Average Annual Total Returns

As of March 31, 2015

Fund/Index QTR YTD 1 Year 3 Years** 5 Years** 10 Years** Since Inception** FPA Crescent -1.49 % 0.15 % 4.67 % 10.45 % 9.73 % 8.17 % 10.87 %

S&P 500 -1.58 % 0.95 % 12.73 % 16.11 % 14.47 % 8.01 % 9.32 %

CPI 0.24 % -0.23 % -0.02 % 0.99 % 1.64 % 2.02 % 2.28 %

60% S&P500/40% BC Agg -0.76 % 1.30 % 10.00 % 10.88 % 10.60 % 7.06 % 8.20 %

** Annualized. A redemption fee of 2.00% will be imposed on redemptions of shares within 90 days. Expense ratio as of most recent prospectus is 1.23%.

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.

S&P 500 Index includes a representative sample of 500 leading companies in leading industries of the U.S. economy.

The index focuses on the large-cap segment of the market, with over 80% coverage of U.S. equities, but is also

considered a proxy for the total market. Barclays Aggregate Index provides a measure of the performance of the U.S.

investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade

corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in

the United States. The securities in the Index must have at least 1 year remaining in maturity. In addition, the

securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. The Consumer

Price Index 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 of other indexes will reflect the

exact level of inflation at any given time. The CPI shown here is used to illustrate the Funds purchasing power

against changes in the prices of goods as opposed to a benchmark which is used to compare Funds performance.

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. These

indices do not reflect any commissions or fees which would be incurred by an investor purchasing the stocks they

represent. The performance of the Fund and of the Indices is computed on a total return basis which includes

reinvestment of all distributions. It is not possible to invest in an index.

FPA Crescent Fund First Quarter 2015 Commentary

Dear Shareholders:

The FPA Crescent Fund increased a flattish 0.15% in the first quarter while the S&P 500 returned 0.95%.

Our top five winners in the quarter added 1.10% while our top five losers cost us 1.44%. Nothing newsworthy happened to any of these companies so the limited share price movement was just a result of the typical prattle that occurs every day the market is open.

Winners Losers

Naspers Tencent

TE Connectivity Microsoft

CVS Alcoa

Thermo Fisher Oracle

Alibaba Bank of America

Globally, low interest rates continue to be the principal driver behind investment decisions for individuals, corporations, foundations, endowments and other capital allocators. Bloomberg lists nineteen countries 10-year bonds on their World Bond Markets home page with an average yield of just 2.2%.1 If you consider Greece an outlier, then the yield on the remaining eighteen sovereigns drops to 1.6%. Investors continue to opt for a riskier path since they want or need a return thats anything better than that.

The definition of what makes an attractive investment these days is now broader than it has perhaps ever been thanks to a 1.6% hurdle rate2. Long-term decisions are being made based on what we at FPA believe are impermanent conditions. Of course, everything in an altered state looks better. Well spare you the inevitable comparison to the bad choices people make when they are a bit sloshed but, suffice to say, many wake up later with regrets and well, well pass.

We have talked about the impact of this low-yielding environment on the stock market ad nauseam but the repercussions can be felt and seen in all risk assets around the world. For the first time in history, a country was even able to sell 10-year government bonds with a negative yield.3 Switzerland issued a 10-year note at -0.055%. Mexico, meanwhile, was able to issue a 4.2%, 100-year bond denominated in Euros. There has never been 10-year sovereign debt that a buyer had to pay for the privilege of owning and the Euro has never been validated with a 100-year bond. Put another way, investors are paying a fee for the security of the Swiss Franc

1 As of April 20, 2015. Bloomberg function: WB

2 Hurdle rate is the minimum rate of return on a project or investment required by a manager or investor.

3 We are referring to nominal bonds, not TIPS. Nominal bond is a bond which makes payments of a fixed amount, rather than a fixed

real (inflation-adjusted) value. TIPS stand for Treasury Inflation-Protected Security. It is a security which is identical to a treasury bond except that principal and coupon payments are adjusted to eliminate the effects of inflation.

