FPA NEW INCOME, INC.
PORTFOLIO OF INVESTMENTS
December 31, 2022
(Unaudited)
| COMMON STOCKS | Shares or Principal Amount | Fair Value | ||||||
| INDUSTRIALS — 0.6% | ||||||||
| Boart Longyear Group Ltd.(a)(m) | 43,018,605 | $ | 55,210,186 | |||||
| $ | 55,210,186 | |||||||
| ENERGY — 0.6% | ||||||||
| PHI Group, Inc., Restricted(a)(b)(c)(d)(m) | 3,806,420 | $ | 47,580,250 | |||||
| $ | 47,580,250 | |||||||
| RETAILING — 0.1% | ||||||||
| Copper Earn Out Trust(b)(c)(d) | 69,361 | $ | 242,763 | |||||
| Copper Property CTL Pass Through Trust(b)(c)(d) | 520,208 | 6,892,756 | ||||||
| $ | 7,135,519 | |||||||
| TOTAL COMMON STOCKS — 1.3% (Cost $139,264,410) | $ | 109,925,955 | ||||||
| BONDS & DEBENTURES | ||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 12.3% | ||||||||
| AGENCY — 3.5% | ||||||||
| Federal Home Loan Mortgage Corp. K057 A2 — 2.570% 7/25/2026 | $ | 87,324,000 | $ | 81,979,116 | ||||
| Federal Home Loan Mortgage Corp. K058 A2 — 2.653% 8/25/2026 | 13,173,000 | 12,362,664 | ||||||
| Federal Home Loan Mortgage Corp. K054 A2 — 2.745% 1/25/2026 | 3,600,000 | 3,389,324 | ||||||
| Federal Home Loan Mortgage Corp. K066 A2 — 3.117% 6/25/2027 | 7,223,000 | 6,841,876 | ||||||
| Federal Home Loan Mortgage Corp. K065 A2 — 3.243% 4/25/2027 | 9,702,802 | 9,140,257 | ||||||
| Federal Home Loan Mortgage Corp. K051 A2 — 3.308% 9/25/2025 | 38,614,000 | 37,068,282 | ||||||
| Federal Home Loan Mortgage Corp. K061 A2 — 3.347% 11/25/2026 | 78,855,000 | 74,939,013 | ||||||
| Federal Home Loan Mortgage Corp. K073 A2 — 3.350% 1/25/2028 | 2,600,000 | 2,476,849 | ||||||
| Federal Home Loan Mortgage Corp. K062 A2 — 3.413% 12/25/2026 | 41,061,276 | 39,435,303 | ||||||
| Federal Home Loan Mortgage Corp. K063 A2 — 3.430% 1/25/2027 | 16,539,000 | 15,893,969 | ||||||
| Federal Home Loan Mortgage Corp. K072 A2 — 3.444% 12/25/2027 | 11,587,000 | 11,093,016 | ||||||
| $ | 294,619,669 | |||||||
| AGENCY STRIPPED — 0.4% | ||||||||
| Government National Mortgage Association 2012-45 IO — 0.000% 4/16/2053(e) | $ | 1,079,479 | $ | 2 | ||||
| Government National Mortgage Association 2013-45 IO — 0.091% 12/16/2053(e) | 22,592,381 | 33,830 | ||||||
| Government National Mortgage Association 2012-125 IO — 0.174% 2/16/2053(e) | 38,293,762 | 222,762 | ||||||
| Government National Mortgage Association 2014-110 IO — 0.181% 1/16/2057(e) | 13,858,845 | 142,447 | ||||||
| Government National Mortgage Association 2014-157 IO — 0.192% 5/16/2055(e) | 25,088,163 | 221,180 | ||||||
| Government National Mortgage Association 2013-125 IO — 0.204% 10/16/2054(e) | 8,170,330 | 114,069 | ||||||
| Government National Mortgage Association 2015-169 IO — 0.261% 7/16/2057(e) | 45,856,303 | 698,148 | ||||||
| Government National Mortgage Association 2015-41 IO — 0.276% 9/16/2056(e) | 7,435,144 | 110,508 | ||||||
| Government National Mortgage Association 2015-19 IO — 0.296% 1/16/2057(e) | 28,475,094 | 479,771 | ||||||
| Government National Mortgage Association 2015-108 IO — 0.336% 10/16/2056(e) | 1,541,013 | 77,657 | ||||||
| Government National Mortgage Association 2014-153 IO — 0.341% 4/16/2056(e) | 29,820,844 | 423,736 | ||||||
| Government National Mortgage Association 2015-150 IO — 0.364% 9/16/2057(e) | 7,732,318 | 178,125 | ||||||
| Government National Mortgage Association 2012-79 IO — 0.384% 3/16/2053(e) | 40,088,011 | 409,808 | ||||||
| Government National Mortgage Association 2012-25 IO — 0.398% 8/16/2052(e) | 1,068,723 | 1,224 | ||||||
| Government National Mortgage Association 2012-150 IO — 0.436% 11/16/2052(e) | 17,769,170 | 139,325 | ||||||
FPA NEW INCOME, INC.
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Government National Mortgage Association 2015-7 IO — 0.454% 1/16/2057(e) | $ | 17,156,047 | $ | 366,700 | ||||
| Government National Mortgage Association 2016-65 IO — 0.497% 1/16/2058(e) | 29,796,499 | 758,214 | ||||||
| Government National Mortgage Association 2014-175 IO — 0.564% 4/16/2056(e) | 71,114,386 | 1,681,848 | ||||||
| Government National Mortgage Association 2014-138 IO — 0.566% 4/16/2056(e) | 5,977,535 | 130,637 | ||||||
| Government National Mortgage Association 2014-77 IO — 0.600% 12/16/2047(e) | 13,457,873 | 163,279 | ||||||
| Government National Mortgage Association 2012-114 IO — 0.611% 1/16/2053(e) | 16,450,139 | 288,909 | ||||||
| Government National Mortgage Association 2014-187 IO — 0.631% 5/16/2056(e) | 74,102,268 | 1,861,530 | ||||||
| Government National Mortgage Association 2016-125 IO — 0.815% 12/16/2057(e) | 60,374,948 | 2,363,764 | ||||||
| Government National Mortgage Association 2020-75 IO — 0.869% 2/16/2062(e) | 101,654,699 | 6,638,784 | ||||||
| Government National Mortgage Association 2020-42 IO — 0.936% 3/16/2062(e) | 128,124,208 | 8,522,335 | ||||||
| Government National Mortgage Association 2016-106 IO — 0.969% 9/16/2058(e) | 86,339,350 | 3,892,894 | ||||||
| Government National Mortgage Association 2020-71 IO — 1.087% 1/16/2062(e) | 56,230,958 | 4,073,517 | ||||||
| Government National Mortgage Association 2020-43 IO — 1.260% 11/16/2061(e) | 42,972,290 | 3,359,071 | ||||||
| $ | 37,354,074 | |||||||
| NON-AGENCY — 8.4% | ||||||||
| A10 Bridge Asset Financing 2021-D A1FX — 2.589% 10/1/2038(f) | $ | 9,246,280 | $ | 8,775,369 | ||||
| ACRE Commercial Mortgage Ltd. 2021-FL4 A, 1M USD LIBOR + 0.830% — 5.169% 12/18/2037(e)(f) | 8,997,477 | 8,908,489 | ||||||
| ACRES Commercial Realty Ltd. 2021-FL1 A, 1M USD LIBOR + 1.200% — 5.526% 6/15/2036(e)(f) | 59,792,000 | 58,116,269 | ||||||
| ACRES Commercial Realty Ltd. 2021-FL2 A, 1M USD LIBOR + 1.400% — 5.726% 1/15/2037(e)(f) | 13,444,000 | 12,837,434 | ||||||
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL1 A, 1M USD LIBOR + 0.970% — 5.240% 12/15/2035(e)(f) | 54,525,000 | 52,972,510 | ||||||
| Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 A, SOFR30A + 1.450% — 5.257% 1/15/2037(e)(f) | 57,822,000 | 55,973,419 | ||||||
