FPA Queens Road Value Fund
SCHEDULE OF INVESTMENTS
As of August 31, 2024 (Unaudited)
| Number of Shares | Value | |
| COMMON STOCKS — 95.4% | ||
| AEROSPACE & DEFENSE — 6.6% | ||
| 8,000 | General Dynamics Corp. | $2,394,880 |
| 6,600 | RTX Corp. | 814,044 |
| 3,208,924 | ||
| ASSET MANAGEMENT — 7.2% | ||
| 6,000 | Ameriprise Financial, Inc. | 2,696,640 |
| 7,900 | T. Rowe Price Group, Inc. | 837,716 |
| 3,534,356 | ||
| BANKING — 4.1% | ||
| 9,000 | JPMorgan Chase & Co. | 2,023,200 |
| BIOTECH & PHARMA — 7.9% | ||
| 13,820 | Merck & Co., Inc. | 1,636,979 |
| 76,000 | Pfizer, Inc. | 2,204,760 |
| 3,841,739 | ||
| DIVERSIFIED INDUSTRIALS — 7.3% | ||
| 3,600 | 3M Co. | 484,884 |
| 10,000 | Eaton Corp. PLC | 3,069,300 |
| 3,554,184 | ||
| ELECTRICAL EQUIPMENT — 8.5% | ||
| 3,400 | Allegion PLC | 472,056 |
| 10,200 | Trane Technologies PLC | 3,688,932 |
| 4,160,988 | ||
| ENTERTAINMENT CONTENT — 0.9% | ||
| 5,151 | Walt Disney Co. | 465,547 |
| FOOD — 5.3% | ||
| 10,000 | Hershey Co. | 1,930,600 |
| 9,000 | Mondelez International, Inc. - Class A | 646,290 |
| 2,576,890 | ||
| HEALTH CARE FACILITIES & SVCS — 10.0% | ||
| 30,000 | Centene Corp.* | 2,364,900 |
| 4,500 | Elevance Health, Inc. | 2,506,005 |
| 4,870,905 | ||
| INSTITUTIONAL FINANCIAL SVCS — 2.0% | ||
| 14,500 | Bank of New York Mellon Corp. | 989,190 |
| INSURANCE — 6.9% | ||
| 3 | Berkshire Hathaway, Inc. - Class A* | 2,145,900 |
| 10,000 | Prudential Financial, Inc. | 1,211,600 |
| 3,357,500 | ||
| LEISURE FACILITIES & SERVICES — 2.5% | ||
| 4,225 | McDonald's Corp. | 1,219,588 |
FPA Queens Road Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2024 (Unaudited)
| Number of Shares | Value | |
| COMMON STOCKS (Continued) | ||
| MACHINERY — 1.7% | ||
| 9,000 | Ingersoll Rand, Inc. | $823,050 |
| MEDICAL EQUIPMENT & DEVICES — 3.6% | ||
| 6,300 | Danaher Corp. | 1,696,653 |
| 900 | Solventum Corp.* | 57,699 |
| 1,754,352 | ||
| SEMICONDUCTORS — 1.2% | ||
| 26,000 | Intel Corp. | 573,040 |
| SOFTWARE — 5.9% | ||
| 20,395 | Oracle Corp. | 2,881,610 |
| SPECIALTY FINANCE — 5.8% | ||
| 11,000 | American Express Co. | 2,845,150 |
| TECHNOLOGY HARDWARE — 2.1% | ||
| 20,700 | Cisco Systems, Inc. | 1,046,178 |
| TECHNOLOGY SERVICES — 4.3% | ||
| 12,000 | Fiserv, Inc.* | 2,095,200 |
| TRANSPORTATION & LOGISTICS — 1.6% | ||
| 3,000 | Union Pacific Corp. | 768,270 |
| TOTAL COMMON STOCKS | ||
| (Cost $16,236,731) | 46,589,861 | |
| SHORT-TERM INVESTMENTS — 4.6% | ||
| MONEY MARKET INVESTMENTS — 4.6% | ||
| 2,241,149 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.06%(a) | 2,241,149 |
| TOTAL SHORT-TERM INVESTMENTS | ||
| (Cost $2,241,149) | 2,241,149 | |
| TOTAL INVESTMENTS — 100.0% | ||
| (Cost $18,477,880) | 48,831,010 | |
| Other Assets in Excess of Liabilities — 0.0% | 3,188 | |
| TOTAL NET ASSETS — 100.0% | $48,834,198 |
| PLC – Public Limited Company |
| *Non-income producing security. |
| (a)The rate is the annualized seven-day yield at period end. |