The notice accompanying form 1099 has been mailed. You can also print the form from our web site at by clicking the link below.

2009 Tax Year Notice

You may print the information from the link below.

2009 Federal Income Tax Notice

Ex Dividend December 14, 2009
Record Date December 11, 2009
Payable Date December 18, 2009
Reinvestment Date December 14, 2009

FPA Capital Fund:
Income $0.002 per share
No Capital Gains
Reinvestment Price $32.59

FPA Crescent Fund:
Income $0.135 per share
No Capital Gains
Reinvestment Price $24.92

FPA New Income:
Income $0.095 per share
No Capital Gains
Reinvestment Price $10.97

FPA Paramount Fund:
No Dividend
No Capital Gains

FPA Perennial Fund:
No Dividend
No Capital Gains

Common Stock Rate: $0.50 per share
Record Date: November 20, 2009
Payable Date: December 15, 2009

Preferred Stock Rate: $0.60 per share
Record Date: November 20, 2009
Payable Date: December 15, 2009

Rate: $0.09 Income
Ex-Date: October 1, 2009
Record Date: September 30, 2009
Payable Date: October 6, 2009
Reinvestment Price: $11.01

Common Stock Rate: $0.50 per share
Record Date: August 21, 2009
Payable Date: September 15, 2009

Preferred Stock Rate: $0.60 per share
Record Date: August 21, 2009
Payable Date: September 15, 2009

LOS ANGELES, July 28, 2009 --- Steven Romick, a Partner of First Pacific Advisors, LLC and President & CIO of FPA Funds Trust’s FPA Crescent Fund (Nasdaq: FPACX), a mutual fund managed by FPA, and the FPA Contrarian Value investment team, will hold its 2nd quarter 2009 conference call on Wednesday, July 29, 2009, at 11 a.m. PDT, to discuss the portfolios they manage as well as their views on the economy and the market, and to answer questions, as time permits, which have been submitted to events@firstpacad.com.

To join the conference call, please dial in as instructed below

Audio Conferencing (Toll-Free): (888) 557-8511
Audio Conferencing (Toll): (215) 446-3649
Participant Code: 1012006

First Pacific Advisors, LLC, based in Los Angeles, employs a disciplined, value-oriented investment approach in managing more than $10.5 billion for institutional and mutual fund investors. In addition to FPA Crescent Fund, FPA serves as investment adviser to four open-end mutual funds: FPA Capital Fund, Inc. (Nasdaq: FPPTX), FPA New Income, Inc. (Nasdaq: FPNIX), FPA Paramount Fund, Inc. (Nasdaq: FPRAX) and FPA Perennial Fund, Inc. (Nasdaq: FPPFX); as well as one closed-end investment company, Source Capital, Inc. (NYSE: SOR). More information on FPA and the FPA Funds is available at www.fpafunds.com.

Ex-Dividend July 1, 2009
Record Date June 30, 2009
Payable Date July 7, 2009
Reinvestment Date July 1, 2009

FPA Capital Fund:
Income $0.03
Reinvestment Price $25.97

FPA Crescent:
Income $0.17
Reinvestment Price $21.83

FPA New Income:
Income $0.09
Reinvestment Price $10.97

FPA Perennial:
Income $0.002
Reinvestment Price $25.21

FPA Paramount:
NONE

Common Stock Rate: $0.50 per share
Record Date: May 22, 2009
Payable Date: June 15, 2009

Preferred Stock Rate: $0.60 per share
Record Date: May 22, 2009
Payable Date: June 15, 2009

Rate: $0.08 Income
Ex-Date: April 1, 2009
Record Date: March 31, 2009
Payable Date: April 6, 2009

Common Stock Rate: $0.50 per share
Record Date: February 20, 2009
Payable Date: March 15, 2009

Preferred Stock Rate: $0.60 per share
Record Date: February 20, 2009
Payable Date: March 15, 2009

The notice accompanying form 1099 has been mailed. You can also print the form from our web site at by clicking the link below.

