FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments
March 31, 2023
(Unaudited)
| | | Shares or
Principal
Amount | | | Fair Value | |
| COMMON STOCKS | | | | | | | | |
| ENERGY — 0.1% | | | | | | | | |
| PHI Group, Inc., Restricted(a)(b)(c)(d) | | | 75,292 | | | $ | 941,150 | |
| | | | | | | $ | 941,150 | |
| RETAILING — 0.1% | | | | | | | | |
| Copper Earn Out Trust(b)(c)(d) | | | 7,803 | | | $ | 33,163 | |
| Copper Property CTL Pass Through Trust(d) | | | 58,520 | | | | 649,572 | |
| | | | | | | $ | 682,735 | |
| TOTAL COMMON STOCKS — 0.2% (Cost $1,555,635) | | | | | | $ | 1,623,885 | |
| | | | | | | | | |
| WARRANTS — 0.0% | | | | | | | | |
| MIDSTREAM - OIL & GAS — 0.0% | | | | | | | | |
| Windstream Holdings, Inc. 09/21/2055(a)(b)(c)(d) (Cost $372,781) | | | 11,258 | | | $ | 56,290 | |
| | | | | | | $ | 56,290 | |
| BONDS & DEBENTURES | | | | | | | | |
| | | | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.6% | | | | | | | | |
| AGENCY — 0.7% | | | | | | | | |
| Federal Home Loan Mortgage Corp. K072 A2 — 3.444% 12/25/2027(e) | | $ | 1,135,000 | | | $ | 1,096,928 | |
| Federal Home Loan Mortgage Corp. K077 A2 — 3.850% 5/25/2028(e) | | | 377,000 | | | | 370,062 | |
| Federal Home Loan Mortgage Corp. K081 A2 — 3.900% 8/25/2028(e) | | | 974,000 | | | | 958,013 | |
| Federal Home Loan Mortgage Corp. K082 A2 — 3.920% 9/25/2028(e) | | | 625,000 | | | | 615,007 | |
| Federal Home Loan Mortgage Corp. K079 A2 — 3.926% 6/25/2028(e) | | | 1,007,000 | | | | 991,795 | |
| Federal Home Loan Mortgage Corp. K080 A2 — 3.926% 7/25/2028(e) | | | 192,000 | | | | 189,097 | |
| Federal Home Loan Mortgage Corp. K083 A2 — 4.050% 9/25/2028(e) | | | 296,000 | | | | 293,085 | |
| Federal Home Loan Mortgage Corp. K085 A2 — 4.060% 10/25/2028(e) | | | 1,291,000 | | | | 1,273,359 | |
| | | | | | | $ | 5,787,346 | |
| AGENCY STRIPPED — 0.1% | | | | | | | | |
| Government National Mortgage Association 2015-19 IO — 0.295% 1/16/2057(e) | | $ | 1,337,512 | | | $ | 21,809 | |
| Government National Mortgage Association 2015-7 IO — 0.454% 1/16/2057(e) | | | 1,252,911 | | | | 26,307 | |
| Government National Mortgage Association 2020-75 IO — 0.869% 2/16/2062(e) | | | 5,237,718 | | | | 343,298 | |
| Government National Mortgage Association 2020-42 IO — 0.937% 3/16/2062(e) | | | 3,470,969 | | | | 230,809 | |
| Government National Mortgage Association 2020-71 IO — 1.087% 1/16/2062(e) | | | 2,867,995 | | | | 207,704 | |
| Government National Mortgage Association 2020-43 IO — 1.260% 11/16/2061(e) | | | 2,166,644 | | | | 169,882 | |
| | | | | | | $ | 999,809 | |
| NON-AGENCY — 6.8% | | | | | | | | |
| A10 Bridge Asset Financing LLC 2021-D A1FX — 2.589% 10/1/2038(f) | | $ | 1,265,760 | | | $ | 1,216,393 | |
| ACRE Commercial Mortgage Ltd. 2021-FL4 A, 1M USD LIBOR + 0.830% — 5.591% 12/18/2037(e)(f) | | | 229,793 | | | | 225,785 | |
| ACRES Commercial Realty Ltd. 2021-FL1 A, 1M USD LIBOR + 1.200% — 5.909% 6/15/2036(e)(f) | | | 2,604,000 | | | | 2,538,763 | |
| ACRES Commercial Realty Ltd. 2021-FL2 A, 1M USD LIBOR + 1.400% — 6.109% 1/15/2037(e)(f) | | | 809,000 | | | | 787,904 | |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL1 A, 1M USD LIBOR + 0.970% — 5.776% 12/15/2035(e)(f) | | | 2,210,000 | | | | 2,179,144 | |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
March 31, 2023
(Unaudited)
| | | Principal
Amount | | | Fair Value | |
| BONDS & DEBENTURES - Continued | | | | | | | | |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 A, 1M USD LIBOR + 1.100% — 5.784% 5/15/2036(e)(f) | | $ | 2,370,000 | | | $ | 2,325,325 | |
| Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 A, SOFR30A + 1.450% — 6.008% 1/15/2037(e)(f) | | | 3,442,000 | | | | 3,380,329 | |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 1M USD LIBOR + 1.350% — 6.034% 11/15/2036(e)(f) | | | 3,148,000 | | | | 3,066,824 | |
| Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL2 A, 1M TSFR + 1.850% — 6.677% 5/15/2037(e)(f) | | | 2,524,000 | | | | 2,479,838 | |
| AREIT Trust 2019-CRE3 A, 1M TSFR + 1.384% — 6.044% 9/14/2036(e)(f) | | | 13,930 | | | | 13,566 | |
| BBCMS Trust 2015-SRCH A1 — 3.312% 8/10/2035(f) | | | 855,887 | | | | 799,494 | |
| BDS Ltd. 2021-FL8 A, 1M USD LIBOR + 0.920% — 5.681% 1/18/2036(e)(f) | | | 770,409 | | | | 746,973 | |
| BX Commercial Mortgage Trust 2021-VOLT E, 1M USD LIBOR + 2.000% — 6.684% 9/15/2036(e)(f) | | | 1,410,000 | | | | 1,314,768 | |
| BX Commercial Mortgage Trust 2021-VOLT F, 1M USD LIBOR + 2.400% — 7.084% 9/15/2036(e)(f) | | | 2,319,000 | | | | 2,133,369 | |
| BXMT Ltd. 2021-FL4 A, 1M USD LIBOR + 1.050% — 5.734% 5/15/2038(e)(f) | | | 2,899,000 | | | | 2,876,128 | |
| COMM Mortgage Trust 2014-CR20 A3 — 3.326% 11/10/2047 | | | 702,258 | | | | 677,450 | |
| Greystone CRE Notes Ltd. 2021-FL3 A, 1M TSFR + 1.134% — 5.962% 7/15/2039(e)(f) | | | 3,000,000 | | | | 2,926,015 | |
| GS Mortgage Securities Trust 2015-GC30 AAB — 3.120% 5/10/2050 | | | 183,597 | | | | 179,340 | |
| Hawaii Hotel Trust 2019-MAUI C, 1M USD LIBOR + 1.650% — 6.334% 5/15/2038(e)(f) | | | 1,384,000 | | | | 1,339,003 | |
| HERA Commercial Mortgage Ltd. 2021-FL1 A, 1M USD LIBOR + 1.050% — 5.811% 2/18/2038(e)(f) | | | 2,442,284 | | | | 2,357,276 | |
| Independence Plaza Trust 2018-INDP A — 3.763% 7/10/2035(f) | | | 819,000 | | | | 771,850 | |
| JPMBB Commercial Mortgage Securities Trust 2015-C30 ASB — 3.559% 7/15/2048 | | | 387,291 | | | | 377,739 | |
| JPMBB Commercial Mortgage Securities Trust 2015-C31 A3 — 3.801% 8/15/2048 | | | 540,845 | | | | 515,341 | |
| KREF Ltd. 2021-FL2 A, 1M USD LIBOR + 1.070% — 5.779% 2/15/2039(e)(f) | | | 834,000 | | | | 814,013 | |
| LCCM Trust 2021-FL2 A, 1M USD LIBOR + 1.200% — 5.884% 12/13/2038(e)(f) | | | 390,000 | | | | 377,679 | |
| LoanCore Issuer Ltd. 2021-CRE4 A, SOFR30A + 0.914% — 5.473% 7/15/2035(e)(f) | | | 412,221 | | | | 406,322 | |
| LoanCore Issuer Ltd. 2021-CRE5 A, 1M USD LIBOR + 1.300% — 5.984% 7/15/2036(e)(f) | | | 363,000 | | | | 358,450 | |
| MF1 Ltd. 2021-FL7 A, 1M USD LIBOR + 1.080% — 5.841% 10/16/2036(e)(f) | | | 2,750,000 | | | | 2,659,634 | |
| MF1 Ltd. 2020-FL4 A, 1M TSFR + 1.814% — 6.474% 11/15/2035(e)(f) | | | 384,779 | | | | 383,937 | |
| PFP Ltd. 2021-7 A, 1M USD LIBOR + 0.850% — 5.534% 4/14/2038(e)(f) | | | 282,911 | | | | 275,995 | |
| Progress Residential Trust 2021-SFR7 A — 1.692% 8/17/2040(f) | | | 1,264,685 | | | | 1,068,481 | |
| Progress Residential Trust 2021-SFR9 A — 2.013% 11/17/2040(f) | | | 725,507 | | | | 619,894 | |
| Progress Residential Trust 2021-SFR11 A — 2.283% 1/17/2039(f) | | | 1,142,468 | | | | 984,862 | |
