FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of February 28, 2026 (Unaudited)
Number
of Shares 		  Value
  COMMON STOCKS — 86.7%  
  AEROSPACE & DEFENSE — 1.1%  
109,929 Ducommun, Inc.* $13,586,125
  APPAREL & TEXTILE PRODUCTS — 3.9%  
878,700 Levi Strauss & Co. - Class A 19,471,992
387,628 PVH Corp. 26,591,281
    46,063,273
  BANKING — 5.5%  
323,282 Axos Financial, Inc.* 28,067,343
120,104 Five Star Bancorp 4,675,649
404,754 ServisFirst Bancshares, Inc. 32,789,122
    65,532,114
  COMMERCIAL SUPPORT SERVICES — 2.1%  
305,956 CSG Systems International, Inc. 24,445,884
  CONSUMER SERVICES — 1.9%  
1,055,661 Upbound Group, Inc. 22,643,928
  CONTAINERS & PACKAGING — 0.4%  
363,852 Graphic Packaging Holding Co. 4,449,910
  ELECTRICAL EQUIPMENT — 2.8%  
93,761 Littelfuse, Inc. 33,047,002
  ENGINEERING & CONSTRUCTION — 0.4%  
43,519 Everus Construction Group, Inc.* 5,260,142
  FOOD — 1.5%  
331,396 Darling Ingredients, Inc.* 17,617,011
  GAS & WATER UTILITIES — 9.5%  
1,358,295 MDU Resources Group, Inc. 28,089,540
704,091 New Jersey Resources Corp. 38,189,896
1,228,590 UGI Corp. 45,961,552
    112,240,988
  INDUSTRIAL INTERMEDIATE PRODUCTS — 0.3%  
102,635 L B Foster Co. - Class A* 3,153,974
  INDUSTRIAL SUPPORT SERVICES — 2.0%  
258,539 MSC Industrial Direct Co., Inc. - Class A 24,261,300
  INSURANCE — 7.8%  
675,283 CNO Financial Group, Inc. 28,233,582
415,832 Horace Mann Educators Corp. 18,092,850
750,524 RLI Corp. 46,772,656
    93,099,088
  INTERNET MEDIA & SERVICES — 1.1%  
341,303 IAC, Inc.* 13,078,731
  MACHINERY — 11.5%  
224,475 AGCO Corp. 30,640,837
FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of February 28, 2026 (Unaudited)
Number
of Shares 		  Value
  COMMON STOCKS (Continued)  
  MACHINERY (Continued)  
14,730 CSW Industrials, Inc. $4,335,481
81,171 Graco, Inc. 7,623,580
173,045 JBT Marel Corp. 26,648,930
235,640 Oshkosh Corp. 40,063,513
394,682 Terex Corp. 27,150,175
    136,462,516
  PUBLISHING & BROADCASTING — 1.9%  
631,707 Scholastic Corp. 21,964,452
  RETAIL - CONSUMER STAPLES — 4.2%  
356,802 Ingles Markets, Inc. - Class A 30,363,850
264,656 Sprouts Farmers Market, Inc.* 19,550,139
    49,913,989
  RETAIL - DISCRETIONARY — 1.6%  
347,996 Advance Auto Parts, Inc. 18,502,947
  SEMICONDUCTORS — 5.0%  
332,713 Synaptics, Inc.* 27,102,801
1,735,006 Vishay Intertechnology, Inc. 32,479,312
    59,582,113
  SOFTWARE — 0.3%  
125,731 Concentrix Corp. 4,123,977
  SPECIALTY FINANCE — 5.6%  
204,989 First American Financial Corp. 14,371,779
941,532 MGIC Investment Corp. 24,978,844
213,043 Nelnet, Inc., Class A 27,580,547
    66,931,170
  TECHNOLOGY HARDWARE — 11.8%  
249,675 Arrow Electronics, Inc.* 37,990,548
43,673 Fabrinet* 23,829,299
90,289 InterDigital, Inc. 33,093,627
284,230 TD SYNNEX Corp. 44,570,107
    139,483,581
  TECHNOLOGY SERVICES — 1.2%  
154,904 Science Applications International Corp. 14,291,443
  WHOLESALE - DISCRETIONARY — 3.3%  
232,171 ePlus, Inc. 18,726,913
677,440 G-III Apparel Group Ltd. 20,722,890
    39,449,803
  TOTAL COMMON STOCKS  
  (Cost $716,249,826) 1,029,185,461
FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of February 28, 2026 (Unaudited)
Number
of Shares 		  Value
  EXCHANGE-TRADED FUNDS — 3.9%  
605,802 Vanguard 0-3 Month Treasury Bill ETF $45,810,747
  TOTAL EXCHANGE-TRADED FUNDS  
  (Cost $45,682,494) 45,810,747
  SHORT-TERM INVESTMENTS — 10.7%  
  MONEY MARKET INVESTMENTS — 10.7%  
127,484,256 Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.50%(a) 127,484,256
  TOTAL SHORT-TERM INVESTMENTS  
  (Cost $127,484,256) 127,484,256
  TOTAL INVESTMENTS — 101.3%  
  (Cost $889,416,576) 1,202,480,464
  Liabilities in Excess of Other Assets — (1.3)% (15,642,156)
  TOTAL NET ASSETS — 100.0% $1,186,838,308
    
ETF – Exchange-Traded Fund
    
*Non-income producing security.
(a)The rate is the annualized seven-day yield at period end.