observed in the markets among comparable securities, benchmarks, underlying equity of the issuer, and proprietary pricing models such as cash flows, financial or collateral performance and other reference data (includes prepayments, defaults, collateral, credit enhancements, and interest rate volatility). 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. 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, 2021:
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | ||||||||||||||||
| Retailing | — | — | $ | 1,230,387 | $ | 1,230,387 | ||||||||||
| Energy | $ | 1,054,088 | — | — | 1,054,088 | |||||||||||
| Rights | ||||||||||||||||
| Midstream - Oil & Gas | — | — | 163,241 | 163,241 | ||||||||||||
| Commercial Mortgage-Backed Securities | ||||||||||||||||
| Agency | — | $ | 463,918 | — | 463,918 | |||||||||||
| Agency Stripped | — | 1,510,112 | — | 1,510,112 | ||||||||||||
| Non-Agency | — | 61,384,496 | — | 61,384,496 | ||||||||||||
| Residential Mortgage-Backed Securities | ||||||||||||||||
| Agency Collateralized Mortgage Obligation | — | 2,757,752 | — | 2,757,752 | ||||||||||||
| Agency Pool Fixed Rate | — | 232,545 | — | 232,545 | ||||||||||||
| Agency Stripped | — | 157,535 | — | 157,535 | ||||||||||||
| Non-Agency Collateralized Mortgage Obligation | — | 27,244,890 | 2,555,000 | 29,799,890 | ||||||||||||
| Asset-Backed Securities | ||||||||||||||||
| Auto | — | 109,489,664 | — | 109,489,664 | ||||||||||||
| Collateralized Loan Obligation | — | 124,675,495 | 2,200,000 | 126,875,495 | ||||||||||||
| Credit Card | — | 6,279,730 | — | 6,279,730 | ||||||||||||
| Equipment | — | 61,511,910 | — | 61,511,910 | ||||||||||||
| Other | — | 62,261,527 | — | 62,261,527 | ||||||||||||
| Corporate Bonds & Notes | — | 11,234,652 | — | 11,234,652 | ||||||||||||
| Corporate Bank Debt | — | 25,369,445 | 1,133,987 | 26,503,432 | ||||||||||||
| U.S. Treasury | — | 24,233,859 | — | 24,233,859 | ||||||||||||
| Short-Term Investments | — | 69,362,000 | — | 69,362,000 | ||||||||||||
| $ | 1,054,088 | $ | 588,169,530 | $ | 7,282,615 | $ | 596,506,233 | |||||||||
The following table summarizes the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2021:
| Investments | Beginning Value at December 31, 2020 | Net Realized and Unrealized Gains (Losses)* | Purchases | (Sales) | Gross Transfers In/(Out) | Ending Value at September 30, 2021 | Net Change in Unrealized Appreciation (Depreciation) related to Investments held at September 30, 2021 | |||||||||||||||||||||
| Common Stocks | $ | 46,818 | $ | 243,719 | $ | 939,850 | — | — | $ | 1,230,387 | $ | 243,719 | ||||||||||||||||
| Rights | 123,838 | 39,403 | — | — | — | 163,241 | 39,403 | |||||||||||||||||||||
| Residential Mortgage-Backed Securities Non-Agency Collateralized Mortgage Obligation | 756,323 | 552 | 2,555,000 | $ | (271,896 | ) | $ | (484,979 | ) | 2,555,000 | — | |||||||||||||||||
| Asset-Backed Securities Collateralized Loan Obligation | — | — | 2,200,000 | — | — | 2,200,000 | — | |||||||||||||||||||||
| Corporate Bank Debt | 2,746,622 | (81,460 | ) | 711,226 | (133,068 | ) | (2,109,333 | ) | 1,133,987 | 4,915 | ||||||||||||||||||
| $ | 3,673,601 | $ | 202,214 | $ | 6,406,076 | $ | (404,964 | ) | $ | (2,594,312 | ) | $ | 7,282,615 | $ | 288,037 | |||||||||||||
* Net realized and unrealized gains (losses) are included in the related amounts in the statement of operations.
There were transfers of $2,594,312 out of Level 3 into Level 2 during the period ended September 30, 2021. Transfers out of Level 3 were due to change in valuation technique from recent trade activity to vendor priced.
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, 2021:
| Financial Assets | Fair Value at September 30, 2021 | Valuation Technique(s) | Unobservable Inputs | Price/Range | Weighted Average Price | |||||||||
| Common Stocks | $ | 1,230,387 | Pricing Model (a) | Quotes/Prices | $10.50 - $19.63 | $ | 19.02 | |||||||
| Rights | $ | 163,241 | Pricing Model (a) | Quotes/Prices | $14.50 | $ | 14.50 | |||||||
| Residential Mortgage-Backed Securities Non-Agency Collateralized Mortgage Obligation | $ | 2,555,000 | Third-Party Broker Quote (b) | Quotes/Prices | $100.00 | $ | 100.00 | |||||||
| Asset-Backed Securities Collateralized Loan Obligation | $ | 2,200,000 | Third-Party Broker Quote (b) | Quotes/Prices | $100.00 | $ | 100.00 | |||||||
| Corporate Bank Debt | $ | 1,133,987 | Pricing Model (c) | Amortized Cost | $93.00 - $95.00 | $ | 93.09 | |||||||
(a) The Pricing Model technique for Level 3 securities involves recently quoted funding prices of 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 external valuation by an independent third party.
NOTE 2 — Federal Income Tax
The cost of investment securities held at September 30, 2021 (excluding short-term investments), was $524,354,999 for federal income tax purposes. Net unrealized appreciation consists of:
| Gross unrealized appreciation: | $ | 3,746,713 | ||
| Gross unrealized depreciation: | (957,479 | ) | ||
| Net unrealized appreciation: | $ | 2,789,234 |