FPA New Income, Inc. Portfolio Holdings

Transcription

1 U.S. GOVERNMENT AND AGENCIES 56,989,000 U.S Treasury Notes /15/ ,108, % 114,135,000 U.S Treasury Notes /31/ ,542, % 34,456,000 U.S Treasury Notes /31/ ,604, % 61,542,000 U.S Treasury Notes /30/ ,019, % TOTAL U.S. GOVERNMENT AND AGENCIES $ 262,276, % ASSET-BACKED - AUTO 4,391,947 Ally Auto Receivables Trust A /16/ ,385, % 3,743,000 Ally Auto Receivables Trust B /15/ ,676, % 7,059,000 Ally Auto Receivables Trust C /16/ ,951, % 6,108,292 AmeriCredit Automobile Receivables Trust B /8/ ,098, % 125,868 AmeriCredit Automobile Receivables Trust B /8/ , % 1,727,000 AmeriCredit Automobile Receivables Trust C /8/ ,726, % 19,000,000 AmeriCredit Automobile Receivables Trust B /8/ ,965, % 28,000,000 AmeriCredit Automobile Receivables Trust B /8/ ,901, % 7,547,000 AmeriCredit Automobile Receivables Trust C /18/ ,473, % 15,618,000 AmeriCredit Automobile Receivables Trust A /18/ ,434, % 8,389,000 AmeriCredit Automobile Receivables Trust B /10/ ,358, % 18,527,000 BMW Vehicle Lease Trust A /22/ ,389, % 9,547,000 BMW Vehicle Lease Trust A /22/ ,432, % 15,415 Capital Auto Receivables Asset Trust A /20/ , % 8,228,696 Capital Auto Receivables Asset Trust C /20/ ,186, % 4,211,000 Capital Auto Receivables Asset Trust B /21/ ,212, % 8,680,000 CarMax Auto Owner Trust A /17/ ,565, % 18,879,000 CarMax Auto Owner Trust A /15/ ,731, % 27,401,000 Credit Acceptance Auto Loan Trust A B /15/ ,369, % 550,000 Credit Acceptance Auto Loan Trust A C /15/ , % 81,952 Credit Acceptance Auto Loan Trust A B /17/ , % 9,956,000 Credit Acceptance Auto Loan Trust A A /15/ ,933, % 22,937,000 Credit Acceptance Auto Loan Trust A B /15/ ,870, % 20,626,000 Credit Acceptance Auto Loan Trust A B /15/ ,378, % 50,778,000 Credit Acceptance Auto Loan Trust A A /17/ ,152, % 17,185,000 Credit Acceptance Auto Loan Trust A /15/ ,085, % 36,312,000 Credit Acceptance Auto Loan Trust B /17/ ,891, % 18,717,000 DT Auto Owner Trust A C /15/ ,613, % 9,173,000 DT Auto Owner Trust A C /17/ ,106, % 10,627,000 DT Auto Owner Trust A B /15/ ,565, % 6,728,645 Exeter Automobile Receivables Trust A A /16/ ,703, % 8,763,000 Exeter Automobile Receivables Trust A A /15/ ,773, % 10,910,000 Exeter Automobile Receivables Trust A B /15/ ,830, % 8,149,000 First Investors Auto Owner Trust A C /17/ ,014, % 4,126,000 First Investors Auto Owner Trust A B /17/ ,068, % 9,583,344 First Investors Auto Owner Trust A A /15/ ,566, % 4,443,000 First Investors Auto Owner Trust A B /15/ ,429, % 16,535,441 First Investors Auto Owner Trust A A /15/ ,499, % 5,514,000 First Investors Auto Owner Trust A A /15/ ,458, % 7,768,000 GM Financial Automobile Leasing C /20/ ,721, %

2 21,903,000 GM Financial Automobile Leasing C /20/ ,744, % 6,027,000 GM Financial Automobile Leasing B /20/ ,990, % 22,240,000 GM Financial Automobile Leasing B /21/ ,002, % 3,750,000 GM Financial Automobile Leasing C /21/ ,724, % 15,683,000 GM Financial Automobile Leasing A /20/ ,604, % 1,568,249 Honda Auto Receivables Owner Trust A /21/ ,566, % 37,474,000 Honda Auto Receivables Owner Trust A /15/ ,417, % 13,264,000 Hyundai Auto Lease Securitization 2016-C B /17/ ,129, % 10,294,000 Hyundai Auto Lease Securitization 2017-C A /15/ ,174, % 23,522,000 Hyundai Auto Lease Securitization 2018-A A /15/ ,521, % 6,293,000 Mercedes-Benz Auto Lease Trust 2018-A A /16/ ,251, % 21,315,000 Nissan Auto Lease Trust 2017-A A /15/ ,117, % 11,287,000 Nissan Auto Lease Trust 2017-B A /15/ ,182, % 27,017,000 Nissan Auto Lease Trust 2018-A A /16/ ,988, % 6,458,562 Prestige Automobile Receivables Trust A A /15/ ,444, % 25,223,000 Prestige Automobile Receivables Trust A B /15/ ,021, % 12,327,000 Prestige Automobile Receivables Trust A A /15/ ,190, % 12,040,000 Prestige Automobile Receivables Trust A B /16/ ,905, % 