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 A, 1M USD LIBOR + 1.100% — 5.418% 5/15/2036(e)(f) | 45,859,000 | 44,519,972 | ||||||
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 1M USD LIBOR + 1.350% — 5.668% 11/15/2036(e)(f) | 59,062,000 | 56,924,038 | ||||||
| Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL2 A, 1M TSFR + 1.850% — 6.186% 5/15/2037(e)(f) | 35,540,000 | 34,719,335 | ||||||
| AREIT Trust 2019-CRE3 A, 1M TSFR + 1.384% — 5.710% 9/14/2036(e)(f) | 436,459 | 428,658 | ||||||
| BBCMS Trust 2015-SRCH A1 — 3.312% 8/10/2035(f) | 12,208,413 | 11,502,920 | ||||||
| BDS Ltd. 2021-FL8 A, 1M USD LIBOR + 0.920% — 5.259% 1/18/2036(e)(f) | 17,835,583 | 17,188,346 | ||||||
| BDS Ltd. 2019-FL4 AS, 1M USD LIBOR + 1.400% — 5.726% 8/15/2036(e)(f) | 6,613,000 | 6,557,974 | ||||||
| BX Commercial Mortgage Trust 2021-VOLT E, 1M USD LIBOR + 2.000% — 6.318% 9/15/2036(e)(f) | 28,900,000 | 26,886,575 | ||||||
| COMM Mortgage Trust 2014-CR20 A3 — 3.326% 11/10/2047 | 9,279,100 | 8,892,465 | ||||||
| HERA Commercial Mortgage Ltd. 2021-FL1 A, 1M USD LIBOR + 1.050% — 5.389% 2/18/2038(e)(f) | 54,659,000 | 52,792,854 | ||||||
| Independence Plaza Trust 2018-INDP A — 3.763% 7/10/2035(f) | 11,081,000 | 10,345,896 | ||||||
| JPMBB Commercial Mortgage Securities Trust 2015-C30 ASB — 3.559% 7/15/2048 | 3,391,287 | 3,306,062 | ||||||
| JPMBB Commercial Mortgage Securities Trust 2015-C31 A3 — 3.801% 8/15/2048 | 7,598,510 | 7,201,692 | ||||||
| KREF Ltd. 2021-FL2 A, 1M USD LIBOR + 1.070% — 5.396% 2/15/2039(e)(f) | 19,179,000 | 18,490,635 | ||||||
| LCCM Trust 2021-FL2 A, 1M USD LIBOR + 1.200% — 5.518% 12/13/2038(e)(f) | 9,154,000 | 8,935,445 | ||||||
| LoanCore Issuer Ltd. 2021-CRE4 A, SOFR30A + 0.914% — 4.722% 7/15/2035(e)(f) | 12,677,103 | 12,298,834 | ||||||
| LoanCore Issuer Ltd. 2021-CRE5 A, 1M USD LIBOR + 1.300% — 5.618% 7/15/2036(e)(f) | 8,879,000 | 8,531,568 | ||||||
FPA NEW INCOME, INC.
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| MF1 Ltd. 2020-FL4 A, 1M TSFR + 1.814% — 6.150% 11/15/2035(e)(f) | $ | 12,610,646 | $ | 12,359,876 | ||||
| Progress Residential Trust 2021-SFR9 A — 2.013% 11/17/2040 | 8,797,640 | 7,240,175 | ||||||
| Progress Residential Trust 2021-SFR11 A — 2.283% 1/17/2039(f) | 8,719,675 | 7,182,597 | ||||||
| Progress Residential Trust 2021-SFR10 A — 2.393% 12/17/2040(f) | 57,444,661 | 47,102,037 | ||||||
| Ready Capital Mortgage Financing LLC 2021-FL5 A, 1M USD LIBOR + 1.000% — 5.389% 4/25/2038(e)(f) | 18,652,009 | 18,094,174 | ||||||
| Shelter Growth CRE Issuer Ltd. 2021-FL3 A, 1M USD LIBOR + 1.080% — 5.398% 9/15/2036(e)(f) | 11,877,096 | 11,455,012 | ||||||
| STWD Ltd. 2021-FL2, 1M USD LIBOR + 1.200% — 5.526% 4/18/2038(e)(f) | 33,755,000 | 32,603,752 | ||||||
| TRTX Issuer Ltd. 2022-FL5 A, SOFR30A + 1.650% — 5.458% 2/15/2039(e)(f) | 37,857,000 | 36,436,159 | ||||||
| VMC Finance LLC 2021-HT1 A, 1M USD LIBOR + 1.650% — 5.989% 1/18/2037(e)(f) | 20,143,100 | 19,443,381 | ||||||
| $ | 719,023,922 | |||||||
| TOTAL COMMERICAL MORTGAGE-BACKED SECURITIES (Cost $1,107,562,687) | $ | 1,050,997,665 | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES — 7.4% | ||||||||
| AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 0.1% | ||||||||
| Federal Home Loan Mortgage Corp. 4170 QE — 2.000% 5/15/2032 | $ | 681,418 | $ | 655,931 | ||||
| Federal Home Loan Mortgage Corp. 3979 HD — 2.500% 12/15/2026 | 470,916 | 456,630 | ||||||
| Federal Home Loan Mortgage Corp. 4304 DA — 2.500% 1/15/2027 | 135,442 | 133,083 | ||||||
| Federal Home Loan Mortgage Corp. 4010 DE — 2.500% 2/15/2027 | 571,590 | 553,500 | ||||||
| Federal Home Loan Mortgage Corp. 3914 MA — 3.000% 6/15/2026 | 442,900 | 430,518 | ||||||
| Federal Home Loan Mortgage Corp. 3862 MB — 3.500% 5/15/2026 | 3,893,878 | 3,811,667 | ||||||
| Federal Home Loan Mortgage Corp. 3828 VE — 4.500% 1/15/2024 | 229,123 | 228,034 | ||||||
| Federal National Mortgage Association 2014-21 ED — 2.250% 4/25/2029 | 65,601 | 64,307 | ||||||
| Federal National Mortgage Association 2013-135 KM — 2.500% 3/25/2028 | 158,598 | 156,569 | ||||||
| Federal National Mortgage Association 2013-93 PJ — 3.000% 7/25/2042 | 724,731 | 696,658 | ||||||
| Federal National Mortgage Association 2011-80 KB — 3.500% 8/25/2026 | 2,558,293 | 2,504,990 | ||||||
| Federal National Mortgage Association 144 PD — 3.500% 4/25/2042 | 1,487,291 | 1,433,343 | ||||||
| Federal National Mortgage Association 2010-43 MK — 5.500% 5/25/2040 | 496,462 | 499,182 | ||||||
| $ | 11,624,412 | |||||||
| AGENCY POOL ADJUSTABLE RATE — 0.0% | ||||||||
| Federal National Mortgage Association 865963, 12M USD LIBOR + 1.906% — 2.499% 3/1/2036(e) | $ | 273,767 | $ | 268,034 | ||||
| AGENCY POOL FIXED RATE — 2.1% | ||||||||
| Federal Home Loan Mortgage Corp. ZA2796 — 2.500% 11/1/2027 | $ | 2,051,831 | $ | 1,946,455 | ||||
| Federal Home Loan Mortgage Corp. J22472 — 2.500% 2/1/2028 | 1,467,679 | 1,393,511 | ||||||
| Federal Home Loan Mortgage Corp. ZS8495 — 2.500% 8/1/2028 | 733,895 | 695,746 | ||||||
| Federal Home Loan Mortgage Corp. J32374 — 2.500% 11/1/2028 | 81,922,248 | 77,731,196 | ||||||
| Federal Home Loan Mortgage Corp. G15169 — 4.500% 9/1/2026 | 293,808 | 291,599 | ||||||
| Federal Home Loan Mortgage Corp. G15272 — 4.500% 9/1/2026 | 68,140 | 67,735 | ||||||
| Federal Home Loan Mortgage Corp. G15875 — 4.500% 9/1/2026 | 337,778 | 335,509 | ||||||
| Federal Home Loan Mortgage Corp. G15036 — 5.000% 6/1/2024 | 8,807 | 8,787 | ||||||
| Federal Home Loan Mortgage Corp. G13667 — 5.000% 8/1/2024 | 109 | 109 | ||||||
| Federal Home Loan Mortgage Corp. G15173 — 5.000% 6/1/2026 | 16,427 | 16,378 | ||||||
| Federal Home Loan Mortgage Corp. G15407 — 5.000% 6/1/2026 | 108,034 | 107,712 | ||||||
| Federal Home Loan Mortgage Corp. G15230 — 5.500% 12/1/2024 | 38,732 | 38,700 | ||||||
FPA NEW INCOME, INC.
