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Please click here for Standardized Performance for the FPA New Income Fund (“FNI”). Please click here for Standardized Performance for the FPA Flexible Fixed Income Fund (“FFI”). Please click here for the principal risks of investing in the funds. You should consider each fund’s investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus for each fund details their objective and policies and other matters of interest to the prospective investor. Please read the Prospectus carefully before investing. The Prospectus for each fund may be obtained by clicking here, by calling toll-free, 1-800-982-4372, or by contacting each fund in writing. Comparison to indices are for illustrative purposes only. FNI and FFI do not include outperformance of any index or benchmark in their investment objectives.

The FPA Funds are distributed by UMB Distribution Services, LLC (UMB).  UMB and FPA are not affiliated.

Definition of terms used:

Duration: The measure of how much a bond’s value will change if interest rates fluctuate. It’s a key factor in fixed income investing and is used to evaluate a bond’s interest rate risk.

Credit risk: The possibility that a borrower will not repay a debt, which can result in a financial loss for the lender.

High Yield (HY) bond: A high paying bond with a lower credit rating than investment-grade corporate bonds, Treasury bonds and municipal bonds. Because of the higher risk of default, these bonds pay a higher yield than investment grade bonds.

Yield: The return an investor realizes on an investment in a bond. The current yield is the bond’s coupon rate divided by its market price.

Past performance is no guarantee, nor is it indicative, of future results.