FPA FLEXIBLE FIXED INCOME FUND 

Portfolio of investments

September 30, 2020 

(Unaudited)

COMMON STOCKS	Shares or Principal Amount		Fair Value
ENERGY — 0.2%
PHI Group, Inc.(a)(b)(c)(d)		23,814	$	172,652
PHI Group, Inc., Restricted(a)(b)(c)(d)		51,478		373,215
			$	545,867
TOTAL COMMON STOCKS — 0.2% (Cost $615,785)			$	545,867
BONDS & DEBENTURES
COMMERCIAL MORTGAGE-BACKED SECURITIES — 12.6%
AGENCY — 1.2%
Federal Home Loan Mortgage Corp. K042 A1 — 2.267% 6/25/2024	$	210,217	$	217,303
Federal Home Loan Mortgage Corp. K024 A2 — 2.573% 9/25/2022		93,000		96,196
Government National Mortgage Association 2014-169 A — 2.600% 11/16/2042		630,939		638,570
Government National Mortgage Association 2015-21 A — 2.600% 11/16/2042		267,745		269,387
Government National Mortgage Association 2014-148 A — 2.650% 11/16/2043		879,346		891,766
Government National Mortgage Association 2014-138 A — 2.700% 1/16/2044		66,721		67,469
Government National Mortgage Association 2010-161 B — 3.000% 7/16/2040		17,190		17,245
Government National Mortgage Association 2019-39 A — 3.100% 5/16/2059		1,035,295		1,067,300
			$	3,265,236
AGENCY STRIPPED — 0.9%
Government National Mortgage Association 2015-19 IO — 0.718% 1/16/2057(e)	$	3,292,308	$	130,631
Government National Mortgage Association 2015-7 IO — 0.722% 1/16/2057(e)		3,576,113		146,488
Government National Mortgage Association 2020-42 IO — 1.056% 3/16/2062(e)		5,737,594		505,295
Government National Mortgage Association 2020-75, VRN — 1.165% 2/16/2062(e)		9,470,636		837,252
Government National Mortgage Association 2020-71, VRN — 1.206% 1/16/2062(e)		4,718,020		432,105
Government National Mortgage Association 2020-43, VRN — 1.357% 11/16/2061(e)		3,823,159		368,682
			$	2,420,453
NON-AGENCY — 10.5%
A10 Bridge Asset Financing LLC 2020-C A — 2.021% 8/15/2040(f)	$	909,000	$	909,025
Citigroup Commercial Mortgage Trust 2012-GC8 AAB — 2.608% 9/10/2045		471,253		477,417
Citigroup Commercial Mortgage Trust 2013-GC11 AAB — 2.690% 4/10/2046		56,522		57,538
Citigroup Commercial Mortgage Trust 2013-GC11 A3 — 2.815% 4/10/2046		744,604		769,598
Citigroup Commercial Mortgage Trust 2012-GC8 A4 — 3.024% 9/10/2045		301,190		309,383
Citigroup Commercial Mortgage Trust 2013-GC11 A4 — 3.093% 4/10/2046		90,000		94,499
Citigroup Commercial Mortgage Trust 2013-GC11 AS — 3.422% 4/10/2046		800,000		837,825
COMM 2013-CCRE7 Mortgage Trust 2013-CR7 A4 — 3.213% 3/10/2046		1,153,226		1,206,293
COMM Mortgage Trust 2012-CR5 A3 — 2.540% 12/10/2045		874,342		896,061
COMM Mortgage Trust 2013-LC6 A4 — 2.941% 1/10/2046		1,359,220		1,410,797
COMM Mortgage Trust 2012-CR2 A4 — 3.147% 8/15/2045		297,000		306,195
COMM Mortgage Trust 2015-CR22 A3 — 3.207% 3/10/2048		179,000		183,316
CoreVest American Finance Trust 2018-1 A — 3.804% 6/15/2051(f)		596,847		625,197
DBUBS Mortgage Trust 2011-LC3A AM, VRN — 5.513% 8/10/2044(e)(f)		500,000		508,237
GS Mortgage Securities Corp. II 2015-GC30 AAB — 3.120% 5/10/2050		465,394		482,554
GS Mortgage Securities Corp. Trust 2012-ALOH A — 3.551% 4/10/2034(f)		988,000		991,478
Hawaii Hotel Trust I 2019-MAUI C, 1M USD LIBOR + 1.650%, FRN — 1.802% 5/15/2038(e)(f)		1,384,000		1,259,491

FPA FLEXIBLE FIXED INCOME FUND 

Portfolio of investments (Continued) 

September 30, 2020 

(Unaudited)

BONDS & DEBENTURES - Continued	Principal Amount		Fair Value
JP Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI A — 2.798% 10/5/2031(f)	$	602,000	$	598,358
JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8 A3 — 2.829% 10/15/2045		468,258		482,313
JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8 AS — 3.424% 10/15/2045(f)		687,000		706,633
JP Morgan Chase Commercial Mortgage Securities Trust C 2012-HSBC A — 3.093% 7/5/2032(f)		923,772		942,350
JPMBB Commercial Mortgage Securities Trust 2015-C30 ASB — 3.559% 7/15/2048		907,835		961,505
Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 A4 — 2.858% 11/15/2045		226,723		232,528
RETL P 2019-RVP B, 1M USD LIBOR + 1.55%, FRN — 1.702% 3/15/2036(e)(f)		735,000		678,090
UBS Commercial Mortgage Trust 2012-C1 AAB — 3.002% 5/10/2045		59,706		60,228
UBS Commercial Mortgage Trust 2012-C1 A3 — 3.400% 5/10/2045		2,093,948		2,146,482
UBS-Barclays Commercial Mortgage Trust 2012-C4 A5 — 2.850% 12/10/2045		1,697,000		1,759,194
VCC Trust 2020-MC1 A, VRN — 4.500% 6/25/2045(e)(f)		845,354		833,216
VNDO E Mortgage Trust 2012-6AVE A — 2.996% 11/15/2030(f)		109,000		111,804
VNDO E Mortgage Trust 2012-6AVE B — 3.298% 11/15/2030(f)		1,250,000		1,286,961
Wells Fargo Commercial Mortgage Trust 2012-LC5 A3 — 2.918% 10/15/2045		1,179,532		1,217,544
Wells Fargo Commercial Mortgage Trust 2014-LC18 ASB — 3.244% 12/15/2047		852,032		894,991
WFRBS Commercial Mortgage Trust 2012-C8 AFL, 1M USD LIBOR + 1.000%, FRN — 1.151% 8/15/2045(e)(f)		824,426		825,528
WFRBS Commercial Mortgage Trust 2013-C11 A3 — 2.695% 3/15/2045		163,402		167,823
WFRBS Commercial Mortgage Trust 2012-C9 A3 — 2.870% 11/15/2045		1,345,775		1,388,822
WFRBS Commercial Mortgage Trust 2012-C8 A3 — 3.001% 8/15/2045		1,254,000		1,283,849
WFRBS Commercial Mortgage Trust 2013-C11 A4 — 3.037% 3/15/2045		300,000		310,241
WFRBS Commercial Mortgage Trust 2013-C11 A5 — 3.071% 3/15/2045		246,000		255,504
			$	28,468,868
TOTAL COMMERICAL MORTGAGE-BACKED SECURITIES (Cost $33,882,000)			$	34,154,557
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 7.4%
AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 1.5%
Federal Home Loan Mortgage Corp. 4336 WV — 3.000% 10/15/2025	$	596,132	$	612,658
Federal Home Loan Mortgage Corp. 4235 QE — 3.000% 8/15/2031		170,043		176,379
Federal Home Loan Mortgage Corp. 4162 P — 3.000% 2/15/2033		607,086		636,321
Federal National Mortgage Association 2012-47 HA — 1.500% 5/25/2027		233,084		235,336
Federal National Mortgage Association 2013-35 QB — 1.750% 2/25/2043		1,048,918		1,067,875
Federal National Mortgage Association 4220 EH — 2.500% 6/15/2028		191,938		197,154
Federal National Mortgage Association 4387 VA — 3.000% 2/15/2026		786,689		812,963
Federal National Mortgage Association 2012-144 PD — 3.500% 4/25/2042		154,333		164,025
			$	3,902,711
AGENCY POOL FIXED RATE — 0.1%
Federal National Mortgage Association AL1576 — 4.000% 3/1/2027	$	244,634	$	261,601
Federal National Mortgage Association FM1102 — 4.000% 3/1/2031		101,766		107,997
			$	369,598

