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, 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
[email protected], toll-free by calling 1-800-982-4372 or by contacting the Fund in writing.
Average Annual Total Returns
As of March 31, 2013
Fund/Index MTD
YTD 1 Year
3 Years**
5 Years**
10 Years**
Since Inception**
FPA Crescent 2.17%
7.22% 10.92%
9.40%
7.10%
10.18%
10.94%
S&P 500 3.75% 10.61% 13.96%
12.67%
5.81%
8.53%
8.55%
11.67%
8.36%
9.87%
9.12%
60% R2500/40% BCGC 2.68%
7.55% 12.54%
** 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 1.25%.
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.
To view portfolio holdings from the most recent quarter end, please refer to the end of this document or at
www.fpafunds.com.
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.
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.
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 Barclays
Capital Government/Credit Index consists of investment grade bonds, including U.S. Government Treasury
bonds, corporate bonds, and yankee bonds. The performance of the Fund and of the Averages is computed
on a total return basis which includes reinvestment of all distributions.
Fund Risks
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 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,
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.
The FPA Funds are distributed by UMB Distribution Services, LLC, 803 W. Michigan Street, Milwaukee, WI,
53233.
FPA Crescent Fund
Quarterly Commentary
1st Quarter
March 31, 2013
Dear Shareholders:
Overview
We may be in a new year, but not much else in the financial world has changed: interest rates remain low,
investors still lack yield alternatives and global economic news has been, at best, neutral. This has all pushed
the stock market higher. The S&P 500 returned 10.61% in 2013’s first quarter, while bonds1 returned -0.12%,
and the FPA Crescent Fund returned 7.22%.
The first quarter’s winners and losers are as follows:
2013 Q1 Winners & Losers
Winners
Covidien
CVS Caremark
Thermo Fisher
Scientific
Losers
Orkla
ATP Oil & Gas
Oracle
The top three contributors to performance each added just less than 0.50% to the quarterly return. The
worst performer set the Fund back less than 0.20%. There were no newsworthy events during the period
that caused these securities to either rise or fall.
Investments
Though the players involved may change from one generation to the next, investing at its core is, and always
will be, nothing more than a tug of war between fear and greed. Fear summons the wanton selling of assets
without regard to value, a scenario that often allows us to purchase assets from panicked sellers at a discount
to intrinsic value. Conversely, greed creates reckless accumulation, also without regard to value, and makes it
easier to find a buyer at prices higher than we paid to the frightened seller. Fear gives us an “in”, while greed
gives us an “out”.
At the moment, the side pulling the “greed” end of the rope would seem to have the momentum, so as you
can guess we have been feeding them some of our slack. Rest assured however, this is a tug of war that never
ends, and while we don’t know when it will happen, “fear” will eventually turn the tide in the future, just as it
has in the past. At that point we will rise each morning and put our well rested muscles to work by once
again actively deploying capital.
The VIX Index, a measure of volatility depicted in the chart below, could be described as the market’s mood
ring. When investors are fearful, the market becomes more volatile and the VIX increases. When people act
greedily, the VIX trades at lower levels. Look at the index in 2002, when Enron, Worldcom, and Tyco were
making headlines as the poster children for funky accounting. The VIX rose dramatically as investors lost
trust in corporate America. As they voted with their feet by selling, it was an opportunity to buy. Conversely,
in 2005/06 the VIX reflected a dangerous complacency that set up the financial crisis in 2008-9 which
1
The Barclays Capital U.S. Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are
weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds,
and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The index includes Treasury securities,
Government agency bonds, Mortgage-backed bonds, Corporate bonds, and a small amount of foreign bonds traded in U.S.
1
propelled the VIX to a record high that exceeded 80, and ultimately produced another great buying
opportunity. In short, volatility is our friend, but it hasn’t shown its face over the past year. The VIX
currently trades not far above its historic low and, as one should expect, we therefore find fewer occasions to
commit capital.
