FPA Flexible Fixed Income Fund

Fund Facts are as of December 31, 2023, unless otherwise noted.

Fund Inception reflects the date when the Fund was first available for purchase under FPA management.

*The Total Annual Fund Operating Expenses before reimbursement is 0.67% for the Institutional Share Class and 0.70% for the Advisor Share Class (as of most recent prospectus). First Pacific Advisors, LP (the “Adviser” or “FPA”), the Fund’s investment adviser, has contractually agreed to reimburse the Fund for Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, redemption liquidity service expenses, and extraordinary expenses, including litigation expenses not incurred in the Fund’s ordinary course of business) in excess of 0.55% of the average net assets of the Fund attributable to the Institutional Class and 0.60% of the average the net assets of the Fund attributable to the Advisor Class for the one-year period ending April 30, 2024. Beginning May 1, 2023, any expenses reimbursed to the Fund by FPA during any of the previous 36 months may be recouped by FPA, provided the Fund’s Total Annual Fund Operating Expenses do not exceed 0.64% of the average net assets of the Fund attributable to the Institutional Class and 0.74% of the average net assets of the Fund attributable to the Advisor Class for any 2 subsequent calendar year, regardless of whether there is a then-effective higher expense limit. This agreement may only be terminated earlier by the Fund’s Board of Trustees (the “Board”) or upon termination of the Advisory Agreement.

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