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Federal Home Loan Mortgage Corp. G15458 — 5.500% 12/1/2024 | $ | 2,464 | $ | 2,462 | ||||
| Federal Home Loan Mortgage Corp. G14460 — 6.000% 1/1/2024 | 1,092 | 1,093 | ||||||
| Federal National Mortgage Association AQ9360 — 2.500% 1/1/2028 | 824,209 | 781,880 | ||||||
| Federal National Mortgage Association FS0499 — 2.500% 11/1/2030 | 42,587,938 | 40,320,897 | ||||||
| Federal National Mortgage Association FS0452 — 2.500% 10/1/2031 | 5,134,626 | 4,870,927 | ||||||
| Federal National Mortgage Association FS0494 — 2.500% 2/1/2035 | 51,304,713 | 48,669,857 | ||||||
| Federal National Mortgage Association FM1102 — 4.000% 3/1/2031 | 2,328,279 | 2,291,137 | ||||||
| Federal National Mortgage Association AL4056 — 5.000% 6/1/2026 | 24,080 | 23,993 | ||||||
| Federal National Mortgage Association AL5867 — 5.500% 8/1/2023 | 1,574 | 1,571 | ||||||
| Federal National Mortgage Association AL0471 — 5.500% 7/1/2025 | 4,896 | 4,884 | ||||||
| Federal National Mortgage Association AL4433 — 5.500% 9/1/2025 | 7,798 | 7,789 | ||||||
| Federal National Mortgage Association AL4901 — 5.500% 9/1/2025 | 3,976 | 3,968 | ||||||
| Federal National Mortgage Association 890225 — 6.000% 5/1/2023 | 2,732 | 2,723 | ||||||
| Government National Mortgage Association 782281 — 6.000% 3/15/2023 | 2,505 | 2,500 | ||||||
| $ | 179,619,118 | |||||||
| AGENCY STRIPPED — 0.0% | ||||||||
| Federal Home Loan Mortgage Corp. 217 PO — 0.000% 1/1/2032(g) | $ | 70,023 | $ | 57,082 | ||||
| Federal Home Loan Mortgage Corp. 3917 AI — 4.500% 7/15/2026 | 241,175 | 670 | ||||||
| Federal Home Loan Mortgage Corp. 217 IO — 6.500% 1/1/2032 | 67,424 | 13,065 | ||||||
| Federal National Mortgage Association 2010-25 NI — 5.000% 3/25/2025 | 43 | — | ||||||
| Federal National Mortgage Association 2003-64 XI — 5.000% 7/25/2033 | 190,003 | 28,553 | ||||||
| $ | 99,370 | |||||||
| NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 5.2% | ||||||||
| Cascade Funding Mortgage Trust 2021-HB6 A — 0.898% 6/25/2036(e)(f) | $ | 14,389,507 | $ | 13,613,262 | ||||
| CFMT LLC 2021-HB5 A — 0.801% 2/25/2031(f) | 25,357,262 | 24,447,953 | ||||||
| CFMT LLC 2020-HB4 A — 0.946% 12/26/2030(f) | 6,670,049 | 6,466,649 | ||||||
| CFMT LLC 2021-HB7 A — 1.151% 10/27/2031(f) | 17,374,907 | 16,296,664 | ||||||
| CFMT LLC 2021-HB7 M1 — 2.125% 10/27/2031(f) | 15,406,000 | 14,134,245 | ||||||
| Citigroup Mortgage Loan Trust, Inc. 2014-A A — 4.000% 1/25/2035(e)(f) | 2,626,648 | 2,435,946 | ||||||
| PRET LLC 2021-NPL5 A1 — 2.487% 10/25/2051(f)(h) | 62,792,892 | 55,148,611 | ||||||
| Pretium Mortgage Credit Partners I LLC 2021-NPL2 A1 — 1.992% 6/27/2060(f)(h) | 27,008,516 | 23,859,334 | ||||||
| Pretium Mortgage Credit Partners I LLC 2021-NPL4 A1 — 2.363% 10/27/2060(f)(h) | 44,214,758 | 38,875,190 | ||||||
| Pretium Mortgage Credit Partners I LLC 2021-NPL6 A1 — 2.487% 7/25/2051(f)(h) | 17,923,170 | 16,159,434 | ||||||
| PRPM LLC 2021-2 A1 — 2.115% 3/25/2026(e)(f) | 18,746,114 | 17,003,558 | ||||||
| PRPM LLC 2021-9 A1 — 2.363% 10/25/2026(f)(h) | 21,610,159 | 19,574,149 | ||||||
| PRPM LLC 2021-10 A1 — 2.487% 10/25/2026(f)(h) | 27,982,385 | 25,161,433 | ||||||
| PRPM LLC 2021-11 A1 — 2.487% 11/25/2026(f)(h) | 34,189,856 | 30,919,022 | ||||||
| RCO VII Mortgage LLC 2021-2 A1 — 2.116% 9/25/2026(f)(h) | 18,226,522 | 16,735,033 | ||||||
| Towd Point Mortgage Trust 2018-2 A1 — 3.250% 3/25/2058(e)(f) | 23,905,614 | 22,646,522 | ||||||
| Towd Point Mortgage Trust 2018-5 A1A — 3.250% 7/25/2058(e)(f) | 13,899,718 | 12,991,462 | ||||||
| VCAT LLC 2021 NPL2 A1 — 2.115% 3/27/2051(f)(h) | 19,324,219 | 17,389,552 | ||||||
| VCAT LLC 2021-NPL1 A1 — 2.289% 12/26/2050(f)(h) | 3,868,663 | 3,647,074 | ||||||
| VOLT C LLC 2021-NPL9 — 1.992% 5/25/2051(f)(h) | 17,782,775 | 16,048,903 | ||||||
| VOLT XCIV LLC 2021-NPL3 A1 — 2.240% 2/27/2051(f)(h) | 24,958,070 | 22,379,445 | ||||||
FPA NEW INCOME, INC.
