FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS
March 31, 2022
(Unaudited)
| COMMON STOCKS | Shares or Principal Amount | Fair Value | ||||||
| ENERGY — 0.2% | ||||||||
| PHI Group, Inc., Restricted(a)(b)(c) | 75,292 | $ | 1,151,968 | |||||
| $ | 1,151,968 | |||||||
| RETAILING — 0.1% | ||||||||
| Copper Earn Out Trust(a)(b)(c) | 7,803 | $ | 91,685 | |||||
| Copper Property CTL Pass Through Trust(a)(b)(c) | 58,520 | 921,690 | ||||||
| $ | 1,013,375 | |||||||
| TOTAL COMMON STOCKS — 0.3% (Cost $1,555,635) | $ | 2,165,343 | ||||||
| RIGHTS — 0.0% | ||||||||
| MIDSTREAM - OIL & GAS — 0.0% | ||||||||
| Windstream Holdings, Inc.(a)(b)(c)(d) (Cost $372,781) | 11,258 | $ | 166,056 | |||||
| $ | 166,056 | |||||||
| BONDS & DEBENTURES | ||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.3% | ||||||||
| AGENCY — 0.0% | ||||||||
| Freddie Mac Multifamily Structured Pass Through Certificates K042 A1 — 2.267% 6/25/2024 | $ | 128,114 | $ | 127,670 | ||||
| $ | 127,670 | |||||||
| AGENCY STRIPPED — 0.2% | ||||||||
| Government National Mortgage Association 2015-19 IO — 0.304% 1/16/2057(e) | $ | 1,434,159 | $ | 27,055 | ||||
| Government National Mortgage Association 2015-7 IO — 0.553% 1/16/2057(e) | 1,665,980 | 43,669 | ||||||
| Government National Mortgage Association 2020-75 IO — 0.900% 2/16/2062(e) | 5,499,723 | 400,447 | ||||||
| Government National Mortgage Association 2020-42 IO — 0.936% 3/16/2062(e) | 3,592,147 | 264,611 | ||||||
| Government National Mortgage Association 2020-71 IO — 1.103% 1/16/2062(e) | 2,984,121 | 237,853 | ||||||
| Government National Mortgage Association 2020-43 IO — 1.267% 11/16/2061(e) | 2,233,500 | 185,184 | ||||||
| $ | 1,158,819 | |||||||
| NON-AGENCY — 7.1% | ||||||||
| A10 Bridge Asset Financing 2021-D A1FX — 2.589% 10/1/2038(c)(f) | $ | 2,295,000 | $ | 2,295,000 | ||||
| A10 Bridge Asset Financing LLC 2020-C A — 2.021% 8/15/2040(f) | 379,602 | 379,114 | ||||||
| ACRE Commercial Mortgage Ltd. 2021-FL4 A, 1M USD LIBOR + 0.830% — 1.298% 12/18/2037(e)(f) | 483,042 | 479,506 | ||||||
| ACRES Commercial Realty Ltd. 2021-FL1 A, 1M USD LIBOR + 1.200% — 1.641% 6/15/2036(e)(f) | 2,604,000 | 2,580,981 | ||||||
| ACRES Commercial Realty Ltd. 2021-FL2 A, 1M USD LIBOR + 1.400%, FRN — 1.841% 1/15/2037(e)(f) | 809,000 | 804,836 | ||||||
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL1 A, 1M USD LIBOR + 0.970% — 1.367% 12/15/2035(e)(f) | 2,210,000 | 2,195,768 | ||||||
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 A, 1M USD LIBOR + 1.100% — 1.497% 5/15/2036(e)(f) | 2,370,000 | 2,342,331 | ||||||
| Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 A, 1M USD LIBOR + 1.450% — 1.500% 1/15/2037(e)(f) | 3,442,000 | 3,423,986 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
March 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 1M USD LIBOR + 1.350% — 1.747% 11/15/2036(e)(f) | $ | 3,148,000 | $ | 3,119,433 | ||||
| AREIT Trust 2019-CRE3 A, 1M USD LIBOR + 1.1340% — 1.184% 9/14/2036(e)(f) | 75,871 | 75,608 | ||||||
| BDS 2021-FL8 A, 1M USD LIBOR + 0.920% — 1.388% 1/18/2036(e)(f) | 933,322 | 920,152 | ||||||
| BDS Ltd. 2019-FL4 A, 1M USD LIBOR + 1.100% — 1.541% 8/15/2036(e)(f) | 833,447 | 829,344 | ||||||
| BDS Ltd. 2019-FL4 AS, 1M USD LIBOR + 1.400% — 1.841% 8/15/2036(e)(f) | 268,000 | 264,531 | ||||||
| BPCRE Ltd. 2021-FL1 A, 1M USD LIBOR + 0.850% — 1.291% 2/15/2037(e)(f) | 76,363 | 75,466 | ||||||
| BX Commercial Mortgage Trust 2021-VOLT E, 1M USD LIBOR + 2.000% — 2.397% 9/15/2036(e)(f) | 1,410,000 | 1,356,686 | ||||||
| BX Commercial Mortgage Trust 2021-VOLT F, 1M USD LIBOR + 2.400% — 2.797% 9/15/2036(e)(f) | 2,319,000 | 2,237,115 | ||||||
| BXMT Ltd. 2021-FL4 A, 1M USD LIBOR + 1.050% — 1.447% 5/15/2038(e)(f) | 2,899,000 | 2,882,319 | ||||||
| Citigroup Commercial Mortgage Trust 2013-GC11 AAB — 2.690% 4/10/2046 | 18,785 | 18,797 | ||||||
| Citigroup Commercial Mortgage Trust 2013-GC11 A4 — 3.093% 4/10/2046 | 90,000 | 89,988 | ||||||
| Citigroup Commercial Mortgage Trust 2013-GC11 AS — 3.422% 4/10/2046 | 800,000 | 798,148 | ||||||
| COMM 2013-CCRE7 Mortgage Trust 2013-CR7 A4 — 3.213% 3/10/2046 | 1,153,226 | 1,155,109 | ||||||
| COMM Mortgage Trust 2013-LC6 A4 — 2.941% 1/10/2046 | — | — | ||||||
| CoreVest American Finance Trust 2018-1 A — 3.804% 6/15/2051(f) | 266,947 | 267,426 | ||||||
| Greystone CRE Notes Ltd. 2021-FL3 A, 1M USD LIBOR + 1.020% — 1.417% 7/15/2039(e)(f) | 3,000,000 | 2,952,816 | ||||||
| GS Mortgage Securities Corp. II 2015-GC30 AAB — 3.120% 5/10/2050 | 299,055 | 299,949 | ||||||
| Hawaii Hotel Trust 2019-MAUI C, 1M USD LIBOR + 1.650% — 2.047% 5/15/2038(e)(f) | 1,384,000 | 1,366,702 | ||||||
| HERA Commercial Mortgage Ltd. 2021-FL1 A, 1M USD LIBOR + 1.050% — 1.518% 2/18/2038(e)(f) | 2,823,000 | 2,784,345 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 A4 — 2.694% 4/15/2046 | 92,885 | 92,361 | ||||||
| JPMBB Commercial Mortgage Securities Trust 2015-C30 ASB — 3.559% 7/15/2048 | 596,365 | 600,035 | ||||||
| KREF Ltd. 2021-FL2 A, 1M USD LIBOR + 1.070% — 1.511% 2/15/2039(e)(f) | 834,000 | 819,915 | ||||||
| LCCM Trust 2021-FL2 A, 1M USD LIBOR + 1.200% — 1.597% 12/13/2038(e)(f) | 390,000 | 387,411 | ||||||
| LoanCore Issuer Ltd. 2021-CRE4 A, 1M USD LIBOR + 0.914% — 0.964% 7/15/2035(e)(f) | 841,172 | 833,081 | ||||||
| LoanCore Issuer Ltd. 2019-CRE3 A, 1M USD LIBOR + 1.050% — 1.447% 4/15/2034(e)(f) | 484,532 | 482,206 | ||||||
| LoanCore Issuer Ltd. 2021-CRE5 A, 1M USD LIBOR + 1.300% — 1.697% 7/15/2036(e)(f) | 363,000 | 356,602 | ||||||
| MF1 Ltd. 2021-FL7 A, 1M USD LIBOR + 1.080% — 1.511% 10/16/2036(e)(f) | 2,750,000 | 2,707,346 | ||||||
| MF1 Ltd. 2020-FL4 A, 1M USD LIBOR + 1.814% — 2.143% 11/15/2035(e)(f) | 585,000 | 579,028 | ||||||
| PFP Ltd. 2021-7 A, 1M USD LIBOR + 0.850% — 1.247% 4/14/2038(e)(f) | 2,227,824 | 2,195,121 | ||||||
| Ready Capital Mortgage Financing LLC 2021-FL5 A, 1M USD LIBOR + 1.000% — 1.457% 4/25/2038(e)(f) | 968,223 | 964,975 | ||||||
| Shelter Growth CRE Issuer Ltd. 2021-FL3 A, 1M USD LIBOR + 1.080% — 1.477% 9/15/2036(e)(f) | 855,220 | 846,143 | ||||||
| STWD Ltd. 2021-FL2, 1M USD LIBOR + 1.200% — 1.668% 4/18/2038(e)(f) | 1,468,000 | 1,456,070 | ||||||
| TRTX Issuer Ltd. 2019-FL3 A, 1M USD LIBOR + 1.264% — 1.314% 10/15/2034(e)(f) | 337,041 | 336,203 | ||||||
| TRTX Issuer Ltd. 2022-FL5 A, 1M USD LIBOR + 1.650% — 1.700% 2/15/2039(e)(f) | 2,356,000 | 2,356,981 | ||||||
| VCC Trust 2020-MC1 A — 4.500% 6/25/2045(e)(f) | 66,940 | 66,957 | ||||||
