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.
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.fpa.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. Current month-end performance data may be obtained by calling
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.
The FPA Funds are distributed by UMB Distribution Services, LLC.