FPA Crescent Fund FPACX*

Fourth Quarter 2015 Webcast Presentation

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

*Charles Schwab Ticker: FPC1Z First

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LLC

Absolute Return Focus

Flexible Approach

Deep Research

Philosophy

1

Seek long-term, equity-like returns with less risk than the stock market while avoiding permanent impairment of capital

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Performance

2

Please refer to the next page for standardized performance. Average Annual Total Returns as of December 31, 2015 for FPA Crescent 1 Year, -2.06% 5 Years, 7.68% 10 Years, 7.11%

* Source: Morningstar. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. The return shown is at net asset value (NAV) and does not reflect the deduction of the sales charge, which if reflected, would reduce the performance shown. Please refer to the back of the presentation for full disclosure information. Total return calculations are based on a $10,000 investment. 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. Expense ratio as of most recent prospectus is 1.11%. A redemption fee of 2% may apply. 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. 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.

FPA Crescent S&P 500 60% S&P 500/ 40% Barclays

Aggregate

Annualized returns 10.39% 9.01% 7.91% Standard deviation 10.12% 14.71% 9.00% Sharpe ratio 0.53 0.27 0.32

$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 $93,096

S&P 500 $70,224

60% S&P/40% BA $55,804

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Performance

Performance is annualized for periods exceeding 1 Year. Past performance is not a guarantee of future results. Calculated using Morningstar Direct. Expense ratio as of the most recent prospectus is 1.11%. *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. Market Cycle Performance reflects 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 previous one by S&P 500 Index. This presentation is for informational purposes only and does not constitute an offer of securities nor the solicitation for purchase or sale of any securities. This presentation is confidential and is not intended for public use or distribution. The information presented may not be reproduced or distributed without prior written consent of First Pacific Advisors, LLC (“FPA”). Certain information contained herein has been obtained from third parties and is believed to be reliable; however, FPA assumes no responsibility for the accuracy of the information. Past performance is no guarantee of future results and current performance may be higher or lower than 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.

Annual Performance (%)

2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004

FPA Crescent -2.06 6.64 21.95 10.33 3.02 12.04 28.37 -20.55 6.84 12.43 10.83 10.21 S&P 500 1.38 13.69 32.39 16.00 2.11 15.06 26.46 -37.00 5.49 15.79 4.91 10.88 MSCI ACWI -2.36 4.16 22.80 16.13 -7.35 - - - - - - - CPI 0.66 0.68 1.53 1.77 3.03 1.44 2.81 -0.02 4.11 2.52 3.34 3.34 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 4.00 8.30

3

Trailing Performance (%)

Market Cycle Performance

As of Date: 12/31/2015 Inception* 20 Years 15 Years 10 Years 5 Years 3 Years 1 Year YTD QTR 3/25/00- 10/9/07

10/10/07- 12/31/15

FPA Crescent 10.39 9.78 10.25 7.11 7.68 8.40 -2.06 -2.06 2.80 14.70 6.12 S&P 500 9.01 8.19 5.00 7.31 12.57 15.13 1.38 1.38 7.04 2.00 5.57 MSCI ACWI - - - - 6.09 7.69 -2.36 -2.36 5.03 - 1.50 CPI NA 2.20 2.08 1.85 1.53 0.95 0.66 0.66 0.12 2.75 1.61 60% S&P500/40% BC Agg 7.91 7.36 5.31 6.48 8.95 9.62 1.28 1.28 4.01 3.97 5.49

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The story of 2015…

4

2015 Commodity Price Chart

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Broad global indices largely declined

5

Russell 3000: 0.48%

Russell 3000 Growth: 5.09% Growth outperformed value

Russell 3000 Value: -4.13%

Barclays U.S. Corporate High Yield: -4.47% Domestic high yield declined

Source: Morningstar Direct. Performance shown for 2015 in USD with dividends reinvested.

MSCI ACWI: -2.36%

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S&P 500 performance has become increasingly narrow

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■ Without the five top contributors in the index, the S&P 500 would have also been down.