30,628,000 Prestige Automobile Receivables Trust A C /17/ ,153, % 5,658,746 Santander Drive Auto Receivables Trust C /15/ ,660, % 1,165,268 Santander Drive Auto Receivables Trust C /15/ ,165, % 4,852,783 Santander Drive Auto Receivables Trust B /15/ ,851, % 8,332,000 Santander Drive Auto Receivables Trust D /18/ ,334, % 2,439,259 Santander Drive Auto Receivables Trust A /15/ ,437, % 7,621,000 Santander Drive Auto Receivables Trust C /16/ ,562, % 4,882,000 Santander Drive Auto Receivables Trust C /15/ ,880, % 12,325,000 Santander Drive Auto Receivables Trust C /15/ ,263, % 30,359,000 Santander Drive Auto Receivables Trust B /15/ ,042, % 18,461,000 Santander Drive Auto Receivables Trust B /15/ ,353, % 48,279 Westlake Automobile Receivables Trust A C /15/ , % 302,515 Westlake Automobile Receivables Trust A C /17/ , % 19,575,000 Westlake Automobile Receivables Trust A C /18/ ,467, % 11,439,000 Westlake Automobile Receivables Trust A C /17/ ,401, % 12,377,000 Westlake Automobile Receivables Trust A C /15/ ,308, % 10,102,000 World Omni Automobile Lease SE 2017-A B /15/ ,996, % 5,473,000 World Omni Automobile Lease SE 2017-A A /15/ ,433, % 3,444,603 World Omni Automobile Lease SE 2015-A A /15/ ,443, % 12,350,000 World Omni Automobile Lease SE 2015-A B /15/ ,346, % 31,343,000 World Omni Automobile Receivables Trust 2018-A A /17/ ,185, % TOTAL ASSET-BACKED - AUTO $ 980,917, % ASSET-BACKED - COLLATERALIZED LOAN OBLIGATION 8,136,000 Adams Mill CLO Ltd A B2R /15/ ,937, % 34,610,000 Black Diamond CLO Ltd A A1R /17/ ,609, % 8,598,000 BlueMountain CLO Ltd A B2R /15/ ,598, % 42,107,000 Cerberus Loan Funding XVIII LP A A /15/ ,139, % 33,282,000 Cerberus Onshore II CLO LLC A A /15/ ,286, % 13,831,211 CIFC Funding Ltd A A2R /27/ ,820, % 6,498,000 CIFC Funding Ltd A A2BR /24/ ,495, %

3 13,183,000 Elm Trust A A /20/ ,189, % 17,551,000 Flagship CLO A A2R /20/ ,364, % 20,895,000 Fortress Credit Opportunities CLO A E /15/ ,965, % 6,584,000 Fortress Credit Opportunities CLO A A2R /15/ ,583, % 25,265,000 Fortress Credit Opportunities CLO A A1FR /15/ ,100, % 12,722,000 Fortress Credit Opportunities CLO A E /15/ ,394, % 23,816,000 Fortress Credit Opportunities CLO A A1T /15/ ,869, % 18,450,000 Halcyon Loan Advisors Funding Ltd A AR /22/ ,453, % 50,214,000 Halcyon Loan Advisors Funding Ltd A AR /20/ ,216, % 43,913,000 Halcyon Loan Advisors Funding Ltd A A1R /18/ ,916, % 34,490,000 ICG US CLO Ltd A A1BR /25/ ,180, % 7,180,000 Ivy Hill Middle Market Credit Funding 7A AR /20/ ,186, % 16,675,000 Jamestown CLO Ltd A A1BR /15/ ,671, % 7,465,000 Nelder Grove CLO Ltd A AFR /28/ ,463, % 10,199,000 NewMark Capital Funding A BFR /30/ ,198, % 5,750,000 NewMark Capital Funding A AFR /30/ ,749, % 10,752,000 Oaktree CLO Ltd A A1BR /20/ ,749, % 6,814,000 Ocean Trails CLO A C2R /13/ ,811, % 12,077,000 Peaks CLO Ltd A C /15/ ,083, % 31,573,000 Peaks CLO Ltd A A /15/ ,577, % 34,234,000 Senior Credit Fund SPV LLC AT /19/ ,254, % 24,974,259 Silvermore CLO Ltd /15/ ,981, % 15,800,000 Symphony CLO Ltd A B2R /15/ ,798, % 31,772,000 Telos Series A A /17/ ,778, % 17,519,000 Telos CLO Ltd A AR /17/ ,602, % 20,644,000 Telos CLO Ltd A BR /17/ ,668, % 11,052,000 Washington Mill CLO Ltd A B2R /20/ ,862, % 8,859,000 Washington Mill CLO Ltd A A2R /20/ ,856, % 24,780,635 West CLO Ltd A A1BR /7/ ,642, % 12,780,000 West CLO Ltd A A2BR /7/ ,772, % 8,977,000 West CLO Ltd A A1BR /16/ ,905, % 6,979,000 ZAIS CLO 2 Ltd A A1BR /25/ ,977, % TOTAL ASSET-BACKED - COLLATERALIZED LOAN OBLIGATION $ 739,716, % ASSET-BACKED - CREDIT CARD 39,998,000 American Express Credit Account Master Trust B /15/ ,421, % 51,561,000 Cabela's Master Credit Card Trust A /15/ ,024, % 38,371,000 Capital One Multi Asset Execution Trust 2016-A /15/ ,843, % 48,839,000 Capital One Multi Asset Execution Trust 2017-A1 A /17/ ,179, % 42,672,000 Discover Card Execution Note Trust 2014-A4 A /15/ ,427, % 31,898,000 Golden Credit Card Trust A A /15/ ,697, % 3,847,000 Synchrony Credit Card Master Note Trust B /15/ ,797, % TOTAL ASSET-BACKED - CREDIT CARD $ 254,391, % ASSET-BACKED - EQUIPMENT 6,624,839 ARI Fleet Lease Trust 2016-A A /15/ ,612, % 13,874,000 ARI Fleet Lease Trust 2018-A A /15/ ,824, % 4,102,000 Ascentium Equipment Receivable A B /10/ ,099, % 11,128,000 Ascentium Equipment Receivable A A /10/ ,947, %

