FPA Crescent Fund
SCHEDULE OF INVESTMENTS
As of September 30, 2023 (Unaudited)
Principal Amount | Value | |||||||
BONDS & DEBENTURES - 5.8% | ||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.1% | ||||||||
AGENCY — 0.1% | ||||||||
Eleven Madison Mortgage Trust | ||||||||
$ | 12,681,000 | Series 2015-11MD, Class A, 3.673%, 9/10/2035(a),(b) | $ | 11,071,117 | ||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | ||||||||
(Cost $11,261,828) | 11,071,117 | |||||||
CONVERTIBLE BONDS — 1.8% | ||||||||
Delivery Hero SE | ||||||||
2,600,000 | 1.000%, 4/30/2026 | 2,309,610 | ||||||
86,200,000 | 1.000%, 1/23/2027 Wayfair, Inc. | 71,411,219 | ||||||
84,672,000 | 0.625%, 10/1/2025 | 72,927,994 | ||||||
4,278,000 | 1.000%, 8/15/2026 Zillow Group, Inc. | 3,497,265 | ||||||
1,703,000 | 2.750%, 5/15/2025 | 1,748,129 | ||||||
12,336,000 | 1.375%, 9/1/2026 | 14,698,344 | ||||||
TOTAL CONVERTIBLE BONDS | ||||||||
(Cost $161,068,876) | 166,592,561 | |||||||
CORPORATE BANK DEBT — 1.0% | ||||||||
CB&I STS Delaware LLC | ||||||||
37,458,000 | 13.159% (1-Month Term SOFR+750 basis points), 12/31/2026(c),(d),(e),(f) | 36,708,840 | ||||||
Cornerstone OnDemand, Inc. | ||||||||
2,545,161 | 9.402% (3-Month Term SOFR+375 basis points), 10/15/2028(b),(d),(f) | 2,481,532 | ||||||
Farfetch U.S. Holdings, Inc. | ||||||||
26,977,147 | 11.576% (3-Month Term SOFR+625 basis points), 10/20/2027(b),(d),(f) | 25,088,747 | ||||||
Lealand Finance Company B.V. Senior Exit LC | ||||||||
19,148,815 | 8.319%, 6/30/2024(c),(d),(e),(f) | (8,616,967 | ) | |||||
McDermott LC | ||||||||
21,452,976 | 9.247%, 12/31/2025(b),(c),(d),(e),(f),(g),(h) | 14,171,739 | ||||||
McDermott Tanks Escrow LC | ||||||||
7,265,394 | 9.997%, 12/31/2026(b),(c),(d),(e),(f),(h) | 3,995,967 | ||||||
McDermott Technology Americas, Inc. | ||||||||
1,074,221 | 8.429% (1-Month Term SOFR+300 basis points), 6/30/2024(b),(c),(d),(f) | 751,955 | ||||||
34,975,537 | 9.429% (1-Month Term SOFR+400 basis points), 6/30/2025(b),(c),(d),(f) | 17,487,768 | ||||||
Vision Solutions, Inc. | ||||||||
2,545,030 | 9.863% (3-Month Term SOFR+400 basis points), 5/28/2028(b),(d),(f) | 2,459,135 | ||||||
TOTAL CORPORATE BANK DEBT | ||||||||
(Cost $165,031,256) | 94,528,716 | |||||||
CORPORATE BONDS — 0.4% | ||||||||
ENERGY — 0.0% | ||||||||
Gulfport Energy Corp. | ||||||||
18,209,000 | 6.000%, 10/15/2024(i) | 11,472 | ||||||
9,417,000 | 6.625%, 5/1/2025(i) | 5,933 | ||||||
8,822,000 | 6.375%, 5/15/2025(i) | 5,558 |
FPA Crescent Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS (Continued) | ||||||||
ENERGY (Continued) | ||||||||
$ | 9,128,000 | 6.375%, 1/15/2026(i) | $ | 5,750 | ||||
596,287 | 8.000%, 5/17/2026 | 595,079 | ||||||
623,792 | ||||||||
FINANCIALS - 0.4% | ||||||||
Charles Schwab Corp. | ||||||||
18,976,000 | 4.000% (USD 5 Year Tsy+316.8 basis points)(b),(j) | 15,694,110 | ||||||
