As of September 30, 2016

FPA Capital Fund, Inc.

Comparative Quarterly Performance

Fund/IndexQTRYTD1 Year3 Years5 Years10 Years15 Years20 Years25 Years Since 8/1/84*Expense Ratio1
FPA Capital Fund, Inc.10.20 %12.28 %8.49 %-1.14 %7.01 %4.96 %9.18 %9.05 %11.83 %13.39 %0.77 %
Russell 2500 6.56 %10.80 %14.44 %7.77 %16.30 %7.95 %10.07 %9.43 %10.81 %11.65 %

Periods over one year annualized.
*Inception for FPA Management was July 11, 1984. A benchmark comparison is not available based on the Fund’s inception date therefore a comparison using August 1, 1984 is used.
A redemption fee of 2.00% will be imposed on redemptions within 90 days.
1Expense 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 FPA Capital Fund is closed to new investors


As of September 30, 2016

FPA Crescent Fund

Comparative Quarterly Performance

Fund/IndexQTRYTD1 Year3 Years5 Years10 Years20 Years Since Inception*Expense Ratio1
FPA Crescent Fund5.29 %5.50 %8.45 %5.46 %10.02 %6.92 %9.30 %10.29 %1.11 %
S&P 5003.85 %7.84 %15.43 %11.16 %16.37 %7.24 %7.91 %9.06 %
MSCI ACWI5.30 %6.60 %11.96 %5.17 %10.63 %---
CPI0.46 %1.24 %1.48 %1.04 %1.24 %1.74 %2.14 %NA
60% S&P500/40% BBgBarc Agg2.49 %7.13 %11.43 %8.41 %11.05 %6.56 %7.31 %7.97 %

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.


As of September 30, 2016

FPA International Value Fund

Comparative Quarterly Performance

Fund/IndexQTRYTD1 Year3 Year Since Inception*Expense Ratio1
FPA International Value Fund6.82 %7.56 %5.20 %-2.10 %5.33 %1.25 %
MSCI ACWI ex US6.91 %5.82 %9.26 %0.18 %5.21 %

Periods over one year annualized.
*Inception of FPA International Value Fund is December 1, 2011.
A redemption fee of 2.00% will be imposed on redemptions within 90 days.
1Expense 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.


As of September 30, 2016

FPA New Income, Inc.

Comparative Quarterly Performance

Fund/IndexQTRYTD1 Year3 Years5 Years10 Years15 Years20 Years30 YearsExpense Ratio 1
FPA New Income, Inc.0.75 %2.17 %1.52 %1.28 %1.33 %2.61 %3.19 %4.30 %6.15 %0.49 %
BBgBarc US Agg Bond 0.46 %5.80 %5.19 %4.03 %3.08 %4.79 %4.80 %5.60 %6.56 %
CPI + 1000.71 %2.00 %2.50 %2.05 %2.26 %2.76 %3.06 %3.17 %3.68 %

Periods over one year annualized.
*Inception for FPA Management was July 11, 1984.
A redemption fee of 2.00% will be imposed on redemptions within 90 days.
As of September 30, 2016, the 30 day SEC yield was 2.82%.
1Note CPI is not yet available. 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.


As of September 30, 2016

FPA Paramount Fund, Inc.

Comparative Quarterly Performance

Fund/IndexQTRYTD1 YearSince 9/1/135 Years10 YearsExpense Ratio1
FPA Paramount Fund, Inc.6.11 %9.25 %13.19 %2.52 %11.28 %5.74 %1.29 %
MSCI ACWI5.30 %6.60 %11.96 %6.76 %10.63 %4.34 %

Periods over one year annualized.The Fund transitioned to its current investment strategy on September 1, 2013. Performance prior to that date reflects performance of the prior portfolio management team and investment strategy. Performance prior to September 1, 2013 is not indicative of performance for any subsequent periods.
A redemption fee of 2.00% will be imposed on redemptions within 90 days.
1Expense 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.


As of September 30, 2016

FPA US Value Fund, Inc.

Comparative Quarterly Performance

Fund/IndexQTRYTD1 Year5 Years10 YearsExpense Ratio1
FPA U.S. Value Fund, Inc.0.00 %-5.88 %-0.10 %13.10 %6.68 %0.97 %
S&P 5003.85 %7.84 %15.43 %16.37 %7.24 %
Russell 25006.56 %10.80 %14.44 %16.30 %7.95 %

Periods over one year annualized.
On September 1, 2015, the Fund changed its name to FPA U.S. Value Fund, Inc., and the current portfolio manager assumed management of the Fund on that date. Contemporaneous with this change, the Fund transitioned to its current investment strategy. Performance prior to September 1, 2015 reflects the performance of the prior portfolio manager and investment strategy. Performance prior to September 1, 2015 is not indicative of performance for any subsequent periods. The transition took place during time period from September 1, 2015-September 30, 2015.
A redemption fee of 2.00% will be imposed on redemptions within 90 days.
1Expense 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.