FPA New Income Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2023 (Unaudited)
Principal Amount | Value | |||||||
BONDS & DEBENTURES — 94.2% | ||||||||
ASSET-BACKED SECURITIES — 43.5% | ||||||||
AUTO — 8.7% | ||||||||
Ally Auto Receivables Trust | ||||||||
$ | 8,996,000 | Series 2023-1, Class A4, 5.270%, 11/15/2028 | $ | 9,114,465 | ||||
BMW Vehicle Owner Trust | ||||||||
25,298,000 | Series 2022-A, Class A4, 3.440%, 12/26/2028 | 24,524,843 | ||||||
6,776,000 | Series 2023-A, Class A4, 5.250%, 11/26/2029 | 6,874,647 | ||||||
Capital One Prime Auto Receivables Trust | ||||||||
15,513,000 | Series 2022-2, Class A4, 3.690%, 12/15/2027 | 15,027,229 | ||||||
CarMax Auto Owner Trust | ||||||||
63,819,000 | Series 2022-3, Class A4, 4.060%, 2/15/2028 | 62,176,465 | ||||||
19,152,000 | Series 2022-3, Class B, 4.690%, 2/15/2028 | 18,843,735 | ||||||
21,176,000 | Series 2023-2, Class A4, 5.010%, 11/15/2028 | 21,279,241 | ||||||
10,892,000 | Series 2023-1, Class A4, 4.650%, 1/16/2029 | 10,886,578 | ||||||
20,637,000 | Series 2023-3, Class A4, 5.260%, 2/15/2029 | 20,815,289 | ||||||
Flagship Credit Auto Trust | ||||||||
17,609,000 | Series 2021-2, Class C, 1.270%, 6/15/2027(a) | 16,706,028 | ||||||
Ford Credit Auto Owner Trust | ||||||||
400,000 | Series 2020-B, Class B, 1.190%, 1/15/2026 | 396,181 | ||||||
14,487,000 | Series 2023-A, Class A4, 4.560%, 12/15/2028 | 14,411,631 | ||||||
7,137,000 | Series 2023-B, Class A4, 5.060%, 2/15/2029 | 7,179,514 | ||||||
GM Financial Consumer Automobile Receivables Trust | ||||||||
25,555,000 | Series 2022-3, Class A4, 3.710%, 12/16/2027 | 24,987,960 | ||||||
15,767,000 | Series 2023-1, Class A4, 4.590%, 7/17/2028 | 15,656,380 | ||||||
13,758,000 | Series 2023-3, Class A4, 5.340%, 12/18/2028 | 13,997,748 | ||||||
GM Financial Revolving Receivables Trust | ||||||||
38,305,000 | Series 2021-1, Class A, 1.170%, 6/12/2034(a) | 34,661,003 | ||||||
49,942,000 | Series 2023-1, Class A, 5.120%, 4/11/2035(a) | 50,830,768 | ||||||
12,704,000 | Series 2023-2, Class A, 5.770%, 8/11/2036(a) | 13,285,490 | ||||||
Honda Auto Receivables Owner Trust | ||||||||
6,350,000 | Series 2022-2, Class A4, 3.760%, 12/18/2028 | 6,216,521 | ||||||
Hyundai Auto Receivables Trust | ||||||||
14,340,000 | Series 2022-B, Class A4, 3.800%, 8/15/2028 | 14,003,161 | ||||||
10,743,000 | Series 2023-B, Class A4, 5.310%, 8/15/2029 | 10,940,755 | ||||||
Mercedes-Benz Auto Receivables Trust | ||||||||
10,006,000 | Series 2023-1, Class A4, 4.310%, 4/16/2029 | 9,824,255 | ||||||
Nissan Auto Receivables Owner Trust | ||||||||
13,366,000 | Series 2022-B, Class A4, 4.450%, 11/15/2029 | 13,235,683 | ||||||
15,538,000 | Series 2023-A, Class A4, 4.850%, 6/17/2030 | 15,545,987 | ||||||
Porsche Financial Auto Securitization Trust | ||||||||
17,279,000 | Series 2023-1A, Class A4, 4.720%, 6/23/2031(a) | 17,104,086 | ||||||
Prestige Auto Receivables Trust | ||||||||
13,545,000 | Series 2021-1A, Class C, 1.530%, 2/15/2028(a) | 12,882,557 | ||||||
SFS Auto Receivables Securitization Trust | ||||||||
8,951,000 | Series 2023-1A, Class A4, 5.470%, 12/20/2029(a) | 8,951,540 |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Principal Amount | Value | |||||||
BONDS & DEBENTURES (Continued) | ||||||||
ASSET-BACKED SECURITIES (Continued) | ||||||||
AUTO (Continued) | ||||||||
Toyota Auto Loan Extended Note Trust | ||||||||
$ | 54,519,000 | Series 2022-1A, Class A, 3.820%, 4/25/2035(a) | $ | 52,540,664 | ||||
43,813,000 | Series 2023-1A, Class A, 4.930%, 6/25/2036(a) | 44,143,276 | ||||||
Toyota Auto Receivables Owner Trust | ||||||||
10,600,000 | Series 2022-C, Class A4, 3.770%, 2/15/2028 | 10,337,398 | ||||||
16,189,000 | Series 2023-A, Class A4, 4.420%, 8/15/2028 | 16,015,339 | ||||||
19,879,000 | Series 2023-B, Class A4, 4.660%, 9/15/2028 | 19,810,324 | ||||||
25,523,000 | Series 2023-C, Class A4, 5.010%, 2/15/2029 | 25,668,667 | ||||||
Volkswagen Auto Loan Enhanced Trust | ||||||||
11,637,000 | Series 2023-1, Class A4, 5.010%, 1/22/2030 | 11,609,143 | ||||||
World Omni Auto Receivables Trust | ||||||||
14,612,000 | Series 2023-A, Class A4, 4.660%, 5/15/2029 | 14,536,085 | ||||||
21,627,000 | Series 2023-B, Class A4, 4.680%, 5/15/2029 | 21,539,424 | ||||||
10,417,000 | Series 2023-C, Class A4, 5.030%, 11/15/2029 | 10,468,867 | ||||||
717,028,927 | ||||||||
COLLATERALIZED LOAN OBLIGATION — 5.5% | ||||||||
ABPCI Direct Lending Fund CLO X LP | ||||||||
19,397,000 | Series 2020-10A, Class A1A, 7.627% (3-Month Term SOFR+221.161 basis points), 1/20/2032(a),(b) | 19,378,127 | ||||||
BTC Offshore Holdings Fund | ||||||||
13,312,039 | 8.324%, 10/20/2029(c),(d) | 13,312,039 | ||||||
Cerberus Loan Funding XL LLC | ||||||||
10,299,000 | Series 2023-1A, Class A, 7.794% (3-Month Term SOFR+240 basis points), 3/22/2035(a),(b) | 10,308,619 | ||||||
Cerberus Loan Funding XLI LLC | ||||||||
51,840,000 | Series 2023-2A, Class A1, 7.944% (3-Month Term SOFR+255 basis points), 7/15/2035(a),(b) | 52,183,906 | ||||||
Cerberus Loan Funding XLIII LLC | ||||||||
