Expense Ratio History

QRSVX expense ratio history

FPA Queens Road Small Cap Value Fund, Investor Class

Fund company
Investment Managers Series
Type
Mutual fund

0.94%

In basis points
94 basis points
Yearly cost per $10,000
$94
Prospectus dated
30 September 2025, filed with the SEC; rounded to 0.01%
Last change
Cut from 0.99% on 30 September 2025

Fee over time

QRSVX expense ratio: 0.96% until 30 Sep 2024, then 0.99%; 0.99% until 30 Sep 2025, then 0.94%; read at 0.94% on 30 Sep 2025.0.00%0.50%1.00%1.50%Jun 2023Nov 2023Apr 2024Sep 2024Feb 2025Jul 20250.96% before0.94% from 30 Sep 2025
QRSVX expense ratio: 0.96% until 30 Sep 2024, then 0.99%; 0.99% until 30 Sep 2025, then 0.94%; read at 0.94% on 30 Sep 2025.0.00%0.50%1.00%1.50%Jun 2023Apr 2024Feb 20250.96% before0.94% from 30 Sep 2025
Solid line: the fee in effect after each recorded change. Dashed: the fee before it. Dots: prospectuses filed with the SEC and dates we read the fee from a source.

Share classes

The same fund is sold as 3 share classes, each with its own fee. Figures are from each class's latest prospectus in SEC filings, rounded to 0.01%.

TickerShare classFeeAfter waiversProspectus dated
QRSVX (this page) Investor Class 0.94% — 30 Sep 2025
QRSAX Advisor Class 0.88% — 30 Sep 2025
QRSIX Institutional Class 0.80% — 30 Sep 2025

Every figure we've recorded

DateFeeWhat happened
30 Sep 2025 0.94% In the prospectusTotal annual fund operating expenses in the prospectus dated 2025-09-30 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
30 Sep 2025 0.94% Cut from 0.99% to 0.94%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2025-09-25
30 Sep 2024 0.99% In the prospectusTotal annual fund operating expenses in the prospectus dated 2024-09-30 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497
30 Sep 2024 0.99% Raised from 0.96% to 0.99%Prospectus date; the new figure appears in this filingSource: Prospectus (form 497) filed with the SEC on 2024-10-07
30 Sep 2023 0.96% In the prospectusTotal annual fund operating expenses in the prospectus dated 2023-09-30 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497
30 Jun 2023 0.96% In the prospectusTotal annual fund operating expenses in the prospectus dated 2023-06-30 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497

What this fee costs

Change the amount, years or return. The estimate keeps the fee at 0.94% and the return steady each year, the same assumptions as the cost example in a fund's prospectus.

$1,159 in fees over 10 years

After fees, $10,000 grows to $14,854.

Fees paid on $10,000 at 5% a year
AfterFees paid
1 year$96
3 years$301
5 years$522
10 years$1,159

How we read this figure

The figure is the total annual fund operating expenses line of the fee table in the fund's prospectus, as tagged in the fund company's filing with the SEC. The SEC publishes these figures rounded to four decimal places, so 0.015% appears as 0.02%. The fund company's own page may show a more precise number.

SEC filings give 4 prospectuses for this share class since 2023. Each one is listed above with a link to the filing.

How we read fees

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