2,588,000 | 5.000% (3-Month USD Libor+257.5 basis points)(b),(j) | 1,953,940 | ||||||
Vornado Realty LP | ||||||||
8,815,000 | 3.500%, 1/15/2025 | 8,370,986 | ||||||
8,623,000 | 2.150%, 6/1/2026 | 7,322,134 | ||||||
33,341,170 | ||||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $32,772,349) | 33,964,962 | |||||||
U.S. TREASURY NOTES & BONDS - 2.5% | ||||||||
U.S. Treasury Note | ||||||||
131,000,000 | 2.125%, 3/31/2024 | 128,877,263 | ||||||
100,000,000 | 5.000%, 8/31/2025 | 99,799,340 | ||||||
TOTAL U.S. TREASURY NOTES & BONDS | ||||||||
(Cost $228,777,034) | 228,676,603 | |||||||
TOTAL BONDS & DEBENTURES | ||||||||
(Cost $598,911,343) | 534,833,959 |
Number of Shares | ||||||||
CLOSED-END FUNDS — 0.1% | ||||||||
4,756,180 | Altegrity, Inc.(e),(f) | 11,081,899 | ||||||
TOTAL CLOSED-END FUNDS | ||||||||
(Cost $0) | 11,081,899 | |||||||
COMMON STOCKS — 63.3% | ||||||||
AEROSPACE & DEFENSE — 2.2% | ||||||||
1,330,897 | Howmet Aerospace, Inc. | 61,553,986 | ||||||
875,320 | Safran SA | 137,548,964 | ||||||
199,102,950 | ||||||||
APPAREL & TEXTILE PRODUCTS — 0.7% | ||||||||
568,841 | Cie Financiere Richemont SA Class A | 69,598,200 | ||||||
ASSET MANAGEMENT — 2.7% | ||||||||
1,931,163 | Groupe Bruxelles Lambert NV | 144,056,308 | ||||||
426,531 | LPL Financial Holdings, Inc. | 101,365,092 | ||||||
457,176 | Pershing Square Tontine Holdings Ltd.(e) | — | ||||||
245,421,400 | ||||||||
BANKING — 3.4% | ||||||||
3,673,666 | Citigroup, Inc. | 151,097,883 |
FPA Crescent Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
BANKING (Continued) | ||||||||
3,961,725 | Wells Fargo & Co. | $ | 161,876,083 | |||||
312,973,966 | ||||||||
BEVERAGES — 3.1% | ||||||||
1,951,168 | Heineken Holding NV | 147,281,314 | ||||||
4,041,690 | JDE Peet’s NV | 112,888,730 | ||||||
3,970,793 | Swire Pacific Ltd. Class A | 26,798,163 | ||||||
286,968,207 | ||||||||
CABLE & SATELLITE — 5.3% | ||||||||
393,387 | Charter Communications, Inc. Class A* | 173,019,470 | ||||||
7,087,694 | Comcast Corp. Class A | 314,268,352 | ||||||
487,287,822 | ||||||||
CHEMICALS — 1.9% | ||||||||
2,569,429 | International Flavors & Fragrances, Inc. | 175,157,975 | ||||||
CONSTRUCTION MATERIALS — 3.5% | ||||||||
594,517 | Heidelberg Materials AG | 46,208,785 | ||||||
4,283,093 | Holcim AG | 275,027,536 | ||||||
321,236,321 | ||||||||
E-COMMERCE DISCRETIONARY — 1.9% | ||||||||
1,810,103 | Alibaba Group Holding Ltd.* | 19,786,083 | ||||||
1,191,199 | Amazon.com, Inc.* | 151,425,217 | ||||||
171,211,300 | ||||||||
ELECTRIC UTILITIES — 1.0% | ||||||||
2,241,472 | FirstEnergy Corp. | 76,613,513 | ||||||
720,710 | PG&E Corp.* | 11,625,052 | ||||||
88,238,565 | ||||||||
ELECTRICAL EQUIPMENT — 2.5% | ||||||||
1,869,808 | TE Connectivity Ltd. | 230,977,382 | ||||||
ENGINEERING & CONSTRUCTION — 0.7% | ||||||||
56,585,375 | McDermott International, Ltd.*,(c),(e),(f) | 14,146,344 | ||||||