| VMC Finance LLC 2021-HT1 A, 1M USD LIBOR + 1.650% — 2.118% 1/18/2037(e)(f) | 1,436,528 | 1,407,798 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
March 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Wells Fargo Commercial Mortgage Trust 2014-LC18 ASB — 3.244% 12/15/2047 | $ | 537,897 | $ | 541,005 | ||||
| $ | 53,024,694 | |||||||
| TOTAL COMMERICAL MORTGAGE-BACKED SECURITIES (Cost $54,935,577) | $ | 54,311,183 | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES — 7.7% | ||||||||
| AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 0.2% | ||||||||
| Fannie Mae REMICS 2012-47 HA — 1.500% 5/25/2027 | $ | 122,962 | $ | 124,743 | ||||
| Fannie Mae REMICS 2013-35 QB — 1.750% 2/25/2043 | 503,922 | 509,416 | ||||||
| Fannie Mae REMICS 144 PD — 3.500% 4/25/2042 | 99,329 | 99,890 | ||||||
| Freddie Mac REMICS 4220 EH — 2.500% 6/15/2028 | 92,698 | 95,112 | ||||||
| Freddie Mac REMICS 4336 WV — 3.000% 10/15/2025 | 34,670 | 34,657 | ||||||
| Freddie Mac REMICS 4387 VA — 3.000% 2/15/2026 | 509,548 | 511,129 | ||||||
| Freddie Mac REMICS 4235 QE — 3.000% 8/15/2031 | 75,628 | 77,042 | ||||||
| Freddie Mac REMICS 4162 P — 3.000% 2/15/2033 | 340,508 | 340,103 | ||||||
| $ | 1,792,092 | |||||||
| AGENCY POOL FIXED RATE — 0.0% | ||||||||
| Fannie Mae Pool AL1576 — 4.000% 3/1/2027 | $ | 117,295 | $ | 120,622 | ||||
| Fannie Mae Pool FM1102 — 4.000% 3/1/2031 | 51,710 | 53,176 | ||||||
| $ | 173,798 | |||||||
| AGENCY STRIPPED — 0.0% | ||||||||
| Fannie Mae Interest Strip 284 1 — 0.000% 7/25/2027(g) | $ | 143,107 | $ | 132,055 | ||||
| $ | 132,055 | |||||||
| NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 7.5% | ||||||||
| Bravo Residential Funding Trust 2019-1 A1C — 3.500% 3/25/2058(f) | $ | 234,506 | $ | 234,066 | ||||
| Cascade Funding Mortgage Trust 2021-HB6 A — 0.898% 6/25/2036(e)(f) | 793,531 | 783,865 | ||||||
| CFMT LLC 2021-HB5 A — 0.801% 2/25/2031(e)(f) | 1,313,336 | 1,299,006 | ||||||
| CFMT LLC 2020-HB4 A — 0.946% 12/26/2030(e)(f) | 381,274 | 378,372 | ||||||
| CFMT LLC 2021-HB7 A — 1.151% 10/27/2031(e)(f) | 1,072,059 | 1,055,285 | ||||||
| CFMT LLC 2021-HB7 M1 — 2.125% 10/27/2031(e)(f) | 1,183,000 | 1,138,321 | ||||||
| CIM Trust 2017-7 A — 3.000% 4/25/2057(e)(f) | 140,244 | 139,992 | ||||||
| CIM Trust 2018-R3 A1 — 5.000% 12/25/2057(e)(f) | 334,194 | 336,056 | ||||||
| Finance of America HECM Buyout 2020-HB2 A — 1.710% 7/25/2030(e)(f) | 1,117,927 | 1,081,087 | ||||||
| PRET LLC 2021-NPL5 A1 — 2.487% 10/25/2051(f)(h) | 5,601,395 | 5,419,791 | ||||||
| Pretium Mortgage Credit Partners I LLC 2021-NPL2 A1 — 1.992% 6/27/2060(f)(h) | 2,074,597 | 1,990,107 | ||||||
| Pretium Mortgage Credit Partners I LLC 2021-NPL4 A1 — 2.363% 10/27/2060(f)(h) | 5,354,046 | 5,185,285 | ||||||
| Pretium Mortgage Credit Partners I LLC 2021-NPL6 A1 — 2.487% 7/25/2051(f)(h) | 2,013,126 | 1,954,988 | ||||||
| PRPM LLC 2021-2 A1 — 2.115% 3/25/2026(e)(f) | 7,357,890 | 7,108,100 | ||||||
| PRPM LLC 2021-9 A1 — 2.363% 10/25/2026(e)(f) | 2,623,749 | 2,530,838 | ||||||
| PRPM LLC 2021-10 A1 — 2.487% 10/25/2026(f)(h) | 2,531,705 | 2,453,868 | ||||||
| PRPM LLC 2021-11 A1 — 2.487% 11/25/2026(f)(h) | 3,197,736 | 3,060,035 | ||||||
| RCO VII Mortgage LLC 2021-2 A1 — 2.116% 9/25/2026(f)(h) | 2,418,595 | 2,329,824 | ||||||
| Towd Point Mortgage Trust 2017-2 A1 — 2.750% 4/25/2057(e)(f) | 374,858 | 374,442 | ||||||
| Towd Point Mortgage Trust 2019-4 A1 — 2.900% 10/25/2059(e)(f) | 6,759,113 | 6,668,224 | ||||||
| Towd Point Mortgage Trust 2018-1 A1 — 3.000% 1/25/2058(e)(f) | 29,284 | 29,192 | ||||||
| Towd Point Mortgage Trust 2018-2 A1 — 3.250% 3/25/2058(e)(f) | 608,433 | 605,788 | ||||||
| Towd Point Mortgage Trust 2018-5 A1A — 3.250% 7/25/2058(e)(f) | 62,527 | 62,482 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
March 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| VCAT LLC 2021 NPL2 A1 — 2.115% 3/27/2051(f)(h) | $ | 1,165,717 | $ | 1,129,869 | ||||
| VCAT LLC 2021-NPL1 A1 — 2.289% 12/26/2050(f)(h) | 4,475,909 | 4,350,678 | ||||||
| VOLT C LLC 2021-NPL9 — 1.992% 5/25/2051(f)(h) | 1,237,436 | 1,195,107 | ||||||
| VOLT XCIV LLC 2021-NPL3 A1 — 2.240% 2/27/2051(f)(h) | 1,400,295 | 1,344,247 | ||||||
| VOLT XCV LLC 2021-NPL4 — 2.240% 3/27/2051(f)(h) | 1,401,095 | 1,370,249 | ||||||
| $ | 55,609,164 | |||||||
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $59,139,098) | $ | 57,707,109 | ||||||
| ASSET-BACKED SECURITIES — 69.3% | ||||||||
| AUTO — 22.7% | ||||||||
| American Credit Acceptance Receivables Trust 2021-3 B — 0.660% 2/13/2026(f) | $ | 806,000 | $ | 791,504 | ||||
| American Credit Acceptance Receivables Trust 2021-2 B — 0.680% 5/13/2025(f) | 400,000 | 397,208 | ||||||
| American Credit Acceptance Receivables Trust 2021-1 C — 0.830% 3/15/2027(f) | 4,750,000 | 4,676,434 | ||||||
| American Credit Acceptance Receivables Trust 2021-4 B — 0.860% 2/13/2026(f) | 502,000 | 488,829 | ||||||
| American Credit Acceptance Receivables Trust 2021-2 C — 0.970% 7/13/2027(f) | 2,670,000 | 2,605,080 | ||||||
| American Credit Acceptance Receivables Trust 2021-3 C — 0.980% 11/15/2027(f) | 1,731,000 | 1,671,709 | ||||||
| American Credit Acceptance Receivables Trust 2020-4 C — 1.310% 12/14/2026(f) | 3,501,000 | 3,465,128 | ||||||
| American Credit Acceptance Receivables Trust 2021-4 C — 1.320% 2/14/2028(f) | 1,827,000 | 1,755,605 | ||||||
| American Credit Acceptance Receivables Trust 2022-1 B — 1.680% 9/14/2026(f) | 1,350,000 | 1,321,556 | ||||||
| American Credit Acceptance Receivables Trust 2020-3 C — 1.850% 6/15/2026(f) | 1,033,000 | 1,026,846 | ||||||
| American Credit Acceptance Receivables Trust 2022-1 C — 2.120% 3/13/2028(f) | 2,838,000 | 2,753,899 | ||||||
| AmeriCredit Automobile Receivables Trust 2021-3 A3 — 0.760% 8/18/2026 | 1,153,000 | 1,120,087 | ||||||
| AmeriCredit Automobile Receivables Trust 2020-2 C — 1.480% 2/18/2026 | 342,000 | 336,435 | ||||||
| BMW Vehicle Lease Trust 2022-1 A4 — 1.230% 5/27/2025 | 1,810,000 | 1,744,027 | ||||||
| CarMax Auto Owner Trust 2022-1 A3 — 1.470% 12/15/2026 | 3,713,000 | 3,594,474 | ||||||
| CarMax Auto Owner Trust 2020-3 C — 1.690% 4/15/2026 | 61,000 | 58,522 | ||||||
| CarMax Auto Owner Trust 2020-1 C — 2.340% 11/17/2025 | 1,940,000 | 1,928,764 | ||||||
| CarMax Auto Owner Trust 2018-4 B — 3.670% 5/15/2024 | 95,000 | 96,049 | ||||||
| Drive Auto Receivables Trust 2021-2 B — 0.580% 12/15/2025 | 3,025,000 | 2,949,262 | ||||||
| Drive Auto Receivables Trust 2021-3 A3 — 0.790% 10/15/2025 | 1,907,000 | 1,866,670 | ||||||