FPA Crescent Fund First Quarter 2015 Commentary

1

or making a century-long bet on the Euro, a currency thats only existed for 13% of the bonds duration (and we havent even mentioned the additional credit and interest rate risk that comes along with it).4,5 We havent spoken to anyone who has admitted to buying either but we never met anyone who fessed up to buying Michael Jacksons Thriller album and it sold more than 50 million copies.

We understand lenders are taking advantage of an unprecedented sellers market. Who can blame them? Its the buyers who stymie us. Call us old-fashioned but we continue to want to receive more in return than what we offer. Thats something were finding rather challenging in the market today with P/Es marking time in the 95th percentile.

P/E 10 Ratios by Percentile6

So the stock market continues to make monkeys out of us as we await the next occasion to commit more of our collective capital. This hasnt been the first time nor will it be the last, but we do wish for a shorter duration between opportunities. This is already the longest bull market of the last 70 years.

Length of S&P 500 Bull Market in Months7

4 In addition, theres the risk that Mexico is assuming in that its income is not Euro-centric. If the Peso weakens vs the Euro,

their costs increase. 5 Euros were introduced into circulation on January 1, 2002. http://en.wikipedia.org/wiki/Euro

6 P/E 10: The ratio of current index price to the average inflation-adjusted earnings of the prior ten years. Source:

http://1.bp.blogspot.com/-He-FUT80LBk/VRW9-GphrrI/AAAAAAAAdJA/IoWdjLLJYuU/s1600/PE-10%2BShort.png 7 Source: Albert Edwards, Societe Generale. http://1.bp.blogspot.com/-

xBLEfg8gZBo/VQKJkLfy_rI/AAAAAAAAc8E/Ozyzgbn3LqI/s1600/SG%2B2015-03-13B.png

2

Conclusion

We appreciate that ours is not an annuity business. We must therefore continually earn our stakeholders trust investors, partners and employees but for us, that takes time as it always has.

Our longer market commentary will be written per usual at the end of the first half.

Respectfully submitted,

Steven Romick President April 20, 2015

3

CUSIP/SEDOL TICKER SHARES SECURITY MKT PRICE ($) MKT VALUE ($) COUPON RATE

MATURITY

DATE

% OF NET

ASSET

VALUE

INVESTMENT SECURITIES:

013817101 AA 19,175,000 ALCOA INC. 12.92 247,741,000.00 1.24%

017175100 Y 269,435 ALLEGHANY CORPORATION 487.00 131,214,845.00 0.66%

026874784 AIG 7,580,800 AMERICAN INTERNATIONAL GROUP, INC. 54.79 415,352,032.00 2.08%

032654105 ADI 3,522,000 ANALOG DEVICES, INC. 63.00 221,886,000.00 1.11%

03524A108 BUD 1,990,000 ANHEUSER-BUSCH INBEV SA/NV - ADR * 121.91 242,600,900.00 1.22%

37389103 AON 6,430,000 AON* 96.12 618,051,600.00 3.10%

013417504 ARRS 5,589,000 ARRIS GROUP, INC. 28.90 161,494,155.00 0.81%

009873597 BAC 12,111,900 BANK OF AMERICA CORPORATION 15.39 186,402,141.00 0.93%

BENN A 511,472 BENNU OIL & GAS SERIES A 18.50 9,462,233.67 0.05%

BENN B 72,957 BENNU OIL & GAS SERIES A - - 0.00%

136385101 CNQ 5,280,000 CANADIAN NATURAL RESOURCES LIMITED * 30.71 162,148,800.00 0.81%

4169219 CARLB_DC 2,601,624 CARLSBERG A/S - B * 82.61 214,909,684.04 1.08%

17275R102 CSCO 13,330,600 CISCO SYSTEMS 27.53 366,924,765.00 1.84%

125581801 CIT 3,312,900 CIT GROUP 45.12 149,478,048.00 0.75%

172967424 C 8,645,300 CITIGROUP 51.52 445,405,856.00 2.23%

126650100 CVS 4,146,600 CVS CAREMARK 103.21 427,970,586.00 2.14%

30219G108 ESRX 4,234,000 EXPRESS SCRIPTS 86.77 367,384,180.00 1.84%

368287207 OGZD_LI 12,676,800 GAZPROM OAO - ADR * 4.75 60,265,507.20 0.30%

369604103 8,215,200 GENERAL ELECTRIC CO 24.81 203,819,112.00 1.02%

B1VXKN7 GENM_MK 67,555,200 GENTING MALAYSIA BERHAD * 1.14 77,159,037.67 0.39%

38259P508 GOOGL 220,014 GOOGLE INC. - Class A 554.70 122,041,765.80 0.61%

38259P706 GOOG 220,014 GOOGLE INC. - Class C 548.00 120,567,672.00 0.60%

7097328BE GBLB_BB 2,358,735 GROUPE BRUXELLES LAMBERT S.A. * 82.96 195,670,187.66 0.98%

5002465DE HEN_GR 1,061,150 HENKEL AG & CO. KGAA * 103.42 109,741,560.36 0.55%

458140100 INTC 1,805,000 INTEL CORPORATION 31.27 56,442,350.00 0.28%

009978810 IPG 8,974,000 INTERPUBLIC GROUP OF COMPANIES 22.12 198,504,880.00 1.00%

6472119 JM_SP 564,700 JARDINE MATHESON HOLDINGS LTD. * 62.94 35,542,218.00 0.18%

6472960 JS_SP 1,951,900 JARDINE STRATEGIC HOLDINGS LIMITED * 35.00 68,316,500.00 0.34%

481165108 JOY 3,371,800 JOY GLOBAL INC. 39.18 132,107,124.00 0.66%

677862104 LKOD_LI 1,453,600 LUKOIL OAO - ADR * 46.32 67,330,752.00 0.34%

G5960L103 MDT 2,020,579 MEDTRONIC PLC 77.99 157,584,956.21 0.79%

0575809 MGGT_LN 29,396,901 MEGGITT PLC * 8.14 239,186,387.71 1.20%

594918104 MSFT 14,530,000 MICROSOFT 40.66 590,717,150.00 2.96%

46626D108 MNOD_LI 3,289,684 MMC NORILSK NICKEL OJSC - ADR * 17.77 58,441,236.26 0.29%

6622691 NPN_SJ 3,001,708 NASPERS LIMITED - N SHARES * 154.18 462,791,158.38 2.32%

