We hope that investors will find FPA commentaries helpful to understand application of the same investment discipline in various markets, and can refer to particular items that interest them.

You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing. The Prospectus may be obtained by visiting the website at www.fpa.com, by calling toll-free, 1-800-982-4372, or by contacting the Fund in writing. 

Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data may be obtained by calling toll-free, 1-800-982-4372.

Effective November 1, 2020, FPA became the investment adviser to the FPA Queens Road Funds (“Funds”), and Bragg Financial Advisors, the former adviser to the Funds, transitioned to serving as sub-adviser.  For historical information about the Funds prior to that date, please visit the legacy Queens Road Funds website here.  

The FPA Funds are distributed by UMB Distribution Services, LLC.