Performance

Comparative Performance Quarterly

As of September 30, 2019
Fund/Index QTD YTD Since Inception* Expense Ratio 1
FPA Flexible Fixed Income Fund 0.71 % 3.35 % 3.35 % 0.39 %
BBgBarc US Universal 2.12 % 8.80 % 8.80 %

Periods over one year annualized. Performance is provided net of fees.
*Inception for FPA Management was December 31, 2018.

The Total Annual Fund Operating Expenses before reimbursement is 0.97% (as of most recent prospectus). The Advisor has contractually agreed to reimburse the Fund for Total Annual Fund Operating Expenses in excess of 0.39% through December 31, 2019. This agreement may only be terminated earlier by the Fund’s Board of Directors (the “Board”) or upon termination of the Advisory Agreement.

Bloomberg Barclays U.S. Universal Bond Index represents the union of the following Bloomberg Barclay’s indices: U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index. The CPI +200 Basis Points benchmark is created by adding 2% to the annual percentage change in the Consumer Price Index (“CPI”).  This index reflects non seasonably adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI of other indexes will reflect the exact level of inflation at any given time.  These indices do not reflect any commissions or fees which would be incurred by an investor purchasing the stocks they represent.  The performance of the Fund and of the Indices are computed on a total return basis which includes reinvestment of all distributions.  It is not possible to invest in an index.

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.

Comparative Performance Monthly

As of September 30, 2019
Fund/Index MTD QTD YTD Since Inception*
FPA Flexible Fixed Income Fund -0.04 % 0.71 % 3.35 % 3.35 %
BBgBarc US Universal -0.43 % 2.12 % 8.80 % 8.80 %
CPI + 200 NA NA NA NA

Periods over one year annualized. Performance is provided net of fees.
*Inception for FPA Management was December 31, 2018.

The Total Annual Fund Operating Expenses before reimbursement is 0.97% (as of most recent prospectus). The Advisor has contractually agreed to reimburse the Fund for Total Annual Fund Operating Expenses in excess of 0.39% through December 31, 2019. This agreement may only be terminated earlier by the Fund’s Board of Directors (the “Board”) or upon termination of the Advisory Agreement.

Bloomberg Barclays U.S. Universal Bond Index represents the union of the following Bloomberg Barclay’s indices: U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index. The CPI +200 Basis Points benchmark is created by adding 2% to the annual percentage change in the Consumer Price Index (“CPI”).  This index reflects non seasonably adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI of other indexes will reflect the exact level of inflation at any given time.  These indices do not reflect any commissions or fees which would be incurred by an investor purchasing the stocks they represent.  The performance of the Fund and of the Indices are computed on a total return basis which includes reinvestment of all distributions.  It is not possible to invest in an index.

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.

Historical Annual Returns

FPA Flexible Fixed Income Fund.* BBgBarc US Universal
2019 N/A N/A

Performance is provided net of fees.
* Inception for FPA Management was December 31, 2018.

Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Performance has been calculated on a total return basis, which combines principal and dividend income changes for the periods shown. Principal changes are based on the difference between the beginning and closing net asset values for the period and assume reinvestment of all dividends and distributions paid. All applicable expenses such as advisory fees have been included in calculating performance. 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 at http://www.fpa.com/newincome or by calling toll-free, 1-800-982-4372.
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 at this link, or by email at info@fpa.com, toll-free by calling 1-800-982-4372 or by contacting the Fund in writing.

As of September 30, 2019
1 Year
Before Tax N/A
After Tax on Distribution* N/A
After Tax on Distribution and Sale of Fund Shares* N/A
* After-tax returns are calculated net of fees, using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend upon an investor's tax situation and may differ from those shown. After-tax returns presented here are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. Performance has been calculated on a total return basis, which combines principal and dividend income changes for the periods shown. Principal changes are based on the difference between the beginning and closing net asset values for the period and assume reinvestment of all dividends and distributions paid. Total return calculations are based on a $10,000 investment. 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. 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.