| Progress Residential Trust 2021-SFR10 A — 2.393% 12/17/2040(f) | | | 4,547,482 | | | | 3,891,234 | |
| Ready Capital Mortgage Financing LLC 2021-FL5 A, 1M USD LIBOR + 1.000% — 5.845% 4/25/2038(e)(f) | | | 633,717 | | | | 619,152 | |
| Shelter Growth CRE Issuer Ltd. 2021-FL3 A, 1M USD LIBOR + 1.080% — 5.764% 9/15/2036(e)(f) | | | 605,647 | | | | 592,222 | |
| STWD Ltd. 2021-FL2 A, 1M USD LIBOR + 1.200% — 5.909% 4/18/2038(e)(f) | | | 1,468,000 | | | | 1,436,736 | |
| TRTX Issuer Ltd. 2022-FL5 A, SOFR30A + 1.650% — 6.208% 2/15/2039(e)(f) | | | 2,356,000 | | | | 2,288,685 | |
| VMC Finance LLC 2021-HT1 A, 1M USD LIBOR + 1.650% — 6.411% 1/18/2037(e)(f) | | | 1,089,723 | | | | 1,057,470 | |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
March 31, 2023
(Unaudited)
| | | Principal
Amount | | | Fair Value | |
| BONDS & DEBENTURES - Continued | | | | | | | | |
| Wells Fargo Commercial Mortgage Trust 2014-LC18 ASB — 3.244% 12/15/2047 | | $ | 332,162 | | | $ | 324,241 | |
| | | | | | | $ | 53,387,624 | |
| TOTAL COMMERICAL MORTGAGE-BACKED SECURITIES (Cost $61,456,074) | | | | | | $ | 60,174,779 | |
| | | | | | | | | |
| RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.3% | | | | | | | | |
| AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 0.1% | | | | | | | | |
| Fannie Mae REMICS 2012-47 HA — 1.500% 5/25/2027 | | $ | 76,771 | | | $ | 73,345 | |
| Fannie Mae REMICS 2013-35 QB — 1.750% 2/25/2043 | | | 259,856 | | | | 253,876 | |
| Fannie Mae REMICS 2012-144 PD — 3.500% 4/25/2042 | | | 80,309 | | | | 78,181 | |
| Federal Home Loan Mortgage 4220 EH — 2.500% 6/15/2028 | | | 56,987 | | | | 55,311 | |
| Federal Home Loan Mortgage 4235 QE — 3.000% 8/15/2031 | | | 38,524 | | | | 37,881 | |
| Federal Home Loan Mortgage 4162 P — 3.000% 2/15/2033 | | | 229,181 | | | | 221,956 | |
| | | | | | | $ | 720,550 | |
| AGENCY POOL FIXED RATE — 0.0% | | | | | | | | |
| Fannie Mae Pool AL1576 — 4.000% 3/1/2027 | | $ | 79,201 | | | $ | 78,120 | |
| Fannie Mae Pool FM1102 — 4.000% 3/1/2031 | | | 30,925 | | | | 30,511 | |
| | | | | | | $ | 108,631 | |
| AGENCY STRIPPED — 0.0% | | | | | | | | |
| Fannie Mae Interest Strip 284 1 — 0.000% 7/25/2027(g) | | $ | 101,682 | | | $ | 92,232 | |
| | | | | | | | | |
| NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 6.2% | | | | | | | | |
| Cascade Funding Mortgage Trust 2021-HB6 A — 0.898% 6/25/2036(e)(f) | | $ | 571,834 | | | $ | 542,236 | |
| CFMT LLC 2021-HB5 A — 0.801% 2/25/2031(e)(f) | | | 769,842 | | | | 746,261 | |
| CFMT LLC 2020-HB4 A — 0.946% 12/26/2030(e)(f) | | | 196,264 | | | | 190,990 | |
| CFMT LLC 2021-HB7 A — 1.151% 10/27/2031(e)(f) | | | 832,977 | | | | 781,305 | |
| CFMT LLC 2021-HB7 M1 — 2.125% 10/27/2031(e)(f) | | | 1,183,000 | | | | 1,088,181 | |
| PRET LLC 2021-NPL6 A1 — 2.487% 7/25/2051(f)(h) | | | 1,335,080 | | | | 1,249,739 | |
| PRET LLC 2021-NPL5 A1 — 2.487% 10/25/2051(f)(h) | | | 4,716,622 | | | | 4,355,651 | |
| Pretium Mortgage Credit Partners I LLC 2021-NPL2 A1 — 1.992% 6/27/2060(f)(h) | | | 1,659,738 | | | | 1,514,906 | |
| Pretium Mortgage Credit Partners I LLC 2021-NPL4 A1 — 2.363% 10/27/2060(f)(h) | | | 3,960,631 | | | | 3,640,172 | |
| PRPM LLC 2021-2 A1 — 2.115% 3/25/2026(e)(f) | | | 5,536,804 | | | | 5,250,952 | |
| PRPM LLC 2021-9 A1 — 2.363% 10/25/2026(f)(h) | | | 2,382,600 | | | | 2,220,206 | |
| PRPM LLC 2021-10 A1 — 2.487% 10/25/2026(f)(h) | | | 3,107,416 | | | | 2,864,624 | |
| PRPM LLC 2021-11 A1 — 2.487% 11/25/2026(f)(h) | | | 2,653,961 | | | | 2,443,678 | |
| RCO VII Mortgage LLC 2021-2 A1 — 2.116% 9/25/2026(f)(h) | | | 1,250,859 | | | | 1,168,510 | |
| Towd Point Mortgage Trust 2020-4 A1 — 1.750% 10/25/2060(f) | | | 823,458 | | | | 705,157 | |
| Towd Point Mortgage Trust 2019-4 A1 — 2.900% 10/25/2059(e)(f) | | | 5,528,960 | | | | 5,032,425 | |
| Towd Point Mortgage Trust 2018-2 A1 — 3.250% 3/25/2058(e)(f) | | | 435,169 | | | | 411,989 | |
| Towd Point Mortgage Trust 2018-5 A1A — 3.250% 7/25/2058(e)(f) | | | 44,930 | | | | 42,675 | |
| Towd Point Mortgage Trust 2023-1 A1 — 3.750% 1/25/2063(f) | | | 2,148,038 | | | | 1,967,275 | |
| VCAT LLC 2021-NPL2 A1 — 2.115% 3/27/2051(f)(h) | | | 1,850,421 | | | | 1,746,177 | |
| VCAT LLC 2021-NPL1 A1 — 2.289% 12/26/2050(f)(h) | | | 4,847,759 | | | | 4,611,210 | |
| VOLT C LLC 2021-NPL9 A1 — 1.992% 5/25/2051(f)(h) | | | 942,386 | | | | 867,244 | |
| VOLT XCIV LLC 2021-NPL3 A1 — 2.240% 2/27/2051(f)(h) | | | 4,663,073 | | | | 4,445,146 | |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
March 31, 2023
(Unaudited)
| | | Principal
Amount | | | Fair Value | |
| BONDS & DEBENTURES - Continued | | | | | | | | |
| VOLT XCV LLC 2021-NPL4 A1 — 2.240% 3/27/2051(f)(h) | | $ | 1,075,816 | | | $ | 1,011,884 | |
| | | | | | | $ | 48,898,593 | |
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $52,892,735) | | | | | | $ | 49,820,006 | |
| | | | | | | | | |
| ASSET-BACKED SECURITIES — 58.1% | | | | | | | | |
| AUTO — 13.2% | | | | | | | | |
| American Credit Acceptance Receivables Trust 2021-4 C — 1.320% 2/14/2028(f) | | $ | 1,827,000 | | | $ | 1,773,189 | |
| American Credit Acceptance Receivables Trust 2022-1 C — 2.120% 3/13/2028(f) | | | 2,838,000 | | | | 2,735,714 | |
| AmeriCredit Automobile Receivables Trust 2021-3 A3 — 0.760% 8/18/2026 | | | 1,153,000 | | | | 1,107,609 | |
| AmeriCredit Automobile Receivables Trust 2020-2 C — 1.480% 2/18/2026 | | | 342,000 | | | | 327,315 | |
| BMW Vehicle Lease Trust 2022-1 A4 — 1.230% 5/27/2025 | | | 1,810,000 | | | | 1,736,338 | |
| CarMax Auto Owner Trust 2022-1 A3 — 1.470% 12/15/2026 | | | 3,713,000 | | | | 3,534,808 | |
| CarMax Auto Owner Trust 2020-3 C — 1.690% 4/15/2026 | | | 61,000 | | | | 57,934 | |
| CarMax Auto Owner Trust 2020-1 C — 2.340% 11/17/2025 | | | 1,940,000 | | | | 1,868,350 | |
| CarMax Auto Owner Trust 2023-1 A4 — 4.650% 1/16/2029 | | | 904,000 | | | | 905,048 | |
| Drive Auto Receivables Trust 2021-2 C — 0.870% 10/15/2027 | | | 2,324,000 | | | | 2,242,623 | |
| Drive Auto Receivables Trust 2021-3 C — 1.470% 1/15/2027 | | | 3,814,000 | | | | 3,640,918 | |
| DT Auto Owner Trust 2021-1A C — 0.840% 10/15/2026(f) | | | 168,000 | | | | 162,693 | |
| DT Auto Owner Trust 2021-3A C — 0.870% 5/17/2027(f) | | | 800,000 | | | | 761,210 | |
| DT Auto Owner Trust 2021-4A B — 1.020% 5/15/2026(f) | | | 704,000 | | | | 680,225 | |
| DT Auto Owner Trust 2021-2A C — 1.100% 2/16/2027(f) | | | 4,000,000 | | | | 3,838,028 | |
| DT Auto Owner Trust 2021-4A C — 1.500% 9/15/2027(f) | | | 704,000 | | | | 657,236 | |
| DT Auto Owner Trust 2022-1A C — 2.960% 11/15/2027(f) | | | 1,212,000 | | | | 1,155,521 | |
