FPA QUEENS ROAD VALUE FUND
Portfolio of investments
February 28, 2022
(Unaudited)
COMMON STOCKS | Shares | Fair Value | ||||||
WEALTH MANAGEMENT — 8.9% | ||||||||
Ameriprise Financial, Inc. | 7,000 | $ | 2,098,530 | |||||
T Rowe Price Group, Inc. | 7,900 | 1,142,024 | ||||||
$ | 3,240,554 | |||||||
INDUSTRIALS — 7.8% | ||||||||
3M Co. | 3,600 | $ | 535,140 | |||||
General Dynamics Corp. | 8,000 | 1,875,600 | ||||||
Ingersoll Rand, Inc. | 9,000 | 454,680 | ||||||
$ | 2,865,420 | |||||||
P&C INSURANCE — 7.0% | ||||||||
Berkshire Hathaway, Inc. Class A(a) | 3 | $ | 1,428,615 | |||||
Prudential Financial, Inc. | 10,000 | 1,116,600 | ||||||
$ | 2,545,215 | |||||||
COMMUNICATIONS EQUIPMENT — 6.1% | ||||||||
Cisco Systems, Inc. | 30,700 | $ | 1,712,139 | |||||
Verizon Communications, Inc. | 10,000 | 536,700 | ||||||
$ | 2,248,839 | |||||||
CONSUMER FINANCE — 5.8% | ||||||||
American Express Co. | 11,000 | $ | 2,139,940 | |||||
$ | 2,139,940 | |||||||
MANAGED CARE — 5.6% | ||||||||
Anthem, Inc. | 4,500 | $ | 2,033,325 | |||||
$ | 2,033,325 | |||||||
ELECTRICAL COMPONENTS — 5.5% | ||||||||
Eaton Corp. PLC | 13,000 | $ | 2,005,770 | |||||
$ | 2,005,770 | |||||||
HOMEBUILDERS — 5.4% | ||||||||
Allegion PLC (Ireland) | 3,400 | $ | 389,368 | |||||
Trane Technologies PLC (Ireland) | 10,200 | 1,570,086 | ||||||
$ | 1,959,454 | |||||||
INFRASTRUCTURE SOFTWARE — 4.9% | ||||||||
Oracle Corp. | 23,395 | $ | 1,777,318 | |||||
$ | 1,777,318 | |||||||
LIFE SCIENCE EQUIPMENT — 4.7% | ||||||||
Danaher Corp. | 6,300 | $ | 1,728,783 | |||||
$ | 1,728,783 | |||||||
LARGE PHARMACEUTICALS — 4.0% | ||||||||
Pfizer, Inc. | 31,000 | $ | 1,455,140 | |||||
$ | 1,455,140 |
FPA QUEENS ROAD VALUE FUND
Portfolio of investments (Continued)
February 28, 2022
(Unaudited)
COMMON STOCKS - Continued | Shares | Fair Value | ||||||
DIVERSIFIED BANKS — 3.5% | ||||||||
JPMorgan Chase & Co. | 9,000 | $ | 1,276,200 | |||||
$ | 1,276,200 | |||||||
SEMICONDUCTOR DEVICES — 3.4% | ||||||||
Intel Corp. | 26,000 | $ | 1,240,200 | |||||
$ | 1,240,200 | |||||||
APPLICATION SOFTWARE — 3.2% | �� | |||||||
Fiserv, Inc.(a) | 12,000 | $ | 1,172,040 | |||||
$ | 1,172,040 | |||||||
SPECIALTY PHARMACEUTICALS — 2.9% | ||||||||
Merck & Co., Inc. | 13,820 | $ | 1,058,336 | |||||
$ | 1,058,336 | |||||||
RESTAURANTS — 2.8% | ||||||||
McDonald's Corp. | 4,225 | $ | 1,034,153 | |||||
$ | 1,034,153 | |||||||
INSTITUTIONAL TRUST FIDUCIARY & CUSTODY — 2.1% | ||||||||
Bank of New York Mellon Corp. | 14,500 | $ | 770,675 | |||||
$ | 770,675 | |||||||
ENTERTAINMENT CONTENT — 2.1% | ||||||||
Walt Disney Co.(a) | 5,151 | $ | 764,717 | |||||
$ | 764,717 | |||||||
RAIL FREIGHT — 2.0% | ||||||||
Union Pacific Corp. | 3,000 | $ | 737,850 | |||||
$ | 737,850 | |||||||
INDUSTRIAL DISTRIBUTION & RENTAL — 1.8% | ||||||||
Raytheon Technologies Corp. | 6,600 | $ | 677,820 | |||||
$ | 677,820 | |||||||
PACKAGED FOOD — 1.6% | ||||||||
Mondelez International, Inc. Class A | 9,000 | $ | 589,320 | |||||
$ | 589,320 | |||||||
APPAREL, FOOTWEAR & ACCESSORY DESIGN — 1.3% | ||||||||
VF Corp. | 8,500 | $ | 493,170 | |||||
$ | 493,170 |
FPA QUEENS ROAD VALUE FUND
Portfolio of investments (Continued)
February 28, 2022