52,569,000 | Series 2023-4A, Class A, 7.822% (3-Month Term SOFR+242.5 basis points), 10/15/2035(a),(b) | 52,562,692 | ||||||
Fortress Credit Opportunities IX CLO Ltd. | ||||||||
118,776,000 | Series 2017-9A, Class A1TR, 7.205% (3-Month Term SOFR+181.161 basis points), 10/15/2033(a),(b) | 118,301,727 | ||||||
Golub Capital Partners CLO 42M Ltd. | ||||||||
13,772,000 | Series 2019-42A, Class A2, 7.677% (3-Month Term SOFR+226.161 basis points), 4/20/2031(a),(b) | 13,772,000 | ||||||
Golub Capital Partners CLO 45M Ltd. | ||||||||
17,314,000 | Series 2019-45A, Class B1, 8.227% (3-Month Term SOFR+281.161 basis points), 10/20/2031(a),(b) | 16,990,211 | ||||||
Golub Capital Partners CLO 67M Ltd. | ||||||||
43,478,000 | Series 2023-67A, Class A1, 7.866% (3-Month Term SOFR+250 basis points), 5/9/2036(a),(b) | 43,560,739 |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Principal Amount | Value | |||||||
BONDS & DEBENTURES (Continued) | ||||||||
ASSET-BACKED SECURITIES (Continued) | ||||||||
COLLATERALIZED LOAN OBLIGATION (Continued) | ||||||||
Helios Issuer LLC | ||||||||
$ | 7,257,783 | Series 2023-GRID1, Class 1A, 5.750%, 12/20/2050(a) | $ | 7,525,073 | ||||
Lake Shore MM CLO III LLC | ||||||||
11,083,000 | Series 2019-2A, Class A2R, 2.525%, 10/17/2031(a) | 10,553,499 | ||||||
Owl Rock CLO VI Ltd. | ||||||||
66,692,000 | Series 2021-6A, Class A, 7.082% (3-Month Term SOFR+171.161 basis points), 6/21/2032(a),(b) | 66,180,672 | ||||||
VCP CLO II Ltd. | ||||||||
30,122,574 | Series 2021-2A, Class A1, 7.326% (3-Month Term SOFR+193.161 basis points), 4/15/2031(a),(b) | 30,019,223 | ||||||
454,648,527 | ||||||||
CREDIT CARD — 3.6% | ||||||||
American Express Credit Account Master Trust | ||||||||
53,566,000 | Series 2022-2, Class A, 3.390%, 5/15/2027 | 52,453,938 | ||||||
66,293,000 | Series 2023-2, Class A, 4.800%, 5/15/2030 | 66,991,085 | ||||||
77,963,000 | Series 2023-4, Class A, 5.150%, 9/15/2030 | 80,073,762 | ||||||
Chase Issuance Trust | ||||||||
45,545,000 | Series 2023-A2, Class A, 5.080%, 9/15/2030 | 46,752,321 | ||||||
Discover Card Execution Note Trust | ||||||||
50,645,000 | Series 2022-A2, Class A, 3.320%, 5/15/2027 | 49,561,643 | ||||||
295,832,749 | ||||||||
EQUIPMENT — 14.9% | ||||||||
ARI Fleet Lease Trust | ||||||||
10,094,000 | Series 2022-A, Class A3, 3.430%, 1/15/2031(a) | 9,853,749 | ||||||
Avis Budget Rental Car Funding AESOP LLC | ||||||||
4,211,000 | Series 2021-2A, Class A, 1.660%, 2/20/2028(a) | 3,781,217 | ||||||
13,136,000 | Series 2023-1A, Class A, 5.250%, 4/20/2029(a) | 12,918,683 | ||||||
38,251,000 | Series 2023-4A, Class A, 5.490%, 6/20/2029(a) | 38,487,066 | ||||||
48,017,000 | Series 2023-6A, Class A, 5.810%, 12/20/2029(a) | 49,104,134 | ||||||
34,038,000 | Series 2023-8A, Class A, 6.020%, 2/20/2030(a) | 34,971,509 | ||||||
CNH Equipment Trust | ||||||||
7,414,000 | Series 2022-B, Class A4, 3.910%, 3/15/2028 | 7,227,434 | ||||||
6,738,000 | Series 2023-A, Class A4, 4.770%, 10/15/2030 | 6,679,845 | ||||||
17,009,000 | Series 2023-B, Class A4, 5.460%, 3/17/2031 | 17,302,011 | ||||||
Coinstar Funding LLC | ||||||||
11,992,310 | Series 2017-1A, Class A2, 5.216%, 4/25/2047(a) | 10,368,398 | ||||||
Dell Equipment Finance Trust | ||||||||
5,100,000 | Series 2022-2, Class B, 4.400%, 7/22/2027(a) | 5,014,927 | ||||||
4,700,000 | Series 2022-2, Class C, 4.740%, 7/22/2027(a) | 4,589,553 | ||||||
Enterprise Fleet Financing LLC | ||||||||
32,246,000 | Series 2022-2, Class A3, 4.790%, 5/21/2029(a) | 31,922,469 |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Principal Amount | Value | |||||||
BONDS & DEBENTURES (Continued) | ||||||||
ASSET-BACKED SECURITIES (Continued) | ||||||||
EQUIPMENT (Continued) | ||||||||
$ | 9,703,000 | Series 2022-3, Class A3, 4.290%, 7/20/2029(a) | $ | 9,462,380 | ||||
28,811,000 | Series 2023-1, Class A3, 5.420%, 10/22/2029(a) | 28,960,313 | ||||||
18,980,000 | Series 2022-4, Class A3, 5.650%, 10/22/2029(a) | 19,192,688 | ||||||
37,963,000 | Series 2023-2, Class A3, 5.500%, 4/22/2030(a) | 38,065,534 | ||||||
34,823,000 | Series 2023-3, Class A3, 6.410%, 6/20/2030(a) | 36,223,073 | ||||||
Ford Credit Floorplan Master Owner Trust A | ||||||||
5,070,000 | Series 2020-2, Class A, 1.060%, 9/15/2027 | 4,740,974 | ||||||
78,931,000 | Series 2018-4, Class A, 4.060%, 11/15/2030 | 76,628,141 | ||||||
GMF Floorplan Owner Revolving Trust | ||||||||
18,848,000 | Series 2023-2, Class A, 5.340%, 6/15/2030(a) | 19,130,518 | ||||||
GreatAmerica Leasing Receivables | ||||||||
16,501,000 | Series 2023-1, Class A4, 5.060%, 3/15/2030(a) | 16,352,343 | ||||||
GreatAmerica Leasing Receivables Funding LLC | ||||||||
17,738,000 | Series 2022-1, Class A4, 5.350%, 7/16/2029(a) | 17,885,672 | ||||||
Hertz Vehicle Financing III LLC | ||||||||
31,918,000 | Series 2023-4A, Class A, 6.150%, 3/25/2030(a) | 33,048,947 | ||||||
Hertz Vehicle Financing III LP | ||||||||
44,631,000 | Series 2021-2A, Class A, 1.680%, 12/27/2027(a) | 40,399,316 | ||||||