Price ($)
CBOE SPX VOLATILITY INDEX2
Year
As for how this relates to equity valuations, the last time we significantly increased our invested exposure was
in the summer and fall of 2011, when the VIX was rising. The market has increased 40.4% since3 but not
because of business performance. In this weakest of economic recoveries, the S&P 500 earnings have grown
just 7.6% since Sept. 30, 2011, so most of the market’s move can be attributed to multiple expansion4.
Using Bloomberg to construct an oversimplified view, the S&P 500 has seen its P/E5 increase from 12.0x at
the September 2011 low – when the VIX was trading above 40 – to 15.6x today. Valuations have increased
faster than earnings, making P/E’s the new growth vehicle. We believe it is impossible for the stock market
to continue to increase at 5.4x the rate of earnings.
Source: Bloomberg. The Chicago Board Options Exchange Volatility Index reflects a market estimate of future volatility, based on
the weighted average of the implied volatilities of S&P 500 index Options. S&P 500 is the S&P 500, or the Standard & Poor's 500, is a
stock market index based on the market capitalizations of 500 leading companies publicly traded in the U.S. stock market, as
determined by Standard & Poor's. VIX levels shown from April 10, 2000 thru April 11, 2013.
3 S&P 500 appreciation from Sept. 30,2011 (1131.42) to April 12,2013 (1588.85).
4 Bloomberg.
5 P/E = Price/Earnings ratio, or a valuation ratio of a company's current share price compared to its per-share earnings.
2
2
Price-to-Earnings Ratio
P/E
S&P 500 Trailing P/E6
Year
Conclusion
Those who remain fully invested have made an implied bet that the world will tilt towards inflation.
Although we find it hard to argue that point longer term, over shorter periods of time that may not prove
true. Deflation might rule the day in the months to come, particularly if the Chinese economic engine begins
to misfire. We frankly confess that we just don’t know if we’ll have inflation or deflation. And we also don’t
know how much of either or when. We wish we could say otherwise. Those who believe that significantly
higher levels of inflation are inevitable, and probably sooner rather than later, would be better served
remaining fully invested in risk assets that will help protect against such vagaries that erode cash instruments.
On the other hand, those who conclude that deflation will harm those very investments, would be better off
keeping their portfolios safely liquid. We have chosen the middle, a lonely place that offers little conviction in
either direction. We therefore maintain a Fund that we believe will not succeed terrifically well in either
scenario, but may perform adequately in any scenario.
As stakeholders ourselves, we do to you as we do unto ourselves. Our continued commitment to our
shareholders is that we will work for you as if we manage all of your savings-even though, we don’t think
that’s prudent.
Safeguarding your capital requires us to maintain the best possible team of investment professionals. We take
pride in the group of hardworking, high-quality individuals who sustain the core values espoused in both the
6
S&P 500 is The S&P 500, or the Standard & Poor's 500, is a stock market index based on the market capitalizations of 500 leading
companies publicly traded in the U.S. stock market, as determined by Standard & Poor's. Trailing P/E is trailing price-to-earnings
ratio, or the sum of a company's price-to-earnings, calculated by taking the current stock price and dividing it by the trailing earnings
per share for the past 12 months.
3
FPA Way and the Contrarian Value Policy Statement7. We welcome Sean Korduner as the newest member of
our team who is exemplary of these values. We have never had a job candidate invest more than 300 hours
preparing a research report (in his spare time), until Sean. We appreciate his commitment and look forward
to his future contributions.