FPA FLEXIBLE FIXED INCOME FUND 

Portfolio of investments (Continued) 

September 30, 2020 

(Unaudited)

BONDS & DEBENTURES - Continued	Principal Amount		Fair Value
AGENCY STRIPPED — 0.1%
Federal National Mortgage Association 284 1 — 0.000% 7/25/2027(g)	$	259,608	$	248,197
NON-AGENCY — 0.6%
PRPM 2020 -3 LLC — 2.857% 9/25/2025(b)(f)	$	1,705,000	$	1,704,971
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 5.1%
Bravo Residential Funding Trust 2019-1 A1C — 3.500% 3/25/2058(f)	$	761,802	$	782,838
CIM Trust 2017-7 A, VRN — 3.000% 4/25/2057(e)(f)		110,707		113,851
CIM Trust 2018-R3 A1, VRN — 5.000% 12/25/2057(e)(f)		666,660		704,546
Finance of America HECM Buyout 2020-HB2 A, VRN — 1.710% 7/25/2030(e)(f)		1,560,909		1,563,787
Finance of America HECM Buyout 2020-HB1 M1, VRN — 2.105% 2/25/2030(e)(f)		198,000		199,261
Finance of America HECM Buyout 2019-AB1 A — 2.656% 12/27/2049(f)		423,722		423,557
Nationstar HECM Loan Trust 2020-1A A1, VRN — 1.269% 9/25/2030(b)(e)(f)		2,416,000		2,416,000
Nationstar HECM Loan Trust 2020-1A M1, VRN — 1.472% 9/25/2030(b)(e)(f)		673,000		673,000
Nationstar HECM Loan Trust 2020-1A M2, VRN — 1.972% 9/25/2030(b)(e)(f)		602,000		602,000
Nationstar HECM Loan Trust 2019-2A M1, VRN — 2.359% 11/26/2029(b)(e)(f)		130,000		129,711
Nationstar HECM Loan Trust 2019-1A M1, VRN — 2.664% 6/25/2029(e)(f)		1,008,000		1,013,727
RCO V Mortgage LLC 2020-1 A1 — 3.105% 9/25/2025(f)(h)		1,542,000		1,537,825
Towd Point Mortgage Trust 2017-2 A1, VRN — 2.750% 4/25/2057(e)(f)		1,197,877		1,227,148
Towd Point Mortgage Trust 2018-1 A1, VRN — 3.000% 1/25/2058(e)(f)		59,634		61,884
Towd Point Mortgage Trust 2018-2 A1, VRN — 3.250% 3/25/2058(e)(f)		1,082,276		1,150,389
Towd Point Mortgage Trust 2018-5 A1A, VRN — 3.250% 7/25/2058(e)(f)		134,770		140,880
VCAT LLC 2020-NPL1 A1 — 3.671% 8/25/2050(f)(h)		1,088,283		1,088,173
			$	13,828,577
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $19,804,429)			$	20,054,054
ASSET-BACKED SECURITIES — 69.3%
AUTO — 16.3%
Ally Auto Receivables Trust 2019-1 A4 — 3.020% 4/15/2024	$	252,000	$	264,353
American Credit Acceptance Receivables Trust 2020-3 C — 1.850% 6/15/2026(f)		1,033,000		1,038,363
American Credit Acceptance Receivables Trust 2020-2 B — 2.480% 9/13/2024(f)		340,000		351,978
CarMax Auto Owner Trust 2019-3 A3 — 2.180% 8/15/2024		919,000		944,086
CarMax Auto Owner Trust 2017-3 C — 2.720% 5/15/2023		240,000		244,705
CarMax Auto Owner Trust 2019-1 A4 — 3.260% 8/15/2024		200,000		211,917
CarMax Auto Owner Trust 2018-3 A4 — 3.270% 3/15/2024		600,000		628,972
CarMax Auto Owner Trust 2019-1 B — 3.450% 11/15/2024		107,000		112,690
CarMax Auto Owner Trust 2018-4 B — 3.670% 5/15/2024		95,000		97,749
DT Auto Owner Trust 2020-3A B — 0.910% 12/16/2024(f)		395,000		394,753
DT Auto Owner Trust 2020-3A C — 1.470% 6/15/2026(f)		2,884,000		2,892,107
DT Auto Owner Trust 2020-2A B — 2.080% 3/16/2026(f)		361,000		368,741
Exeter Automobile Receivables Trust 2020-3A B — 0.790% 9/16/2024		565,000		564,430
Exeter Automobile Receivables Trust 2020-3A C — 1.320% 7/15/2025		2,884,000		2,889,912
Exeter Automobile Receivables Trust 2020-2A B — 2.080% 7/15/2024(f)		590,000		598,323
Ford Credit Auto Lease Trust 2020-B C — 1.700% 2/15/2025		348,000		347,816
Ford Credit Auto Lease Trust 2020-A A4 — 1.880% 5/15/2023		320,000		327,401
Ford Credit Auto Lease Trust 2020-A B — 2.050% 6/15/2023		1,500,000		1,530,284
Ford Credit Auto Lease Trust 2019-B B — 2.360% 1/15/2023		494,000		494,295
Ford Credit Auto Owner Trust 2020-A A2 — 1.030% 10/15/2022		1,652,271		1,657,775

FPA FLEXIBLE FIXED INCOME FUND 

Portfolio of investments (Continued) 

September 30, 2020 

(Unaudited)

