FPA QUEENS ROAD VALUE FUND
SCHEDULE OF INVESTMENTS
As of August 31, 2021 (Unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS — 94.6% | ||||||||
| AEROSPACE/DEFENSE — 5.1% | ||||||||
| 8,000 | General Dynamics Corp. | $ | 1,602,480 | |||||
| 6,600 | Raytheon Technologies Corp. | 559,416 | ||||||
| 2,161,896 | ||||||||
| APPAREL — 1.5% | ||||||||
| 8,500 | VF Corp. | 649,995 | ||||||
| BANKS — 5.3% | ||||||||
| 14,500 | Bank of New York Mellon Corp. | 800,690 | ||||||
| 9,000 | JPMorgan Chase & Co. | 1,439,550 | ||||||
| 2,240,240 | ||||||||
| COMPUTERS — 1.7% | ||||||||
| 46,378 | Hewlett Packard Enterprise Co. | 717,004 | ||||||
| DIVERSIFIED FINANCIAL SERVICES — 16.2% | ||||||||
| 16,000 | American Express Co. | 2,655,360 | ||||||
| 9,000 | Ameriprise Financial, Inc. | 2,456,190 | ||||||
| 7,900 | T. Rowe Price Group, Inc. | 1,768,573 | ||||||
| 6,880,123 | ||||||||
| ELECTRONICS — 1.2% | ||||||||
| 3,400 | Allegion PLC | 489,566 | ||||||
| FOOD — 1.3% | ||||||||
| 9,000 | Mondelez International, Inc., Class A | 558,630 | ||||||
| HEALTHCARE-PRODUCTS — 5.8% | ||||||||
| 6,300 | Danaher Corp. | 2,042,208 | ||||||
| 3,022 | Medtronic PLC | 403,377 | ||||||
| 2,445,585 | ||||||||
| HEALTHCARE-SERVICES — 5.6% | ||||||||
| 6,300 | Anthem, Inc. | 2,363,319 | ||||||
| HOUSEHOLD PRODUCTS/WARES — 3.0% | ||||||||
| 6,086 | Clorox Co. | 1,022,752 | ||||||
| 1,717 | Kimberly-Clark Corp. | 236,620 | ||||||
| 1,259,372 | ||||||||
| INSURANCE — 5.5% | ||||||||
| 3 | Berkshire Hathaway, Inc., Class A1 | 1,289,700 | ||||||
| 10,000 | Prudential Financial, Inc. | 1,058,800 | ||||||
| 2,348,500 | ||||||||
| MACHINERY-DIVERSIFIED — 1.1% | ||||||||
| 9,000 | Ingersoll Rand, Inc.1 | 477,180 | ||||||
| MEDIA — 2.2% | ||||||||
| 5,151 | Walt Disney Co.1 | 933,876 | ||||||
| MISCELLANEOUS MANUFACTURING — 13.6% | ||||||||
| 3,600 | 3M Co. | 701,064 | ||||||
| 18,000 | Eaton Corp. PLC | 3,030,480 | ||||||
| 10,200 | Trane Technologies PLC | 2,024,700 | ||||||
| 5,756,244 | ||||||||
| PHARMACEUTICALS — 6.6% | ||||||||
| 5,000 | Bristol-Myers Squibb Co. | 334,300 | ||||||
| 13,820 | Merck & Co., Inc. | 1,054,328 | ||||||
| 31,000 | Pfizer, Inc. | 1,428,170 | ||||||
| 2,816,798 | ||||||||
| RETAIL — 2.4% | ||||||||
| 4,225 | McDonald's Corp. | 1,003,268 | ||||||
| SEMICONDUCTORS — 3.3% | ||||||||
| 26,000 | Intel Corp. | 1,405,560 | ||||||
| SOFTWARE — 5.2% | ||||||||
| 25,000 | Oracle Corp. | 2,228,250 | ||||||
| TELECOMMUNICATIONS — 6.5% | ||||||||
| 37,500 | Cisco Systems, Inc. | 2,213,250 | ||||||
| 10,000 | Verizon Communications, Inc. | 550,000 | ||||||
| 2,763,250 | ||||||||
| TRANSPORTATION — 1.5% | ||||||||
| 3,000 | Union Pacific Corp. | 650,520 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $12,940,039) | 40,149,176 | |||||||
| SHORT-TERM INVESTMENTS — 2.4% | ||||||||
| MONEY MARKET FUND — 2.4% | ||||||||
| 992,121 | State Street Institutional Treasury Plus Money Market Fund, 0.01%2 | 992,121 | ||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $992,121) | 992,121 | |||||||
