FPA U.S. CORE EQUITY FUND, INC.
Portfolio of investments
March 31, 2022
(Unaudited)
COMMON STOCKS | Shares | Fair Value | ||||||
INTERNET MEDIA — 16.2% | ||||||||
Alphabet, Inc. Class C(a) | 2,545 | $ | 7,108,160 | |||||
Match Group, Inc.(a) | 1,891 | 205,627 | ||||||
Meta Platforms, Inc. Class A(a) | 16,816 | 3,739,206 | ||||||
Spotify Technology SA (Sweden)(a) | 600 | 90,612 | ||||||
$ | 11,143,605 | |||||||
INFRASTRUCTURE SOFTWARE — 10.8% | ||||||||
Microsoft Corp. | 24,200 | $ | 7,461,102 | |||||
$ | 7,461,102 | |||||||
COMMUNICATIONS EQUIPMENT — 8.4% | ||||||||
Apple, Inc. | 31,850 | $ | 5,561,328 | |||||
Universal Music Group NV (Netherlands) | 7,500 | 200,743 | ||||||
$ | 5,762,071 | |||||||
E-COMMERCE DISCRETIONARY — 7.7% | ||||||||
Amazon.com, Inc.(a) | 1,620 | $ | 5,281,119 | |||||
$ | 5,281,119 | |||||||
INFORMATION TECHNOLOGY SERVICES — 6.3% | ||||||||
Accenture PLC Class A (Ireland) | 3,165 | $ | 1,067,333 | |||||
Autodesk, Inc.(a) | 4,050 | 868,118 | ||||||
Intuit, Inc. | 555 | 266,866 | ||||||
MSCI, Inc. | 480 | 241,382 | ||||||
NVIDIA Corp. | 3,845 | 1,049,147 | ||||||
Palantir Technologies, Inc. Class A(a) | 4,365 | 59,932 | ||||||
QUALCOMM, Inc. | 3,270 | 499,721 | ||||||
S&P Global, Inc. | 744 | 305,174 | ||||||
$ | 4,357,673 | |||||||
CONSUMER FINANCE — 5.5% | ||||||||
American Express Co. | 3,600 | $ | 673,200 | |||||
Mastercard, Inc. Class A | 2,945 | 1,052,484 | ||||||
PayPal Holdings, Inc.(a) | 9,000 | 1,040,850 | ||||||
Visa, Inc. A Shares | 4,780 | 1,060,061 | ||||||
$ | 3,826,595 | |||||||
APPAREL, FOOTWEAR & ACCESSORY DESIGN — 5.5% | ||||||||
Adidas AG (Germany) | 4,420 | $ | 1,036,111 | |||||
Cie Financiere Richemont SA Class A (Switzerland) | 2,700 | 344,787 | ||||||
Kering SA (France) | 1,600 | 1,018,989 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (France) | 480 | 344,831 | ||||||
NIKE, Inc. Class B | 7,715 | 1,038,130 | ||||||
$ | 3,782,848 | |||||||
APPLICATION SOFTWARE — 3.7% | ||||||||
Activision Blizzard, Inc. | 6,693 | $ | 536,176 | |||||
Adobe, Inc.(a) | 2,225 | �� | 1,013,755 | |||||
salesforce.com, Inc.(a) | 1,745 | 370,498 | ||||||
Zoom Video Communications, Inc. Class A(a) | 5,575 | 653,557 | ||||||
$ | 2,573,986 | |||||||
HOME PRODUCTS STORES — 3.0% | ||||||||
Estee Lauder Cos., Inc. Class A | 897 | $ | 244,271 | |||||
Home Depot, Inc. | 3,195 | 956,359 | ||||||
Lowe's Cos., Inc. | 4,300 | 869,417 | ||||||
$ | 2,070,047 |
FPA U.S. CORE EQUITY FUND, INC.