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| VOLT XCV LLC 2021-NPL4 — 2.240% 3/27/2051(f)(h) | $ | 24,868,788 | $ | 22,946,100 | ||||
| $ | 438,879,541 | |||||||
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $685,487,852) | $ | 630,490,475 | ||||||
| ASSET-BACKED SECURITIES — 63.4% | ||||||||
| AUTO — 20.4% | ||||||||
| American Credit Acceptance Receivables Trust 2021-3 C — 0.980% 11/15/2027(f) | $ | 40,171,000 | $ | 39,045,252 | ||||
| American Credit Acceptance Receivables Trust 2021-4 C — 1.320% 2/14/2028(f) | 36,195,000 | 34,658,102 | ||||||
| American Credit Acceptance Receivables Trust 2022-1 C — 2.120% 3/13/2028(f) | 45,613,000 | 42,754,520 | ||||||
| AmeriCredit Automobile Receivables Trust 2020-2 C — 1.480% 2/18/2026 | 6,808,000 | 6,449,417 | ||||||
| BMW Vehicle Lease Trust 2022-1 A4 — 1.230% 5/27/2025 | 30,512,000 | 28,744,733 | ||||||
| BMW Vehicle Owner Trust 2022-A A4 — 3.440% 12/26/2028 | 25,298,000 | 24,299,265 | ||||||
| Capital One Prime Auto Receivables Trust 2022-2 A4 — 3.690% 12/15/2027 | 15,513,000 | 14,808,145 | ||||||
| CarMax Auto Owner Trust 2022-1 A3 — 1.470% 12/15/2026 | 61,620,000 | 58,506,551 | ||||||
| CarMax Auto Owner Trust 2020-3 C — 1.690% 4/15/2026 | 1,064,000 | 1,007,242 | ||||||
| CarMax Auto Owner Trust 2022-3 A4 — 4.060% 2/15/2028 | 63,819,000 | 60,684,434 | ||||||
| CarMax Auto Owner Trust 2022-3 B — 4.690% 2/15/2028 | 19,152,000 | 18,444,707 | ||||||
| Drive Auto Receivables Trust 2021-2 C — 0.870% 10/15/2027 | 51,629,000 | 49,667,712 | ||||||
| Drive Auto Receivables Trust 2021-3 C — 1.470% 1/15/2027 | 72,790,000 | 68,018,208 | ||||||
| DT Auto Owner Trust 2021-3A C — 0.870% 5/17/2027(f) | 18,106,000 | 16,973,777 | ||||||
| DT Auto Owner Trust 2021-4A B — 1.020% 5/15/2026(f) | 13,540,000 | 13,011,316 | ||||||
| DT Auto Owner Trust 2021-4A C — 1.500% 9/15/2027(f) | 13,540,000 | 12,444,025 | ||||||
| DT Auto Owner Trust 2022-1A C — 2.960% 11/15/2027(f) | 18,926,000 | 17,991,835 | ||||||
| Exeter Automobile Receivables Trust 2021-4A C — 1.460% 10/15/2027 | 41,400,000 | 39,052,649 | ||||||
| Exeter Automobile Receivables Trust 2022-1A B — 2.180% 6/15/2026 | 90,942,000 | 88,664,367 | ||||||
| Exeter Automobile Receivables Trust 2022-1A C — 2.560% 6/15/2028 | 49,707,000 | 47,112,483 | ||||||
| Flagship Credit Auto Trust 2021-2 C — 1.270% 6/15/2027(f) | 17,609,000 | 16,521,734 | ||||||
| Flagship Credit Auto Trust 2021-4 B — 1.490% 2/15/2027(f) | 8,567,000 | 7,999,345 | ||||||
| Ford Credit Auto Lease Trust 2021-B B — 0.660% 1/15/2025 | 22,156,000 | 20,994,525 | ||||||
| Ford Credit Auto Lease Trust 2021-B C — 0.900% 5/15/2026 | 21,928,000 | 20,686,621 | ||||||
| Ford Credit Auto Owner Trust 2020-B B — 1.190% 1/15/2026 | 400,000 | 380,740 | ||||||
| Ford Credit Auto Owner Trust 2022-A A3 — 1.290% 6/15/2026 | 33,165,000 | 31,510,080 | ||||||
| GM Financial Automobile Leasing Trust 2021-2 B — 0.690% 5/20/2025 | 4,991,000 | 4,790,055 | ||||||
| GM Financial Automobile Leasing Trust 2022-1 A3 — 1.900% 3/20/2025 | 91,758,000 | 88,726,664 | ||||||
| GM Financial Automobile Leasing Trust 2022-1 A4 — 1.960% 2/20/2026 | 43,831,000 | 41,887,801 | ||||||
| GM Financial Automobile Leasing Trust 2022-1 B — 2.230% 2/20/2026 | 12,446,000 | 11,894,905 | ||||||
| GM Financial Automobile Leasing Trust 2022-1 C — 2.640% 2/20/2026 | 32,069,000 | 30,514,943 | ||||||
| GM Financial Consumer Automobile Receivables Trust 2022-1 A3 — 1.260% 11/16/2026 | 29,166,000 | 27,600,862 | ||||||
| GM Financial Consumer Automobile Receivables Trust 2020-3 C — 1.370% 1/16/2026 | 2,760,000 | 2,605,875 | ||||||
| GM Financial Consumer Automobile Receivables Trust 2022-3 A4 — 3.710% 12/16/2027 | 25,555,000 | 24,789,502 | ||||||
| Honda Auto Receivables Owner Trust 2021-4 A3 — 0.880% 1/21/2026 | 44,179,000 | 41,903,534 | ||||||
| Honda Auto Receivables Owner Trust 2022-2 A4 — 3.760% 12/18/2028 | 6,350,000 | 6,054,607 | ||||||
| Hyundai Auto Lease Securitization Trust 2022-A A4 — 1.320% 12/15/2025(f) | 35,890,000 | 34,198,045 | ||||||
| Hyundai Auto Receivables Trust 2021-C A3 — 0.740% 5/15/2026 | 29,067,000 | 27,402,432 | ||||||
| Hyundai Auto Receivables Trust 2022-B A4 — 3.800% 8/15/2028 | 14,340,000 | 13,942,289 | ||||||
| Nissan Auto Receivables Owner Trust 2022-B — 4.450% 11/15/2029 | 13,366,000 | 13,068,211 | ||||||
| Prestige Auto Receivables Trust 2021-1A B — 1.190% 4/15/2026(f) | 37,756,000 | 35,994,558 | ||||||
FPA NEW INCOME, INC.
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Prestige Auto Receivables Trust 2021-1A C — 1.530% 2/15/2028(f) | $ | 13,545,000 | $ | 12,600,490 | ||||
| Santander Drive Auto Receivables Trust 2021-4 C — 1.260% 2/16/2027 | 63,342,000 | 60,284,798 | ||||||
| Santander Drive Auto Receivables Trust 2022-1 B — 2.360% 8/17/2026 | 99,413,000 | 96,205,827 | ||||||
| Santander Drive Auto Receivables Trust 2022-1 C — 2.560% 4/17/2028 | 33,202,000 | 31,669,532 | ||||||
| Santander Retail Auto Lease Trust 2021-A C — 1.140% 3/20/2026(f) | 1,886,000 | 1,777,959 | ||||||
| Santander Retail Auto Lease Trust 2022-A A3 — 1.340% 7/21/2025(f) | 34,544,000 | 32,868,557 | ||||||
| Santander Retail Auto Lease Trust 2022-A A4 — 1.420% 1/20/2026(f) | 18,847,000 | 17,680,420 | ||||||
| Santander Retail Auto Lease Trust 2022-A B — 1.610% 1/20/2026(f) | 10,319,000 | 9,603,598 | ||||||
| Toyota Auto Receivables Owner Trust 2022-C A4 — 3.770% 2/15/2028 | 10,600,000 | 10,113,511 | ||||||
| Volkswagen Auto Loan Enhanced Trust 2021-1 A3 — 1.020% 6/22/2026 | 52,430,000 | 49,750,581 | ||||||
| Westlake Automobile Receivables Trust 2021-2A C — 0.890% 7/15/2026(f) | 50,584,000 | 47,914,950 | ||||||
| Westlake Automobile Receivables Trust 2021-3A B — 1.290% 1/15/2027(f) | 69,723,000 | 66,395,512 | ||||||
| Westlake Automobile Receivables Trust 2021-3A C — 1.580% 1/15/2027(f) | 69,605,000 | 65,110,703 | ||||||
| Westlake Automobile Receivables Trust 2022-1A C — 3.110% 3/15/2027(f) | 52,910,000 | 50,188,653 | ||||||
| World Omni Auto Receivables Trust 2020-C C — 1.390% 5/17/2027 | 3,415,000 | 3,139,168 | ||||||
| $ | 1,741,110,327 | |||||||
| COLLATERALIZED LOAN OBLIGATION — 13.5% | ||||||||
| ABPCI Direct Lending Fund CLO X LP 2020-10A A1A, 3M USD LIBOR + 1.950% — 6.193% 1/20/2032(e)(f) | $ | 19,397,000 | $ | 18,989,644 | ||||
| ABPCI Direct Lending Fund IX LLC 2020-9A A1R, 3M USD LIBOR + 1.400% — 5.758% 11/18/2031(e)(f) | 43,972,000 | 42,711,806 | ||||||
| Blackrock Mount Adams CLO IX LP 2021-9A A1, 3M USD LIBOR + 1.370% — 6.123% 9/22/2031(e)(f) | 31,531,000 | 30,647,911 | ||||||
| Brightwood Capital MM CLO Ltd. 2021-2A A, 3M USD LIBOR + 1.650% — 5.729% 11/15/2030(e)(f) | 85,599,000 | 84,173,349 | ||||||
| BTC Holdings Fund I LLC — 6.950% 1/28/2027(c)(d) | 4,389,147 | 4,389,147 | ||||||
| BTC Offshore Holdings Fund, 3M USD LIBOR + 2.650% — 6.850% 10/20/2029(c)(d)(e) | 18,000,000 | 18,000,000 | ||||||
| Cerberus Loan Funding XXVI LP 2019-1A AR, 3M USD LIBOR + 1.500% — 5.579% 4/15/2031(e)(f) | 10,764,000 | 10,578,482 | ||||||
| Cerberus Loan Funding XXVIII LP 2020-1A A, 3M USD LIBOR + 1.850% — 5.929% 10/15/2031(e)(f) | 61,193,911 | 60,475,005 | ||||||
| Cerberus Loan Funding XXIX LP 2020-2A A, 3M USD LIBOR + 1.900% — 5.979% 10/15/2032(e)(f) | 113,123,000 | 111,436,788 | ||||||
| Cerberus Loan Funding XXXI LP 2021-1A A, 3M USD LIBOR + 1.500% — 5.579% 4/15/2032(e)(f) | 45,105,851 | 44,373,602 | ||||||
| Fortress Credit Opportunities IX CLO Ltd. 2017-9A A1TR, 3M USD LIBOR + 1.550% — 5.629% 10/15/2033(e)(f) | 118,776,000 | 114,287,217 | ||||||
| Fortress Credit Opportunities XI CLO Ltd. 2018-11A A1T, 3M USD LIBOR + 1.300% — 5.379% 4/15/2031(e)(f) | 37,820,000 | 36,914,249 | ||||||
| Fortress Credit Opportunities XVII CLO Ltd. 2022-17A A, 3M TSFR + 1.370% — 5.234% 1/15/2030(e)(f) | 52,514,893 | 51,409,822 | ||||||
| Golub Capital Partners CLO 36m Ltd. 2018-36A A, 3M USD LIBOR + 1.300% — 5.832% 2/5/2031(e)(f) | 67,200,000 | 65,877,437 | ||||||
| Golub Capital Partners CLO 42M Ltd. 2019-42A A2, 3M USD LIBOR + 2.000% — 6.243% 4/20/2031(e)(f) | 13,772,000 | 13,331,530 | ||||||
| Golub Capital Partners CLO 45M Ltd. 2019-45A B1 — 6.793% 10/20/2031(e) | 17,314,000 | 16,722,658 | ||||||
| Lake Shore MM CLO III LLC 2019-2A A2R — 2.525% 10/17/2031(f) | 11,083,000 | 9,951,370 | ||||||
| Lake Shore MM CLO III LLC 2019-2A A1R, 3M USD LIBOR + 1.480% — 5.559% 10/17/2031(e)(f) | 23,662,000 | 22,983,019 | ||||||
FPA NEW INCOME, INC.