Hertz Vehicle Financing LLC | ||||||||
11,875,000 | Series 2022-4A, Class A, 3.730%, 9/25/2026(a) | 11,562,329 | ||||||
38,642,000 | Series 2022-2A, Class A, 2.330%, 6/26/2028(a) | 35,008,732 | ||||||
72,333,000 | Series 2022-5A, Class A, 3.890%, 9/25/2028(a) | 68,392,219 | ||||||
HPEFS Equipment Trust | ||||||||
5,634,000 | Series 2022-2A, Class C, 4.430%, 9/20/2029(a) | 5,462,699 | ||||||
John Deere Owner Trust | ||||||||
17,226,000 | Series 2022-B, Class A4, 3.800%, 5/15/2029 | 16,804,035 | ||||||
15,675,000 | Series 2023-A, Class A4, 5.010%, 12/17/2029 | 15,693,145 | ||||||
11,706,000 | Series 2023-B, Class A4, 5.110%, 5/15/2030 | 11,709,564 | ||||||
15,742,000 | Series 2023-C, Class A4, 5.390%, 8/15/2030 | 16,076,258 | ||||||
Kubota Credit Owner Trust | ||||||||
34,050,000 | Series 2022-2A, Class A4, 4.170%, 6/15/2028(a) | 33,145,578 | ||||||
12,897,000 | Series 2023-2A, Class A4, 5.230%, 6/15/2028(a) | 12,959,958 | ||||||
9,456,000 | Series 2023-1A, Class A4, 5.070%, 2/15/2029(a) | 9,413,536 | ||||||
M&T Equipment Notes | ||||||||
9,785,000 | Series 2023-1A, Class A4, 5.750%, 7/15/2030(a) | 9,831,761 | ||||||
MMAF Equipment Finance LLC | ||||||||
24,567,000 | Series 2023-A, Class A4, 5.500%, 12/13/2038(a) | 24,780,111 | ||||||
7,081,000 | Series 2020-A, Class A5, 1.560%, 10/9/2042(a) | 6,236,539 | ||||||
NextGear Floorplan Master Owner Trust | ||||||||
72,271,000 | Series 2022-1A, Class A2, 2.800%, 3/15/2027(a) | 69,955,199 | ||||||
Prop | ||||||||
14,407,406 | Series 2017-1A, 5.300%, 3/15/2042(c),(d) | 12,282,313 |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Principal Amount | Value | |||||||
BONDS & DEBENTURES (Continued) | ||||||||
ASSET-BACKED SECURITIES (Continued) | ||||||||
EQUIPMENT (Continued) | ||||||||
Verizon Master Trust | ||||||||
$ | 77,914,000 | Series 2022-4, Class A, 3.400%, 11/20/2028 | $ | 76,182,354 | ||||
34,616,000 | Series 2022-4, Class B, 3.640%, 11/20/2028 | 34,022,478 | ||||||
8,987,000 | Series 2022-4, Class C, 3.890%, 11/20/2028 | 8,865,952 | ||||||
37,943,000 | Series 2022-6, Class A, 3.670%, 1/22/2029 | 37,234,331 | ||||||
59,567,000 | Series 2023-3, Class A, 4.730%, 4/21/2031(a) | 59,113,910 | ||||||
76,585,000 | Series 2023-6, Class A, 5.350%, 9/22/2031(a) | 79,182,304 | ||||||
1,226,226,199 | ||||||||
NON-AGENCY — 0.3% | ||||||||
Progress Residential Trust | ||||||||
27,217,000 | Series 2023-SFR2, Class A, 4.500%, 10/17/2028(a) | 26,299,330 | ||||||
OTHER — 10.5% | ||||||||
ABPCI Direct Lending Fund ABS I Ltd. | ||||||||
34,227,704 | Series 2020-1A, Class A, 3.199%, 12/20/2030(a) | 32,643,817 | ||||||
ABPCI Direct Lending Fund ABS II LLC | ||||||||
26,204,000 | Series 2022-2A, Class A1, 7.487% (3-Month Term SOFR+210 basis points), 3/1/2032(a),(b) | 26,148,500 | ||||||
Cologix Data Centers US Issuer LLC | ||||||||
58,068,000 | Series 2021-1A, Class A2, 3.300%, 12/26/2051(a) | 52,232,526 | ||||||
DataBank Issuer | ||||||||
14,750,000 | Series 2021-1A, Class A2, 2.060%, 2/27/2051(a) | 13,346,456 | ||||||
Elm Trust | ||||||||
6,519,372 | Series 2020-3A, Class A2, 2.954%, 8/20/2029(a) | 6,240,956 | ||||||
6,513,066 | Series 2020-4A, Class A2, 2.286%, 10/20/2029(a) | 6,179,890 | ||||||
FCI Funding LLC | ||||||||
1,982,423 | Series 2021-1A, Class A, 1.130%, 4/15/2033(a) | 1,954,679 | ||||||
Golub Capital Partners ABS Funding Ltd. | ||||||||
26,084,775 | Series 2020-1A, Class A2, 3.208%, 1/22/2029(a) | 24,529,053 | ||||||
50,503,531 | Series 2021-1A, Class A2, 2.773%, 4/20/2029(a) | 47,490,339 | ||||||
95,445,000 | Series 2021-2A, Class A, 2.944%, 10/19/2029(a) | 87,493,191 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Auth Rev. | ||||||||
38,683,391 | 3.615%, 2/1/2029 | 37,817,850 | ||||||
Monroe Capital ABS Funding Ltd. | ||||||||
43,431,934 | Series 2021-1A, Class A2, 2.815%, 4/22/2031(a) | 42,120,289 | ||||||
Oklahoma Development Finance Authority | ||||||||
28,308,459 | 4.135%, 12/1/2033 | 27,661,809 | ||||||
10,600,097 | 4.285%, 2/1/2034 | 10,418,337 | ||||||
23,605,124 | 3.877%, 5/1/2037 | 22,823,133 | ||||||
Oportun Funding XIV LLC | ||||||||
5,165,777 | Series 2021-A, Class A, 1.210%, 3/8/2028(a) | 4,946,475 |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Principal Amount | Value | |||||||
BONDS & DEBENTURES (Continued) | ||||||||
ASSET-BACKED SECURITIES (Continued) | ||||||||
OTHER (Continued) | ||||||||
Oportun Issuance Trust | ||||||||
$ | 64,181,000 | Series 2021-C, Class A, 2.180%, 10/8/2031(a) | $ | 59,279,767 | ||||
PFS Financing Corp. | ||||||||
105,379,000 | Series 2022-A, Class A, 2.470%, 2/15/2027(a) | 101,998,631 | ||||||
21,651,000 | Series 2022-A, Class B, 2.770%, 2/15/2027(a) | 20,840,406 | ||||||
77,233,000 | Series 2022-C, Class A, 3.890%, 5/15/2027(a) | 75,656,613 | ||||||
11,913,000 | Series 2022-C, Class B, 4.390%, 5/15/2027(a) | 11,688,919 | ||||||
71,781,000 | Series 2022-D, Class A, 4.270%, 8/15/2027(a) | 70,302,584 | ||||||
SpringCastle America Funding LLC | ||||||||
13,351,380 | Series 2020-AA, Class A, 1.970%, 9/25/2037(a) | 12,276,568 | ||||||