| Exeter Automobile Receivables Trust 2021-4A C — 1.460% 10/15/2027 | | | 2,169,000 | | | | 2,065,114 | |
| Exeter Automobile Receivables Trust 2022-1A C — 2.560% 6/15/2028 | | | 3,168,000 | | | | 3,011,779 | |
| Flagship Credit Auto Trust 2021-2 C — 1.270% 6/15/2027(f) | | | 1,004,000 | | | | 945,301 | |
| Flagship Credit Auto Trust 2021-4 B — 1.490% 2/15/2027(f) | | | 456,000 | | | | 426,022 | |
| Ford Credit Auto Lease Trust 2021-B B — 0.660% 1/15/2025 | | | 1,055,000 | | | | 1,016,674 | |
| Ford Credit Auto Lease Trust 2021-B C — 0.900% 5/15/2026 | | | 1,044,000 | | | | 1,003,105 | |
| Ford Credit Auto Owner Trust 2022-A A3 — 1.290% 6/15/2026 | | | 1,998,000 | | | | 1,912,995 | |
| Ford Credit Auto Owner Trust 2023-A A4 — 4.560% 12/15/2028 | | | 1,343,000 | | | | 1,343,315 | |
| GM Financial Automobile Leasing Trust 2022-1 A4 — 1.960% 2/20/2026 | | | 2,794,000 | | | | 2,692,473 | |
| GM Financial Automobile Leasing Trust 2022-1 B — 2.230% 2/20/2026 | | | 793,000 | | | | 756,599 | |
| GM Financial Automobile Leasing Trust 2022-1 C — 2.640% 2/20/2026 | | | 2,044,000 | | | | 1,949,430 | |
| GM Financial Consumer Automobile Receivables Trust 2022-1 A3 — 1.260% 11/16/2026 | | | 2,070,000 | | | | 1,967,086 | |
| GM Financial Consumer Automobile Receivables Trust 2020-3 C — 1.370% 1/16/2026 | | | 142,000 | | | | 135,123 | |
| GM Financial Revolving Receivables Trust 2021-1 A — 1.170% 6/12/2034(f) | | | 3,383,000 | | | | 2,989,167 | |
| Honda Auto Receivables Owner Trust 2021-4 A3 — 0.880% 1/21/2026 | | | 2,354,000 | | | | 2,246,959 | |
| Hyundai Auto Lease Securitization Trust 2021-B A4 — 0.380% 8/15/2025(f) | | | 124,000 | | | | 120,531 | |
| Hyundai Auto Lease Securitization Trust 2022-A A4 — 1.320% 12/15/2025(f) | | | 2,128,000 | | | | 2,044,479 | |
| Hyundai Auto Receivables Trust 2021-C A3 — 0.740% 5/15/2026 | | | 1,523,000 | | | | 1,454,126 | |
| Mercedes-Benz Auto Receivables Trust 2023-1 A4 — 4.310% 4/16/2029 | | | 816,000 | | | | 808,916 | |
| Prestige Auto Receivables Trust 2021-1A B — 1.190% 4/15/2026(f) | | | 1,965,000 | | | | 1,864,097 | |
| Prestige Auto Receivables Trust 2021-1A C — 1.530% 2/15/2028(f) | | | 705,000 | | | | 643,143 | |
| Santander Drive Auto Receivables Trust 2021-4 C — 1.260% 2/16/2027 | | | 3,197,000 | | | | 3,060,829 | |
| Santander Drive Auto Receivables Trust 2022-1 B — 2.360% 8/17/2026 | | | 6,336,000 | | | | 6,144,499 | |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
March 31, 2023
(Unaudited)
| | | Principal
Amount | | | Fair Value | |
| BONDS & DEBENTURES - Continued | | | | | | | | |
| Santander Drive Auto Receivables Trust 2022-1 C — 2.560% 4/17/2028 | | $ | 2,116,000 | | | $ | 2,024,465 | |
| Santander Drive Auto Receivables Trust 2022-2 B — 3.440% 9/15/2027 | | | 3,700,000 | | | | 3,574,542 | |
| Santander Retail Auto Lease Trust 2021-A C — 1.140% 3/20/2026(f) | | | 114,000 | | | | 108,313 | |
| Santander Retail Auto Lease Trust 2022-A A3 — 1.340% 7/21/2025(f) | | | 2,084,000 | | | | 1,993,801 | |
| Santander Retail Auto Lease Trust 2022-A A4 — 1.420% 1/20/2026(f) | | | 1,118,000 | | | | 1,060,098 | |
| Santander Retail Auto Lease Trust 2022-A B — 1.610% 1/20/2026(f) | | | 612,000 | | | | 576,666 | |
| Santander Retail Auto Lease Trust 2022-B B — 3.850% 3/22/2027(f) | | | 1,680,000 | | | | 1,636,451 | |
| Toyota Auto Loan Extended Note Trust 2022-1A A — 3.820% 4/25/2035(f) | | | 5,017,000 | | | | 4,868,133 | |
| Toyota Auto Receivables Owner Trust 2023-A A4 — 4.420% 8/15/2028 | | | 1,343,000 | | | | 1,343,544 | |
| Volkswagen Auto Loan Enhanced Trust 2021-1 A3 — 1.020% 6/22/2026 | | | 2,858,000 | | | | 2,733,484 | |
| Westlake Automobile Receivables Trust 2021-2A C — 0.890% 7/15/2026(f) | | | 2,450,000 | | | | 2,324,280 | |
| Westlake Automobile Receivables Trust 2021-1A C — 0.950% 3/16/2026(f) | | | 1,738,000 | | | | 1,676,410 | |
| Westlake Automobile Receivables Trust 2021-3A B — 1.290% 1/15/2027(f) | | | 3,653,000 | | | | 3,500,306 | |
| Westlake Automobile Receivables Trust 2021-3A C — 1.580% 1/15/2027(f) | | | 3,647,000 | | | | 3,419,260 | |
| Westlake Automobile Receivables Trust 2022-1A C — 3.110% 3/15/2027(f) | | | 3,419,000 | | | | 3,274,542 | |
| World Omni Auto Receivables Trust 2021-B B — 1.040% 6/15/2027 | | | 300,000 | | | | 275,947 | |
| World Omni Auto Receivables Trust 2020-C C — 1.390% 5/17/2027 | | | 176,000 | | | | 162,612 | |
| World Omni Auto Receivables Trust 2023-A A4 — 4.660% 5/15/2029 | | | 1,251,000 | | | | 1,253,282 | |
| | | | | | | $ | 103,592,657 | |
| COLLATERALIZED LOAN OBLIGATION — 16.6% | | | | | | | | |
| ABPCI Direct Lending Fund CLO I LLC 2016-1A E2, 3M USD LIBOR + 8.730% — 13.538% 7/20/2033(e)(f) | | $ | 2,944,000 | | | $ | 2,718,743 | |
| ABPCI Direct Lending Fund CLO II LLC 2017-1A ER, 3M USD LIBOR + 7.600% — 12.408% 4/20/2032(e)(f) | | | 3,062,000 | | | | 2,739,526 | |
| ABPCI Direct Lending Fund CLO X LP 2020-10A A1A, 3M USD LIBOR + 1.950% — 6.758% 1/20/2032(e)(f) | | | 678,000 | | | | 668,866 | |
| ABPCI Direct Lending Fund CLO XI LP 2022-11A E, 3M TSFR + 9.700% — 13.756% 10/27/2034(e)(f) | | | 2,000,000 | | | | 1,902,488 | |
| ABPCI Direct Lending Fund IX LLC 2020-9A A1R, 3M USD LIBOR + 1.400% — 6.215% 11/18/2031(e)(f) | | | 2,378,000 | | | | 2,333,836 | |
| Barings Middle Market CLO Ltd. 2021-IA D, 3M USD LIBOR + 8.650% — 13.458% 7/20/2033(e)(f) | | | 1,460,000 | | | | 1,342,920 | |
| BlackRock Maroon Bells CLO XI LLC 2022-1A E, 3M TSFR + 9.500% — 14.158% 10/15/2034(e)(f) | | | 5,540,000 | | | | 5,296,351 | |
| Blackrock Mount Adams CLO IX LP 2021-9A A1, 3M USD LIBOR + 1.370% — 6.317% 9/22/2031(e)(f) | | | 1,395,000 | | | | 1,373,912 | |
| Brightwood Capital MM CLO Ltd. 2021-2A A, 3M USD LIBOR + 1.650% — 6.442% 11/15/2030(e)(f) | | | 4,366,854 | | | | 4,304,412 | |
| BTC Holdings Fund I LLC — 7.550% 1/28/2027(b)(d) | | | 449,883 | | | | 449,883 | |
| BTC Offshore Holdings Fund, 3M USD LIBOR + 2.650% — 7.450% 10/20/2029(b)(d)(e) | | | 2,000,000 | | | | 2,000,000 | |
| Cerberus Loan Funding XL LLC 2023-1A A, 3M TSFR + 2.400% — 7.189% 3/22/2035(e)(f) | | | 901,000 | | | | 898,639 | |
| Cerberus Loan Funding XXIX LP 2020-2A A, 3M USD LIBOR + 1.900% — 6.692% 10/15/2032(e)(f) | | | 9,334,000 | | | | 9,243,470 | |
| Cerberus Loan Funding XXVIII LP 2020-1A A, 3M USD LIBOR + 1.850% — 6.642% 10/15/2031(e)(f) | | | 1,838,897 | | | | 1,822,041 | |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
March 31, 2023
(Unaudited)
| | | Principal
Amount | | | Fair Value | |
| BONDS & DEBENTURES - Continued | | | | | | | | |
| Cerberus Loan Funding XXVIII LP 2020-1A D, 3M USD LIBOR + 5.300% — 10.092% 10/15/2031(e)(f) | | $ | 2,236,000 | | | $ | 2,162,216 | |