Respectfully submitted,
Steven Romick
President
April 10, 2013
7
FPA Way: fpafunds.com/about us/way. FPA Contrarian Value Investment Policy Statement:fpafunds.com/docs/policystatements/2011-06-c-value-policy-statement---template-wo-header.pdf?sfvrsn=2
4
FPA Crescent Fund
Portfolio Holdings
CUSIP/SEDOL
017175100
026874784
032654105
03524A108
37389103
013417504
009873597
064058100
136385101
17275R102
TICKER
Y
AIG
ADI
BUD
AON
ARRS
BAC
BK
CNQ
CSCO
125581801
172967424
G2554F105
126650100
29358Q109
B1VXKN7
38259P508
7097328BE
5002465DE
428236103
009978810
450911201
478160104
548661107
594918104
674599105
681904108
68389X105
B1VQF42
CIT
C
COV
CVS
ESV
GENM_MK
GOOG
GBLB_BB
HEN_GR
HPQ
IPG
ITT
JNJ
LOW
MSFT
OXY
OCR
ORCL
ORK_NO
SHARES
286,200
5,168,300
3,522,000
2,160,400
6,249,200
4,168,000
3,801,200
4,491,400
5,176,500
10,977,200
3,171,611
3,171,611
2,745,600
1,781,300
4,851,700
6,805,000
470,000
53,251,200
256,000
1,686,147
1,061,150
2,991,800
9,532,300
1,775,800
1,870,000
3,120,000
11,715,000
2,019,000
5,846,000
6,164,600
21,881,000
690768403
716768106
4712798
779382100
0884709
883556102
89417E109
B12T3J1
931142103
931422109
94973V107
B3DMTY0
984121103
OI
PETM
RNO_FP
RDC
TSCO_LN
TMO
TRV
UNA_NA
WMT
WAG
WLP
WPP_LN
XRX
5,815,100
423,000
2,084,000
1,425,000
31,096,050
3,695,000
695,000
2,973,147
1,295,000
2,175,000
2,025,000
10,134,960
9,233,700
026375105
053484101
25960P109
297178105
302182100
313747206
40414L109
AM
AVB
DEI
ESS
ESRX
FRT
HCP
(419,800)
(100,400)
(417,600)
(88,200)
(385,427)
(107,300)
(226,700)
SECURITY
ALLEGHANY CORPORATION
AMERICAN INTERNATIONAL GROUP, INC.
ANALOG DEVICES, INC.
ANHEUSER-BUSCH INBEV SA/NV - ADR *
AON*
ARRIS GROUP, INC.
BANK OF AMERICA CORPORATION
BANK OF NEW YORK MELLON CORPORATION
CANADIAN NATURAL RESOURCES LIMITED *
CISCO SYSTEMS
COUNTRYWIDE HOLDINGS, LTD. - A *
COUNTRYWIDE HOLDINGS, LTD. - B *
CIT GROUP
CITIGROUP
COVIDIEN PLC *
CVS CAREMARK
ENSCO PLC - ADR (1) *
GENTING MALAYSIA BERHAD *
GOOGLE
GROUPE BRUXELLES LAMBERT S.A. *
HENKEL AG & CO. KGAA *
HEWLETT-PACKARD
INTERPUBLIC GROUP OF COMPANIES
ITT CORPORATION
JOHNSON & JOHNSON
LOWE'S COMPANIES
MICROSOFT
OCCIDENTAL PETROLEUM
OMNICARE
ORACLE CORPORATION
ORKLA ASA
OTHER
OWENS-ILLINOIS
PETSMART
RENAULT S.A.*
ROWAN COMPANIES*
TESCO PLC*
THERMO FISHER SCIENTIFIC INC.
THE TRAVELERS COMPANIES
UNILEVER N.V. *
WAL-MART STORES
WALGREEN
WELLPOINT
WPP PLC*
XEROX CORPORATION
TOTAL COMMON STOCK (LONG):
AMERICAN GREETINGS - A
AVALONBAY COMMUNITIES
DOUGLAS EMMETT
ESSEX PROPERTY TRUST
EXPRESS SCRIPTS, INC.
FEDERAL REALTY INVESTMEMT TRUST
HCP, INC.