BONDS & DEBENTURES - Continued	Principal Amount		Fair Value
Ford Credit Auto Owner Trust 2019-A A4 — 2.850% 8/15/2024	$	676,000	$	710,989
GM Financial Automobile Leasing Trust 2020-3 C — 1.110% 10/21/2024		1,000,000		999,963
GM Financial Automobile Leasing Trust 2020-1 B — 1.840% 12/20/2023		255,000		257,504
GM Financial Automobile Leasing Trust 2019-2 B — 2.890% 3/20/2023		1,000,000		1,018,924
Honda Auto Receivables Owner Trust 2020-2 A2 — 0.740% 11/15/2022		247,000		247,664
Honda Auto Receivables Owner Trust 2020-1 A3 — 1.610% 4/22/2024		1,007,000		1,030,679
Honda Auto Receivables Owner Trust 2019-3 A3 — 1.780% 8/15/2023		523,000		532,375
Honda Auto Receivables Owner Trust 2019-2 A4 — 2.540% 3/21/2025		1,000,000		1,043,760
Honda Auto Receivables Owner Trust 2019-1 A4 — 2.900% 6/18/2024		355,000		369,785
Honda Auto Receivables Owner Trust 2018-4 A4 — 3.300% 7/15/2025		155,000		161,993
Hyundai Auto Lease Securitization Trust 2020-A A4 — 2.000% 12/15/2023(f)		778,000		797,898
Hyundai Auto Lease Securitization Trust 2020-A B — 2.120% 5/15/2024(f)		656,000		673,851
Hyundai Auto Lease Securitization Trust 2019-A A2 — 2.920% 7/15/2021(f)		22,170		22,190
Hyundai Auto Lease Securitization Trust 2019-A B — 3.250% 10/16/2023(f)		334,000		337,160
Hyundai Auto Receivables Trust 2019-A A4 — 2.710% 5/15/2025		1,000,000		1,043,390
Legal Fee Funding — 8.000% 7/20/2036(f)		267,664		276,885
Mercedes-Benz Auto Lease Trust 2020-A A4 — 1.880% 9/15/2025		1,438,000		1,468,459
Nissan Auto Lease Trust 2020-A A4 — 1.880% 4/15/2025		1,442,000		1,470,060
Nissan Auto Receivables Owner Trust 2019-C A3 — 1.930% 7/15/2024		575,000		589,046
Nissan Auto Receivables Owner Trust 2019-A A4 — 3.000% 9/15/2025		252,000		265,663
Nissan Auto Receivables Owner Trust 2018-B A4 — 3.160% 12/16/2024		435,000		444,869
Prestige Auto Receivables Trust 2019-1A B — 2.530% 1/16/2024(f)		263,000		266,878
Santander Consumer Auto Receivables Trust 2020-AA B — 2.260% 12/15/2025(f)		688,000		713,224
Santander Drive Auto Receivables Trust 2020-2 B — 0.960% 11/15/2024		450,000		450,780
Santander Drive Auto Receivables Trust 2020-3 C — 1.120% 1/15/2026		1,240,000		1,239,284
Toyota Auto Receivables Owner Trust 2020-A A3 — 1.660% 5/15/2024		1,063,000		1,086,064
Toyota Auto Receivables Owner Trust 2019-C A3 — 1.910% 9/15/2023		238,000		242,487
Toyota Auto Receivables Owner Trust 2019-A A4 — 3.000% 5/15/2024		252,000		265,101
Volkswagen Auto Lease Trust 2019-A A4 — 2.020% 8/20/2024		259,000		264,206
Volkswagen Auto Loan Enhanced Trust 2020-1 A2A — 0.930% 12/20/2022		1,746,000		1,752,392
Westlake Automobile Receivables Trust 2020-2A C — 2.010% 7/15/2025(f)		530,000		537,493
Westlake Automobile Receivables Trust 2020-1A C — 2.520% 4/15/2025(f)		1,543,000		1,580,247
World Omni Auto Receivables Trust 2019-C A3 — 1.960% 12/16/2024		650,000		664,401
World Omni Auto Receivables Trust 2017-B B — 2.370% 5/15/2024		350,000		351,144
World Omni Auto Receivables Trust 2018-A B — 2.890% 4/15/2025		1,022,000		1,032,054
World Omni Auto Receivables Trust 2018-B A4 — 3.030% 6/17/2024		1,013,000		1,053,737
World Omni Auto Receivables Trust 2019-A A3 — 3.040% 5/15/2024		859,000		879,523
World Omni Auto Receivables Trust 2019-A B — 3.340% 6/16/2025		252,000		266,611
World Omni Automobile Lease Securitization Trust 2020-A A3 — 1.700% 1/17/2023		792,000		808,255
World Omni Automobile Lease Securitization Trust 2019-B A4 — 2.070% 2/18/2025		338,000		338,985
World Omni Automobile Lease Securitization Trust 2019-B B — 2.130% 2/18/2025		190,000		187,360
World Omni Automobile Lease Securitization Trust 2019-A B — 3.240% 7/15/2024		529,000		544,049
			$	44,248,032
COLLATERALIZED LOAN OBLIGATION — 25.0%
AGL CLO 6 Ltd. 2020-6A E, 3M USD LIBOR + 7.480%, FRN — 7.731% 7/20/2031(e)(f)	$	500,000	$	493,718
AGL CLO 7 Ltd. 2020-7A A1, 3M USD LIBOR + 1.800%, FRN — 2.050% 7/15/2031(e)(f)		2,030,000		2,034,653

FPA FLEXIBLE FIXED INCOME FUND 

Portfolio of investments (Continued) 

September 30, 2020 

(Unaudited)

BONDS & DEBENTURES - Continued	Principal Amount		Fair Value
AGL CLO 7 Ltd. 2020-7A E, 3M USD LIBOR + 7.480%, FRN — 7.730% 7/15/2031(e)(f)	$	1,715,000	$	1,663,042
AGL Core CLO 8 Ltd. 2020-8A A1, 3M USD LIBOR + 1.500%, FRN — 1.000% 10/20/2031(e)(f)		2,502,000		2,502,000
Anchorage Capital CLO 16 Ltd. 2020-16A A, 3M USD LIBOR + 1.400%, FRN — 1.000% 10/20/2031(e)(f)		1,827,000		1,827,000
Battalion CLO 18 Ltd. 2020-18A A1, 3M USD LIBOR + 1.800%, FRN — 1.000% 10/15/2032(e)(f)		1,052,000		1,054,739
Canyon Capital CLO Ltd. 2014-2A AS, 3M USD LIBOR + 1.250%, FRN — 1.525% 4/15/2029(e)(f)		627,000		623,027
Carlyle Global Market Strategies CLO Ltd. 2015-2A A1R, 3M USD LIBOR + 0.780%, FRN — 1.025% 4/27/2027(e)(f)		456,223		452,455
Cayuga Park CLO Ltd. 2020 1A E — 7.562% 7/17/2031(e)(f)		1,066,000		1,058,173
Cerberus Corporate Credit Solutions Fund — 1.805% 10/15/2030(e)(f)		1,247,000		1,201,639
Cerberus Loan Funding XXI LP 2017-4A A, 3M USD LIBOR + 1.45%, FRN — 1.725% 10/15/2027(e)(f)		791,244		786,470
Cerberus Loan Funding XXIII LP 2018-2A A, 3M USD LIBOR + 1.00%, FRN — 1.275% 4/15/2028(e)(f)		566,358		561,587
Cerberus Loan Funding XXVIII LP 2020-1A A, 3M USD LIBOR + 1.850%, FRN — 1.000% 10/15/2031(e)(f)		2,412,000		2,412,000
Cerberus Loan Funding XXVIII LP 2020-1A D, 3M USD LIBOR + 5.300%, FRN — 1.000% 10/15/2031(e)(f)		2,236,000		2,235,998
CIFC Funding Ltd. 2020-2A E, 3M USD LIBOR + 7.635%, FRN — 7.918% 8/24/2032(e)(f)		1,595,000		1,598,917
Elm Trust 2020-3A A2 — 2.954% 8/20/2029(f)		362,000		363,942
Elm Trust 2020-3A B — 4.481% 8/20/2029(f)		897,000		901,587
Fortress Credit Opportunities — 2.518% 7/15/2028(e)(f)		1,698,000		1,698,504
Fortress Credit Opportunities FCO 2020 13A C 144A — 4.268% 7/15/2028(e)(f)		711,000		710,987
Fortress Credit Opportunities FCO 2020 13A D 144A — 4.318% 7/15/2028(e)(f)		1,422,000		1,311,017
Fortress Credit Opportunities IX CLO Ltd. 2017-9A A1T, 3M USD LIBOR + 1.55%, FRN — 1.830% 11/15/2029(e)(f)		2,193,000		2,178,759
Fortress Credit Opportunities IX CLO Ltd. 2017-9A AFR2 — 2.530% 11/15/2029(b)(f)		1,069,000		1,070,604
Fortress Credit Opportunities VII CLO Ltd. 2016-7A BR, 3M USD LIBOR + 2.45%, FRN — 2.700% 12/15/2028(e)(f)		329,000		322,770
Fortress Credit Opportunities VII CLO Ltd. 2016-7I E, 3M USD LIBOR + 7.49%, FRN — 7.740% 12/15/2028(e)		246,000		215,280
Golub Capital BDC CLO 4 LLC 2020-1A A1, 3M USD LIBOR + 2.350%, FRN — 2.554% 11/5/2032(e)(f)		2,002,000		2,001,952
Golub Capital Partners CLO Ltd. 2020-49A A1 — 2.779% 7/20/2032(e)(f)		777,000		776,960
Hercules Capital Funding Trust 2018-1A A — 4.605% 11/22/2027(f)		1,188,000		1,198,480
Hercules Capital Funding Trust 2019-1A A — 4.703% 2/20/2028(f)		666,000		671,951
Ivy Hill Middle Market Credit Fund IX Ltd. 9A CR, FRN — 2.622% 1/18/2030(e)(f)		2,092,000		1,974,239
Ivy Hill Middle Market Credit Fund X Ltd. 10A A1AR, 3M USD LIBOR + 1.25%, FRN — 1.522% 7/18/2030(e)(f)		227,000		218,961
Jamestown CLO VII Ltd. 2015-7A A1R, 3M USD LIBOR + 0.83%, FRN — 1.075% 7/25/2027(e)(f)		338,849		336,594
Kayne CLO 8 Ltd. 2020-8A E, 3M USD LIBOR + 7.150%, FRN — 7.395% 7/15/2031(e)(f)		2,091,000		2,052,204
KKR CLO 17 Ltd. 17 A, 3M USD LIBOR + 1.340%, FRN — 1.615% 4/15/2029(e)(f)		750,000		746,646