2008 Tax Year Notice

Ex-Dividend: December 15, 2008
Record Date: December 12, 2008
Payable Date: December 19, 2008

FPA Capital:
Income $0.19
LT Cap Gains 1.96
Total Dividend $2.15

FPA Crescent:
Income $0.16

FPA New Income:
Income $0.125

FPA Paramount:
Income $0.065

FPA Perennial:
Income $0.025
LT Cap Gains 0.035
Total Dividend $0.060

Common Stock Rate: $0.50 per share
Record Date: November 21, 2008
Payable Date: December 15, 2008

Preferred Stock Rate: $0.60 per share
Record Date: November 21, 2008
Payable Date: December 15, 2008

LOS ANGELES, October 20, 2008 --- FPA Crescent Fund (FPACX), a mutual fund with total net assets of approximately $1.1 billion, currently offers shares to new investors for accounts established directly with the Fund and accounts opened and held through broker/dealers, except for certain mutual fund supermarket platforms. Effective October 20, 2008, sales to new investors are open completely and are no longer restricted based upon distribution channel. Please contact the Fund’s distributor, FPA Fund Distributors, Inc. at (800) 982-4372 or e-mail to mfa@firstpacad.com, for further information.

In February 2005, the Fund had closed to new investors, reflecting the belief of the Board and Steven Romick, the Fund’s President and CIO, that unrestrained growth in the Fund’s assets might impair investment flexibility, which would not be in the best interests of the Fund shareholders. In October 2007, the Fund partially reopened in order to offset the net redemptions it had experienced. The Fund continued to experience net redemptions so it opened further to certain broker/dealers in July 2008. Today’s complete reopening reflects the belief of the Board and Mr. Romick that, with the current turmoil in the financial markets, many new investment opportunities are beginning to surface that meet the Fund’s strict value requirements. The potential growth in assets as a result of this reopening would allow Mr. Romick the ability to invest in these new opportunities, which should serve to enhance future returns.

FPA Crescent Fund seeks to provide a total return consistent with reasonable investment risk, through a combination of income and capital appreciation. The Fund commenced operations in 1993. FPA Crescent Fund will continue to accept additional investments from existing shareholders, to reinvest dividends and capital gain distributions with respect to shareholders who select such options, and to redeem shares at net asset value when requested by any shareholder.

Rate: $0.11 Income
Ex Dividend: October 1, 2008
Record Date: September 30, 2008
Payable Date: October 6, 2008

LOS ANGELES, July 28, 2008 --- FPA Crescent Fund (FPACX), a mutual fund with total net assets of approximately $1.3 billion, currently offers shares to new investors only for accounts established directly with the Fund. Effective July 29, 2008, the Fund will further open for sales of its shares in new investor accounts opened and held through broker/dealers, except for certain mutual fund supermarket platforms. Sales to new investors through certain mutual fund supermarket platforms remain closed. Please contact the Fund’s distributor, FPA Fund Distributors, Inc. at (800) 982-4372 or e-mail to mfa@firstpacad.com, for further information.

On February 11, 2005, the Fund had closed to new investors, reflecting the belief of the Board and Steven Romick, the Fund’s President and CIO, that unrestrained growth in the Fund’s assets might impair investment flexibility, which would not be in the best interests of the Fund shareholders. Since April 2006, the Fund has experienced net redemptions, not a surprise since the Fund had been closed to new investors. To help offset the net redemptions that tend to occur as part of the typical lifecycle of the average fund shareholder, on October 2, 2007, the Fund re-opened the offering of shares to new investors who opened accounts directly with the Fund. Ever since the partial re-opening in October 2007, the Fund continues to experience net redemptions. When a fund has net redemptions for an extended period of time it can create a significant distraction from the investment process by forcing the sale of certain investments prior to reaching their expected potential, increase transaction costs, and reduce its tax efficiency. Mr. Romick feels that re-opening the Fund to sales to new investors through broker/dealers, not including mutual fund supermarket platforms, may help to further offset the net redemptions. Additionally, Mr. Romick continues to believe that more investment opportunities are beginning to meet the Fund’s strict value requirements and, further, that volatile markets may provide more opportunities in the future.