03/31/2013
MKT PRICE ($)
395.92
38.82
46.49
99.55
61.50
17.17
12.18
27.99
32.13
20.91
5.93
43.48
44.24
67.84
54.99
60.00
1.19
794.03
76.47
78.89
23.84
13.03
28.43
81.53
37.92
28.61
78.37
40.72
32.34
8.00
26.65
62.10
62.66
35.36
5.80
76.49
84.19
40.97
74.83
47.68
66.23
15.94
8.60
5
16.10
126.67
24.93
150.58
57.65
108.04
49.86
MKT VALUE ($)
113,312,304.00
200,633,406.00
163,737,780.00
215,067,820.00
384,325,800.00
71,564,560.00
46,298,616.00
125,714,286.00
166,320,945.00
229,533,252.00
18,797,504.07
0.00
119,378,688.00
78,804,712.00
329,139,328.00
374,206,950.00
28,200,000.00
63,113,322.24
203,271,680.00
128,941,853.08
83,715,927.46
71,324,512.00
124,205,869.00
50,485,994.00
152,461,100.00
118,310,400.00
335,166,150.00
158,229,030.00
238,049,120.00
199,363,164.00
174,973,604.60
619,487,752.00
154,972,415.00
26,268,300.00
130,578,855.20
50,388,000.00
180,307,336.32
282,630,550.00
58,512,050.00
121,798,831.95
96,904,850.00
103,704,000.00
134,115,750.00
161,568,491.83
79,409,820.00
6,967,294,679.75
(6,758,780.00)
(12,717,668.00)
(10,410,768.00)
(13,281,156.00)
(22,219,866.55)
(11,592,692.00)
(11,303,262.00)
COUPON RATE
MATURITY
DATE
% OF NET
ASSET
VALUE
1.00%
1.77%
1.44%
1.90%
3.39%
0.63%
0.41%
1.11%
1.47%
2.02%
0.17%
0.00%
1.05%
0.70%
2.90%
3.30%
0.25%
0.56%
1.79%
1.14%
0.74%
0.63%
1.10%
0.45%
1.35%
1.04%
2.96%
1.40%
2.10%
1.76%
1.54%
5.46%
1.37%
0.23%
1.15%
0.44%
1.59%
2.49%
0.52%
1.07%
0.85%
0.91%
1.18%
1.42%
0.70%
61.45%
-0.06%
-0.11%
-0.09%
-0.12%
-0.20%
-0.10%
-0.10%
FPA Crescent Fund
Portfolio Holdings
CUSIP/SEDOL
44106M102
471109108
6642860
TICKER
HPT
JAH
7201_JP
71714F104
724479100
73278L105
92276F100
PMC
PBI
POOL
VTR
SHARES
(182,300)
(154,350)
(12,983,600)
(320,700)
(401,000)
(95,300)
(61,800)
31,286,138
34,416,274
7,782,827
63934EAL2
SECURITY
HOSPITALITY PROPERTIES TRUST
JARDEN
NISSAN MOTOR CO., LTD.
OTHER
PHARMERICA
PITNEY BOWES INC.
POOL
VENTAS
TOTAL COMMON STOCK (SHORT):
03/31/2013
MKT PRICE ($)
27.44
42.85
9.63
14.00
14.86
48.00
73.20
ENDEAVOUR FINANCIAL RESTORATION FUND, L.P.
U.S. FARMING REALTY TRUST I, L.P.
U.S. FARMING REALTY TRUST II, L.P.