FPA FLEXIBLE FIXED INCOME FUND 

Portfolio of investments (Continued) 

September 30, 2020 

(Unaudited)

BONDS & DEBENTURES - Continued	Principal Amount		Fair Value
KKR CLO 18 Ltd. 18 A, 3M USD LIBOR + 1.270%, FRN — 1.542% 7/18/2030(e)(f)	$	800,000	$	794,315
Madison Park Funding XIII Ltd. 2014-13A AR2, 3M USD LIBOR + 0.950%, FRN — 1.222% 4/19/2030(e)(f)		550,000		545,405
Nassau Ltd. 2017-IA A1AS, 3M USD LIBOR + 1.150%, FRN — 1.425% 10/15/2029(e)(f)		944,000		931,875
Ocean Trails CLO IX 2020-9A A1, 3M USD LIBOR + 1.870%, FRN — 2.153% 10/15/2029(e)(f)		250,000		249,411
Ocean Trails CLO X 2020-10A A1, 3M USD LIBOR + 1.550%, FRN — 1.000% 10/15/2031(e)(f)		1,857,000		1,856,998
Octagon Investment Partners 35 Ltd. 2018-1A A1A, FRN — 1.332% 1/20/2031(e)(f)		1,249,000		1,231,838
Octagon Investment Partners 46 Ltd. 2020-2A E, 3M USD LIBOR + 7.860%, FRN — 8.109% 7/15/2033(e)(f)		2,097,000		2,102,494
Octagon Investment Partners 48 Ltd. 2020-3A E, 3M USD LIBOR + 7.660%, FRN — 1.000% 10/20/2031(e)(f)		300,000		295,737
Owl Rock CLO III Ltd. 2020-3A A1L, 3M USD LIBOR + 1.800%, FRN — 2.072% 4/20/2032(e)(f)		800,000		781,857
Palmer Square CLO Ltd. 2019-1A A1, 3M USD LIBOR + 1.05%, FRN — 1.322% 4/20/2027(e)(f)		365,440		363,987
Silvermore CLO Ltd. 2014-1A A1R, 3M USD LIBOR + 1.170% — 1.450% 5/15/2026(e)(f)		161,429		160,836
Sound Point CLO XII Ltd. 2016-2A AR, 3M USD LIBOR + 1.29%, FRN — 1.562% 10/20/2028(e)(f)		514,000		510,661
Sound Point CLO XVII Ltd. 2017-3A A1A, 3M USD LIBOR + 1.220%, FRN — 1.492% 10/20/2030(e)(f)		533,000		524,578
Sound Point CLO XVII Ltd. 2017-3A A1B, 3M USD LIBOR + 1.220%, FRN — 1.492% 10/20/2030(e)(f)		533,000		524,578
Stratus CLO Ltd. 2020-2A D, 3M USD LIBOR + 3.650%, FRN — 3.918% 10/15/2028(e)(f)		1,182,000		1,182,670
Symphony CLO XII Ltd. 2013-12A AR, 3M USD LIBOR + 1.030%, FRN — 1.305% 10/15/2025(e)(f)		611,500		609,665
Symphony CLO XIX Ltd. 2018-19A A, 3M USD LIBOR + 0.960%, FRN — 1.231% 4/16/2031(e)(f)		800,000		788,490
Telos CLO Ltd. 2014-5A A1R, 3M USD LIBOR +  0.95%, FRN — 1.223% 4/17/2028(e)(f)		244,111		241,885
Telos CLO Ltd. 2013-3A AR, 3M USD LIBOR + 1.300% — 1.573% 7/17/2026(e)(f)		425,072		423,923
Trinitas CLO V Ltd. 2016-5A AR, 3M USD LIBOR + 1.39%, FRN — 1.635% 10/25/2028(e)(f)		628,000		623,776
VCO CLO LLC 2018-1A A, 3M USD LIBOR + 1.50%, FRN — 1.772% 7/20/2030(e)(f)		249,682		245,898
Venture 35 CLO Ltd. 2018-35A AS, 3M USD LIBOR + 1.150%, FRN — 1.408% 10/22/2031(e)(f)		155,000		154,148
Venture CDO Ltd., 3M USD LIBOR + 0.88%, FRN — 1.155% 4/15/2027(e)(f)		1,097,829		1,082,247
Venture XXIX CLO Ltd. 2017-29A A, 3M USD LIBOR + 1.280%, FRN — 1.560% 9/7/2030(e)(f)		676,000		665,116
Venture XXV CLO Ltd. 2016-25A AR, 3M USD LIBOR + 1.230%, FRN — 1.502% 4/20/2029(e)(f)		577,000		573,824
Vericrest Opportunity Loan Transferee LLC 2014-NPL4 A1 — 3.967% 4/25/2050(f)(h)		527,309		531,260
Voya CLO Ltd. 2020-2A E, 3M USD LIBOR + 7.850%, FRN — 8.035% 7/19/2031(e)(f)		2,304,000		2,283,458
Wellfleet CLO Ltd. 2016-1A AR, 3M USD LIBOR + 0.910% — 1.182% 4/20/2028(e)(f)		337,889		334,539

FPA FLEXIBLE FIXED INCOME FUND 

Portfolio of investments (Continued) 

September 30, 2020 

(Unaudited)

