FPA New Income Fund
SCHEDULE OF INVESTMENTS
As of June 30, 2026 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & DEBENTURES — 91.4% | ||||||||
| ASSET-BACKED SECURITIES — 23.6% | ||||||||
| AUTO — 6.2% | ||||||||
| Ally Auto Receivables Trust | ||||||||
| $ | 8,996,000 | Series 2023-1, Class A4, 5.270%, 11/15/2028 | $ | 9,057,233 | ||||
| BMW Vehicle Owner Trust | ||||||||
| 6,776,000 | Series 2023-A, Class A4, 5.250%, 11/26/2029 | 6,820,260 | ||||||
| CarMax Auto Owner Trust | ||||||||
| 21,176,000 | Series 2023-2, Class A4, 5.010%, 11/15/2028 | 21,260,433 | ||||||
| 10,892,000 | Series 2023-1, Class A4, 4.650%, 1/16/2029 | 10,907,739 | ||||||
| 20,637,000 | Series 2023-3, Class A4, 5.260%, 2/15/2029 | 20,784,396 | ||||||
| Ford Credit Auto Owner Trust | ||||||||
| 14,487,000 | Series 2023-A, Class A4, 4.560%, 12/15/2028 | 14,502,358 | ||||||
| 7,137,000 | Series 2023-B, Class A4, 5.060%, 2/15/2029 | 7,174,003 | ||||||
| GM Financial Consumer Automobile Receivables Trust | ||||||||
| 15,767,000 | Series 2023-1, Class A4, 4.590%, 7/17/2028 | 15,789,972 | ||||||
| 13,758,000 | Series 2023-3, Class A4, 5.340%, 12/18/2028 | 13,871,143 | ||||||
| GM Financial Revolving Receivables Trust | ||||||||
| 38,305,000 | Series 2021-1, Class A, 1.170%, 6/12/2034(a) | 38,093,081 | ||||||
| 49,942,000 | Series 2023-1, Class A, 5.120%, 4/11/2035(a) | 50,421,843 | ||||||
| 12,704,000 | Series 2023-2, Class A, 5.770%, 8/11/2036(a) | 13,048,531 | ||||||
| 64,237,000 | Series 2024-1, Class A, 4.980%, 12/11/2036(a) | 65,017,614 | ||||||
| Hyundai Auto Receivables Trust | ||||||||
| 10,743,000 | Series 2023-B, Class A4, 5.310%, 8/15/2029 | 10,824,243 | ||||||
| Mercedes-Benz Auto Receivables Trust | ||||||||
| 10,006,000 | Series 2023-1, Class A4, 4.310%, 4/16/2029 | 10,006,346 | ||||||
| 8,831,000 | Series 2024-1, Class A4, 4.790%, 7/15/2031 | 8,870,154 | ||||||
| Nissan Auto Receivables Owner Trust | ||||||||
| 13,366,000 | Series 2022-B, Class A4, 4.450%, 11/15/2029 | 13,376,503 | ||||||
| 15,538,000 | Series 2023-A, Class A4, 4.850%, 6/17/2030 | 15,590,678 | ||||||
| Porsche Financial Auto Securitization Trust | ||||||||
| 17,279,000 | Series 2023-1A, Class A4, 4.720%, 6/23/2031(a) | 17,310,790 | ||||||
| SFS Auto Receivables Securitization Trust | ||||||||
| 8,951,000 | Series 2023-1A, Class A4, 5.470%, 12/20/2029(a) | 9,018,392 | ||||||
| 9,026,000 | Series 2026-1A, Class A4, 4.070%, 1/20/2032(a) | 8,864,614 | ||||||
| 5,515,000 | Series 2026-2A, Class A4, 4.690%, 5/20/2033(a) | 5,546,612 | ||||||
| Toyota Auto Loan Extended Note Trust | ||||||||
| 54,519,000 | Series 2022-1A, Class A, 3.820%, 4/25/2035(a) | 54,284,312 | ||||||
| 43,813,000 | Series 2023-1A, Class A, 4.930%, 6/25/2036(a) | 44,152,481 | ||||||
| 56,286,000 | Series 2024-1A, Class A, 5.160%, 11/25/2036(a) | 57,245,778 | ||||||
| 32,665,000 | Series 2026-1A, Class A, 4.580%, 4/25/2039(a) | 32,607,869 | ||||||
| Toyota Auto Receivables Owner Trust | ||||||||
| 16,189,000 | Series 2023-A, Class A4, 4.420%, 8/15/2028 | 16,195,448 | ||||||
| 19,879,000 | Series 2023-B, Class A4, 4.660%, 9/15/2028 | 19,930,767 | ||||||
| 25,523,000 | Series 2023-C, Class A4, 5.010%, 2/15/2029 | 25,722,822 | ||||||
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| AUTO (Continued) | ||||||||
| Volkswagen Auto Loan Enhanced Trust | ||||||||
| $ | 11,637,000 | Series 2023-1, Class A4, 5.010%, 1/22/2030 | $ | 11,683,112 | ||||
| World Omni Auto Receivables Trust | ||||||||
| 14,612,000 | Series 2023-A, Class A4, 4.660%, 5/15/2029 | 14,631,690 | ||||||
| 21,627,000 | Series 2023-B, Class A4, 4.680%, 5/15/2029 | 21,663,602 | ||||||
| 10,417,000 | Series 2023-C, Class A4, 5.030%, 11/15/2029 | 10,469,078 | ||||||
| 694,743,897 | ||||||||
| COLLATERALIZED LOAN OBLIGATION — 2.4% | ||||||||
| Cerberus Loan Funding LLC | ||||||||
| 51,840,000 | Series 2023-2A, Class A1, 6.223% (3-Month Term SOFR+255 basis points), 7/15/2035(a),(b) | 51,993,550 | ||||||
| 52,569,000 | Series 2023-4A, Class A, 6.098% (3-Month Term SOFR+242.5 basis points), 10/15/2035(a),(b) | 52,924,787 | ||||||
| Fortress Credit Opportunities Ltd. | ||||||||
| 82,399,264 | Series 2017-9A, Class A1TR, 5.485% (3-Month Term SOFR+181.161 basis points), 10/15/2033(a),(b) | 82,465,100 | ||||||
| Golub Capital Partners Ltd. | ||||||||
| 43,478,000 | Series 2023-67A, Class A1, 6.148% (3-Month Term SOFR+250 basis points), 5/9/2036(a),(b) | 43,566,652 | ||||||
| 41,996,000 | Series 2019-46A, Class A1R, 5.485% (3-Month Term SOFR+181 basis points), 4/20/2037(a),(b) | 42,028,757 | ||||||
| 272,978,846 | ||||||||
| EQUIPMENT — 8.9% | ||||||||
| Avis Budget Rental Car Funding AESOP LLC | ||||||||