| Cerberus Loan Funding XXXI LP 2021-1A A, 3M USD LIBOR + 1.500% — 6.292% 4/15/2032(e)(f) | | | 1,407,474 | | | | 1,387,906 | |
| Cerberus Loan Funding XXXIX LP 2022-3A C, 3M TSFR + 5.250% — 9.881% 1/20/2033(e)(f) | | | 3,600,000 | | | | 3,599,665 | |
| Cerberus Loan Funding XXXVI LP 2021-6A A, 3M USD LIBOR + 1.400% — 6.192% 11/22/2033(e)(f) | | | 1,117,026 | | | | 1,110,856 | |
| Ellington CLO IV Ltd. 2019-4A AR, 3M USD LIBOR + 1.580% — 6.372% 4/15/2029(e)(f) | | | 490,392 | | | | 489,202 | |
| Fortress Credit Opportunities IX CLO Ltd. 2017-9A A1TR, 3M USD LIBOR + 1.550%, — 6.342% 10/15/2033(e)(f) | | | 5,645,000 | | | | 5,470,846 | |
| Fortress Credit Opportunities IX CLO Ltd. 2017-9A ER, 3M USD LIBOR + 8.060%, — 12.852% 10/15/2033(e)(f) | | | 8,814,000 | | | | 7,875,864 | |
| Fortress Credit Opportunities VI CLO Ltd. 2015-6A A2R, 3M USD LIBOR + 1.600% — 6.410% 7/10/2030(e)(f) | | | 4,000,000 | | | | 3,887,676 | |
| Fortress Credit Opportunities XI CLO Ltd. 2018-11A A1T, 3M USD LIBOR + 1.300% — 6.092% 4/15/2031(e)(f) | | | 2,624,000 | | | | 2,586,687 | |
| Fortress Credit Opportunities XVII CLO Ltd. 2022-17A A, 3M TSFR + 1.370% — 6.028% 1/15/2030(e)(f) | | | 3,039,399 | | | | 2,987,379 | |
| Golub Capital Partners CLO 36M Ltd. 2018-36A A, 3M USD LIBOR + 1.300% — 6.106% 2/5/2031(e)(f) | | | 3,439,000 | | | | 3,375,702 | |
| Golub Capital Partners CLO 38M Ltd. 2018-38A C, 3M USD LIBOR + 2.800% — 7.608% 7/20/2030(e)(f) | | | 1,993,000 | | | | 1,890,614 | |
| Golub Capital Partners CLO 42M Ltd. 2019-42A A2, 3M USD LIBOR + 2.000% — 6.808% 4/20/2031(e)(f) | | | 3,006,000 | | | | 2,921,303 | |
| Golub Capital Partners CLO 45M Ltd. 2019-45A B1, 3M USD LIBOR + 2.550% — 7.358% 10/20/2031(e)(f) | | | 1,429,000 | | | | 1,388,202 | |
| Ivy Hill Middle Market Credit Fund IX Ltd. 9A ERR, 3M TSFR + 8.220% — 12.874% 4/23/2034(e)(f) | | | 6,250,000 | | | | 5,547,781 | |
| Ivy Hill Middle Market Credit Fund XII Ltd. 12A DR, 3M USD LIBOR + 8.170% — 12.978% 7/20/2033(f) | | | 1,086,000 | | | | 960,507 | |
| Ivy Hill Middle Market Credit Fund XVIII Ltd. 18A E, 3M USD LIBOR + 7.750% — 12.565% 4/22/2033(e)(f) | | | 3,766,000 | | | | 3,305,829 | |
| Ivy Hill Middle Market Credit Fund XX Ltd. 20A E, 3M TSFR + 10.000% — 15.233% 4/15/2035(e)(f) | | | 5,120,000 | | | | 4,918,380 | |
| Lake Shore MM CLO III LLC 2019-2A A2R — 2.525% 10/17/2031(f) | | | 575,000 | | | | 525,702 | |
| Lake Shore MM CLO III LLC 2019-2A A1R, 3M USD LIBOR + 1.480% — 6.272% 10/17/2031(e)(f) | | | 1,228,000 | | | | 1,191,393 | |
| Lake Shore MM CLO IV Ltd. 2021-1A X, 3M USD LIBOR + 1.180% — 5.972% 10/15/2033(e)(f) | | | 646,067 | | | | 635,439 | |
| Madison Park Funding XIII Ltd. 2014-13A AR2, 3M USD LIBOR + 0.950% — 5.748% 4/19/2030(e)(f) | | | 465,660 | | | | 462,938 | |
| MCF CLO IX Ltd. 2019-1A A1R, 3M TSFR + 1.500% — 6.158% 7/17/2031(e)(f) | | | 7,029,000 | | | | 6,881,018 | |
| Owl Rock CLO III Ltd. 2020-3A A1L, 3M USD LIBOR + 1.800% — 6.608% 4/20/2032(e)(f) | | | 800,000 | | | | 787,972 | |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
March 31, 2023
(Unaudited)
| | | Principal
Amount | | | Fair Value | |
| BONDS & DEBENTURES - Continued | | | | | | | | |
| Owl Rock CLO VI Ltd. 2021-6A A, 3M USD LIBOR + 1.450% — 6.413% 6/21/2032(e)(f) | | $ | 3,634,000 | | | $ | 3,555,015 | |
| Parliament CLO II Ltd. 2021-2A A, 3M USD LIBOR + 1.350% — 6.265% 8/20/2032(e)(f) | | | 1,747,297 | | | | 1,705,070 | |
| Parliament CLO II Ltd. 2021-2A D, 3M USD LIBOR + 3.700% — 8.615% 8/20/2032(e)(f) | | | 2,646,000 | | | | 2,404,727 | |
| Parliament Funding II Ltd. 2020-1A AR, 3M USD LIBOR + 1.250% — 6.058% 10/20/2031(e)(f) | | | 2,151,915 | | | | 2,111,392 | |
| TCP Waterman CLO LLC 2017-1A ER, 3M USD LIBOR + 8.160% — 13.075% 8/20/2033(e)(f) | | | 2,429,000 | | | | 2,174,752 | |
| VCP CLO II Ltd. 2021-2A A1, 3M USD LIBOR + 1.670% — 6.462% 4/15/2031(e)(f) | | | 6,216,000 | | | | 6,142,030 | |
| VCP CLO II Ltd. 2021-2A E, 3M USD LIBOR + 8.410% — 13.202% 4/15/2031(e)(f) | | | 4,460,000 | | | | 4,142,105 | |
| Woodmont Trust 2019-6A A1R, 3M USD LIBOR + 1.480% — 6.272% 7/15/2031(e)(f) | | | 2,657,000 | | | | 2,614,018 | |
| Woodmont Trust 2019-6A A1R2, 3M USD LIBOR + 1.480% — 6.272% 7/15/2031(e)(f) | | | 1,679,000 | | | | 1,651,839 | |
| Zais CLO 7 Ltd. 2017-2A A, 3M USD LIBOR + 1.290% — 6.082% 4/15/2030(e)(f) | | | 515,160 | | | | 509,847 | |
| | | | | | | $ | 130,456,959 | |
| EQUIPMENT — 10.1% | | | | | | | | |
| ARI Fleet Lease Trust 2022-A A3 — 3.430% 1/15/2031(f) | | $ | 644,000 | | | $ | 621,199 | |
| Avis Budget Rental Car Funding AESOP LLC 2019-3A A — 2.360% 3/20/2026(f) | | | 607,000 | | | | 578,228 | |
| Avis Budget Rental Car Funding AESOP LLC 2023-1A A — 5.250% 4/20/2029(f) | | | 1,059,000 | | | | 1,065,483 | |
| Avis Budget Rental Car Funding AESOP LLC 2023-4A A — 5.490% 6/20/2029(b)(f) | | | 3,527,000 | | | | 3,523,777 | |
| Chesapeake Funding II LLC 2020-1A C — 2.140% 8/15/2032(f) | | | 368,000 | | | | 360,463 | |
| CNH Equipment Trust 2022-B A4 — 3.910% 3/15/2028 | | | 581,000 | | | | 564,831 | |
| Coinstar Funding LLC 2017-1A A2 — 5.216% 4/25/2047(f) | | | 2,509,878 | | | | 1,948,118 | |
| Dell Equipment Finance Trust 2021-2 C — 0.940% 12/22/2026(f) | | | 765,000 | | | | 729,034 | |
| Dell Equipment Finance Trust 2022-1 A3 — 2.490% 8/23/2027(f) | | | 7,144,000 | | | | 6,965,314 | |
| Dell Equipment Finance Trust 2022-1 B — 2.720% 8/23/2027(f) | | | 1,109,000 | | | | 1,070,160 | |
| Dell Equipment Finance Trust 2022-1 C — 2.940% 8/23/2027(f) | | | 1,139,000 | | | | 1,098,150 | |
| Enterprise Fleet Financing LLC 2022-3 A3 — 4.290% 7/20/2029(f) | | | 760,000 | | | | 729,064 | |
| Enterprise Fleet Financing LLC 2021-3 A2 — 0.770% 8/20/2027(f) | | | 1,972,395 | | | | 1,889,643 | |
| Enterprise Fleet Financing LLC 2022-2 A3 — 4.790% 5/21/2029(f) | | | 2,419,000 | | | | 2,411,166 | |
| Enterprise Fleet Financing LLC 2023-1 A3 — 5.420% 10/22/2029(f) | | | 2,522,000 | | | | 2,584,165 | |
| Enterprise Fleet Financing LLC 2022-4 A3 — 5.650% 10/22/2029(f) | | | 1,601,000 | | | | 1,608,654 | |
| Ford Credit Floorplan Master Owner Trust 2020-1 B — 0.980% 9/15/2025 | | | 1,000,000 | | | | 977,758 | |
| Ford Credit Floorplan Master Owner Trust A 2018-4 A — 4.060% 11/15/2030 | | | 6,413,000 | | | | 6,200,701 | |
| GMF Floorplan Owner Revolving Trust 2020-2 B — 0.960% 10/15/2025(f) | | | 6,890,000 | | | | 6,691,994 | |
| GMF Floorplan Owner Revolving Trust 2019-2 A — 2.900% 4/15/2026(f) | | | 1,953,000 | | | | 1,905,066 | |
| Hertz Vehicle Financing III LP 2021-2A A — 1.680% 12/27/2027(f) | | | 3,499,000 | | | | 3,099,180 | |