| TOTAL INVESTMENTS — 97.0% | ||||||||
| (Cost $13,932,160) | 41,141,297 | |||||||
| Other Assets in Excess of Liabilities — 3.0% | 1,288,200 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 42,429,497 | ||||||
PLC – Public Limited Company
| 1 | Non-income Producing. |
| 2 | Represents the 7-day effective yield as of August 31, 2021. |
1
FPA QUEENS ROAD SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS
As of August 31, 2021 (Unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS — 83.9% | ||||||||
| AEROSPACE/DEFENSE — 0.9% | ||||||||
| 34,809 | Astronics Corp.1 | $ | 465,048 | |||||
| 73,372 | Ducommun, Inc.1 | 3,866,705 | ||||||
| 4,331,753 | ||||||||
| AGRICULTURE — 1.0% | ||||||||
| 65,838 | Darling Ingredients, Inc.1 | 4,904,931 | ||||||
| APPAREL — 5.6% | ||||||||
| 58,772 | Carter's, Inc. | 6,017,077 | ||||||
| 27,860 | Deckers Outdoor Corp.1 | 11,658,017 | ||||||
| 98,166 | PVH Corp.1 | 10,286,815 | ||||||
| 27,961,909 | ||||||||
| BANKS — 4.5% | ||||||||
| 2,203 | Merchants Bancorp | 80,784 | ||||||
| 309,845 | ServisFirst Bancshares, Inc. | 22,748,820 | ||||||
| 22,829,604 | ||||||||
| COMMERCIAL SERVICES — 0.1% | ||||||||
| 11,760 | Cass Information Systems, Inc. | 530,141 | ||||||
| COMPUTERS — 1.4% | ||||||||
| 82,975 | Science Applications International Corp. | 6,988,984 | ||||||
| DISTRIBUTION/WHOLESALE — 2.3% | ||||||||
| 291,416 | G-III Apparel Group Ltd.1 | 9,013,497 | ||||||
| 47,401 | VSE Corp. | 2,369,576 | ||||||
| 11,383,073 | ||||||||
| ELECTRICAL COMPONENTS & EQUIPMENT — 0.6% | ||||||||
| 2,994 | Graham Corp. | 35,928 | ||||||
| 8,195 | Littelfuse, Inc. | 2,338,853 | ||||||
| 19,864 | Powell Industries, Inc. | 502,559 | ||||||
| 2,877,340 | ||||||||
| ELECTRONICS — 5.2% | ||||||||
| 31,199 | Arrow Electronics, Inc.1 | 3,781,943 | ||||||
| 99,924 | SYNNEX Corp. | 12,697,342 | ||||||
| 436,007 | Vishay Intertechnology, Inc. | 9,579,074 | ||||||
| 26,058,359 | ||||||||
| ENGINEERING & CONSTRUCTION — 2.8% | ||||||||
| 156,177 | MasTec, Inc.1 | 14,280,825 | ||||||
| FOOD — 2.3% | ||||||||
| 162,980 | Sprouts Farmers Market, Inc.1 | 4,058,202 | ||||||
| 199,270 | TreeHouse Foods, Inc.1 | 7,466,647 | ||||||
| 11,524,849 | ||||||||
| FOREST PRODUCTS & PAPER — 2.8% | ||||||||
| 366,582 | Schweitzer-Mauduit International, Inc. | 14,029,093 | ||||||
| GAS — 4.3% | ||||||||
| 272,460 | New Jersey Resources Corp. | 10,173,656 | ||||||
| 471,853 | South Jersey Industries, Inc. | 11,706,673 | ||||||
| 21,880,329 | ||||||||
| INSURANCE — 15.2% | ||||||||
| 593,598 | American Equity Investment Life Holding Co. | 18,811,121 | ||||||
| 54,054 | American National Group, Inc. | 10,405,395 | ||||||
| 554,434 | CNO Financial Group, Inc. | 13,561,456 | ||||||
| 20,382 | Crawford & Co., Class B | 192,610 | ||||||
| 403,993 | Horace Mann Educators Corp. | 16,563,713 | ||||||
| 150,000 | MGIC Investment Corp. | 2,290,500 | ||||||