| Drive Auto Receivables Trust 2021-2 C — 0.870% 10/15/2027 | 2,324,000 | 2,220,927 | ||||||
| Drive Auto Receivables Trust 2021-1 C — 1.020% 6/15/2027 | 2,000,000 | 1,970,717 | ||||||
| Drive Auto Receivables Trust 2021-3 B — 1.110% 5/15/2026 | 3,814,000 | 3,688,038 | ||||||
| Drive Auto Receivables Trust 2021-3 C — 1.470% 1/15/2027 | 3,814,000 | 3,642,754 | ||||||
| DT Auto Owner Trust 2021-3A B — 0.580% 11/17/2025(f) | 908,000 | 876,263 | ||||||
| DT Auto Owner Trust 2021-1A B — 0.620% 9/15/2025(f) | 190,000 | 187,244 | ||||||
| DT Auto Owner Trust 2021-2A B — 0.810% 1/15/2027(f) | 394,000 | 385,656 | ||||||
| DT Auto Owner Trust 2021-1A C — 0.840% 10/15/2026(f) | 168,000 | 162,476 | ||||||
| DT Auto Owner Trust 2021-3A C — 0.870% 5/17/2027(f) | 800,000 | 758,812 | ||||||
| DT Auto Owner Trust 2021-4A B — 1.020% 5/15/2026(f) | 704,000 | 682,644 | ||||||
| DT Auto Owner Trust 2021-2A C — 1.100% 2/16/2027(f) | 4,000,000 | 3,839,784 | ||||||
| DT Auto Owner Trust 2020-3A C — 1.470% 6/15/2026(f) | 2,884,000 | 2,834,619 | ||||||
| DT Auto Owner Trust 2021-4A C — 1.500% 9/15/2027(f) | 704,000 | 674,972 | ||||||
| DT Auto Owner Trust 2022-1A C — 2.960% 11/15/2027(f) | 1,212,000 | 1,191,496 | ||||||
| Exeter Automobile Receivables Trust 2021-3A B — 0.690% 1/15/2026 | 4,737,000 | 4,621,687 | ||||||
| Exeter Automobile Receivables Trust 2021-1A C — 0.740% 1/15/2026 | 500,000 | 490,559 | ||||||
| Exeter Automobile Receivables Trust 2021-4A B — 1.050% 5/15/2026 | 2,241,000 | 2,187,572 | ||||||
| Exeter Automobile Receivables Trust 2021-4A C — 1.460% 10/15/2027 | 2,169,000 | 2,079,000 | ||||||
| Exeter Automobile Receivables Trust 2022-1A B — 2.180% 6/15/2026 | 6,048,000 | 5,959,671 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
March 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Exeter Automobile Receivables Trust 2022-1A C — 2.560% 6/15/2028 | $ | 3,168,000 | $ | 3,098,800 | ||||
| First Investors Auto Owner Trust 2021-2A A — 0.480% 3/15/2027(f) | 4,999,916 | 4,884,481 | ||||||
| Flagship Credit Auto Trust 2021-2 C — 1.270% 6/15/2027(f) | 1,004,000 | 954,054 | ||||||
| Flagship Credit Auto Trust 2021-4 B — 1.490% 2/15/2027(f) | 456,000 | 435,892 | ||||||
| Ford Credit Auto Lease Trust 2021-B B — 0.660% 1/15/2025 | 1,055,000 | 1,020,616 | ||||||
| Ford Credit Auto Lease Trust 2021-B C — 0.900% 5/15/2026 | 1,044,000 | 997,807 | ||||||
| Ford Credit Auto Lease Trust 2020-B C — 1.700% 2/15/2025 | 348,000 | 346,999 | ||||||
| Ford Credit Auto Owner Trust 2022-A A3 — 1.290% 6/15/2026 | 1,998,000 | 1,947,189 | ||||||
| GM Financial Automobile Leasing Trust 2021-2 B — 0.690% 5/20/2025 | 284,000 | 275,060 | ||||||
| GM Financial Automobile Leasing Trust 2020-3 C — 1.110% 10/21/2024 | 1,000,000 | 989,928 | ||||||
| GM Financial Automobile Leasing Trust 2022-1 A4 — 1.960% 2/20/2026 | 2,794,000 | 2,749,092 | ||||||
| GM Financial Automobile Leasing Trust 2022-1 B — 2.230% 2/20/2026 | 793,000 | 779,896 | ||||||
| GM Financial Automobile Leasing Trust 2022-1 C — 2.640% 2/20/2026 | 2,044,000 | 2,011,067 | ||||||
| GM Financial Consumer Automobile Receivables Trust 2022-1 A3 — 1.260% 11/16/2026 | 2,070,000 | 2,011,797 | ||||||
| GM Financial Consumer Automobile Receivables Trust 2020-3 C — 1.370% 1/16/2026 | 142,000 | 138,323 | ||||||
| Honda Auto Receivables Owner Trust 2021-4 A3 — 0.880% 1/21/2026 | 2,354,000 | 2,277,417 | ||||||
| Hyundai Auto Lease Securitization Trust 2021-B A4 — 0.380% 8/15/2025(f) | 124,000 | 120,336 | ||||||
| Hyundai Auto Lease Securitization Trust 2021-A B — 0.610% 10/15/2025(f) | 187,000 | 182,990 | ||||||
| Hyundai Auto Lease Securitization Trust 2022-A A4 — 1.320% 12/15/2025(f) | 2,128,000 | 2,069,671 | ||||||
| Hyundai Auto Receivables Trust 2021-C A3 — 0.740% 5/15/2026 | 1,523,000 | 1,465,087 | ||||||
| Nissan Auto Lease Trust 2021-A A3 — 0.520% 8/15/2024 | 3,510,000 | 3,421,510 | ||||||
| Nissan Auto Receivables Owner Trust 2019-A A4 — 3.000% 9/15/2025 | 252,000 | 254,064 | ||||||
| Prestige Auto Receivables Trust 2021-1A A3 — 0.830% 7/15/2025(f) | 658,000 | 640,980 | ||||||
| Prestige Auto Receivables Trust 2021-1A B — 1.190% 4/15/2026(f) | 1,965,000 | 1,892,678 | ||||||
| Prestige Auto Receivables Trust 2021-1A C — 1.530% 2/15/2028(f) | 705,000 | 670,419 | ||||||
| Santander Drive Auto Receivables Trust 2021-4 A3 — 0.510% 8/15/2025 | 1,781,000 | 1,749,591 | ||||||
| Santander Drive Auto Receivables Trust 2021-3 B — 0.600% 12/15/2025 | 5,042,000 | 4,955,514 | ||||||
| Santander Drive Auto Receivables Trust 2021-4 B — 0.880% 6/15/2026 | 4,910,000 | 4,745,103 | ||||||
| Santander Drive Auto Receivables Trust 2021-2 C — 0.900% 6/15/2026 | 740,000 | 720,721 | ||||||
| Santander Drive Auto Receivables Trust 2021-4 C — 1.260% 2/16/2027 | 3,197,000 | 3,051,468 | ||||||
| Santander Drive Auto Receivables Trust 2022-1 B — 2.360% 8/17/2026 | 6,336,000 | 6,219,364 | ||||||
| Santander Drive Auto Receivables Trust 2022-1 C — 2.560% 4/17/2028 | 2,116,000 | 2,072,201 | ||||||
| Santander Drive Auto Receivables Trust 2022-2 B — 3.440% 9/15/2027 | 3,700,000 | 3,681,328 | ||||||
| Santander Retail Auto Lease Trust 2021-C A3 — 0.500% 3/20/2025(f) | 2,420,000 | 2,352,780 | ||||||
| Santander Retail Auto Lease Trust 2021-A C — 1.140% 3/20/2026(f) | 114,000 | 109,638 | ||||||
| Santander Retail Auto Lease Trust 2022-A A3 — 1.340% 7/21/2025(f) | 2,084,000 | 2,019,445 | ||||||
| Santander Retail Auto Lease Trust 2022-A A4 — 1.420% 1/20/2026(f) | 1,118,000 | 1,083,295 | ||||||
| Santander Retail Auto Lease Trust 2022-A B — 1.610% 1/20/2026(f) | 612,000 | 590,709 | ||||||
| Toyota Auto Receivables Owner Trust 2019-A A4 — 3.000% 5/15/2024 | 252,000 | 254,101 | ||||||
| Volkswagen Auto Loan Enhanced Trust 2021-1 A3 — 1.020% 6/22/2026 | 2,858,000 | 2,760,406 | ||||||
| Westlake Automobile Receivables Trust 2021-2A B — 0.620% 7/15/2026(f) | 1,558,000 | 1,511,864 | ||||||
| Westlake Automobile Receivables Trust 2021-1A B — 0.640% 3/16/2026(f) | 1,809,000 | 1,773,488 | ||||||
| Westlake Automobile Receivables Trust 2020-3A B — 0.780% 11/17/2025(f) | 934,000 | 926,617 | ||||||
| Westlake Automobile Receivables Trust 2021-2A C — 0.890% 7/15/2026(f) | 2,450,000 | 2,346,080 | ||||||
| Westlake Automobile Receivables Trust 2021-3A A3 — 0.950% 6/16/2025(f) | 3,401,000 | 3,333,693 | ||||||
| Westlake Automobile Receivables Trust 2021-1A C — 0.950% 3/16/2026(f) | 1,738,000 | 1,685,797 | ||||||
| Westlake Automobile Receivables Trust 2020-3A C — 1.240% 11/17/2025(f) | 783,000 | 771,111 | ||||||
