FPA Crescent Fund FPACX*

Second Quarter 2016

Webcast Presentation

Presented by: Steven Romick, Mark Landecker, and Brian Selmo

*Charles Schwab Ticker: FPC1ZFirst

Pacific A

dvisors,

LLC

Absolute Return Focus

Flexible Approach

Deep Research

Philosophy

1

The Fund seeks to generate equity-like returns over the long-term, take less risk than the

market and avoid permanent impairment of capital.

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$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015

FPACX $93,276

S&P 500 $72,918

60% S&P 500/ 40% BC Agg $58,328

FPA Crescent performance

FPA Crescent S&P 500

60% S&P 500/

40% Barclays

Aggregate

Annualized returns 10.16% 8.99% 7.94% Standard deviation 10.14% 14.66% 8.97% Sharpe ratio 0.51 0.27 0.33

2

Average Annual Total Returns as of June 30, 2016 for FPA Crescent: 1 Year, -1.87% 3 Years, 4.95% 5 Years, 6.68% 10 Years, 6.53%

Source: Morningstar. Total return calculations are based on a $10,000 investment. Expense ratio as of most recent prospectus is 1.11%. A redemption fee of 2% will be

imposed on redemptions within 90 days. 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 via http://www.fpafunds.com

or 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 Fund's objectives, policies, guidelines and

restrictions are, in all material respects, equivalent to those of the predecessor fund. Please refer to the back of the presentation for important disclosures. First Pacifi

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ors, LLC

Performance

Calculated using Morningstar Direct. Periods greater than one year are annualized.

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 at www.fpafunds.com or by calling toll-free, 1-800-982-4372. A redemption fee of

2% will be imposed on redemptions within 90 days. Expense ratio as of most recent prospectus is 1.11%.

* Fund Inception: June, 2, 1993. Performance 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 Fund's objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the predecessor fund.

Market Cycle Performance reflects the two most recent market cycles (peak to peak) defined as a period that contains a decline of at least 20% from the previous market peak

over at least a two-month period and a rebound to establish a new peak above the prior market peak. The current cycle is ongoing and thus presented through the most recent

quarter-end. Once the cycle closes, the results presented may differ materially.

Please refer to the back of the presentation for important disclosures.

Annual Performance (%)

2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

FPA Crescent -2.06 6.64 21.95 10.33 3.02 12.04 28.37 -20.55 6.84 12.43 S&P 500 1.38 13.69 32.39 16.00 2.11 15.06 26.46 -37.00 5.49 15.79 MSCI ACWI -2.36 4.16 22.80 16.13 -7.35 - - - - - CPI 0.67 0.69 1.55 1.78 3.06 1.44 2.81 -0.02 4.11 2.52 60% S&P500/40% BC Agg 1.28 10.62 17.56 11.31 4.69 12.13 18.40 -22.06 6.22 11.12

Trailing Performance (%) Market Cycle Performance

As of Date: 6/30/2016 Inception* 20 Years 15 Years 10 Years 5 Years 3 Years 1 Year YTD QTR 3/25/00-

10/9/07

10/10/07-

6/30/16

FPA Crescent 10.16 9.26 8.67 6.53 6.68 4.95 -1.87 0.19 0.39 14.70 5.78 S&P 500 8.99 7.87 5.75 7.42 12.10 11.66 3.99 3.84 2.46 2.00 5.70 MSCI ACWI - - - - 5.38 6.03 -3.73 1.23 0.99 - 1.56 CPI NA NA NA NA NA NA NA NA NA 2.75 NA 60% S&P500/40% BC Agg 7.94 7.32 5.79 6.81 8.90 8.73 5.04 4.52 2.37 3.97 5.70

3

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Q2 2016: Winners and Losers

4

Based on weighted contribution to the Fund’s quarterly performance as of June 30, 2016. Contribution is presented gross of investment management fees,

transactions costs, and Fund operating expenses, which if included, would reduce the returns presented.

Past performance is no guarantee of future results. Please refer to the end of the presentation for important disclosures.