| Hertz Vehicle Financing LLC 2022-2A A — 2.330% 6/26/2028(f) | | | 3,489,000 | | | | 3,095,515 | |
| Hertz Vehicle Financing LLC 2022-4A A — 3.730% 9/25/2026(f) | | | 2,712,000 | | | | 2,604,218 | |
| Hertz Vehicle Financing LLC 2022-5A A — 3.890% 9/25/2028(f) | | | 6,142,000 | | | | 5,923,972 | |
| HPEFS Equipment Trust 2022-1A A3 — 1.380% 5/21/2029(f) | | | 3,943,000 | | | | 3,814,483 | |
| HPEFS Equipment Trust 2022-1A B — 1.790% 5/21/2029(f) | | | 1,619,000 | | | | 1,537,425 | |
| HPEFS Equipment Trust 2022-1A C — 1.960% 5/21/2029(f) | | | 1,076,000 | | | | 1,009,349 | |
| HPEFS Equipment Trust 2022-2A B — 4.200% 9/20/2029(f) | | | 718,000 | | | | 694,974 | |
| HPEFS Equipment Trust 2022-2A C — 4.430% 9/20/2029(f) | | | 416,000 | | | | 402,284 | |
| John Deere Owner Trust 2023-A A4 — 5.010% 12/17/2029 | | | 1,372,000 | | | | 1,397,794 | |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
March 31, 2023
(Unaudited)
| | | Principal
Amount | | | Fair Value | |
| BONDS & DEBENTURES - Continued | | | | | | | | |
| Kubota Credit Owner Trust 2023-1A A4 — 5.070% 2/15/2029(f) | | $ | 876,000 | | | $ | 876,821 | |
| NextGear Floorplan Master Owner Trust 2021-1A A — 0.850% 7/15/2026(f) | | | 253,000 | | | | 239,089 | |
| NextGear Floorplan Master Owner Trust 2022-1A A2 — 2.800% 3/15/2027(f) | | | 4,685,000 | | | | 4,483,599 | |
| Pawnee Equipment Receivables LLC 2021-1 A2 — 1.100% 7/15/2027(f) | | | 694,513 | | | | 668,380 | |
| Verizon Master Trust 2022-4 B — 3.640% 11/20/2028(h) | | | 2,555,000 | | | | 2,476,339 | |
| Verizon Master Trust 2022-4 C — 3.890% 11/20/2028(h) | | | 663,000 | | | | 642,305 | |
| Wheels SPV 2 LLC 2020-1A A3 — 0.620% 8/20/2029(f) | | | 3,542,000 | | | | 3,432,441 | |
| | | | | | | $ | 79,921,136 | |
| OTHER — 18.2% | | | | | | | | |
| ABPCI Direct Lending Fund ABS I Ltd. 2020-1A A — 3.199% 12/20/2030(f) | | $ | 1,284,000 | | | $ | 1,157,820 | |
| ABPCI Direct Lending Fund ABS I Ltd. 2020-1A B — 4.935% 12/20/2030(f) | | | 3,273,000 | | | | 2,902,012 | |
| ABPCI Direct Lending Fund ABS II LLC 2022-2A A1, 3M TSFR + 2.100% — 6.769% 3/1/2032(e)(f) | | | 1,670,000 | | | | 1,646,241 | |
| ABPCI Direct Lending Fund ABS II LLC 2022-2A C — 8.237% 3/1/2032(f) | | | 6,978,000 | | | | 5,368,336 | |
| American Tower Trust I — 5.490% 3/15/2028(f) | | | 5,806,000 | | | | 5,929,711 | |
| Brazos Securitization LLC — 5.014% 3/1/2034(f) | | | 863,000 | | | | 865,423 | |
| CARS-DB4 LP 2020-1A A1 — 2.690% 2/15/2050(f) | | | 292,562 | | | | 275,942 | |
| Cleco Securitization I LLC — 4.016% 3/1/2033 | | | 1,820,122 | | | | 1,730,129 | |
| Cologix Data Centers US Issuer LLC 2021-1A A2 — 3.300% 12/26/2051(f) | | | 4,273,000 | | | | 3,764,170 | |
| Cologix Data Centers US Issuer LLC 2021-1A C — 5.990% 12/26/2051(f) | | | 3,235,000 | | | | 2,749,923 | |
| Conn's Receivables Funding LLC 2021-A B — 2.870% 5/15/2026(f) | | | 1,368,969 | | | | 1,345,609 | |
| DataBank Issuer 2021-1A A2 — 2.060% 2/27/2051(f) | | | 1,400,000 | | | | 1,262,919 | |
| DataBank Issuer 2021-1A C — 4.430% 2/27/2051(f) | | | 1,500,000 | | | | 1,300,049 | |
| Diamond Infrastructure Funding LLC 2021-1A C — 3.475% 4/15/2049(f) | | | 512,000 | | | | 408,245 | |
| Diamond Issuer 2021-1A C — 3.787% 11/20/2051(f) | | | 1,718,000 | | | | 1,383,549 | |
| Elm Trust 2020-4A A2 — 2.286% 10/20/2029(f) | | | 322,949 | | | | 303,680 | |
| Elm Trust 2020-3A A2 — 2.954% 8/20/2029(f) | | | 5,487,451 | | | | 5,108,054 | |
| Elm Trust 2020-4A B — 3.866% 10/20/2029(f) | | | 975,353 | | | | 882,822 | |
| Elm Trust 2020-3A B — 4.481% 8/20/2029(f) | | | 870,626 | | | | 773,824 | |
| FCI Funding LLC 2021-1A A — 1.130% 4/15/2033(f) | | | 166,537 | | | | 161,980 | |
| Golub Capital Partners ABS Funding Ltd. 2021-1A A2 — 2.773% 4/20/2029(f) | | | 3,868,000 | | | | 3,571,891 | |
| Golub Capital Partners ABS Funding Ltd. 2021-2A A — 2.944% 10/19/2029(f) | | | 4,896,000 | | | | 4,284,119 | |
| Golub Capital Partners ABS Funding Ltd. 2020-1A A2 — 3.208% 1/22/2029(f) | | | 2,267,000 | | | | 2,099,063 | |
| Golub Capital Partners ABS Funding Ltd. 2021-1A B — 3.816% 4/20/2029(f) | | | 1,924,000 | | | | 1,710,474 | |
| Golub Capital Partners ABS Funding Ltd. 2021-2A B — 3.994% 10/19/2029(f) | | | 5,697,000 | | | | 4,847,352 | |
| Golub Capital Partners ABS Funding Ltd. 2020-1A B — 4.496% 1/22/2029(f) | | | 1,404,000 | | | | 1,317,262 | |
| Gracie Point International Funding 2021-1A A, 1M USD LIBOR + 0.750% — 5.412% 11/1/2023(e)(f) | | | 1,662,549 | | | | 1,660,995 | |
| Hotwire Funding LLC 2021-1 C — 4.459% 11/20/2051(f) | | | 1,250,000 | | | | 1,076,124 | |
| Kansas Gas Service Securitization I LLC — 5.486% 8/1/2034 | | | 2,470,000 | | | | 2,492,838 | |
| Legal Fee Funding LLC 2006-1A A — 8.000% 7/20/2036(b)(f) | | | 63,507 | | | | 63,507 | |
| MetroNet Infrastructure Issuer LLC 2022-1A A2 — 6.350% 10/20/2052(f) | | | 3,800,000 | | | | 3,699,113 | |
| Monroe Capital ABS Funding Ltd. 2021-1A A2 — 2.815% 4/22/2031(f) | | | 2,912,000 | | | | 2,712,636 | |
| Monroe Capital ABS Funding Ltd. 2021-1A B — 3.908% 4/22/2031(f) | | | 907,000 | | | | 840,904 | |
| Monroe Capital Income Plus ABS Funding LLC 2022-1A A — 4.050% 4/30/2032(f) | | | 3,700,000 | | | | 3,348,716 | |
| NRZ Advance Receivables Trust 2020-T2 AT2 — 1.475% 9/15/2053(f) | | | 2,720,000 | | | | 2,650,161 | |
| Oklahoma Development Finance Authority — 3.877% 5/1/2037 | | | 2,095,000 | | | | 2,040,169 | |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
March 31, 2023
(Unaudited)
| | | Principal
Amount | | | Fair Value | |
| BONDS & DEBENTURES - Continued | | | | | | | | |
| Oklahoma Development Finance Authority — 4.135% 12/1/2033 | | $ | 2,335,000 | | | $ | 2,288,622 | |
| Oklahoma Development Finance Authority — 4.285% 2/1/2034 | | | 854,273 | | | | 848,259 | |
| Oportun Funding XIV LLC 2021-A A — 1.210% 3/8/2028(f) | | | 532,000 | | | | 504,971 | |
| Oportun Issuance Trust 2021-B A — 1.470% 5/8/2031(f) | | | 1,020,000 | | | | 959,462 | |
| Oportun Issuance Trust 2021-C A — 2.180% 10/8/2031(f) | | | 4,976,000 | | | | 4,460,316 | |
| Owl Rock Technology Financing LLC 2020-1A A, 3M USD LIBOR + 2.950% — 7.029% 1/15/2031(e)(f) | | | 3,099,000 | | | | 3,065,041 | |
| PFS Financing Corp. 2022-D A — 4.270% 8/15/2027(f) | | | 5,205,000 | | | | 5,124,717 | |
| PFS Financing Corp. 2021-A A — 0.710% 4/15/2026(f) | | | 2,543,000 | | | | 2,454,894 | |
| PFS Financing Corp. 2021-B A — 0.770% 8/15/2026(f) | | | 1,925,000 | | | | 1,808,719 | |
| PFS Financing Corp. 2021-A B — 0.960% 4/15/2026(f) | | | 310,000 | | | | 294,463 | |