BONDS & DEBENTURES - Continued	Principal Amount		Fair Value
Whitebox CLO II Ltd. 2020-2A A1, 3M USD LIBOR + 1.750%, FRN — 1.992% 10/24/2031(e)(f)	$	2,586,000	$	2,587,397
Woodmont Trust — 1.000% 10/18/2032(b)(e)		2,799,000		2,799,000
Zais CLO 14 Ltd. 2020-14A A1A, 3M USD LIBOR + 1.400%, FRN — 2.380% 4/15/2032(e)(f)		1,394,000		1,385,913
Zais CLO 5 Ltd. 2016-2A A1, 3M USD LIBOR + 1.530%, FRN — 1.805% 10/15/2028(e)(f)		492,267		488,555
Zais CLO 7 LLC 2017-2A A, 3M USD LIBOR + 1.290%, FRN — 1.565% 4/15/2030(e)(f)		625,125		615,133
			$	67,748,322
CREDIT CARD — 2.4%
American Express Credit Account Master Trust 2019-2 A — 2.670% 11/15/2024	$	268,000	$	278,112
American Express Credit Account Master Trust 2019-2 B — 2.860% 11/15/2024		1,160,000		1,192,694
American Express Credit Account Master Trust 2019-1 A — 2.870% 10/15/2024		1,545,000		1,604,789
Barclays Dryrock Issuance Trust 2019-1 A — 1.960% 5/15/2025		869,000		893,119
Capital One Multi-Asset Execution Trust 2019-A2 A2 — 1.720% 8/15/2024		49,000		50,338
Discover Card Execution Note Trust 2019-A1 A1 — 3.040% 7/15/2024		174,000		180,273
Synchrony Card Funding LLC 2019-A2 A — 2.340% 6/15/2025		1,144,000		1,180,307
Synchrony Card Funding LLC 2019-A1 A — 2.950% 3/15/2025		989,000		1,022,706
			$	6,402,338
EQUIPMENT — 17.6%
ARI Fleet Lease Trust 2018-B A3 — 3.430% 8/16/2027(f)	$	380,000	$	393,223
Ascentium Equipment Receivables 2019-2A A3 — 2.190% 11/10/2026(f)		718,000		730,444
Avis Budget Rental Car Funding AESOP LLC 2017-2A A — 2.970% 3/20/2024(f)		268,000		276,529
Avis Budget Rental Car Funding AESOP LLC 2017-1A A — 3.070% 9/20/2023(f)		2,192,000		2,255,358
Avis Budget Rental Car Funding AESOP LLC 2019-1A A — 3.450% 3/20/2023(f)		254,000		259,916
Chesapeake Funding II LLC 2017-3A A1 — 1.910% 8/15/2029(f)		552,596		553,593
Chesapeake Funding II LLC 2017-2A A1 — 1.990% 5/15/2029(f)		114,831		114,541
Chesapeake Funding II LLC 2020-1A C — 2.140% 8/16/2032(f)		368,000		367,784
Chesapeake Funding II LLC 2017-4A C — 2.760% 11/15/2029(f)		286,000		285,821
Chesapeake Funding II LLC 2018-1A A1 — 3.040% 4/15/2030(f)		1,216,512		1,243,116
Chesapeake Funding II LLC — 3.110% 4/15/2031(f)		676,000		682,261
Chesapeake Funding II LLC 2018-2A A1 — 3.230% 8/15/2030(f)		1,347,160		1,366,686
CNH Equipment Trust 2020-A A2 — 1.080% 7/17/2023		683,000		686,591
Coinstar Funding LLC Series 2017-1A A2 — 5.216% 4/25/2047(f)		2,204,933		2,065,322
Daimler Trucks Retail Trust 2020-1 A2 — 1.140% 4/15/2022		185,315		185,760
Daimler Trucks Retail Trust 2019-1 A4 — 2.790% 5/15/2025(f)		1,000,000		1,005,630
Dell Equipment Finance Trust 2019-2 A3 — 1.910% 10/22/2024(f)		1,470,000		1,487,266
Dell Equipment Finance Trust 2020-2 D — 1.920% 3/23/2026(f)		745,000		744,771
Dell Equipment Finance Trust 2019-2 B — 2.060% 10/22/2024(f)		1,073,000		1,075,054
Dell Equipment Finance Trust 2019-1 A2 — 2.780% 8/23/2021(f)		154,792		155,340
Dell Equipment Finance Trust 2019-1 B — 2.940% 3/22/2024(f)		1,294,000		1,321,778
Dell Equipment Finance Trust 2018-2 A3 — 3.370% 10/22/2023(f)		552,938		558,188
Dell Equipment Finance Trust 2018-2 C — 3.720% 10/22/2023(f)		1,777,000		1,786,948
Dell Equipment Finance Trust 2020-1 C — 4.260% 6/22/2023(f)		664,000		674,765
Enterprise Fleet Financing LLC 2020-1 A2 — 1.780% 12/22/2025(f)		549,000		557,344
Enterprise Fleet Financing LLC 2019-1 A2 — 2.980% 10/20/2024(f)		989,734		1,005,927
Enterprise Fleet Financing LLC 2018-1 A3 — 3.100% 10/20/2023(f)		2,195,000		2,233,568

FPA FLEXIBLE FIXED INCOME FUND 

Portfolio of investments (Continued) 

September 30, 2020 

(Unaudited)

BONDS & DEBENTURES - Continued	Principal Amount		Fair Value
Enterprise Fleet Financing LLC 2018-2 A2 — 3.140% 2/20/2024(f)	$	736,828	$	744,155
Enterprise Fleet Financing LLC 2018-3 A2 — 3.380% 5/20/2024(f)		273,624		277,862
Great American Auto Leasing, Inc. 2019-1 B — 3.370% 2/18/2025(f)		252,000		258,738
GreatAmerica Leasing Receivables Funding LLC 2019-1 A4 — 3.210% 2/18/2025(f)		250,000		257,842
GreatAmerica Leasing Receivables Funding LLC Series 2020-1 A3 — 1.760% 8/15/2023(f)		369,000		372,276
GreatAmerica Leasing Receivables Funding LLC Series 2018-1 B — 2.990% 6/17/2024(f)		255,000		254,945
HPEFS Equipment Trust 2020-1A A2 — 1.730% 2/20/2030(f)		125,000		125,940
HPEFS Equipment Trust 2020-1A B — 1.890% 2/20/2030(f)		175,000		177,571
HPEFS Equipment Trust 2020-2A C — 2.000% 7/22/2030(f)		711,000		711,577
HPEFS Equipment Trust 2020-1A C — 2.030% 2/20/2030(f)		815,000		822,903
HPEFS Equipment Trust 2019-1A B — 2.320% 9/20/2029(f)		100,000		99,386
John Deere Owner Trust 2019 A A4 — 3.000% 1/15/2026		532,000		556,749
Kubota Credit Owner Trust 2020-1A A1 — 1.500% 5/17/2021(f)		57,781		57,791
Kubota Credit Owner Trust 2020-1A A2 — 1.920% 12/15/2022(f)		611,000		618,193
Kubota Credit Owner Trust 2018-1A A4 — 3.210% 1/15/2025(f)		730,000		754,748
Navistar Financial Dealer Note Master Trust 2020-1 A, 1M USD LIBOR + 0.950%, FRN — 1.098% 7/25/2025(e)(f)		1,572,000		1,577,388
Navistar Financial Dealer Note Master Trust 2020-1 C, 1M USD LIBOR + 2.150%, FRN — 2.298% 7/25/2025(e)(f)		1,063,000		1,063,013
NextGear Floorplan Master Owner Trust 2019-2A A2 — 2.070% 10/15/2024(f)		760,000		752,082
NextGear Floorplan Master Owner Trust 2019-1A A2 — 3.210% 2/15/2024(f)		934,000		967,720
NextGear Floorplan Master Owner Trust 2018-2A A2 — 3.690% 10/15/2023(f)		412,000		422,559
Verizon Owner Trust 2019 A A1A — 2.930% 9/20/2023		847,000		867,884
Verizon Owner Trust 2019 A B — 3.020% 9/20/2023		532,000		548,113
Verizon Owner Trust 2019-C A1A — 1.940% 4/22/2024		1,532,000		1,567,876
Verizon Owner Trust 2019-C B — 2.060% 4/22/2024		925,000		941,221
Verizon Owner Trust 2019-B A1A — 2.330% 12/20/2023		141,000		144,383
Verizon Owner Trust 2019-B B — 2.400% 12/20/2023		1,006,000		1,034,161
Verizon Owner Trust 2018-1A C — 3.200% 9/20/2022(f)		1,400,000		1,427,318
Verizon Owner Trust 2018-A A1A — 3.230% 4/20/2023		1,656,000		1,682,101
Verizon Owner Trust 2018-A B — 3.380% 4/20/2023		556,000		574,917
Volvo Financial Equipment LLC Series 2019-2A A2 — 2.020% 8/15/2022(f)		1,440,046		1,449,663
Volvo Financial Equipment LLC Series 2019-1A A3 — 3.000% 3/15/2023(f)		1,206,000		1,230,476
Volvo Financial Equipment LLC Series 2019-1A A4 — 3.130% 11/15/2023(f)		250,000		259,703
Wheels SPV 2 LLC 2019-1A A3 — 2.350% 5/22/2028(f)		1,033,000		1,062,944
			$	47,737,722
OTHER — 8.0%
CARS-DB4 LP 2020-1A A1 — 2.690% 2/15/2050(f)	$	318,803	$	322,793
InSite Issuer LLC 2020-1A C — 4.213% 9/15/2050(f)		298,000		298,186
InSite Issuer LLC 2016-1A C — 6.414% 11/15/2046(f)		1,000,000		1,020,813
LCM XIII LP 13A ARR, 3M USD LIBOR + 1.140%, FRN — 1.412% 7/19/2027(e)(f)		800,000		791,936
Magnetite XVI Ltd. 2015-16A AR, 3M USD LIBOR + 0.800%, FRN — 1.072% 1/18/2028(e)(f)		302,953		300,584
MelTel Land Funding LLC 2019-1A C — 6.070% 4/15/2049(f)		312,000		315,283
New Residential Mortgage LLC 2018-FNT1 A — 3.610% 5/25/2023(f)		649,113		649,280
NRZ Advance Receivables Trust 2015-ON1 2020-T2 AT2 — 1.475% 9/15/2053(f)		2,720,000		2,719,526