| 48,017,000 | Series 2023-6A, Class A, 5.810%, 12/20/2029(a) | 49,083,846 | ||||||
| 34,038,000 | Series 2023-8A, Class A, 6.020%, 2/20/2030(a) | 35,017,025 | ||||||
| 14,768,000 | Series 2024-1A, Class A, 5.360%, 6/20/2030(a) | 14,975,786 | ||||||
| 57,519,000 | Series 2024-3A, Class A, 5.230%, 12/20/2030(a) | 58,224,425 | ||||||
| 14,596,000 | Series 2026-2A, Class A, 4.600%, 8/20/2032(a) | 14,313,538 | ||||||
| Barings Equipment Finance LLC | ||||||||
| 4,947,000 | Series 2026-A, Class A4, 4.240%, 11/13/2045(a) | 4,861,873 | ||||||
| CNH Equipment Trust | ||||||||
| 7,414,000 | Series 2022-B, Class A4, 3.910%, 3/15/2028 | 7,402,769 | ||||||
| 6,738,000 | Series 2023-A, Class A4, 4.770%, 10/15/2030 | 6,757,143 | ||||||
| 17,009,000 | Series 2023-B, Class A4, 5.460%, 3/17/2031 | 17,233,216 | ||||||
| 8,891,000 | Series 2026-B, Class A4, 4.740%, 11/15/2033 | 8,925,649 | ||||||
| Enterprise Fleet Financing | ||||||||
| 12,165,000 | Series 2026-2, Class A4, 4.590%, 1/20/2033(a) | 12,141,912 | ||||||
| Enterprise Fleet Financing LLC | ||||||||
| 37,963,000 | Series 2023-2, Class A3, 5.500%, 4/22/2030(a) | 38,202,987 | ||||||
| 34,823,000 | Series 2023-3, Class A3, 6.410%, 6/20/2030(a) | 35,517,099 | ||||||
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| EQUIPMENT (Continued) | ||||||||
| $ | 11,576,000 | Series 2024-4, Class A4, 4.700%, 6/20/2031(a) | $ | 11,593,998 | ||||
| 19,554,000 | Series 2025-4, Class A4, 4.280%, 6/20/2032(a) | 19,335,770 | ||||||
| 22,250,000 | Series 2026-1, Class A4, 4.290%, 9/20/2032(a) | 22,041,253 | ||||||
| Ford Credit Floorplan Master Owner Trust | ||||||||
| 83,977,000 | Series 2018-4, Class A, 4.060%, 11/15/2030 | 83,188,599 | ||||||
| 46,054,000 | Series 2024-2, Class A, 5.240%, 4/15/2031(a) | 46,928,837 | ||||||
| 27,030,000 | Series 2024-4, Class A, 4.400%, 9/15/2031(a) | 26,892,763 | ||||||
| 23,681,000 | Series 2026-2, Class A, 4.600%, 5/15/2033 | 23,701,771 | ||||||
| GMF Floorplan Owner Revolving Trust | ||||||||
| 18,848,000 | Series 2023-2, Class A, 5.340%, 6/15/2030(a) | 19,130,999 | ||||||
| 46,933,000 | Series 2024-2A, Class A, 5.060%, 3/15/2031(a) | 47,546,527 | ||||||
| 16,145,000 | Series 2026-2A, Class A, 4.770%, 5/16/2033(a) | 16,260,700 | ||||||
| GreatAmerica Leasing Receivables Funding LLC | ||||||||
| 16,501,000 | Series 2023-1, Class A4, 5.060%, 3/15/2030(a) | 16,592,853 | ||||||
| 8,123,000 | Series 2025-2, Class A4, 4.290%, 9/15/2032(a) | 8,043,607 | ||||||
| 6,216,000 | Series 2026-1, Class A4, 4.960%, 5/16/2033(a) | 6,268,186 | ||||||
| Hertz Vehicle Financing LLC | ||||||||
| 18,873,000 | Series 2022-2A, Class A, 2.330%, 6/26/2028(a) | 18,515,377 | ||||||
| John Deere Owner Trust | ||||||||
| 15,675,000 | Series 2023-A, Class A4, 5.010%, 12/17/2029 | 15,716,089 | ||||||
| 11,706,000 | Series 2023-B, Class A4, 5.110%, 5/15/2030 | 11,762,995 | ||||||
| 15,742,000 | Series 2023-C, Class A4, 5.390%, 8/15/2030 | 15,872,725 | ||||||
| Kubota Credit Owner Trust | ||||||||
| 12,897,000 | Series 2023-2A, Class A4, 5.230%, 6/15/2028(a) | 12,964,611 | ||||||
| 9,456,000 | Series 2023-1A, Class A4, 5.070%, 2/15/2029(a) | 9,482,385 | ||||||
| M&T Equipment Notes | ||||||||
| 9,785,000 | Series 2023-1A, Class A4, 5.750%, 7/15/2030(a) | 9,837,366 | ||||||
| 17,531,000 | Series 2024-1A, Class A4, 4.940%, 8/18/2031(a) | 17,602,453 | ||||||
| MMAF Equipment Finance LLC | ||||||||
| 24,567,000 | Series 2023-A, Class A4, 5.500%, 12/13/2038(a) | 24,874,670 | ||||||
| 7,081,000 | Series 2020-A, Class A5, 1.560%, 10/9/2042(a) | 6,911,960 | ||||||
| 29,990,727 | Series 2024-A, Class A4, 5.100%, 7/13/2049(a) | 30,435,603 | ||||||
| 16,651,000 | Series 2025-A, Class A4, 5.020%, 6/13/2050(a) | 16,827,161 | ||||||
| 23,763,000 | Series 2025-B, Class A4, 4.290%, 9/13/2050(a) | 23,413,758 | ||||||
| Prop 2017-1A | ||||||||
| 5,339,837 | 5.300%, 3/15/2042(c),(d) | 5,099,544 | ||||||
| Verizon Master Trust | ||||||||
| 85,708,000 | Series 2024-2, Class A, 4.830%, 12/22/2031(a) | 86,420,139 | ||||||
| 31,930,000 | Series 2024-7, Class A, 4.350%, 8/20/2032(a) | 31,723,569 | ||||||
| Volvo Financial Equipment LLC | ||||||||
| 4,788,000 | Series 2025-2A, Class A4, 4.060%, 6/15/2033(a) | 4,725,151 | ||||||
| 992,368,687 | ||||||||
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| OTHER — 6.1% | ||||||||
| American Tower Trust 1 | ||||||||
| $ | 77,012,000 | 5.490%, 3/15/2028(a) | $ | 77,498,562 | ||||
| Brazos Securitization LLC | ||||||||
| 6,881,996 | 5.014%, 9/1/2031(a) | 6,925,392 | ||||||
| Centerpoint Energy Restoration Bond Co. II LLC | ||||||||
| 56,953,572 | 4.255%, 12/15/2035 | 55,970,439 | ||||||
| Cleco Securitization LLC | ||||||||