| Westlake Automobile Receivables Trust 2021-3A B — 1.290% 1/15/2027(f) | 3,653,000 | 3,549,797 | ||||||
| Westlake Automobile Receivables Trust 2021-3A C — 1.580% 1/15/2027(f) | 3,647,000 | 3,502,196 | ||||||
| Westlake Automobile Receivables Trust 2020-2A C — 2.010% 7/15/2025(f) | 530,000 | 529,838 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
March 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Westlake Automobile Receivables Trust 2022-1A C — 3.110% 3/15/2027 | $ | 3,419,000 | $ | 3,379,529 | ||||
| World Omni Auto Receivables Trust 2021-B B — 1.040% 6/15/2027 | 300,000 | 281,680 | ||||||
| World Omni Auto Receivables Trust 2020-C C — 1.390% 5/17/2027 | 176,000 | 169,581 | ||||||
| World Omni Auto Receivables Trust 2019-A B — 3.340% 6/16/2025 | 252,000 | 254,381 | ||||||
| $ | 169,120,448 | |||||||
| COLLATERALIZED LOAN OBLIGATION — 18.8% | ||||||||
| ABPCI Direct Lending Fund CLO I LLC 2016-1A E2, 3M USD LIBOR + 8.730% — 8.984% 7/20/2033(e)(f) | $ | 2,944,000 | $ | 2,823,452 | ||||
| ABPCI Direct Lending Fund CLO II LLC 2017-1A ER, 3M USD LIBOR + 7.600% — 7.854% 4/20/2032(e)(f) | 3,062,000 | 2,885,218 | ||||||
| ABPCI Direct Lending Fund CLO X LP 2020-10A A1A, 3M USD LIBOR + 1.950% — 2.204% 1/20/2032(e)(f) | 678,000 | 678,087 | ||||||
| ABPCI Direct Lending Fund IX LLC 2020-9A A1R, 3M USD LIBOR + 1.400% — 1.668% 11/18/2031(e)(f) | 2,378,000 | 2,366,740 | ||||||
| AMMC CLO 16 Ltd. 2015-16A AR2, 3M USD LIBOR + 0.980% — 1.218% 4/14/2029(e)(f) | 2,201,593 | 2,200,010 | ||||||
| Barings Middle Market CLO Ltd. 2021-IA D, 3M USD LIBOR + 83650% — 8.904% 7/20/2033(e)(f) | 1,460,000 | 1,412,594 | ||||||
| Blackrock DLF VIII-L CLO Trust 2021-1A A, 3M USD LIBOR + 1.350% — 1.591% 4/17/2032(e)(f) | 798,616 | 798,589 | ||||||
| Blackrock Mount Adams CLO IX LP 2021-9A A1, 3M USD LIBOR + 1.370% — 2.304% 9/22/2031(e)(f) | 1,395,000 | 1,390,196 | ||||||
| Brightwood Capital MM CLO Ltd. 2021-2A A, 3M USD LIBOR + 1.650% — 1.891% 11/15/2030(e)(f) | 4,401,000 | 4,387,779 | ||||||
| BTC Holdings Fund I LLC — 2.780% 1/28/2027(b)(c) | 1,448,267 | 1,448,267 | ||||||
| BTC Offshore Holdings Fund, 3M USD LIBOR + 2.650% — 2.910% 10/20/2029(b)(c) | 2,000,000 | 2,000,000 | ||||||
| Cerberus Loan Funding XXIX LP 2020-2A A, 3M USD LIBOR + 1.900% — 2.141% 10/15/2032(e)(f) | 2,733,000 | 2,733,549 | ||||||
| Cerberus Loan Funding XXV LP 2018-4RA A1TR, 3M USD LIBOR + 1.530% — 1.654% 10/15/2030(e)(f) | 1,247,000 | 1,242,502 | ||||||
| Cerberus Loan Funding XXVI LP 2019-1A AR, 3M USD LIBOR + 1.500% — 1.741% 4/15/2031(e)(f) | 436,000 | 434,372 | ||||||
| Cerberus Loan Funding XXVIII LP 2020-1A A, 3M USD LIBOR + 1.850% — 2.091% 10/15/2031(e)(f) | 2,412,000 | 2,412,485 | ||||||
| Cerberus Loan Funding XXVIII LP 2020-1A D, 3M USD LIBOR + 5.300% — 5.541% 10/15/2031(e)(f) | 2,236,000 | 2,237,223 | ||||||
| Cerberus Loan Funding XXXI LP 2021-1A A, 3M USD LIBOR + 1.500% — 1.741% 4/15/2032(e)(f) | 1,598,000 | 1,594,534 | ||||||
| Cerberus Loan Funding XXXIV LP 2021-4A A, 3M USD LIBOR + 1.500% — 1.741% 8/13/2033(e)(f) | 1,214,911 | 1,212,985 | ||||||
| Cerberus Loan Funding XXXVI LP 2021-6A A, 3M USD LIBOR + 1.400% — 1.641% 11/22/2033(e)(f) | 4,092,315 | 4,086,508 | ||||||
| Ellington CLO IV Ltd. 2019-4A AR, 3M USD LIBOR + 1.580% — 1.821% 4/15/2029(e)(f) | 1,071,950 | 1,071,176 | ||||||
| Fortress Credit Opportunities IX CLO Ltd. 2017-9A A1TR, 3M USD LIBOR + 1.550%, — 1.672% 10/15/2033(e)(f) | 5,645,000 | 5,607,687 | ||||||
| Fortress Credit Opportunities IX CLO Ltd. 2017-9A ER, 3M USD LIBOR + 8.060%, — 8.182% 10/15/2033(e)(f) | 8,814,000 | 8,360,140 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
March 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Fortress Credit Opportunities VI CLO Ltd. 2015-6A, 3M USD LIBOR + 1.600% — 1.831% 7/10/2030(e)(f) | $ | 4,000,000 | $ | 3,976,392 | ||||
| Fortress Credit Opportunities XI CLO Ltd. 2018-11A A1T, 3M USD LIBOR + 1.300% — 1.541% 4/15/2031(e)(f) | 2,624,000 | 2,604,260 | ||||||
| Fortress Credit Opportunities XVII CLO Ltd. 2022-17A A, 3M USD LIBOR + 1.370% — 1.587% 1/15/2030(e)(f) | 3,796,000 | 3,766,334 | ||||||
| Golub Capital Partners CLO 36M Ltd. 2018-36A A, 3M USD LIBOR + 1.300% — 1.615% 2/5/2031(e)(f) | 3,439,000 | 3,423,174 | ||||||
| Golub Capital Partners CLO 38M Ltd. 2018-38A, 3M USD LIBOR + 2.800% — 3.054% 7/20/2030(e)(f) | 1,993,000 | 1,972,452 | ||||||
| Golub Capital Partners CLO 42M Ltd. 2019-42A A2, 3M USD LIBOR + 2.000% — 2.254% 4/20/2031(e)(f) | 3,006,000 | 2,994,601 | ||||||
| Golub Capital Partners TALF LLC 2020-2A A, 3M USD LIBOR + 1.850% — 2.165% 2/5/2030(e)(f) | 770,234 | 770,551 | ||||||
| Ivy Hill Middle Market Credit Fund IX Ltd. 9A ERR, 3M USD LIBOR + 8.220% — 8.498% 4/23/2034(e)(f) | 6,250,000 | 6,000,037 | ||||||
| IVY Hill Middle Market Credit Fund XII Ltd. 12A DR, 3M USD LIBOR + 8.170% — 8.424% 7/20/2033(e)(f) | 1,086,000 | 1,041,280 | ||||||
| Ivy Hill Middle Market Credit Fund XVIII Ltd. 18A E, 3M USD LIBOR + 7.750% — 8.009% 4/22/2033(e)(f) | 3,766,000 | 3,598,515 | ||||||
| Lake Shore MM CLO III LLC 2019-2A A1R, 3M USD LIBOR + 1.480% — 1.721% 10/17/2031(e)(f) | 1,228,000 | 1,222,557 | ||||||
| Lake Shore MM CLO III LLC 2019-2A A2R — 2.525% 10/17/2031(f) | 575,000 | 546,026 | ||||||
| Lake Shore MM CLO IV Ltd. 2021-1A X, 3M USD LIBOR + 1.180% — 1.312% 10/15/2033(e)(f) | 881,000 | 878,400 | ||||||
| Madison Park Funding XIII Ltd. 2014-13A AR2, 3M USD LIBOR + 0.950% — 1.198% 4/19/2030(e)(f) | 538,844 | 537,892 | ||||||
| Madison Park Funding XXIII Ltd. 2017-23A AR, 3M USD LIBOR + 0.970% — 1.238% 7/27/2031(e)(f) | 3,380,000 | 3,356,357 | ||||||
| Madison Park Funding XXV Ltd. 2017-25A, 3M USD LIBOR + 0.970% — 1.228% 4/25/2029(e)(f) | 535,000 | 533,299 | ||||||
| MCF CLO IX Ltd. 2019-1A A1R, 3M USD LIBOR + 1.500% — 1.692% 7/17/2031(e)(f) | 7,029,000 | 7,004,462 | ||||||
| Neuberger Berman CLO XV 2013-15A A1R2, 3M USD LIBOR + 0.920% — 1.161% 10/15/2029(e)(f) | 3,102,000 | 3,085,172 | ||||||
| OCP CLO Ltd. 2017-13A A1AR, 3M USD LIBOR + 0.960% — 1.201% 7/15/2030(e)(f) | 3,328,000 | 3,301,140 | ||||||
| Octagon Investment Partners XV Ltd. 2013-1A A1RR, 3M USD LIBOR + 0.970% — 1.218% 7/19/2030(e)(f) | 4,686,000 | 4,667,406 | ||||||
| OFSI BSL VIII Ltd. 2017-1A AR, 3M USD LIBOR + 1.000% — 1.241% 8/16/2029(e)(f) | 2,453,983 | 2,446,957 | ||||||
| Owl Rock CLO III Ltd. 2020-3A A1L, 3M USD LIBOR + 1.800% — 2.054% 4/20/2032(e)(f) | 800,000 | 800,076 | ||||||
| Owl Rock CLO VI Ltd. 2021-6A A, 3M USD LIBOR + 1.450% — 1.572% 6/21/2032(e)(f) | 3,634,000 | 3,617,309 | ||||||
