https://www.sec.gov/Archives/edgar/data/1170611/000139834420019403/fp0058080_485apos.htmInvestor, Advisor, and Institutional classes
Excerpts:
Purchase and Sale of Fund Shares
The minimum initial investment in Investor Class, Advisor Class, and Institutional Class shares is $1,500, $50,000, and $100,000, respectively, for regular accounts. For retirement plans, the minimum initial investment in Investor Class, Advisor Class, and Institutional Class shares is $1,500, $1,500, and $5,000, respectively. The minimum subsequent investment is $100 for each class of shares for regular accounts and retirement plans. You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, by telephone, or through a financial intermediary and will be paid by check or wire transfer.
How to Exchange Your Shares
You can add to an existing FPA Fund account or start a new FPA Fund account by exchanging your shares of the Fund for shares of other FPA Funds, namely FPA Crescent Fund, FPA Flexible Fixed Income Fund, FPA New Income, Inc., and FPA U.S. Value Fund, Inc. The availability of shares of FPA New Income, Inc. to new investors is limited as described in the FPA New Income, Inc. prospectus.
The Fund can change or discontinue the right to exchange Fund shares into other FPA Funds upon 60 days' notice to shareholders.
You can exercise your exchange privileges either by written instructions or telephone (telephone exchange privileges are available unless you specifically decline them on the Account Application).
Exchanges and purchases are effected at the share price next determined after receipt of a proper request (as described above under "Written Requests") by UMB Fund Services, Inc.
For federal income tax purposes, an exchange is treated as a sale of Fund shares and could result in a capital gain or loss.
Exchanges are subject to the following restrictions:
• You are limited to four exchanges in one account during any calendar year;
• Shares must be owned 15 days before exchanging, and cannot be in certificate form unless you deliver the certificate when you request the exchange;
• An exchange is subject to the same initial investment minimums required for each particular FPA Fund and, at a minimum, requires the purchase of shares with a value of at least $1,000; and
• Exchanges are subject to the same signature and signature guarantee requirements applicable to the redemption of shares.