Portfolio of investments (Continued)
March 31, 2022
(Unaudited)
COMMON STOCKS - Continued | Shares | Fair Value | ||||||
MANAGED CARE — 2.9% | ||||||||
Anthem, Inc. | 1,915 | $ | 940,686 | |||||
UnitedHealth Group, Inc. | 2,055 | 1,047,989 | ||||||
$ | 1,988,675 | |||||||
LIFE SCIENCE EQUIPMENT — 2.6% | ||||||||
Danaher Corp. | 2,134 | $ | 625,966 | |||||
Illumina, Inc.(a) | 368 | 128,579 | ||||||
Thermo Fisher Scientific, Inc. | 1,790 | 1,057,264 | ||||||
$ | 1,811,809 | |||||||
ENTERTAINMENT CONTENT — 2.5% | ||||||||
Netflix, Inc.(a) | 2,141 | $ | 801,997 | |||||
Walt Disney Co.(a) | 6,635 | 910,057 | ||||||
$ | 1,712,054 | |||||||
INVESTMENT MANAGEMENT — 2.3% | ||||||||
Apollo Global Management, Inc. | 8,600 | $ | 533,114 | |||||
BlackRock, Inc. | 1,350 | 1,031,630 | ||||||
$ | 1,564,744 | |||||||
RETAILING — 2.3% | ||||||||
AutoZone, Inc.(a) | 280 | $ | 572,482 | |||||
Etsy, Inc.(a) | 525 | 65,247 | ||||||
Sprouts Farmers Market, Inc.(a) | 12,850 | 410,943 | ||||||
Ulta Beauty, Inc.(a) | 1,280 | 509,722 | ||||||
$ | 1,558,394 | |||||||
MEDICAL DEVICES — 2.1% | ||||||||
Abbott Laboratories | 3,829 | $ | 453,200 | |||||
Edwards Lifesciences Corp.(a) | 1,818 | 214,015 | ||||||
Intuitive Surgical, Inc.(a) | 1,776 | 535,784 | ||||||
Stryker Corp. | 815 | 217,890 | ||||||
$ | 1,420,889 | |||||||
INSURANCE BROKERS — 1.8% | ||||||||
Aon PLC Class A (Britain) | 2,045 | $ | 665,913 | |||||
Willis Towers Watson PLC (Britain) | 2,400 | 566,928 | ||||||
$ | 1,232,841 | |||||||
CABLE & SATELLITE — 1.5% | ||||||||
Comcast Corp. Class A | 22,470 | $ | 1,052,046 | |||||
$ | 1,052,046 | |||||||
HEALTH CARE SERVICES — 1.3% | ||||||||
IQVIA Holdings, Inc.(a) | 3,385 | $ | 782,646 | |||||
Moody's Corp. | 385 | 129,903 | ||||||
$ | 912,549 | |||||||
PRIVATE EQUITY — 1.3% | ||||||||
Blackstone, Inc. Class A | 4,146 | $ | 526,293 | |||||
KKR & Co., Inc. Class A | 6,174 | 360,994 | ||||||
$ | 887,287 | |||||||
MANAGED HEALTH CARE — 1.1% | ||||||||
Humana, Inc. | 1,678 | $ | 730,215 | |||||
$ | 730,215 |
FPA U.S. CORE EQUITY FUND, INC.
Portfolio of investments (Continued)
March 31, 2022
(Unaudited)
COMMON STOCKS - Continued | Shares | Fair Value | ||||||
SPECIALTY PHARMACEUTICALS — 1.0% | ||||||||
Cigna Corp. | 870 | $ | 208,461 | |||||
Zoetis, Inc. | 2,405 | 453,559 | ||||||
$ | 662,020 | |||||||
AUTOMOTIVE RETAILERS — 0.8% | ||||||||
O'Reilly Automotive, Inc.(a) | 848 | $ | 580,846 | |||||
$ | 580,846 | |||||||
INDUSTRIALS — 0.7% | ||||||||
Airbus SE ADR (France)(a) | 16,800 | $ | 507,696 | |||||
$ | 507,696 | |||||||
INTERNET BASED SERVICES — 0.5% | ||||||||
GoDaddy, Inc. Class A(a) | 4,534 | $ | 379,496 | |||||
$ | 379,496 | |||||||
INSTITUTIONAL BROKERAGE — 0.5% | ||||||||
Morgan Stanley | 4,160 | $ | 363,584 | |||||
$ | 363,584 | |||||||
COURIER SERVICES — 0.5% | ||||||||
FedEx Corp. | 1,490 | $ | 344,771 | |||||
$ | 344,771 | |||||||
HOUSEHOLD PRODUCTS — 0.5% | ||||||||
Constellation Brands, Inc. Class A | 451 | $ | 103,874 | |||||
L'Oreal SA (France) | 550 | 221,380 | ||||||
$ | 325,254 | |||||||
COMMERCIAL & RESIDENTIAL BUILDING EQUIPMENT & SYSTEMS — 0.4% | ||||||||
Honeywell International, Inc. | 1,540 | $ | 299,653 | |||||
$ | 299,653 | |||||||
RESTAURANTS — 0.4% | ||||||||
Starbucks Corp. | 2,910 | $ | 264,723 | |||||
$ | 264,723 | |||||||
HEALTH CARE FACILITIES — 0.3% | ||||||||
HCA Healthcare, Inc. | 965 | $ | 241,848 | |||||
$ | 241,848 | |||||||
ENTERTAINMENT FACILITIES — 0.3% | ||||||||
Electronic Arts, Inc. | 1,800 | $ | 227,718 | |||||
$ | 227,718 | |||||||
AUTOMOBILES — 0.2% | ||||||||
Tesla, Inc.(a) | 130 | $ | 140,088 | |||||
$ | 140,088 | |||||||
OTHER COMMON STOCKS — 4.9%(a)(b) | $ | 3,372,332 | ||||||
TOTAL COMMON STOCKS — 99.8% (Cost $38,327,902) | $ | 68,840,578 | ||||||
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $38,327,902) | $ | 68,840,578 |
FPA U.S. CORE EQUITY FUND, INC.