| 14,466,152 | 4.016%, 3/1/2031 | 14,238,308 | ||||||
| Consumers 2023 Securitization Funding LLC | ||||||||
| 22,847,000 | 5.210%, 9/1/2031 | 23,186,660 | ||||||
| DTE Electric Securitization Funding II LLC | ||||||||
| 22,782,420 | 5.970%, 3/1/2033 | 23,722,194 | ||||||
| Duke Energy Carolinas Nc Storm Funding II LLC | ||||||||
| 30,094,000 | 4.226%, 7/1/2037 | 29,452,661 | ||||||
| Golub Capital Partners Funding Ltd. | ||||||||
| 5,511,555 | Series 2020-1A, Class A2, 3.208%, 1/22/2029(a) | 5,323,374 | ||||||
| 20,713,631 | Series 2021-1A, Class A2, 2.773%, 4/20/2029(a) | 19,203,442 | ||||||
| 45,964,981 | Series 2021-2A, Class A, 2.944%, 10/19/2029(a) | 42,307,318 | ||||||
| Kansas Gas Service Securitization I LLC | ||||||||
| 38,430,624 | 5.486%, 8/1/2032 | 39,242,344 | ||||||
| Oklahoma Development Finance Authority | ||||||||
| 20,386,904 | 4.135%, 12/1/2033 | 20,272,526 | ||||||
| 7,854,317 | 4.285%, 2/1/2034 | 7,835,058 | ||||||
| 17,401,075 | 3.877%, 5/1/2037 | 17,051,200 | ||||||
| PG&E Recovery Funding LLC | ||||||||
| 29,285,358 | 5.045%, 7/15/2032 | 29,834,459 | ||||||
| 10,858,401 | 4.838%, 6/1/2033 | 10,888,652 | ||||||
| PG&E Wildfire Recovery Funding LLC | ||||||||
| 33,054,474 | 4.022%, 6/1/2031 | 32,410,646 | ||||||
| SBA Tower Trust | ||||||||
| 14,427,000 | 1.631%, 11/15/2026(a) | 14,234,728 | ||||||
| 17,196,000 | 2.328%, 1/15/2028(a) | 16,500,616 | ||||||
| 12,423,000 | 6.599%, 1/15/2028(a) | 12,554,345 | ||||||
| SCE Recovery Funding LLC | ||||||||
| 73,845,000 | 4.453%, 3/15/2036 | 72,552,713 | ||||||
| SpringCastle America Funding LLC | ||||||||
| 5,957,549 | Series 2020-AA, Class A, 1.970%, 9/25/2037(a) | 5,569,706 | ||||||
| Texas Electric Market Stabilization Funding N LLC | ||||||||
| 27,673,243 | 4.265%, 8/1/2036(a) | 27,199,953 | ||||||
| Texas Natural Gas Securitization Finance Corp. | ||||||||
| 6,769,926 | 5.102%, 4/1/2035 | 6,861,027 | ||||||
| VCP RRL Ltd. | ||||||||
| 11,423,167 | Series 2021-1A, Class A, 2.152%, 10/20/2031(a) | 10,877,436 | ||||||
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| OTHER (Continued) | ||||||||
| Virginia Power Fuel Securitization LLC | ||||||||
| $ | 58,246,000 | 4.877%, 5/1/2031 | $ | 58,391,615 | ||||
| WEPCo Environmental Trust Finance LLC | ||||||||
| 7,389,044 | Series 2021-1, Class A, 1.578%, 12/15/2035 | 6,521,997 | ||||||
| 686,627,371 | ||||||||
| TOTAL ASSET-BACKED SECURITIES | ||||||||
| (Cost $2,636,989,647) | 2,646,718,801 | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 13.8% | ||||||||
| AGENCY — 11.2% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| 40,307,511 | Series K062, Class A2, 3.413%, 12/25/2026 | 40,087,536 | ||||||
| 16,269,816 | Series K063, Class A2, 3.430%, 1/25/2027(b) | 16,185,293 | ||||||
| 9,702,802 | Series K065, Class A2, 3.243%, 4/25/2027 | 9,616,214 | ||||||
| 7,113,066 | Series K066, Class A2, 3.117%, 6/25/2027 | 7,035,765 | ||||||
| 8,509,735 | Series K068, Class A2, 3.244%, 8/25/2027 | 8,403,136 | ||||||
| 12,338,034 | Series K072, Class A2, 3.444%, 12/25/2027 | 12,172,590 | ||||||
| 29,086,020 | Series K073, Class A2, 3.350%, 1/25/2028 | 28,640,408 | ||||||
| 16,051,256 | Series K076, Class A2, 3.900%, 4/25/2028 | 15,899,161 | ||||||
| 4,086,000 | Series K077, Class A2, 3.850%, 5/25/2028(b) | 4,040,875 | ||||||
| 30,559,000 | Series K079, Class A2, 3.926%, 6/25/2028 | 30,223,646 | ||||||
| 25,020,308 | Series K080, Class A2, 3.926%, 7/25/2028(b) | 24,741,842 | ||||||
| 62,664,000 | Series K081, Class A2, 3.900%, 8/25/2028(b) | 61,908,824 | ||||||
| 46,777,000 | Series K082, Class A2, 3.920%, 9/25/2028(b) | 46,215,419 | ||||||
| 24,028,000 | Series K083, Class A2, 4.050%, 9/25/2028(b) | 23,796,757 | ||||||
| 68,841,723 | Series K084, Class A2, 3.780%, 10/25/2028(b) | 67,812,587 | ||||||
| 27,924,000 | Series K085, Class A2, 4.060%, 10/25/2028(b) | 27,663,343 | ||||||
| 27,195,714 | Series K089, Class A2, 3.563%, 1/25/2029 | 26,616,500 | ||||||
| 4,691,000 | Series K088, Class A2, 3.690%, 1/25/2029 | 4,604,423 | ||||||
| 43,626,000 | Series K090, Class A2, 3.422%, 2/25/2029 | 42,455,741 | ||||||
| 25,293,822 | Series K091, Class A2, 3.505%, 3/25/2029 | 24,615,176 | ||||||
| 2,376,000 | Series K092, Class A2, 3.298%, 4/25/2029 | 2,304,316 | ||||||
| 4,248,463 | Series K093, Class A2, 2.982%, 5/25/2029 | 4,093,176 | ||||||
| 84,442,000 | Series K095, Class A2, 2.785%, 6/25/2029 | 80,531,947 | ||||||
| 71,380,000 | Series K094, Class A2, 2.903%, 6/25/2029 | 68,387,258 | ||||||
| 40,814,000 | Series K097, Class A2, 2.508%, 7/25/2029 | 38,597,743 | ||||||
| 91,996,000 | Series K096, Class A2, 2.519%, 7/25/2029 | 87,147,332 | ||||||