| PFS Financing Corp. 2020-G A — 0.970% 2/15/2026(f) | | | 3,998,000 | | | | 3,851,939 | |
| PFS Financing Corp. 2021-B B — 1.090% 8/15/2026(f) | | | 713,000 | | | | 657,511 | |
| PFS Financing Corp. 2020-E B — 1.570% 10/15/2025(f) | | | 4,503,000 | | | | 4,367,554 | |
| PFS Financing Corp. 2020-G B — 1.570% 2/15/2026(f) | | | 197,000 | | | | 188,951 | |
| PFS Financing Corp. 2022-A A — 2.470% 2/15/2027(f) | | | 6,716,000 | | | | 6,500,950 | |
| PFS Financing Corp. 2022-A B — 2.770% 2/15/2027(f) | | | 1,380,000 | | | | 1,301,802 | |
| PFS Financing Corp. 2022-C A — 3.890% 5/15/2027(f) | | | 5,700,000 | | | | 5,626,116 | |
| PFS Financing Corp. 2022-C B — 4.390% 5/15/2027(f) | | | 879,000 | | | | 833,557 | |
| PG&E Recovery Funding LLC — 5.045% 7/15/2034 | | | 2,244,000 | | | | 2,252,458 | |
| PG&E Wildfire Recovery Funding LLC — 4.022% 6/1/2033 | | | 4,140,000 | | | | 4,029,551 | |
| SBA Tower Trust — 1.631% 5/15/2051(f) | | | 426,000 | | | | 367,749 | |
| SBA Tower Trust — 2.328% 7/15/2052(f) | | | 1,334,000 | | | | 1,188,110 | |
| SBA Tower Trust — 6.599% 1/15/2028(f) | | | 1,049,000 | | | | 1,109,379 | |
| SpringCastle America Funding LLC 2020-AA A — 1.970% 9/25/2037(f) | | | 1,269,448 | | | | 1,173,772 | |
| Texas Natural Gas Securitization Finance Corp. — 5.102% 4/1/2035 | | | 794,000 | | | | 814,859 | |
| TVEST LLC 2020-A A — 4.500% 7/15/2032(f) | | | 113,073 | | | | 112,268 | |
| Vantage Data Centers Issuer LLC 2020-1A A2 — 1.645% 9/15/2045(f) | | | 1,344,000 | | | | 1,209,978 | |
| VCP RRL ABS I Ltd. 2021-1A A — 2.152% 10/20/2031(f) | | | 1,794,739 | | | | 1,652,366 | |
| VCP RRL ABS I Ltd. 2021-1A B — 2.848% 10/20/2031(f) | | | 2,830,947 | | | | 2,561,460 | |
| VCP RRL ABS I Ltd. 2021-1A C — 5.425% 10/20/2031(f) | | | 4,394,779 | | | | 3,973,689 | |
| | | | | | | $ | 143,319,245 | |
| TOTAL ASSET-BACKED SECURITIES (Cost $477,162,341) | | | | | | $ | 457,289,997 | |
| | | | | | | | | |
| CORPORATE BONDS & NOTES — 8.5% | | | | | | | | |
| COMMUNICATIONS — 1.4% | | | | | | | | |
| Amazon.com, Inc. — 1.650% 5/12/2028 | | $ | 1,834,000 | | | $ | 1,621,531 | |
| CCO Holdings LLC/CCO Holdings Capital Corp. — 6.375% 9/1/2029(f) | | | 2,633,000 | | | | 2,514,515 | |
| Consolidated Communications, Inc. — 6.500% 10/1/2028(f) | | | 1,119,000 | | | | 813,009 | |
| DISH Network Corp. — 11.750% 11/15/2027(f) | | | 2,000,000 | | | | 1,917,500 | |
| Frontier Communications Holdings LLC — 5.875% 10/15/2027(f) | | | 3,066,000 | | | | 2,794,812 | |
| Frontier Communications Holdings LLC — 6.000% 1/15/2030(f) | | | 1,636,000 | | | | 1,239,941 | |
| | | | | | | $ | 10,901,308 | |
| CONSUMER, CYCLICAL — 1.1% | | | | | | | | |
| Air Canada Pass-Through Trust 2017-1AA AA — 3.300% 7/15/2031(f) | | $ | 1,934,005 | | | $ | 1,674,228 | |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
March 31, 2023
(Unaudited)
| | | Principal
Amount | | | Fair Value | |
| BONDS & DEBENTURES - Continued | | | | | | | | |
| Air Canada Pass-Through Trust 2020-1C — 10.500% 7/15/2026(f) | | $ | 1,030,000 | | | $ | 1,095,493 | |
| Aramark Services, Inc. — 6.375% 5/1/2025(f) | | | 2,460,000 | | | | 2,470,233 | |
| CD&R Smokey Buyer, Inc. — 6.750% 7/15/2025(f) | | | 3,866,000 | | | | 3,315,095 | |
| Royal Caribbean Cruises Ltd. — 11.500% 6/1/2025(f) | | | 354,000 | | | | 377,467 | |
| | | | | | | $ | 8,932,516 | |
| CONSUMER, NON-CYCLICAL — 0.9% | | | | | | | | |
| Cimpress PLC — 7.000% 6/15/2026 | | $ | 8,557,000 | | | $ | 6,965,826 | |
| | | | | | | | | |
| FINANCIAL — 4.5% | | | | | | | | |
| Ares Capital Corp., 1M USD LIBOR + 1.850% — 2.875% 6/15/2028 | | $ | 4,700,000 | | | $ | 3,871,757 | |
| Blackstone Private Credit Fund, 3M USD LIBOR + 8.650% — 4.000% 1/15/2029 | | | 4,500,000 | | | | 3,778,426 | |
| Golub Capital BDC, Inc. — 3.375% 4/15/2024 | | | 1,487,000 | | | | 1,428,977 | |
| Midcap Financial Issuer Trust — 6.500% 5/1/2028(f) | | | 10,563,000 | | | | 8,952,143 | |
| OWL Rock Core Income Corp. — 4.700% 2/8/2027 | | | 5,384,000 | | | | 4,870,640 | |
| OWL Rock Core Income Corp. — 5.500% 3/21/2025 | | | 7,439,000 | | | | 7,241,650 | |
| OWL Rock Core Income Corp. — 7.750% 9/16/2027(f) | | | 5,122,000 | | | | 5,015,990 | |
| | | | | | | $ | 35,159,583 | |
| TECHNOLOGY — 0.6% | | | | | | | | |
| Hlend Senior Notes — 8.170% 3/15/2028(b)(c)(d) | | $ | 5,000,000 | | | $ | 5,000,000 | |
| TOTAL CORPORATE BONDS & NOTES (Cost $70,581,410) | | | | | | $ | 66,959,233 | |
| | | | | | | | | |
| CORPORATE BANK DEBT — 4.9% | | | | | | | | |
| ABG Intermediate Holdings 2 LLC, 1M USD LIBOR + 3.250% — 10.718% 12/20/2029(d)(e)(i) | | $ | 2,434,000 | | | $ | 2,239,280 | |
| Asurion LLC, 1M USD LIBOR + 3.000% — 7.840% 11/3/2024(d)(e)(i) | | | 3,537,715 | | | | 3,528,870 | |
| Axiom Global, Inc., 1M USD LIBOR + 5.500% — 9.459% 10/1/2026(d)(e)(i) | | | 3,063,504 | | | | 2,933,305 | |
| Azalea Topco, Inc., 1M USD LIBOR + 3.750% — 8.411% 7/24/2026(d)(e)(i) | | | 1,945,350 | | | | 1,818,902 | |
| Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan, 1M SOFR + 4.750% — 9.657% 11/12/2027(d)(e)(i)(j)(k) | | | 90,639 | | | | 85,994 | |
| Capstone Acquisition Holdings, Inc. 2020 Term Loan, 1M SOFR + 4.750% — 9.657% 11/12/2027(d)(e)(i) | | | 1,780,070 | | | | 1,708,867 | |
| Cimpress Public Ltd., 1M USD LIBOR + 3.500% — 8.340% 5/17/2028(d)(e)(i) | | | 1,197,668 | | | | 1,137,784 | |
| Emerald Topco, Inc., 1M SOFR + 3.500% — 8.468% 7/24/2026(d)(e)(i) | | | 2,066,051 | | | | 1,926,592 | |
| Farfetch U.S. Holdings, Inc., 3M SOFR + 6.250% — 10.889% 10/20/2027(d)(e)(i) | | | 3,990,000 | | | | 3,675,987 | |
| Frontier Communications Corp., 3M USD LIBOR + 3.750% — 8.625% 5/1/2028(d)(e)(i) | | | 1,104,460 | | | | 1,046,476 | |
| GHX Ultimate Parent Corp., 3M USD LIBOR + 3.250% — 8.090% 6/28/2024(d)(e)(i) | | | 3,989,834 | | | | 3,939,962 | |
| Heartland Dental LLC, 1M USD LIBOR + 3.750% — 8.840% 4/30/2025(d)(e)(i) | | | 3,996,725 | | | | 3,753,605 | |
| JC Penney Corp., Inc., 3M USD LIBOR + 4.250% — 5.250% 6/23/2023(d)(e)(i) | | | 480,181 | | | | 48 | |
| Lealand Finance Company B.V. Super Senior Exit LC — 5.250% 6/30/2024(d)(i)(j)(k) | | | 640,000 | | | | (124,800 | ) |
| Packers Holdings LLC, 1M USD LIBOR + 3.250% — 8.093% 3/9/2028(d)(e)(i) | | | 2,650,466 | | | | 2,390,058 | |
| PetVet Care Centers LLC, 1M USD LIBOR + 3.500% — 8.340% 2/14/2025(d)(e)(i) | | | 2,628,599 | | | | 2,533,312 | |
| Polaris Newco, LLC Term Loan B, 3M USD LIBOR + 4.000% — 9.159% 6/2/2028(d)(e)(i) | | | 2,663,675 | | | | 2,419,949 | |
| WH Borrower LLC, Term Loan B, 3M USD LIBOR + 5.500% — 10.158% 2/15/2027(d)(e)(i) | | | 2,811,753 | | | | 2,727,400 | |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