Portfolio of investments (Continued)
March 31, 2022
(Unaudited)
SHORT-TERM INVESTMENTS — 0.3% | Principal Amount | Fair Value | ||||||
State Street Bank Repurchase Agreement — 0.00% 4/1/2022 | ||||||||
(Dated 03/31/2022, repurchase price of $167,000, collateralized by $189,400 principal amount U.S. Treasury Bond — 2.000% 2051, fair value $170,417)(c) | $ | 167,000 | $ | 167,000 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $167,000) | $ | 167,000 | ||||||
TOTAL INVESTMENTS — 100.1% (Cost $38,494,902) | $ | 69,007,578 | ||||||
Other Assets and Liabilities, net — (0.1)% | (57,515 | ) | ||||||
NET ASSETS — 100.0% | $ | 68,950,063 |
(a) | Non-income producing security. |
(b) | As permitted by U.S. Securities and Exchange Commission regulations, "Other" Common Stocks include holdings in their first year of acquisition that have not previously been publicly disclosed. |
(c) | Security pledged as collateral. |
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. 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 March 31, 2022:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Internet Media | $ | 11,143,605 | — | — | $ | 11,143,605 | ||||||||||
Infrastructure Software | 7,461,102 | — | — | 7,461,102 | ||||||||||||
Communications Equipment | 5,762,071 | — | — | 5,762,071 | ||||||||||||
E-Commerce Discretionary | 5,281,119 | — | — | 5,281,119 | ||||||||||||
Information Technology Services | 4,357,673 | — | — | 4,357,673 | ||||||||||||
Consumer Finance | 3,826,595 | — | — | 3,826,595 | ||||||||||||
Apparel, Footwear & Accessory Design | 3,782,848 | — | — | 3,782,848 | ||||||||||||
Application Software | 2,573,986 | — | — | 2,573,986 | ||||||||||||
Home Products Stores | 2,070,047 | — | — | 2,070,047 | ||||||||||||
Managed Care | 1,988,675 | — | — | 1,988,675 | ||||||||||||
Life Science Equipment | 1,811,809 | — | — | 1,811,809 | ||||||||||||
Entertainment Content | 1,712,054 | — | — | 1,712,054 | ||||||||||||
Investment Management | 1,564,744 | — | — | 1,564,744 | ||||||||||||
Retailing | 1,558,394 | — | — | 1,558,394 | ||||||||||||
Medical Devices | 1,420,889 | — | — | 1,420,889 | ||||||||||||
Insurance Brokers | 1,232,841 | — | — | 1,232,841 | ||||||||||||
Cable & Satellite | 1,052,046 | — | — | 1,052,046 | ||||||||||||
Health Care Services | 912,549 | — | — | 912,549 | ||||||||||||
Private Equity | 887,287 | — | — | 887,287 | ||||||||||||
Managed Health Care | 730,215 | — | — | 730,215 | ||||||||||||
Specialty Pharmaceuticals | 662,020 | — | — | 662,020 | ||||||||||||
Automotive Retailers | 580,846 | — | — | 580,846 | ||||||||||||
Industrials | 507,696 | — | — | 507,696 | ||||||||||||
Internet Based Services | 379,496 | — | — | 379,496 | ||||||||||||
Institutional Brokerage | 363,584 | — | — | 363,584 | ||||||||||||
Courier Services | 344,771 | — | — | 344,771 | ||||||||||||
Household Products | 325,254 | — | — | 325,254 | ||||||||||||
Commercial & Residential Building Equipment & Systems | 299,653 | — | — | 299,653 | ||||||||||||
Restaurants | 264,723 | — | — | 264,723 | ||||||||||||
Health Care Facilities | 241,848 | — | — | 241,848 | ||||||||||||
Entertainment Facilities | 227,718 | — | — | 227,718 | ||||||||||||
Automobiles | 140,088 | — | — | 140,088 | ||||||||||||
Other Common Stocks | 3,372,332 | — | — | 3,372,332 | ||||||||||||
Short-Term Investments | — | $ | 167,000 | — | 167,000 | |||||||||||
$ | 68,840,578 | $ | 167,000 | — | $ | 69,007,578 |
Transfers of investments between different levels of the fair value hierarchy are recorded at fair value as of the end of the reporting period. There were no significant transfers into or out of Level 3 during the period ended March 31, 2022.
The Fund did not hold derivatives during the period ended March 31, 2022.
NOTE 2 — Federal Income Tax
The cost of investment securities held at March 31, 2022 (excluding short-term investments), was $38,668,186 for federal income tax purposes. Net unrealized appreciation consists of:
Gross unrealized appreciation: | $ | 30,883,374 | ||
Gross unrealized depreciation: | (710,982 | ) | ||
Net unrealized appreciation: | $ | 30,172,392 |