694,573 | Samsung C&T Corp. | 55,378,575 | ||||||
69,524,919 | ||||||||
ENTERTAINMENT CONTENT — 0.5% | ||||||||
33,130 | Epic Games, Inc.(e),(f) | 9,408,920 | ||||||
1,965,397 | Nexon Co. Ltd. | 35,161,194 | ||||||
44,570,114 | ||||||||
FOOD — 0.2% | ||||||||
1,628,225 | Herbalife Ltd.* | 22,778,868 | ||||||
HEALTH CARE FACILITIES & SVCS — 0.6% | ||||||||
233,915 | ICON PLC* | 57,601,569 |
FPA Crescent Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
INDUSTRIAL SUPPORT SERVICES - 1.2% | ||||||||
699,096 | Ferguson PLC | $ | 114,980,319 | |||||
INSTITUTIONAL FINANCIAL SVCS - 1.9% | ||||||||
4,697,583 | Jefferies Financial Group, Inc. | 172,072,465 | ||||||
INSURANCE - 4.7% | ||||||||
4,249,990 | American International Group, Inc. | 257,549,394 | ||||||
545,317 | Aon PLC Class A | 176,802,678 | ||||||
434,352,072 | ||||||||
INTERNET MEDIA & SERVICES - 10.5% | ||||||||
2,136,545 | Alphabet, Inc. Class A* | 279,588,279 | ||||||
1,586,945 | Alphabet, Inc. Class C* | 209,238,698 | ||||||
551,839 | Delivery Hero SE*,(a) | 15,851,005 | ||||||
965,437 | Just Eat Takeaway.com NV*,(a) | 12,013,102 | ||||||
834,482 | Meta Platforms, Inc. Class A* | 250,519,841 | ||||||
567,954 | Naspers Ltd. N Shares | 90,756,912 | ||||||
106,795 | Netflix, Inc.* | 40,325,792 | ||||||
1,422,357 | Uber Technologies, Inc.* | 65,414,199 | ||||||
963,707,828 | ||||||||
LEISURE FACILITIES & SERVICES - 1.0% | ||||||||
1,533,842 | Entain PLC | 17,456,904 | ||||||
402,415 | Marriott International, Inc. Class A | 79,098,692 | ||||||
96,555,596 | ||||||||
METALS & MINING - 1.6% | ||||||||
25,011,010 | Glencore PLC | 143,395,237 | ||||||
OIL & GAS PRODUCERS - 1.6% | ||||||||
526,060 | Gulfport Energy Corp.* | 62,422,280 | ||||||
5,262,897 | Kinder Morgan, Inc. | 87,258,832 | ||||||
149,681,112 | ||||||||
OTHER COMMON STOCK - 0.3% | ||||||||
— | Other Common Stock(k) | 24,360,461 | ||||||
REIT - 0.9% | ||||||||
3,746,765 | Douglas Emmett, Inc. | 47,808,721 | ||||||
1,668,698 | Vornado Realty Trust | 37,846,071 | ||||||
85,654,792 | ||||||||
RETAIL - DISCRETIONARY - 1.2% | ||||||||
1,521,148 | CarMax, Inc.* | 107,590,798 | ||||||
SEMICONDUCTORS - 5.2% | ||||||||
1,465,232 | Analog Devices, Inc. | 256,547,471 | ||||||
139,741 | Broadcom, Inc. | 116,066,080 | ||||||
521,846 | NXP Semiconductors NV | 104,327,452 | ||||||
476,941,003 |
FPA Crescent Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
TECHNOLOGY HARDWARE - 1.3% | ||||||||
862,607 | Dell Technologies, Inc. Class C | $ | 59,433,622 | |||||
1,542,361 | Nintendo Co. Ltd. | 64,299,445 | ||||||
123,733,067 | ||||||||
TECHNOLOGY SERVICES - 1.0% | ||||||||
1,430,916 | LG Corp. | 88,948,645 | ||||||
TRANSPORTATION EQUIPMENT - 0.7% | ||||||||
586,081 | Westinghouse Air Brake Technologies Corp. | 62,282,828 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $3,925,002,295) | 5,826,905,781 | |||||||
