FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of August 31, 2025 (Unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS — 89.6% | ||||||||
| AEROSPACE & DEFENSE — 1.0% | ||||||||
| 109,929 | Ducommun, Inc.* | $ | 10,027,723 | |||||
| APPAREL & TEXTILE PRODUCTS — 5.1% | ||||||||
| 23,807 | Deckers Outdoor Corp.* | 2,848,031 | ||||||
| 878,700 | Levi Strauss & Co. - Class A | 19,656,519 | ||||||
| 371,552 | PVH Corp. | 31,329,265 | ||||||
| 53,833,815 | ||||||||
| BANKING — 6.4% | ||||||||
| 323,282 | Axos Financial, Inc.* | 29,486,551 | ||||||
| 97,223 | Five Star Bancorp | 3,185,998 | ||||||
| 384,754 | ServisFirst Bancshares, Inc. | 33,916,065 | ||||||
| 66,588,614 | ||||||||
| COMMERCIAL SUPPORT SERVICES — 2.5% | ||||||||
| 376,114 | CSG Systems International, Inc. | 24,131,474 | ||||||
| 12,712 | UniFirst Corp. | 2,260,448 | ||||||
| 26,391,922 | ||||||||
| CONSTRUCTION MATERIALS — 0.3% | ||||||||
| 34,651 | Knife River Corp.* | 2,806,731 | ||||||
| CONSUMER SERVICES — 2.2% | ||||||||
| 917,318 | Upbound Group, Inc. | 23,309,050 | ||||||
| CONTAINERS & PACKAGING — 0.6% | ||||||||
| 272,999 | Graphic Packaging Holding Co. | 6,079,688 | ||||||
| ELECTRICAL EQUIPMENT — 2.3% | ||||||||
| 93,761 | Littelfuse, Inc. | 24,361,921 | ||||||
| ENGINEERING & CONSTRUCTION — 1.0% | ||||||||
| 139,479 | Everus Construction Group, Inc.* | 10,940,733 | ||||||
| FOOD — 1.1% | ||||||||
| 331,396 | Darling Ingredients, Inc.* | 11,254,208 | ||||||
| 1,796 | TreeHouse Foods, Inc.* | 32,939 | ||||||
| 11,287,147 | ||||||||
| GAS & WATER UTILITIES — 6.9% | ||||||||
| 1,234,938 | MDU Resources Group, Inc. | 20,117,140 | ||||||
| 486,002 | New Jersey Resources Corp. | 22,983,035 | ||||||
| 832,135 | UGI Corp. | 28,825,156 | ||||||
| 71,925,331 | ||||||||
| INDUSTRIAL INTERMEDIATE PRODUCTS — 0.3% | ||||||||
| 102,635 | L B Foster Co. - Class A* | 2,671,589 | ||||||
| INDUSTRIAL SUPPORT SERVICES — 2.8% | ||||||||
| 258,539 | MSC Industrial Direct Co., Inc. - Class A | 23,327,974 | ||||||
| 38,669 | VSE Corp. | 6,279,846 | ||||||
| 29,607,820 | ||||||||
FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2025 (Unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS (Continued) | ||||||||
| INSURANCE — 7.5% | ||||||||
| 589,304 | CNO Financial Group, Inc. | $ | 23,259,829 | |||||
| 415,832 | Horace Mann Educators Corp. | 19,119,955 | ||||||
| 528,374 | RLI Corp. | 35,786,771 | ||||||
| 78,166,555 | ||||||||
| INTERNET MEDIA & SERVICES — 1.4% | ||||||||
| 406,195 | IAC, Inc.* | 14,874,861 | ||||||
| MACHINERY — 8.4% | ||||||||
| 174,475 | AGCO Corp. | 18,876,450 | ||||||
| 15,520 | CSW Industrials, Inc. | 4,245,341 | ||||||
| 81,171 | Graco, Inc. | 6,931,192 | ||||||
| 173,045 | JBT Marel Corp. | 24,795,618 | ||||||
| 235,640 | Oshkosh Corp. | 32,841,147 | ||||||
| 87,689,748 | ||||||||
| PUBLISHING & BROADCASTING — 1.3% | ||||||||
| 512,340 | Scholastic Corp. | 13,146,644 | ||||||
| REIT — 0.0% | ||||||||
| 393,071 | Equity CommonWealth(a) | — | ||||||