Winners Performance

Contribution

Percent of

Portfolio

Losers Performance

Contribution

Percent of

Portfolio

Consol Energy Notes 0.27% 1.49% Microsoft Corp -0.16% 2.43%

Aon PLC 0.17% 3.11% WPP PLC -0.15% 1.40%

Halliburton Company 0.17% 0.81% Sound Holding FP -0.15% 0.19%

Occidental Petroleum Company 0.14% 0.29% Alphabet Inc. (Class A and C) -0.14% 1.89%

Leucadia National Corp. 0.13% 1.90% TE Connectivity Ltd -0.14% 1.92%

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Geographic exposure

5

Source: Bloomberg, based on country of domicile and revenue by geography.

Domicile and revenue composition for the equity positions only in the FPA Crescent Fund as of June 30, 2016.

Exposure

Domicile Revenue

North America 77.5% 47.2%

South America / Latin America 0.0% 1.9%

Uncategorized Americas - 7.0%

Western / Northern Europe 13.9% 13.3%

Central / Eastern Europe 7.6% 1.4%

Asia / Pacific -4.3% 6.0%

Middle East / Africa 5.3% 7.8%

Uncategorized Non-US - 15.4%

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Portfolio characteristics

6

FPACX

Q2 2016

FPACX

Average

S&P 500

Market Capitalization, Wgt. Avg. (in millions)1 $98,491 $31,923 $137,560

Market Capitalization, Median (in millions)1 $32,709 $9,854 $18,208

Price/Earnings, trailing 12 months2 25.0 16.9 20.7

Price/Book1 1.3 1.7 2.8

Debt/Capital3 -17.0% 7.5% 55.4%

Return on Equity4 10.8% 12.7% 16.5%

Source: CapIQ, Mellon, and FPA.

Fund Inception: June 2, 1993. 1 For the period September 30, 1996 through June 30, 2016. Data prior to September 30, 1996 is not available. If presented since the Fund’s inception

(June 2, 1993), the information may differ materially. 2 For the period March 31, 1999 through June 30, 2016. Data prior to March 31, 1999 is not available. If presented since Fund Inception, the information may

differ materially. 3 For the period December 31, 1997 through June 30, 2015. Data prior to December 31, 1997 is not available. If presented since Fund Inception, the

information may differ materially. 4 For the period March 31, 1999 through June 30, 2016. Data prior to March 31, 1999 is not available. If presented since Fund Inception, the information may

differ materially.

Past performance is no guarantee of future results. Please refer to the end of the presentation for important disclosures. First Pacifi

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Portfolio characteristics

7

FPACX

Q2 2016

FPACX

Average

S&P 500

Market Capitalization, Wgt. Avg. (in millions)1 $98,491 $31,923 $137,560

Market Capitalization, Median (in millions)1 $32,709 $9,854 $18,208

Price/Earnings, next 12 months2 14.8 13.9 17.2

Price/Book1 1.3 1.7 2.8

Debt/Capital3 -17.0% 7.5% 55.4%

Return on Equity4 10.8% 12.7% 16.5%

Source: CapIQ, Mellon, and FPA.

Fund Inception: June 2, 1993. 1 For the period September 30, 1996 through June 30, 2016. Data prior to September 30, 1996 is not available. If presented since the Fund’s inception

(June 2, 1993), the information may differ materially. 2 For the period June 30, 1997 through June 30, 2016. Data prior to June 30, 1997 is not available. If presented since Fund Inception, the information may

differ materially. 3 For the period December 31, 1997 through June 30, 2015. Data prior to December 31, 1997 is not available. If presented since Fund Inception, the

information may differ materially. 4 For the period March 31, 1999 through June 30, 2016. Data prior to March 31, 1999 is not available. If presented since Fund Inception, the information may

differ materially.