Company 2015 Total Return

S&P 500 Return Contribution

Trailing P/E

Alphabet (Google) 46.6% 0.86% 36.4

Amazon 117.8% 0.87% 979.6

Facebook 34.2% 0.38% 105.7

General Electric 27.5% 0.36% 22.7

Microsoft 22.7% 0.45% 22.1

Average 49.8% 233.3

Total 2.93%

S&P 500 1.38%

S&P 500 ex-top five contributors -1.55%

Source: Bloomberg; FPA calculations. Analysis assumes December 31, 2014 index weightings remained constant throughout 2015.

Top five contributors to 2015 S&P 500 performance

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Market Cap 2015 Average Total Return

>$100B 4.39%

$50-100B 2.38%

$10-50B -3.22%

$5-10B -0.72%

<$5B -19.60%

Source: Bloomberg; FPA calculations. Analysis assumes December 31, 2014 S&P 500 index weightings remained constant throughout 2015.

Bigger was better

Return by market capitalization 2015 S&P 500

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Market Capitalization

Return Contribution

Largest 30 2.93%

The other 470 -1.55%

Total 1.38%

Source: Bloomberg; FPA calculations. Largest 30 consist of the largest 30 market capitalization stocks in the S&P 500 at year-end 2014. Return contribution is calculated as 2015 total return multiplied by the average monthly 2015 implied index weights based on market capitalization. The S&P 500 actually consisted of between 502 and 506 securities throughout 2015. By “The other 470”, we simply mean the remaining securities outside the largest 30.

And biggest was best

Return contribution 2015 S&P 500

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Winners and losers

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Based on weighted contribution to quarterly performance of the Fund. Percentage of portfolio as of December 31, 2015.

As of December 31, 2015. Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the Fund, its Advisor or Distributor. 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.

Past performance is not a guarantee of future results. Please refer to the back of the presentation for full disclosure information.

2015 - Q4

Winners Performance Contribution

Percent of Portfolio

Losers Performance Contribution

Percent of Portfolio

Microsoft 0.91% 3.55% Meggitt -0.33% 1.29%

General Electric 0.36% 1.83% Naspers/Tencent Pair Trade -0.18% -0.12%

Alphabet (A and C Shares) 0.35% 1.87% Undisclosed -0.15% 1.52%

American International Group 0.24% 2.73% Owens-Illinois -0.15% 0.90%

United Technologies 0.22% 2.77% Navistar Sr. Notes (Various Issues) -0.14% 0.67%

2015 - Year

Winners Performance Contribution

Percent of Portfolio

Losers Performance Contribution

Percent of Portfolio

Microsoft 0.85% 3.55% Oracle -0.72% 4.14%

Alphabet (A and C Shares) 0.54% 1.87% Alcoa -0.64% 2.26%

General Electric 0.44% 1.83% Joy Global -0.55% 0.17%

American International Group 0.26% 2.73% Naspers/Tencent Pair Trade -0.53% -0.12%

CVS 0.24% 0.00% Meggitt -0.42% 1.29%

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Active security selection drives differentiated returns

2007 to 2015

CAGR

2015 2014 2013 2012 2011 2010 2009 2008 2007

FPACX long equity 9.63% -1.04% 13.67% 39.62% 17.69% 6.25% 22.30% 38.39% -38.27% 11.47%

S&P 500 6.40% 1.38% 13.69% 32.39% 16.00% 2.11% 15.06% 26.46% -37.00% 5.49%

Alpha vs. S&P 500 3.23% -2.42% -0.02% 7.23% 1.69% 4.14% 7.24% 11.93% -1.27% 5.98%

S&P 500 Value 4.25% -3.13% 12.36% 31.99% 17.68% -0.48% 15.10% 21.18% -39.22% 1.99%

Alpha vs. S&P 500 Value 5.38% 2.09% 1.31% 7.63% 0.01% 6.73% 7.20% 17.21% 0.95% 9.48%

MSCI ACWI 3.10% -2.36% 4.16% 22.80% 16.13% -7.35% 12.67% 34.63% -42.19% 11.66%

Alpha vs. MSCI ACWI 6.53% 1.32% 9.51% 16.82% 1.56% 13.60% 9.63% 3.76% 3.92% -0.19%

Past performance is not a guarantee of future results. Source: FPA and Morningstar Direct. FPACX returns are gross of fees as of December 31, 2015.