FPA FLEXIBLE FIXED INCOME FUND 

Portfolio of investments (Continued) 

September 30, 2020 

(Unaudited)

BONDS & DEBENTURES - Continued	Principal Amount		Fair Value
NRZ Excess Spread-Collateralized Notes Series 2018-PLS1 A — 3.193% 1/25/2023(f)	$	719,028	$	719,011
Ocwen Master Advance Receivables Trust 2020-T1 AT1 — 1.278% 8/15/2052(f)		2,191,000		2,199,041
OHA Credit Funding 6 Ltd. 2020-6A E, 3M USD LIBOR + 7.330%, FRN — 7.582% 7/20/2031(e)(f)		1,418,000		1,415,873
Palmer Square Loan Funding Ltd. 2018-4A A1, 3M USD LIBOR + 0.900%, FRN — 1.180% 11/15/2026(e)(f)		147,859		147,233
Parliament Funding II Ltd. 2020-1A A, 3M USD LIBOR + 2.450%, FRN — 2.764% 8/12/2030(e)(f)		986,000		986,486
PFS Financing Corp. 2020-F A — 0.930% 8/15/2024(f)		460,000		460,822
PFS Financing Corp. 2020-F B — 1.420% 8/15/2024(f)		130,000		129,687
PFS Financing Corp. 2020-E B — 1.570% 10/15/2025(f)		1,151,000		1,146,795
PFS Financing Corp. 2020-A B — 1.770% 6/15/2025(f)		2,119,000		2,117,676
PFS Financing Corp. 2019-A A2 — 2.860% 4/15/2024(f)		1,420,000		1,456,542
PFS Financing Corp. 2019-A B — 3.130% 4/15/2024(f)		1,000,000		1,021,943
PFS Financing Corp. 2018-F A — 3.520% 10/15/2023(f)		486,000		500,850
SpringCastle America Funding LLC 2020-AA A — 1.970% 9/25/2037(f)		2,083,000		2,105,338
TVEST 2020A LLC 2020-A A — 4.500% 7/15/2032(f)		791,221		791,736
			$	21,617,434
TOTAL ASSET-BACKED SECURITIES (Cost $185,684,749)			$	187,753,848
CORPORATE BONDS & NOTES — 3.0%
COMMUNICATIONS — 0.4%
Consolidated Communications, Inc. — 6.500% 10/1/2028(f)	$	1,119,000	$	1,139,981
CONSUMER, CYCLICAL — 1.6%
Air Canada 2020-1 Class C Pass Through Trust — 10.500% 7/15/2026(f)	$	1,030,000	$	1,048,297
American Airlines 2016-1 Class A Pass Through Trust — 4.100% 7/15/2029		844,166		654,229
American Airlines 2016-2 Class A Pass Through Trust — 3.650% 12/15/2029		1,047,488		817,041
Aramark Services, Inc. — 6.375% 5/1/2025(f)		316,000		327,716
Carnival Corp. — 11.500% 4/1/2023(f)		512,000		573,942
CD&R Smokey Buyer, Inc. — 6.750% 7/15/2025(f)		177,000		186,292
Royal Caribbean Cruises Ltd. — 11.500% 6/1/2025(f)		594,000		688,517
			$	4,296,034
CONSUMER, NON-CYCLICAL — 0.7%
Cimpress plc — 7.000% 6/15/2026(f)	$	335,000	$	314,063
StoneMor Partners LP / Cornerstone Family Services of West Virginia Subsidiary PIK — 11.500% 6/30/2024(f)		1,781,529		1,759,260
			$	2,073,323
ENERGY — 0.3%
Natural Resource Partners LP / NRP Finance Corp. — 9.125% 6/30/2025(f)	$	831,000	$	729,651
TOTAL CORPORATE BONDS & NOTES (Cost $7,886,547)			$	8,238,989
CORPORATE BANK DEBT — 5.6%
ABG Intermediate Holding 2 LLC, 1M USD LIBOR + 5.250% — 6.250% 9/27/2024(a)(e)	$	584,000	$	578,160

FPA FLEXIBLE FIXED INCOME FUND 

Portfolio of investments (Continued) 

September 30, 2020 

(Unaudited)