March 31, 2023
(Unaudited)
| | | Principal
Amount | | | Fair Value | |
| BONDS & DEBENTURES - Continued | | | | | | | | |
| Windstream Services LLC, 1M SOFR + 6.250% — 11.157% 9/21/2027(d)(e)(i) | | $ | 826,359 | | | $ | 730,642 | |
| TOTAL CORPORATE BANK DEBT (Cost $40,051,500) | | | | | | $ | 38,472,233 | |
| | | | | | | | | |
| CONVERTIBLE BONDS — 0.6% | | | | | | | | |
| Opendoor Technologies, Inc. — 0.250% 8/15/2026(f) | | $ | 4,000,000 | | | $ | 2,008,838 | |
| Upwork, Inc. — 0.250% 8/15/2026 | | | 3,400,000 | | | | 2,663,550 | |
| TOTAL CONVERTIBLE BONDS (Cost $5,116,648) | | | | | | $ | 4,672,388 | |
| | | | | | | | | |
| U.S. TREASURIES — 10.9% | | | | | | | | |
| U.S. Treasury Bills — 3.653% 4/6/2023(g) | | $ | 59,689,000 | | | $ | 59,666,020 | |
| U.S. Treasury Notes — 3.500% 1/31/2028 | | | 25,975,000 | | | | 25,842,826 | |
| TOTAL U.S. TREASURIES (Cost $85,460,500) | | | | | | $ | 85,508,846 | |
| TOTAL BONDS & DEBENTURES — 96.9% (Cost $792,721,208) | | | | | | $ | 762,897,482 | |
| TOTAL INVESTMENT SECURITIES — 97.1% (Cost $794,649,624) | | | | | | $ | 764,577,657 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS — 3.0% | | | | | | | | |
| State Street Bank Repurchase Agreement — 1.440% 4/3/2023 | | | | | | | | |
| (Dated 03/31/2023, repurchase price of $23,447,813, collateralized by $24,020,000 principal amount U.S. Treasury Notes — 3.875% 2025, fair value $23,913,976)(l) | | $ | 23,445,000 | | | $ | 23,445,000 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $23,445,000) | | | | | | $ | 23,445,000 | |
| | | | | | | | | |
| TOTAL INVESTMENTS — 100.1% (Cost $818,094,624) | | | | | | $ | 788,022,657 | |
| Other Assets and Liabilities, net — (0.1)% | | | | | | | (967,862 | ) |
| NET ASSETS — 100.0% | | | | | | $ | 787,054,795 | |
| (a) | Non-income producing security. |
| (b) | Investments categorized as a significant unobservable input (Level 3) (See Note 1 of the Notes to Financial Statements). |
| (c) | 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 0.77% of total net assets at March 31, 2023. |
| (d) | Restricted securities. These restricted securities constituted 6.05% of total net assets at March 31, 2023, most of which are considered liquid by the Adviser. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund’s Board of Trustees. |
| (e) | Variable/Floating Rate Security — The rate shown is based on the latest available information as of March 31, 2023. 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. |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
March 31, 2023
(Unaudited)
| (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, 2023. |
| (i) | For corporate bank debt, the rate shown may represent a weighted average interest rate. |
| (j) | 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. |
| (k) | As of March 31, 2023 the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied. |
| (l) | Security pledged as collateral. |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments – RESTRICTED SECURITIES
March 31, 2023
(Unaudited)
| Issuer | | Acquisition Date (s) | | Cost | | | Fair Value | | | Fair Value as
a % of Net
Assets | |
| ABG Intermediate Holdings 2 LLC 1M USD LIBOR + 3.250% — 10.718% 12/20/2029 | | 01/05/2023 | | $ | 2,250,345 | | | $ | 2,239,280 | | | | 0.28 | % |
| Asurion LLC 1M USD LIBOR + 3.000% — 7.840% 11/3/2024 | | 03/08/2022, 06/16/2022 | | | 3,511,171 | | | | 3,528,870 | | | | 0.45 | % |
| Axiom Global, Inc. 1M USD LIBOR + 5.500% — 9.459% 10/1/2026 | | 11/18/2021, 11/19/2021 | | | 3,040,734 | | | | 2,933,305 | | | | 0.37 | % |
| Azalea Topco, Inc. 1M USD LIBOR + 3.750% — 8.411% 7/24/2026 | | 02/17/2022, 06/23/2022 | | | 1,896,915 | | | | 1,818,902 | | | | 0.23 | % |
| BTC Holdings Fund I LLC — 7.550% 1/28/2027 | | 09/01/2021 | | | 449,883 | | | | 449,883 | | | | 0.06 | % |
| BTC Offshore Holdings Fund 3M USD LIBOR + 2.650% — 7.450% 10/20/2029 | | 01/20/2022 | | | 2,000,000 | | | | 2,000,000 | | | | 0.25 | % |
| Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan 1M SOFR + 4.750% — 9.657% 11/12/2027 | | 04/30/2021 | | | 90,339 | | | | 85,994 | | | | 0.01 | % |
| Capstone Acquisition Holdings, Inc. 2020 Term Loan 1M SOFR + 4.750% — 9.657% 11/12/2027 | | 04/30/2021 | | | 1,769,709 | | | | 1,708,867 | | | | 0.22 | % |
| Cimpress Public Ltd. 1M USD LIBOR + 3.500% — 8.340% 5/17/2028 | | 03/08/2022, 05/16/2022,
06/16/2022, 09/15/2022,
10/21/2022 | | | 1,188,864 | | | | 1,137,784 | | | | 0.15 | % |
| Copper Earn Out Trust | | 12/07/2020 | | | — | | | | 33,163 | | | | 0.00 | % |
| Copper Property CTL Pass Through Trust | | 01/17/2019, 02/08/2019,
03/11/2019, 06/08/2020,
07/10/2020 | | | 939,850 | | | | 649,572 | | | | 0.08 | % |
| Emerald Topco, Inc. 1M SOFR + 3.500% — 8.468% 7/24/2026 | | 09/20/2021, 12/02/2021 | | | 2,056,131 | | | | 1,926,592 | | | | 0.25 | % |
| Farfetch U.S. Holdings, Inc. 3M SOFR + 6.250% — 10.889% 10/20/2027 | | 09/27/2022, 09/28/2022 | | | 3,753,672 | | | | 3,675,987 | | | | 0.47 | % |
| Frontier Communications Corp. 3M USD LIBOR + 3.750% — 8.625% 5/1/2028 | | 04/09/2021 | | | 1,096,320 | | | | 1,046,476 | | | | 0.13 | % |
| GHX Ultimate Parent Corp. 3M USD LIBOR + 3.250% — 8.090% 6/28/2024 | | 12/02/2021, 02/24/2022,
07/05/2022 | | | 3,970,511 | | | | 3,939,962 | | | | 0.50 | % |
| Heartland Dental LLC 1M USD LIBOR + 3.750% — 8.840% 4/30/2025 | | 02/23/2022, 06/23/2022 | | | 3,968,076 | | | | 3,753,605 | | | | 0.48 | % |
| Hlend Senior Notes — 8.170% 3/15/2028 | | 02/16/2023 | | | 5,000,000 | | | | 5,000,000 | | | | 0.64 | % |
| JC Penney Corp., Inc. 3M USD LIBOR + 4.250% — 5.250% 6/23/2023 | | 02/03/2021 | | | — | | | | 48 | | | | 0.00 | % |
| Lealand Finance Company B.V. Super Senior Exit LC — 5.250% 6/30/2024 | | 02/28/2020 | | | (1,884 | ) | | | (124,800 | ) | | | (0.02 | )% |
| PHI Group, Inc., Restricted | | 08/19/2019 | | | 615,785 | | | | 941,150 | | | | 0.12 | % |
| Packers Holdings LLC 1M USD LIBOR + 3.250% — 8.093% 3/9/2028 | | 02/23/2022, 06/13/2022 | | | 2,625,199 | | | | 2,390,058 | | | | 0.30 | % |
| PetVet Care Centers LLC 1M USD LIBOR + 3.500% — 8.340% 2/14/2025 | | 02/23/2022, 06/13/2022 | | | 2,618,008 | | | | 2,533,312 | | | | 0.32 | % |
| Polaris Newco, LLC Term Loan B 3M USD LIBOR + 4.000% — 9.159% 6/2/2028 | | 02/23/2022, 06/16/2022 | | | 2,645,481 | | | | 2,419,949 | | | | 0.31 | % |
| WH Borrower LLC, Term Loan B 3M USD LIBOR + 5.500% — 10.158% 2/15/2027 | | 02/09/2022 | | | 2,766,739 | | | | 2,727,400 | | | | 0.35 | % |
