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.

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 Prospectus details the Fund's objective and policies, sales charges, 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 email at crm@fpafunds.com, toll-free by calling 1-800-982-4372 or by contacting the Fund in writing.

Sales charges vary depending on levels of investment. A redemption fee of 2.00% will be imposed on redemptions of shares within 90 days.



As of June 30, 2016

Average Annual Returns

Fund/IndexQTRYTD1 Year3 Years5 Years10 Years20 Years Since Inception*Expense Ratio1
FPA Crescent Fund0.39 %0.19 %-1.87 %4.95 %6.68 %6.53 %9.26 %10.16 %1.11 %
S&P 5002.46 %3.84 %3.99 %11.66 %12.10 %7.42 %7.87 %8.99 %
MSCI ACWI0.99 %1.23 %-3.73 %6.03 %5.38 %---
CPI0.84 %0.79 %1.05 %1.07 %1.31 %1.75 %2.15 %NA
60% S&P500/40% BC Agg2.37 %4.52 %5.04 %8.73 %8.90 %6.81 %7.32 %7.94 %

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.



Portfolio Holdings as of the most recent quarter

Past performance is not indicative of future performance. The Russell 2500 Index consists of the 2,500 smallest companies in the Russell 3000 total capitalization universe. This index is considered a measure of small and mid capitalization stock performance. The Standard & Poor's 500 Stock Index (S&P 500) is a capitalization-weighted index which covers industrial, utility, transportation and financial service companies, and represents approximately 75% of the New York Stock Exchange (NYSE) capitalization and 30% of NYSE issues. This index is considered a measure of large capitalization stock performance. These indices do not reflect any commissions or fees which would be incurred by an investor purchasing the stocks they represent. The Balanced Benchmark is a combined index of which 60% reflects the Russell 2500 Index and 40% the Barclay Government/Credit Index. The performance of the Fund and of the Averages is computed on a total return basis which includes reinvestment of all distributions.

^ FPCIZ- Charles Schwab only.



Investments in mutual funds carry risks and investors may lose principal value. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Certain funds may purchase foreign securities, including American Depository Receipts (ADRs) and other depository receipts, which are subject to interest rate, currency exchange rate, economic and political risks; this may be enhanced when investing in emerging markets. Small and mid cap stocks involve greater risks and they can fluctuate in price more than larger company stocks. Groups of stocks, such as value and growth, go in and out of favor which may cause certain funds to underperform other equity funds. The return of principal in a bond fund is not guaranteed. Bond funds have the same issuer, interest rate, inflation and credit risks that are associated with underlying bonds owned by the fund. Lower rated bonds, convertible securities and other types of debt obligations involve greater risks than higher rated bonds. Mortgage securities and collateralized mortgage obligations (CMOs) are subject to prepayment risk and the risk of default on the underlying mortgages or other assets; derivatives may increase volatility. The discussions of Fund investments represent the views of the Fund's managers at the time of each report and are subject to change without notice. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any First Pacific Advisors portfolio. Security examples featured are samples for presentation purposes and are intended to illustrate our investment philosophy and its application. It should not be assumed that most recommendations made in the future will be profitable or will equal the performance of the securities. Portfolio composition will change due to ongoing management of the funds. References to individual securities are for informational purposes only and should not be construed as recommendations by the Funds, Advisor or Distributor. As required by Reg.§ 275.206(4)-1 under the Investment Advisers Act of 1940, First Pacific Advisors, LLC will make available a list of all securities purchased within at least the immediately preceding period of one year upon the date of written request, including the name of each security, the date of each purchase and/or sale, the market price at the time, and the market price of each such security as of the most recent practicable date. The FPA Funds are distributed by UMB Distribution Services, LLC.