| Palmer Square Loan Funding Ltd. 2019-1A A1, 3M USD LIBOR + 1.050% — 1.304% 4/20/2027(e)(f) | 98,363 | 98,363 | ||||||
| Parliament CLO II Ltd. 2021-2A A, 3M USD LIBOR + 1.350% — 1.830% 8/20/2032(e)(f) | 1,756,000 | 1,739,606 | ||||||
| Parliament CLO II Ltd. 2021-2A D, 3M USD LIBOR + 3.700% — 4.180% 8/20/2032(e)(f) | 2,646,000 | 2,607,567 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
March 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Parliament Funding II Ltd. 2020-1A AR, 3M USD LIBOR + 1.250% — 1.490% 10/20/2031(e)(f) | $ | 2,164,000 | $ | 2,153,812 | ||||
| TCP Whitney CLO Ltd. 2017-1A ER, 3M USD LIBOR + 8.160% — 8.640% 8/20/2033(e)(f) | 2,429,000 | 2,328,923 | ||||||
| Telos CLO Ltd. 2014-5A A1R, 3M USD LIBOR + 0.950% — 1.191% 4/17/2028(e)(f) | 21,164 | 21,157 | ||||||
| VCP CLO II Ltd. 2021-2A A1, 3M USD LIBOR + 1.670% — 1.911% 4/15/2031(e)(f) | 6,216,000 | 6,212,998 | ||||||
| VCP CLO II Ltd. 2021-2A E, 3M USD LIBOR + 8.400% — 8.641% 4/15/2031(e)(f) | 4,460,000 | 4,256,914 | ||||||
| Venture XXV CLO Ltd. 2016-25A ARR, 3M USD LIBOR + 1.020% — 1.274% 4/20/2029(e)(f) | 367,332 | 366,939 | ||||||
| Woodmont Trust 2019-6A A1R, 3M USD LIBOR + 1.480% — 1.604% 7/15/2031(e)(f) | 2,657,000 | 2,648,115 | ||||||
| Woodmont Trust 2019-6A A1R2, 1M USD LIBOR + 1.480% — 1.694% 7/15/2031(e)(f) | 1,679,000 | 1,673,385 | ||||||
| Zais CLO 7 Ltd. 2017-2A A, 3M USD LIBOR + 1.290% — 1.531% 4/15/2030(e)(f) | 620,583 | 617,542 | ||||||
| $ | 140,254,063 | |||||||
| CREDIT CARD — 0.0% | ||||||||
| Capital One Multi-Asset Execution Trust 2019-A2 A2 — 1.720% 8/15/2024 | $ | 49,000 | $ | 49,087 | ||||
| $ | 49,087 | |||||||
| EQUIPMENT — 11.9% | ||||||||
| ARI Fleet Lease Trust 2020-A B — 2.060% 11/15/2028(f) | $ | 1,239,000 | $ | 1,231,018 | ||||
| Avis Budget Rental Car Funding AESOP LLC 2017-2A A — 2.970% 3/20/2024(f) | 268,000 | 269,190 | ||||||
| CCG Receivables Trust 2021-2 A2 — 0.540% 3/14/2029(f) | 2,687,000 | 2,615,103 | ||||||
| Chesapeake Funding II LLC 2020-1A C — 2.140% 8/15/2032(f) | 368,000 | 362,367 | ||||||
| Coinstar Funding LLC 2017-1A A2 — 5.216% 4/25/2047(f) | 2,536,508 | 2,535,087 | ||||||
| Dell Equipment Finance Trust 2021-1 C — 0.810% 5/22/2026(f) | 2,100,000 | 2,040,975 | ||||||
| Dell Equipment Finance Trust 2021-2 C — 0.940% 12/22/2026(f) | 665,000 | 636,886 | ||||||
| Dell Equipment Finance Trust 2020-2 C — 1.370% 1/22/2024(f) | 2,200,000 | 2,169,422 | ||||||
| Dell Equipment Finance Trust 2020-2 D — 1.920% 3/23/2026(f) | 6,801,000 | 6,738,957 | ||||||
| Dell Equipment Finance Trust 2022-1 A3 — 2.490% 8/23/2027 | 7,144,000 | 7,055,540 | ||||||
| Dell Equipment Finance Trust 2022-1 B — 2.720% 8/23/2027 | 1,109,000 | 1,092,678 | ||||||
| Dell Equipment Finance Trust 2022-1 C — 2.940% 8/23/2027 | 1,139,000 | 1,122,363 | ||||||
| Donlen Fleet Lease Funding 2 LLC 2021-2 A2 — 0.560% 12/11/2034(f) | 2,284,856 | 2,242,215 | ||||||
| Encina Equipment Finance LLC 2021-1A A2 — 0.740% 12/15/2026(f) | 945,000 | 931,523 | ||||||
| Enterprise Fleet Financing LLC 2021-2 A2 — 0.480% 5/20/2027(f) | 4,034,000 | 3,905,610 | ||||||
| Enterprise Fleet Financing LLC 2021-3 A2 — 0.770% 8/20/2027(f) | 2,941,000 | 2,848,124 | ||||||
| Ford Credit Floorplan Master Owner Trust 2020-1 B — 0.980% 9/15/2025 | 1,000,000 | 972,127 | ||||||
| GMF Floorplan Owner Revolving Trust 2020-1 A — 0.680% 8/15/2025(f) | 990,000 | 961,373 | ||||||
| GMF Floorplan Owner Revolving Trust 2020-2 A — 0.690% 10/15/2025(f) | 1,850,000 | 1,792,143 | ||||||
| GMF Floorplan Owner Revolving Trust 2020-2 B — 0.960% 10/15/2025(f) | 6,890,000 | 6,685,254 | ||||||
| GMF Floorplan Owner Revolving Trust 2019-2 A — 2.900% 4/15/2026(f) | 1,953,000 | 1,954,653 | ||||||
| GreatAmerica Leasing Receivables Funding LLC 2019-1 B — 3.370% 2/18/2025(f) | 252,000 | 253,579 | ||||||
| Hertz Vehicle Financing LLC 2021-1A A — 1.210% 12/26/2025(f) | 4,442,000 | 4,198,984 | ||||||
| Hertz Vehicle Financing LLC 2022-4A A — 3.730% 9/25/2026 | 4,846,000 | 4,852,057 | ||||||
| HPEFS Equipment Trust 2021-1A — 0.750% 3/20/2031(f) | 1,300,000 | 1,265,408 | ||||||
| HPEFS Equipment Trust 2022-1A A3 — 1.380% 5/21/2029(f) | 3,943,000 | 3,834,778 | ||||||
| HPEFS Equipment Trust 2022-1A B — 1.790% 5/21/2029(f) | 1,619,000 | 1,572,166 | ||||||
| HPEFS Equipment Trust 2022-1A C — 1.960% 5/21/2029(f) | 1,076,000 | 1,039,880 | ||||||
| HPEFS Equipment Trust 2020-2A C — 2.000% 7/22/2030(f) | 711,000 | 709,757 | ||||||
| HPEFS Equipment Trust 2020-1A D — 2.260% 2/20/2030(f) | 1,000,000 | 997,904 | ||||||
| HPEFS Equipment Trust 2019-1A D — 2.720% 9/20/2029(f) | 4,500,000 | 4,516,974 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
March 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| HPEFS Equipment Trust 2020-2A D — 2.790% 7/22/2030(f) | $ | 2,000,000 | $ | 2,007,486 | ||||
| Kubota Credit Owner Trust 2020-1A A4 — 2.260% 7/15/2026(f) | 762,000 | 757,216 | ||||||
| Navistar Financial Dealer Note Master Trust 2020-1 C, 1M USD LIBOR + 2.150% — 2.607% 7/25/2025(e)(f) | 1,563,000 | 1,568,584 | ||||||
| NextGear Floorplan Master Owner Trust 2021-1A A — 0.850% 7/15/2026(f) | 253,000 | 241,494 | ||||||
| NextGear Floorplan Master Owner Trust 2022-1A A2 — 2.800% 3/15/2027 | 4,685,000 | 4,685,591 | ||||||
| Pawneee Equipment Receivables LLC 2021-1 A2 — 1.100% 7/15/2027(f) | 1,089,000 | 1,055,437 | ||||||
| Verizon Owner Trust 2019-C B — 2.060% 4/22/2024 | 925,000 | 921,772 | ||||||
| Verizon Owner Trust 2020-A C — 2.060% 7/22/2024 | 230,000 | 228,825 | ||||||
| Verizon Owner Trust 2019-C C — 2.160% 4/22/2024 | 290,000 | 289,981 | ||||||
| Verizon Owner Trust 2019-B A1A — 2.330% 12/20/2023 | 38,901 | 38,949 | ||||||
| Verizon Owner Trust 2019-A C — 3.220% 9/20/2023 | 200,000 | 201,083 | ||||||
| Wheels SPV 2 LLC 2020-1A A3 — 0.620% 8/20/2029(f) | 3,542,000 | 3,446,743 | ||||||
| $ | 88,847,256 | |||||||
| OTHER — 15.9% | ||||||||
| ABPCI Direct Lending Fund ABS I Ltd. 2020-1A A — 3.199% 12/20/2030(f) | $ | 1,284,000 | $ | 1,216,667 | ||||
| ABPCI Direct Lending Fund ABS I Ltd. 2020-1A B — 4.935% 12/20/2030(f) | 3,273,000 | 3,090,386 | ||||||
| ABPCI Direct Lending Fund ABS II LLC 2022-2A A1, 3M USD LIBOR + 2.100% — 2.372% 3/1/2032(c)(e)(f) | 1,670,000 | 1,670,000 | ||||||
| ABPCI Direct Lending Fund ABS II LLC 2022-2A C — 8.237% 3/1/2032(c)(f) | 6,978,000 | 6,978,000 | ||||||
| CARS-DB4 LP 2020-1A A1 — 2.690% 2/15/2050(f) | 294,119 | 287,274 | ||||||