FPA Crescent Fund seeks to provide a total return consistent with reasonable investment risk, through a combination of income and capital appreciation. The Fund commenced operations in 1993. FPA Crescent Fund will continue to accept additional investments from existing shareholders, to reinvest dividends and capital gain distributions with respect to shareholders who select such options, and to redeem shares at net asset value when requested by any shareholder.

Ex-Dividend July 1, 2008
Record Date June 30, 2008
Payable Date July 7, 2008

FPA Capital Fund:
Income $0.22
LT Gain $0.01
Total $0.23

FPA Crescent:
Income $0.21
LT Gain $0.23
Total $0.44

FPA New Income:
Income $0.11

FPA Perennial:
Income $0.04
ST Gain $0.06
LT Gain $0.23
Total $0.33

FPA Paramount:
NONE

Common Stock Rate: $1.00 per share
Record Date: May 23, 2008
Payable Date: June 15, 2008

Preferred Stock Rate: $0.60 per share
Record Date: May 23, 2008
Payable Date: June 15, 2008

Rate: $0.11 Income
Ex Date: April 1, 2008
Record Date: March 31, 2008
Payable Date: April 4, 2008

Common Stock Rate: $1.00 per share
Record Date: February 22, 2008
Payable Date: March 15, 2008

Preferred Stock Rate: $0.60 per share
Record Date: February 22, 2008
Payable Date: March 15, 2008

You may print the information from the link below.

2007 Federal Income Tax Notice

The notice accompanying form 1099 has been mailed. You can also print the form from our web site at by clicking the link below.

2007 Tax Year Notice

Ex Dividend December 17, 2007
Record Date December 14, 2007
Payable Date December 21, 2007

FPA Capital Fund:
Income $0.32
LT Cap Gains $2.97
Total Dividend $3.29

FPA Crescent:
Income $0.25
LT Cap Gains $1.57
Total Dividend $1.82

FPA New Income:
Income $0.14

FPA Paramount:
Income $0.01

FPA Perennial:
ST Cap Gains $0.25
LT Cap Gains $2.48
Total Dividend $2.73

Common Stock Rate: $1.00 per share
Record Date: November 23, 2007
Payable Date: December 15, 2007

Preferred Stock Rate: $0.60 per share
Record Date: November 23, 2007
Payable Date: December 15, 2007

FPA FUNDS TRUST’S FPA CRESCENT FUND
PARTIAL RE-OPENING TO NEW INVESTORS

LOS ANGELES, October 2, 2007 --- FPA Funds Trust’s FPA Crescent Fund (FPACX), a mutual fund with total net assets of approximately $1.4 billion, will re-open sales of its shares to new investor accounts opened and held directly at the Fund, effective October 2, 2007. Sales to new investors on current broker/dealer and trust trading platforms remain closed.

The Fund had closed to new sales on February 11, 2005, reflecting the belief of the Board and Steven Romick, FPA Crescent Fund’s President and Chief Investment Officer, that unrestrained growth in the Fund’s assets might impair investment flexibility, which would not be in the best interests of Fund shareholders. As we noted in our March 31, 2005 Shareholder Letter, our cash levels were a by-product of not finding investment opportunities at a time when the Fund had strong asset inflows. We said then that, “We aspire to something more than padding our pocketbooks. We hope to continue to provide the strong, risk-adjusted returns to which our shareholders have become accustomed.” The Fund has experienced some net redemptions beginning in April 2006, not a surprise given that the Fund has been closed to new investors. When a fund has net redemptions for an extended period of time it can create a significant distraction from the investment process by forcing the sale of certain investments prior to reaching their expected potential, increase transaction costs, and reduce its tax efficiency.

The Board and Mr. Romick feel that this partial re-opening may help to offset the net redemptions that occur as part of the typical lifecycle of the average fund shareholder. Mr. Romick also believes that more investment opportunities are beginning to meet the Fund’s strict value requirements and, further, that volatile markets may provide more opportunities in the future. Finally, it is the belief of Mr. Romick and the Fund’s investment adviser, First Pacific Advisors, LLC (FPA), that continued growth in Fund assets through mutual fund supermarket platforms, is too costly for FPA relative to the value of the services they provide.