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Market cycle returns

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Annualized Return

Max Drawdown

Annualized Return

Max Drawdown

FPA Crescent Fund (Average liquidity = 29.50%)1 14.70% -13.44% FPA Crescent Fund

(Average liquidity = 31.30%)1 6.12% -30.60%

Russell 2500 Index 8.08% -33.82% MSCI ACWI 1.50% -57.49%

S&P 500 Index 2.00% -45.83% S&P 500 Index 5.57% -54.71%

60% S&P 500 / 40% BC Agg. 3.97% -23.88% 60% S&P 500 / 40% BC Agg. 5.49% -35.30%

Market Cycle Performance reflects 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 previous one by S&P 500 Index.

1 We make a distinction between cash and liquidity, although we sometimes use them interchangeably. Cash includes the cash received from securities sold short and, as a result, can appear to overstate the cash balance. Therefore, we believe liquidity, which nets that out, is the more appropriate measure. Past performance is no guarantee of future result.

3/25/2000 – 10/9/2007 10/10/2007 – 12/31/2015

$5,000

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$30,000FPACX S&P 500 Russell 2500

$4,000

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$14,000

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$18,000FPACX S&P 500 MSCI ACWI

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Downside capture – less risk over the long-term

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■ “We believe our flexible approach greatly enhances the likelihood that we will deliver an equity-like return with less risk over the long-term.” (FPA Crescent Policy Statement)

■ We have successfully protected capital during large drawdowns.

2007-2009 2010 2011 2015-2016

FPA Crescent -30.6% -7.2% -12.8% -11.7%

MSCI ACWI -57.5% -13.9% -22.4% -18.1%

Russell 3000 -55.1% -15.6% -20.2% -13.0%

S&P 500 -54.7% -15.0% -18.5% -11.3%

Drawdown vs MSCI ACWI 52% 57% 65%

Drawdown vs Russell 3000 56%

■ Our quest for value has increasingly taken us overseas and our portfolio is more global than it has been in the past. Currently, almost half the equity holdings (totaling almost a third of the Fund’s equity exposure) are foreign-domiciled.

Added large caps to tool kit Added developed non-US and EM stocks to tool kit

Drawdowns in >10% market declines*

*Since the 2007 S&P 500 peak Source: Morningstar Direct, FPA. Long-term will generally include bear markets (20%+ declines) and other large corrections. Equity exposure data as of 12/31/2015. Drawdowns referenced above are individual max drawdowns from 2007-2009, and S&P 500 peak and trough dates (4/23/2010-7/2/2010, 4/29/2011-10/3/2011, and 5/21/2015-1/20/2016). The Fund added large capitalization stocks to its opportunity set beginning around 2007 and added developed non-U.S. and emerging market stocks to its opportunity set beginning around 2009. First

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Geographic exposure

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Domicile and revenue composition for the equity positions only in the FPA Crescent Fund as of December 31, 2015. Source: Bloomberg

Domicile Revenue

North America 71.0% 35.2%

South America / Latin America 0.0% 2.6%

Uncategorized Americas - 10.1%

Western / Northern Europe 24.8% 14.8%

Central / Eastern Europe 3.8% 1.5%

Asia / Pacific -4.3% 6.4%

Middle East / Africa 4.7% 10.6%

Uncategorized Non-US - 18.8%

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Portfolio characteristics

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FPACX Q4 2015

FPACX Average

S&P 500

Market Capitalization, Wgt. Avg. (in millions)1 $112,169 $30,165 $140,350

Market Capitalization, Median (in millions)1 $26,168 $9,314 $18,062

Price/Earnings2 21.0 16.8 20.5

Price/Book3 1.6 1.7 2.8

Debt/Capital4 -18.9% 8.1% 53.8%

Return on Equity5 11.3% 12.8% 17.7%

Source: FPA and Mellon

1 For Crescent Fund since 9/30/1996, based on earliest data. Market capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. It is calculated by multiplying the number of outstanding shares by the current market price of a share.