LIMITED PARTNERSHIPS - 3.9% | ||||||||
150,000 | Footpath Ventures SPV IV LP(e),(f) | 11,628,785 | ||||||
2,073,734 | FPS Group Ltd.(c),(e),(f) | 244,301,577 | ||||||
107,799 | FPS Shelby Holdco I LLC(c),(e),(f) | 8,876,468 | ||||||
958,312 | GACP II LP(e),(f) | 8,053,612 | ||||||
1,146,250 | Sound Holding FP(c),(e),(f) | 76,686,173 | ||||||
120,000 | U.S. Farming Realty Trust II LP(c),(e),(f) | 3,832,392 | ||||||
TOTAL LIMITED PARTNERSHIPS | ||||||||
(Cost $207,805,830) | 353,379,007 | |||||||
PREFERRED STOCKS — 0.1% | ||||||||
ENERGY — 0.0% | ||||||||
1,345 | Gulfport Energy Corp., 10.000%, (e) | 820,450 | ||||||
INDUSTRIALS — 0.1% | ||||||||
26,288 | McDermott International, Ltd., 8.000%, (c),(e),(f) | 6,571,918 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $2,473,117) | 7,392,368 | |||||||
SPECIAL PURPOSE ACQUISITION COMPANIES — 0.0% | ||||||||
421 | Biote Corp. * | 2,156 | ||||||
46,911 | PowerUp Acquisition Corp.* | 516,021 | ||||||
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES | ||||||||
(Cost $470,850) | 518,177 | |||||||
WARRANTS — 0.0% | ||||||||
13,439 | Alpha Partners Technology Merger Corp., Expiration Date: March 31, 2028* | 688 | ||||||
18,063 | American Oncology Network, Inc., Expiration Date: March 31, 2028* | 3,595 | ||||||
41,393 | Apollo Strategic Growth Capital II, Expiration Date: December 31, 2027* | 3,249 | ||||||
98,890 | Ares Acquisition Corp. A Shares, Expiration Date: December 31, 2027* | 65,366 | ||||||
412,865 | Atlantic Coastal Acquisition Corp., Expiration Date: December 31, 2027* | 11,560 | ||||||
160,436 | Atlantic Coastal Acquisition Corp. II, Expiration Date: June 2, 2028* | 11,231 | ||||||
266,952 | BigBear.ai Holdings, Inc., Expiration Date: December 31, 2028* | 120,128 | ||||||
1,007,550 | BurTech Acquisition Corp., Expiration Date: December 18, 2026* | 17,128 | ||||||
122,545 | C5 Acquisition Corp., Expiration Date: May 19, 2028* | 4,547 |
FPA Crescent Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
Number | ||||||||
of Shares | Value | |||||||
WARRANTS (Continued) | ||||||||
123,284 | Churchill Capital Corp. VII, Expiration Date: February 29, 2028* | $ | 37,972 | |||||
2,521,536 | Cie Financiere Richemont SA, Expiration Date: November 23, 2023* | 1,872,559 | ||||||
173,528 | DHC Acquisition Corp., Expiration Date: December 31, 2027* | 13,882 | ||||||
344,045 | Disruptive Acquisition Corp. I A Shares, Expiration Date: March 6, 2026* | 12,076 | ||||||
167,442 | ECARX Holdings, Inc., Expiration Date: December 21, 2027* | 7,535 | ||||||
414,327 | Electriq Power Holdings, Inc., Expiration Date: January 25, 2028* | 11,808 | ||||||
516,072 | Flame Acquisition Corp., Expiration Date: December 31, 2028* | 412,858 | ||||||
248,596 | Forest Road Acquisition Corp. II A Shares, Expiration Date: January 15, 2026* | 5,221 | ||||||