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| Lake Shore MM CLO IV Ltd. 2021-1A X, 3M USD LIBOR + 1.180% — 5.259% 10/15/2033(e)(f) | $ | 13,834,399 | $ | 13,658,149 | ||||
| LCM XX LP 20A AR, 3M USD LIBOR + 1.040% — 5.283% 10/20/2027(e)(f) | 2,228,504 | 2,211,262 | ||||||
| Nassau Ltd. 2017-IA A1AS, 3M USD LIBOR + 1.150% — 5.229% 10/15/2029(e)(f) | 19,886,413 | 19,696,816 | ||||||
| Owl Rock CLO VI Ltd. 2021-6A A, 3M USD LIBOR + 1.450% — 6.196% 6/21/2032(e)(f) | 66,692,000 | 65,339,553 | ||||||
| Parliament CLO II Ltd. 2021-2A A, 3M USD LIBOR + 1.350% — 6.025% 8/20/2032(e)(f) | 40,733,000 | 39,582,456 | ||||||
| Parliament Funding II Ltd. 2020-1A AR, 3M USD LIBOR + 1.250% — 5.493% 10/20/2031(e)(f) | 40,598,000 | 39,715,359 | ||||||
| Saranac CLO III Ltd. 2014-3A ALR, 3M USD LIBOR + 1.600% — 6.353% 6/22/2030(e)(f) | 23,377,015 | 23,056,820 | ||||||
| TICP CLO III-2 Ltd. 2018-3R A, 3M USD LIBOR + 0.840% — 5.083% 4/20/2028(e)(f) | 2,415,150 | 2,406,922 | ||||||
| VCP CLO II Ltd. 2021-2A A1, 3M USD LIBOR + 1.670% — 5.749% 4/15/2031(e)(f) | 101,155,000 | 100,058,379 | ||||||
| Woodmont Trust 2019-6A A1R, 3M USD LIBOR + 1.480% — 5.559% 7/15/2031(e)(f) | 62,588,000 | 61,213,693 | ||||||
| Woodmont Trust 2019-6A A1R2, 3M USD LIBOR + 1.480% — 5.559% 7/15/2031(e)(f) | 16,952,000 | 16,579,768 | ||||||
| Zais CLO 7 Ltd. 2017-2A A, 3M USD LIBOR + 1.290% — 5.369% 4/15/2030(e)(f) | 13,920,642 | 13,702,129 | ||||||
| $ | 1,154,474,342 | |||||||
| CREDIT CARD — 1.2% | ||||||||
| American Express Credit Account Master Trust 2022-2 A — 3.390% 5/15/2027 | $ | 53,566,000 | $ | 52,009,833 | ||||
| Discover Card Execution Note Trust 2022-A2 A — 3.320% 5/15/2027 | 50,645,000 | 49,337,037 | ||||||
| $ | 101,346,870 | |||||||
| EQUIPMENT — 12.6% | ||||||||
| ARI Fleet Lease Trust 2022-A A3 — 3.430% 1/15/2031(f) | $ | 10,094,000 | $ | 9,688,586 | ||||
| Avis Budget Rental Car Funding AESOP LLC 2021-2A A — 1.660% 2/20/2028(f) | 4,211,000 | 3,650,315 | ||||||
| Avis Budget Rental Car Funding AESOP LLC 2019-3A A — 2.360% 3/20/2026(f) | 8,591,000 | 7,991,037 | ||||||
| CNH Equipment Trust 2021-B A3 — 0.440% 8/17/2026 | 2,000,000 | 1,890,549 | ||||||
| CNH Equipment Trust 2022-A A3 — 2.940% 7/15/2027 | 19,831,000 | 18,997,533 | ||||||
| CNH Equipment Trust 2022-B A4 — 3.910% 3/15/2028 | 7,414,000 | 7,081,702 | ||||||
| Coinstar Funding LLC 2017-1A A2 — 5.216% 4/25/2047(f) | 12,120,570 | 9,273,206 | ||||||
| Dell Equipment Finance Trust 2021-2 C — 0.940% 12/22/2026(f) | 11,180,000 | 10,568,894 | ||||||
| Dell Equipment Finance Trust 2020-2 D — 1.920% 3/23/2026(f) | 5,444,000 | 5,339,379 | ||||||
| Dell Equipment Finance Trust 2022-1 A3 — 2.490% 8/23/2027(f) | 110,213,000 | 106,672,110 | ||||||
| Dell Equipment Finance Trust 2022-1 B — 2.720% 8/23/2027(f) | 17,115,000 | 16,416,698 | ||||||
| Dell Equipment Finance Trust 2022-1 C — 2.940% 8/23/2027(f) | 17,567,000 | 16,831,988 | ||||||
| Dell Equipment Finance Trust 2022-2 B — 4.400% 7/22/2027(f) | 5,100,000 | 4,954,957 | ||||||
| Dell Equipment Finance Trust 2022-2 C — 4.740% 7/22/2027(f) | 4,700,000 | 4,566,713 | ||||||
| Enterprise Fleet Financing LLC 2022-3 A3 — 4.290% 7/20/2029(f) | 9,703,000 | 9,194,621 | ||||||
| Enterprise Fleet Financing LLC 2022-2 — 4.790% 5/21/2029(f) | 32,246,000 | 31,319,250 | ||||||
| Enterprise Fleet Financing LLC 2022-4 A3 — 5.650% 10/22/2029 | 18,980,000 | 18,896,708 | ||||||
| Enterprise Fleet Funding LLC 2021-1 A3 — 0.700% 12/21/2026(f) | 2,050,000 | 1,901,822 | ||||||
| Ford Credit Floorplan Master Owner Trust A 2020-2 A — 1.060% 9/15/2027 | 5,070,000 | 4,562,548 | ||||||
| GMF Floorplan Owner Revolving Trust 2019-2 A — 2.900% 4/15/2026(f) | 30,866,000 | 29,966,160 | ||||||
| GreatAmerica Leasing Receivables Funding LLC 2022-1 A4 — 5.350% 7/16/2029 | 17,738,000 | 17,637,371 | ||||||
| Hertz Vehicle Financing III LP 2021-2A A — 1.680% 12/27/2027(f) | 44,631,000 | 38,656,605 | ||||||
| Hertz Vehicle Financing LLC 2021-1A A — 1.210% 12/26/2025(f) | 73,571,000 | 67,983,341 | ||||||
| Hertz Vehicle Financing LLC 2022-4A A — 3.730% 9/25/2026(f) | 80,995,000 | 77,411,328 | ||||||
| HPEFS Equipment Trust 2022-1A A3 — 1.380% 5/21/2029(f) | 65,430,000 | 62,965,206 | ||||||
FPA NEW INCOME, INC.