2 P/E and average P/E reflect the trailing 12 months, since 3/31/1999, based on earliest data. Price/Earnings ratio (P/E) is the price of a stock divided by its earnings per share. 3 Average since 9/30/1996, based on earliest data. Price/Book ratio is the current closing price of the stock by the latest quarter’s book value per share. 4 Average since 12/31/1997, based on earliest data. 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. 5 Average since 3/31/1999, based on earliest data. Return on Equity is the amount of profit computed by dividing net income before taxes less preferred dividends by the value of stockholders’ equity.

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/crescent or by calling toll-free, 1-800-982-4372. First

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Portfolio allocation

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Risk Asset Year End 2015

Year End 2014

Average Since Inception

Common stock, long 59.5% 55.5% 53.2%

Common stock, short -3.6% -4.2% -4.8%

Corporate debt 3.9% 1.4% 12.4%

Mortgages 1.0% 1.4% 0.6%

Other 0.4% 0.8% 0.3%

Exposure, Net 61.2% 54.9% 63.3%

No. of Equity Positions 46 51 38

Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the Fund, its Advisor or Distributor. 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. First

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Global markets tailwind – declining interest rates

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10-Y

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U.S. Japan Euro Area

Source: https://data.oecd.org/interest/long-term-interest-rates.htm. Euro Area consists of 19 countries. As of December 31, 2015.

■ Rates can’t go down forever.

10-year government bond rate

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Global markets tailwind – low/negative interest rates

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1 2 3 4 5 6 7 8 9 10

Switzerland

Germany

Austria

Belgium

Finland

Netherlands

Denmark

France

Ireland

Sweden

Japan

Italy

Spain

Average Yield -0.37% -0.35% -0.25% -0.12% 0.05% 0.21% 0.36% 0.51% 0.68% 0.91%

Negative Positive

Bond Maturity Year

Source: Bloomberg. As of January 8, 2016.

■ Negative sovereign yields across Europe and Japan.

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Global markets tailwind - QE

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Source: Federal Reserve Bank of St. Louis; Bloomberg. Central Bank Balance Sheets total is the sum of Federal Reserve, Bank of Japan, and ECB assets. ECB assets are the aggregate assets of 11-19 countries. Asset values converted into USD using the applicable currency cross rates at each year-end.

Central bank balance sheets vs MSCI ACWI

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

MSC

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Central Bank Balance Sheets MSCI ACWI

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U.S. market tailwind – share repurchases

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Source: I/B/E/S; Company Reports, Deutsche Bank. http://www.businessinsider.com/contribution-buybacks-eps-growth-2015-11. First Pacifi

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U.S. market tailwind – stock scarcity value

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Number of Listed Firms in U.S. Stock Market, 1975-2015 Excluding Investment Funds and Trusts

Source: http://www.bloombergview.com/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone- First Pacifi

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U.S. stocks an endangered species?

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Source: Wilshire Associates. Number of index constituents as of September 30, 2015. First Pacifi

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1881 1894 1908 1921 1934 1948 1961 1974 1988 2001 2015

10-Year US Treasury N

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Rat

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CAPE Price E10 Ratio Interest Rate

Historic P/E ratio using 10-year average earnings

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Source: Shiller, Robert J. Online Data Robert Shiller, www.econ.yale.edu/~shiller/data.htm. Data as of January 13, 2016. P/E or price-to-earnings is a valuation ratio of a company’s current share price compared to its per-share earnings. Past performance is no guarantee of future results.

Jan. 13, 2016 P/E 10-Year UST

Current 24.0 2.13% Since 1881 16.7 4.59% Since 1930 17.6 5.09% Since 1950 19.0 5.81% Since 1970 19.6 6.67%

P/E is in the 89th percentile First

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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 18.9 1.4 2.9

September 30, 2007 18.2 1.7 3.1

December 31, 2015 18.7 2.1 2.9

Source: Bloomberg. As of December 31, 2015.