57,975 | Fusion Acquisition Corp. II A Shares, Expiration Date: December 31, 2027* | 12 | ||||||
64,614 | Global Partner Acquisition Corp. II, Expiration Date: December 30, 2027*,(e) | — | ||||||
344,044 | Golden Arrow Merger Corp., Expiration Date: July 31, 2027* | 12,454 | ||||||
98,835 | Heliogen, Inc., Expiration Date: March 31, 2028* | 3,647 | ||||||
310,750 | Landcadia Holdings IV, Inc., Expiration Date: March 29, 2028* | 43,505 | ||||||
316,054 | MariaDB PLC, Expiration Date: December 16, 2027* | 19,374 | ||||||
179,967 | Metals Acquisition Ltd., Expiration Date: June 16, 2028* | 361,734 | ||||||
216,065 | NioCorp Developments Ltd., Expiration Date: March 17, 2028* | 127,478 | ||||||
91,791 | Northern Star Investment Corp. III, Expiration Date: February 24, 2028* | 1,147 | ||||||
70,911 | Northern Star Investment Corp. IV, Expiration Date: December 31, 2027* | 1,425 | ||||||
193,976 | Plum Acquisition Corp. I, Expiration Date: December 31, 2028* | 11,639 | ||||||
10,692 | Prenetics Global Ltd., Expiration Date: December 31, 2026* | 560 | ||||||
77,074 | Ross Acquisition Corp. II, Expiration Date: February 12, 2026* | 8,594 | ||||||
178,581 | Slam Corp., Expiration Date: December 31, 2027* | 24,394 | ||||||
27,467 | Swvl Holdings Corp., Expiration Date: March 31, 2027* | 269 | ||||||
330,005 | Twelve Seas Investment Co. II, Expiration Date: March 2, 2028* | 11,583 | ||||||
94,559 | Virgin Orbit Holdings, Inc., Expiration Date: March 31, 2027*,(e) | — | ||||||
TOTAL WARRANTS | ||||||||
(Cost $2,232,105) | 3,239,218 | |||||||
SHORT-TERM INVESTMENTS — 26.7% | ||||||||
MONEY MARKET INVESTMENTS — 0.1% | ||||||||
4,165,364 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.14%(l) | 4,165,364 |
Principal Amount | ||||||||
COMMERCIAL PAPER — 12.7% | ||||||||
$ | 40,300,000 | Amazon.com, Inc., 3.41%, 11/16/2023 | 40,039,438 | |||||
70,000,000 | Apple, Inc., 5.27%, 10/4/2023 | 69,969,258 | ||||||
57,000,000 | Coco-Cola Co., 3.39%, 11/14/2023 | 56,648,183 | ||||||
45,000,000 | Kenvue, Inc., 5.35%, 12/5/2023 | 44,565,313 | ||||||
60,000,000 | Microsoft Corp., 5.30%, 11/6/2023 | 59,682,000 | ||||||
32,000,000 | Microsoft Corp., 5.30%, 11/7/2023 | 31,825,689 | ||||||
14,000,000 | Microsoft Corp., 5.30%, 11/17/2023 | 13,903,128 | ||||||
20,000,000 | Microsoft Corp., 5.33%, 11/20/2023 | 19,851,944 | ||||||
100,000,000 | Microsoft Corp., 5.33%, 12/19/2023 | 98,830,361 | ||||||
40,000,000 | Microsoft Corp., 5.34%, 1/2/2024 | 39,448,200 |
FPA Crescent Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
COMMERCIAL PAPER (Continued) | ||||||||
$ | 50,000,000 | Microsoft Corp., 5.34%, 1/3/2024 | $ | 49,302,833 | ||||
65,000,000 | Microsoft Corp., 5.34%, 1/22/2024 | 63,910,492 | ||||||
53,500,000 | Nestle Capital Corp., 5.35%, 12/18/2023 | 52,879,846 | ||||||
20,000,000 | PepsiCo, Inc., 3.75%, 10/3/2023 | 19,994,278 | ||||||
