FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of February 29, 2024 (Unaudited)
| Number of Shares | Value | |
| COMMON STOCKS — 91.8% | ||
| AEROSPACE & DEFENSE — 0.6% | ||
| 93,372 | Ducommun, Inc.* | $4,455,712 |
| APPAREL & TEXTILE PRODUCTS — 8.7% | ||
| 20,358 | Deckers Outdoor Corp.* | 18,232,421 |
| 597,920 | Levi Strauss & Co. | 10,864,206 |
| 231,226 | PVH Corp. | 31,601,658 |
| 60,698,285 | ||
| BANKING — 6.0% | ||
| 338,282 | Axos Financial, Inc.* | 17,631,258 |
| 384,754 | ServisFirst Bancshares, Inc. | 24,312,605 |
| 41,943,863 | ||
| CHEMICALS — 1.5% | ||
| 1,218,658 | Arcadium Lithium PLC* | 6,690,433 |
| 231,233 | Mativ Holdings, Inc. | 4,016,517 |
| 10,706,950 | ||
| COMMERCIAL SUPPORT SERVICES — 0.3% | ||
| 12,712 | UniFirst Corp. | 2,144,769 |
| CONSTRUCTION MATERIALS — 1.6% | ||
| 40,921 | Knife River Corp.* | 3,031,837 |
| 368,542 | MDU Resources Group, Inc. | 7,989,990 |
| 11,021,827 | ||
| CONSUMER SERVICES — 1.5% | ||
| 297,054 | Aaron's, Inc. | 2,302,169 |
| 233,145 | Upbound Group, Inc. | 7,870,975 |
| 10,173,144 | ||
| CONTAINERS & PACKAGING — 1.0% | ||
| 272,999 | Graphic Packaging Holding Co. | 7,084,324 |
| ELECTRICAL EQUIPMENT — 0.3% | ||
| 9,442 | Littelfuse, Inc. | 2,249,462 |
| FOOD — 2.4% | ||
| 254,666 | Darling Ingredients, Inc.* | 10,774,918 |
| 174,987 | TreeHouse Foods, Inc.* | 6,262,785 |
| 17,037,703 | ||
| GAS & WATER UTILITIES — 4.3% | ||
| 321,890 | New Jersey Resources Corp. | 13,393,843 |
| 682,135 | UGI Corp. | 16,698,665 |
| 30,092,508 | ||
| INDUSTRIAL INTERMEDIATE PRODUCTS — 0.3% | ||
| 102,635 | L B Foster Co. - Class A* | 2,435,528 |
| INDUSTRIAL SUPPORT SERVICES — 3.4% | ||
| 193,539 | MSC Industrial Direct Co., Inc. - Class A | 19,535,827 |
FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of February 29, 2024 (Unaudited)
| Number of Shares | Value | |
| COMMON STOCKS (Continued) | ||
| INDUSTRIAL SUPPORT SERVICES (Continued) | ||
| 55,401 | VSE Corp. | $4,105,214 |
| 23,641,041 | ||
| INSURANCE — 12.6% | ||
| 408,928 | American Equity Investment Life Holding Co.* | 22,711,861 |
| 514,304 | CNO Financial Group, Inc. | 13,726,774 |
| 38,878 | Enstar Group Ltd.* | 11,972,091 |
| 440,798 | Horace Mann Educators Corp. | 15,952,480 |
| 160,450 | RLI Corp. | 23,497,902 |
| 87,861,108 | ||
| INTERNET MEDIA & SERVICES — 2.3% | ||
| 278,407 | IAC, Inc.* | 15,813,518 |
| MACHINERY — 7.3% | ||
| 14,871 | AGCO Corp. | 1,631,349 |
| 56,255 | CSW Industrials, Inc. | 12,960,589 |
| 81,171 | Graco, Inc. | 7,407,666 |
| 72,092 | John Bean Technologies Corp. | 7,315,896 |
| 195,640 | Oshkosh Corp. | 21,688,650 |
| 51,004,150 | ||
| PUBLISHING & BROADCASTING — 2.0% | ||
| 350,990 | Scholastic Corp. | 13,843,046 |
| REIT — 0.2% | ||
| 88,505 | Equity Commonwealth* | 1,666,549 |
| RETAIL - CONSUMER STAPLES — 3.2% | ||
| 353,810 | Sprouts Farmers Market, Inc.* | 22,091,896 |
| SEMICONDUCTORS — 4.5% | ||
| 36,153 | Qorvo, Inc.* | 4,141,326 |
| 132,326 | Synaptics, Inc.* | 13,245,832 |
| 629,621 | Vishay Intertechnology, Inc. | 13,694,257 |
| 31,081,415 | ||
| SOFTWARE — 2.0% | ||
| 189,995 | Concentrix Corp. | 13,765,138 |
| SPECIALTY FINANCE — 2.3% | ||
| 800,202 | MGIC Investment Corp. | 15,916,018 |
| TECHNOLOGY HARDWARE — 16.1% | ||
| 139,675 | Arrow Electronics, Inc.* | 16,411,812 |
| 157,415 | Fabrinet* | 33,933,952 |
| 284,626 | InterDigital, Inc. | 30,460,674 |
| 304,061 | TD SYNNEX Corp. | 31,591,938 |
| 112,398,376 |
FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of February 29, 2024 (Unaudited)
| Number of Shares | Value | |
| COMMON STOCKS (Continued) | ||
| TECHNOLOGY SERVICES — 4.4% | ||
| 304,386 | CSG Systems International, Inc. | $16,607,300 |
| 99,470 | Science Applications International Corp. | 13,921,821 |
| 30,529,121 | ||
| WHOLESALE - CONSUMER STAPLES — 0.9% | ||
| 383,805 | United Natural Foods, Inc.* | 5,991,196 |
| WHOLESALE - DISCRETIONARY — 2.1% | ||
| 447,328 | G-III Apparel Group Ltd.* | 14,882,603 |
| TOTAL COMMON STOCKS | ||
| (Cost $463,742,894) | 640,529,250 | |
| PREFERRED STOCKS — 0.0% | ||
| INDUSTRIALS — 0.0% | ||
| 6,085 | WESCO International, Inc., 10.625%(a),(b) | 164,904 |
| TOTAL PREFERRED STOCKS | ||
| (Cost $161,253) | 164,904 | |
| SHORT-TERM INVESTMENTS — 8.1% | ||
| MONEY MARKET INVESTMENTS — 8.1% | ||
| 56,383,034 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.10%(c) | 56,383,034 |
| TOTAL SHORT-TERM INVESTMENTS | ||
| (Cost $56,383,034) | 56,383,034 | |
| TOTAL INVESTMENTS — 99.9% | ||
| (Cost $520,287,181) | 697,077,188 | |
| Other Assets in Excess of Liabilities — 0.1% | 645,756 | |
| TOTAL NET ASSETS — 100.0% | $697,722,944 |
| PLC – Public Limited Company |
| REIT – Real Estate Investment Trust |
| *Non-income producing security. |
| (a)Perpetual security. Maturity date is not applicable. |
| (b)Variable or floating rate security. |
| (c)The rate is the annualized seven-day yield at period end. |