B11HK39 NHY_NO 8,397,350 NORSK HYDRO ASA * 5.26 44,187,800.75 0.22%

674599105 OXY 3,099,300 OCCIDENTAL PETROLEUM 73.00 226,248,900.00 1.13%

68389X105 ORCL 17,208,000 ORACLE CORPORATION 43.15 742,525,200.00 3.72%

B1VQF42 ORK_NO 23,328,978 ORKLA ASA 7.57 176,508,709.25 0.89%

OTHER 60,301,137.00 0.30%

690768403 OI 8,009,100 OWENS-ILLINOIS 23.32 186,772,212.00 0.94%

747525103 QCOM 1,836,000 QUALCOMM INCORPORATED 69.34 127,308,240.00 0.64%

67812M207 ROSN_LI 5,705,000 ROSNEFT OIL COMPANY - REG S GDR * 4.31 24,560,025.00 0.12%

4767981 SBERP_RM 20,370,200 SBERBANK OF RUSSIA- PREFERENCE* 0.78 15,886,655.98 0.08%

B5SC091 SBER_LI 4,969,178 SBERBANK OF RUSSIA- ADR* 4.39 21,834,568.13 0.11%

1,146,250 SOUND HOLDINGS FP* 44.70 51,231,873.00 0.26%

4854719 SUN_SW 1,478,715 SULZER 110.10 162,813,855.73 0.82%

B5BHR47 SNGSP_RM 39,282,200 SURGUTNEFTEGAS - PREFERENCE * 0.76 29,846,372.58 0.15%

H84989104 TEL 6,239,400 TE CONNECTIVTY 71.62 446,865,828.00 2.24%

883556102 TMO 3,180,000 THERMO FISHER SCIENTIFIC INC. 134.34 427,201,200.00 2.14%

FPA Crescent Fund

Portfolio Holdings 3/31/15

4

CUSIP/SEDOL TICKER SHARES SECURITY MKT PRICE ($) MKT VALUE ($) COUPON RATE

MATURITY

DATE

% OF NET

ASSET

VALUE

FPA Crescent Fund

Portfolio Holdings 3/31/15

B12T3J1 UNA_NA 4,300,000 UNILEVER N.V. * 41.84 179,926,474.38 0.90%

913017109 UTX 1,880,000 UNITED TECHNOLOGIES CORPORATION 117.20 220,336,000.00 1.10%

92857W209 VOD 2,870,999 VODAFONE GROUP PLC-SP ADR * 32.68 93,824,247.32 0.47%

931422109 WAG 2,175,000 WALGREENS BOOTS ALLIANCE INC 84.68 184,179,000.00 0.92%

B3DMTY0 WPP_LN 10,134,960 WPP PLC* 22.71 230,173,598.74 1.15%

984332106 YHOO 3,409,200 YAHOO 44.44 151,487,802.00 0.76%

TOTAL COMMON STOCK (LONG): 11,128,676,080.82 55.76%

01609W102 BABA (1,346,300) ALIBABA GROUP* 83.24 (112,066,012.00) -0.56%

07317Q105 BTE_CN (113,593) BAYTEX ENERGY CORP.* 15.80 (1,794,769.40) -0.01%

20825C104 COP (301,000) CONOCOPHILLIPS 62.26 (18,740,260.00) -0.09%

22576C101 CPG_CN (150,000) CRESCENT POINT ENERGY CORP.* 22.34 (3,351,000.00) -0.02%

709102107 PEI (600,000) PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 23.23 (13,938,000.00) -0.07%

71714F104 PMC (320,700) PHARMERICA 28.19 (9,040,533.00) -0.05%

724479100 PBI (401,000) PITNEY BOWES INC. 23.32 (9,351,320.00) -0.05%

81369Y506 XLE (737,800) SELECT SECTOR SPDR TR SBI INT-ENERGY 77.58 (57,238,524.00) -0.29%

78464A730 XOP (322,300) SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF 51.66 (16,650,018.00) -0.08%

