FPA Queens Road Value Fund
SCHEDULE OF INVESTMENTS
As of August 31, 2025 (Unaudited)
Number
of Shares 		  Value
  COMMON STOCKS — 91.0%  
  AEROSPACE & DEFENSE — 7.0%  
8,000 General Dynamics Corp. $2,596,560
6,600 RTX Corp. 1,046,760
    3,643,320
  ASSET MANAGEMENT — 7.5%  
6,000 Ameriprise Financial, Inc. 3,088,860
7,900 T. Rowe Price Group, Inc. 850,198
    3,939,058
  BANKING — 5.2%  
9,000 JPMorgan Chase & Co. 2,712,780
  BIOTECH & PHARMA — 5.8%  
13,820 Merck & Co., Inc. 1,162,539
76,000 Pfizer, Inc. 1,881,760
    3,044,299
  DIVERSIFIED INDUSTRIALS — 1.1%  
3,600 3M Co. 559,908
  ELECTRICAL EQUIPMENT — 15.1%  
3,400 Allegion PLC 577,320
10,000 Eaton Corp. PLC 3,491,400
9,200 Trane Technologies PLC 3,823,520
    7,892,240
  ENTERTAINMENT CONTENT — 1.2%  
5,151 Walt Disney Co. 609,775
  FOOD — 4.6%  
10,000 Hershey Co. 1,837,500
9,000 Mondelez International, Inc. - Class A 552,960
    2,390,460
  HEALTH CARE FACILITIES & SVCS — 4.4%  
30,000 Centene Corp.* 871,200
4,500 Elevance Health, Inc. 1,433,925
    2,305,125
  INSTITUTIONAL FINANCIAL SVCS — 2.9%  
14,500 Bank of New York Mellon Corp. 1,531,200
  INSURANCE — 6.4%  
3 Berkshire Hathaway, Inc. - Class A* 2,265,840
10,000 Prudential Financial, Inc. 1,096,600
    3,362,440
  LEISURE FACILITIES & SERVICES — 2.5%  
4,225 McDonald's Corp. 1,324,707
  MACHINERY — 1.4%  
9,000 Ingersoll Rand, Inc. 714,870
FPA Queens Road Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2025 (Unaudited)
Number
of Shares 		  Value
  COMMON STOCKS (Continued)  
  MEDICAL EQUIPMENT & DEVICES — 2.6%  
6,300 Danaher Corp. $1,296,666
900 Solventum Corp.* 65,781
    1,362,447
  SEMICONDUCTORS — 1.2%  
26,000 Intel Corp. 633,100
  SOFTWARE — 8.0%  
18,395 Oracle Corp. 4,159,661
  SPECIALTY FINANCE — 10.1%  
11,000 American Express Co. 3,644,080
12,000 Fiserv, Inc.* 1,658,160
    5,302,240
  TECHNOLOGY HARDWARE — 2.7%  
20,700 Cisco Systems, Inc. 1,430,163
  TRANSPORTATION & LOGISTICS — 1.3%  
3,000 Union Pacific Corp. 670,710
  TOTAL COMMON STOCKS  
  (Cost $16,156,892) 47,588,503
  SHORT-TERM INVESTMENTS — 8.9%  
  MONEY MARKET INVESTMENTS — 8.9%  
4,645,723 Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 4.08%(a) 4,645,723
  TOTAL SHORT-TERM INVESTMENTS  
  (Cost $4,645,723) 4,645,723
  TOTAL INVESTMENTS — 99.9%  
  (Cost $20,802,615) 52,234,226
  Other Assets in Excess of Liabilities — 0.1% 38,262
  TOTAL NET ASSETS — 100.0% $52,272,488
    
PLC – Public Limited Company
    
*Non-income producing security.
(a)The rate is the annualized seven-day yield at period end.