| 129,811 | RLI Corp. | 14,179,255 | ||||||
| 4,905 | Safety Insurance Group, Inc. | 398,825 | ||||||
| 76,402,875 | ||||||||
| MACHINERY-CONSTRUCTION & MINING — 2.1% | ||||||||
| 90,689 | Oshkosh Corp. | 10,391,146 | ||||||
| MACHINERY-DIVERSIFIED — 4.3% | ||||||||
| 12,587 | AGCO Corp. | 1,732,223 | ||||||
| 50,923 | Colfax Corp.1 | 2,452,961 | ||||||
| 73,777 | CSW Industrials, Inc. | 9,796,848 | ||||||
| 94,946 | Graco, Inc. | 7,445,665 | ||||||
| 21,427,697 | ||||||||
| MEDIA — 1.3% | ||||||||
| 194,109 | Scholastic Corp. | 6,452,183 | ||||||
| METAL FABRICATE/HARDWARE — 0.5% | ||||||||
| 158,063 | LB Foster Co.1 | 2,694,974 | ||||||
| MINING — 0.8% | ||||||||
| 169,440 | Livent Corp.1 | 4,213,973 | ||||||
| MISCELLANEOUS MANUFACTURING — 3.4% | ||||||||
| 14,303 | Chase Corp. | 1,637,694 | ||||||
| 150,266 | Fabrinet1 | 15,480,403 | ||||||
| 17,118,097 | ||||||||
| OFFICE FURNISHINGS — 0.6% | ||||||||
| 225,808 | Kimball International, Inc., Class B | 2,815,826 | ||||||
| PACKAGING & CONTAINERS — 0.9% | ||||||||
| 231,077 | Graphic Packaging Holding Co. | 4,741,700 | ||||||
| PHARMACEUTICALS — 1.4% | ||||||||
| 193,165 | Owens & Minor, Inc. | 7,201,191 | ||||||
| REITS — 1.0% | ||||||||
| 196,306 | Equity Commonwealth | 5,170,700 | ||||||
| RETAIL — 2.5% | ||||||||
| 152,439 | MSC Industrial Direct Co., Inc., Class A | 12,836,888 | ||||||
FPA QUEENS ROAD SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2021 (Unaudited)
| Number of Shares | Value | |||||||
| SAVINGS & LOANS — 2.7% | ||||||||
| 204,139 | Axos Financial, Inc.1 | $ | 9,896,659 | |||||
| 260,790 | Investors Bancorp, Inc. | 3,731,905 | ||||||
| 13,628,564 | ||||||||
| SEMICONDUCTORS — 5.0% | ||||||||
| 131,911 | Synaptics, Inc.1 | 25,034,069 | ||||||
| SOFTWARE — 4.0% | ||||||||
| 65,895 | Concentrix Corp.1 | 11,425,534 | ||||||
| 179,166 | CSG Systems International, Inc. | 8,637,593 | ||||||
| 20,063,127 | ||||||||
| TELECOMMUNICATIONS — 3.5% | ||||||||
| 240,918 | InterDigital, Inc. | 17,372,597 | ||||||
| TEXTILES — 0.9% | ||||||||
| 20,452 | UniFirst Corp. | 4,684,940 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $275,416,604) | 421,831,737 | |||||||
| PREFERRED STOCKS — 0.0% | ||||||||
| DISTRIBUTION/WHOLESALE — 0.0% | ||||||||
| 6,085 | WESCO International, Inc. | 189,822 | ||||||
| TOTAL PREFERRED STOCKS | ||||||||
| (Cost $161,252) | 189,822 | |||||||
| SHORT-TERM INVESTMENTS — 16.1% | ||||||||
| MONEY MARKET FUND — 16.1% | ||||||||
| 80,830,236 | State Street Institutional Treasury Plus Money Market Fund, 0.01%2 | 80,830,236 | ||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $80,830,236) | 80,830,236 | |||||||
| TOTAL INVESTMENTS — 100.0% | ||||||||
| (Cost $356,408,092) | 502,851,795 | |||||||
| Liabilities in Excess of Other Assets — (0.0)% | (125,559 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 502,726,236 | ||||||
| 1 | Non-income Producing. |
| 2 | Represents the 7-day effective yield as of August 31, 2021. |