Notice Accompanying IRS Form 1099

NOTICE ACCOMPANYING IRS FORM 1099:
CALENDAR 2009

The enclosed Form 1099 shows the federal tax status of dividends and distributions paid to you which are taxable in 2009. Below is additional information for each Fund.

Ordinary Income:

Income derived from U.S. Treasury Securities can be determined by multiplying the amount shown in box #1a of your Form 1099 by the percentage in Column (1) below.

Corporate shareholders can determine the amount which qualifies for the 70% corporate dividends received deduction by multiplying the amount shown in box #1a of your Form 1099 by the percentage in Column (2) below.

	(1) Income from U.S. Treasury Securities	(2) Corporate Dividend Deduction
FPA CAPITAL FUND, INC.	12.2%	76.9%
FPA CRESCENT FUND	10.8%	36.9%
FPA NEW INCOME, INC.	3.3%	Ч-
FPA PERENNIAL FUND, INC.	--	100.0%

FPA PARAMOUNT FUND, INC. did not pay any dividends from ordinary income in 2009

Long-term Capital Gains:

None of the FPA Funds paid distributions from long-term capital gains in 2009.