4 48,498,000 Avis Budget Rental Car Funding A A /20/ ,995, % 6,084,000 Avis Budget Rental Car Funding A A /20/ ,035, % 22,566,000 Avis Budget Rental Car Funding A A /20/ ,352, % 14,750,000 CCG Receivables Trust A /16/ ,691, % 18,391,261 Chesapeake Funding LLC A A /15/ ,331, % 18,807,017 Chesapeake Funding LLC A A /15/ ,698, % 28,096,000 Chesapeake Funding LLC A A /15/ ,748, % 8,361,813 Coinstar Funding LLC A A /25/ ,578, % 6,888,000 Dell Equipment Finance Trust A /24/ ,816, % 6,618,938 Enterprise Fleet Financing LLC A /22/ ,613, % 11,255,216 Enterprise Fleet Financing LLC A /22/ ,199, % 9,453,000 Enterprise Fleet Financing LLC A /20/ ,399, % 14,450,000 Enterprise Fleet Financing LLC A /20/ ,339, % 23,511,000 Enterprise Fleet Financing LLC A /20/ ,157, % 17,565,000 Enterprise Fleet Financing LLC A /20/ ,384, % 2,609,000 Great American Leasing Receivables C /22/ ,554, % 6,562,000 Great American Leasing Receivables A /20/ ,492, % 8,531,000 Great American Leasing Receivables A /17/ ,481, % 13,946,141 Hertz Fleet Lease Funding LP A /10/ ,839, % 20,226,000 Hertz Fleet Lease Funding LP A /10/ ,085, % 24,403,000 John Deere Owner Trust 2018-A A /15/ ,416, % 7,553,000 Leaf II Receivables Funding LLC A /15/ ,511, % 5,552,000 Leaf II Receivables Funding LLC A /15/ ,488, % 19,410,000 MMAF Equipment Finance LLC 2017-B A /17/ ,048, % 10,000,000 NextGear Floorplan Master Owner Trust A A /15/ ,989, % 22,933,000 NextGear Floorplan Master Owner Trust A A /18/ ,698, % 20,252,000 NextGear Floorplan Master Owner Trust A /17/ ,107, % 12,191,000 NextGear Floorplan Master Owner Trust A A /15/ ,208, % 36,263,809 Prop Limited A /15/ ,857, % 33,682,000 Verizon Owner Trust A B /20/ ,264, % 8,830,000 Verizon Owner Trust A A /20/ ,728, % 24,047,000 Verizon Owner Trust A B /20/ ,640, % 26,369,000 Verizon Owner Trust A A /20/ ,997, % 19,491,000 Verizon Owner Trust A B /20/ ,159, % 20,678,000 Verizon Owner Trust A A1A /20/ ,380, % 19,924,000 Verizon Owner Trust A B /20/ ,920, % 5,916,000 Volvo Financial Equipment LLC A A /15/ ,834, % 40,054,000 Volvo Financial Equipment LLC A A /15/ ,879, % 340,167 Wheels SPV LLC A A /22/ , % TOTAL ASSET-BACKED - EQUIPMENT $ 694,751, % ASSET-BACKED - OTHER 7,765,000 Conn Funding II LP 2017-B B /15/ ,818, % 12,001,000 Insite Issuer LLC /15/ ,825, % 16,005,500 New Residential Advance 2016-T1 AT /15/ ,909, % 50,834,000 New Residential Advance 2016-T2 AT /15/ ,315, % 50,294,000 New Residential Advance 2016-T4 AT /15/ ,070, % 46,789,000 New Residential Advance 2017-T1 AT /15/ ,520, % 17,210,818 NRZ Excess Spread - Collateralized Notes 2018-PLS1 A /25/ ,081, %

5 19,353,558 NRZ Excess Spread - Collateralized Notes 2018-PLS2 A /25/ ,280, % 51,028,000 Ocwen Master Advance Receivables Trust 2016-T1 AT /17/ ,948, % 4,566,000 Ocwen Master Advance Receivables Trust 2017-T1 AT /15/ ,565, % 4,700,000 Panhandle-Plains Student Finance Corp A /1/ ,670, % 500,000 PFS Financing Corporation 2015-AA B /15/ , % 22,038,000 PFS Financing Corporation 2017-BA A /15/ ,656, % 7,305,000 PFS Financing Corporation 2017-BA B /15/ ,190, % 3,481,000 PFS Financing Corporation 2017-BA B /15/ ,431, % 16,576,000 PFS Financing Corporation 2017-D A /17/ ,324, % 7,798,000 PFS Financing Corporation 2017-D B /17/ ,683, % 24,244,000 PFS Financing Corporation 2018-B A /15/ ,105, % 7,809,000 PFS Financing Corporation 2018-B B /15/ ,761, % 10,932,000 Unison Ground Lease Fund B /15/ ,851, % 3,768,000 Unison Ground Lease Fund B /15/ ,753, % 15,000,000 WCP Issuer LLC B /15/ ,523, % TOTAL ASSET-BACKED - OTHER $ 398,787, % COMMERCIAL MORTGAGE-BACKED SECURITIES AGENCY 31,512 Government National Mortgage Association AC /16/ , % 143,666 Government National Mortgage Association A /16/ , % 104,792 Government National Mortgage Association A /16/ , % 408,943 Government National Mortgage Association A /16/ , % TOTAL CMBS - AGENCY $ 683, % COMMERCIAL MORTGAGE-BACKED SECURITIES AGENCY STRIPPED 8,068,014 Government National Mortgage Association /16/ % 72,621,475 Government National Mortgage Association /16/ ,768, % 18,295 Government National Mortgage Association /16/ % 13,820,729 Government National Mortgage Association /16/ , % 7,176,804 Government National Mortgage Association /16/ , % 16,446,362 Government National Mortgage Association /16/ , % 9,758,199 Government National Mortgage Association /16/ , % 21,761,503 Government National Mortgage Association /16/ , % 518,206 Government National Mortgage Association /16/ , % 3,286,640 Government National Mortgage Association /16/ , % 420,517 Government National Mortgage Association /16/ , % 11,903,911 Government National Mortgage Association /16/ , % 1,549,027 Government National Mortgage Association /16/ , % 10,588,776 Government National Mortgage Association /16/ , % 12,912,903 Government National Mortgage Association /16/ , % 2,639,521 Government National Mortgage Association /16/ , % 21,355,908 Government National Mortgage Association /16/ , % 8,547,266 Government National Mortgage Association /16/ , % 8,928,528 Government National Mortgage Association /16/ , % 6,477,296 Government National Mortgage Association /16/ , % 14,863,108 Government National Mortgage Association /16/ , % 69,071,707 Government National Mortgage Association /16/ ,003, % 74,636,695 Government National Mortgage Association /16/ ,050, % 5,175,071 Government National Mortgage Association /16/ , %

6 159,904,607 Government National Mortgage Association /16/ ,153, % 75,063,905 Government National Mortgage Association /16/ ,316, % 2,957,787 Government National Mortgage Association /16/ , % 24,298,332 Government National Mortgage Association /16/ ,298, % 100,653,835 Government National Mortgage Association /16/ ,728, % 224,245,837 Government National Mortgage Association /16/ ,818, % 22,647,425 Government National Mortgage Association /16/ , % 145,121,957 Government National Mortgage Association /16/ ,724, % 280,685,363 Government National Mortgage Association /16/ ,561, % 315,466,531 Government National Mortgage Association /16/ ,850, % 105,833,387 Government National Mortgage Association /16/ ,731, % 16,005,262 Government National Mortgage Association /16/ , % 105,158,193 Government National Mortgage Association /16/ ,510, % 74,082,071 Government National Mortgage Association /16/ ,243, % 228,107,670 Government National Mortgage Association /16/ ,834, % 189,822,271 Government National Mortgage Association /16/ ,246, % 244,147,397 Government National Mortgage Association /16/ ,792, % 230,610,885 Government National Mortgage Association /16/ ,391, % 215,393,212 Government National Mortgage Association /16/ ,967, % 76,041,128 Government National Mortgage Association /16/ ,233, % 1,048,267 Government National Mortgage Association /16/ , % 39,514,569 Government National Mortgage Association /16/ ,092, % 38,081,005 Government National Mortgage Association /16/ ,419, % 175,833,173 Government National Mortgage Association /16/ ,043, % 206,914,492 Government National Mortgage Association /16/ ,166, % 163,538,165 Government National Mortgage Association /15/ ,966, % 60,863,455 Government National