FPA U.S. CORE EQUITY FUND, INC.
Portfolio of investments
March 31, 2021
(Unaudited)
| COMMON STOCKS | | Shares | | | Fair Value | |
| INTERNET MEDIA — 17.8% | | | | | | | | |
| Alphabet, Inc. (Class C)(a) | | | 2,812 | | | $ | 5,816,987 | |
| Facebook, Inc. (Class A)(a) | | | 17,140 | | | | 5,048,244 | |
| Match Group, Inc.(a) | | | 1,891 | | | | 259,786 | |
| Tencent Holdings Ltd. (ADR) (China) | | | 21,946 | | | | 1,751,291 | |
| | | | | | | $ | 12,876,308 | |
| INFRASTRUCTURE SOFTWARE — 10.9% | | | | | | | | |
| Microsoft Corporation | | | 26,660 | | | $ | 6,285,628 | |
| ServiceNow, Inc.(a) | | | 3,142 | | | | 1,571,346 | |
| | | | | | | $ | 7,856,974 | |
| E-COMMERCE DISCRETIONARY — 8.6% | | | | | | | | |
| Alibaba Group Holding Ltd. (ADR) (China)(a) | | | 2,935 | | | $ | 665,452 | |
| Amazon.com, Inc.(a) | | | 1,795 | | | | 5,553,874 | |
| | | | | | | $ | 6,219,326 | |
| CONSUMER FINANCE — 7.6% | | | | | | | | |
| Mastercard, Inc. (Class A) | | | 5,045 | | | $ | 1,796,272 | |
| PayPal Holdings, Inc.(a) | | | 7,955 | | | | 1,931,792 | |
| Visa, Inc. (A Shares) | | | 8,505 | | | | 1,800,764 | |
| | | | | | | $ | 5,528,828 | |
| INFORMATION TECHNOLOGY SERVICES — 7.4% | | | | | | | | |
| Accenture plc (Class A) (Ireland) | | | 6,520 | | | $ | 1,801,150 | |
| Autodesk, Inc.(a) | | | 6,345 | | | | 1,758,517 | |
| IHS Markit Ltd. (Britain) | | | 2,376 | | | | 229,949 | |
| Intuit, Inc. | | | 555 | | | | 212,598 | |
| MSCI, Inc. | | | 480 | | | | 201,254 | |
| NVIDIA Corp. | | | 1,474 | | | | 787,013 | |
| QUALCOMM, Inc. | | | 2,788 | | | | 369,661 | |
| S&P Global, Inc. | | | 70 | | | | 24,701 | |
| | | | | | | $ | 5,384,843 | |
| COMMUNICATIONS EQUIPMENT — 6.0% | | | | | | | | |
| Apple, Inc. | | | 35,350 | | | $ | 4,318,003 | |
| | | | | | | | | |
| APPLICATION SOFTWARE — 5.6% | | | | | | | | |
| Activision Blizzard, Inc. | | | 6,693 | | | $ | 622,449 | |
| Adobe, Inc.(a) | | | 3,637 | | | | 1,728,921 | |
| Salesforce.com, Inc.(a) | | | 8,089 | | | | 1,713,816 | |
| | | | | | | $ | 4,065,186 | |
| APPAREL, FOOTWEAR & ACCESSORY DESIGN — 5.0% | | | | | | | | |
| Adidas AG (Germany)(a) | | | 4,942 | | | $ | 1,542,758 | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | | | 413 | | | | 275,145 | |
| NIKE, Inc. (Class B) | | | 13,541 | | | | 1,799,463 | |
| | | | | | | $ | 3,617,366 | |
| HOME PRODUCTS STORES — 4.0% | | | | | | | | |
| Estee Lauder Cos., Inc. (The) (Class A) | | | 897 | | | $ | 260,893 | |
| Home Depot, Inc. (The) | | | 5,905 | | | | 1,802,501 | |
| Lowe's Cos., Inc. | | | 4,300 | | | | 817,774 | |
| | | | | | | $ | 2,881,168 | |
FPA U.S. CORE EQUITY FUND, INC.
