To pursue the fund's investment objective, the fund's portfolio managers ("portfolio managers") invest in both equity and debt securities of companies. The fund's portfolio managers believe that this combination of securities broadens the universe of opportunities for the fund, offers additional diversification and helps to lower volatility. The portfolio managers invest primarily in equity securities and the balance of the fund's portfolio in debt securities, cash and cash equivalents.

Nasdaq

FPACX

Under normal circumstances, the fund invests at least 80% of the value of its assets in a diversified portfolio of debt instruments. The fund may invest up to 75% of its total assets in securities rated less than "A" (or its equivalent) by a nationally recognized statistical rating organization ("NRSRO").

FPFIX

The fund primarily invests in a diversified portfolio of debt securities, cash and cash equivalents. It generally invests in highly rated debt securities and will invest at least 75% of its total assets, calculated at market value at the time of purchase, in debt securities rated at least A- or its equivalent by a NRSRO. The fund may invest up to 25% of its total assets, calculated at market value at the time of purchase, in debt securities that are rated below A- or its equivalent by a NRSRO or that are unrated.

FPNIX

PIMCO Corporate & Income Opportunity Fund aims to invest in corporate debt obligations rated Baa/BBB to Ba/BB, focusing on intermediate maturity bonds across various industries and sectors, utilizing fundamental analysis and a top-down approach for its fixed income investments.

NYSE

The FPA Queens Road Small Cap Value Fund seeks to generate returns in excess of the Russell 2000 Value Index over full market cycles with less risk by investing primarily in small-cap U.S. companies with sound financial conditions trading at discounts to their intrinsic value.

QRSVX

The fund seeks to achieve its investment objective by investing primarily in the equity securities (common stocks, preferred stocks and convertible securities) of U.S. companies. Investments will be made based on their potential for capital growth without limitation on issuer capitalization.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield	Risk / Return Rank
FPACX	FPA Crescent Fund	Diversified Portfolio	Jun 1, 1993	1.00%	-1.14%	9.58%	9.71%	75
FPFIX	FPA Flexible Fixed Income Fund	Nontraditional Bonds	Dec 30, 2018	0.51%	-0.23%	—	3.76%	81
FPNIX	FPA New Income Fund	Short-Term Bond	Jul 11, 1984	0.45%	-0.16%	2.86%	3.81%	82
PTY	PIMCO Corporate & Income Opportunity Fund	Corporate Bonds	Dec 24, 2002	1.19%	-2.92%	9.23%	11.70%	1
QRSVX	FPA Queens Road Small Cap Value Fund Investor Clas...	Small Cap Value Equities	Jun 13, 2002	0.94%	7.43%	—	4.14%	62
QRVLX	FPA Queens Road Value Fund	Large Cap Value Equities	Jun 13, 2002	0.65%	-2.18%	10.63%	2.88%	11

FPA Mutual Funds List

Risk vs. Return Scatterplot