Mortgage Association /16/ ,813, % 51,392,497 Government National Mortgage Association /16/ ,706, % 229,181,465 Government National Mortgage Association /16/ ,767, % 259,037,873 Government National Mortgage Association /16/ ,678, % 232,880,122 Government National Mortgage Association /16/ ,427, % 120,818,817 Government National Mortgage Association /16/ ,123, % 246,205,048 Government National Mortgage Association /16/ ,110, % 71,908,478 Government National Mortgage Association /16/ ,934, % 139,840,184 Government National Mortgage Association /16/ ,304, % 403,024,172 Government National Mortgage Association /16/ ,084, % 222,180,027 Government National Mortgage Association /16/ ,932, % TOTAL AGENCY STRIPPED 342,936, % CMBS - NON-AGENCY 1,590,713 A10 Securitization A /15/ ,583, % 14,252,364 A10 Securitization A A1FX /15/ ,213, % 37,676,000 Aventura Mall Trust 2013-AVM /5/ ,516, % 5,154,628 Bear Stearns Commercial Mortgage 2005-PWR7 B /11/ ,186, % 218,760 Citigroup Commercial Mortgage 2006-C4 B /15/ , % 12,720,000 COMM Mortgage Trust 2014-FL5 B /15/ ,741, % 8,240,000 COMM Mortgage Trust 2014-FL5 C /15/ ,136, % 34,144,000 Credit Suisse Mortgage Trust 2016-MFF E /15/ ,366, % 27,284,927 DBUBS Mortgage Trust 2011-LC2A A /12/ ,273, %

7 7,277,000 J.P. Morgan Chase Commercial Mortgage Securities Trust 2010-C /15/ ,552, % 16,735,000 Latitude Management Real Estate Capital 2016-CRE2 A /24/ ,878, % 3,238,925 Morgan Stanley Capital I Trust 2006-HQ9 D /12/ ,233, % 4,000,000 OBP Depositor LLC Trust /17/ ,129, % 9,874,067 Rialto Real Estate Fund LP 2015-LT7 B /25/ ,874, % 14,152,000 SCG Trust 2013-SRP1 AJ /15/ ,119, % 7,857,000 Wells Fargo Commercial Mortgage Trust 2015-C26 A /18/ ,809, % TOTAL CMBS - NON-AGENCY $ 206,834, % CORPORATE BANK DEBT 19,186,926 ACCTL /28/ ,930, % 5,049,000 Authentic Brands TL 2L /26/ ,105, % 4,248,904 Boart Longyear Management Pty Ltd TL /23/ ,057, % 11,413,750 Internap Corp. TL 1L /3/ ,456, % 20,899,290 JC Penny TL-B 1L /23/ ,459, % 11,209,453 Logix Holding Co. LLC TL 1L /17/ ,279, % 28,565,686 MB1LTL /30/ ,044, % 6,816,000 MB2LTL /30/ ,654, % 23,045,124 OTGTL /23/ ,867, % 2,527,876 OTGDDTL /23/ , % 13,678,750 SDTL /22/ ,642, % 3,265,872 Sears Roebuck Acceptance Corporation TL /30/ ,257, % 21,744,088 Xplornet Communications Inc. TL-B 1L /9/ ,771, % 13,459,625 ZW1LTL /16/ ,425, % 4,870,000 ZW2LTL /16/ ,845, % TOTAL CORPORATE BANK DEBT $ 185,830, % CORPORATE BONDS AND NOTES 1,856,890 Air 2 U.S /1/ ,904, % 39,258,228 Air 2 U.S /1/ ,244, % 29,017,000 Apple /7/ ,663, % 12,753,000 Berkshire Hathaway Finance Corp /15/ ,766, % 59,961,851 Boart Longyear Management Pty Ltd /31/ ,462, % 3,486,000 Bristow Group /1/ ,512, % 26,664,000 Cisco Systems /15/ ,493, % 2,510 Continental Airlines Company /1/ , % 6,440,415 Delta Airlines N671US /15/ ,456, % 5,703,816 Northwest Airlines G /1/ ,874, % 14,816,524 Northwest Airlines C /1/ ,518, % 839,000 Oracle Corporation /15/ , % 25,568,000 PHI Inc /15/ ,992, % 22,044,000 StoneMor Partners LP/Cornerstone Family Services of West Virginia Subsidiary /1/ ,713, % 3,790,184 US Airways PT Trust C /20/ , % TOTAL CORPORATE BONDS AND NOTES $ 203,300, % RMBS AGENCY POOL ADJUSTABLE RATE MORTGAGES 742,772 Federal National Mortgage Association /1/ , % $ 771, % RMBS AGENCY POOL FIXED RATE MORTGAGES