| RETAIL - CONSUMER STAPLES — 3.6% | ||||||||
| 270,680 | Ingles Markets, Inc. - Class A | 18,322,329 | ||||||
| 139,656 | Sprouts Farmers Market, Inc.* | 19,627,254 | ||||||
| 37,949,583 | ||||||||
| RETAIL - DISCRETIONARY — 2.0% | ||||||||
| 343,013 | Advance Auto Parts, Inc. | 20,920,363 | ||||||
| SEMICONDUCTORS — 5.6% | ||||||||
| 136,153 | Qorvo, Inc.* | 12,349,077 | ||||||
| 297,713 | Synaptics, Inc.* | 20,798,230 | ||||||
| 1,665,006 | Vishay Intertechnology, Inc. | 25,740,993 | ||||||
| 58,888,300 | ||||||||
| SOFTWARE — 0.9% | ||||||||
| 180,422 | Concentrix Corp. | 9,519,065 | ||||||
| SPECIALTY FINANCE — 4.5% | ||||||||
| 850,202 | MGIC Investment Corp. | 23,661,121 | ||||||
| 183,711 | Nelnet, Inc., Class A | 23,627,072 | ||||||
| 47,288,193 | ||||||||
| TECHNOLOGY HARDWARE — 15.2% | ||||||||
| 229,675 | Arrow Electronics, Inc.* | 29,014,843 | ||||||
| 140,039 | Fabrinet* | 46,393,520 | ||||||
| 152,493 | InterDigital, Inc. | 41,433,873 | ||||||
| 284,230 | TD SYNNEX Corp. | 42,085,936 | ||||||
| 158,928,172 | ||||||||
FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2025 (Unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS (Continued) | ||||||||
| TECHNOLOGY SERVICES — 2.3% | ||||||||
| 201,610 | Science Applications International Corp. | $ | 23,729,497 | |||||
| TRANSPORTATION EQUIPMENT — 2.7% | ||||||||
| 539,334 | REV Group, Inc. | 28,697,962 | ||||||
| WHOLESALE - DISCRETIONARY — 1.7% | ||||||||
| 677,440 | G-III Apparel Group Ltd.* | 18,290,880 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $640,433,870) | 937,921,907 | |||||||
| EXCHANGE-TRADED FUNDS — 4.4% | ||||||||
| 605,802 | Vanguard 0-3 Month Treasury Bill ETF | 45,804,689 | ||||||
| TOTAL EXCHANGE-TRADED FUNDS | ||||||||
| (Cost $45,682,494) | 45,804,689 | |||||||
| SHORT-TERM INVESTMENTS — 6.0% | ||||||||
| MONEY MARKET INVESTMENTS — 6.0% | ||||||||
| 62,300,025 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 4.08%(b) | 62,300,025 | ||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $62,300,025) | 62,300,025 | |||||||
| TOTAL INVESTMENTS — 100.0% | ||||||||
| (Cost $748,416,389) | 1,046,026,621 | |||||||
| Other Assets in Excess of Liabilities — 0.0% | 473,888 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 1,046,500,509 | ||||||
ETF – Exchange-Traded Fund
REIT – Real Estate Investment Trust
| * | Non-income producing security. |
| (a) | Restricted securities. These restricted securities, most of which are considered liquid by the Adviser, are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Trustees. The total value of these securities is $0, which represents 0.00% of Total Net Assets. |
| (b) | The rate is the annualized seven-day yield at period end. |
FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2025 (Unaudited)
| Restricted Security | Initial Acquisition Date | Cost | Fair Value | Fair Value as a % of Net Assets | ||||||||||
| Equity CommonWealth | 6/16/2025 | $ | - | $ | - | 0.00 | % | |||||||
| $ | - | $ | - | 0.00 | % | |||||||||