FPA Queens Road Value Fund
SCHEDULE OF INVESTMENTS
As of August 31, 2023 (Unaudited)
| Number of Shares | Value | |
| COMMON STOCKS — 99.0% | ||
| DIVERSIFIED INDUSTRIALS — 9.8% | ||
| 3,600 | 3M Co. | $384,012 |
| 13,000 | Eaton Corp. PLC1 | 2,994,810 |
| 3,378,822 | ||
| ASSET MANAGEMENT — 8.5% | ||
| 6,000 | Ameriprise Financial, Inc. | 2,025,480 |
| 7,900 | T. Rowe Price Group, Inc. | 886,617 |
| 2,912,097 | ||
| BIOTECH & PHARMA — 7.6% | ||
| 13,820 | Merck & Co., Inc. | 1,506,103 |
| 31,000 | Pfizer, Inc. | 1,096,780 |
| 2,602,883 | ||
| INSURANCE — 7.5% | ||
| 3 | Berkshire Hathaway, Inc. - Class A2 | 1,640,175 |
| 10,000 | Prudential Financial, Inc. | 946,700 |
| 2,586,875 | ||
| ELECTRICAL EQUIPMENT — 7.2% | ||
| 3,400 | Allegion PLC1 | 386,954 |
| 10,200 | Trane Technologies PLC1 | 2,093,652 |
| 2,480,606 | ||
| SOFTWARE — 7.1% | ||
| 20,395 | Oracle Corp. | 2,455,354 |
| AEROSPACE & DEFENSE — 6.9% | ||
| 8,000 | General Dynamics Corp. | 1,813,120 |
| 6,600 | RTX Corp. | 567,864 |
| 2,380,984 | ||
| HEALTH CARE FACILITIES & SVCS — 5.8% | ||
| 4,500 | Elevance Health, Inc. | 1,989,045 |
| TECHNOLOGY HARDWARE — 5.1% | ||
| 30,700 | Cisco Systems, Inc. | 1,760,645 |
| SPECIALTY FINANCE — 5.1% | ||
| 11,000 | American Express Co. | 1,737,890 |
| MEDICAL EQUIPMENT & DEVICES — 4.9% | ||
| 6,300 | Danaher Corp. | 1,669,500 |
FPA Queens Road Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2023 (Unaudited)
| Number of Shares | Value | |
| COMMON STOCKS (Continued) | ||
| TECHNOLOGY SERVICES — 4.2% | ||
| 12,000 | Fiserv, Inc.2 | $1,456,680 |
| BANKING — 3.8% | ||
| 9,000 | JPMorgan Chase & Co. | 1,316,970 |
| LEISURE FACILITIES & SERVICES — 3.5% | ||
| 4,225 | McDonald's Corp. | 1,187,859 |
| SEMICONDUCTORS — 2.7% | ||
| 26,000 | Intel Corp. | 913,640 |
| TRANSPORTATION & LOGISTICS — 1.9% | ||
| 3,000 | Union Pacific Corp. | 661,710 |
| INSTITUTIONAL FINANCIAL SVCS — 1.9% | ||
| 14,500 | Bank of New York Mellon Corp. | 650,615 |
| FOOD — 1.9% | ||
| 9,000 | Mondelez International, Inc. - Class A | 641,340 |
| MACHINERY — 1.8% | ||
| 9,000 | Ingersoll Rand, Inc. | 626,490 |
| ENTERTAINMENT CONTENT — 1.3% | ||
| 5,151 | Walt Disney Co.2 | 431,036 |
| HOUSEHOLD PRODUCTS — 0.5% | ||
| 1,200 | Clorox Co. | 187,740 |
| TOTAL COMMON STOCKS | ||
| (Cost $11,063,712) | 34,028,781 | |
| SHORT-TERM INVESTMENTS — 0.6% | ||
| MONEY MARKET INVESTMENTS — 0.6% | ||
| 191,589 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 5.14%3 | 191,589 |
| TOTAL SHORT-TERM INVESTMENTS | ||
| (Cost $191,589) | 191,589 | |
| TOTAL INVESTMENTS — 99.6% | ||
| (Cost $11,255,301) | 34,220,370 | |
| Other Assets in Excess of Liabilities — 0.4% | 153,867 | |
| TOTAL NET ASSETS — 100.0% | $34,374,237 |
FPA Queens Road Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2023 (Unaudited)
| PLC – Public Limited Company |
| 1Foreign security denominated in U.S. dollars. |
| 2Non-income producing security. |
| 3The rate is the annualized seven-day yield at period end. |