Fees and Expenses

Sep. 28, 2026

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.

Shareholder Fees Caption [Optional Text]

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees [Table]

Shareholder Fees (fees paid directly from your investment)	Investor Class	Advisor Class	Institutional Class

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of original sales price or redemption proceeds, as applicable)	None	None	None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions	None	None	None
Exchange Fee	None	None	None

Operating Expenses Caption [Optional Text]

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses [Table]

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.66%		0.66%		0.66%
Distribution (Rule 12b‑1) Fees		None		None		None
Other Expenses		0.27%		0.20%		0.13%
Shareholder Service Fee	0.22%		0.15%		0.08%
All Other Expenses	0.05%		0.05%		0.05%
Acquired Fund Fees and Expenses		0.02%		0.02%		0.02%
Total Annual Fund Operating Expenses1		0.95%		0.88%		0.81%

Expense Example [Heading]

Example

Expense Example Narrative [Text Block]

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund remain same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example, With Redemption [Table]

One Year		Three Years	Five Years	Ten Years
	Investor Class	$97	$303	$525	$1,166
	Advisor Class	$90	$281	$488	$1,084
	Institutional Class	$83	$259	$450	$1,002

Portfolio Turnover [Heading]

Portfolio Turnover

Portfolio Turnover [Text Block]

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover was 17% of the average value of its portfolio. The Fund’s portfolio turnover rate may vary from year to year as well as within a year.

Portfolio Turnover, Rate

17.00%

FPA Queens Road Value Fund

Prospectus [Line Items]

Expense Heading [Optional Text]

FEES AND EXPENSES OF THE FUND

Expense Narrative [Text Block]

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

Shareholder Fees Caption [Optional Text]

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees [Table]

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)				None
Maximum Deferred Sales Charge (Load) (as a percentage of original sales price or redemption proceeds, as applicable)				None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions				None
Exchange Fee				None

Operating Expenses Caption [Optional Text]

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses [Table]

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.95%
Distribution (Rule 12b‑1) Fees		None
Other Expenses		0.44%
Shareholder Service Fee	0.09%
All Other Expenses	0.35%
Acquired Fund Fees and Expenses		0.02%
Total Annual Fund Operating Expenses1		1.41%
Fee Waiver and/or Expense Reimbursement2		(0.66)%
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement2		0.75%

The adviser has contractually agreed to waive management fees and reimburse the Fund for operating expenses in excess of 0.73% of average daily net assets of the Fund, excluding interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, fees and expenses of other funds in which the Fund invests, and extraordinary expenses, including litigation expenses not incurred in the Fund’s ordinary course of business, until September 30, 2027. These fee waivers and

expense reimbursements are subject to possible recoupment by the adviser from the Fund in future years (within the three years from the date when the amount is waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or the then-current expense limits. This agreement may be terminated only by the Fund’s Board of Trustees (the “Board”), upon written notice to the adviser.

Expense Example [Heading]

Example

Expense Example Narrative [Text Block]

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example reflects the Fund’s contractual fee waiver and/or expense reimbursement only for the term of the contractual fee waiver and/or expense reimbursement. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example, With Redemption [Table]

One Year	Three Years	Five Years	Ten Years
$77	$381	$708	$1,634

Portfolio Turnover [Heading]

Portfolio Turnover

Portfolio Turnover [Text Block]

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover was 0% of the average value of its portfolio. The Fund’s portfolio turnover rate may vary from year to year as well as within a year.

Portfolio Turnover, Rate

none