S&P 500 valuations at most recent market peaks vs. year-end 2015

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What comes next?

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600

800

1000

1200

1400

1600

1800

2000

2200

?

Source: Bloomberg. As of December 31, 2015.

S&P 500 2000-2015

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More volatility likely

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Source: Bloomberg, March 2,1990 – December 31, 2015.

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Opportunistic high yield exposure

BofA Merrill Lynch US High Yield Master II Option-Adjusted Spread vs

FPA Crescent High Yield/Distressed Exposure

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Source: FPA, Federal Reserve Bank of St. Louis, December 31, 2015.

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1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

% of Assets in H

igh Yield H

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% of Assets in High Yield High Yield Option-Adjusted Spread

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High yield spreads have widened but mostly energy

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Source: J.P. Morgan. As of December 31, 2015.

High yield spreads ex-energy and metals

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Wider spreads but yields still below average

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As of Dec. 31 High Yield 5-Year UST Spread vs. 5-Year

10-Year UST Spread vs. 10-Year

Current 8.9% 1.8% 7.1% 2.3% 6.6%

High 21.7% 9.5% 19.8% 9.3% 18.8%

Low 5.8% 0.6% 2.8% 1.5% 2.8%

Average 10.4% 4.5% 5.9% 5.0% 5.4%

BofA Merrill Lynch High Yield Index (YTM) vs. average of 5- and 10-year US Treasury yields

Source: Federal Reserve Bank of St. Louis. BofA Merrill Lynch US High Yield Master II Index. As of December 31, 2015. First Pacifi

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Default rate remains low

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Default Rate (based on par amount) – Trailing Twelve Months

Source: J.P. Morgan. January 4, 2016. First Pacifi

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Recoveries have been worse of late

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High Yield Bond Recoveries (1982-2015)

Source: Moody's Investors Service; J.P. Morgan. January 4, 2016. First Pacifi

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Case 4 20.0% High Gross 3.6% avg 41.5% avg 17.9%

Yield Environment 11.0% peak 41.5% avg 13.6%

11.0% peak 22.0% trough 11.4%

High yield bond return distribution

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Source: FPA; J.P. Morgan. 1982-2015.

Gross Yield Default Rate Recovery Rate Net Yield

Case 1 7.0% BAML HY Index 3.6% avg 41.5% avg 4.9%

12/31/2014 11.0% peak 41.5% avg 0.6%

11.0% peak 22.0% trough -1.6%

Case 2 8.9% BAML HY Index 3.6% avg 41.5% avg 6.8%

12/31/2015 11.0% peak 41.5% avg 2.5%

11.0% peak 22.0% trough 0.3%

Case 3 13.4% FPA Crescent 3.6% avg 41.5% avg 11.3%

12/31/2015 11.0% peak 41.5% avg 7.0%

11.0% peak 22.0% trough 4.8%

Gross yield – (Default rate x (1-Recovery rate) = Net yield

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Unprecedented high yield issuance

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High Yield New Issues 1997-2015

Source: Barclays Capital. As of January 1, 2016. First Pacifi

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Easy credit → increase in defaults

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Source: J.P. Morgan; S&P LCD. January 4, 2016. First Pacifi

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Refinancing needs will be significant

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High Yield Bond and Institutional Loan Maturities

Source: J.P. Morgan; Markit. As of December 2015.

■ $760 billion in high yield bonds mature in 2020-2022, roughly half the high yield market.

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Q & A

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Holdings as of December 31, 2015

Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the Fund, its Advisor or Distributor.

