FPPFX: Profile for FPA PERENNIAL FUND

Ende has been Partner of the Adviser since October 2006.Ende also serves as director, president and portfolio manager of FPA Paramount Fund, Inc.; director, president and chief investment officer of Source Capital, Inc.; and vice president of FPA Capital Fund, Inc., FPA New Income, Inc. and FPA Crescent Fund for more than the past five years.

INVESTMENT INFORMATION

Min Initial Investment:	$1,500
Min Initial Investment, IRA:	$100
Min Initial Investment, AIP:	$100
Min Subsequent Investment:	$100
Min Subsequent Investment, IRA:	$100
Min Subsequent Investment, AIP:	$100

FPPFX can be purchased from 14 brokerages.

FUND SUMMARY

The investment seeks long-term growth of capital; current income is a secondary concern. The fund invests primarily in the common stocks of U.S. companies in a variety of industries and market segments. It can also invests in debt securities, preferred stocks and convertible securities. The fund generally holds assets in high quality short-term debt securities to provide liquidity. It also invests in medium and smaller capitalization issuers although it may purchase securities of larger companies. The fund may invest up to 25% of total assets in the securities of foreign issuers.

FUND OPERATIONS

Last Dividend (1-Jul-09):	0.00
Last Cap Gain (15-Dec-08):	0.04
Annual Holdings Turnover	11.00%
Average for Category:	130.04%

FEES & EXPENSES

Expense	FPPFX	Category Avg
Total Expense Ratio:	1.02%	1.46%
Max 12b1 Fee:	%	N/A
Max Front End Sales Load:	5.25%	5.39%
Max Deferred Sales Load:	%	2.69%
3 Yr Expense Projection*:	$ 833	$716
5 Yr Expense Projection*:	$ 1,059	$1,049
10 Yr Expense Projection*:	$ 1,707	$2,071

* Per $10,000 invested

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