Portfolio of investments (Continued)
March 31, 2021
(Unaudited)
| COMMON STOCKS - Continued | | Shares | | | Fair Value | |
| ENTERTAINMENT CONTENT — 3.7% | | | | | | | | |
| Netflix, Inc.(a) | | | 2,536 | | | $ | 1,322,930 | |
| Take-Two Interactive Software, Inc.(a) | | | 1,755 | | | | 310,108 | |
| Vivendi SA (ADR) (France) | | | 6,547 | | | | 215,200 | |
| Walt Disney Co. (The)(a) | | | 4,340 | | | | 800,817 | |
| | | | | | | $ | 2,649,055 | |
| MANAGED CARE — 3.4% | | | | | | | | |
| Anthem, Inc. | | | 1,915 | | | $ | 687,389 | |
| UnitedHealth Group, Inc. | | | 4,840 | | | | 1,800,819 | |
| | | | | | | $ | 2,488,208 | |
| CABLE & SATELLITE — 2.8% | | | | | | | | |
| Charter Communications, Inc. (Class A)(a) | | | 430 | | | $ | 265,319 | |
| Comcast Corp. (Class A) | | | 32,585 | | | | 1,763,174 | |
| | | | | | | $ | 2,028,493 | |
| MEDICAL DEVICES — 2.3% | | | | | | | | |
| Abbott Laboratories | | | 4,704 | | | $ | 563,727 | |
| Edwards Lifesciences Corp.(a) | | | 1,818 | | | | 152,058 | |
| Intuitive Surgical, Inc.(a) | | | 592 | | | | 437,452 | |
| Medtronic plc (Ireland) | | | 2,900 | | | | 342,577 | |
| Stryker Corp. | | | 815 | | | | 198,518 | |
| | | | | | | $ | 1,694,332 | |
| LIFE SCIENCE EQUIPMENT — 2.1% | | | | | | | | |
| Danaher Corp. | | | 2,134 | | | $ | 480,321 | |
| Thermo Fisher Scientific, Inc. | | | 2,279 | | | | 1,040,090 | |
| | | | | | | $ | 1,520,411 | |
| | | | | | | | | |
| HEALTH CARE SERVICES — 1.1% | | | | | | | | |
| IQVIA Holdings, Inc.(a) | | | 3,385 | | | $ | 653,779 | |
| Moody's Corp. | | | 385 | | | | 114,965 | |
| | | | | | | $ | 768,744 | |
| MANAGED HEALTH CARE — 1.0% | | | | | | | | |
| Humana, Inc. | | | 1,678 | | | $ | 703,502 | |
| | | | | | | | | |
| PRIVATE EQUITY — 0.8% | | | | | | | | |
| Blackstone Group, Inc. (The) (Class A) | | | 4,146 | | | $ | 309,001 | |
| KKR & Co., Inc. (Class A) | | | 6,174 | | | | 301,600 | |
| | | | | | | $ | 610,601 | |
| AUTOMOTIVE RETAILERS — 0.6% | | | | | | | | |
| O'Reilly Automotive, Inc.(a) | | | 848 | | | $ | 430,148 | |
| | | | | | | | | |
| SPECIALTY PHARMACEUTICALS — 0.5% | | | | | | | | |
| Zoetis, Inc. | | | 2,405 | | | $ | 378,739 | |
Information Classification: Limited Access
FPA U.S. CORE EQUITY FUND, INC.
