Company Press Release

FPA Announces Conversion to No-Load Fund Family

Los Angeles (March 1, 2013) – FPA, a leading practitioner of value investing, is pleased to announce that effective April 1, 2013, all of the FPA Funds will be available as no-load funds. This means that each FPA Fund will all be available for direct purchase by the public without any front-end sales charges.

“After careful consideration and analysis, we believe this decision is in the best interests of all FPA Fund shareholders by creating a better alignment of the Funds’ structure with their needs. Most significantly, this change combined with our low $1,500 minimum removes costly barriers for smaller investors who choose to manage their own investments," said Rich Atwood, Chief Operating Officer and one of FPA's Managing Partners.

This change will only affect FPA Capital Fund [FPPTX], FPA New Income [FPNIX], FPA Paramount Fund [FPRAX] and FPA Perennial Fund [FPPFX], since these funds are currently structured as front-load mutual funds. Note that FPA Capital Fund will remain closed to new investors. In addition, shareholders of FPA Crescent Fund [FPACX] and FPA International Value Fund [FPIVX] will now be able to exchange between the other FPA Funds without the hurdle of having to pay the front-end sales charge.

The transition will be effective as of April 1, 2013. It is important to note that any trade or trade adjustment transmitted to the Funds or UMB Fund Services after March 28, 2013 will be processed without a sales charge regardless of the actual trade date.

Financial advisors and individual investors interested in further information may contact FPA client relations at crm@fpafunds.com or at 310.473.0225.

Direct shareholders may contact UMB Fund Services, Inc., the Funds’ transfer agent, directly at 800.638.3060.

About FPA

FPA is a leading practitioner of value investing. Providing a prudent place to invest, the firm focuses on generating superior returns over the long-term, coupled with capital preservation. FPA fosters a culture that promotes high ethical standards.

Located in Los Angeles, California, FPA is independently owned, with 26 investment professionals and 69 employees in total. Currently, FPA manages $22 billion across four equity strategies and one fixed income strategy.

FPA's equity and fixed income styles are linked by a common fundamental value orientation. Our goal is to provide a consistent, risk-averse and disciplined approach to long-term investing in individual securities with the objective of achieving superior total returns for client portfolios.

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 fund literature tab on this website, 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.

Groups of stocks, such as value and growth, go in and out of favor which may cause certain funds to underperform other equity funds. 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 than higher rated bonds. Mortgage securities and collateralized mortgage obligations (CMOs) 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.