In a recent article discussing the performance of International Equities in 2020, Morningstar cite the Phaeacian Accent International Value Fund as being one of the Category Leading Funds.

“Manager Pierre Py of Silver-rated Phaeacian Accent International Value (PPIVX) will let cash build up when he can’t find enough attractive opportunities, and while that can be a double-edged sword, it was a big positive in 2020. The fund excelled as it entered the year with nearly 35% of assets in cash, which muted the pain of the first-quarter bear market, but it also captured much of the upside during the subsequent recovery as Py was quick to buy stocks on weakness. Names like Dutch specialty chemical company Koninklijke DSM NV and British industrial distributor Electrocomponents were profitable additions. The fund’s 19.6% return in 2020 placed it in the top decile of foreign small/mid-blend category peers.”

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The performance data shown represents past performance, which is not a guarantee or indicative of future resultsClick here to access the fund's performance page, which contains complete performance information and risk disclosures. Investment returns and principal value will fluctuate, so investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, please visit www.phaeacianpartners.com or call (800) 258-9668 (toll-free). Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns.

General information: This document contains general information about the Phaeacian Partners Accent International Value Fund. The information contained in this document does not constitute an offer or solicitation of an offer to make an investment into any fund managed by Phaeacian Partners LLC. Market commentary, product information and performance data available in this document is for informational purposes only and is not designed to contain information material to an investor’s decision to invest in Phaeacian Partners Accent International Value Fund. The Phaeacian Accent International Value Fund and the Phaeacian Global Value Fund (the “Phaeacian Funds”) were formerly known as the FPA International Value Fund and the FPA Paramount Fund, Inc. (the “Former Funds”), respectively, until their reorganization on 19th October 2020. The performance data shown before this date is from when the portfolio managers of the Phaeacian Funds were the portfolio managers of the Former Funds and employees of the Former Funds’ investment adviser. The Former Funds are no longer available for sale and this data is provided for informational purposes only. The provision of this data does not constitute or imply an endorsement of the Phaeacian Funds by the Former Funds’ investment adviser, and the views expressed in this document do not state or reflect those of the Former Funds’ investment adviser.

Prospectus offer: An investor should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending any money. This and other important information about the Funds can be found in the prospectus or summary prospectus which can be obtained at www.phaeacianpartners.com or by calling (800) 258-9668 (toll-free). Please read the prospectus or summary prospectus carefully before investing. The Phaeacian Funds are advised by Phaeacian Partners LLC and distributed through Foreside Financial Services LLC. Phaeacian funds are not FDIC-insured, may lose value, and have no bank guarantee.

Risk considerations: Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses. The Fund may purchase foreign securities, including American Depository Receipts (ADRs) and other depository receipts, which are subject to interest rate, currency exchange rate, economic and political risks. Foreign investments, especially those of companies in emerging markets, can be riskier, less liquid, harder to value, and more volatile than investments in the United States. Adverse political and economic developments or changes in the value of foreign currency can make it more difficult for the Fund to value the securities. Differences in tax and accounting standards, difficulties in obtaining information about foreign companies, restrictions on receiving investment proceeds from a foreign country, confiscatory foreign tax laws, and potential difficulties in enforcing contractual obligations, can all add to the risk and volatility of foreign investments. Small and mid-cap stocks involve greater risks and they can fluctuate in price more than larger company stocks. Groups of stocks, such as value and growth, go in and out of favor, which may cause certain funds to underperform other equity funds. The Fund may invest a greater percentage of its assets in a smaller number of securities. Holding fewer securities increases the risk that the value of the Fund could go down because of the poor performance of a single investment. Value style investing presents the risk that the holdings or securities may never reach their full market value because the market fails to recognize what the portfolio management team considers the true business value or because the portfolio management team has misjudged those values. In addition, value style investing may fall out of favor and underperform growth or other styles of investing during given periods. Please refer to the Fund’s Prospectus for a complete overview of the primary risks associated with the Fund. Portfolio composition will change due to ongoing management of the Fund. References to individual securities are for informational purposes only and should not be construed as recommendations by the Fund, the portfolio manager, the Adviser, or the distributor. It should not be assumed that future investments will be profitable or will equal the performance of the security examples discussed.

Benchmark: The MSCI All Country World ex-USA (Net) Index is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of developed and emerging market countries excluding the United States. An investor cannot invest directly in an index. Comparison to the MSCI ACWI ex-US Index is for illustrative purposes only. The Fund does not include outperformance of any index or benchmark in its investment objectives. Index returns do not reflect transactions costs, investment management fees or other commissions, fees and expenses that would reduce performance for an investor.

Morningstar: The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s conviction in a fund’s prospects for outperformance. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to global.morningstar.com/managerdisclosures/. The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause Analyst expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee, nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected.

©2021 Morningstar, Inc. All Rights Reserved. The information herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.