BMMV2K8 700_HK (23,869,500) TENCENT HOLDINGS LIMITED * 18.99 (453,211,534.12) -2.27%

92276F100 VTR (61,800) VENTAS 73.02 (4,512,636.00) -0.02%

384802104 GWW (96,000) W.W. GRAINGER, INC. 235.81 (22,637,760.00) -0.11%

6084848 JP 4689_JP (7,114,000) YAHOO! JAPAN CORPORATION* 4.14 (29,420,469.42) -0.15%

TOTAL COMMON STOCK (SHORT): (751,952,835.94) -3.77%

9,936,065 ENDEAVOR REGIONAL BANK OPPORTUNITIES FUND, L.P. 133.78 13,292,447.88 0.07%

35,000,000 U.S. FARMING REALTY TRUST I, L.P. 120.01 42,005,005.00 0.21%

10,090,046 U.S. FARMING REALTY TRUST II, L.P. 105.53 10,648,035.63 0.05%

TOTAL LIMITED PARTNERSHIPS: 65,945,488.51 0.33%

252,000,000 SGD CURR 05/04/15 (252M SGD @ 1.25544) 0.11 16,403,367.51 0.08%

118,300,000 EUR CURRENCY 06/23/15 (118.3M EUR @ 1.06868) (0.01) (807,351.79) 0.00%

194,350,000 JPY PUT 03/24/22 95.00 (194.35M JPY @ $0.07525) 0.14 28,375,100.00 0.14%

TOTAL DERIVATIVES/FUTURES: 43,971,115.72 0.22%

TOTAL OTHER SECURITIES 109,916,604.23 0.55%

00208SAU2 13,739,699 ATP OIL & GAS CORPORATION DIP TERM LOAN 1.00 137,396.99 3/1/2014 0.00%

02635PTG8 5,216,000 SPRINGLEAF FINANCIAL SERVICES 103.12 5,378,739.20 5.7500 9/15/2016 0.03%

02635PTQ6 8,980,000 SPRINGLEAF FINANCIAL SERVICES 105.50 9,473,900.00 6.5000 9/15/2017 0.05%

85171RAA2 15,366,000 SPRINGLEAF FINANCIAL SERVICES 106.75 16,403,205.00 6.9000 12/15/2017 0.08%

45031UAT8 6,930,000 ISTAR FINANCIAL INC. 100.00 6,930,000.00 6.0500 4/15/2015 0.03%

45031UAW1 18,836,000 ISTAR FINANCIAL INC. 103.13 19,424,625.00 5.8750 3/15/2016 0.10%

45031UBD2 4,964,000 ISTAR FINANCIAL INC. 104.00 5,162,560.00 5.8500 3/15/2017 0.03%

OTHER 92,197,154.40 0.46%

812350AE6 79,149,000 SEARS HOLDINGS CORPORATION 93.38 73,909,336.20 6.6250 10/15/2018 0.37%

13,509,747 RELP-2 100.00 13,509,747.47 9.0000 10/18/2015 0.07%

12,550,669 RELP-3 100.00 12,550,668.57 9.7500 6/19/2015 0.06%

4,189,885 RELP-4 100.00 4,189,884.65 9.0000 12/19/2015 0.02%

6,510,921 RELP-5 100.00 6,510,921.46 9.5000 6/30/2016 0.03%

20,753,790 RELP-6 100.00 20,753,790.23 9.5000 8/19/2016 0.10%

3,867,582 RELP-7 100.00 3,867,582.34 11.2500 7/7/2017 0.02%

4,309,498 RELP-8 100.00 4,309,497.78 10.0000 10/20/2017 0.02%

1,290,086 RELP-9 100.00 1,290,086.00 9.0000 4/29/2017 0.01%

5,128,788 RELP-10 100.00 5,128,788.20 9.5000 11/21/2017 0.03%

68,202,227 SHIP LOAN PARTICIPATION (NORTHERN SHIPPING) 100.00 68,202,226.56 7.8000 12/24/2019 0.34%

TOTAL CORPORATE BONDS & NOTES: 369,330,110.05 1.85%

5

CUSIP/SEDOL TICKER SHARES SECURITY MKT PRICE ($) MKT VALUE ($) COUPON RATE

MATURITY

DATE

% OF NET

ASSET

VALUE

FPA Crescent Fund

Portfolio Holdings 3/31/15

340780AA3 408,033 FLORIDA MORTGAGE RESOLUTION TRUST SERIES 2012-4A 36.79 150,114.21 5/15/2050 0.00%

854864AA3 3,414,474 STANWICH MORTGAGE LOAN TRUST SERIES 2009-2 44.72 1,526,952.67 2/15/2049 0.01%

85486AAA9 2,559,216 STANWICH MORTGAGE LOAN TRUST SERIES 2010-1 50.58 1,294,451.70 9/15/2047 0.01%

85486BAA7 15,444,572 STANWICH MORTGAGE LOAN TRUST SERIES 2010-2 50.42 7,787,153.27 2/28/2057 0.04%

85486TAA8 8,732,331 STANWICH MORTGAGE LOAN TRUST SERIES 2010-3 50.03 4,368,785.38 7/31/2038 0.02%

85486WAA1 10,529,328 STANWICH MORTGAGE LOAN TRUST SERIES 2010-4 50.50 5,317,310.65 8/31/2049 0.03%

85486XAA9 19,967,458 STANWICH MORTGAGE LOAN TRUST SERIES 2011-1 52.74 10,531,416.22 6/30/2039 0.05%

85486UAA5 14,467,222 STANWICH MORTGAGE LOAN TRUST SERIES 2011-2 53.52 7,742,915.21 9/15/2050 0.04%

85487GAA5 9,688,394 STANWICH MORTGAGE LOAN TRUST SERIES 2012-2 42.50 4,117,567.58 3/15/2047 0.02%

85487FAA7 14,524,585 STANWICH MORTGAGE LOAN TRUST SERIES 2012-4 46.00 6,681,309.01 6/15/2051 0.03%

86777AAA5 213,074,665 SUNSET MORTGAGE LOAN COMPANY 2014 NPL-1 A 100.25 213,608,203.66 3.2282 8/16/2044 1.07%

TOTAL MORTGAGE BACKED SECURITIES 263,126,179.56 1.32%

TOTAL INVESTMENT SECURITIES: 11,119,096,138.72 55.71%

CASH & EQUIVALENTS:

31374TCT4 26,425 FNMA POOL #323282 113.18 29,906.61 7.5000 7/1/2028 0.00%

912828SU5 270,000,000 U.S. TREASURY NOTE 100.02 270,051,408.00 0.2500 5/15/2015 1.35%

912828TD2 275,000,000 U.S. TREASURY NOTE 100.05 275,140,992.50 0.2500 7/15/2015 1.38%

912828TP5 275,000,000 U.S. TREASURY NOTE 100.06 275,161,122.50 0.2500 9/15/2015 1.38%

912828VY3 250,000,000 U.S. TREASURY NOTE 100.05 250,136,725.00 0.2500 9/30/2015 1.25%

912828TT7 325,000,000 U.S. TREASURY NOTE 100.05 325,176,150.00 0.2500 10/15/2015 1.63%

912828A26 300,000,000 U.S. TREASURY NOTE 100.03 300,090,810.00 0.2500 11/30/2015 1.50%

912828UC2 250,000,000 U.S. TREASURY NOTE 100.02 250,058,600.00 0.2500 12/15/2015 1.25%

912828UW8 250,000,000 U.S. TREASURY NOTE 99.93 249,832,750.00 0.2500 4/15/2016 1.25%

912828VC1 275,000,000 U.S. TREASURY NOTE 99.91 274,739,492.50 0.2500 5/15/2016 1.38%

912828SP6 230,000,000 U.S. TREASURY NOTE 100.00 230,007,866.00 0.3750 4/15/2015 1.15%

912828SZ4 265,000,000 U.S. TREASURY NOTE 100.07 265,181,154.00 0.3750 6/15/2015 1.33%

912828VU1 245,000,000 U.S. TREASURY NOTE 100.11 245,277,536.00 0.3750 8/31/2015 1.23%

912828UG3 240,000,000 U.S. TREASURY NOTE 100.11 240,268,368.00 0.3750 1/15/2016 1.20%

912828US7 325,000,000 U.S. TREASURY NOTE 100.10 325,320,547.50 0.3750 3/15/2016 1.63%

912828PE4 355,000,000 U.S. TREASURY NOTE 100.62 357,211,827.50 1.2500 10/31/2015 1.79%

912828NP1 240,000,000 U.S. TREASURY NOTE 100.56 241,341,792.00 1.7500 7/31/2015 1.21%

912828NL0 275,000,000 U.S. TREASURY NOTE 100.45 276,224,602.50 1.8750 6/30/2015 1.38%

912828PS3 245,000,000 U.S. TREASURY NOTE 101.45 248,549,388.50 2.0000 1/31/2016 1.25%

912828NF3 180,000,000 U.S. TREASURY NOTE 100.33 180,602,928.00 2.1250 5/31/2015 0.91%

912828QJ2 245,000,000 U.S. TREASURY NOTE 101.67 249,097,282.00 2.1250 2/29/2016 1.25%

912828KT6 305,000,000 U.S. TREASURY NOTE 102.05 311,256,373.50 2.3750 3/31/2016 1.56%

912828MZ0 300,000,000 U.S. TREASURY NOTE 100.19 300,563,970.00 2.5000 4/30/2015 1.51%

912828KR0 250,000,000 U.S. TREASURY NOTE 102.48 256,199,950.00 2.6250 4/30/2016 1.28%

912828EE6 250,000,000 U.S. TREASURY NOTE 101.55 253,867,200.00 4.2500 8/15/2015 1.27%

912828EN6 270,000,000 U.S. TREASURY NOTE 102.66 277,194,285.00 4.5000 11/15/2015 1.39%

912810DV7 315,000,000 U.S. TREASURY NOTE 107.77 339,489,391.50 9.2500 2/15/2016 1.70%

TOTAL U.S GOVERNMENT AND AGENCIES 7,068,072,419.11 35.41%

BHBF1Y3 252,000,000 SINGAPORE TREASURY BILL* 72.81 183,487,069.63 0.3800 5/2/2015 0.92%

TOTAL FOREIGN GOVERNMENT AND AGENCIES 183,487,069.63 0.92%