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| HPEFS Equipment Trust 2022-1A B — 1.790% 5/21/2029(f) | $ | 26,862,000 | $ | 25,412,295 | ||||
| HPEFS Equipment Trust 2022-1A C — 1.960% 5/21/2029(f) | 17,858,000 | 16,447,572 | ||||||
| HPEFS Equipment Trust 2022-2A B — 4.200% 9/20/2029(f) | 9,732,000 | 9,308,772 | ||||||
| HPEFS Equipment Trust 2022-2A C — 4.430% 9/20/2029(f) | 5,634,000 | 5,353,429 | ||||||
| John Deere Owner Trust 2022 2022-A A3 — 2.320% 9/16/2026 | 39,342,000 | 37,703,701 | ||||||
| John Deere Owner Trust 2022-B 2022-B A4 — 3.800% 5/15/2029 | 17,226,000 | 16,666,718 | ||||||
| Kubota Credit Owner Trust 2022-1A A3 — 2.670% 10/15/2026(f) | 88,222,000 | 84,315,406 | ||||||
| Kubota Credit Owner Trust 2022-2A A4 — 4.170% 6/15/2028(f) | 34,050,000 | 32,928,383 | ||||||
| NextGear Floorplan Master Owner Trust 2021-1A A — 0.850% 7/15/2026(f) | 3,947,000 | 3,666,440 | ||||||
| NextGear Floorplan Master Owner Trust 2022-1A A2 — 2.800% 3/15/2027(f) | 72,271,000 | 67,787,350 | ||||||
| Pawneee Equipment Receivables LLC 2021-1 A2 — 1.100% 7/15/2027(f) | 16,120,581 | 15,391,054 | ||||||
| Prop 2017-1A — 5.300% 3/15/2042(c) | 16,906,856 | 14,032,691 | ||||||
| Verizon Master Trust 2022-4 A — 3.400% 11/20/2028(h) | 77,914,000 | 75,472,565 | ||||||
| Verizon Master Trust 2022-4 B — 3.640% 11/20/2028(h) | 34,616,000 | 33,335,284 | ||||||
| Verizon Master Trust 2022-6 A — 3.670% 1/22/2029(h) | 37,943,000 | 36,937,385 | ||||||
| Verizon Master Trust 2022-4 C — 3.890% 11/20/2028(h) | 8,987,000 | 8,649,891 | ||||||
| Wheels SPV 2 LLC 2020-1A A3 — 0.620% 8/20/2029(f) | 6,513,000 | 6,215,710 | ||||||
| $ | 1,074,043,273 | |||||||
| OTHER — 15.7% | ||||||||
| ABPCI Direct Lending Fund ABS I Ltd. 2020-1A A — 3.199% 12/20/2030(f) | $ | 37,774,000 | $ | 34,399,951 | ||||
| ABPCI Direct Lending Fund ABS II LLC 2022-2A A1, 3M TSFR + 2.100% — 6.154% 3/1/2032(e)(f) | 26,204,000 | 25,505,873 | ||||||
| Brazos Securitization LLC — 5.014% 3/1/2034(f) | 10,409,000 | 10,236,025 | ||||||
| Cleco Securitization I LLC — 4.016% 3/1/2033 | 23,362,000 | 21,911,178 | ||||||
| Cologix Data Centers US Issuer LLC 2021-1A A2 — 3.300% 12/26/2051(f) | 58,068,000 | 50,577,373 | ||||||
| DataBank Issuer 2021-1A A2 — 2.060% 2/27/2051(f) | 14,750,000 | 12,741,465 | ||||||
| Elm Trust 2020-4A A2 — 2.286% 10/20/2029(f) | 9,925,000 | 9,228,904 | ||||||
| Elm Trust 2020-3A A2 — 2.954% 8/20/2029(f) | 11,435,000 | 10,675,450 | ||||||
| FCI Funding LLC 2021-1A A — 1.130% 4/15/2033(f) | 6,096,215 | 5,953,724 | ||||||
| Golub Capital Partners ABS Funding Ltd. 2021-1A A2 — 2.773% 4/20/2029(f) | 56,366,000 | 50,968,848 | ||||||
| Golub Capital Partners ABS Funding Ltd. 2021-2A A — 2.944% 10/19/2029(f) | 95,445,000 | 81,383,651 | ||||||
| Golub Capital Partners ABS Funding Ltd. 2020-1A A2 — 3.208% 1/22/2029(f) | 44,967,000 | 41,053,972 | ||||||
| Gracie Point International Funding 2021-1A, 1M USD LIBOR + 0.750% — 4.870% 11/1/2023(e)(f) | 23,479,970 | 23,385,801 | ||||||
| Kansas Gas Service Securitization I LLC — 5.486% 8/1/2034 | 29,418,000 | 29,742,278 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Auth Rev., (TXBL-LA ULT RESTORATION CORP P), — 3.615% 2/1/2029 | 48,703,000 | 47,361,479 | ||||||
| Monroe Capital ABS Funding Ltd. 2021-1A A2 — 2.815% 4/22/2031(f) | 45,379,000 | 40,983,635 | ||||||
| Oasis Securitization Funding LLC 2021-1A A — 2.579% 2/15/2033(f) | 1,711,442 | 1,686,430 | ||||||
| Oklahoma Development Finance Authority — 3.877% 5/1/2037 | 26,761,000 | 25,066,765 | ||||||
| Oklahoma Development Finance Authority — 4.135% 12/1/2033 | 30,374,000 | 27,755,976 | ||||||
| Oklahoma Development Finance Authority — 4.285% 2/1/2034 | 11,541,000 | 11,066,393 | ||||||
| Oportun Funding XIV LLC 2021-A — 1.210% 3/8/2028(f) | 10,137,000 | 9,388,037 | ||||||
| Oportun Issuance Trust 2021-C A — 2.180% 10/8/2031(f) | 64,181,000 | 56,119,950 | ||||||
| Owl Rock Technology Financing LLC 2020-1A A, 3M USD LIBOR + 2.950% — 7.029% 1/15/2031(e)(f) | 85,004,000 | 83,816,834 | ||||||
| PFS Financing Corp. 2021-A A — 0.710% 4/15/2026(f) | 42,758,000 | 40,275,543 | ||||||
| PFS Financing Corp. 2021-B A — 0.770% 8/15/2026(f) | 52,919,000 | 48,456,399 | ||||||
FPA NEW INCOME, INC.