| Cologix Data Centers US Issuer LLC 2021-1A A2 — 3.300% 12/26/2051(f) | 2,673,000 | 2,579,890 | ||||||
| Cologix Data Centers US Issuer LLC 2021-1A C — 5.990% 12/26/2051(f) | 3,235,000 | 3,030,120 | ||||||
| Conn's Receivables Funding LLC 2021-A B — 2.870% 5/15/2026(f) | 2,369,000 | 2,302,699 | ||||||
| Conn's Receivables Funding LLC 2020-A B — 4.270% 6/16/2025(f) | 144,778 | 144,759 | ||||||
| DataBank Issuer 2021-1A C — 4.430% 2/27/2051(f) | 1,500,000 | 1,368,830 | ||||||
| Diamond Infrastructure Funding LLC 2021-1A C — 3.475% 4/15/2049(f) | 512,000 | 484,790 | ||||||
| Diamond Issuer 2021-1A C — 3.787% 11/20/2051(f) | 1,718,000 | 1,616,095 | ||||||
| Elm Trust 2020-4A A2 — 2.286% 10/20/2029(f) | 330,000 | 313,896 | ||||||
| Elm Trust 2020-3A A2 — 2.954% 8/20/2029(f) | 362,000 | 346,386 | ||||||
| Elm Trust 2020-4A B — 3.866% 10/20/2029(f) | 985,000 | 935,906 | ||||||
| Elm Trust 2020-3A B — 4.481% 8/20/2029(f) | 897,000 | 857,959 | ||||||
| FCI Funding LLC 2021-1A A — 1.130% 4/15/2033(f) | 431,401 | 426,989 | ||||||
| Golub Capital Partners ABS Funding Ltd. 2021-1A A2 — 2.773% 4/20/2029(f) | 3,868,000 | 3,690,072 | ||||||
| Golub Capital Partners ABS Funding Ltd. 2021-2A A — 2.944% 10/19/2029(f) | 4,896,000 | 4,635,787 | ||||||
| Golub Capital Partners ABS Funding Ltd. 2020-1A A2 — 3.208% 1/22/2029(f) | 2,267,000 | 2,229,710 | ||||||
| Golub Capital Partners ABS Funding Ltd. 2021-1A B — 3.816% 4/20/2029(f) | 1,924,000 | 1,823,182 | ||||||
| Golub Capital Partners ABS Funding Ltd. 2021-2A B — 3.994% 10/19/2029(f) | 5,697,000 | 5,399,308 | ||||||
| Golub Capital Partners ABS Funding Ltd. 2020-1A B — 4.496% 1/22/2029(f) | 1,404,000 | 1,389,000 | ||||||
| Gracie Point International Funding 2021-1A, 1M USD LIBOR + 0.750% — 0.981% 11/1/2023(e)(f) | 1,802,714 | 1,802,160 | ||||||
| Hotwire Funding LLC 2021-1 C — 4.459% 11/20/2051(f) | 1,250,000 | 1,160,851 | ||||||
| Legal Fee Funding LLC 2006-1A A — 8.000% 7/20/2036(f) | 224,028 | 227,125 | ||||||
| Monroe Capital ABS Funding Ltd. 2021-1A A2 — 2.815% 4/22/2031(f) | 2,912,000 | 2,754,365 | ||||||
| Monroe Capital ABS Funding Ltd. 2021-1A B — 3.908% 4/22/2031(f) | 907,000 | 857,845 | ||||||
| Monroe Capital Income Plus ABS Funding LLC 2022-1A A — 4.050% 3/30/2032(c) | 3,700,000 | 3,640,800 | ||||||
| New Residential Advance Receivables Trust Advance Receivables Backed Notes 2020-APT1 AT1 — 1.035% 12/16/2052(f) | 734,000 | 721,116 | ||||||
| NRZ Advance Receivables Trust 2020-T3 AT3 — 1.317% 10/15/2052(f) | 508,200 | 505,484 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
March 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| NRZ Advance Receivables Trust 2020-T2 AT2 — 1.475% 9/15/2053(f) | $ | 2,720,000 | $ | 2,627,297 | ||||
| Oasis Securitization Funding LLC 2021-1A A — 2.579% 2/15/2033(f) | 256,450 | 255,752 | ||||||
| Ocwen Master Advance Receivables Trust 2020-T1 AT1 — 1.278% 8/15/2052(f) | 2,616,600 | 2,616,600 | ||||||
| Oportun Funding XIV LLC 2021-A — 1.210% 3/8/2028(f) | 532,000 | 522,285 | ||||||
| Oportun Issuance Trust 2021-B — 1.470% 5/8/2031(f) | 1,020,000 | 993,131 | ||||||
| Oportun Issuance Trust 2021-C A — 2.180% 10/8/2031(f) | 4,976,000 | 4,803,991 | ||||||
| Owl Rock Technology Financing LLC 2020-1A A, 3M USD LIBOR + 2.950% — 3.076% 1/15/2031(e)(f) | 3,099,000 | 3,089,994 | ||||||
| PFS Financing Corp. 2021-A A — 0.710% 4/15/2026(f) | 2,543,000 | 2,409,567 | ||||||
| PFS Financing Corp. 2021-B A — 0.770% 8/15/2026(f) | 1,925,000 | 1,809,341 | ||||||
| PFS Financing Corp. 2021-A B — 0.960% 4/15/2026(f) | 310,000 | 295,948 | ||||||
| PFS Financing Corp. 2020-G A — 0.970% 2/15/2026(f) | 3,998,000 | 3,828,122 | ||||||
| PFS Financing Corp. 2020-E A — 1.000% 10/15/2025(f) | 898,000 | 876,015 | ||||||
| PFS Financing Corp. 2021-B B — 1.090% 8/15/2026(f) | 713,000 | 677,307 | ||||||
| PFS Financing Corp. 2020-A A — 1.270% 6/15/2025(f) | 2,988,000 | 2,937,345 | ||||||
| PFS Financing Corp. 2020-E B — 1.570% 10/15/2025(f) | 4,503,000 | 4,409,060 | ||||||
| PFS Financing Corp. 2020-G B — 1.570% 2/15/2026(f) | 197,000 | 191,390 | ||||||
| PFS Financing Corp. 2020-A B — 1.770% 6/15/2025(f) | 5,819,000 | 5,742,861 | ||||||
| PFS Financing Corp. 2022-A A — 2.470% 2/16/2027(f) | 6,716,000 | 6,581,310 | ||||||
| PFS Financing Corp. 2022-A B — 2.770% 2/16/2027(f) | 1,380,000 | 1,352,598 | ||||||
| SMB Private Education Loan Trust 2021-A A1, 1M USD LIBOR + 0.500% — 0.897% 1/15/2053(e)(f) | 64,877 | 64,827 | ||||||
| SpringCastle America Funding LLC 2020-AA A — 1.970% 9/25/2037(f) | 1,794,840 | 1,770,097 | ||||||
| TVEST LLC 2020-A A — 4.500% 7/15/2032(f) | 303,118 | 302,964 | ||||||
| Vantage Data Centers Issuer LLC 2020-1A A2 — 1.645% 9/15/2045(f) | 1,068,000 | 1,003,743 | ||||||
| VCP RRL ABS I Ltd. 2021-1A A — 2.152% 10/20/2031(f) | 2,294,040 | 2,215,148 | ||||||
| VCP RRL ABS I Ltd. 2021-1A B — 2.848% 10/20/2031(f) | 3,618,524 | 3,407,148 | ||||||
| VCP RRL ABS I Ltd. 2021-1A C — 5.425% 10/20/2031(f) | 5,617,419 | 5,449,228 | ||||||
| $ | 118,720,520 | |||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $527,969,195) | $ | 516,991,374 | ||||||
| CORPORATE BONDS & NOTES — 4.6% | ||||||||
| COMMUNICATIONS — 0.7% | ||||||||
| Consolidated Communications, Inc. — 6.500% 10/1/2028(f) | $ | 1,119,000 | $ | 1,029,648 | ||||
| Frontier Communications Holdings LLC — 5.875% 10/15/2027(f) | 2,598,000 | 2,585,010 | ||||||
| Frontier Communications Holdings LLC — 6.000% 1/15/2030(f) | 1,636,000 | 1,509,210 | ||||||
| $ | 5,123,868 | |||||||
| CONSUMER, CYCLICAL — 0.7% | ||||||||
| Air Canada Pass-Through Trust 2020-1C — 10.500% 7/15/2026(f) | $ | 1,030,000 | $ | 1,189,917 | ||||
| Aramark Services, Inc. — 6.375% 5/1/2025(f) | 1,410,000 | 1,443,910 | ||||||
| CD&R Smokey Buyer, Inc. — 6.750% 7/15/2025(f) | 2,426,000 | 2,492,715 | ||||||
| Royal Caribbean Cruises Ltd. — 11.500% 6/1/2025(f) | 354,000 | 387,630 | ||||||
| $ | 5,514,172 | |||||||
| CONSUMER, NON-CYCLICAL — 0.3% | ||||||||
| Cimpress PLC — 7.000% 6/15/2026(f) | $ | 2,535,000 | $ | 2,405,081 | ||||
| $ | 2,405,081 | |||||||
FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
March 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| ENERGY — 0.1% | ||||||||
| Natural Resource Partners LP/NRP Finance Corp. — 9.125% 6/30/2025(f) | $ | 831,000 | $ | 849,698 | ||||
| $ | 849,698 | |||||||
| FINANCIAL — 2.8% | ||||||||
| Golub Capital BDC, Inc. — 3.375% 4/15/2024 | $ | 1,487,000 | $ | 1,472,801 | ||||
| Midcap Financial Issuer Trust — 6.500% 5/1/2028(f) | 7,484,000 | 7,034,960 | ||||||