TOTAL LIMITED PARTNERSHIPS:
MKT VALUE ($)
(5,002,312.00)
(6,613,897.50)
(125,091,792.56)
(92,592,424.95)
(4,489,800.00)
(5,958,860.00)
(4,574,400.00)
(4,523,760.00)
(337,131,439.56)
COUPON RATE
MATURITY
DATE
% OF NET
ASSET
VALUE
-0.04%
-0.06%
-1.10%
-0.82%
-0.04%
-0.05%
-0.04%
-0.04%
-2.97%
122.73
108.56
104.10
38,396,132.15
37,361,308.98
8,102,195.31
83,859,636.44
0.34%
0.33%
0.07%
0.74%
0.00%
0.08%
0.08%
0.06%
0.00%
0.14%
0.36%
1.10%
51,459,597,000
16,806,550,000
16,728,380,000
118,300,000
60,000,000
194,350,000
JPY SWAPTION 02/27/14
JPY PUT 09/09/14
JPY PUT 09/09/14
EUR CURRENCY 04/19/13 (118.3M EUR @ 1.335515)
GBP CURRENCY 04/25/13 (60M GBP @ 1.52501)
JPY PUT 03/24/22 (194.35M JPY @ 0.07525)
TOTAL DERIVATIVES/FUTURES
TOTAL OTHER SECURITIES
0.00
0.05
0.05
0.05
0.01
0.08
54,662.84
8,713,912.32
8,689,375.21
6,330,824.50
318,600.00
16,370,100.50
40,477,475.37
124,337,111.81
9,193,000
NAVISTAR INTERNATIONAL CORP. 3.00% 10/15/14
TOTAL PREFERRED STOCK & CONVERTIBLE BONDS:
102.000
9,376,860.00
9,376,860.00
3.7500
12/15/2025
0.08%
0.08%
ATP OIL AND GAS CORPORATION 11.875% 05/01/15
ATP OIL & GAS CORPORATION DIP TERM LOAN 03/01/14
ATP OIL AND GAS CORPORATION 8.5% PS LOAN 12/31/13
SPRINGLEAF FINANCIAL SERVICES 5.85% 06/01/13
SPRINGLEAF FINANCIAL SERVICES 5.75% 09/15/16
SPRINGLEAF FINANCIAL SERVICES 6.50% 09/15/17
SPRINGLEAF FINANCIAL SERVICES 6.90% 12/15/17
COUNTRYWIDE HOLDINGS, LTD.10% 05/08/18-PIK12% REG S *
COUNTRYWIDE HOLDINGS, LTD.10% 05/08/18-PIK12% *
INTERNATIONAL LEASE FIIN. 5.875% 05/01/13
INTERNATIONAL LEASE FIIN. 6.625% 11/15/13
INTERNATIONAL LEASE FIIN. 5.65% 06/01/14
ISTAR FINANCIAL INC. 5.70% 03/01/14
ISTAR FINANCIAL INC. 6.05% 04/15/15
ISTAR FINANCIAL INC. 5.875% 03/15/16
ISTAR FINANCIAL INC. 5.85% 03/15/17
GENON ENERGY, INC. 7.625% 06/15/14
GLOBAL SHIP LEASE, INC. 08/14/16 TERM LOAN
TOTAL BONDS & NOTES:
TOTAL CORPORATE BONDS
6.75
72.00
93.00
100.62
100.75
99.99
100.69
154.26
154.26
100.41
103.00
104.50
103.45
104.50
103.50
101.24
106.25
85.50
9,228,127.50
27,509,655.59
2,082,663.60
3,507,648.06
5,138,250.00
8,979,461.20
15,471,564.42
5,459,508.18
12,879,489.93
7,004,601.60
1,660,360.00
5,763,175.00
21,360,771.03
7,223,247.36
19,441,723.60
5,011,231.50
16,181,875.00
28,194,480.00
202,097,833.57
211,474,693.57
11.8750
5/1/2015
3/1/2014
12/31/2013
6/1/2013
9/15/2016
9/15/2017
12/15/2017
5/8/2018
5/8/2018
5/1/2013
11/15/2013
6/1/2014
3/1/2014
4/15/2015
3/15/2016
3/15/2017
6/15/2014
8/14/2016
0.08%
0.24%
0.02%
0.03%
0.05%
0.08%
0.14%
0.05%
0.11%
0.07%
0.01%
0.05%
0.19%
0.06%
0.17%
0.04%
0.14%
0.25%
1.78%
1.86%
00208JAE8
00208SAU2
002080ATP
