FPA Queens Road Value Fund
SCHEDULE OF INVESTMENTS
As of August 31, 2026 (Unaudited)
Number
of Shares 		  Value
  COMMON STOCKS — 92.5%  
  AEROSPACE & DEFENSE — 7.6%  
8,000 General Dynamics Corp. $2,970,800
6,600 RTX Corp. 1,371,018
    4,341,818
  ASSET MANAGEMENT — 7.4%  
6,000 Ameriprise Financial, Inc. 3,318,660
7,900 T. Rowe Price Group, Inc. 879,112
    4,197,772
  BANKING — 5.6%  
9,000 JPMorgan Chase & Co. 3,204,180
  BIOTECH & PHARMA — 7.4%  
13,820 Merck & Co., Inc. 2,042,043
76,000 Pfizer, Inc. 2,162,960
    4,205,003
  DIVERSIFIED INDUSTRIALS — 1.1%  
3,600 3M Co. 618,588
  ELECTRICAL EQUIPMENT — 15.2%  
3,400 Allegion PLC 527,850
10,000 Eaton Corp. PLC 4,018,800
9,200 Trane Technologies PLC 4,088,480
    8,635,130
  ENTERTAINMENT CONTENT — 1.0%  
5,151 Walt Disney Co. 553,990
  FOOD — 4.1%  
10,000 Hershey Co. 1,762,100
9,000 Mondelez International, Inc. - Class A 558,630
    2,320,730
  HEALTH CARE FACILITIES & SVCS — 6.5%  
30,000 Centene Corp.* 1,930,200
4,500 Elevance Health, Inc. 1,766,430
    3,696,630
  INSTITUTIONAL FINANCIAL SVCS — 4.1%  
14,500 Bank of New York Mellon Corp. 2,338,560
  INSURANCE — 6.0%  
3 Berkshire Hathaway, Inc. - Class A* 2,269,950
10,000 Prudential Financial, Inc. 1,176,000
    3,445,950
  LEISURE FACILITIES & SERVICES — 1.9%  
4,225 McDonald's Corp. 1,113,457
  MACHINERY — 1.2%  
9,000 Ingersoll Rand, Inc. 693,450
FPA Queens Road Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2026 (Unaudited)
Number
of Shares 		  Value
  COMMON STOCKS (Continued)  
  MEDICAL EQUIPMENT & DEVICES — 2.5%  
6,300 Danaher Corp. $1,345,428
900 Solventum Corp.* 81,954
    1,427,382
  SEMICONDUCTORS — 4.1%  
26,000 Intel Corp.* 2,327,260
  SOFTWARE — 4.8%  
18,395 Oracle Corp. 2,743,062
  SPECIALTY FINANCE — 6.4%  
11,000 American Express Co. 3,631,870
  TECHNOLOGY HARDWARE — 4.0%  
20,700 Cisco Systems, Inc. 2,287,143
  TRANSPORTATION & LOGISTICS — 1.6%  
3,000 Union Pacific Corp. 902,010
  TOTAL COMMON STOCKS  
  (Cost $14,849,972) 52,683,985
  SHORT-TERM INVESTMENTS — 7.5%  
  MONEY MARKET INVESTMENTS — 7.5%  
4,308,386 Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.49%(a) 4,308,386
  TOTAL SHORT-TERM INVESTMENTS  
  (Cost $4,308,386) 4,308,386
  TOTAL INVESTMENTS — 100.0%  
  (Cost $19,158,358) 56,992,371
  Liabilities in Excess of Other Assets — (0.0)% (12,911)
  TOTAL NET ASSETS — 100.0% $56,979,460
    
PLC – Public Limited Company
    
*Non-income producing security.
(a)The rate is the annualized seven-day yield at period end.