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FPA Flexible Fixed Income Fund

| Quarterly Commentary

FPA Flexible Fixed Income Fund 1Q24 Commentary

Uncertainty about the pace of disinflation led to an increase in risk-free rates during the quarter

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FPA Crescent Fund

| Quarterly Commentary

FPA Crescent Fund 1Q24 Commentary

The FPA Crescent Fund – Institutional Class gained 5.93% in Q1 2024 and 20.46% in the trailing twelve months

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FPA New Income Fund

| Quarterly Commentary

FPA New Income Fund 1Q24 Commentary

Uncertainty about the pace of disinflation led to an increase in risk-free rates during the quarter

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FPA Queens Road Value Fund

| Quarterly Commentary

FPA Queens Road Value Fund 4Q23 Commentary

FPA Queens Road Value Fund (“Fund”) returned 11.75% for the fourth quarter of 2023.

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FPA Flexible Fixed Income Fund

| Quarterly Commentary

FPA Flexible Fixed Income Fund 4Q23 Commentary

With inflation progressing towards the Federal Reserve’s 2% inflation objective, the Federal Reserve held the Fed Funds rate constant

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FPA New Income Fund

| Quarterly Commentary

FPA New Income Fund 4Q23 Commentary

Quarterly commentary from the New Income Fund team sharing insights on markets, portfolio positioning and performance.

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FPA Crescent Fund

| Quarterly Commentary

FPA Crescent Fund 4Q23 Commentary

The FPA Crescent Fund – Institutional Class gained 7.52% in Q4 2023

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FPA New Income Fund
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FPA Flexible Fixed Income Fund

| Quarterly Commentary

FPA New Income, Inc. and FPA Flexible Fixed Income Fund

Interim Fund Update as of March 20, 2020

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