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| PFS Financing Corp. 2021-A B — 0.960% 4/15/2026(f) | $ | 5,986,000 | $ | 5,631,430 | ||||
| PFS Financing Corp. 2020-G A — 0.970% 2/15/2026(f) | 63,808,000 | 60,166,005 | ||||||
| PFS Financing Corp. 2021-B B — 1.090% 8/15/2026(f) | 11,978,000 | 10,923,840 | ||||||
| PFS Financing Corp. 2020-G B — 1.570% 2/15/2026(f) | 3,303,000 | 3,148,731 | ||||||
| PFS Financing Corp. 2022-A A — 2.470% 2/15/2027(f) | 105,379,000 | 98,215,736 | ||||||
| PFS Financing Corp. 2022-A B — 2.770% 2/15/2027(f) | 21,651,000 | 20,275,945 | ||||||
| PFS Financing Corp. 2022-C A — 3.890% 5/15/2027(f) | 77,233,000 | 73,617,932 | ||||||
| PFS Financing Corp. 2022-D A — 4.270% 8/15/2027(f) | 71,781,000 | 69,785,905 | ||||||
| PFS Financing Corp. 2022-C B — 4.390% 5/15/2027(f) | 11,913,000 | 11,330,965 | ||||||
| PG&E Recovery Funding LLC — 5.045% 7/15/2034 | 26,507,000 | 26,532,881 | ||||||
| PG&E Wildfire Recovery Funding LLC — 4.022% 6/1/2033 | 53,606,000 | 51,537,269 | ||||||
| SBA Tower Trust — 1.631% 5/15/2051(f) | 5,410,000 | 4,546,825 | ||||||
| SBA Tower Trust — 2.328% 7/15/2052(f) | 16,130,000 | 13,318,131 | ||||||
| SBA Tower Trust — 6.599% 1/15/2028 | 12,423,000 | 12,392,647 | ||||||
| SpringCastle America Funding LLC 2020-AA A — 1.970% 9/25/2037(f) | 18,036,318 | 16,399,728 | ||||||
| TVEST LLC 2020-A A — 4.500% 7/15/2032(f) | 3,388,021 | 3,337,631 | ||||||
| Vantage Data Centers Issuer LLC 2020-1A A2, 1M USD LIBOR + 1.650% — 1.645% 9/15/2045(f) | 19,214,000 | 17,066,002 | ||||||
| VCP RRL ABS I Ltd. 2021-1A A — 2.152% 10/20/2031(f) | 40,512,973 | 36,705,329 | ||||||
| $ | 1,334,674,866 | |||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $5,660,469,647) | $ | 5,405,649,678 | ||||||
| CORPORATE BONDS & NOTES — 2.4% | ||||||||
| COMMUNICATIONS — 0.3% | ||||||||
| Amazon.com, Inc. — 1.650% 5/12/2028 | $ | 22,427,000 | $ | 19,294,256 | ||||
| Frontier Communications Holdings LLC — 5.875% 10/15/2027(f) | 5,925,000 | 5,498,222 | ||||||
| $ | 24,792,478 | |||||||
| FINANCIAL — 2.1% | ||||||||
| Ares Capital Corp. — 3.250% 7/15/2025 | $ | 37,309,000 | $ | 34,435,651 | ||||
| Blackstone Private Credit Fund — 4.700% 3/24/2025 | 12,460,000 | 12,000,642 | ||||||
| OWL Rock Core Income Corp. — 4.700% 2/8/2027 | 40,949,000 | 36,709,640 | ||||||
| OWL Rock Core Income Corp. — 5.500% 3/21/2025 | 45,959,000 | 44,531,279 | ||||||
| OWL Rock Core Income Corp. — 7.750% 9/16/2027(f) | 49,529,000 | 49,187,250 | ||||||
| $ | 176,864,462 | |||||||
| TOTAL CORPORATE BONDS & NOTES (Cost $209,130,014) | $ | 201,656,940 | ||||||
| CORPORATE BANK DEBT — 2.3% | ||||||||
| ABG Intermediate Holdings 2 LLC, 1M USD LIBOR + 3.250% — 7.321% 9/29/2024(d)(e)(i) | $ | 38,164,232 | $ | 37,878,000 | ||||
| Asurion LLC, 1M USD LIBOR + 3.000% — 7.384% 11/3/2024(d)(e)(i) | 58,555,361 | 56,740,145 | ||||||
| Axiom Global, Inc., 1M USD LIBOR + 5.500% — 9.042% 10/1/2026(d)(e)(i) | 22,836,712 | 21,866,152 | ||||||
| Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan, 1M USD LIBOR + 4.750% — 9.134% 11/12/2027(d)(e)(i)(j) | 1,080,938 | 1,022,838 | ||||||
| Capstone Acquisition Holdings, Inc. 2020 Term Loan, 1M USD LIBOR + 4.750% — 9.134% 11/12/2027(d)(e)(i) | 18,582,485 | 17,583,676 | ||||||
| Frontier Communications Corp., 3M USD LIBOR + 3.750% — 8.500% 5/1/2028(d)(e)(i) | 23,382,518 | 22,252,440 | ||||||
| Heartland Dental LLC, 1M USD LIBOR + 4.000% — 8.044% 4/30/2025(d)(e)(i) | 38,409,627 | 35,624,929 | ||||||
FPA NEW INCOME, INC.
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2022
(Unaudited)
| BONDS & DEBENTURES - Continued | Principal Amount | Fair Value | ||||||
| JC Penney Corp., Inc., 1M USD LIBOR + 9.500% — 9.500% 6/23/2023(d)(e)(i) | $ | 27,218,054 | $ | 2,722 | ||||
| Lealand Finance Company B.V. Super Senior Exit LC — 0.500% 6/30/2024(d)(e)(i)(j)(l) | 16,770,000 | (3,521,700 | ) | |||||
| Windstream Services LLC, 1M USD LIBOR + 6.250% — 10.673% 9/21/2027(d)(e)(i) | 13,133,499 | 11,902,233 | ||||||
| TOTAL CORPORATE BANK DEBT (Cost $212,632,478) | $ | 201,351,435 | ||||||
| U.S. TREASURY — 7.0% | ||||||||
| U.S. Treasury Notes — 2.750% 7/31/2027 | $ | 628,247,000 | $ | 594,406,538 | ||||
| TOTAL U.S. TREASURIES (Cost $605,469,186) | $ | 594,406,538 | ||||||
| TOTAL BONDS & DEBENTURES — 94.8% (Cost $8,480,751,864) | $ | 8,084,552,731 | ||||||
| TOTAL INVESTMENT SECURITIES — 96.1% (Cost $8,620,016,274) | $ | 8,194,478,686 | ||||||
| SHORT-TERM INVESTMENTS — 3.2% | ||||||||
| State Street Bank Repurchase Agreement — 1.28% 1/3/2023 | ||||||||
| (Dated 12/30/2022, repurchase price of $269,863,375, collateralized by $288,238,400 principal amount U.S. Treasury Bill — 0.000% 2023, fair value $270,761,171)(k) | $ | 269,825,000 | $ | 269,825,000 | ||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $269,825,000) | $ | 269,825,000 | ||||||
| TOTAL INVESTMENTS — 99.3% (Cost $8,889,841,274) | $ | 8,464,303,686 | ||||||
| Other Assets and Liabilities, net — 0.7% | 63,496,036 | |||||||
| NET ASSETS — 100.0% | $ | 8,527,799,722 | ||||||
| (a) | Non-income producing security. |
| (b) | 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 0.64% of total net assets at December 31, 2022. |
| (c) | Investments categorized as a significant unobservable input (Level 3) (See Note 1 of the Notes to Financial Statements). |
| (d) | Restricted securities. These restricted securities constituted 3.27% of total net assets at December 31, 2022, 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. |
| (e) | Variable/Floating Rate Security — The rate shown is based on the latest available information as of December 31, 2022. 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 December 31, 2022. |
| (i) | For corporate bank debt, the rate shown may represent a weighted average interest rate. |
| (j) | All or a portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. |
| (k) | Security pledged as collateral. |
FPA NEW INCOME, INC.
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2022
(Unaudited)
| (l) | As of December 31, 2022, 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 satisified. At December 31, 2022, unfunded commitments totaled $16,770,000. |
| (m) | Affiliated Security. |
FPA NEW INCOME, INC.