8 2,591,198 Federal Home Loan Mortgage Corporation G /1/ ,634, % 93,075 Federal Home Loan Mortgage Corporation G /1/ , % 144,158 Federal Home Loan Mortgage Corporation P /1/ , % 1,493,470 Federal Home Loan Mortgage Corporation G /1/ ,520, % 3,980,094 Federal Home Loan Mortgage Corporation G /1/ ,091, % 153,582 Federal Home Loan Mortgage Corporation G /1/ , % 3,931,144 Federal Home Loan Mortgage Corporation G /1/ ,046, % 2,976,340 Federal Home Loan Mortgage Corporation G /1/ ,045, % 226,952 Federal Home Loan Mortgage Corporation G /1/ , % 572,517 Federal Home Loan Mortgage Corporation G /1/ , % 2,143,566 Federal Home Loan Mortgage Corporation G /1/ ,182, % 149,357 Federal Home Loan Mortgage Corporation G /1/ , % 5,332,494 Federal Home Loan Mortgage Corporation G /1/ ,428, % 3,611,011 Federal Home Loan Mortgage Corporation G /1/ ,761, % 1,764,956 Federal Home Loan Mortgage Corporation G /1/ ,800, % 1,308,873 Federal Home Loan Mortgage Corporation G /1/ ,328, % 47,134 Federal Home Loan Mortgage Corporation J /1/ , % 12 Federal Home Loan Mortgage Corporation G /1/ % 175,961 Federal Home Loan Mortgage Corporation G /1/ , % 292,955 Federal Home Loan Mortgage Corporation G /1/ , % 698,248 Federal Home Loan Mortgage Corporation G /1/ , % 70,046 Federal Home Loan Mortgage Corporation P /1/ , % 3,049,460 Federal Home Loan Mortgage Corporation J /1/ ,016, % 32,887 Federal National Mortgage Association /1/ , % 31,317 Federal National Mortgage Association /1/ , % 106,119 Federal National Mortgage Association MA /1/ , % 64,568 Federal National Mortgage Association MA /1/ , % 118,397 Federal National Mortgage Association MA /1/ , % 581,039 Federal National Mortgage Association AB /1/ , % 324,255 Federal National Mortgage Association AB /1/ , % 1,071,259 Federal National Mortgage Association AL /1/ ,104, % 1,000,390 Federal National Mortgage Association AA /1/ ,030, % 1,061,432 Federal National Mortgage Association AL /1/ ,069, % 32,697 Federal National Mortgage Association /1/ , % 60,795 Federal National Mortgage Association /1/ , % 21,366 Federal National Mortgage Association /1/ , % 2,535,106 Federal National Mortgage Association AL /1/ ,560, % 2,037,714 Federal National Mortgage Association AE /1/ ,069, % 27,666 Federal National Mortgage Association /1/ , % 2,670,968 Federal National Mortgage Association AE /1/ ,700, % 2,338,201 Federal National Mortgage Association AL /1/ ,370, % 589,187 Federal National Mortgage Association AE /1/ , % 3,511,946 Federal National Mortgage Association AL /1/ ,605, % 2,426,215 Federal National Mortgage Association AL /1/ ,465, % 11,879 Federal National Mortgage Association /1/ , % 853,643 Federal National Mortgage Association /1/ , % 422,753 Federal National Mortgage Association AD /1/ , % 734,308 Federal National Mortgage Association AE /1/ , % 686 Federal National Mortgage Association /1/ %

9 1,142 Federal National Mortgage Association /1/ , % 428,943 Federal National Mortgage Association /1/ , % 384,549 Federal National Mortgage Association AE /1/ , % 136,787 Federal National Mortgage Association AL /1/ , % 997,553 Federal National Mortgage Association AL /1/ ,037, % 1,168,883 Federal National Mortgage Association AL /1/ ,204, % 1,734,428 Federal National Mortgage Association AL /1/ ,765, % 391,754 Federal National Mortgage Association AL /1/ , % 30,863 Federal National Mortgage Association /1/ , % 150,539 Federal National Mortgage Association /1/ , % 1,297,389 Federal National Mortgage Association /1/ ,332, % 648,531 Federal National Mortgage Association AD /1/ , % 67,499 Federal National Mortgage Association AL /1/ , % 324,183 Federal National Mortgage Association /1/ , % 638,496 Federal National Mortgage Association /1/ , % 121,963 Federal National Mortgage Association /1/ , % 28,756,202 Federal National Mortgage Association MA /1/ ,674, % 4,594,385 Federal National Mortgage Association MA /1/ ,632, % 37,965,081 Federal National Mortgage Association MA /1/ ,803, % 1,015,452 Government National Mortgage Association /15/ ,068, % TOTAL RMBS AGENCY POOL FIXED $ 140,513, % RMBS AGENCY COLLATERALIZED MORTGAGE OBLIGATION 40,601 Federal Home Loan Mortgage Corporation 2809 UC /15/ , % 14,324 Federal Home Loan Mortgage Corporation 2614 BY /15/ , % 5,463 Federal Home Loan Mortgage Corporation 2645 