Past performance is no guarantee of future results. Please refer to the end of the presentation for important disclosures. First Pacifi

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Portfolio allocation

8

Risk Asset Q2 2016 Year End

2015

Average1

Common stock, long 62.1% 59.5% 53.5%

Common stock, short -3.9% -3.6% -4.7%

Corporate debt 5.6% 3.9% 12.2%

Mortgages 0.7% 1.0% 0.6%

Other 0.5% 0.4% 0.3%

Exposure, Net 65.0% 61.2% 63.3%

No. of Equity Positions 42 46 38

1 For the period March 1, 1996 through June 30, 2016. Data prior to March 1, 1996 is not available.

Past performance is no guarantee of future results. Please refer to the end of the presentation for important disclosures. First Pacifi

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0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

0

5

10

15

20

25

30

35

40

45

50

1881 1894 1908 1921 1934 1948 1961 1974 1988 2001 2015

10-Y

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Pri

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arn

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ati

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CAPE Ratio Interest Rate

Historic P/E ratio using 10-year average earnings

9

Source: Shiller, Robert J. Online Data Robert Shiller, www.econ.yale.edu/~shiller/data.htm, and Bloomberg. Data as of July 1, 2016. CAPE stands for Cyclically Adjusted P/E.

P/E or price-to-earnings is a valuation ratio of a company’s current share price compared to its per-share earnings. Please refer to the end of the presentation for important

disclosures.

July 1, 2016 P/E 10-Year UST

Current 26.7 1.46%

Since 1881 16.7 4.59% Since 1930 17.7 5.08% Since 1950 19.1 5.79% Since 1970 19.7 6.63%

P/E is in the 91st percentile

Avg. CAPE

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S&P 500 a beneficiary of low rates

10

Source: Bloomberg. Monthly data from 9/30/1981 – 6/30/2016. Past performance is no guarantee of future results.

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 20150

500

1000

1500

2000

2500

10 y

r T

reasu

ry Y

ield

S&

P 5

00 L

ev

el

S&P 500 10yr U.S. Treasury Yield

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Stock valuations are historically high

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Price/Earnings

(median)

Price/Sales

(median)

Price/Book

(median)

March 31, 2000 18.8 1.4 2.9

September 30, 2007 18.2 1.7 3.0

June 30, 2016 20.7 2.2 3.0

Source: Bloomberg. As of June 30, 2016. Represents trailing twelve months data for Price/Earnings and Price/Sales

Please refer to the end of the presentation for important disclosures.

S&P 500 valuations at most recent market peaks vs. Q2 2016

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Source: ECB, J.P. Morgan. In $trillion. Amount outstanding of bonds trading with a negative yield within the JPM Global Government Bond Index (JPM GBI

Broad Index). JPM converted to USD at July 13, 2016 exchange rate.

Outstanding government bonds with negative yields

12

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Big recession – small recovery

13

Source: JPMorgan. As of June 30, 2016. First Pacifi

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S&P 500 price vs. earnings per share

Source: S&P Dow Jones Indices. Quarterly data from 12/31/2008 – 3/31/2016. Past performance is no guarantee of future results.

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750

1000

1250

1500

1750

2000

2250

$-

$20

$40

$60

$80

$100

$120

Ind

ex L

ev

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Earn

ing

s

12-month S&P 500 as reported earnings S&P 500

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Growth outperforms value since last recession

-30%

-20%

-10%

0%

10%

20%

30%

40%

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Russell 3000 Value minus Russell 3000 Growth

Source: Morningstar Direct. Bars represents the difference between total returns of the Russell 3000 Value Index and the Russell 3000 Growth Index on a

calendar year basis from 1979-2015. Past performance is no guarantee of future results. Please refer to the end of the presentation for important

disclosures.

Cumulative total returns, 1/1/2009 – 12/31/2015

Russell 3000 Value 134.3%

Russell 3000 Growth 201.0%

15

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Flexible approach – Crescent’s net equity exposure to financials

16

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Figures are presented at each year-end with the exception of the last data point which represents June 30, 2016. Data prior to 1996 not available. Results for

periods prior to 1996 may differ materially. Past performance is no guarantee of future results. Please refer to the end of the presentation for important

disclosures. First Pacifi

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Financials

S&P 500 Bank Index – P/TBV

17

Source: CapIQ, as of June 30, 2016. P/TBV is the ratio of price to tangible book value. P/TBV data for index prior to 2005 is not available from CapIQ.