02635PTD5
02635PTG8
02635PTQ6
02635PTS2
EH8471748
EH8451609
459745FG5
45974VB80
45974VB49
45031UAH4
45031UAT8
45031UAW1
45031UBD2
74971XAB3
136,713,000
38,207,855
2,239,423
3,486,000
5,100,000
8,980,000
15,366,000
3,539,051
8,348,952
6,976,000
1,612,000
5,515,000
20,649,000
6,912,000
18,785,000
4,950,000
15,230,000
32,976,000
786514BS7
(6,810,000)
SAFEWAY INC. 3.95% 08/15/20
TOTAL BONDS & NOTES (SHORT):
102.57
(6,985,289.40)
(6,985,289.40)
3.9500
8/15/2020
-0.06%
-0.06%
31374TCT4
340780AA3
854864AA3
85486AAA9
35,197
16,157,260
9,848,939
6,156,444
FNMA POOL #323282 7.5% 07/01/28
FLORIDA MORTGAGE RESOLUTION TRUST SERIES 2012-4A
STANWICH MORTGAGE LOAN TRUST SERIES 2009-2
STANWICH MORTGAGE LOAN TRUST SERIES 2010-1
116.50
36.79
44.72
50.58
41,005.61
5,944,209.08
4,404,445.65
3,113,929.15
7.5000
3.6790
2.5215
3.3986
7/1/2028
5/15/2050
2/15/2049
9/15/2047
0.00%
0.05%
0.04%
0.03%
6
8.5000
5.8500
5.7500
6.5000
6.9000
10.0000
10.0000
5.8750
6.6250
5.6500
5.7000
6.0500
5.8750
5.8500
7.6250
FPA Crescent Fund
Portfolio Holdings
CUSIP/SEDOL
85486BAA7
85486TAA8
85486WAA1
85486XAA9
85486UAA5
85487GAA5
85487FAA7
TICKER
SHARES
32,187,042
16,417,140
24,586,636
46,090,525
28,432,895
18,966,239
33,941,235
SECURITY
STANWICH MORTGAGE LOAN TRUST SERIES 2010-2
STANWICH MORTGAGE LOAN TRUST SERIES 2010-3
STANWICH MORTGAGE LOAN TRUST SERIES 2010-4
STANWICH MORTGAGE LOAN TRUST SERIES 2011-1
STANWICH MORTGAGE LOAN TRUST SERIES 2011-2
STANWICH MORTGAGE LOAN TRUST SERIES 2012-2
STANWICH MORTGAGE LOAN TRUST SERIES 2012-4
TOTAL MORTGAGE BACKED SECURITIES
03/31/2013
MKT PRICE ($)
50.42
50.03
46.73
52.74
53.52
38.50
44.41
TOTAL MARKET VALUE:
CASH & EQUIVALENTS (NET OF LIABILITIES):
TOTAL NET ASSETS:
MKT VALUE ($)
16,228,706.62
8,213,495.00
11,489,335.01
24,309,479.45
15,217,399.00
7,302,741.82
15,072,284.96
111,337,031.35
COUPON RATE
5.0331
2.8683
8.4388
7.5910
4.9201
0.8023
1.9537
62.36%
4,267,945,488.30
37.64%
$11,338,272,275.82
100.00%
Portfolio Holding Submission Disclosure
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 Fund’s 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 [email protected], 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 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.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.
7
% OF NET
ASSET
VALUE
0.14%
0.07%
0.10%
0.22%
0.13%
0.07%
0.13%
0.98%
$7,070,326,787.52
* Indicates foreign security.
The FPA Funds are distributed by UMB Distribution Services, LLC, 803 W. Michigan Street, Milwaukee, WI, 53233.
MATURITY
DATE
2/28/2057
7/31/2038
8/31/2049
6/30/2039
9/15/2050
3/15/2047
6/15/2051