We hope that investors will find FPA commentaries helpful to understand application of the same investment discipline in various markets, and can refer to particular items that interest them.

You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing. The Prospectus may be obtained by visiting the website at www.fpafunds.com, by calling toll-free, 1-800-982-4372, or by contacting the Fund in writing.  

As of December 31, 2016

Average Annual Returns

Fund/IndexQTRYTD1 Year3 Years5 Years10 Years20 Years Since Inception*Expense Ratio1
FPA Crescent Fund4.51 %10.25 %10.25 %4.82 %9.15 %6.90 %9.19 %10.38 %1.11 %
S&P 5003.82 %11.96 %11.96 %8.87 %14.66 %6.95 %7.68 %9.14 %
MSCI ACWI1.19 %7.86 %7.86 %3.13 %9.36 %---
60% S&P500/40% BBgBarc Agg1.10 %8.31 %8.31 %6.66 %9.69 %6.21 %7.04 %7.93 %

Periods over one year annualized.
*Inception of FPA Crescent is June 2, 1993.
A redemption fee of 2.00% will be imposed on redemptions within 90 days.
Note CPI is not yet available.
1 Expense Ratio is calculated as of the date of the most recent prospectus.
Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data may be obtained by calling toll-free, 1-800-982-4372.
The Fund commenced investment operations on June 2, 1993. The performance shown for periods prior to March 1, 1996 reflects the historical performance of a predecessor fund. FPA assumed control of the predecessor fund on March 1, 1996. The FPA Crescent Fund's objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the predecessor fund.

 The FPA Funds are distributed by UMB Distribution Services, LLC.