BY /15/ , % 12,070 Federal Home Loan Mortgage Corporation 2656 PE /15/ , % 83,169 Federal Home Loan Mortgage Corporation 2649 AN /15/ , % 6,915 Federal Home Loan Mortgage Corporation 2990 TD /15/ , % 9,349 Federal Home Loan Mortgage Corporation 3957 BV /15/ , % 7,034,506 Federal Home Loan Mortgage Corporation 4664 TA /15/ ,064, % 2,249,026 Federal Home Loan Mortgage Corporation 4170 QE /15/ ,203, % 1,171,250 Federal Home Loan Mortgage Corporation 3828 VE /15/ ,227, % 3,801,352 Federal Home Loan Mortgage Corporation 3979 HD /15/ ,780, % 4,463,804 Federal Home Loan Mortgage Corporation 4010 DE /15/ ,441, % 2,765,478 Federal Home Loan Mortgage Corporation 3914 MA /15/ ,784, % 11,896,430 Federal Home Loan Mortgage Corporation 3914 MA /15/ ,376, % 1,338,306 Federal Home Loan Mortgage Corporation 4304 DA /15/ ,329, % 4,786,094 Federal Home Loan Mortgage Corporation 4297 CA /15/ ,808, % 15,684,073 Federal Home Loan Mortgage Corporation 4504 DN /15/ ,731, % 21,643,574 Federal National Mortgage Association DA /25/ ,583, % 2,237,625 Federal National Mortgage Association DA /25/ ,147, % 22,888,277 Federal National Mortgage Association GD /25/ ,344, % 14,914 Federal National Mortgage Association NG /25/ , % 124,362 Federal National Mortgage Association JK /25/ , % 41,568 Federal National Mortgage Association MD /25/ , % 35,339 Federal National Mortgage Association CL /25/ , % 14,904 Federal National Mortgage Association MA /25/ , % 184,357 Federal National Mortgage Association AB /25/ , %

10 123,732 Federal National Mortgage Association NU /25/ , % 19 Federal National Mortgage Association HW /25/ % 29,567 Federal National Mortgage Association NB /25/ , % 1,279,978 Federal National Mortgage Association PB /25/ ,282, % 16,399 Federal National Mortgage Association PA /25/ , % 1,728,388 Federal National Mortgage Association GC /25/ ,753, % 189 Federal National Mortgage Association PD /25/ % 14,800 Federal National Mortgage Association BG /25/ , % 2,390,618 Federal National Mortgage Association LB /25/ ,474, % 237,853 Federal National Mortgage Association WB /25/ , % 596,620 Federal National Mortgage Association NE /25/ , % 30,203,119 Federal National Mortgage Association JA /25/ ,156, % 21,247,815 Federal National Mortgage Association KD /25/ ,479, % 21,081,967 Federal National Mortgage Association KC /25/ ,317, % 45,996,385 Federal National Mortgage Association QA /25/ ,871, % 29,788,013 Federal National Mortgage Association DC /25/ ,120, % 1,045,732 Federal National Mortgage Association ED /25/ ,034, % 2,097,135 Federal National Mortgage Association KM /25/ ,083, % 26,067,356 Federal National Mortgage Association HA /25/ ,092, % TOTAL RMBS AGENCY COLLATERALIZED MORTGAGE OBLIGATION $ 287,101, % RMBS AGENCY STRIPPED ONLY SECURITIES 204,199 Federal Home Loan Mortgage Corporation 217 PO /1/ , % INTEREST ONLY SECURITIES 1,668,443 Federal Home Loan Mortgage Corporation 3763 NI /15/ , % 12,747,528 Federal Home Loan Mortgage Corporation 3917 AI /15/ ,103, % 196,622 Federal Home Loan Mortgage Corporation 217 IO /1/ , % 48,138 Federal National Mortgage Association BI /25/ % 182,966 Federal National Mortgage Association NI /25/ , % 575,471 Federal National Mortgage Association XI /25/ , % TOTAL RMBS AGENCY STRIPPED $ 1,551, % RMBS NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION 33,664,486 CIM Trust A /25/ ,370, % 39,171 Citicorp Mortgage Securities Inc A /25/ , % 10,127,072 Citigroup Mortgage Loan Trust Inc A A /25/ ,339, % 15,065,000 Finance Of America 2017-HB1 M /25/ ,914, % 14,024,183 Finance Of America 2017-HB1 A /25/ ,992, % 9,098,237 Nationstar HELM Loan Trust A A /25/ ,041, % 12,414,000 Nationstar HELM Loan Trust A M /25/ ,414, % 5,328,714 Nomura Resecuritization Trust 2016-IR 3A /28/ ,434, % 24,412,268 Riverview HECM Trust A /25/ ,689, % 6,896,905 Sunset Mortgage Loan Company 2015-NPL 1 A /18/ ,896, % 5,088 Stanwich Mortgage Loan Trust Series A /15/ , % 60,580 Stanwich Mortgage Loan Trust Series A /30/ , % 393,937 Stanwich Mortgage Loan Trust Series A /28/ , % 44,291 Stanwich Mortgage Loan Trust Series A /31/ , % 143,942 Stanwich Mortgage Loan Trust Series A /31/ , %