| Windstream Holdings, Inc. 9/21/2055 | | 11/16/2020 | | | 372,781 | | | | 56,290 | | | | 0.01 | % |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments – RESTRICTED SECURITIES (Continued)
March 31, 2023
(Unaudited)
| Issuer | | Acquisition Date (s) | | Cost | | | Fair Value | | | Fair Value as
a % of Net
Assets | |
| Windstream Services LLC 1M SOFR + 6.250% — 11.157% 9/21/2027 | | 08/11/2020 | | $ | 805,170 | | | $ | 730,642 | | | | 0.09 | % |
| TOTAL RESTRICTED SECURITIES | | | | $ | 49,429,799 | | | $ | 47,602,291 | | | | 6.05 | % |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments
March 31, 2023
(Unaudited)
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, 2023:
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
March 31, 2023
(Unaudited)
| Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | | | | | | | | | | | | | | | |
| Energy | | | — | | | | — | | | $ | 941,150 | | | $ | 941,150 | |
| Retailing | | | — | | | $ | 649,572 | | | | 33,163 | | | | 682,735 | |
| Warrants | | | | | | | | | | | | | | | | |
| Midstream - Oil & Gas | | | — | | | | — | | | | 56,290 | | | | 56,290 | |
| Commercial Mortgage-Backed Securities | | | | | | | | | | | | | | | | |
| Agency | | | — | | | | 5,787,346 | | | | — | | | | 5,787,346 | |
| Agency Stripped | | | — | | | | 999,809 | | | | — | | | | 999,809 | |
| Non-Agency | | | — | | | | 53,387,624 | | | | — | | | | 53,387,624 | |
| Residential Mortgage-Backed Securities | | | | | | | | | | | | | | | | |
| Agency Collateralized Mortgage Obligation | | | — | | | | 720,550 | | | | — | | | | 720,550 | |
| Agency Pool Fixed Rate | | | — | | | | 108,631 | | | | — | | | | 108,631 | |
| Agency Stripped | | | — | | | | 92,232 | | | | — | | | | 92,232 | |
| Non-Agency Collateralized Mortgage Obligation | | | — | | | | 48,898,593 | | | | — | | | | 48,898,593 | |
| Asset-Backed Securities | | | | | | | | | | | | | | | | |
| Auto | | | — | | | | 103,592,657 | | | | — | | | | 103,592,657 | |
| Collateralized Loan Obligation | | | — | | | | 128,007,076 | | | | 2,449,883 | | | | 130,456,959 | |
| Equipment | | | — | | | | 76,397,359 | | | | 3,523,777 | | | | 79,921,136 | |
| Other | | | — | | | | 143,255,738 | | | | 63,507 | | | | 143,319,245 | |
| Corporate Bonds & Notes | | | — | | | | 61,959,233 | | | | 5,000,000 | | | | 66,959,233 | |
| Corporate Bank Debt | | | — | | | | 38,472,233 | | | | — | | | | 38,472,233 | |
| Convertible Bonds | | | — | | | | 4,672,388 | | | | — | | | | 4,672,388 | |
| U.S. Treasuries | | | — | | | | 85,508,846 | | | | — | | | | 85,508,846 | |
| Short-Term Investments | | | — | | | | 23,445,000 | | | | — | | | | 23,445,000 | |
| | | | — | | | $ | 775,954,887 | | | $ | 12,067,770 | | | $ | 788,022,657 | |
The following table summarizes the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2023:
| Investments | | Beginning
Value at
December 31,
2022 | | | Net Realized
and
Unrealized
Gains
(Losses) | | | Purchases | | | (Sales) | | | Gross
Transfers
In/(Out) | | | Ending Value
at March 31,
2023 | | | Net Change in
Unrealized
Appreciation
(Depreciation)
related to
Investments
held at
March 31,
2023 | |
| Common Stocks | | $ | 1,743,850 | | | $ | (119,965 | ) | | | — | | | | — | | | $ | (649,572 | ) | | $ | 974,313 | | | $ | 5,852 | |
| Warrants Midstream – Oil & Gas | | | 112,580 | | | | (56,290 | ) | | | — | | | | — | | | | — | | | | 56,290 | | | | (56,290 | ) |
| Asset-Backed Securities Collateralized Loan Obligation | | | 2,542,479 | | | | — | | | | — | | | $ | (92,596 | ) | | | — | | | | 2,449,883 | | | | — | |
| Asset-Backed Securities Equipment | | | — | | | | (1,721 | ) | | $ | 3,525,498 | | | | — | | | | — | | | | 3,523,777 | | | | (1,721 | ) |
| Asset-Backed Securities Other | | | 104,836 | | | | — | | | | — | | | | (41,329 | ) | | | — | | | | 63,507 | | | | 195 | |
| Corporate Bonds & Notes | | | — | | | | — | | | | 5,000,000 | | | | — | | | | — | | | | 5,000,000 | | | | — | |
| | | $ | 4,503,745 | | | $ | (177,976 | ) | | $ | 8,525,498 | | | $ | (133,925 | ) | | $ | (649,572 | ) | | $ | 12,067,770 | | | $ | (51,964 | ) |
FPA FLEXIBLE FIXED INCOME FUND
Portfolio of investments (Continued)
March 31, 2023
(Unaudited)
Transfers of investments between different levels of the fair value hierarchy are recorded at fair value as of the end of the reporting period. There were transfers of $649,572 out of Level 3 into Level 2. 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 Level 3 of the fair value hierarchy as of March 31, 2023:
| Financial Assets | | Fair Value at
March 31, 2023 | | | Valuation Technique(s) | | Unobservable Inputs | | Price/Range | | | Weighted Average Price | |
| Common Stocks | | $ | 33,163 | | | Pricing Model (a) | | Quotes/Prices | | $ | 4.25 | | | $ | 4.25 | |
| | | | | | | | | | | | | | | | | |
| | | $ | 941,150 | | | Pricing Model (b) | | Last Reported Trade | | $ | 12.50 | | | $ | 12.50 | |
| | | | | | | | | | | | | | | | | |
| Warrants | | $ | 56,290 | | | Pricing Model (a) | | Quotes/Prices | | $ | 5.00 | | | $ | 5.00 | |
| | | | | | | | | | | | | | | | | |
| Asset-Backed Securities - Equipment | | $ | 3,523,777 | | | Third-Party Broker Quote (c) | | Quotes/Prices | | $ | 99.96 | | | $ | 99.96 | |
| | | | | | | | | | | | | | | | | |
| Asset-Backed Securities Collateralized Loan Obligation | | $ | 2,449,883 | | | Third-Party Broker Quote (c) | | Quotes/Prices | | $ | 100.00 | | | $ | 100.00 | |
| | | | | | | | | | | | | | | | | |
| Asset-Backed Securities - Other | | $ | 63,507 | | | Pricing Model (c) | | Quotes/Prices | | $ | 100.00 | | | $ | 100.00 | |
| | | | | | | | | | | | | | | | | |
| Corporate Bonds & Notes | | $ | 5,000,000 | | | Pricing Model (d) | | Cost | | $ | 100.00 | | | $ | 100.00 | |
(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 reported trade in the security.
(c) The Third Party Broker Quote technique involves obtaining an independent third-party broker quote for the security.
(d) The fair value of the investment is based on the initial purchase price or more recent capital activity. If the financial condition of the underlying assets were to deteriorate, or if the market comparables were to fall, the value of the investment could be lower.
The following represents the impact on fair value measurements to changes in unobservable inputs:
| | | Increase in Inputs Impact on | | Decrease in Inputs Impact on |
| Unobservable Inputs (a) | | Valuation | | Valuation |
| Discounted External Valuation | | Decrease | | Increase |
(a) Unobservable Inputs from Quotes/Prices and Last Executed Trade were not included because the Fund does not develop the quantitative inputs and they are not readily available.