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

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What we own

2007 2007 Q2 2016 Q2 2016 2015

Tangible Equity/

Tangible Assets

Price/Tangible

Book

Tangible Equity/

Tangible Assets

Price/Tangible

Book

ROTE

Citigroup 2.7% 2.1-3.9 x 11.4% 0.67 x 9.0% Bank of America 3.4% 3.2-4.2 x 9.2% 0.80 x 9.1% CIT Group 6.0% 0.6-1.7 x 14.8% 0.66 x 6.1% AIG 8.2% 1.2-1.7 x 17.7% 0.68 x 5.7% Leucadia/Jefferies 4.8% 2.0-3.0 x 10.8% 0.84 x NM Company X 5.4% NM 8.8% 0.59 x 9.8%

Average 5.1% 12.1% 0.71 x 7.9%

Sources: 2007 Tangible Equity/Tangible Assets from company filings. 2007 Price/Tangible Book range from Bloomberg, except for CIT which is from

brokerage reports. Company X is an undisclosed portfolio position and was not publicly traded in 2007. Q2 2016 Tangible Equity/Tangible Assets from

Bloomberg. 2016 Price/Tangible Book from Bloomberg as of 6/30/2016. 2015 ROTE (Return on Tangible Equity) from company filings and FPA

calculation/adjustments. LUK/JEFF Tangible Equity/Tangible Assets is for Jefferies in 2007 and Jefferies subsidiary in Q1 2016. 2007 trading multiple is for

Jefferies.

18

Financials

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ROTE

6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0%

1.25 101% 107% 113% 119% 125% 131% 137%

1.15 85% 90% 96% 101% 107% 113% 118%

1.05 69% 74% 79% 84% 89% 94% 99%

Multiple to 0.95 53% 57% 62% 66% 71% 76% 80%

Tangible Book 0.85 37% 41% 45% 49% 53% 57% 61%

0.75 21% 24% 28% 31% 35% 39% 42%

0.65 5% 8% 11% 14% 17% 20% 23%

0.55 -11% -9% -6% -4% -1% 2% 4%

Source: FPA estimates. ROTE stands for Return on Tangible Equity. The table assumes acquiring a position at 0.74x tangible book value and exiting in 3

years. This chart is hypothetical and for illustrative purposes only. It does not imply any future performance of the fund and past performance is no

guarantee of future results.

Return potential

3-Year Cumulative Total Return Potential

19

Financials

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Financials

Something is brewing

“Love ‘em or hate ‘em, activists are coming to the banks” – Crain’s New York Business 1

“AIG Faces Push to Break Up…Carl Icahn and John Paulson are pressing American International Group to

split into three pieces” – Wall Street Journal 2

“CIT Group (CIT) Exploring Strategic Alternatives for $10B Commercial Air Business” – StreetInsider 3

“No bank is immune to activist pressure” – Mike Mayo at brokerage CLSA 4

“These huge banks must be broken up” – Bernie Sanders 5

Sources:

1 December 8, 2014. http://www.crainsnewyork.com/article/20141208/BLOGS02/312079992/activists-at-the-gate

2 October 28, 2015. http://www.wsj.com/articles/icahn-says-he-has-taken-large-stake-in-aig-encourages-company-to-split-1446038362

3 October 21, 2015.

http://www.streetinsider.com/Corporate+News/CIT+Group+(CIT)+Exploring+Strategic+Alternatives+for+$10B+Commercial+Air+Business/10991355.html

4 April 22, 2016. http://www.wsj.com/articles/several-big-comerica-shareholders-urging-bank-to-explore-sale-1461340410

5 http://www.betterworld.net/quotes/bernie.htm

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Question & Answer

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Active security selection drives differentiated returns

2007 to

2016

CAGR

2016

YTD

2015 2014 2013 2012 2011 2010 2009 2008 2007

FPACX long equity 9.03% -0.61% -1.04% 13.67% 39.62% 17.69% 6.25% 22.30% 38.39% -38.27% 11.47%

S&P 500 6.47% 3.84% 1.38% 13.69% 32.39% 16.00% 2.11% 15.06% 26.46% -37.00% 5.49%

Alpha vs. S&P 500 2.56% -4.45% -2.42% -0.02% 7.23% 1.69% 4.14% 7.24% 11.93% -1.27% 5.98%

S&P 500 Value 4.69% 6.24% -3.13% 12.36% 31.99% 17.68% -0.48% 15.10% 21.18% -39.22% 1.99%