| 19,173,000 | Series K099, Class A2, 2.595%, 9/25/2029 | 18,095,713 | ||||||
| 49,942,000 | Series K101, Class A2, 2.524%, 10/25/2029 | 46,998,633 | ||||||
| 33,400,000 | Series K102, Class A2, 2.537%, 10/25/2029 | 31,521,440 | ||||||
| 47,045,000 | Series K103, Class A2, 2.651%, 11/25/2029 | 44,396,098 | ||||||
| 4,756,000 | Series K107, Class A2, 1.639%, 1/25/2030 | 4,348,405 | ||||||
| 3,071,000 | Series K105, Class A2, 1.872%, 1/25/2030 | 2,807,680 | ||||||
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
| Principal Amount | Value | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
| AGENCY (Continued) | ||||||||
| $ | 11,740,000 | Series K106, Class A2, 2.069%, 1/25/2030 | $ | 10,814,360 | ||||
| 16,200,000 | Series K104, Class A2, 2.253%, 1/25/2030 | 15,128,590 | ||||||
| 9,186,000 | Series K108, Class A2, 1.517%, 3/25/2030 | 8,293,560 | ||||||
| 61,806,000 | Series K751, Class A2, 4.412%, 3/25/2030 | 61,680,905 | ||||||
| 17,591,000 | Series K109, Class A2, 1.558%, 4/25/2030 | 15,847,836 | ||||||
| 22,485,000 | Series K151, Class A3, 3.511%, 4/25/2030 | 21,724,584 | ||||||
| 1,742,000 | Series K111, Class A2, 1.350%, 5/25/2030 | 1,553,346 | ||||||
| 9,465,000 | Series K114, Class A2, 1.366%, 6/25/2030 | 8,411,672 | ||||||
| 3,768,000 | Series K116, Class A2, 1.378%, 7/25/2030 | 3,346,336 | ||||||
| 18,741,000 | Series K752, Class A2, 4.284%, 7/25/2030 | 18,599,683 | ||||||
| 61,809,000 | Series K117, Class A2, 1.406%, 8/25/2030 | 54,867,040 | ||||||
| 15,691,000 | Series K120, Class A2, 1.500%, 10/25/2030 | 13,902,333 | ||||||
| 75,127,967 | Series K754, Class A2, 4.940%, 11/25/2030(b) | 76,403,159 | ||||||
| 1,262,538,381 | ||||||||
| AGENCY STRIPPED — 0.2% | ||||||||
| Government National Mortgage Association | ||||||||
| 7,486,657 | Series 2014-77, Class IO, 0.457%, 12/16/2047(b) | 45,327 | ||||||
| 11,232,062 | Series 2012-150, Class IO, 0.427%, 11/16/2052(b) | 142,120 | ||||||
| 10,737,251 | Series 2012-114, Class IO, 0.639%, 1/16/2053(b) | 142,627 | ||||||
| 29,304,546 | Series 2012-125, Class IO, 0.159%, 2/16/2053(b) | 166,245 | ||||||
| 17,920,558 | Series 2012-79, Class IO, 0.420%, 3/16/2053(b) | 194,368 | ||||||
| 9,600,804 | Series 2013-45, Class IO, 0.026%, 12/16/2053(b) | 455 | ||||||
| 5,896,951 | Series 2013-125, Class IO, 0.262%, 10/16/2054(b) | 90,177 | ||||||
| 19,637,595 | Series 2014-157, Class IO, 0.175%, 5/16/2055(b) | 96,603 | ||||||
| 18,891,912 | Series 2014-153, Class IO, 0.234%, 4/16/2056(b) | 114,523 | ||||||
| 3,782,125 | Series 2014-138, Class IO, 0.450%, 4/16/2056(b) | 51,863 | ||||||
| 30,336,875 | Series 2014-175, Class IO, 0.463%, 4/16/2056(b) | 374,242 | ||||||
| 46,544,187 | Series 2014-187, Class IO, 0.548%, 5/16/2056(b) | 804,679 | ||||||
| 4,312,638 | Series 2015-41, Class IO, 0.160%, 9/16/2056(b) | 25,663 | ||||||
| 1,290,196 | Series 2015-108, Class IO, 0.341%, 10/16/2056(b) | 5,086 | ||||||
| 10,547,994 | Series 2014-110, Class IO, 0.111%, 1/16/2057(b) | 43,994 | ||||||
| 25,860,715 | Series 2015-19, Class IO, 0.292%, 1/16/2057(b) | 311,934 | ||||||
| 9,625,036 | Series 2015-7, Class IO, 0.488%, 1/16/2057(b) | 202,207 | ||||||
| 41,943,108 | Series 2015-169, Class IO, 0.245%, 7/16/2057(b) | 375,043 | ||||||
| 7,194,810 | Series 2015-150, Class IO, 0.367%, 9/16/2057(b) | 97,221 | ||||||
| 28,085,822 | Series 2016-125, Class IO, 0.816%, 12/16/2057(b) | 867,349 | ||||||
| 23,835,866 | Series 2016-65, Class IO, 0.459%, 1/16/2058(b) | 457,448 | ||||||
| 78,067,720 | Series 2016-106, Class IO, 0.969%, 9/16/2058(b) | 2,991,149 | ||||||
| 31,633,734 | Series 2020-43, Class IO, 1.239%, 11/16/2061(b) | 2,585,492 | ||||||
| 45,248,119 | Series 2020-71, Class IO, 1.056%, 1/16/2062(b) | 2,764,687 | ||||||
| 90,041,382 | Series 2020-75, Class IO, 0.877%, 2/16/2062(b) | 5,006,715 | ||||||
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
| Principal Amount | Value | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
| AGENCY STRIPPED (Continued) | ||||||||
| $ | 119,460,162 | Series 2020-42, Class IO, 0.939%, 3/16/2062(b) | $ | 7,583,689 | ||||
| 25,540,906 | ||||||||
| NON-AGENCY — 2.4% | ||||||||
| BANK5 | ||||||||
| 31,134,000 | Series 2025-5YR18, Class A3, 5.145%, 12/15/2058 | 31,322,439 | ||||||
| BBCMS Trust | ||||||||
| 3,346,437 | Series 2015-SRCH, Class A1, 3.312%, 8/10/2035(a) | 3,305,621 | ||||||
| 9,736,000 | Series 2025-5C36, Class A3, 5.517%, 8/15/2058 | 9,940,267 | ||||||
| Benchmark Mortgage Trust | ||||||||
| 17,340,000 | Series 2024-V11, Class A3, 5.909%, 11/15/2057(b) | 17,846,983 | ||||||
| BMO Mortgage Trust | ||||||||
| 17,350,000 | Series 2024-5C7, Class A3, 5.566%, 11/15/2057(b) | 17,673,817 | ||||||