Texas Natural Gas Securitization Finance Corp. | ||||||||
8,561,000 | 5.102%, 4/1/2035 | 8,724,840 | ||||||
TVEST LLC | ||||||||
1,225,722 | Series 2020-A, Class A, 4.500%, 7/15/2032(a) | 1,219,005 | ||||||
Vantage Data Centers Issuer LLC | ||||||||
19,214,000 | Series 2020-1A, Class A2, 1.645%, 9/15/2045(a) | 17,735,796 | ||||||
VCP RRL ABS I Ltd. | ||||||||
35,820,659 | Series 2021-1A, Class A, 2.152%, 10/20/2031(a) | 33,076,940 | ||||||
WEPCo Environmental Trust Finance LLC | ||||||||
9,664,729 | Series 2021-1, Class A, 1.578%, 12/15/2035 | 8,295,623 | ||||||
865,142,992 | ||||||||
TOTAL ASSET-BACKED SECURITIES | ||||||||
(Cost $3,630,863,400) | 3,585,178,724 | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 20.1% | ||||||||
AGENCY — 12.3% | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
38,614,000 | Series K051, Class A2, 3.308%, 9/25/2025 | 37,648,403 | ||||||
3,600,000 | Series K054, Class A2, 2.745%, 1/25/2026 | 3,465,552 | ||||||
87,324,000 | Series K057, Class A2, 2.570%, 7/25/2026 | 83,421,228 | ||||||
13,173,000 | Series K058, Class A2, 2.653%, 8/25/2026 | 12,575,301 | ||||||
78,737,137 | Series K061, Class A2, 3.347%, 11/25/2026(b) | 76,435,218 | ||||||
41,061,276 | Series K062, Class A2, 3.413%, 12/25/2026 | 39,890,857 | ||||||
16,539,000 | Series K063, Class A2, 3.430%, 1/25/2027(b) | 16,070,725 | ||||||
9,702,802 | Series K065, Class A2, 3.243%, 4/25/2027 | 9,360,836 | ||||||
7,223,000 | Series K066, Class A2, 3.117%, 6/25/2027 | 6,936,003 | ||||||
8,509,735 | Series K068, Class A2, 3.244%, 8/25/2027 | 8,186,827 | ||||||
12,338,034 | Series K072, Class A2, 3.444%, 12/25/2027 | 11,920,514 | ||||||
29,086,020 | Series K073, Class A2, 3.350%, 1/25/2028 | 27,984,896 | ||||||
16,051,256 | Series K076, Class A2, 3.900%, 4/25/2028 | 15,751,407 | ||||||
4,086,000 | Series K077, Class A2, 3.850%, 5/25/2028(b) | 3,999,374 | ||||||
30,559,000 | Series K079, Class A2, 3.926%, 6/25/2028 | 29,978,361 | ||||||
25,020,308 | Series K080, Class A2, 3.926%, 7/25/2028(b) | 24,530,648 |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Principal Amount | Value | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
AGENCY (Continued) | ||||||||
$ | 62,589,000 | Series K081, Class A2, 3.900%, 8/25/2028(b) | $ | 61,259,309 | ||||
46,777,000 | Series K082, Class A2, 3.920%, 9/25/2028(b) | 45,815,475 | ||||||
24,028,000 | Series K083, Class A2, 4.050%, 9/25/2028(b) | 23,649,888 | ||||||
68,841,723 | Series K084, Class A2, 3.780%, 10/25/2028(b) | 66,914,155 | ||||||
27,924,000 | Series K085, Class A2, 4.060%, 10/25/2028(b) | 27,469,799 | ||||||
27,195,714 | Series K089, Class A2, 3.563%, 1/25/2029 | 26,176,022 | ||||||
25,293,822 | Series K091, Class A2, 3.505%, 3/25/2029 | 24,265,297 | ||||||
3,986,000 | Series K093, Class A2, 2.982%, 5/25/2029 | 3,724,227 | ||||||
84,442,000 | Series K095, Class A2, 2.785%, 6/25/2029 | 77,971,108 | ||||||
60,450,000 | Series K094, Class A2, 2.903%, 6/25/2029 | 56,136,252 | ||||||
40,814,000 | Series K097, Class A2, 2.508%, 7/25/2029 | 37,041,929 | ||||||
90,012,000 | Series K096, Class A2, 2.519%, 7/25/2029 | 81,816,425 | ||||||
Freddie Mac Multifamily Structured Pass-Through Certificates | ||||||||
4,691,000 | Series K088, Class A2, 3.690%, 1/25/2029 | 4,542,570 | ||||||
42,350,000 | Series K090, Class A2, 3.422%, 2/25/2029 | 40,477,592 | ||||||
2,376,000 | Series K092, Class A2, 3.298%, 4/25/2029 | 2,255,012 | ||||||
4,042,000 | Series K103, Class A2, 2.651%, 11/25/2029 | 3,678,252 | ||||||
1,370,000 | Series K105, Class A2, 1.872%, 1/25/2030 | 1,187,097 | ||||||
1,355,000 | Series K104, Class A2, 2.253%, 1/25/2030 | 1,203,496 | ||||||
17,591,000 | Series K109, Class A2, 1.558%, 4/25/2030 | 14,877,829 | ||||||
7,589,000 | Series K114, Class A2, 1.366%, 6/25/2030 | 6,292,608 | ||||||
1,014,910,492 | ||||||||
AGENCY STRIPPED — 0.4% | ||||||||
Government National Mortgage Association | ||||||||
10,956,935 | Series 2014-77, Class IO, 0.575%, 12/16/2047(b) | 100,327 | ||||||
301,400 | Series 2012-25, Class IO, 0.398%, 8/16/2052(b) | 54 | ||||||
16,575,939 | Series 2012-150, Class IO, 0.437%, 11/16/2052(b) | 267,010 | ||||||
14,801,178 | Series 2012-114, Class IO, 0.622%, 1/16/2053(b) | 297,388 | ||||||
36,332,651 | Series 2012-125, Class IO, 0.178%, 2/16/2053(b) | 232,464 | ||||||
36,569,569 | Series 2012-79, Class IO, 0.353%, 3/16/2053(b) | 473,272 | ||||||
938,224 | Series 2012-45, Class IO, 0.000%, 4/16/2053(b),(e) | 1 | ||||||
20,103,286 | Series 2013-45, Class IO, 0.075%, 12/16/2053(b) | 14,754 | ||||||
6,980,243 | Series 2013-125, Class IO, 0.231%, 10/16/2054(b) | 98,276 | ||||||
24,544,381 | Series 2014-157, Class IO, 0.190%, 5/16/2055(b) | 169,783 | ||||||
28,948,611 | Series 2014-153, Class IO, 0.341%, 4/16/2056(b) | 376,416 | ||||||
66,380,460 | Series 2014-175, Class IO, 0.535%, 4/16/2056(b) | 1,116,499 | ||||||
5,253,844 | Series 2014-138, Class IO, 0.536%, 4/16/2056(b) | 101,084 | ||||||