Alpha vs. S&P 500 Value 4.34% -6.85% 2.09% 1.31% 7.63% 0.01% 6.73% 7.20% 17.21% 0.95% 9.48%

MSCI ACWI 3.06% 1.23% -2.36% 4.16% 22.80% 16.13% -7.35% 12.67% 34.63% -42.19% 11.66%

Alpha vs. MSCI ACWI 5.97% -1.84% 1.32% 9.51% 16.82% 1.56% 13.60% 9.63% 3.76% 3.92% -0.19%

22

Source: FPA and Morningstar Direct. Performance of the long equity segment of the Fund is presented gross of investment management fees, transactions costs, and Fund operating expenses, which if included, would reduce the returns presented. Performance for 2016 is as of June 30th. Alpha compares how the Fund’s long equity investments performed relative to each respective benchmark listed. Active security selection refers to the fact that the Fund can make investments outside of the index or in different weights than the index and thus Fund performance may be expected to differ for any given period as compared to the index. Past performance is no guarantee of

future results. Please refer to the end of the presentation for important disclosures. First Pacifi

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Flexible approach – FPA Crescent net risk exposure & subsequent 2-year return

Net Risk

Exposure

# of Quarterly

Periods

Avg Subsequent

2-Yr Return

Net Risk

Exposure

# of Quarterly

Periods

Avg Subsequent

2-Yr Return

<55% 23 5.75% <60% 33 7.35%

>65% 33 10.93% <65% 41 8.44% >70% 21 13.15% <70% 53 8.12% >75% 14 14.81% >80% 11 15.03%

23

30%

40%

50%

60%

70%

80%

90%

100%

1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Source: Morningstar Direct. Last data point as of June 30, 2016. Net risk exposure includes all investments less cash and cash equivalents. Data prior to March 31, 1996 is not available. Results for periods prior to March 31, 1996 may differ materially. Past performance is no guarantee of future results. Please refer to the back of this

presentation for important disclosures. First Pacifi

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5-year rolling returns by market type since inception

Down Market – 5yr

average return

below 0%

Normal Market – 5yr

average return

0-10%

Robust Market – 5yr

average return

above 10%

FPACX Average 9.54% 8.71% 11.62% S&P 500 Average -1.81% 3.30% 17.74% FPACX Outperformed in 100% of periods 97.5% of periods 14.6% of periods

(49 of 49) (77 of 79) (13 of 89)

24

-10%

0%

10%

20%

30%

-10% 0% 10% 20% 30%

FP

A C

rescen

t

S&P 500

Source: Morningstar Direct. The chart illustrates the monthly five-year rolling average returns for the FPA Crescent Fund from July 1, 1993 (the first full month of performance

since inception) through June 30, 2016 compared to the S&P 500 Index. The horizontal axis represents the five-year rolling average returns for the Index, and the vertical axis

represents the Fund’s five-year rolling average returns. The diagonal line illustrates the relative performance of the Fund vs. the Index. Points above the diagonal line indicate

the Fund outperformed in that period, while points below the line indicate the Fund underperformed in that period. The table categorizes returns for three distinct market

environments: a “down market” is defined as any period where the five-year rolling average return for the Index was less than 0%; a “normal market” is defined as any period

where the five-year rolling average return for the Index was between 0-10%; and a “robust market” is defined as any period where the five-year rolling average return for the

Index was greater than 10%. There were 217 five-year rolling average monthly periods between July 1, 1993 and June 30, 2016. Past performance is no guarantee of

future results. Please refer to the end of the presentation for important disclosures. First Pacifi

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Utility valuations at highs

25

0

5

10

15

20

25

S&

P 5

00 U

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es I

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ex P

/E

Source: Bloomberg. As of June 30, 2016. First Pacifi

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Industrials 8.23% Esterline Technologies Corporation 1.09% General Electric Co. 1.63% Jardine Strategic Holdings Limited 0.50% Meggitt PLC 1.42% Sound Holdings 0.19% United Technologies Corporation 3.40% Information Technology 17.35% Alphabet, Inc. – Class A 0.95% Alphabet Inc. – Class C 0.94% Analog Devices, Inc. 1.30% Baidu, Inc. – ADR 0.29% Cisco Systems 2.72% Microsoft 2.43% Oracle Corporation 4.99% Qualcomm Incorporated 1.02% TE Connectivity 1.92% Yahoo 0.79% Materials 5.20% Alcoa Inc. 2.76% MMC Norilsk Nickel OJSC – ADR 0.36% Nexeo Solutions – Pipe Shares 0.98% Nexeo Solutions – Founder Shares 0.06% Owens-Illinois 1.04% Other 1.71% Undisclosed 1.71% Common stocks – short -3.85%