| 8,363,000 | Series 2024-5C8, Class A3, 5.625%, 12/15/2057(b) | 8,548,281 | ||||||
| 15,541,000 | Series 2025-5C13, Class A3, 5.227%, 12/15/2058 | 15,683,059 | ||||||
| Progress Residential Trust | ||||||||
| 13,577,698 | Series 2021-SFR11, Class A, 2.283%, 1/17/2039(a) | 12,781,216 | ||||||
| 46,961,053 | Series 2021-SFR10, Class A, 2.393%, 12/17/2040(a) | 44,325,247 | ||||||
| 15,971,244 | Series 2024-SFR3, Class A, 3.000%, 6/17/2041(a) | 15,157,010 | ||||||
| 27,138,582 | Series 2024-SFR4, Class A, 3.100%, 7/17/2041(a) | 25,750,072 | ||||||
| 13,162,240 | Series 2024-SFR5, Class A, 3.000%, 8/17/2041(a) | 12,401,408 | ||||||
| 21,820,091 | Series 2025-SFR2, Class A, 3.305%, 4/17/2042(a) | 20,593,487 | ||||||
| 16,479,000 | Series 2025-SFR3, Class A, 3.390%, 7/17/2042(a) | 15,517,732 | ||||||
| 14,804,000 | Series 2025-SFR6, Class A, 4.000%, 12/17/2042(a) | 14,203,234 | ||||||
| 265,049,873 | ||||||||
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | ||||||||
| (Cost $1,563,691,024) | 1,553,129,160 | |||||||
| CORPORATE BANK DEBT — 0.2% | ||||||||
| Capstone Acquisition Holdings, Inc. Term Loan | ||||||||
| 19,023,732 | 8.244% (1-Month Term SOFR+460 basis points), 11/12/2029(c),(d),(e) | 19,388,798 | ||||||
| JC Penney Corp., Inc. | ||||||||
| 26,302,796 | 5.568% (3-Month USD Libor+425 basis points), 6/23/2027*,(b),(c),(d),(e),(f) | 2,630 | ||||||
| Lealand Finance Company B.V. Senior Exit LC | ||||||||
| 8,942,165 | 4.750%, 6/30/2027(c),(d),(e),(g),(h) | (447,108 | ) | |||||
| McDermott Technology Americas, Inc. | ||||||||
| 362,690 | 7.758% (1-Month Term SOFR+400 basis points), 12/31/2027(b),(c),(d),(e) | 344,555 | ||||||
| TOTAL CORPORATE BANK DEBT | ||||||||
| (Cost $19,153,773) | 19,288,875 | |||||||
| CORPORATE BONDS — 1.4% | ||||||||
| FINANCIALS — 1.4% | ||||||||
| Apollo Debt Solutions BDC Senior Notes | ||||||||
| 26,023,000 | 8.620%, 9/28/2028(c),(d) | 26,023,000 | ||||||
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS (Continued) | ||||||||
| FINANCIALS (Continued) | ||||||||
| Blue Owl Credit Income Corp. | ||||||||
| $ | 22,579,000 | 7.950%, 6/13/2028 | $ | 23,345,397 | ||||
| Hlend Senior Notes | ||||||||
| 42,500,000 | 8.170%, 3/15/2028(c),(d) | 42,500,000 | ||||||
| HPS Corporate Lending Fund | ||||||||
| 24,864,000 | 6.750%, 1/30/2029 | 25,288,664 | ||||||
| Oaktree Strategic Credit Fund | ||||||||
| 27,351,000 | 8.400%, 11/14/2028 | 28,662,735 | ||||||
| OCREDIT BDC Senior Notes | ||||||||
| 12,891,000 | 7.770%, 3/7/2029(c),(d) | 12,891,000 | ||||||
| 158,710,796 | ||||||||
| TOTAL CORPORATE BONDS | ||||||||
| (Cost $155,679,437) | 158,710,796 | |||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES — 21.0% | ||||||||
| AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 1.0% | ||||||||
| Fannie Mae REMICS | ||||||||
| 50,850,606 | Series 2026-21, Class A, 2.000%, 9/25/2045 | 45,345,880 | ||||||
| Federal National Mortgage Association | ||||||||
| 110,296 | Series 2010-43, Class MK, 5.500%, 5/25/2040 | 110,901 | ||||||
| 5,096,237 | Series 3810, Class PE, 4.000%, 2/15/2041 | 4,954,302 | ||||||
| 568,499 | Series 2012-144, Class PD, 3.500%, 4/25/2042 | 560,734 | ||||||
| 362,012 | Series 2013-93, Class PJ, 3.000%, 7/25/2042 | 351,650 | ||||||
| 51,281,574 | Series 2024-70, Class EC, 3.000%, 11/25/2047 | 47,693,556 | ||||||
| GS Mortgage-Backed Securities Trust | ||||||||
| 14,265,915 | Series 2024-95, Class AB, 2.500%, 6/20/2045 | 13,029,149 | ||||||
| 112,046,172 | ||||||||
| AGENCY POOL ADJUSTABLE RATE — 1.3% | ||||||||
| Fannie Mae Pool | ||||||||
| 2,612,966 | 1.732% (30-Day SOFR Average+211 basis points), 7/1/2051(b) | 2,378,311 | ||||||
| 21,198,068 | 1.966% (30-Day SOFR Average+207.481 basis points), 8/1/2051(b) | 19,440,532 | ||||||
| 1,702,980 | 1.603% (30-Day SOFR Average+209.3 basis points), 9/1/2051(b) | 1,539,332 | ||||||
| 20,103,625 | 1.886% (30-Day SOFR Average+233.488 basis points), 4/1/2052(b) | 18,245,903 | ||||||
| Freddie Mac Non Gold Pool | ||||||||
| 8,258,915 | 1.668% (30-Day SOFR Average+213 basis points), 9/1/2051(b) | 7,466,351 | ||||||
| 9,911,613 | 2.554% (30-Day SOFR Average+213 basis points), 3/1/2052(b) | 9,153,849 | ||||||
| 6,693,516 | 2.513% (30-Day SOFR Average+214 basis points), 5/1/2052(b) | 6,172,067 | ||||||
| 70,605,446 | 2.152% (30-Day SOFR Average+217.836 basis points), 7/1/2052(b) | 64,194,867 | ||||||
| 8,560,535 | 3.313% (30-Day SOFR Average+222.213 basis points), 11/1/2052(b) | 8,140,335 | ||||||
| 10,412,759 | 2.158% (30-Day SOFR Average+217.928 basis points), 5/1/2053(b) | 9,469,085 | ||||||
| 146,200,632 | ||||||||
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