Consumer Discretionary 5.46% Genting Malaysia Berhad 0.38% Interpublic Group of Companies 1.15% Naspers Limited – N Shares 2.46% WPP PLC 1.47% Consumer Staples 3.93% Anheuser-Busch Inbev SA/NV – ADR 0.71% Carlsberg A/S – B 0.94% Henkel AG & Co. KGAA 0.68% Orkla ASA 0.34% Unilever N.V. 1.04% Walgreens Boots Alliance Inc. 0.22% Energy 2.47% Gazprom OAO - ADR 0.26% Halliburton Company 0.55% Lukoil OAO - ADR 0.26% Occidental Petroleum 1.16% Rosneft Oil Company – Reg S GDR 0.11% Surgutneftegas-Preference 0.13% Financials 14.92% Alleghany Corporation 0.71% American Express Company 1.01% American International Group, Inc. 2.73% Aon 3.37% Bank of America Corporation 1.64% CIT Group 1.16% Citigroup 2.76% Groupe Bruxelles Lambert S.A. 1.26% Sberbank of Russia – Preference 0.12% Sberbank of Russia - ADR 0.16% Health Care 1.64% Express Scripts 0.36% Thermo Fisher Scientific Inc. 1.28%

Industrials 7.99% Esterline Technologies Corporation 1.24% General Electric Co. 1.83% Jardine Matheson Holdings Limited 0.32% Jardine Strategic Holdings Limited 0.37% Joy Global Inc. 0.17% Meggitt PLC 1.29% United Technologies Corporation 2.77% Information Technology 16.57% Analog Devices, Inc. 1.13% Cisco Systems 2.19% Google Inc. – Class A 0.94% Google Inc. – Class C 0.93% Microsoft 3.55% Oracle Corporation 4.14% Qualcomm Incorporated 0.75% TE Connectivity 2.31% Yahoo 0.63% Materials 3.47% Alcoa Inc. 2.26% MMC Norilsk Nickel OJSC - ADR 0.31% Owens-Illinois 0.90% Other 3.09% Undisclosed 3.09% Common stocks - short -3.60% Limited Partnerships 0.29% U.S. Farming Realty Trust I & II 0.29%

Corporate Bonds & Notes 3.89% Bombardier 0.45% California Resources Corporation 0.12% Consol Energy 0.70% Glencore (Various issues) 0.36% iStar Financial Inc. 0.13% Navistar International Corporation 0.67% RELP (4-11) 0.41% Rice Energy 0.07% Ship Loan Participation (Northern Shipping) 0.46% Springleaf Financial Services 0.17% Walter Investment Management Corporation 0.35% Mortgages 0.98% Stanwich Mortgage Loan Trust (Various issues) 0.18%

Sunset Mortgage Loan Company 0.80%

Derivatives/futures 0.14%

Cash and equivalents (net of liabilities) 38.76% U.S. government and agencies 34.09% Commercial paper, money market 4.67%

Total net assets 100%

36

First Pacifi

c Advis

ors, LLC

Disclaimer

37

These slides are intended as supplemental material to the 4th Quarter 2015 FPA Crescent audio presentation that is posted on our website fpafunds.com. We do want to make sure you understand that the views expressed on these slides and in the accompanying audio presentation are as of today, January 29, 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. Past performance is not a guarantee of future results. 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. Performance has been calculated on a total return basis, which combines principal and dividend income changes for the periods shown. Principal changes are based on the difference between the beginning and closing net asset values for the period and assume reinvestment of all dividends and distributions paid. All applicable expenses such as advisory fees have been included in calculating performance. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the security examples discussed. Current month-end performance data may be obtained by calling toll-free, 1-800-982-4372. 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 email at crm@fpafunds.com, toll-free by calling 1-800-982-4372 or by contacting the Fund in writing. Statistics have been obtained from sources believed to be reliable, but the accuracy and completeness cannot be guaranteed. 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. The index does not reflect any commissions or fees which would be incurred by an investor purchasing the stocks it represents. 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. 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. 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. 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. The portfolio holdings as the most recent quarter end may be obtained at http://fpafunds.com/docs/funf-holdings/2015-09-crescent---excluding-cusip-and-sedol.pdf?sfvrsn=2 The FPA Funds are distributed by UMB Distribution Services, LLC, 235 W. Galena Street, Milwaukee, WI, 53212. First

Pacific A

dvisors,

LLC