FPA Crescent Fund seeks to provide a total return consistent with reasonable investment risk, through a combination of income and capital appreciation. The Fund commenced operations in 1993 and FPA became its investment adviser on March 1, 1996. FPA Crescent Fund will continue to accept additional investments from existing shareholders, to reinvest dividends and capital gain distributions with respect to shareholders who select such options, and to redeem shares at net asset value when requested by any shareholder.

Rate: $0.13 Income
Ex Date: October 1, 2007
Record Date: September 28, 2007
Payable Date: October 4, 2007

Common Stock Rate: $1.00 per share
Record Date: August 24, 2007
Payable Date: September 15, 2007

Preferred Stock Rate: $0.60 per share
Record Date: August 24, 2007
Payable Date: September 15, 2007

Ex Dividend July 2, 2007
Record Date June 29, 2007
Payable Date July 6, 2007

FPA Capital Fund:
Income $0.35
ST Cap Gains $0.02
LT Cap Gains $1.02
Total Dividend $1.39

FPA Crescent:
Income $0.50
LT Cap Gains $0.59
Total Dividend $1.09

FPA New Income:
Income $0.14

FPA Paramount:
Income $0.10

FPA Perennial:
Income $0.16
ST Cap Gains $0.01
LT Cap Gains $0.01
Total Dividend $0.18

Common Stock Rate: $1.00 per share
Record Date: May 25, 2007
Payable Date: June 15, 2007

Preferred Stock Rate: $0.60 per share
Record Date: May 25, 2007
Payable Date: June 15, 2007

Rate: $0.13 Income
Ex-Date: April 2, 2007
Record Date: March 30, 2007
Payable Date: April 5, 2007

Common Stock Rate: $1.00 per share
Record Date: February 23, 2007
Payable Date: March 15, 2007

Preferred Stock Rate: $0.60 per share
Record Date: February 23, 2007
Payable Date: March 15, 2007

The notice accompanying form 1099 has been mailed. You can also print the form from our web site at by clicking the link below.

2006 Tax Year Notice

You may print the information from the link below.

2006 Federal Income Tax Notice

Ex-Dividend 12/18/2006
Record 12/15/2006
Payable 12/22/2006

FPA Capital Fund:
Income $0.25
LT Cap Gains $2.01

FPA Crescent Fund:
Income $0.25
LT Cap Gains $1.05

FPA New Income:
Income $0.11

FPA Paramount Fund:
Income $0.07

FPA Perennial Fund:
Income $0.10
ST Cap Gains $0.01
LT Cap Gains $0.76

Common Stock Rate: $1.00 per share
Record Date: November 24, 2006
Payable Date: December 15, 2006

Preferred Stock Rate: $0.60 per share
Record Date: November 24, 2006
Payable Date: Decmber 15, 2006

Common Stock Rate: $0.74
Record Date: November 24, 2006
Payable Date: December 15, 2006

Rate: $0.15 Income
Ex-Date: October 2, 2006
Record Date: September 29, 2006
Payable Date: October 5, 2006

Common Stock Rate: $1.00 per share
Record Date: August 25, 2006
Payable Date: September 15, 2006

Preferred Stock Rate: $0.60 per share
Record Date: August 25, 2006
Payable Date: September 15, 2006

Ex-Dividend 7/03/2006
Record Date 6/30/2006
Payable Date 7/07/2006

FPA Capital Fund:
Income $0.38
LT Cap Gains $1.10

FPA Crescent Fund:
Income $0.280
ST Cap Gains $0.005
LT Cap Gains $0.285

FPA New Income:
Income $0.16

FPA Paramount Fund:
Income $0.07

FPA Perennial Fund:
Income $0.15
ST Cap Gains $0.01
LT Cap Gains $0.11

Common Stock Rate: $1.00 per share
Record Date: May 26, 2006
Payable Date: June 15, 2006

Preferred Stock Rate: $0.60 per share
Record Date: May 26, 2006
Payable Date: June 15, 2006

Rate: $0.08 Income
Ex-Date: April 3, 2006
Record Date: March 31, 2006
Payable Date: April 6, 2006

Common Stock Rate: $1.00 per share
Record Date: February 24, 2006
Payable Date: March 15, 2006

Preferred Stock Rate: $0.60 per share
Record Date: February 24, 2006
Payable Date: March 15, 2006

You may print the information from the link below.