25,000,000 | PepsiCo, Inc., 3.89%, 10/16/2023 | 24,946,354 | ||||||
75,000,000 | PepsiCo, Inc., 4.95%, 10/18/2023 | 74,815,479 | ||||||
25,000,000 | PepsiCo, Inc., 5.21%, 10/20/2023 | 24,931,257 | ||||||
49,000,000 | PepsiCo, Inc., 5.13%, 10/23/2023 | 48,843,989 | ||||||
15,000,000 | PepsiCo, Inc., 5.29%, 11/1/2023 | 14,931,671 | ||||||
64,300,000 | PepsiCo, Inc., 5.23%, 11/3/2023 | 63,987,020 | ||||||
35,000,000 | PepsiCo, Inc., 5.29%, 11/6/2023 | 34,814,850 | ||||||
65,000,000 | PepsiCo, Inc., 5.31%, 11/7/2023 | 64,645,262 | ||||||
14,000,000 | PepsiCo, Inc., 5.31%, 11/15/2023 | 13,907,075 | ||||||
50,000,000 | PepsiCo, Inc., 5.36%, 1/22/2024 | 49,158,778 | ||||||
14,400,000 | Roche Holdings, Inc., 5.29%, 10/2/2023 | 14,397,884 | ||||||
21,100,000 | Roche Holdings, Inc., 5.29%, 10/11/2023 | 21,068,995 | ||||||
20,000,000 | Roche Holdings, Inc., 5.29%, 10/23/2023 | 19,935,344 | ||||||
40,000,000 | Roche Holdings, Inc., 5.29%, 10/26/2023 | 39,853,056 | ||||||
1,171,087,977 | ||||||||
TREASURY BILLS - 13.9% | ||||||||
9,300,000 | U.S. Treasury Bill, 4.69%, 10/10/2023(m) | 9,288,073 | ||||||
43,000,000 | U.S. Treasury Bill, 4.84%, 10/12/2023(m) | 42,931,711 | ||||||
54,000,000 | U.S. Treasury Bill, 4.98%, 10/17/2023(m) | 53,875,070 | ||||||
55,000,000 | U.S. Treasury Bill, 5.03%, 10/19/2023(m) | 54,856,312 | ||||||
68,000,000 | U.S. Treasury Bill, 5.10%, 10/24/2023(m) | 67,772,959 | ||||||
30,000,000 | U.S. Treasury Bill, 5.15%, 10/31/2023(m) | 29,869,438 | ||||||
65,000,000 | U.S. Treasury Bill, 5.14%, 11/2/2023(m) | 64,699,164 | ||||||
11,000,000 | U.S. Treasury Bill, 5.21%, 11/7/2023(m) | 10,940,646 | ||||||
46,000,000 | U.S. Treasury Bill, 5.20%, 11/9/2023(m) | 45,739,422 | ||||||
20,000,000 | U.S. Treasury Bill, 5.29%, 11/28/2023(m) | 19,830,295 | ||||||
77,000,000 | U.S. Treasury Bill, 5.26%, 12/7/2023(m) | 76,249,419 | ||||||
44,000,000 | U.S. Treasury Bill, 5.34%, 12/12/2023(m) | 43,539,408 | ||||||
90,000,000 | U.S. Treasury Bill, 5.28%, 12/14/2023(m) | 89,031,861 | ||||||
299,999,999 | U.S. Treasury Bill, 5.15%, 5/16/2024(m) | 290,014,380 | ||||||
300,000,000 | U.S. Treasury Bill, 5.30%, 6/13/2024(m) | 288,864,990 |
FPA Crescent Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
Principal Amount | Value | |||||||
TREASURY BILLS (Continued) | ||||||||
$ | 100,000,000 | U.S. Treasury Bill, 5.44%, 9/5/2024(m) | $ | 95,118,180 | ||||
1,282,621,328 | ||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $2,458,850,891) | 2,457,874,669 | |||||||
TOTAL INVESTMENTS - 99.9% | ||||||||
(Cost $7,195,746,431) | 9,195,225,078 | |||||||
Other Assets in Excess of Liabilities — 0.1% | 12,776,432 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 9,208,001,510 |
LLC - Limited Liability Company
LP - Limited Partnership
PLC - Public Limited Company
REIT - Real Estate Investment Trusts
*Non-income producing security.