BONDS & DEBENTURES - Continued	Principal Amount		Fair Value
ABG Intermediate Holding 2 LLC, 3M USD LIBOR + 3.500% — 4.500% 9/27/2024(a)(e)	$	963,303	$	941,628
Asurion LLC Second Lien, 1M USD LIBOR + 3.000% — 3.150% 8/4/2025(a)(e)		745,000		745,000
BJ Services Inc., 3M USD LIBOR + 7.000% — 8.500% 1/3/2023(a)(b)(d)(e)		237,500		200,464
Cincinnati Bell, Inc., 1M USD LIBOR + 3.250% — 4.250% 10/2/2024(a)(e)		1,127,372		1,126,166
Consolidated Communications, 1M USD LIBOR + 3.000% — 4.000% 10/4/2023(a)(e)		946,380		934,948
Delta Air Lines, Inc. 2020 Term Loan B, 3M USD LIBOR + 4.750% — 5.750% 4/29/2023(a)(e)		333,165		332,125
Frontier Communications Corp., 1M USD LIBOR + 2.000% — 5.250% 3/15/2024(a)(e)		1,273,226		1,057,027
Frontier Communications Corp., 1M USD LIBOR + 2.750% — 6.000% 6/15/2024(a)(e)		1,430,808		1,412,035
General Nutrition Centers, Inc., 1M USD LIBOR + 9.000% — 10.000% 12/23/2020(a)(e)		2,318,000		2,260,050
JC Penney Corp., Inc., 1M USD LIBOR + 11.750% — 13.000% 11/16/2020(a)(e)		749,709		952,131
JC Penney Corp., Inc., 3M USD LIBOR + 4.250% — 5.250% 6/23/2023(a)(e)		480,181		147,656
Logix Holding Co. LLC, 1M USD LIBOR + 5.750% — 6.750% 12/22/2024(a)(e)		332,512		305,911
McDermott Super Senior Exit LC — 6/30/2024(a)(b)(d)		640,000		(51,200	)
Mediaco Holding, Inc. Class A, 6.400% — 8.400% 11/25/2024(a)(b)(d)		1,214,502		1,083,985
PHI, Inc., 6M USD LIBOR + 7.000% — 8.000% 9/4/2024(a)(e)		1,189,283		1,177,390
Polyconcept North America Holdings, Inc., 3M USD LIBOR + 4.500% — 5.500% 8/16/2023(a)(e)		751,075		612,126
Tech Data Corp., 1M USD LIBOR + 3.500% — 3.645% 6/30/2025(a)(e)		470,000		470,978
Windstream Corp., 1M USD LIBOR + 0.000% — 7.500% 2/17/2024(a)(e)		283,588		170,152
Windstream Services LLC, 1M USD LIBOR + 6.250% — 7.250% 9/21/2027(a)(e)		847,875		816,080
TOTAL CORPORATE BANK DEBT (Cost $15,467,810)			$	15,272,812
U.S. TREASURIES — 8.3%
U.S. Treasury Bills — 0.007% 10/6/2020(g)	$	1,635,000	$	1,634,984
U.S. Treasury Bills — 0.084% 10/13/2020(g)		7,703,000		7,702,811
U.S. Treasury Bills — 0.086% 10/20/2020(g)		7,890,000		7,889,620
U.S. Treasury Bills — 0.081% 10/27/2020(g)		5,191,000		5,190,718
TOTAL U.S. TREASURIES (Cost $22,418,118)			$	22,418,133
TOTAL BONDS & DEBENTURES — 106.2% (Cost $285,143,653)			$	287,892,393
TOTAL INVESTMENT SECURITIES — 106.4% (Cost $285,759,438)			$	288,438,260
SHORT-TERM INVESTMENTS — 0.9%
State Street Bank Repurchase Agreement — 0.00% 10/1/2020 (Dated 09/30/2020, repurchase price of $2,511,000, collateralized by $2,560,700 principal amount U.S. Treasury Notes — 0.125% 2022, fair value $2,561,268)	$	2,511,000	$	2,511,000
TOTAL SHORT-TERM INVESTMENTS (Cost $2,511,000)			$	2,511,000
TOTAL INVESTMENTS — 107.3% (Cost $288,270,438)			$	290,949,260
Other Assets and Liabilities, net — (7.3)%				(19,866,967	)
NET ASSETS — 100.0% — NOTE 2			$	271,082,293

FPA FLEXIBLE FIXED INCOME FUND 

Portfolio of investments (Continued) 

September 30, 2020 

(Unaudited)

(a)	Restricted securities. These restricted securities constituted 5.84% of total net assets at September 30, 2020, most of which are considered liquid by the Adviser. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund’s Board of Trustees.
(b)	Investments categorized as a significant unobservable input (Level 3). (See Note 1 of the Notes to Financial Statements).
(c)	Non-income producing security.
(d)	These securities have been valued in good faith under policies adopted by authority of the Board of Trustees in accordance with the Fund's fair value procedures. These securities constituted 0.66% of total net assets at September 30, 2020.
(e)	Variable/Floating Rate Security — The rate shown is based on the latest available information as of September 30, 2020. For Corporate Bank Debt, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(f)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(g)	Zero coupon bond. Coupon amount represents effective yield to maturity.
(h)	Step Coupon - Coupon rate increases in increments to maturity. Rate disclosed is as of September 30, 2020.

fpa Flexible fixed income fund 

Portfolio of investments – RESTRICTED SECURITIES 

September 30, 2020 

(Unaudited)

Issuer	Acquisition Date (s)	Cost			Fair Value			Fair Value as a % of Net Assets
ABG Intermediate Holding 2 LLC, 1M USD LIBOR + 5.250% — 6.250% 9/27/2024	07/15/2020	$	570,069		$	578,160			0.21	%
ABG Intermediate Holding 2 LLC, 3M USD LIBOR + 3.500% — 4.500% 9/27/2024	03/06/2020, 03/12/2020, 03/20/2020		868,097			941,628			0.35	%
Asurion LLC Second Lien, 1M USD LIBOR + 3.000% — 3.150% 8/4/2025	09/25/2020		745,931			745,000			0.28	%
BJ Services Inc., 3M USD LIBOR + 7.000% — 8.500% 1/3/2023	03/31/2020		235,985			200,464			0.07	%
Cincinnati Bell, Inc., 1M USD LIBOR + 3.250% — 4.250% 10/2/2024	03/16/2020, 03/24/2020, 06/30/2020		1,062,478			1,126,166			0.42	%
Consolidated Communications, 1M USD LIBOR + 3.000% — 4.000% 10/4/2023	03/18/2020, 05/04/2020, 06/30/2020		807,963			934,948			0.34	%
Delta Air Lines, Inc. 2020 Term Loan B, 3M USD LIBOR + 4.750% — 5.750% 4/29/2023	04/27/2020		324,243			332,125			0.12	%
Frontier Communications Corp., 1M USD LIBOR + 2.000% — 5.250% 3/15/2024	12/10/2019		1,049,533			1,057,027			0.39	%
Frontier Communications Corp., 1M USD LIBOR + 2.750% — 6.000% 6/15/2024	03/20/2020, 04/14/2020		1,365,910			1,412,035			0.53	%
General Nutrition Centers, Inc., 1M USD LIBOR + 9.000% — 10.000% 12/23/2020	02/14/2020, 04/12/2019, 12/11/2019, 03/12/2020, 03/23/2020, 07/23/2020		2,239,172			2,260,050			0.84	%
JC Penney Corp., Inc., 1M USD LIBOR + 11.750% — 13.000% 11/16/2020	06/08/2020		762,867			952,131			0.35	%
JC Penney Corp., Inc., 3M USD LIBOR + 4.250% — 5.250% 6/23/2023	03/30/2020, 06/08/2020, 07/08/2020		439,892			147,656			0.05	%
Logix Holding Co. LLC, 1M USD LIBOR + 5.750% — 6.750% 12/22/2024	01/09/2019, 06/18/2019, 06/19/2019		332,434			305,911			0.11	%
McDermott Super Senior Exit LC —6/30/2024	02/28/2020		(5,651	)		(51,200	)		(0.02	)%
Mediaco Holding, Inc. Class A, 6.400% — 8.400% 11/25/2024	11/25/2019, 12/12/2019, 12/13/2019, 12/18/2019, 03/27/2020, 06/30/2020		1,204,068			1,083,985			0.40	%
PHI Group, Inc.	08/19/2019		188,003			172,652			0.06	%
PHI Group, Inc, Restricted	08/19/2019		427,782			373,215			0.14	%
PHI, Inc., 6M USD LIBOR + 7.000% — 8.000% 9/4/2024	07/10/2019, 12/05/2019		1,171,170			1,177,390			0.44	%
Polyconcept North America Holdings, Inc., 3M USD LIBOR + 4.500% — 5.500% 8/16/2023	11/18/2019		745,097			612,126			0.23	%
Tech Data Corp., 1M USD LIBOR + 3.500% — 3.645% 6/30/2025	06/26/2020		463,261			470,978			0.17	%
Windstream Corp., 1M USD LIBOR + 0.000% — 7.500% 2/17/2024	01/07/2020, 02/14/2020		271,291			170,152			0.06	%
Windstream Services LLC, 1M USD LIBOR + 6.250% — 7.250% 9/21/2027	03/08/2019, 03/29/2019		814,000			816,080			0.30	%
TOTAL RESTRICTED SECURITIES		$	16,083,595		$	15,818,679			5.84	%

See Notes to Financial Statements.

