FPA Queens Road Value Fund
SCHEDULE OF INVESTMENTS
As of February 29, 2024 (Unaudited)
| Number of Shares | Value | |
| COMMON STOCKS — 94.0% | ||
| AEROSPACE & DEFENSE — 7.0% | ||
| 8,000 | General Dynamics Corp. | $2,186,000 |
| 6,600 | RTX Corp. | 591,822 |
| 2,777,822 | ||
| ASSET MANAGEMENT — 8.5% | ||
| 6,000 | Ameriprise Financial, Inc. | 2,444,160 |
| 7,900 | T. Rowe Price Group, Inc. | 895,465 |
| 3,339,625 | ||
| BANKING — 4.2% | ||
| 9,000 | JPMorgan Chase & Co. | 1,674,540 |
| BIOTECH & PHARMA — 6.5% | ||
| 13,820 | Merck & Co., Inc. | 1,757,213 |
| 31,000 | Pfizer, Inc. | 823,360 |
| 2,580,573 | ||
| DIVERSIFIED INDUSTRIALS — 8.2% | ||
| 3,600 | 3M Co. | 331,632 |
| 10,000 | Eaton Corp. PLC | 2,890,000 |
| 3,221,632 | ||
| ELECTRICAL EQUIPMENT — 8.4% | ||
| 3,400 | Allegion PLC | 434,758 |
| 10,200 | Trane Technologies PLC | 2,876,094 |
| 3,310,852 | ||
| ENTERTAINMENT CONTENT — 1.5% | ||
| 5,151 | Walt Disney Co. | 574,748 |
| FOOD — 1.7% | ||
| 9,000 | Mondelez International, Inc. - Class A | 657,630 |
| HEALTH CARE FACILITIES & SVCS — 5.7% | ||
| 4,500 | Elevance Health, Inc. | 2,255,625 |
| INSTITUTIONAL FINANCIAL SVCS — 2.1% | ||
| 14,500 | Bank of New York Mellon Corp. | 813,305 |
| INSURANCE — 7.4% | ||
| 3 | Berkshire Hathaway, Inc. - Class A* | 1,849,683 |
| 10,000 | Prudential Financial, Inc. | 1,089,900 |
| 2,939,583 | ||
| LEISURE FACILITIES & SERVICES — 3.1% | ||
| 4,225 | McDonald's Corp. | 1,234,883 |
| MACHINERY — 2.1% | ||
| 9,000 | Ingersoll Rand, Inc. | 821,970 |
| MEDICAL EQUIPMENT & DEVICES — 4.0% | ||
| 6,300 | Danaher Corp. | 1,594,782 |
FPA Queens Road Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of February 29, 2024 (Unaudited)
| Number of Shares | Value | |
| COMMON STOCKS (Continued) | ||
| SEMICONDUCTORS — 2.8% | ||
| 26,000 | Intel Corp. | $1,119,300 |
| SOFTWARE — 5.8% | ||
| 20,395 | Oracle Corp. | 2,277,714 |
| SPECIALTY FINANCE — 6.1% | ||
| 11,000 | American Express Co. | 2,413,620 |
| TECHNOLOGY HARDWARE — 2.5% | ||
| 20,700 | Cisco Systems, Inc. | 1,001,259 |
| TECHNOLOGY SERVICES — 4.5% | ||
| 12,000 | Fiserv, Inc.* | 1,791,240 |
| TRANSPORTATION & LOGISTICS — 1.9% | ||
| 3,000 | Union Pacific Corp. | 761,070 |
| TOTAL COMMON STOCKS | ||
| (Cost $10,505,941) | 37,161,773 | |
| SHORT-TERM INVESTMENTS — 5.9% | ||
| MONEY MARKET INVESTMENTS — 5.9% | ||
| 2,339,745 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.10%(a) | 2,339,745 |
| TOTAL SHORT-TERM INVESTMENTS | ||
| (Cost $2,339,745) | 2,339,745 | |
| TOTAL INVESTMENTS — 99.9% | ||
| (Cost $12,845,686) | 39,501,518 | |
| Other Assets in Excess of Liabilities — 0.1% | 20,154 | |
| TOTAL NET ASSETS — 100.0% | $39,521,672 |
| PLC – Public Limited Company |
| *Non-income producing security. |
| (a)The rate is the annualized seven-day yield at period end. |