PORTFOLIO OF INVESTMENTS – RESTRICTED SECURITIES
December 31, 2022
(Unaudited)
| Issuer | Acquisition Date (s) | Cost | Fair Value | Fair Value as a % of Net Assets | ||||||||||
| ABG Intermediate Holdings 2 LLC, 1M USD LIBOR + 3.250% — 7.634% 9/29/2024 | 02/28/2022, 03/01/2022 | $ | 37,936,335 | $ | 37,878,000 | 0.44 | % | |||||||
| Asurion LLC, 1M USD LIBOR + 3.000% — 7.384% 11/3/2024 | 08/17/2021 | 58,300,996 | 56,740,145 | 0.67 | % | |||||||||
| Axiom Global, Inc., 1M USD LIBOR + 5.500% — 9.042% 10/1/2026 | 11/18/2021, 11/19/2021 | 22,655,037 | 21,866,152 | 0.26 | % | |||||||||
| BTC Holdings Fund I LLC — 6.950% 1/28/2027 | 09/01/2021 | 4,389,147 | 4,389,147 | 0.05 | % | |||||||||
| BTC Offshore Holdings Fund, 3M USD LIBOR + 2.650% — 6.850% 10/20/2029 | 10/25/2021, 01/20/2022 | 18,000,000 | 18,000,000 | 0.21 | % | |||||||||
| Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan, 1M USD LIBOR + 4.750% — 9.134% 11/12/2027 | 04/30/2021 | 1,077,171 | 1,022,838 | 0.01 | % | |||||||||
| Capstone Acquisition Holdings, Inc. 2020 Term Loan, 1M USD LIBOR + 4.750% — 9.134% 11/12/2027 | 04/30/2021 | 18,461,950 | 17,583,676 | 0.21 | % | |||||||||
| Copper Earn Out Trust | 12/07/2020 | — | 242,763 | 0.00 | % | |||||||||
| Copper Property CTL Pass Through Trust | 10/05/2017, 10/06/2017, 10/11/2017, 11/19/2018, 11/27/2018, 01/11/2019, 02/08/2019, 03/11/2019, 05/29/2019, 06/08/2020 | 25,752,396 | 6,892,756 | 0.08 | % | |||||||||
| Frontier Communications Corp., 3M USD LIBOR + 3.750% — 8.500% 5/1/2028 | 04/09/2021 | 23,201,845 | 22,252,440 | 0.26 | % | |||||||||
| Heartland Dental LLC, 1M USD LIBOR + 3.750% — 8.387% 4/30/2025 | 08/02/2021, 08/03/2021, 08/12/2021 | 38,281,180 | 35,624,929 | 0.42 | % | |||||||||
| JC Penney Corp., Inc., 1M USD LIBOR + 9.500% — 9.500% 6/23/2023 | 02/03/2021 | — | 2,722 | 0.00 | % | |||||||||
| Lealand Finance Company B.V. Super Senior Exit LC — 0.500% 6/30/2024 | 02/28/2020 | (59,105 | ) | (3,521,700 | ) | (0.04 | )% | |||||||
| PHI Group, Inc., Restricted | 08/19/2019 | 31,131,405 | 47,580,250 | 0.56 | % | |||||||||
| Windstream Services LLC, 1M USD LIBOR + 6.250% — 10.673% 9/21/2027 | 08/11/2020 | 12,777,069 | 11,902,233 | 0.14 | % | |||||||||
| TOTAL RESTRICTED SECURITIES | $ | 291,905,426 | $ | 278,456,351 | 3.27 | % | ||||||||
NOTE 1 — Disclosure of Fair Value Measurements
The Fund uses the following methods and inputs to establish the fair value of its assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally valued each day at the official closing price of, or the last reported sale price on, the exchange or market on which such securities principally are traded, as of the close of business on that day. If there have been no sales that day, equity securities are generally valued at the last available bid price. Securities that are unlisted and fixed-income and convertible securities listed on a national securities exchange for which the over-the-counter ("OTC") market more accurately reflects the securities’ value in the judgment of the Fund's officers, are valued at the most recent bid price. However, most fixed income securities are generally valued at prices obtained from pricing vendors and brokers. Vendors value such securities based on one or more of the following inputs: transactions, bids, offers quotations from dealers and trading systems, spreads and other relationships observed in the markets among comparable securities, benchmarks, underlying equity of the issuer, and proprietary pricing models such as cash flows, financial or collateral performance and other reference data (includes prepayments, defaults, collateral, credit enhancements, and interest rate volatility). Short-term corporate notes with maturities of 60 days or less at the time of purchase are valued at amortized cost.
Securities for which representative market quotations are not readily available or are considered unreliable by the Adviser are valued as determined in good faith under procedures adopted by the authority of the Fund’s Board of 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. 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 December 31, 2022 (see Portfolio of Investments for industry categories):
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | ||||||||||||||||
| Energy | — | — | $ | 47,580,250 | $ | 47,580,250 | ||||||||||
| Industrials | $ | 55,210,186 | — | — | 55,210,186 | |||||||||||
| Retailing | — | — | 7,135,519 | 7,135,519 | ||||||||||||
| Commercial Mortgage-Backed Securities | ||||||||||||||||
| Agency | — | $ | 294,619,669 | — | 294,619,669 | |||||||||||
| Agency Stripped | — | 37,354,074 | — | 37,354,074 | ||||||||||||
| Non-Agency | — | 719,023,922 | — | 719,023,922 | ||||||||||||
| Residential Mortgage-Backed Securities | ||||||||||||||||
| Agency Collateralized Mortgage Obligation | — | 11,624,412 | — | 11,624,412 | ||||||||||||
| Agency Pool Adjustable Rate | — | 268,034 | — | 268,034 | ||||||||||||
| Agency Pool Fixed Rate | — | 179,619,118 | — | 179,619,118 | ||||||||||||
| Agency Stripped | — | 99,370 | — | 99,370 | ||||||||||||
| Non-Agency Collateralized Mortgage Obligation | — | 438,879,541 | — | 438,879,541 | ||||||||||||
| Asset-Backed Securities | ||||||||||||||||
| Auto | — | 1,741,110,327 | — | 1,741,110,327 | ||||||||||||
| Collateralized Loan Obligation | — | 1,132,085,195 | 22,389,147 | 1,154,474,342 | ||||||||||||
| Credit Card | — | 101,346,870 | — | 101,346,870 | ||||||||||||
| Equipment | — | 1,060,010,582 | 14,032,691 | 1,074,043,273 | ||||||||||||
| Other | — | 1,334,674,866 | — | 1,334,674,866 | ||||||||||||
| Corporate Bonds & Notes | — | 201,656,940 | — | 201,656,940 | ||||||||||||
| Corporate Bank Debt | — | 201,351,435 | — | 201,351,435 | ||||||||||||
| U.S. Treasury | — | 594,406,538 | — | 594,406,538 | ||||||||||||
| Short-Term Investments | — | 269,825,000 | — | 269,825,000 | ||||||||||||
| $ | 55,210,186 | $ | 8,317,955,893 | $ | 91,137,607 | $ | 8,464,303,686 | |||||||||
The following table summarizes the Fund’s Level 3 investment securities and related transactions during the period ended December 31, 2022:
| Investments | Beginning Value at September 30, 2022 | Net Realized and Unrealized Gains (Losses) | Purchases | (Sales) | Gross Transfers In/(Out) | Ending Value at December 31, 2022 | Net Change in Unrealized Appreciation (Depreciation) related to Investments held at December 31, 2022 | |||||||||||||||||||||
| Common Stocks | $ | 54,724,440 | $ | (8,671 | ) | — | — | — | $ | 54,715,769 | $ | (8,671 | ) | |||||||||||||||
| Asset-Backed Securities Collateralized Loan Obligation | 22,787,445 | — | — | $ | (398,298 | ) | — | 22,389,147 | — | |||||||||||||||||||
| Asset-Backed Securities Equipment | 14,837,423 | (657,079 | ) | — | (147,653 | ) | — | 14,032,691 | (657,222 | ) | ||||||||||||||||||
| Corporate Bank Debt | 10,660,190 | 802,380 | — | (11,462,570 | ) | — | — | — | ||||||||||||||||||||
| $ | 103,009,498 | $ | 136,630 | — | $ | (12,008,521 | ) | — | $ | 91,137,607 | $ | (665,893 | ) | |||||||||||||||
There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.
The following table summarizes the quantitative inputs and assumptions used for items categorized as Level 3 of the fair value hierarchy as of December 31, 2022:
| Financial Assets | Fair Value at December 31, 2022 | Valuation Technique(s) | Unobservable Inputs | Price/Range | Weighted Average Price | |||||||||||
| Common Stocks | $ | 7,135,519 | Pricing Model (a) | Quotes/Prices | $3.50 - $13.25 | $ | 12.60 | |||||||||
| 47,580,250 | Pricing Model (b) | Last Reported Trade | $12.50 | $ | 12.50 | |||||||||||
| Asset-Backed Securities - Collateralized Loan Obligation | $ | 22,389,147 | Third-Party Broker Quote (c) | Quotes/Prices | $100.00 | $ | 100.00 | |||||||||
| Asset-Backed Securities - Equipment | $ | 14,032,691 | Third-Party Broker Quote (c) | Quotes/Prices | $83.00 | $ | 83.00 | |||||||||
(a) The Pricing Model technique for Level 3 securities involves recently quoted funding prices of the security.
(b) The Pricing Model technique for Level 3 securities involves the last reported trade in the security.
(c) The Third Party Broker Quote technique involves obtaining an independent third-party broker quote for the security.