11 204,323 Stanwich Mortgage Loan Trust Series A /15/ , % 335,955 Stanwich Mortgage Loan Trust Series A /15/ , % 31,326,261 Towd Point Mortgage Trust A /25/ ,373, % 31,560,163 Towd Point Mortgage Trust A /25/ ,742, % 22,780,217 Towd Point Mortgage Trust A /25/ ,993, % 20,209,803 Towd Point Mortgage Trust AES /25/ ,142, % 20,109,506 Towd Point Mortgage Trust 2016-A /25/ ,756, % 34,637,785 Towd Point Mortgage Trust A /28/ ,453, % 16,219,853 Vericrest Opportunity Loan Transferee 2015-NPL8 A /26/ ,224, % 8,011,941 Vericrest Opportunity Loan Transferee 2015-NPL12 A /25/ ,016, % 8,644,900 Vericrest Opportunity Loan Transferee 2015-NPL14 A /27/ ,652, % TOTAL RMBS NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION $ 321,101, % COMMON STOCK 261,407,903 Boart Longyear Management Pty Ltd ,007, % TOTAL COMMON STOCK $ 2,007, % TOTAL INVESTMENT SECURITIES $ 5,023,474, % U.S. GOVERNMENT AND AGENCIES (SHORT TERM) 65,321,000 U.S Treasury Notes /5/ ,301, % 100,000,000 U.S Treasury Notes /30/ ,906, % 56,388,000 U.S Treasury Notes /3/ ,307, % 56,167,000 U.S Treasury Notes /31/ ,211, % 50,000,000 U.S Treasury Notes /28/ ,790, % 3,245,000 U.S Treasury Notes /28/ ,227, % TOTAL U.S. GOVERNMENT AND AGENCIES (SHORT TERM) $ 330,745, % REPURCHASE AGREEMENTS 7,591,000 State Street/FICC Repo /2/ $ 7,591, % TOTAL REPURCHASE AGREEMENTS $ 7,591, % CASH & EQUIVALENTS $ 817, % TOTAL CASH & EQUIVALENTS $ 339,153, % TOTAL NET ASSETS $ 5,362,628, % NO. OF FIXED INCOME SECURITIES 460

12 You should consider the Fund s investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies, sales charges, and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing. The Prospectus may be obtained by visiting the website at by at crm@fpafunds.com, toll-free by calling or by contacting the Fund in writing. Investments in mutual funds carry risks and investors may lose principal value.capital markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. The Fund may purchase foreign securities which are subject to interest rate, currency exchange rate, economic and political risks. The securities of smaller, less well-known companies can be more volatile than those of larger companies. The return of principal in a bond fund is not guaranteed. Bond funds have the same issuer, interest rate, inflation and credit risks that are associated with underlying bonds owned by the fund. Lower rated bonds, convertible securities and other types of debt obligations involve greater risks than higher rated bonds. Mortgage securities and collateralized mortgage obligations (CMOs) are subject to prepayment risk and the risk of default on the underlying mortgages or other assets; such derivatives may increase volatility. Convertible securities are generally not investment grade and are subject to greater credit risk than higher-rated investments. High yield securities can be volatile and subject to much higher instances of default. The Fund may experience increased costs, losses and delays in liquidating underlying securities should the seller of a repurchase agreement declare bankruptcy or default. Portfolio composition will change due to ongoing management of the fund. References to individual securities are for informational purposes only and should not be construed as recommendations by the Fund, the Portfolio Managers or Distributor. The FPA Funds are distributed by UMB Distribution Services, LLC, 235 W. Galena Street, Milwaukee, WI,