| Principal Amount | Value | |||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
| AGENCY POOL FIXED RATE — 13.2% | ||||||||
| Fannie Mae Pool | ||||||||
| $ | 12,138,927 | 1.500%, 12/1/2035 | $ | 10,895,983 | ||||
| 13,648,035 | 1.000%, 4/1/2036 | 11,827,986 | ||||||
| 21,220,507 | 1.000%, 9/1/2036 | 18,331,821 | ||||||
| 13,167,506 | 1.000%, 11/1/2036 | 11,325,658 | ||||||
| 84,882,234 | 1.000%, 12/1/2036 | 73,010,062 | ||||||
| 119,812,713 | 1.000%, 3/1/2037 | 103,054,941 | ||||||
| 10,444,162 | 2.000%, 6/1/2040 | 9,107,224 | ||||||
| 3,907,053 | 2.000%, 9/1/2040 | 3,403,407 | ||||||
| 4,248,041 | 2.000%, 10/1/2040 | 3,698,539 | ||||||
| 12,291,186 | 2.000%, 10/1/2040 | 10,698,168 | ||||||
| 3,110,250 | 1.500%, 11/1/2040 | 2,630,531 | ||||||
| 20,259,102 | 2.000%, 11/1/2040 | 17,628,059 | ||||||
| 12,783,266 | 1.500%, 12/1/2040 | 10,803,211 | ||||||
| 15,185,826 | 2.000%, 12/1/2040 | 13,204,683 | ||||||
| 4,364,588 | 1.500%, 1/1/2041 | 3,685,776 | ||||||
| 12,179,056 | 1.500%, 2/1/2041 | 10,276,889 | ||||||
| 14,240,502 | 1.500%, 5/1/2041 | 11,983,129 | ||||||
| 13,538,564 | 2.500%, 5/1/2041 | 12,116,491 | ||||||
| 8,081,309 | 2.000%, 7/1/2041 | 6,994,274 | ||||||
| 55,646,569 | 2.000%, 9/1/2041 | 48,377,346 | ||||||
| 54,316,037 | 1.500%, 10/1/2041 | 45,519,246 | ||||||
| 80,193,211 | 1.500%, 11/1/2041 | 67,160,459 | ||||||
| 5,875,728 | 1.500%, 12/1/2041 | 4,917,167 | ||||||
| 5,407,847 | 1.500%, 3/1/2042 | 4,531,843 | ||||||
| 17,325,257 | 1.500%, 3/1/2042 | 14,619,289 | ||||||
| 26,907,000 | 1.500%, 3/1/2042 | 22,584,237 | ||||||
| 40,023,796 | 1.500%, 3/1/2042 | 33,569,894 | ||||||
| 48,719,674 | 1.500%, 3/1/2042 | 40,824,276 | ||||||
| 19,179,829 | 2.000%, 8/1/2042 | 16,562,580 | ||||||
| 54,052,274 | 2.000%, 8/1/2042 | 46,509,517 | ||||||
| 26,590,558 | 3.500%, 4/1/2044 | 24,826,987 | ||||||
| 35,432,606 | 4.000%, 6/1/2045 | 34,220,329 | ||||||
| 61,378,348 | 4.000%, 3/1/2046 | 59,303,754 | ||||||
| 7,525,341 | 4.000%, 7/1/2046 | 7,265,131 | ||||||
| 8,652,379 | 4.000%, 10/1/2046 | 8,351,017 | ||||||
| 4,770,066 | 4.000%, 10/1/2046 | 4,607,592 | ||||||
| 7,200,079 | 4.000%, 3/1/2048 | 6,944,791 | ||||||
| 64,736,212 | 4.000%, 1/1/2049 | 62,440,776 | ||||||
| 31,204,904 | 4.500%, 1/1/2050 | 30,897,174 | ||||||
| 27,105,014 | 4.500%, 1/1/2050 | 26,840,090 | ||||||
| Freddie Mac Pool | ||||||||
| 171,276 | 2.500%, 8/1/2028 | 168,401 | ||||||
| 5,257,495 | 1.000%, 7/1/2036 | 4,541,532 | ||||||
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
| Principal Amount | Value | |||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
| AGENCY POOL FIXED RATE (Continued) | ||||||||
| $ | 7,955,704 | 1.000%, 10/1/2036 | $ | 6,886,944 | ||||
| 16,697,688 | 2.000%, 6/1/2040 | 14,561,299 | ||||||
| 3,659,113 | 2.000%, 8/1/2040 | 3,188,981 | ||||||
| 2,586,480 | 4.000%, 10/1/2040 | 2,499,690 | ||||||
| 9,691,189 | 1.500%, 11/1/2040 | 8,196,663 | ||||||
| 2,315,149 | 4.000%, 11/1/2040 | 2,238,503 | ||||||
| 5,476,889 | 2.000%, 12/1/2040 | 4,758,916 | ||||||
| 3,635,290 | 4.000%, 12/1/2040 | 3,511,805 | ||||||
| 3,599,312 | 1.500%, 2/1/2041 | 3,041,841 | ||||||
| 30,411,627 | 1.500%, 3/1/2041 | 25,641,873 | ||||||
| 81,122,894 | 1.500%, 3/1/2041 | 68,395,977 | ||||||
| 22,948,324 | 1.500%, 4/1/2041 | 19,334,250 | ||||||
| 71,223,183 | 1.500%, 5/1/2041 | 59,921,723 | ||||||
| 66,390,731 | 1.500%, 6/1/2041 | 55,853,838 | ||||||
| 10,002,348 | 1.500%, 7/1/2041 | 8,400,227 | ||||||
| 6,359,720 | 2.000%, 8/1/2041 | 5,497,929 | ||||||
| 10,564,440 | 1.500%, 10/1/2041 | 8,846,623 | ||||||
| 3,866,689 | 1.500%, 11/1/2041 | 3,252,781 | ||||||
| 15,498,745 | 1.500%, 11/1/2041 | 12,969,991 | ||||||
| 59,677,341 | 1.500%, 12/1/2041 | 49,909,933 | ||||||
| 28,507,663 | 1.500%, 12/1/2041 | 24,036,442 | ||||||
| 4,780,712 | 1.500%, 1/1/2042 | 4,012,364 | ||||||
| 33,674,507 | 1.500%, 1/1/2042 | 28,221,479 | ||||||
| 34,479,832 | 2.000%, 5/1/2042 | 29,755,171 | ||||||
| 23,418,027 | 2.000%, 8/1/2042 | 20,197,700 | ||||||
| 17,332,552 | 2.000%, 8/1/2042 | 14,985,838 | ||||||
| 38,594,967 | 4.500%, 12/1/2045 | 38,219,615 | ||||||
| 1,486,598,656 | ||||||||
| NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 5.5% | ||||||||
| Citigroup Mortgage Loan Trust | ||||||||
| 1,375,105 | Series 2014-A, Class A, 4.000%, 1/25/2035(a),(b) | 1,339,845 | ||||||
| GS Mortgage-Backed Securities Trust | ||||||||
| 9,091,737 | Series 2021-PJ4, Class A8, 2.500%, 9/25/2051(a),(b) | 8,125,676 | ||||||
| 34,970,764 | Series 2021-PJ5, Class A8, 2.500%, 10/25/2051(a),(b) | 31,228,893 | ||||||
| 34,075,586 | Series 2021-PJ6, Class A8, 2.500%, 11/25/2051(a),(b) | 30,341,406 | ||||||