66,695,572 | Series 2014-187, Class IO, 0.616%, 5/16/2056(b) | 1,489,699 | ||||||
5,582,279 | Series 2015-41, Class IO, 0.167%, 9/16/2056(b) | 42,932 | ||||||
1,472,568 | Series 2015-108, Class IO, 0.337%, 10/16/2056(b) | 17,584 | ||||||
11,879,179 | Series 2014-110, Class IO, 0.108%, 1/16/2057(b) | 68,792 | ||||||
27,760,781 | Series 2015-19, Class IO, 0.295%, 1/16/2057(b) | 411,018 |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Principal Amount | Value | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
AGENCY STRIPPED (Continued) | ||||||||
$ | 16,814,722 | Series 2015-7, Class IO, 0.454%, 1/16/2057(b) | $ | 334,815 | ||||
44,794,505 | Series 2015-169, Class IO, 0.257%, 7/16/2057(b) | 569,065 | ||||||
7,610,013 | Series 2015-150, Class IO, 0.365%, 9/16/2057(b) | 145,322 | ||||||
38,855,760 | Series 2016-125, Class IO, 0.815%, 12/16/2057(b) | 1,529,374 | ||||||
29,196,817 | Series 2016-65, Class IO, 0.493%, 1/16/2058(b) | 708,983 | ||||||
84,253,214 | Series 2016-106, Class IO, 0.969%, 9/16/2058(b) | 3,845,957 | ||||||
42,013,866 | Series 2020-43, Class IO, 1.261%, 11/16/2061(b) | 3,174,627 | ||||||
53,839,086 | Series 2020-71, Class IO, 1.102%, 1/16/2062(b) | 3,743,922 | ||||||
99,824,462 | Series 2020-75, Class IO, 0.870%, 2/16/2062(b) | 6,063,168 | ||||||
125,749,704 | Series 2020-42, Class IO, 0.937%, 3/16/2062(b) | 7,861,972 | ||||||
33,254,558 | ||||||||
NON-AGENCY — 7.4% | ||||||||
A10 Bridge Asset Financing LLC | ||||||||
5,648,319 | Series 2021-D, Class A1FX, 2.589%, 10/1/2038(a) | 5,436,946 | ||||||
ACRE Commercial Mortgage Ltd. | ||||||||
5,866,795 | Series 2021-FL4, Class A, 6.303% (1-Month Term SOFR+94.448 basis points), 12/18/2037(a),(b) | 5,871,398 | ||||||
ACRES Commercial Realty Ltd. | ||||||||
55,331,593 | Series 2021-FL1, Class A, 6.676% (1-Month Term SOFR+131.448 basis points), 6/15/2036(a),(b) | 54,303,183 | ||||||
13,444,000 | Series 2021-FL2, Class A, 6.876% (1-Month Term SOFR+151.448 basis points), 1/15/2037(a),(b) | 13,399,877 | ||||||
Arbor Realty Commercial Real Estate Notes Ltd. | ||||||||
45,859,000 | Series 2021-FL2, Class A, 6.576% (1-Month Term SOFR+121.448 basis points), 5/15/2036(a),(b) | 45,567,791 | ||||||
59,062,000 | Series 2021-FL4, Class A, 6.826% (1-Month Term SOFR+146.448 basis points), 11/15/2036(a),(b) | 58,659,303 | ||||||
57,822,000 | Series 2022-FL1, Class A, 6.789% (30-Day SOFR Average+145 basis points), 1/15/2037(a),(b) | 57,462,151 | ||||||
35,540,000 | Series 2022-FL2, Class A, 7.212% (1-Month Term SOFR+185 basis points), 5/15/2037(a),(b) | 35,539,890 | ||||||
BBCMS Trust | ||||||||
9,829,932 | Series 2015-SRCH, Class A1, 3.312%, 8/10/2035(a) | 9,245,943 | ||||||
BDS Ltd. | ||||||||
10,199,186 | Series 2021-FL8, Class A, 6.393% (1-Month Term SOFR+103.448 basis points), 1/18/2036(a),(b) | 10,178,697 | ||||||
BX Commercial Mortgage Trust | ||||||||
28,900,000 | Series 2021-VOLT, Class E, 7.476% (1-Month Term SOFR+211.448 basis points), 9/15/2036(a),(b) | 27,635,220 | ||||||
HERA Commercial Mortgage Ltd. | ||||||||
40,575,894 | Series 2021-FL1, Class A, 6.523% (1-Month Term SOFR+116.448 basis points), 2/18/2038(a),(b) | 39,803,110 |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Principal Amount | Value | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
NON-AGENCY (Continued) | ||||||||
Independence Plaza Trust | ||||||||
$ | 11,081,000 | Series 2018-INDP, Class A, 3.763%, 7/10/2035(a) | $ | 10,580,218 | ||||
JPMBB Commercial Mortgage Securities Trust | ||||||||
7,303,193 | Series 2015-C31, Class A3, 3.801%, 8/15/2048 | 7,013,983 | ||||||
KREF Ltd. | ||||||||
19,179,000 | Series 2021-FL2, Class A, 6.546% (1-Month Term SOFR+118.448 basis points), 2/15/2039(a),(b) | 18,782,374 | ||||||
LCCM Trust | ||||||||
9,108,411 | Series 2021-FL2, Class A, 6.676% (1-Month Term SOFR+131.448 basis points), 12/13/2038(a),(b) | 9,024,760 | ||||||
LoanCore Issuer Ltd. | ||||||||
7,071,445 | Series 2021-CRE5, Class A, 6.776% (1-Month Term SOFR+141.448 basis points), 7/15/2036(a),(b) | 6,996,799 | ||||||
MF1 Ltd. | ||||||||
8,904,576 | Series 2020-FL4, Class A, 7.176% (1-Month Term SOFR+181.448 basis points), 11/15/2035(a),(b) | 8,905,197 | ||||||
Progress Residential Trust | ||||||||
13,809,395 | Series 2021-SFR11, Class A, 2.283%, 1/17/2039(a) | 11,934,736 | ||||||
14,323,782 | Series 2021-SFR7, Class A, 1.692%, 8/17/2040(a) | 12,230,867 | ||||||
8,797,640 | Series 2021-SFR9, Class A, 2.013%, 11/17/2040(a) | 7,571,338 | ||||||
56,733,773 | Series 2021-SFR10, Class A, 2.393%, 12/17/2040(a) | 49,637,785 | ||||||
Ready Capital Mortgage Financing LLC | ||||||||
8,544,601 | Series 2021-FL5, Class A, 6.471% (1-Month Term SOFR+111.448 basis points), 4/25/2038(a),(b) | 8,517,382 | ||||||
Shelter Growth CRE Issuer Ltd. | ||||||||
4,604,027 | Series 2021-FL3, Class A, 6.556% (1-Month Term SOFR+119.448 basis points), 9/15/2036(a),(b) | 4,586,397 | ||||||
STWD Ltd. | ||||||||
33,694,384 | Series 2021-FL2, Class A, 6.673% (1-Month Term SOFR+131.448 basis points), 4/18/2038(a),(b) | 32,934,964 | ||||||
