FPA Crescent Fund

First Quarter 2015 Commentary

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 %

0.24 % -0.23 % -0.02 %

0.99 %

1.64 %

2.02 %

2.28 %

10.88 %

10.60 %

7.06 %

8.20 %

CPI
60% S&P500/40% BC Agg

-0.76 %

1.30 % 10.00 %

** 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 <GO>

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.
2

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

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

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

FPA Crescent Fund

3/31/15

Portfolio Holdings

CUSIP/SEDOL
INVESTMENT SECURITIES:
013817101
017175100
026874784
032654105
03524A108
37389103
013417504
009873597

136385101
4169219
17275R102
125581801
172967424
126650100
30219G108
368287207
369604103
B1VXKN7
38259P508
38259P706
7097328BE
5002465DE
458140100
009978810
6472119
6472960
481165108
677862104
G5960L103
0575809
594918104
46626D108
6622691
B11HK39
674599105
68389X105
B1VQF42

TICKER

AA
Y
AIG
ADI
BUD
AON
ARRS
BAC
BENN A
BENN B
CNQ
CARLB_DC
CSCO
CIT
C
CVS
ESRX
OGZD_LI
GENM_MK
GOOGL
GOOG
GBLB_BB
HEN_GR
INTC
IPG
JM_SP
JS_SP
JOY
LKOD_LI
MDT
MGGT_LN
MSFT
MNOD_LI
NPN_SJ
NHY_NO
OXY
ORCL
ORK_NO

690768403
747525103
67812M207
4767981
B5SC091

OI
QCOM
ROSN_LI
SBERP_RM
SBER_LI

4854719
B5BHR47
H84989104
883556102

SUN_SW
SNGSP_RM
TEL
TMO

SHARES

19,175,000
269,435
7,580,800
3,522,000
1,990,000
6,430,000
5,589,000
12,111,900
511,472
72,957
5,280,000
2,601,624
13,330,600
3,312,900
8,645,300
4,146,600
4,234,000
12,676,800
8,215,200
67,555,200
220,014
220,014
2,358,735
1,061,150
1,805,000
8,974,000
564,700
1,951,900
3,371,800
1,453,600
2,020,579
29,396,901
14,530,000
3,289,684
3,001,708
8,397,350
3,099,300
17,208,000
23,328,978
8,009,100
1,836,000
5,705,000
20,370,200
4,969,178
1,146,250
1,478,715
39,282,200
6,239,400
3,180,000

SECURITY

MKT PRICE ($)

ALCOA INC.
ALLEGHANY CORPORATION
AMERICAN INTERNATIONAL GROUP, INC.
ANALOG DEVICES, INC.
ANHEUSER-BUSCH INBEV SA/NV - ADR *
AON*
ARRIS GROUP, INC.
BANK OF AMERICA CORPORATION
BENNU OIL & GAS SERIES A
BENNU OIL & GAS SERIES A
CANADIAN NATURAL RESOURCES LIMITED *
CARLSBERG A/S - B *
CISCO SYSTEMS
CIT GROUP
CITIGROUP
CVS CAREMARK
EXPRESS SCRIPTS
GAZPROM OAO - ADR *
GENERAL ELECTRIC CO
GENTING MALAYSIA BERHAD *
GOOGLE INC. - Class A
GOOGLE INC. - Class C
GROUPE BRUXELLES LAMBERT S.A. *
HENKEL AG & CO. KGAA *
INTEL CORPORATION
INTERPUBLIC GROUP OF COMPANIES
JARDINE MATHESON HOLDINGS LTD. *
JARDINE STRATEGIC HOLDINGS LIMITED *
JOY GLOBAL INC.
LUKOIL OAO - ADR *
MEDTRONIC PLC
MEGGITT PLC *
MICROSOFT
MMC NORILSK NICKEL OJSC - ADR *
NASPERS LIMITED - N SHARES *
NORSK HYDRO ASA *
OCCIDENTAL PETROLEUM
ORACLE CORPORATION
ORKLA ASA
OTHER
OWENS-ILLINOIS
QUALCOMM INCORPORATED
ROSNEFT OIL COMPANY - REG S GDR *
SBERBANK OF RUSSIA- PREFERENCE*
SBERBANK OF RUSSIA- ADR*
SOUND HOLDINGS FP*
SULZER
SURGUTNEFTEGAS - PREFERENCE *
TE CONNECTIVTY
THERMO FISHER SCIENTIFIC INC.