(Unaudited)
COMMON STOCKS - Continued | Shares or Principal Amount | Fair Value | ||||||
HOUSEHOLD PRODUCTS — 0.5% | ||||||||
Clorox Co. | 1,200 | $ | 174,948 | |||||
$ | 174,948 | |||||||
TOTAL COMMON STOCKS — 92.9% (Cost $11,683,957) | $ | 33,989,187 | ||||||
SHORT-TERM INVESTMENTS — 7.0% | ||||||||
State Street Institutional Treasury Plus Money Market Fund, 0.01%(b) | $ | 2,548,497 | $ | 2,548,497 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,548,497) | $ | 2,548,497 | ||||||
TOTAL INVESTMENTS — 99.9% (Cost $14,232,454) | $ | 36,537,684 | ||||||
Other Assets and Liabilities, net — 0.1% | 42,196 | |||||||
NET ASSETS — 100.0% | $ | 36,579,880 |
(a) | Non-income producing security. |
(b) | Represents the 7-day effective yield as of February 28, 2022. |
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 Trustees. 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 February 28, 2022:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Wealth Management | $ | 3,240,554 | — | — | $ | 3,240,554 | ||||||||||
Industrials | 2,865,420 | — | — | 2,865,420 | ||||||||||||
P&C Insurance | 2,545,215 | — | — | 2,545,215 | ||||||||||||
Communications Equipment | 2,248,839 | — | — | 2,248,839 | ||||||||||||
Consumer Finance | 2,139,940 | — | — | 2,139,940 | ||||||||||||
Managed Care | 2,033,325 | — | — | 2,033,325 | ||||||||||||
Electrical Components | 2,005,770 | — | — | 2,005,770 | ||||||||||||
Homebuilders | 1,959,454 | — | — | 1,959,454 | ||||||||||||
Infrastructure Software | 1,777,318 | — | — | 1,777,318 | ||||||||||||
Life Science Equipment | 1,728,783 | — | — | 1,728,783 | ||||||||||||
Large Pharmaceuticals | 1,455,140 | — | — | 1,455,140 | ||||||||||||
Diversified Banks | 1,276,200 | — | — | 1,276,200 | ||||||||||||
Semiconductor Devices | 1,240,200 | — | — | 1,240,200 | ||||||||||||
Application Software | 1,172,040 | — | — | 1,172,040 | ||||||||||||
Specialty Pharmaceuticals | 1,058,336 | — | — | 1,058,336 | ||||||||||||
Restaurants | 1,034,153 | — | — | 1,034,153 | ||||||||||||
Institutional Trust Fiduciary & Custody | 770,675 | — | — | 770,675 | ||||||||||||
Entertainment Content | 764,717 | — | — | 764,717 | ||||||||||||
Rail Freight | 737,850 | — | — | 737,850 |
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Industrial Distribution & Rental | $ | 677,820 | — | — | $ | 677,820 | ||||||||||
Packaged Food | 589,320 | — | — | 589,320 | ||||||||||||
Apparel, Footwear & Accessory Design | 493,170 | — | — | 493,170 | ||||||||||||
Household Products | 174,948 | — | — | 174,948 | ||||||||||||
Short-Term Investments | — | $ | 2,548,497 | — | 2,548,497 | |||||||||||
$ | 33,989,187 | $ | 2,548,497 | — | $ | 36,537,684 |
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 February 28, 2022.
The Fund did not hold derivatives during the period ended February 28, 2022.
NOTE 2 — Federal Income Tax
The cost of investment securities held at February 28, 2022 (excluding short-term investments), was $11,692,191 for federal income tax purposes. Net unrealized appreciation consists of:
Gross unrealized appreciation: | $ | 22,431,875 | ||
Gross unrealized depreciation: | (134,879 | ) | ||
Net unrealized appreciation: | $ | 22,296,996 |