TRTX Issuer Ltd. | ||||||||
37,857,000 | Series 2022-FL5, Class A, 6.989% (30-Day SOFR Average+165 basis points), 2/15/2039(a),(b) | 37,190,857 | ||||||
VMC Finance LLC | ||||||||
20,143,100 | Series 2021-HT1, Class A, 7.123% (1-Month Term SOFR+176.448 basis points), 1/18/2037(a),(b) | 19,740,401 | ||||||
608,751,567 | ||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | ||||||||
(Cost $1,684,156,930) | 1,656,916,617 | |||||||
CORPORATE BANK DEBT — 0.9% | ||||||||
Axiom Global, Inc. | ||||||||
22,601,282 | 10.206% (1-Month USD Libor+475 basis points), 10/1/2026(b),(d),(f) | 21,866,741 |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BANK DEBT (Continued) | ||||||||
Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan | ||||||||
$ | 952,112 | 10.198% (1-Month Term SOFR+0.000 basis points), 11/12/2027(c),(d),(f),(g) | $ | 918,798 | ||||
Capstone Acquisition Holdings, Inc. 2020 Term Loan | ||||||||
18,440,272 | 10.198% (1-Month Term SOFR+0.000 basis points), 11/12/2027(c),(d),(f) | 17,795,047 | ||||||
Frontier Communications Holdings LLC | ||||||||
23,144,528 | 9.213% (3-Month USD Libor+375 basis points), 10/8/2027(b),(d),(f) | 22,739,498 | ||||||
JC Penney Corp., Inc. | ||||||||
27,218,054 | 9.384% (3-Month USD Libor+425 basis points), 6/23/2025*,(b),(d),(f) | 2,722 | ||||||
Lealand Finance Company B.V. Senior Exit LC | ||||||||
12,477,102 | 10.105%, 6/30/2024(c),(d),(f),(g),(h) | (4,366,986 | ) | |||||
McDermott Tanks Secured LC | ||||||||
4,292,898 | 5.127%, 12/31/2026(c),(d),(f),(g) | (686,864 | ) | |||||
Windstream Services LLC | ||||||||
12,996,514 | 11.699% (1-Month Term SOFR+625 basis points), 9/21/2027(b),(d),(f) | 12,260,001 | ||||||
TOTAL CORPORATE BANK DEBT | ||||||||
(Cost $76,549,017) | 70,528,957 | |||||||
CORPORATE BONDS — 8.3% | ||||||||
COMMUNICATIONS — 0.1% | ||||||||
Frontier Communications Holdings LLC | ||||||||
5,925,000 | 5.875%, 10/15/2027(a) | 5,710,219 | ||||||
CONSUMER DISCRETIONARY — 0.2% | ||||||||
Amazon.com, Inc. | ||||||||
22,427,000 | 1.650%, 5/12/2028 | 20,164,643 | ||||||
FINANCIALS — 4.3% | ||||||||
American Tower Trust 1 | ||||||||
77,012,000 | 5.490%, 3/15/2028(a) | 77,949,390 | ||||||
Apollo Debt Solutions BDC Senior Notes | ||||||||
26,023,000 | 8.620%, 9/28/2028(c),(d),(f),(g) | 26,023,000 | ||||||
Ares Capital Corp. | ||||||||
41,510,000 | 2.875%, 6/15/2028 | 36,676,472 | ||||||
Blackstone Private Credit Fund | ||||||||
33,271,000 | 3.250%, 3/15/2027 | 30,507,278 | ||||||
Blue Owl Credit Income Corp. | ||||||||
40,949,000 | 4.700%, 2/8/2027 | 38,769,383 | ||||||
49,529,000 | 7.750%, 9/16/2027 | 51,289,127 | ||||||
22,579,000 | 7.950%, 6/13/2028(a) | 23,290,742 | ||||||
Oaktree Strategic Credit Fund | ||||||||
27,351,000 | 8.400%, 11/14/2028(a) | 28,784,020 | ||||||
SBA Tower Trust | ||||||||
14,427,000 | 1.631%, 11/15/2026(a) | 12,574,820 | ||||||
17,196,000 | 2.328%, 1/15/2028(a) | 14,512,077 | ||||||
12,423,000 | 6.599%, 1/15/2028(a) | 12,362,121 | ||||||
352,738,430 |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS (Continued) | ||||||||
HEALTH CARE — 0.5% | ||||||||
Heartland Dental LLC/Heartland Dental Finance Corp. | ||||||||
$ | 40,809,000 | 10.500% (1-Month Term SOFR+0.000 basis points), 4/30/2028(a),(d),(f) | $ | 42,543,382 | ||||
TECHNOLOGY — 0.5% | ||||||||
Hlend Senior Notes | ||||||||
42,500,000 | 8.170%, 3/15/2028(c),(d) | 42,500,000 | ||||||
UTILITIES — 2.7% | ||||||||
Brazos Securitization LLC | ||||||||
9,560,553 | 5.014%, 9/1/2031(a) | 9,602,917 | ||||||
Cleco Securitization I LLC | ||||||||
21,572,719 | 4.016%, 3/1/2031 | 20,952,503 | ||||||
Consumers 2023 Securitization Funding LLC | ||||||||
22,847,000 | 5.210%, 9/1/2031(c) | 22,837,249 | ||||||
DTE Electric Securitization Funding II LLC | ||||||||
29,726,000 | 5.970%, 3/1/2033 | 31,100,827 | ||||||
Kansas Gas Service Securitization I LLC | ||||||||
49,237,745 | 5.486%, 8/1/2032 | 50,320,380 | ||||||
PG&E Recovery Funding LLC | ||||||||
38,588,432 | 5.045%, 7/15/2032 | 38,781,374 | ||||||
PG&E Wildfire Recovery Funding LLC | ||||||||
47,672,956 | 4.022%, 6/1/2031 | 46,284,429 | ||||||
219,879,679 | ||||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $675,429,025) | 683,536,353 | |||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 16.5% | ||||||||
AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 0.0% | ||||||||
Federal National Mortgage Association | ||||||||
1,245,289 | Series 2012-144, Class PD, 3.500%, 4/25/2042 | 1,204,838 | ||||||
611,769 | Series 2013-93, Class PJ, 3.000%, 7/25/2042 | 583,513 | ||||||
1,788,351 | ||||||||
AGENCY POOL ADJUSTABLE RATE — 0.5% | ||||||||
Fannie Mae Pool | ||||||||
10,707,548 | 1.971% (30-Day SOFR Average+207.6 basis points), 8/1/2051(b) | 9,411,276 | ||||||
Freddie Mac Non Gold Pool | ||||||||
10,398,414 | 1.680% (30-Day SOFR Average+213 basis points), 9/1/2051(b) | 8,914,752 | ||||||
8,405,755 | 2.546% (30-Day SOFR Average+214 basis points), 5/1/2052(b) | 7,483,033 | ||||||