12.92
487.00
54.79
63.00
121.91
96.12
28.90
15.39
18.50
30.71
82.61
27.53
45.12
51.52
103.21
86.77
4.75
24.81
1.14
554.70
548.00
82.96
103.42
31.27
22.12
62.94
35.00
39.18
46.32
77.99
8.14
40.66
17.77
154.18
5.26
73.00
43.15
7.57
23.32
69.34
4.31
0.78
4.39
44.70
110.10
0.76
71.62
134.34

MKT VALUE ($)

247,741,000.00
131,214,845.00
415,352,032.00
221,886,000.00
242,600,900.00
618,051,600.00
161,494,155.00
186,402,141.00
9,462,233.67
162,148,800.00
214,909,684.04
366,924,765.00
149,478,048.00
445,405,856.00
427,970,586.00
367,384,180.00
60,265,507.20
203,819,112.00
77,159,037.67
122,041,765.80
120,567,672.00
195,670,187.66
109,741,560.36
56,442,350.00
198,504,880.00
35,542,218.00
68,316,500.00
132,107,124.00
67,330,752.00
157,584,956.21
239,186,387.71
590,717,150.00
58,441,236.26
462,791,158.38
44,187,800.75
226,248,900.00
742,525,200.00
176,508,709.25
60,301,137.00
186,772,212.00
127,308,240.00
24,560,025.00
15,886,655.98
21,834,568.13
51,231,873.00
162,813,855.73
29,846,372.58
446,865,828.00
427,201,200.00

COUPON RATE

MATURITY
DATE

% OF NET
ASSET
VALUE

1.24%
0.66%
2.08%
1.11%
1.22%
3.10%
0.81%
0.93%
0.05%
0.00%
0.81%
1.08%
1.84%
0.75%
2.23%
2.14%
1.84%
0.30%
1.02%
0.39%
0.61%
0.60%
0.98%
0.55%
0.28%
1.00%
0.18%
0.34%
0.66%
0.34%
0.79%
1.20%
2.96%
0.29%
2.32%
0.22%
1.13%
3.72%
0.89%
0.30%
0.94%
0.64%
0.12%
0.08%
0.11%
0.26%
0.82%
0.15%
2.24%
2.14%

FPA Crescent Fund

3/31/15

Portfolio Holdings

CUSIP/SEDOL
B12T3J1
913017109
92857W209
931422109
B3DMTY0
984332106

TICKER
UNA_NA
UTX
VOD
WAG
WPP_LN
YHOO

SHARES
4,300,000
1,880,000
2,870,999
2,175,000
10,134,960
3,409,200

SECURITY
UNILEVER N.V. *
UNITED TECHNOLOGIES CORPORATION
VODAFONE GROUP PLC-SP ADR *
WALGREENS BOOTS ALLIANCE INC
WPP PLC*
YAHOO
TOTAL COMMON STOCK (LONG):

01609W102
07317Q105
20825C104
22576C101
709102107
71714F104
724479100
81369Y506
78464A730
BMMV2K8
92276F100
384802104
6084848 JP

BABA
BTE_CN
COP
CPG_CN
PEI
PMC
PBI
XLE
XOP
700_HK
VTR
GWW
4689_JP

(1,346,300)
(113,593)
(301,000)
(150,000)
(600,000)
(320,700)
(401,000)
(737,800)
(322,300)
(23,869,500)
(61,800)
(96,000)
(7,114,000)

ALIBABA GROUP*
BAYTEX ENERGY CORP.*
CONOCOPHILLIPS
CRESCENT POINT ENERGY CORP.*
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
PHARMERICA
PITNEY BOWES INC.
SELECT SECTOR SPDR TR SBI INT-ENERGY
SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
TENCENT HOLDINGS LIMITED *
VENTAS
W.W. GRAINGER, INC.
YAHOO! JAPAN CORPORATION*
TOTAL COMMON STOCK (SHORT):

9,936,065
35,000,000
10,090,046

ENDEAVOR REGIONAL BANK OPPORTUNITIES FUND, L.P.

