FPA Queens Road Small Cap Value Fund

Fund Facts are as of June 30, 2024 unless otherwise noted, and are for the Investor Class shares.

Fund Inception reflects the inception date of the Fund.

FPA Manager Inception Reflects the date that the Fund was first available for purchase under FPA management. 

*As of the most recent prospectus, the Fund’s Total Annual Operating Expenses are 0.99% (Investor Class), 0.91% (Advisor Class), and 0.80% (Institutional Class). Prior to November 1, 2020, the Fund had a unitized fee structure that limited annual operating expenses to 1.18%.

¹The Queens Road Small Cap Value Fund primarily invests in securities of small capitalization companies, defined as those with market capitalization less than the largest company in the Russell 2000 Value Index. Investing in small companies involves special risks including, but not limited to, the following: smaller companies typically have more risk and their company stock prices are more volatile than that of large companies; their securities may be less liquid and may be thinly traded which makes it more difficult to dispose of them at prevailing market prices; these companies may be more adversely affected by poor economic or market conditions; they may have limited product lines, limited access to financial resources, and may be dependent on a limited management group; and small cap stocks may fluctuate independently of large cap stocks. All investment decisions are made at the discretion of the Portfolio Manager, in accordance with the then current Prospectus.

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