2005 Federal Income Tax Notice

The notice accompanying form 1099 has been mailed. You can also print the form from our web site at by clicking the link below.

2005 Tax Year Notice

Ex-Dividend 12/16/2005
Record Date 12/15/2005
Payable Date 12/23/2005

FPA Capital Fund:
Income $0.17
LT Cap Gains $2.66

FPA Crescent Fund:
Income $0.18
ST Cap Gains $0.02
LT Cap Gains $0.57

FPA Perennial Fund:
Income $0.10
ST Cap Gains $0.20
LT Cap Gains $0.37

FPA New Income:
Income $0.18

FPA Paramount Fund:
Income $0.05

Common Stock Rate: $1.00 per share
Record Date: November 25, 2005
Payable Date: December 15, 2005

Preferred Stock Rate: $0.60 per share
Record Date: November 25, 2005
Payable Date: December 15, 2005

Common Stock Rate: $1.47
Record Date: November 25, 2005
Payable Date: December 15, 2005

Rate: $0.12 Income
Ex-Date: 10/03/2005
Record Date: 09/30/2005
Payable Date: 10/06/2005

Common Stock Rate: $1.00 per share
Record Date: August 26, 2005
Payable Date: September 15, 2005


Preferred Stock Rate: $0.60
Record Date: August 26, 2005
Payable Date: September 15, 2005

EX-DATE: JULY 1, 2005
RECORD DATE: JUNE 30, 2005
PAYABLE DATE JULY 7, 2005

FPA CAPITAL FUND, INC.
INCOME: $.0.09
LT CAPITAL GAINS: $0.73
TOTAL: $0.82 PER SHARE

FPA CRESCENT FUND
INCOME: $0.15

FPA NEW INCOME, INC.
INCOME: $0.12

FPA PERENNIAL FUND, INC.
SHORT-TERM CAPITAL GAINS: $0.01
LONG-TERM CAPITAL GAINS: $0.06
TOTAL: $0.07 PER SHARE

FPA PARAMOUNT FUND, INC.
NO DIVIDEND

Common Stock Rate: $1.00 per share
Record Date: May 27, 2005
Payable Date: June 15, 2005

Preferred Stock Rate: $0.60 per share
Record Date: May 27, 2005
Payable Date: June 15, 2005

Rate: $0.09 Income
Ex Date: April 1, 2005
Record Date: March 31, 2005
Payable Date: April 6, 2005

Common Stock Rate: $1.00 per share
Record Date: February 25, 2005
Payable Date: March 15, 2005

Preferred Stock Rate: $0.60 per share
Record Date: February 25, 2005
Payable Date: March 15, 2005

The notice accompanying form 1099 has been mailed. You can also print the form from our web site at by clicking the link below.

2004 Tax Year Notice

Ex-Dividend: 12/16/2004
Record Date: 12/15/2004
Payable Date: 12/23/2004

FPA Capital Fund:
LT Cap Gains $0.77

FPA Crescent Fund:
Income $0.06
LT Cap Gains $0.07
Total $0.13

FPA New Income:
Income: $0.10

FPA Perennial:
ST Cap Gains $0.045
LT Cap Gains $0.255
Total $0.30

FPA Paramount:
No Dividend

Common Stock Rate: $1.00 per share
Record Date: November 26, 2004
Payable Date: December 15, 2004

Preferred Stock Rate: $0.60 per share
Record Date: November 26, 2004
Payable Date: December 15, 2004

Rate: $0.09 Income
Ex-date: 10/01/2004
Record: 9/30/2004
Payable: 10/06/2004

Common Stock Rate: $1.00 per share
Record Date: August 27, 2004
Payable Date: September 15, 2004

Preferred Stock Rate: $0.60 per share
Record Date: August 27, 2004
Payable Date: September 15, 2004

Record Date: June 30, 2004
Ex-Date: July 1, 2004
Payable Date: July 7, 2004

FPA Capital $0.71 Long-term gains

FPA New Income $0.11 Income

FPA Crescent $0.32
$0.30 Long-term gains, $0.02 Income

FPA Capital Fund, Inc. to close to new investors July 9, 2004.