U.S. FARMING REALTY TRUST I, L.P.
U.S. FARMING REALTY TRUST II, L.P.
TOTAL LIMITED PARTNERSHIPS:

252,000,000
118,300,000
194,350,000

00208SAU2
02635PTG8
02635PTQ6
85171RAA2
45031UAT8
45031UAW1
45031UBD2

13,739,699
5,216,000
8,980,000
15,366,000
6,930,000
18,836,000
4,964,000

812350AE6

79,149,000
13,509,747
12,550,669
4,189,885
6,510,921
20,753,790
3,867,582
4,309,498
1,290,086
5,128,788
68,202,227

MKT PRICE ($)

41.84
117.20
32.68
84.68
22.71
44.44

SGD CURR 05/04/15 (252M SGD @ 1.25544)

EUR CURRENCY 06/23/15 (118.3M EUR @ 1.06868)
JPY PUT 03/24/22 95.00 (194.35M JPY @ $0.07525)
TOTAL DERIVATIVES/FUTURES:
TOTAL OTHER SECURITIES

ATP OIL & GAS CORPORATION DIP TERM LOAN

SPRINGLEAF FINANCIAL SERVICES
SPRINGLEAF FINANCIAL SERVICES
SPRINGLEAF FINANCIAL SERVICES
ISTAR FINANCIAL INC.
ISTAR FINANCIAL INC.
ISTAR FINANCIAL INC.
OTHER
SEARS HOLDINGS CORPORATION
RELP-2
RELP-3
RELP-4
RELP-5
RELP-6
RELP-7
RELP-8
RELP-9
RELP-10
SHIP LOAN PARTICIPATION (NORTHERN SHIPPING)
TOTAL CORPORATE BONDS & NOTES:

83.24
15.80
62.26
22.34
23.23
28.19
23.32
77.58
51.66
18.99
73.02
235.81
4.14

MKT VALUE ($)

179,926,474.38
220,336,000.00
93,824,247.32
184,179,000.00
230,173,598.74
151,487,802.00
11,128,676,080.82

COUPON RATE

MATURITY
DATE

% OF NET
ASSET
VALUE
0.90%
1.10%
0.47%
0.92%
1.15%
0.76%
55.76%

(112,066,012.00)
(1,794,769.40)
(18,740,260.00)
(3,351,000.00)
(13,938,000.00)
(9,040,533.00)
(9,351,320.00)
(57,238,524.00)
(16,650,018.00)
(453,211,534.12)
(4,512,636.00)
(22,637,760.00)
(29,420,469.42)
(751,952,835.94)

-0.56%
-0.01%
-0.09%
-0.02%
-0.07%
-0.05%
-0.05%
-0.29%
-0.08%
-2.27%
-0.02%
-0.11%
-0.15%
-3.77%

133.78
120.01
105.53

13,292,447.88
42,005,005.00
10,648,035.63
65,945,488.51

0.07%
0.21%
0.05%
0.33%

0.11
(0.01)
0.14

16,403,367.51
(807,351.79)
28,375,100.00
43,971,115.72
109,916,604.23

0.08%
0.00%
0.14%
0.22%
0.55%

1.00
103.12
105.50
106.75
100.00
103.13
104.00
93.38
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00

137,396.99
5,378,739.20
9,473,900.00
16,403,205.00
6,930,000.00
19,424,625.00
5,162,560.00
92,197,154.40
73,909,336.20
13,509,747.47
12,550,668.57
4,189,884.65
6,510,921.46
20,753,790.23
3,867,582.34
4,309,497.78
1,290,086.00
5,128,788.20
68,202,226.56
369,330,110.05