| 26,318,444 | Series 2021-PJ7, Class A8, 2.500%, 1/25/2052(a),(b) | 23,421,236 | ||||||
| 9,040,663 | Series 2021-PJ10, Class A8, 2.500%, 3/25/2052(a),(b) | 8,028,452 | ||||||
| 5,531,099 | Series 2022-PJ1, Class A8, 2.500%, 5/28/2052(a),(b) | 4,899,377 | ||||||
| 12,416,326 | Series 2022-PJ2, Class A24, 3.000%, 6/25/2052(a),(b) | 11,217,517 | ||||||
| 9,238,928 | Series 2022-PJ3, Class A22, 2.500%, 8/25/2052(a),(b) | 8,201,741 | ||||||
| 4,775,562 | Series 2022-PJ3, Class A24, 3.000%, 8/25/2052(a),(b) | 4,314,066 | ||||||
| 31,072,198 | Series 2022-PJ4, Class A22, 2.500%, 9/25/2052(a),(b) | 27,382,440 | ||||||
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
| Principal Amount | Value | |||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||
| NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION (Continued) | ||||||||
| $ | 5,804,233 | Series 2022-PJ4, Class A24, 3.000%, 9/25/2052(a),(b) | $ | 5,228,721 | ||||
| 72,902,350 | Series 2022-PJ5, Class A22, 2.500%, 10/25/2052(a),(b) | 63,954,760 | ||||||
| 45,469,185 | Series 2022-PJ6, Class A15, 2.500%, 1/25/2053(a),(b) | 40,149,981 | ||||||
| J.P. Morgan Mortgage Trust | ||||||||
| 4,570,371 | Series 2021-6, Class A4, 2.500%, 10/25/2051(a),(b) | 4,091,686 | ||||||
| 9,887,821 | Series 2021-7, Class A4, 2.500%, 11/25/2051(a),(b) | 8,838,695 | ||||||
| 14,448,293 | Series 2021-10, Class A4A, 2.000%, 12/25/2051(a),(b) | 12,592,364 | ||||||
| 38,843,075 | Series 2021-10, Class A4, 2.500%, 12/25/2051(a),(b) | 34,581,085 | ||||||
| 10,422,304 | Series 2021-8, Class A4, 2.500%, 12/25/2051(a),(b) | 9,318,627 | ||||||
| 48,373,599 | Series 2021-11, Class A4, 2.500%, 1/25/2052(a),(b) | 43,175,140 | ||||||
| 54,422,402 | Series 2021-13, Class A4, 2.500%, 4/25/2052(a),(b) | 48,635,064 | ||||||
| 3,069,036 | Series 2021-15, Class A4, 2.500%, 6/25/2052(a),(b) | 2,725,845 | ||||||
| 2,779,085 | Series 2022-3, Class A4A, 2.500%, 8/25/2052(a),(b) | 2,465,361 | ||||||
| 5,106,134 | Series 2022-4, Class A4, 3.000%, 10/25/2052(a),(b) | 4,604,332 | ||||||
| 25,289,264 | Series 2024-3, Class A4, 3.000%, 5/25/2054(a),(b) | 22,808,220 | ||||||
| 24,289,629 | Series 2025-1, Class A4, 3.655%, 1/25/2063(a),(b) | 22,499,099 | ||||||
| OBX Trust | ||||||||
| 2,210,955 | Series 2021-J3, Class A4, 2.500%, 10/25/2051(a),(b) | 1,971,070 | ||||||
| 35,405,775 | Series 2022-J1, Class A3, 3.000%, 2/25/2052(a),(b) | 31,873,351 | ||||||
| Pretium Mortgage Credit Partners LLC | ||||||||
| 6,734,749 | Series 2024-RPL1, Class A1, 3.900%, 10/25/2063(a),(b) | 6,363,286 | ||||||
| Sequoia Mortgage Trust | ||||||||
| 3,448,860 | Series 2021-4, Class A4, 2.500%, 6/25/2051(a),(b) | 3,080,484 | ||||||
| 4,133,025 | Series 2021-5, Class A4, 2.500%, 7/25/2051(a),(b) | 3,688,220 | ||||||
| 3,971,046 | Series 2022-1, Class A4, 2.500%, 2/25/2052(a),(b) | 3,515,579 | ||||||
| 44,930,002 | Series 2025-S1, Class A4, 2.500%, 9/25/2054(a),(b) | 39,716,383 | ||||||
| Towd Point Mortgage Trust | ||||||||
| 5,685,730 | Series 2020-4, Class A1, 1.750%, 10/25/2060(a) | 5,161,796 | ||||||
| 16,400,608 | Series 2023-1, Class A1, 3.750%, 1/25/2063(a) | 15,592,648 | ||||||
| Wells Fargo Mortgage Backed Securities | ||||||||
| 5,605,377 | Series 2021-2, Class A3, 2.500%, 6/25/2051(a),(b) | 4,983,200 | ||||||
| 2,332,448 | Series 2022-1, Class A3, 2.500%, 8/25/2051(a),(b) | 2,064,946 | ||||||
| 12,080,658 | Series 2022-2, Class A4, 2.500%, 12/25/2051(a),(b) | 10,671,557 | ||||||
| 612,852,149 | ||||||||
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES | ||||||||
| (Cost $2,319,252,118) | 2,357,697,609 | |||||||
| U.S. TREASURY NOTES & BONDS — 31.4% | ||||||||
| U.S. Treasury Note | ||||||||
| 244,500,000 | 3.500%, 11/30/2030 | 237,604,342 | ||||||
| 222,098,000 | 3.625%, 12/31/2030 | 216,853,933 | ||||||
| 817,547,000 | 3.750%, 1/31/2031 | 802,090,293 | ||||||
| 1,025,343,000 | 3.500%, 2/28/2031 | 995,223,549 | ||||||
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
| Principal Amount | Value | |||||||
| U.S. TREASURY NOTES & BONDS (Continued) | ||||||||
| $ | 43,497,000 | 3.875%, 3/31/2031 | $ | 42,881,926 | ||||
| 175,259,599 | 1.250%, 4/15/2031 | 169,789,484 | ||||||
| 1,077,065,000 | 3.875%, 4/30/2031 | 1,061,582,191 | ||||||
| TOTAL U.S. TREASURY NOTES & BONDS | ||||||||
| (Cost $3,575,298,393) | 3,526,025,718 | |||||||
| TOTAL BONDS & DEBENTURES | ||||||||
| (Cost $10,270,064,392) | 10,261,570,959 | |||||||
| Number of Shares | ||||||||
| COMMON STOCKS — 1.6% | ||||||||
| METALS & MINING — 0.4% | ||||||||
| 39,831,957 | AIPCF VIII A-BL Aggregator Cayman LP (d),(i) | 49,921,392 | ||||||
| REAL ESTATE SERVICES — 0.1% | ||||||||
| 520,208 | Copper Property CTL Pass Through Trust(d) | 5,514,205 | ||||||