377373AB1 49,690,000 GLAXOSMITHKLINE CAPITAL, INC.* 100.03 49,705,100.79 0.7500 5/8/2015 0.25%

58013MEP5 22,072,000 THE MCDONALD'S CORPORATION 100.06 22,085,532.34 0.7500 5/29/2015 0.11%

63946BAB6 11,704,000 NBC UNIVERSAL MEDIA, LLC 100.22 11,729,706.67 3.6500 4/30/2015 0.06%

66989HAC2 46,445,000 NOVARTIS CAPITAL CORPORATION 100.15 46,516,790.04 2.9000 4/24/2015 0.23%

822582AQ5 74,187,000 SHELL INTERNATIONAL FINANCE B.V. * 100.65 74,671,329.83 3.1000 6/28/2015 0.37%

88166CAA6 7,325,000 TEVA PHARMACEUTICAL INDUSTRIES LTD.* 100.52 7,362,726.68 3.0000 6/15/2015 0.04%

89152UAC6 96,882,000 TOTAL CAPITAL S.A.* 100.59 97,456,326.18 3.0000 6/24/2015 0.49%

913017BH1 9,046,000 UNITED TECHNOLOGIES CORPORATION 100.35 9,077,309.11 4.8750 5/1/2015 0.05%

931142BY8 17,740,000 WAL-MART STORES, INC. 101.04 17,923,836.07 4.5000 7/1/2015 0.09%

98385XAG1 38,688,000 XTO ENERGY 101.21 39,155,107.31 5.3000 6/30/2015 0.20%

TOTAL HIGH GRADE SHORT-TERM CORPORATE BONDS 375,683,765.02 1.88%

CASH & EQUIVALENTS 1,213,804,540.55 6.08%

TOTAL CASH & EQUIVALENTS 8,841,047,794.31 44.29%

TOTAL NET ASSETS: 19,960,143,933.03 100.00%

* Indicates foreign security. 6

CUSIP/SEDOL TICKER SHARES SECURITY MKT PRICE ($) MKT VALUE ($) COUPON RATE

MATURITY

DATE

% OF NET

ASSET

VALUE

FPA Crescent Fund

Portfolio Holdings 3/31/15

Portfolio Holding Submission Disclosure

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

Except for certain publicly available information incorporated herein, the information contained in these materials is our confidential and proprietary information and is being submitted to you for your

confidential use with the express understanding that, without our prior written permission, you will not release these materials or discuss the information contained herein or make reproductions of or use

these materials for any purpose other than evaluating a potential advisory relationship with First Pacific Advisors.

You should consider the Funds investment objectives, risks, and charges and expenses carefully before you invest. 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.

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.

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 securities and asset backed securities are subject to prepayment risk and the risk of default on the underlying mortgages or other assets; derivatives may increase volatility.

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

Funds, Advisor or Distributor.

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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