5.7500
6.5000
6.9000
6.0500
5.8750
5.8500

3/1/2014
9/15/2016
9/15/2017
12/15/2017
4/15/2015
3/15/2016
3/15/2017

6.6250
9.0000
9.7500
9.0000
9.5000
9.5000
11.2500
10.0000
9.0000
9.5000
7.8000

10/15/2018
10/18/2015
6/19/2015
12/19/2015
6/30/2016
8/19/2016
7/7/2017
10/20/2017
4/29/2017
11/21/2017
12/24/2019

0.00%
0.03%
0.05%
0.08%
0.03%
0.10%
0.03%
0.46%
0.37%
0.07%
0.06%
0.02%
0.03%
0.10%
0.02%
0.02%
0.01%
0.03%
0.34%
1.85%

FPA Crescent Fund

3/31/15

Portfolio Holdings

CUSIP/SEDOL
340780AA3
854864AA3
85486AAA9
85486BAA7
85486TAA8
85486WAA1
85486XAA9
85486UAA5
85487GAA5
85487FAA7
86777AAA5

TICKER

SHARES
408,033
3,414,474
2,559,216
15,444,572
8,732,331
10,529,328
19,967,458
14,467,222
9,688,394
14,524,585
213,074,665

SECURITY

MKT PRICE ($)

FLORIDA MORTGAGE RESOLUTION TRUST SERIES 2012-4A

STANWICH MORTGAGE LOAN TRUST SERIES 2009-2
STANWICH MORTGAGE LOAN TRUST SERIES 2010-1
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
SUNSET MORTGAGE LOAN COMPANY 2014 NPL-1 A
TOTAL MORTGAGE BACKED SECURITIES

36.79
44.72
50.58
50.42
50.03
50.50
52.74
53.52
42.50
46.00
100.25

TOTAL INVESTMENT SECURITIES:

CASH & EQUIVALENTS:
31374TCT4
912828SU5
912828TD2
912828TP5
912828VY3
912828TT7
912828A26
912828UC2
912828UW8
912828VC1
912828SP6
912828SZ4
912828VU1
912828UG3
912828US7
912828PE4
912828NP1
912828NL0
912828PS3
912828NF3
912828QJ2
912828KT6
912828MZ0
912828KR0
912828EE6
912828EN6
912810DV7

BHBF1Y3

377373AB1
58013MEP5
63946BAB6
66989HAC2
822582AQ5
88166CAA6
89152UAC6
913017BH1
931142BY8
98385XAG1

26,425
270,000,000
275,000,000
275,000,000
250,000,000
325,000,000
300,000,000
250,000,000
250,000,000
275,000,000
230,000,000
265,000,000
245,000,000
240,000,000
325,000,000
355,000,000
240,000,000
275,000,000
245,000,000
180,000,000
245,000,000
305,000,000
300,000,000
250,000,000
250,000,000
270,000,000
315,000,000

252,000,000

49,690,000
22,072,000
11,704,000
46,445,000
74,187,000
7,325,000
96,882,000
9,046,000
17,740,000
38,688,000

150,114.21
1,526,952.67
1,294,451.70
7,787,153.27
4,368,785.38
5,317,310.65
10,531,416.22
7,742,915.21
4,117,567.58
6,681,309.01
213,608,203.66
263,126,179.56

COUPON RATE

3.2282

5/15/2050
2/15/2049
9/15/2047
2/28/2057
7/31/2038
8/31/2049
6/30/2039
9/15/2050
3/15/2047
6/15/2051
8/16/2044

11,119,096,138.72

FNMA POOL #323282

U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
U.S. TREASURY NOTE
TOTAL U.S GOVERNMENT AND AGENCIES

113.18
100.02
100.05
100.06
100.05
100.05
100.03
100.02
99.93
99.91
100.00
100.07
100.11
100.11
100.10
100.62
100.56
100.45
101.45
100.33
101.67
102.05
100.19
102.48
101.55
102.66
107.77

