Fund Announcements

December 4, 2012

FPA International Fund Celebrates One-Year Anniversary

Los Angeles, CA, December 4, 2012 - The FPA International Fund celebrated its 1st anniversary on December 1, 2012, with a one-year return of 21.00%. The Fund ranks #1 of all 391 funds in Morningstar's Foreign Large Value fund category for the 1-year period ended 12/3/2012. Over the period, the Fund's cash stake has fluctuated along with the opportunity set from around 20% to close to 45% of assets and has averaged about 30%.