Consumer Discretionary 4.75% Genting Malaysia Berhad 0.28% Naspers Limited – N Shares 3.07% WPP PLC 1.40% Consumer Staples 1.66% Henkel AG & Co. KGAA 0.36% Lenta Ltd 144A 0.75% Unilever N.V. 0.55% Energy 2.14% Gazprom OAO - ADR 0.34% Halliburton Company 0.81% Lukoil OAO - ADR 0.37% Occidental Petroleum 0.29% Rosneft Oil Company – Reg S GDR 0.18% Surgutneftegas-Preference 0.15% Financials 19.73% Alleghany Corporation 0.61% American Express Company 1.79% American International Group, Inc. 3.05% Aon 3.11% Bank of America Corporation 2.03% CIT Group 2.32% Citigroup 2.90% Groupe Bruxelles Lambert S.A. 1.44% Leucadia National Corporation 1.90% LPL Financial Holdings Inc. 0.58% Health Care 1.29% Thermo Fisher Scientific Inc. 1.29%

Holdings as of June 30, 2016

Portfolio composition will change due to ongoing management of the Fund. Please refer to the end of the presentation for important disclosures.

26

Limited Partnerships 0.37% U.S. Farming Realty Trust I & II 0.33% WL Ross Holding Corp. (Nexeo) – LLC Interest 0.04%

Corporate Bonds & Notes 5.60% Bombardier 0.96% California Resources Corporation 0.21% Consol Energy 1.49% Glencore (Various issues) 0.58% iStar Financial Inc. 0.03% Navistar International Corporation 0.83% RELP (4-11) 0.32% Rice Energy 0.10% Ship Loan Participation (Northern Shipping) 0.46% Springleaf Financial Services 0.19% Southwest Energy Co. 0.02% Walter Investment Management Corporation 0.41%

Mortgages 0.67% Stanwich Mortgage Loan Trust (Various issues) 0.18%

Sunset Mortgage Loan Company 0.49%

Derivatives/futures 0.11%

Cash and equivalents (net of liabilities) 35.04% U.S. government and agencies 30.01% Commercial paper, money market 5.03%

Total net assets 100% First Pacifi

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These slides are intended as supplemental material to the 2nd Quarter 2016 FPA Crescent Fund audio presentation that is posted on our website fpafunds.com. It is important to understand that the views expressed on these slides and in the accompanying audio presentation are as of the date presented (August 1, 2016) and are subject to change based on market and other conditions. These views may differ from other portfolio managers and analysts of the firm as a whole, and are not intended to be a forecast of future events, a guarantee of future results or investment advice. Any mention of individual securities or sectors should not be construed as a recommendation to purchase or sell such securities, and any information provided is not a sufficient basis upon which to make an investment decision. The information provided does not constitute, and should not be construed as, an offer or solicitation with respect to any securities, products or services discussed.

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. 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. The Fund’s expense ratio as of its most recent prospectus is 1.11%. A

redemption fee of 2% will be imposed on redemptions within 90 days. Current month-end performance data may be obtained at

www.fpafunds.com or by calling toll-free, 1-800-982-4372.

The views expressed herein and any forward-looking statements are as of the date of the publication and are those of the portfolio managers. Future events or results may vary significantly from those expressed and are subject to change at any time in response to changing circumstances and industry developments. This information and data has been prepared from sources believed reliable, but the accuracy and completeness of the information cannot be guaranteed and is not a complete summary or statement of all available data.

Portfolio composition will change due to ongoing management of the Fund. References to individual securities are for informational purposes only and should not be construed as recommendations by the Fund, the Portfolio Managers, or the Distributor. It should not be assumed that future investments will be profitable or will equal the performance of the security examples discussed.