| OWL Rock Core Income Corp. — 4.700% 2/8/2027(f) | 5,052,000 | 4,859,387 | ||||||
| OWL Rock Core Income Corp. — 5.500% 3/21/2025 | 7,439,000 | 7,422,605 | ||||||
| $ | 20,789,753 | |||||||
| TOTAL CORPORATE BONDS & NOTES (Cost $35,084,987) | $ | 34,682,572 | ||||||
| CORPORATE BANK DEBT — 5.7% | ||||||||
| ABG Intermediate Holdings 2 LLC, 3M USD LIBOR + 3.250% — 4.000% 9/29/2024(b)(e) | $ | 3,666,576 | $ | 3,632,954 | ||||
| Applied Systems, Inc., 3M USD LIBOR + 2.000% - 3.000% — 4.006% - 5.500% 9/19/2024(b)(e) | 2,414,000 | 2,407,361 | ||||||
| Asurion LLC, 1M USD LIBOR + 3.000% — 3.457% 11/3/2024(b)(e) | 4,981,485 | 4,915,082 | ||||||
| Axiom Global, Inc., 5.500% 10/1/2026(b) | 3,103,084 | 3,017,749 | ||||||
| Azalea Topco, Inc., 1M USD LIBOR + 3.750% — 3.709% 7/25/2060(b)(e) | 1,000,000 | 990,000 | ||||||
| Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan, 1M USD LIBOR + 4.750% — 5.750% 11/12/2027(b)(e)(i) | 239,700 | 91,259 | ||||||
| Capstone Acquisition Holdings, Inc. 2020 Term Loan, 1M USD LIBOR + 4.750% — 5.750% 11/12/2027(b)(e) | 1,798,280 | 1,796,032 | ||||||
| Cimpress Public Ltd., 1M USD LIBOR + 3.500% — 4.000% 5/17/2028(b)(e) | 1,209,858 | 1,194,734 | ||||||
| Emerald Topco, Inc., 1M USD LIBOR + 3.500% — 7/24/2026(b)(e) | 2,097,305 | 2,068,467 | ||||||
| Frontier Communications Corp., 3M USD LIBOR + 3.750% — 4.813% 5/1/2028(b)(e) | 1,115,730 | 1,096,205 | ||||||
| GHX Ultimate Parent Corp., 3M USD LIBOR + 3.250% — 4.256% 6/28/2024(b)(e) | 3,639,507 | 3,580,365 | ||||||
| Hanjin International Corp., 3M USD LIBOR + 5.000% — 5.960% 12/23/2022(b)(e) | 1,627,000 | 1,610,730 | ||||||
| Heartland Dental LLC, 1M USD LIBOR + 4.000% — 4.447% 4/30/2025(b)(e) | 3,628,653 | 3,594,653 | ||||||
| JC Penney Corp., Inc., 3M USD LIBOR + 4.250% — 5.250% 6/23/2023(b)(e) | 480,181 | 48 | ||||||
| McDermott Super Senior Exit LC — 0.500% 6/30/2024(b)(i) | 640,000 | (124,800 | ) | |||||
| Mediaco Holding, Inc. Class A, 8.400%, PIK — 1.000% 11/25/2024(a)(b)(c) | 1,171,527 | 1,089,520 | ||||||
| Packers Holdings LLC, 6M USD LIBOR + 3.250% — 4.000% 3/9/2028(b)(e) | 2,433,924 | 2,391,331 | ||||||
| PetVet Care Centers LLC, 1M USD LIBOR + 3.500% — 4.250% 2/14/2025(b)(e) | 2,421,077 | 2,400,909 | ||||||
| Polaris Newco, LLC Term Loan B, 3M USD LIBOR + 4.000% — 4.500% 6/2/2028(b)(e) | 2,418,585 | 2,399,841 | ||||||
| Polyconcept North America Holdings, Inc., 6M USD LIBOR + 4.500% — 6.000% 8/16/2023(b)(e) | 747,168 | 741,565 | ||||||
| WH Borrower LLC — 2/15/2027(b) | 2,833,000 | 2,776,340 | ||||||
| Windstream Services LLC, 1M USD LIBOR + 6.250% — 7.250% 9/21/2027(b)(e) | 835,001 | 827,695 | ||||||
| TOTAL CORPORATE BANK DEBT (Cost $42,890,378) | $ | 42,498,040 | ||||||
| TOTAL BONDS & DEBENTURES — 94.6% (Cost $720,019,235) | $ | 706,190,278 | ||||||
| TOTAL INVESTMENT SECURITIES — 94.9% (Cost $721,947,651) | $ | 708,521,677 | ||||||
FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
March 31, 2022
(Unaudited)
| SHORT-TERM INVESTMENTS — 6.3% | Principal Amount | Fair Value | ||||||
| State Street Bank Repurchase Agreement — 0.00% 4/1/2022 | ||||||||
| (Dated 03/31/2022, repurchase price of $46,809,000, collateralized by $41,101,800 principal amount U.S. Treasury Notes — 0.500% — 2.250% 2024, fair value $47,745,268)(j) | $ | 46,809,000 | $ | 46,809,000 | ||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $46,809,000) | $ | 46,809,000 | ||||||
| TOTAL INVESTMENTS — 101.2% (Cost $768,756,651) | $ | 755,330,677 | ||||||
| Other Assets and Liabilities, net — (1.2)% | (8,733,592 | ) | ||||||
| NET ASSETS — 100.0% | $ | 746,597,085 | ||||||
| (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 0.46% of total net assets at March 31, 2022. |
| (b) | Restricted securities. These restricted securities constituted 6.47% of total net assets at March 31, 2022, 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 March 31, 2022. 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 March 31, 2022. |
| (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. |
| (j) | Security pledged as collateral. |
FPA FLEXIBLE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS – RESTRICTED SECURITIES
March 31, 2022
(Unaudited)
| Issuer | Acquisition Date (s) | Cost | Fair Value | Fair Value as a % of Net Assets | ||||||||||
| ABG Intermediate Holdings 2 LLC, 3M USD LIBOR + 3.250% — 4.000% 9/29/2024 | 02/23/2022, 02/28/2022, 03/01/2022 | $ | 3,602,906 | $ | 3,632,954 | 0.49 | % | |||||||
| Applied Systems, Inc., 3M USD LIBOR + 2.000% - 3.000% — 4.006% - 5.500% 9/19/2024 | 02/16/2022 | 2,408,636 | 2,407,361 | 0.32 | % | |||||||||
| Asurion LLC, 1M USD LIBOR + 3.000% — 3.457% 11/3/2024 | 03/08/2022 | 4,950,894 | 4,915,082 | 0.66 | % | |||||||||
| Axiom Global, Inc., 5.500% 10/1/2026 | 11/18/2021, 11/19/2021 | 3,073,439 | 3,017,749 | 0.41 | % | |||||||||
| Azalea Topco, Inc., 1M USD LIBOR + 3.750% — 3.709% 7/25/2060 | 02/17/2022 | 990,500 | 990,000 | 0.13 | % | |||||||||
| BTC Holdings Fund I LLC - 2.780% 1/28/2027 | 09/01/2021 | 1,448,267 | 1,448,267 | 0.19 | % | |||||||||
| BTC Offshore Holdings Fund, 3M USD LIBOR + 2.650% — 2.910% 10/20/2029 | 01/20/2022 | 2,000,000 | 2,000,000 | 0.27 | % | |||||||||
| Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan, 1M USD LIBOR + 4.750% — 5.750% 11/12/2027 | 04/30/2021 | 90,594 | 91,259 | 0.01 | % | |||||||||
| Capstone Acquisition Holdings, Inc. 2020 Term Loan, 1M USD LIBOR + 4.750% — 5.750% 11/12/2027 | 04/30/2021 | 1,785,547 | 1,796,032 | 0.24 | % | |||||||||
| Cimpress Public Ltd., 1M USD LIBOR + 3.500% — 4.000% 5/17/2028 | 04/30/2021 | 1,199,231 | 1,194,734 | 0.16 | % | |||||||||
| Copper Earn Out Trust | 12/07/2020 | — | 91,685 | 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 | 921,690 | 0.12 | % | |||||||||
| Emerald Topco, Inc., 1M USD LIBOR + 3.500% — 7/24/2026 | 09/20/2021 | 2,084,245 | 2,068,467 | 0.28 | % | |||||||||
| Frontier Communications Corp., 3M USD LIBOR + 3.750% — 4.813% 5/1/2028 | 04/09/2021 | 1,105,892 | 1,096,205 | 0.15 | % | |||||||||
| GHX Ultimate Parent Corp., 3M USD LIBOR + 3.250% — 4.256% 6/28/2024 | 12/02/2021, 02/24/2022 | 3,626,232 | 3,580,365 | 0.48 | % | |||||||||
| Hanjin International Corp., 3M USD LIBOR + 5.000% — 5.960% 12/23/2022 | 12/23/2020, 02/25/2021 | 1,623,878 | 1,610,730 | 0.22 | % | |||||||||
| Heartland Dental LLC, 1M USD LIBOR + 4.000% — 4.447% 4/30/2025 | 02/23/2022 | 3,611,281 | 3,594,653 | 0.48 | % | |||||||||
| JC Penney Corp., Inc., 3M USD LIBOR + 4.250% — 5.250% 6/23/2023 | 02/03/2021 | — | 48 | 0.00 | % | |||||||||