NOTE 1 — Disclosure of Fair Value Measurements

The Fund uses the following methods and inputs to establish the fair value of its assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities are generally valued each day at the official closing price of, or the last reported sale price on, the exchange or market on which such securities principally are traded, as of the close of business on that day. If there have been no sales that day, equity securities are generally valued at the last available bid price. Securities that are unlisted and fixed-income and convertible securities listed on a national securities exchange for which the over-the-counter ("OTC") market more accurately reflects the securities’ value in the judgment of the Fund's officers, are valued at the most recent bid price. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the NYSE. The Fund may utilize an independent fair valuation service in adjusting the valuations of foreign securities. Currency forwards are valued at the closing currency exchange rate which is not materially different from the forward rate. Short-term corporate notes with maturities of 60 days or less at the time of purchase are valued at amortized cost.

Securities for which representative market quotations are not readily available or are considered unreliable by the Adviser are valued as determined in good faith under procedures adopted by the authority of the Fund’s Board of Trustees. Various inputs may be reviewed in order to make a good faith determination of a security’s value. These inputs include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations of investments that would have been used had greater market activity occurred.

The Fund classifies its assets based on three valuation methodologies. Level 1 values are based on quoted market prices in active markets for identical assets. Level 2 values are based on significant observable market inputs, such as quoted prices for similar assets and quoted prices in inactive markets or other market observable inputs as noted above including spreads, cash flows, financial performance, prepayments, defaults, collateral, credit enhancements, and interest rate volatility. Level 3 values are based on significant unobservable inputs that reflect the Fund’s determination of assumptions that market participants might reasonably use in valuing the assets. These assumptions consider inputs such as proprietary pricing models, cash flows, prepayments, defaults, and collateral The valuation levels are not necessarily an indication of the risk associated with investing in those securities. The following table presents the valuation levels of the Fund's investments as of September 30, 2020:

Investments	Level 1		Level 2		Level 3		Total
Common Stocks
Energy		—		—	$	545,867	$	545,867
Commercial Mortgage-Backed Securities
Agency		—	$	3,265,236		—		3,265,236
Agency Stripped		—		2,420,453		—		2,420,453
Non-Agency		—		28,468,868		—		28,468,868
Residential Mortgage-Backed Securities
Agency Collateralized Mortgage Obligation		—		3,902,711		—		3,902,711
Agency Pool Fixed Rate		—		369,598		—		369,598
Agency Stripped		—		248,197		—		248,197
Non-Agency		—		—		1,704,971		1,704,971
Non-Agency Collateralized Mortgage Obligation		—		10,007,866		3,820,711		13,828,577
Asset-Backed Securities
Auto		—		44,248,032		—		44,248,032
Collateralized Loan Obligation		—		63,878,718		3,869,604		67,748,322
Credit Card		—		6,402,338		—		6,402,338
Equipment		—		47,737,722		—		47,737,722
Other		—		21,617,434		—		21,617,434
Corporate Bonds & Notes		—		8,238,989		—		8,238,989
Corporate Bank Debt		—		14,039,563		1,233,249		15,272,812
U.S. Treasuries		—		22,418,133		—		22,418,133
Short-Term Investment		—		2,511,000		—		2,511,000
		—	$	279,774,858	$	11,174,402	$	290,949,260

The following table summarizes the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2020:

Investments	Beginning Value at December  31, 2019		Net Realized and Unrealized Gains (Losses)*			Purchases		(Sales)			Gross Transfers In/(Out)			Ending Value at September  30, 2020		Net Change in Unrealized Appreciation (Depreciation) related to Investments held at September 30, 2020
Common Stocks	$	489,398	$	56,469			—		—			—		$	545,867	$	56,469
Residential Mortgage-Backed Securities Non-Agency		—		—		$	1,704,971		—			—			1,704,971		—
Residential Mortgage-Backed Securities Non-Agency Collateralized Mortgage Obligation		1,204,188		(349	)		4,367,375	$	(1,456,657	)	$	(293,846	)		3,820,711		—
Asset-Backed Securities Collateralized Loan Obligation		—		1,604			3,868,000		—			—			3,869,604		1,604
Corporate Bank Debt		2,554,734		(839,036	)		639,096		(1,121,545	)		—			1,233,249		(201,231	)
	$	4,248,320	$	(781,312	)	$	10,579,442	$	(2,578,202	)	$	(293,846	)	$	11,174,402	$	(143,158	)

* Net realized and unrealized gains (losses) are included in the related amounts in the statement of operations.

Level 3 Valuation Process: Investments classified within Level 3 of the fair value hierarchy are valued by the Adviser in good faith under procedures adopted by authority of the Fund’s Board of Trustees. The Adviser employs various methods to determine fair valuations including regular review of key inputs and assumptions, and review of related market activity, if any. However, there are generally no observable trade activities in these securities. The Adviser reports to the Board of Trustees at their regularly scheduled quarterly meetings, or more often if warranted. The report includes a summary of the results of the process, the key inputs and assumptions noted, and any changes to the inputs and assumptions used. When appropriate, the Adviser will recommend changes to the procedures and process employed. The value determined for an investment using the fair value procedures may differ significantly from the value realized upon the sale of such investment. Transfers of investments between different levels of the fair value hierarchy are recorded at fair value as of the end of the reporting period.

There were transfers of $129,711 out of Level 2 into Level 3 and $423, 557 out of Level 3 into Level 2 during the period ended September 30, 2020.

The following table summarizes the quantitative inputs and assumptions used for items categorized as items categorized as Level 3 of the fair value hierarchy as of September 30, 2020:

Financial Assets	Fair Value at September 30, 2020			Valuation Technique(s)	Unobservable Inputs	Price/Range
Common Stocks	$	545,867		Recent Trade Activity (a)	Quotes/Prices	$7.25
Residential Mortgage-Backed Securities Non-Agency	$	1,704,971		Third-Party Broker Quote (b)	Quotes/Prices	$100.00
Residential Mortgage-Backed Securities Non-Agency Collateralized Mortgage Obligation	$	3,820,711		Third-Party Broker Quote (b)	Quotes/Prices	$99.78 - $100.00
Asset-Backed Securities Collateralized Loan Obligation	$	1,070,604		Third-Party Broker Quote (b)	Quotes/Prices	$100.15
		2,799,000		Recent Trade Activity (e)	Cost	$100.00
Corporate Bank Debt	$	1,284,449		Pricing Model (c)	Amortized Cost	$84.41 - $89.25
					Liqudity Discount	10%
		(51,200	)	Pricing Model (d)	Quotes/Prices	$92.00

(a)  The fair value is based on recent trade activity obtained from market makers in the security.

(b)  The Third Party Broker Quote technique involves obtaining an independent third-party broker quote for the security.

(c)  The Pricing Model technique for Level 3 securities involves amortized cost and the application of a discount for lack of liquidity. The discount reflects the current market expectation of discount needed in order to effect a transaction in a timely manner.

(d)  The Pricing Model technique for Level 3 securities involves recently quoted funding prices of the security.

(e)  The significant unobservable inputs used in the fair value measurement are based on the most recent trade executed by the Fund.

NOTE 2 — Federal Income Tax

The cost of investment securities held at September 30, 2020 (excluding short-term investments), was $285,759,438 for federal income tax purposes. Net unrealized appreciation consists of:

Gross unrealized appreciation:	$	3,897,180
Gross unrealized depreciation:		(1,218,358	)
Net unrealized appreciation:	$	2,678,822