Common Stock Rate: $1.00 per share
Record date: May 28, 2004
Payable date: June 15, 2004

Preferred Stock Rate: $0.60 per share
Record date: May 28, 2004
Payable date: June 15, 2004

Rate: $0.09 Income
Ex-date: April 1, 2004
Record date: March 31, 2004
Payable date: April 6, 2004

The notice accompanying form 1099 has been mailed. You can also print the form from our web site at by clicking the link below.

2003 Tax Year Notice

Ex-Dividend: 12/16/2003
Record Date: 12/15/2003
Payable Date: 12/29/2003

FPA Capital Fund:
Income $0.02
LT Cap Gains $0.33
Total $0.35

FPA Crescent Fund:
Income $0.08

FPA New Income:
Income $0.13

FPA Perennial Fund:
LT Cap Gains $1.07

FPA Paramount Fund:
No Dividend

Common Stock Rate: $0.875 per share
Record date: November 21, 2003
Payable date: December 15, 2003

Preferred Stock Rate: $0.60 per share
Record date: November 21, 2003
Payable date: December 15, 2003

Rate: $0.10 per share from net investment income

Ex-date October 1, 2003
Record Date September 30, 2003
Payable Date October 7, 2003

IMPORTANT INFORMATION ABOUT PROCEDURES
FOR OPENING A NEW MUTUAL FUND ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. We may close your account and redeem your shares if we are unable to verify your identity. Shares may be redeemed at net asset value on the date it is deemed information cannot be substantiated.

Common Stock Rate: $0.875 per share
Record date August 22, 2003
Payable date September 15, 2003

Preferred Stock Rate: $0.60 per share
Record date August 22, 2003
Payable date September 15, 2003

Rate: $0.14 per share from net investment income

Ex-date July 1, 2003
Record date June 30, 2003
Payable date July 9, 2003

Rate: $0.07 per share from net investment income

Ex-date July 1, 2003
Record date June 30, 2003
Payable date July 9, 2003

Common Stock Rate: $0.875 per share
Record date May 23, 2003
Payable date June 15, 2003

Preferred Stock Rate: $0.60 per share
Record date May 23, 2003
Payable date June 15, 2003

Rate: $0.12 per share from net investment income
Ex-date April 1, 2003
Record date March 31, 2003
Payable date April 7, 2003

Click on the FPA Capital Fund Historical Commentary tab to read or download.

Unfortunately, we have been wrong about our Conseco investment. The economic and regulatory climate has overwhelmed the company’s effort to gradually restructure its balance sheet. The company announced today that it is withholding interest payment on several bond issues due August 8 and 9 and invoking the 30-day grace period. The company further stated that it would be in discussions with various debt holders to take aggressive action that will result in a substantial change in the capital structure of the holding company.

The two operating subsidiaries of the company, insurance and finance, are both generating positive cash flows at this time. These business segments represent significant economic value that will be the subject of negotiation between the company and the various constituents in the capital structure. The result of these negotiations will likely impact all segments of the capital structure.

The current value of the debt securities in FPA New Income and FPA Capital fairly represent today’s lowered expectations, and imply little, if any, additional value that may result from a successful capital structure re-balancing.

It is very disappointing to have to communicate this type of negative news to shareholders of FPA Capital and FPA New Income. This type of investment failure has been quite infrequent over the years for both Funds. The extreme volatility and revaluation of the Conseco debt securities in FPA New Income are the primary reason for the FundÂ’s negative performance over the past week. FPA New Income continues to have a very high overall credit quality with an average Moody’s credit rating of AA2, with 57% of the portfolio invested in government-backed mortgages, government agency and Treasury bonds, and 23% invested in money-market securities.

It is our belief that the situation with Conseco, although extremely difficult, may improve. Should it improve it would potentially benefit both Funds. We appreciate the strong support that all of you have demonstrated over the years by your investment in FPA New Income and FPA Capital Fund. Thank you.

Sincerely,
Robert Rodriguez