| McDermott Super Senior Exit LC — 0.500% 6/30/2024 | 02/28/2020 | (3,392 | ) | (124,800 | ) | (0.02 | )% | |||||||
| Mediaco Holding, Inc. Class A, 8.400%, PIK — 1.000% 11/25/2024 | 01/01/2022, 02/01/2022 | 1,164,751 | 1,089,520 | 0.15 | % | |||||||||
| PHI Group, Inc., Restricted | 08/19/2019 | 615,785 | 1,151,968 | 0.16 | % | |||||||||
| Packers Holdings LLC, 6M USD LIBOR + 3.250% — 4.000% 3/9/2028 | 02/23/2022 | 2,418,613 | 2,391,331 | 0.32 | % | |||||||||
| PetVet Care Centers LLC, 1M USD LIBOR + 3.500% — 4.250% 2/14/2025 | 02/23/2022 | 2,415,295 | 2,400,909 | 0.32 | % | |||||||||
| Polaris Newco, LLC Term Loan B, 3M USD LIBOR + 4.000% — 4.500% 6/2/2028 | 02/23/2022 | 2,412,365 | 2,399,841 | 0.32 | % | |||||||||
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments – RESTRICTED SECURITIES (Continued)
March 31, 2022
(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% — 6.000% 8/16/2023 | 11/18/2019 | $ | 744,323 | $ | 741,565 | 0.10 | % | |||||||
| WH Borrower LLC — 2/15/2027 | 02/09/2022 | 2,776,340 | 2,776,340 | 0.37 | % | |||||||||
| Windstream Holdings, Inc. | 11/16/2020 | 372,781 | 166,056 | 0.02 | % | |||||||||
| Windstream Services LLC, 1M USD LIBOR + 6.250% — 7.250% 9/21/2027 | 08/11/2020 | 808,808 | 827,695 | 0.11 | % | |||||||||
| TOTAL RESTRICTED SECURITIES | $ | 48,267,061 | $ | 48,277,706 | 6.47 | % |
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 March 31, 2022:
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | ||||||||||||||||
| Energy | — | — | $ | 1,151,968 | $ | 1,151,968 | ||||||||||
| Retailing | — | — | 1,013,375 | 1,013,375 | ||||||||||||
| Rights | ||||||||||||||||
| Midstream - Oil & Gas | — | — | 166,056 | 166,056 | ||||||||||||
| Commercial Mortgage-Backed Securities | ||||||||||||||||
| Agency | — | $ | 127,670 | — | 127,670 | |||||||||||
| Agency Stripped | — | 1,158,819 | — | 1,158,819 | ||||||||||||
| Non-Agency | — | 50,729,694 | 2,295,000 | 53,024,694 | ||||||||||||
| Residential Mortgage-Backed Securities | ||||||||||||||||
| Agency Collateralized Mortgage Obligation | — | 1,792,092 | — | 1,792,092 | ||||||||||||
| Agency Pool Fixed Rate | — | 173,798 | — | 173,798 | ||||||||||||
| Agency Stripped | — | 132,055 | — | 132,055 | ||||||||||||
| Non-Agency Collateralized Mortgage Obligation | — | 55,609,164 | — | 55,609,164 | ||||||||||||
| Asset-Backed Securities | ||||||||||||||||
| Auto | — | 169,120,448 | — | 169,120,448 | ||||||||||||
| Collateralized Loan Obligation | — | 136,805,796 | 3,448,267 | 140,254,063 | ||||||||||||
| Credit Card | — | 49,087 | — | 49,087 | ||||||||||||
| Equipment | — | 88,847,256 | — | 88,847,256 | ||||||||||||
| Other | — | 106,431,720 | 12,288,800 | 118,720,520 | ||||||||||||
| Corporate Bonds & Notes | — | 34,682,572 | — | 34,682,572 | ||||||||||||
| Corporate Bank Debt | — | 41,408,520 | 1,089,520 | 42,498,040 | ||||||||||||
| Short-Term Investments | — | 46,809,000 | — | 46,809,000 | ||||||||||||
| — | $ | 733,877,691 | $ | 21,452,986 | $ | 755,330,677 | ||||||||||
The following table summarizes the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2022:
| Investments | Beginning Value at December 31, 2021 | Net Realized and Unrealized Gains (Losses) | Purchases | (Sales) | Gross Transfers In/(Out) | Ending Value at March 31, 2022 | Net Change in Unrealized Appreciation (Depreciation) related to Investments held at March 31, 2022 | |||||||||||||||||||||
| Common Stocks | $ | 2,618,873 | $ | (453,530 | ) | $ | 188,003 | $ | (188,003 | ) | — | $ | 2,165,343 | $ | (277,179 | ) | ||||||||||||
| Rights | 163,241 | 2,815 | — | — | — | 166,056 | 2,815 | |||||||||||||||||||||
| Commercial Mortgage-Backed Securities Non-Agency | — | 11 | 2,294,989 | — | 2,295,000 | — | ||||||||||||||||||||||
| Residential Mortgage-Backed Securities Non-Agency Collateralized Mortgage Obligation | 5,427,136 | (186,925 | ) | — | (225,189 | ) | $ | (5,015,022 | ) | — | — | |||||||||||||||||
| Asset-Backed Securities Collateralized Loan Obligation | 2,720,980 | — | 1,000,000 | (272,713 | ) | 3,448,267 | — | |||||||||||||||||||||
| Other | — | 803 | 12,287,997 | — | — | 12,288,800 | 803 | |||||||||||||||||||||
| Corporate Bank Debt | 1,100,801 | 551 | 2,015 | (13,847 | ) | — | 1,089,520 | 704 | ||||||||||||||||||||
| $ | 12,031,031 | $ | (636,275 | ) | $ | 15,773,004 | $ | (699,752 | ) | $ | (5,015,022 | ) | $ | 21,452,986 | $ | (272,857 | ) | |||||||||||
There were transfers of $5,015,022 out of Level 3 into Level 2 during the period ended March 31, 2022. 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 March 31, 2022:
| Financial Assets | Fair Value at March 31, 2021 | Valuation Technique(s) | Unobservable Inputs | Price/Range | Weighted Average Price | |||||||||
| Common Stocks | $ | 1,013,375 | Pricing Model (a) | Quotes/Prices | $11.75 - $15.75 | $ | 15.39 | |||||||
| 1,151,968 | Pricing Model (b) | Executed Trades | $15.30 | $ | 15.30 | |||||||||
| Rights | $ | 166,056 | Pricing Model (a) | Quotes/Prices | $14.75 | $ | 14.75 | |||||||
| Commercial Mortgage-Backed Securities Non Agency | $ | 2,295,000 | Third-Party Broker Quote (c) | Quotes/Prices | $100.00 | $ | 100.00 | |||||||
| Asset Backed Securities | ||||||||||||||
| Collateralized Loan Obligation | $ | 3,448,267 | Third-Party Broker Quote (c) | Quotes/Prices | $100.00 | $ | 100.00 | |||||||
| Other | $ | 12,288,800 | Third-Party Broker Quote (c) | Quotes/Prices | $98.40 - $100.00 | $ | 99.53 | |||||||
| Corporate Bank Debt | $ | 1,089,520 | Pricing Model (d) | Discounts | 14.20% | 14.20 | % | |||||||
| (a) | The Pricing Model technique for Level 3 securities involves recently quoted funding prices of the security. |
| (b) | The Pricing Model technique for Level 3 securities involves the last executed trade in the security. |
| (c) | The Third Party Broker Quote technique involves obtaining an independent third-party broker quote for the security. |
| (d) | The Pricing Model technique for Level 3 securities involves external valuation by an independent third party who utilized a discounted cash flow model. |
NOTE 2 — Federal Income Tax
The cost of investment securities held at March 31, 2022 (excluding short-term investments), was $721,948,314 for federal income tax purposes. Net unrealized depreciation consists of:
| Gross unrealized appreciation: | $ | 1,443,020 | ||
| Gross unrealized depreciation: | (14,869,657 | ) | ||
| Net unrealized depreciation: | $ | (13,426,637 | ) |