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $38,935,224, which represents 0.42% of Net Assets. |
(b) | Variable or floating rate security. |
(c) | Affiliated company. |
(d) | Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate (“SOFR”). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. |
(e) | Level 3 securities fair valued under procedures established by the Board of Trustees, represents 4.80% of Net Assets. The total value of these securities is $441,668,117. |
(f) | Restricted securities. These restricted securities constituted 5.43% of total net assets at September 30, 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 Directors. |
(g) | As of September 30, 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. |
(h) | All or a portion of the loan is unfunded. |
(i) | Security is in default. |
(j) | Perpetual security. Maturity date is not applicable. |
(k) | 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. |
(l) | The rate is the annualized seven-day yield at period end. |
(m) | Treasury bill discount rate. |
FPA Crescent Fund |
SCHEDULE OF INVESTMENTS - Continued |
As of September 30, 2023 (Unaudited) |
Total Return Swaps - Short
Receive | Pay | Payment Frequency | Counterparty | Expiration Date | Notional Amount | Value | Upfront Premiums Paid(Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||
Cresco Labs, Inc. | CDOR01M + 1.500% | Annual | Nomura Securities International, Inc. | 6/30/2024 | CAD 2,682,796 | $ | 1,231,548 | — | $ | 1,231,548 | ||||||||||||||
Green Thumb Industries, Inc. | OBFR + 1.500% | Annual | Nomura Securities International, Inc. | 6/30/2024 | $ | 13,741,158 | 6,711,658 | — | 6,711,658 | |||||||||||||||
Trulieve Cannabis Corp. | CDOR01M + 1.500% | Annual | Nomura Securities International, Inc. | 6/30/2024 | CAD 2,078,850 | 1,151,832 | — | 1,151,832 | ||||||||||||||||
Verano Holdings Corp. | CDOR01M + 1.500% | Annual | Nomura Securities International, Inc. | 6/30/2024 | CAD 3,488,050 | 2,623,729 | — | 2,623,729 | ||||||||||||||||
$ | 11,718,767 | — | $ | 11,718,767 |
FPA Crescent Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
Restricted Security | Initial Acquisition Date | Cost | Fair Value | Fair Value as a % of Net Assets | ||||||||||
Altegrity, Inc. | 09/01/2021 | $ | - | $ | 11,081,899 | 0.12 | % | |||||||
CB&I STS Delaware LLC, 13.159% (1-Month Term SOFR+750basis points), 12/31/2026 | 09/05/2023 | 37,458,000 | 36,708,840 | 0.40 | % | |||||||||
Cornerstone OnDemand, Inc., 9.402% (3-Month Term SOFR+375basis points), 10/15/2028 | 12/07/2022 | 2,256,257 | 2,481,532 | 0.03 | % | |||||||||
Cresco Labs, Inc. | 05/19/2023 | - | 1,231,548 | 0.01 | % | |||||||||
Epic Games, Inc. | 06/25/2020 | 19,049,750 | 9,408,920 | 0.10 | % | |||||||||
Farfetch U.S. Holdings, Inc., 11.576% (3-Month Term SOFR+625basis points), 10/20/2027 | 09/28/2022 | 25,519,606 | 25,088,747 | 0.27 | % | |||||||||
Footpath Ventures SPV IV LP | 09/24/2021 | 15,562,050 | 11,628,785 | 0.13 | % | |||||||||
FPS Group Ltd. | 10/17/2018 | 162,457,450 | 244,301,577 | 2.65 | % | |||||||||
FPS Shelby Holdco I LLC | 02/04/2020 | 13,033,934 | 8,876,468 | 0.10 | % | |||||||||
GACP II LP | 01/12/2018 | - | 8,053,612 | 0.09 | % | |||||||||
Green Thumb Industries, Inc. | 05/19/2023 | - | 6,711,658 | 0.07 | % | |||||||||
Lealand Finance Company B.V. Senior Exit LC, 8.319%, 06/30/2024 | 11/12/2019 | 8,243,467 | (8,616,967 | ) | -0.09 | % | ||||||||
McDermott International Ltd., 8.000% | 12/31/2020 | 1,201,538 | 6,571,918 | 0.07 | % | |||||||||
