NPORT-EX 2 qrscvfpartf.htm PART F
FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of August 31, 2023 (Unaudited)
Number
of Shares 		  Value
  COMMON STOCKS — 89.6%  
  TECHNOLOGY HARDWARE — 16.9%  
114,675 Arrow Electronics, Inc.1 $15,301,085
242,562 Fabrinet1,2 38,996,693
284,626 InterDigital, Inc. 24,679,920
304,061 TD SYNNEX Corp. 30,938,207
    109,915,905
  INSURANCE — 11.5%  
408,928 American Equity Investment Life Holding Co.1 21,951,255
510,127 CNO Financial Group, Inc. 11,936,972
29,635 Enstar Group Ltd.1,2 7,506,249
440,798 Horace Mann Educators Corp. 12,633,271
160,450 RLI Corp. 21,102,384
    75,130,131
  MACHINERY — 7.0%  
14,871 AGCO Corp. 1,926,240
81,255 CSW Industrials, Inc. 14,595,836
112,171 Graco, Inc. 8,854,779
195,640 Oshkosh Corp. 20,313,301
    45,690,156
  APPAREL & TEXTILE PRODUCTS — 5.9%  
27,860 Deckers Outdoor Corp.1 14,740,447
289,865 Levi Strauss & Co. 3,991,441
231,226 PVH Corp. 19,330,494
    38,062,382
  BANKING — 5.3%  
298,282 Axos Financial, Inc.1 12,852,972
384,754 ServisFirst Bancshares, Inc. 21,561,614
    34,414,586
  SEMICONDUCTORS — 4.6%  
36,153 Qorvo, Inc.1 3,882,471
132,326 Synaptics, Inc.1 11,583,818
534,634 Vishay Intertechnology, Inc. 14,670,357
    30,136,646
  GAS & WATER UTILITIES — 4.2%  
321,890 New Jersey Resources Corp. 13,574,102
548,268 UGI Corp. 13,805,388
    27,379,490
FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2023 (Unaudited)
Number
of Shares 		  Value
  COMMON STOCKS (Continued)  
  TECHNOLOGY SERVICES — 3.8%  
239,386 CSG Systems International, Inc. $13,001,054
98,028 Science Applications International Corp. 11,533,974
    24,535,028
  INDUSTRIAL SUPPORT SERVICES — 3.5%  
191,909 MSC Industrial Direct Co., Inc. - Class A 19,586,232
55,401 VSE Corp. 3,144,007
    22,730,239
  FOOD — 3.4%  
229,666 Darling Ingredients, Inc.1 14,184,172
174,987 TreeHouse Foods, Inc.1 8,140,395
    22,324,567
  INTERNET MEDIA & SERVICES — 2.4%  
278,407 IAC, Inc.1 15,404,259
  PUBLISHING & BROADCASTING — 2.3%  
350,302 Scholastic Corp. 15,220,622
  RETAIL - CONSUMER STAPLES — 2.2%  
353,810 Sprouts Farmers Market, Inc.1 14,431,910
  SPECIALTY FINANCE — 2.0%  
750,202 MGIC Investment Corp. 13,188,551
  SOFTWARE — 2.0%  
163,309 Concentrix Corp. 13,036,957
  CHEMICALS — 1.9%  
406,508 Livent Corp.1 8,727,727
231,233 Mativ Holdings, Inc. 3,792,221
    12,519,948
  ENGINEERING & CONSTRUCTION — 1.8%  
116,607 MasTec, Inc.1 11,601,230
  CONSTRUCTION MATERIALS — 1.4%  
67,921 Knife River Corp.1 3,495,215
284,095 MDU Resources Group, Inc. 5,784,174
    9,279,389
FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2023 (Unaudited)
Number
of Shares 		  Value
  COMMON STOCKS (Continued)  
  WHOLESALE - DISCRETIONARY — 1.4%  
447,328 G-III Apparel Group Ltd.1 $8,879,461
  WHOLESALE - CONSUMER STAPLES — 1.1%  
366,769 United Natural Foods, Inc.1 7,383,060
  CONSUMER SERVICES — 0.9%  
200,418 Upbound Group, Inc. 6,136,799
  CONTAINERS & PACKAGING — 0.9%  
272,999 Graphic Packaging Holding Co. 6,071,498
  ELECTRICAL EQUIPMENT — 0.7%  
16,898 Chase Corp. 2,137,597
9,682 Littelfuse, Inc. 2,585,869
    4,723,466
  AEROSPACE & DEFENSE — 0.7%  
93,372 Ducommun, Inc.1 4,245,625
  HEALTH CARE FACILITIES & SVCS — 0.6%  
212,859 Owens & Minor, Inc.1 3,597,317
  COMMERCIAL SUPPORT SERVICES — 0.3%  
12,712 UniFirst Corp. 2,238,965
  INDUSTRIAL INTERMEDIATE PRODUCTS — 0.3%  
112,678 L B Foster Co. - Class A1 1,984,260
  REIT — 0.3%  
88,505 Equity Commonwealth - REIT 1,684,250
  MEDICAL EQUIPMENT & DEVICES — 0.2%  
20,053 Enovis Corp.1 1,123,770
  HOME & OFFICE PRODUCTS — 0.1%  
22,373 HNI Corp. 732,939
  TOTAL COMMON STOCKS  
  (Cost $450,853,781) 583,803,406
FPA Queens Road Small Cap Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2023 (Unaudited)
Number
of Shares 		  Value
  PREFERRED STOCKS — 0.0%  
  INDUSTRIALS — 0.0%  
6,085 WESCO International, Inc., 10.625%3,4 $165,938
  TOTAL PREFERRED STOCKS  
  (Cost $161,252) 165,938
  SHORT-TERM INVESTMENTS — 10.4%  
  MONEY MARKET INVESTMENTS — 10.4%  
67,624,567 Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 5.14%5 67,624,567
  TOTAL SHORT-TERM INVESTMENTS  
  (Cost $67,624,568) 67,624,567
  TOTAL INVESTMENTS — 100.0%  
  (Cost $518,639,601) 651,593,911
  Liabilities in Excess of Other Assets — (0.0)% (298,908)
  TOTAL NET ASSETS — 100.0% $651,295,003
    
REIT – Real Estate Investment Trusts
    
1Non-income producing security.
2Foreign security denominated in U.S. dollars.
3Perpetual security. Maturity date is not applicable.
4Variable or floating rate security.
5The rate is the annualized seven-day yield at period end.