12,512,444 | 2.161% (30-Day SOFR Average+217.7 basis points), 5/1/2053(b) | 10,996,385 | ||||||
36,805,446 | ||||||||
AGENCY POOL FIXED RATE — 11.7% | ||||||||
Fannie Mae Pool | ||||||||
82,729,036 | 1.500%, 12/1/2035 | 72,497,969 | ||||||
111,250,914 | 1.500%, 8/1/2036 | 97,249,197 |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Principal Amount | Value | |||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
AGENCY POOL FIXED RATE (Continued) | ||||||||
$ | 13,632,801 | 1.500%, 9/1/2036 | $ | 11,882,934 | ||||
33,360,594 | 1.500%, 10/1/2036 | 29,078,525 | ||||||
106,830,369 | 1.000%, 12/1/2036 | 90,054,358 | ||||||
120,440,360 | 1.000%, 3/1/2037 | 101,527,116 | ||||||
7,297,292 | 2.000%, 11/1/2040 | 6,285,005 | ||||||
17,042,084 | 2.500%, 5/1/2041 | 15,137,323 | ||||||
10,190,460 | 2.000%, 7/1/2041 | 8,738,617 | ||||||
66,729,245 | 1.500%, 10/1/2041 | 54,749,711 | ||||||
98,742,362 | 1.500%, 11/1/2041 | 81,015,689 | ||||||
24,186,802 | 2.000%, 8/1/2042 | 20,740,889 | ||||||
35,320,304 | 3.500%, 4/1/2044 | 33,149,494 | ||||||
Federal Home Loan Mortgage Corp. | ||||||||
1,475,126 | 2.500%, 11/1/2027 | 1,416,895 | ||||||
1,066,153 | 2.500%, 2/1/2028 | 1,025,210 | ||||||
544,609 | 2.500%, 8/1/2028 | 521,274 | ||||||
60,714,481 | 2.500%, 11/1/2028 | 58,197,872 | ||||||
Federal National Mortgage Association | ||||||||
586,061 | 2.500%, 1/1/2028 | 562,927 | ||||||
29,960,334 | 2.500%, 11/1/2030 | 28,646,697 | ||||||
3,674,641 | 2.500%, 10/1/2031 | 3,526,153 | ||||||
36,576,806 | 2.500%, 2/1/2035 | 35,082,625 | ||||||
Freddie Mac Pool | ||||||||
110,901,625 | 1.500%, 11/1/2035 | 97,186,466 | ||||||
6,496,866 | 1.000%, 7/1/2036 | 5,492,374 | ||||||
32,890,825 | 1.500%, 8/1/2036 | 28,669,054 | ||||||
24,561,943 | 1.500%, 10/1/2036 | 21,409,243 | ||||||
43,226,149 | 2.000%, 5/1/2042 | 37,067,685 | ||||||
29,183,823 | 2.000%, 8/1/2042 | 24,971,260 | ||||||
965,882,562 | ||||||||
AGENCY STRIPPED — 0.0% | ||||||||
Federal National Mortgage Association | ||||||||
342,284 | Series 2010-43, Class MK, 5.500%, 5/25/2040 | 344,166 | ||||||
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 4.3% | ||||||||
Cascade Funding Mortgage Trust | ||||||||
9,326,751 | Series 2021-HB6, Class A, 0.898%, 6/25/2036(a),(b) | 8,898,933 | ||||||
CFMT LLC | ||||||||
12,312,493 | Series 2021-HB7, Class A, 1.151%, 10/27/2031(a),(b) | 11,886,628 | ||||||
15,406,000 | Series 2021-HB7, Class M1, 2.125%, 10/27/2031(a),(b) | 14,520,201 | ||||||
Citigroup Mortgage Loan Trust | ||||||||
2,243,679 | Series 2014-A, Class A, 4.000%, 1/25/2035(a),(b) | 2,119,237 | ||||||
PRET LLC |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Principal Amount | Value | |||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION (Continued) | ||||||||
$ | 10,758,992 | Series 2021-NPL6, Class A1, 2.487%, 7/25/2051(a),(i) | $ | 10,321,751 | ||||
52,982,383 | Series 2021-NPL5, Class A1, 2.487%, 10/25/2051(a),(i) | 50,267,397 | ||||||
Pretium Mortgage Credit Partners I LLC | ||||||||
22,564,700 | Series 2021-NPL2, Class A1, 1.992%, 6/27/2060(a),(i) | 21,612,684 | ||||||
34,874,198 | Series 2021-NPL4, Class A1, 2.363%, 10/27/2060(a),(i) | 33,174,273 | ||||||
PRPM LLC | ||||||||
14,582,633 | Series 2021-2, Class A1, 2.115%, 3/25/2026(a),(b) | 14,132,275 | ||||||
18,152,553 | Series 2021-9, Class A1, 2.363%, 10/25/2026(a),(i) | 17,141,802 | ||||||
23,684,310 | Series 2021-10, Class A1, 2.487%, 10/25/2026(a),(i) | 22,355,175 | ||||||
26,965,711 | Series 2021-11, Class A1, 2.487%, 11/25/2026(a),(i) | 25,511,863 | ||||||
Towd Point Mortgage Trust | ||||||||
17,512,964 | Series 2018-2, Class A1, 3.250%, 3/25/2058(a),(b) | 16,924,591 | ||||||
10,893,397 | Series 2018-5, Class A1A, 3.250%, 7/25/2058(a),(b) | 10,550,011 | ||||||
8,403,792 | Series 2020-4, Class A1, 1.750%, 10/25/2060(a) | 7,389,424 | ||||||
23,415,688 | Series 2023-1, Class A1, 3.750%, 1/25/2063(a) | 22,013,456 | ||||||
VCAT LLC | ||||||||
2,101,800 | Series 2021-NPL1, Class A1, 5.289%, 12/26/2050(a),(i) | 2,069,648 | ||||||
13,915,397 | Series 2021-NPL2, Class A1, 2.115%, 3/27/2051(a),(i) | 13,455,458 | ||||||
VOLT C LLC | ||||||||
13,374,172 | Series 2021-NPL9, Class A1, 1.992%, 5/25/2051(a),(i) | 12,647,581 | ||||||
VOLT XCIV LLC | ||||||||
17,523,741 | Series 2021-NPL3, Class A1, 2.239%, 2/27/2051(a),(i) | 16,922,466 | ||||||
VOLT XCV LLC | ||||||||
17,148,126 | Series 2021-NPL4, Class A1, 2.240%, 3/27/2051(a),(i) | 16,523,936 | ||||||
350,438,790 | ||||||||
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES | ||||||||
(Cost $1,352,233,341) | 1,355,259,315 | |||||||
U.S. TREASURY NOTES & BONDS — 4.9% | ||||||||
United States Treasury Note | ||||||||
286,538,000 | 4.375%, 11/30/2028 | 293,261,413 | ||||||
106,471,000 | 4.625%, 9/30/2030 | 111,021,922 | ||||||
TOTAL U.S. TREASURY NOTES & BONDS | ||||||||
(Cost $392,653,740) | 404,283,335 | |||||||
TOTAL BONDS & DEBENTURES | ||||||||
(Cost $7,811,885,453) | 7,755,703,301 | |||||||
Number of Shares | ||||||||
COMMON STOCKS — 1.7% | ||||||||
METALS & MINING — 0.7% | ||||||||
