Dear Shareholder: Effective as of the close of business on November 4, 2011, UMB Fund Services (UMBFS), a mutual fund service

provider, will officially replace Boston Financial Data Services as the transfer agent for the FPA Funds. While many of the services UMBFS provides take place behind the scenes, we believe that changing providers will result in lower overall costs to the Funds while providing greater reporting and online capabilities. We hope that this change further enhances your experience with the FPA Funds. This change will not affect the status of your account. Your account number(s) will remain the same, as will all existing account options, including automatic purchase and withdrawal plans and dividend and capital gain distribution options. No action is required on your part. For those shareholders who take advantage of on-line account access, you will continue to access your account through our website, www.fpafunds.com, but you will be prompted to establish a new User ID and Password. All other existing on-line information will remain the same. The current toll-free number for new and existing shareholders will remain unchanged after the conversion takes place. Representatives will be available at 1-800-638-3060 Monday through Friday, 7 a.m. to 7 p.m. Central Standard Time to help you with everything from completing forms to placing financial transactions in your account. To make additional investments in your Fund account or to establish a new account, please use the following addresses effective November 7, 2011. Regular Mail: FPA Funds P. O. Box 2175 Milwaukee, WI 53201-2175 Overnight Mail: FPA Funds 803 West Michigan St., Suite A Milwaukee, WI 53233-2301

Wire Instructions: UMB Bank, n.a. ABA #101000695 For Credit to: FPA Funds A/C # 9871996328 For further credit to: Fund Name; investor account number; names(s) of investor(s); SSN or TIN. Please do not send any correspondence or investments to the new address until November 4, 2011. Prior to that date, should you have any questions regarding your investment with the FPA Funds, please contact Boston Financial Services directly at 1-800-638-3060. We look forward to a long and mutually beneficial relationship with UMBFS as our service provider. Thank you for your continued confidence in the FPA Funds. Sincerely,

FPA Funds