The portfolio holdings as of the most recent quarter-end may be obtained at www.fpafunds.com.

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. The Fund 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. Short-selling involves increased risks and transaction costs. You risk paying more for a security than you received from its sale.

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Interest rate risk is when interest rates go up, the value of fixed income securities, such as bonds, typically go down and investors may lose principal value. Credit risk is the risk of loss of principal due to the issuer’s failure to repay a loan. Generally, the lower the quality rating of a security, the greater the risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults the security may lose some or all of its value. The return of principal in a bond investment is not guaranteed. Bonds have issuer, interest rate, inflation and credit risks. Lower rated bonds, callable bonds and other types of debt obligations involve greater risks. Mortgage-backed securities and asset-backed securities are subject to prepayment risk and the risk of default on the underlying mortgages or other assets.

Value securities, including those selected by the Fund’s portfolio managers, are subject to the risks that their intrinsic value may never be realized by the market and that their prices may go down. In addition, value style investing may fall out of favor and underperform growth or other styles of investing during given periods. Securities selected by the portfolio managers using a value strategy may never reach their intrinsic value because the market fails to recognize what the portfolio managers consider to be the true business value or because the portfolio managers have misjudged those values.

Index Definitions

The Russell 3000 Growth Index includes companies that display signs of above average growth. The index is used to provide a gauge of the performance of growth stocks in the U.S.

The Russell 3000 Value Index is a market-capitalization weighted equity index maintained by the Russell Investment Group and based on the Russell 3000 Index, which measures how U.S. stocks in the equity value segment perform. Included in the Russell 3000 Value Index are stocks from the Russell 3000 Index with lower price-to-book ratios and lower expected growth rates.

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. The S&P 500 is considered a measure of large capitalization stock performance.

The Standard & Poor’s 500 Value Stock Index is a capitalization-weighted index measures the performance of S&P 500 constituents that exhibit value characteristics based on three factors: the ratios of book value, earnings, and sales to price.

The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 44 country indices comprising 23 developed and 21 emerging market country indices.

The Consumer Price Index (CPI) is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time.

60% S&P500/40% Barclays Aggregate Index is a hypothetical combination of unmanaged indices comprised of 60% S&P 500 Index and 40% Barclays Aggregate Index, the Fund's neutral mix of 60% stocks and 40% bonds.

Indices do not reflect any commissions or fees which would be incurred by an investor purchasing the underlying securities. You cannot invest directly in an Index.

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Other Definitions

Debt/Total Capital for a fund's underlying stock holdings is calculated by dividing each security's long-term debt by its total capitalization (the sum of common equity plus preferred equity and long-term debt) and is a measure of the company's financial leverage. Debt/Capital figures for FPACX exclude financials holdings.

FPACX long equity represents the performance of stocks that the Fund owned over the given time periods and excludes short-sales, limited partnerships, derivatives/futures, corporate bonds, mortgage backed securities, and cash and cash equivalents.

Price/Book ratio is the current closing price of the stock by the latest quarter’s book value per share.

Price/Earnings ratio (P/E) is the price of a stock divided by its earnings per share. P/E and average P/E reflect the trailing 12 months. P/E, next 12 months utilizes forward earnings expectations.

Price-to-Sales (P/S) is a ratio valuing a stock relative to its own past performance. Price to sales is calculated by dividing a stock's current price by its revenue per share in most recent year.

Return on Equity is the amount of profit computed by dividing net income before taxes less preferred dividends by the value of stockholders’ equity.

Tangible Equity/Tangible Assets is calculated by taking the value of the company’s total equity and subtracting intangible assets, goodwill and preferred stock equity and then dividing by the value of the company’s tangible assets.

Price/Tangible Book is the price of a stock divided by its tangible book value per share. Tangible book value is the total net asset value of a company minus intangible assets and goodwill.

Standard deviation is a measure of the dispersion of a set of data from its mean.

Sharpe ratio is the average return earned in excess of the risk-free rate per unit of volatility or standard deviation.

The FPA Funds are distributed by UMB Distribution Services, LLC, 235 W. Galena Street, Milwaukee, WI, 53212.

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