FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of August 31, 2026 (Unaudited)
Number
of Shares 		  Value
  COMMON STOCKS — 83.8%  
  AEROSPACE & DEFENSE — 0.5%  
43,934 Ducommun, Inc.* $7,531,166
  APPAREL & TEXTILE PRODUCTS — 3.6%  
961,209 Levi Strauss & Co. - Class A 19,954,699
415,212 PVH Corp. 30,792,122
    50,746,821
  AUTOMOTIVE — 2.4%  
256,823 Dorman Products, Inc.* 33,091,644
  BANKING — 7.3%  
344,985 Axos Financial, Inc.* 33,391,098
361,817 Bank of NT Butterfield & Son Ltd. 21,303,785
130,104 Five Star Bancorp 5,961,365
967,192 ServisFirst Bancshares, Inc. 41,627,944
    102,284,192
  CONSUMER SERVICES — 1.5%  
1,127,343 Upbound Group, Inc. 20,630,377
  CONTAINERS & PACKAGING — 0.3%  
363,852 Graphic Packaging Holding Co. 4,075,142
  ELECTRIC UTILITIES — 0.9%  
240,067 Unitil Corp. 12,853,187
  ELECTRICAL EQUIPMENT — 4.2%  
45,761 Littelfuse, Inc. 18,861,769
1,214,855 Vontier Corp. 39,130,479
    57,992,248
  FOOD — 2.0%  
420,996 Darling Ingredients, Inc.* 27,899,405
  GAS & WATER UTILITIES — 9.3%  
1,358,295 MDU Resources Group, Inc. 27,057,236
753,391 New Jersey Resources Corp. 40,185,876
1,637,841 UGI Corp. 62,974,987
    130,218,099
  INDUSTRIAL INTERMEDIATE PRODUCTS — 0.2%  
59,937 L B Foster Co. - Class A* 2,248,237
  INDUSTRIAL SUPPORT SERVICES — 2.2%  
258,539 MSC Industrial Direct Co., Inc. - Class A 30,735,116
  INSURANCE — 7.8%  
715,783 CNO Financial Group, Inc. 39,217,751
372,664 Horace Mann Educators Corp. 18,964,871
788,047 RLI Corp. 50,017,343
    108,199,965
FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2026 (Unaudited)
Number
of Shares 		  Value
  COMMON STOCKS (Continued)  
  INTERNET MEDIA & SERVICES — 0.9%  
341,303 People, Inc.* $13,065,079
  MACHINERY — 9.8%  
254,475 AGCO Corp. 30,106,937
14,730 CSW Industrials, Inc. 4,550,833
81,171 Graco, Inc. 6,285,071
294,732 JBT Marel Corp. 34,445,329
235,640 Oshkosh Corp. 36,314,480
394,682 Terex Corp. 25,066,254
    136,768,904
  PUBLISHING & BROADCASTING — 1.7%  
631,707 Scholastic Corp. 24,257,549
  RETAIL - CONSUMER STAPLES — 4.0%  
365,247 Ingles Markets, Inc. - Class A 29,877,204
312,320 Sprouts Farmers Market, Inc.* 25,622,733
    55,499,937
  RETAIL - DISCRETIONARY — 1.5%  
484,295 Advance Auto Parts, Inc. 20,427,563
  SEMICONDUCTORS — 2.3%  
159,713 Synaptics, Inc.* 15,447,441
558,346 Vishay Intertechnology, Inc. 16,990,469
    32,437,910
  SOFTWARE — 0.4%  
162,627 Concentrix Corp. 4,895,073
  SPECIALTY FINANCE — 6.5%  
439,459 First American Financial Corp. 32,484,809
941,732 MGIC Investment Corp. 28,864,086
234,481 Nelnet, Inc., Class A 29,373,435
    90,722,330
  TECHNOLOGY HARDWARE — 9.6%  
199,675 Arrow Electronics, Inc.* 40,819,560
18,823 Fabrinet* 7,772,581
90,289 InterDigital, Inc. 30,249,524
217,230 TD SYNNEX Corp. 54,926,606
    133,768,271
  TECHNOLOGY SERVICES — 1.4%  
154,904 Science Applications International Corp. 19,861,791
  WHOLESALE - DISCRETIONARY — 3.5%  
297,244 ePlus, Inc. 26,148,555
FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2026 (Unaudited)
Number
of Shares 		  Value
  COMMON STOCKS (Continued)  
  WHOLESALE - DISCRETIONARY (Continued)  
700,772 G-III Apparel Group Ltd. $22,838,159
    48,986,714
  TOTAL COMMON STOCKS  
  (Cost $843,616,407) 1,169,196,720
  EXCHANGE-TRADED FUNDS — 3.3%  
605,802 Vanguard 0-3 Month Treasury Bill ETF 45,865,270
  TOTAL EXCHANGE-TRADED FUNDS  
  (Cost $45,682,494) 45,865,270
  SHORT-TERM INVESTMENTS — 12.9%  
  MONEY MARKET INVESTMENTS — 12.9%  
180,425,002 Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.49%(a) 180,425,002
  TOTAL SHORT-TERM INVESTMENTS  
  (Cost $180,425,002) 180,425,002
  TOTAL INVESTMENTS — 100.0%  
  (Cost $1,069,723,903) 1,395,486,992
  Liabilities in Excess of Other Assets — (0.0)% (82,877)
  TOTAL NET ASSETS — 100.0% $1,395,404,115
    
ETF – Exchange-Traded Fund
    
*Non-income producing security.
(a)The rate is the annualized seven-day yield at period end.