| TRANSPORTATION & LOGISTICS — 1.1% | ||||||||
| 3,806,420 | PHI Group, Inc.(c),(d),(i) | 121,805,440 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $125,200,428) | 177,241,037 | |||||||
| SHORT-TERM INVESTMENTS — 6.3% | ||||||||
| MONEY MARKET INVESTMENTS — 0.3% | ||||||||
| 35,783,318 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.44%(j) | 35,783,318 | ||||||
| Principal Amount | ||||||||
| TREASURY BILLS — 6.0% | ||||||||
| U.S. Treasury Bill | ||||||||
| $ | 235,804,000 | 3.64%, 7/2/2026(k) | 235,780,523 | |||||
| 263,950,000 | 3.61%, 7/9/2026(k) | 263,741,186 | ||||||
| 171,724,000 | 3.60%, 7/16/2026(k) | 171,470,699 | ||||||
| 670,992,408 | ||||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $706,775,726) | 706,775,726 | |||||||
| TOTAL INVESTMENTS — 99.3% | ||||||||
| (Cost $11,102,040,546) | 11,145,587,722 | |||||||
| Other Assets in Excess of Liabilities — 0.7% | 79,732,402 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 11,225,320,124 | ||||||
BDC – Business Development Company
IO – Interest Only
LLC – Limited Liability Company
LP – Limited Partnership
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
| * | Non-income producing security. |
| (a) | Security exempt from registration under Section 4(a)(2) and/or 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 $2,480,380,998, which represents 22.10% of Total Net Assets. |
| (b) | Variable or floating rate security. |
| (c) | The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy. |
| (d) | Restricted securities. These restricted securities, most of which are considered liquid by the Adviser, 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. The total value of these securities is $283,043,456, which represents 2.52% of Total Net Assets. |
| (e) | 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. |
| (f) | Security is in default. |
| (g) | As of June 30, 2026, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied. |
| (h) | All or a portion of the loan is unfunded. |
| (i) | Affiliated company. |
| (j) | The rate is the annualized seven-day yield at period end. |
| (k) | Treasury bill discount rate. |
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
| Restricted Security | Initial Acquisition Date | Cost | Fair Value | Fair Value as a % of Net Assets | ||||||||||
| AIPCF VIII A-BL Aggregator Cayman LP | 4/18/2024 | $ | 68,316,627 | $ | 49,921,392 | 0.44 | % | |||||||
| Apollo Debt Solution BDC Senior Notes, 8.620%, 9/28/2028 | 8/10/2023 | 26,023,000 | 26,023,000 | 0.23 | % | |||||||||
| Capstone Acquisition Holdings, Inc. Term Loan, 8.244% (1-Month Term SOFR+460 basis points), 11/12/2029 | 11/12/2020 | 18,916,597 | 19,388,798 | 0.17 | % | |||||||||
| Copper Property CTL Pass Through Trust | 10/5/2017 | 25,752,396 | 5,514,205 | 0.05 | % | |||||||||
| Hlend Senior Notes, 8.170%, 3/15/2028 | 2/16/2023 | 42,500,000 | 42,500,000 | 0.38 | % | |||||||||
| JC Penney Corp., Inc., 5.568% (3-Month USD Libor+425 basis points), 6/23/2027 | 2/3/2021 | - | 2,630 | 0.00 | % | |||||||||
| Lealand Finance Company B.V. Senior Exit LC, 4.750%, 6/30/2027 | 2/28/2020 | (6,221 | ) | (447,108 | ) | 0.00 | % | |||||||
| McDermott Technology Americas, Inc., 7.758%, (1-Month Term SOFR+400 basis points), 12/31/2027 | 3/25/2024 | 243,397 | 344,555 | 0.00 | % | |||||||||
| OCREDIT BDC Senior Notes, 7.770%, 3/07/2029 | 2/22/2024 | 12,891,000 | 12,891,000 | 0.11 | % | |||||||||
| PHI Group, Inc. | 8/19/2019 | 31,131,405 | 121,805,440 | 1.09 | % | |||||||||
| Prop 2017-1A, 5.300% 3/15/2042 | 2/9/2017 | 5,337,113 | 5,099,544 | 0.05 | % | |||||||||
| $ | 231,105,314 | $ | 283,043,456 | 2.52 | % | |||||||||
FPA New Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
| Affiliated Security | Shares as of September 30, 2025 | Ending Value as of September 30, 2025 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) on Sales Affiliated Investment | Accretion of Discount (Amortization of Premium and Return of Capital) | Change in Unrealized Appreciation (Depreciation) | Transfer In (Out) | Ending Value as of June 30, 2026 | Shares as of June 30, 2026 | Dividend Income From Affiliated Investments | |||||||||||||||||||||||||||||||||
| AIPCF VIII A-BL Aggregator Cayman LP | 39,831,957 | $ | 49,921,392 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 49,921,392 | 39,831,957 | $ | - | ||||||||||||||||||||||||
| PHI Group, Inc. | 3,806,420 | $ | 121,805,440 | - | - | - | - | - | - | $ | 121,805,440 | 3,806,420 | 7,803,161 | |||||||||||||||||||||||||||||||
| Total | $ | 171,726,832 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 171,726,832 | $ | 7,803,161 | ||||||||||||||||||||||||||