Portfolio of investments (Continued)
March 31, 2021
(Unaudited)
| COMMON STOCKS - Continued | | | Shares | | | | Fair Value | |
| INTERNET BASED SERVICES — 0.5% | | | | | | | | |
| GoDaddy, Inc. (Class A)(a) | | | 4,534 | | | $ | 351,929 | |
| | | | | | | | | |
| RETAILING — 0.5% | | | | | | | | |
| Sprouts Farmers Market, Inc.(a) | | | 12,850 | | | $ | 342,067 | |
| | | | | | | | | |
| COMMERCIAL & RESIDENTIAL BUILDING EQUIPMENT & SYSTEMS — 0.5% | | | | | | | | |
| Honeywell International, Inc. | | | 1,540 | | | $ | 334,288 | |
| | | | | | | | | |
| RESTAURANTS — 0.4% | | | | | | | | |
| Starbucks Corp. | | | 2,910 | | | $ | 317,976 | |
| | | | | | | | | |
| HOUSEHOLD PRODUCTS — 0.4% | | | | | | | | |
| Constellation Brands, Inc. (Class A) | | | 451 | | | $ | 102,828 | |
| L'Oreal SA (France)(a) | | | 550 | | | | 210,781 | |
| | | | | | | $ | 313,609 | |
| ENTERTAINMENT FACILITIES — 0.4% | | | | | | | | |
| Electronic Arts, Inc. | | | 2,285 | | | $ | 309,320 | |
| | | | | | | | | |
| INVESTMENT MANAGEMENT — 0.3% | | | | | | | | |
| BlackRock, Inc. | | | 305 | | | $ | 229,958 | |
| | | | | | | | | |
| DEFENSE PRIMES — 0.3% | | | | | | | | |
| Lockheed Martin Corp. | | | 594 | | | $ | 219,483 | |
| | | | | | | | | |
| INSURANCE BROKERS — 0.3% | | | | | | | | |
| Aon plc (Class A) (Britain) | | | 839 | | | $ | 193,062 | |
| | | | | | | | | |
| HEALTH CARE FACILITIES — 0.2% | | | | | | | | |
| HCA Holdings, Inc. | | | 760 | | | $ | 143,138 | |
| | | | | | | | | |
| HOME IMPROVEMENT — 0.2% | | | | | | | | |
| Lululemon Athletica, Inc. (Canada)(a) | | | 435 | | | $ | 133,419 | |
| | | | | | | | | |
| OTHER COMMON STOCKS — 4.8%(a)(b) | | | | | | $ | 3,438,791 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS — 100.0% (Cost $38,688,670) | | | | | | $ | 72,347,275 | |
| | | | | | | | | |
| TOTAL INVESTMENT SECURITIES — 100.0% (Cost $38,688,670) | | | | | | $ | 72,347,275 | |
Information Classification: Limited Access
FPA U.S. CORE EQUITY FUND, INC.
Portfolio of investments (Continued)
March 31, 2021
(Unaudited)
| | | Shares or
Principal
Amount | | | Fair Value | |
| SHORT-TERM INVESTMENTS — 0.3% | | | | | | | | |
| State Street Bank Repurchase Agreement — 0.00% 4/1/2021 | | | | | | | | |
| (Dated 03/31/2021, repurchase price of $193,000, collateralized by $197,000 principal amount U.S. Treasury Note—0.125% 2023, fair value $196,931)(c) | | $ | 193,000 | | | $ | 193,000 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $193,000) | | | | | | $ | 193,000 | |
| TOTAL INVESTMENTS — 100.3% (Cost $38,881,670) | | | | | | $ | 72,540,275 | |
| Other Assets and Liabilities, net — (0.3)% | | | | | | | (211,969 | ) |
| NET ASSETS — 100.0% | | | | | | $ | 72,328,306 | |
| (a) | Non-income producing security. |
| (b) | As permitted by U.S. Securities and Exchange Commission regulations, "Other" Common Stocks include holdings in their first year of acquisition that have not previously been publicly disclosed. |
| (c) | Security pledged as collateral. |
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. 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 Directors. 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 March 31, 2021:
| Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | | | | | | | | | | | | | | | |
| Internet Media | | $ | 12,876,308 | | | | — | | | | — | | | $ | 12,876,308 | |
| Infrastructure Software | | | 7,856,974 | | | | — | | | | — | | | | 7,856,974 | |
| E-Commerce Discretionary | | | 6,219,326 | | | | — | | | | — | | | | 6,219,326 | |
| Consumer Finance | | | 5,528,828 | | | | — | | | | — | | | | 5,528,828 | |
| Information Technology Services | | | 5,384,843 | | | | — | | | | — | | | | 5,384,843 | |
| Communications Equipment | | | 4,318,003 | | | | — | | | | — | | | | 4,318,003 | |
| Application Software | | | 4,065,186 | | | | — | | | | — | | | | 4,065,186 | |
| Apparel, Footwear & Accessory Design | | | 3,617,366 | | | | — | | | | — | | | | 3,617,366 | |
| Home Products Stores | | | 2,881,168 | | | | — | | | | — | | | | 2,881,168 | |
| Entertainment Content | | | 2,649,055 | | | | — | | | | — | | | | 2,649,055 | |
| Managed Care | | | 2,488,208 | | | | — | | | | — | | | | 2,488,208 | |
| Cable & Satellite | | | 2,028,493 | | | | — | | | | — | | | | 2,028,493 | |
| Medical Devices | | | 1,694,332 | | | | — | | | | — | | | | 1,694,332 | |
| Life Science Equipment | | | 1,520,411 | | | | — | | | | — | | | | 1,520,411 | |
| Health Care Services | | | 768,744 | | | | — | | | | — | | | | 768,744 | |
| Managed Health Care | | | 703,502 | | | | — | | | | — | | | | 703,502 | |
| Private Equity | | | 610,601 | | | | — | | | | — | | | | 610,601 | |
| Automotive Retailers | | | 430,148 | | | | — | | | | — | | | | 430,148 | |
| Specialty Pharmaceuticals | | | 378,739 | | | | — | | | | — | | | | 378,739 | |
| Internet Based Services | | | 351,929 | | | | — | | | | — | | | | 351,929 | |
| Retailing | | | 342,067 | | | | — | | | | — | | | | 342,067 | |
| Commercial & Residential Building Equipment & Systems | | | 334,288 | | | | — | | | | — | | | | 334,288 | |
| Restaurants | | | 317,976 | | | | — | | | | — | | | | 317,976 | |
| Household Products | | | 313,609 | | | | — | | | | — | | | | 313,609 | |
| Entertainment Facilities | | | 309,320 | | | | — | | | | — | | | | 309,320 | |
| Investment Management | | | 229,958 | | | | — | | | | — | | | | 229,958 | |
| Defense Primes | | | 219,483 | | | | — | | | | — | | | | 219,483 | |
| Insurance Brokers | | | 193,062 | | | | — | | | | — | | | | 193,062 | |
| Health Care Facilities | | | 143,138 | | | | — | | | | — | | | | 143,138 | |
| Home Improvement | | | 133,419 | | | | — | | | | — | | | | 133,419 | |
| Other Common Stocks | | | 3,438,791 | | | | — | | | | — | | | | 3,438,791 | |
| Short-Term Investment | | | — | | | $ | 193,000 | | | | — | | | | 193,000 | |
| | | $ | 72,347,275 | | | $ | 193,000 | | | | — | | | $ | 72,540,275 | |
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 no significant transfers into or out of Level 3 during the period ended March 31, 2021.
NOTE 2 — Federal Income Tax
The cost of investment securities held at March 31, 2021 (excluding short-term investments), was $39,160,763 for federal income tax purposes. Net unrealized appreciation consists of:
| Gross unrealized appreciation: | | $ | 33,206,564 | |
| Gross unrealized depreciation: | | | (20,052 | ) |
| Net unrealized appreciation: | | $ | 33,186,512 | |