43,018,605 | Boart Longyear Group Ltd.*,(j) | 57,634,671 |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
REAL ESTATE SERVICES — 0.1% | ||||||||
520,208 | Copper Property CTL Pass Through Trust(d) | $ | 5,254,101 | |||||
TRANSPORTATION & LOGISTICS — 0.9% | ||||||||
3,806,420 | PHI Group, Inc.*,(c),(d),(j) | 76,128,400 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $139,264,410) | 139,017,172 | |||||||
SHORT-TERM INVESTMENTS — 3.7% | ||||||||
MONEY MARKET INVESTMENTS — 1.1% | ||||||||
87,761,520 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.14%(k) | 87,761,520 | ||||||
Principal Amount | ||||||||
TREASURY BILLS — 2.6% | ||||||||
$ | 218,704,000 | United States Treasury Bill, 3.18%, 1/4/2024(l) | 218,608,864 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $306,370,384) | 306,370,384 | |||||||
TOTAL INVESTMENTS — 99.6% | ||||||||
(Cost $8,257,520,247) | 8,201,090,857 | |||||||
Other Assets in Excess of Liabilities — 0.4% | 31,296,357 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 8,232,387,214 |
BDC – Business Development Company
IO – Interest Only
LLC – Limited Liability Company
LP – Limited Partnership
US – United States
* | 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 $3,532,426,056, which represents 42.91% of Net Assets. |
(b) | Variable or floating rate security. |
(c) | Level 3 securities fair valued under procedures established by the Board of Trustees, represents 2.51% of Net Assets. The total value of these securities is $206,742,996. |
(d) | Restricted securities. These restricted securities constituted 3.51% of total net assets at December 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) | Zero-coupon bond. |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
(f) | 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. |
(g) | As of December 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. At December 31, 2023, unfunded commitments totaled $16,770,000. |
(h) | All or a portion of the loan is unfunded. |
(i) | Step rate security. |
(j) | Affiliated company. |
(k) | The rate is the annualized seven-day yield at period end. |
(l) | Treasury bill discount rate. |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Restricted Security | Initial Acquisition Date | Cost | Fair Value | Fair Value as a % of Net Assets | ||||||||||
Apollo Debt Solutions BDC Senior Notes, 8.620%, 09/28/2028 | 08/10/2023 | $ | 26,023,000 | $ | 26,023,000 | 0.32 | % | |||||||
Axiom Global, Inc., 10.206% (1-Month USD Libor+475 basis points),10/01/2026 | 11/18/2021 | 22,447,090 | 21,866,741 | 0.26 | % | |||||||||
BTC Offshore Holdings Fund, 8.324%, 10/20/2029 | 10/25/2021 | 13,312,039 | 13,312,039 | 0.16 | % | |||||||||
Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan, 10.198% (1-Month Term SOFR+0.000 basis points),11/12/2027 | 04/30/2021 | 949,158 | 918,798 | 0.01 | % | |||||||||
Capstone Acquisition Holdings, Inc. 2020 Term Loan, 10.198% (1-Month Term SOFR+0.000 basis points), 11/12/2027 | 04/30/2021 | 18,333,833 | 17,795,047 | 0.22 | % | |||||||||
Copper Property CTL Pass Through Trust | 10/05/2017 | 25,752,396 | 5,254,101 | 0.06 | % | |||||||||
Frontier Communications Holdings LLC, 9.213% (3-Month USD Libor+375 basis points), 10/08/2027 | 04/09/2021 | 22,983,590 | 22,739,498 | 0.28 | % | |||||||||
Heartland Dental LLC/Heartland Dental Finance Corp., 10.500% (1-Month Term SOFR+0.000 basis points),04/30/2028 | 08/02/2021 | 40,388,252 | 42,543,382 | 0.52 | % | |||||||||
Hlend Senior Notes, 8.170%, 03/15/2028 | 02/16/2023 | 42,500,000 | 42,500,000 | 0.52 | % | |||||||||
JC Penney Corp., Inc., 9.384% (3-Month USD Libor+425 basis points), 06/23/2025 | 02/03/2021 | - | 2,722 | 0.00 | % | |||||||||
Lealand Finance Company B.V. Senior Exit LC, 10.105%, 06/30/2024 | 02/28/2020 | (28,324 | ) | (4,366,986 | ) | -0.05 | % | |||||||
McDermott Tanks Secured LC, 5.127%, 12/31/2026 | 02/28/2020 | (9,672 | ) | (686,864 | ) | -0.01 | % | |||||||
PHI Group, Inc. | 08/19/2019 | 31,131,405 | 76,128,400 | 0.92 | % | |||||||||
Prop Series 2017-1A, 5.300%, 03/15/2042 | 02/09/2017 | 14,400,057 | 12,282,313 | 0.15 | % | |||||||||
Windstream Services LLC, 11.699% (1-Month Term SOFR+625 basis points), 09/21/2027 | 08/11/2020 | 11,873,342 | 12,260,001 | 0.15 | % | |||||||||
$ | 270,056,166 | $ | 288,572,192 | 3.51 | % |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Affiliated Security | Beginning Value September 30, 2023 | Purchases or Conversions | Sales or Conversions | Net Realized Gain (Loss) on Sales Affiliated Investment | Change in Unrealized Appreciation (Depreciation) | Ending Value December 31, 2023 | Investment Income (Loss) | |||||||||||||||||||||
Boart Longyear Group Ltd. | $ | 60,537,070 | $ | - | $ | - | $ | - | $ | (19,324,621 | ) | $ | 41,212,449 | $ | - | |||||||||||||
PHI Group, Inc. | 47,580,250 | - | - | - | 21,886,915 | 69,467,165 | - | |||||||||||||||||||||
Total | $ | 108,117,320 | $ | - | $ | - | $ | - | $ | 2,562,294 | $ | 110,679,614 | $ | - |