McDermott International, Ltd. | 07/01/2020 | 55,498,910 | 14,146,344 | 0.15 | % | |||||||||
McDermott LC, 9.247%, 12/31/2025 | 12/31/2020 | 28,512,294 | 14,171,739 | 0.15 | % | |||||||||
McDermott Tanks Escrow LC, 9.997%, 12/31/2026 | 12/31/2020 | 7,260,749 | 3,995,967 | 0.04 | % | |||||||||
McDermott Technology Americas, Inc., 8.429% (1-Month Term SOFR+300basis points), 06/30/2024 | 07/01/2020 | 1,074,192 | 751,955 | 0.01 | % | |||||||||
McDermott Technology Americas, Inc., 9.429% (1-Month Term SOFR+400basis points), 06/30/2025 | 07/01/2020 | 52,560,418 | 17,487,768 | 0.19 | % | |||||||||
Sound Holding FP | 10/07/2013 | 16,752,396 | 76,686,173 | 0.83 | % | |||||||||
Trulieve Cannabis Corp. | 05/19/2023 | - | 1,151,832 | 0.01 | % | |||||||||
U.S. Farming Realty Trust II LP | 12/24/2012 | - | 3,832,392 | 0.04 | % | |||||||||
Verano Holdings Corp. | 05/19/2023 | - | 2,623,729 | 0.03 | % | |||||||||
Vision Solutions, Inc., 9.863% (3-Month Term SOFR+400basis points), 05/28/2028 | 12/07/2022 | 2,146,273 | 2,459,135 | 0.03 | % | |||||||||
$ | 448,587,284 | $ | 500,835,571 | 5.43 | % |
FPA Crescent Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2023 (Unaudited)
Affiliated Security | Beginning Value December 31, 2022 | Purchases or Conversions | Sales or Conversions | Net Realized Gain (Loss) on Sales Affiliated Investment | Change in Unrealized Appreciation (Depreciation) | Transfer In (Out) | Ending Value September 30, 2023 | Investment Income (Loss) | ||||||||||||||||||||||||
McDermott LC, 9.247%, 12/31/2025 | $ | 18,167,706 | $ | - | $ | (7,260,748 | ) | $ | - | $ | 3,264,781 | $ | - | $ | 14,171,739 | $ | 1,101,745 | |||||||||||||||
Lealand Finance Company B.V. Senior Exit LC, 8.319%, 6/30/2024 | (8,929,350 | ) | - | (931,537 | ) | 1,319,844 | (75,924 | ) | - | (8,616,967 | ) | 128,071 | ||||||||||||||||||||
McDermott International, Ltd., 8.000% | 13,554,380 | 1,201,538 | - | - | (8,184,000 | ) | - | 6,571,918 | 1,201,538 | |||||||||||||||||||||||
FPS Group Ltd. | 248,852,380 | - | - | - | (4,550,803 | ) | - | 244,301,577 | - | |||||||||||||||||||||||
FPS Shelby Holdco I LLC | 8,876,468 | - | - | - | - | - | 8,876,468 | - | ||||||||||||||||||||||||
U.S. Farming Realty Trust LP | 3,639,826 | - | (97,865 | ) | 97,865 | (3,639,826 | ) | - | - | - | ||||||||||||||||||||||
U.S. Farming Realty Trust II LP | 12,524,877 | - | - | - | (8,692,485 | ) | - | 3,832,392 | - | |||||||||||||||||||||||
Sound Holding FP | 66,907,723 | - | - | - | 9,778,450 | - | 76,686,173 | - | ||||||||||||||||||||||||
McDermott Technology Americas, Inc., 9.429% (1-Month Term SOFR+400 basis points), 6/30/2025 | 18,120,599 | 785,726 | - | - | (1,418,557 | ) | - | 17,487,768 | (1,757,416 | ) | ||||||||||||||||||||||
McDermott Technology Americas, Inc., 8.429% (1-Month Term SOFR+300 basis points), 6/30/2024 | 644,533 | - | - | - | 107,422 | - | 751,955 | 19,049 | ||||||||||||||||||||||||
McDermott International, Ltd. | 14,970,388 | 2,450,728 | - | - | (3,274,772 | ) | - | 14,146,344 | - | |||||||||||||||||||||||
CB&I STS Delaware LLC, 13.159% (1-Month Term SOFR+750 basis points), 12/31/2026 | - | 37,458,000 | - | - | (749,160 | ) | - | 36,708,840 | - | |||||||||||||||||||||||
McDermott Tanks Escrow LC, 9.997%, 12/31/2026 | - | 7,260,748 | - | - | (3,264,781 | ) | - | 3,995,967 | 38,332 | |||||||||||||||||||||||
Total | $ | 397,329,530 | $ | 49,156,740 | $ | (8,290,150 | ) | $ | 1,417,709 | $ | (20,699,655 | ) | $ | - | $ | 418,914,174 | $ | 731,319 |