SINGAPORE TREASURY BILL*

TOTAL FOREIGN GOVERNMENT AND AGENCIES
GLAXOSMITHKLINE CAPITAL, INC.*
THE MCDONALD'S CORPORATION
NBC UNIVERSAL MEDIA, LLC
NOVARTIS CAPITAL CORPORATION
SHELL INTERNATIONAL FINANCE B.V. *
TEVA PHARMACEUTICAL INDUSTRIES LTD.*
TOTAL CAPITAL S.A.*
UNITED TECHNOLOGIES CORPORATION
WAL-MART STORES, INC.
XTO ENERGY
TOTAL HIGH GRADE SHORT-TERM CORPORATE BONDS
CASH & EQUIVALENTS
TOTAL CASH & EQUIVALENTS

72.81

100.03
100.06
100.22
100.15
100.65
100.52
100.59
100.35
101.04
101.21

0.00%
0.01%
0.01%
0.04%
0.02%
0.03%
0.05%
0.04%
0.02%
0.03%
1.07%
1.32%
55.71%

7.5000
0.2500
0.2500
0.2500
0.2500
0.2500
0.2500
0.2500
0.2500
0.2500
0.3750
0.3750
0.3750
0.3750
0.3750
1.2500
1.7500
1.8750
2.0000
2.1250
2.1250
2.3750
2.5000
2.6250
4.2500
4.5000
9.2500

7/1/2028
5/15/2015
7/15/2015
9/15/2015
9/30/2015
10/15/2015
11/30/2015
12/15/2015
4/15/2016
5/15/2016
4/15/2015
6/15/2015
8/31/2015
1/15/2016
3/15/2016
10/31/2015
7/31/2015
6/30/2015
1/31/2016
5/31/2015
2/29/2016
3/31/2016
4/30/2015
4/30/2016
8/15/2015
11/15/2015
2/15/2016

0.00%
1.35%
1.38%
1.38%
1.25%
1.63%
1.50%
1.25%
1.25%
1.38%
1.15%
1.33%
1.23%
1.20%
1.63%
1.79%
1.21%
1.38%
1.25%
0.91%
1.25%
1.56%
1.51%
1.28%
1.27%
1.39%
1.70%
35.41%

183,487,069.63
183,487,069.63

0.3800

5/2/2015

0.92%
0.92%

49,705,100.79
22,085,532.34
11,729,706.67
46,516,790.04
74,671,329.83
7,362,726.68
97,456,326.18
9,077,309.11
17,923,836.07
39,155,107.31
375,683,765.02

0.7500
0.7500
3.6500
2.9000
3.1000
3.0000
3.0000
4.8750
4.5000
5.3000

5/8/2015
5/29/2015
4/30/2015
4/24/2015
6/28/2015
6/15/2015
6/24/2015
5/1/2015
7/1/2015
6/30/2015

0.25%
0.11%
0.06%
0.23%
0.37%
0.04%
0.49%
0.05%
0.09%
0.20%
1.88%

19,960,143,933.03

% OF NET
ASSET
VALUE

29,906.61
270,051,408.00
275,140,992.50
275,161,122.50
250,136,725.00
325,176,150.00
300,090,810.00
250,058,600.00
249,832,750.00
274,739,492.50
230,007,866.00
265,181,154.00
245,277,536.00
240,268,368.00
325,320,547.50
357,211,827.50
241,341,792.00
276,224,602.50
248,549,388.50
180,602,928.00
249,097,282.00
311,256,373.50
300,563,970.00
256,199,950.00
253,867,200.00
277,194,285.00
339,489,391.50
7,068,072,419.11

1,213,804,540.55
8,841,047,794.31

TOTAL NET ASSETS:

* Indicates foreign security.

MKT VALUE ($)

MATURITY
DATE

6.08%
44.29%

100.00%

FPA Crescent Fund

3/31/15

Portfolio Holdings

CUSIP/SEDOL

TICKER

SHARES

SECURITY

MKT PRICE ($)

MKT VALUE ($)

COUPON RATE

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 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.
Short-selling involves increased risks and transaction costs. You risk paying more for a security than you received from its sale.
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.
The FPA Funds are distributed by UMB Distribution Services, LLC, 235 W. Galena Street, Milwaukee, WI, 53212.

MATURITY
DATE

% OF NET
ASSET
VALUE