General Description of Adviser and Principal Owners FPA was formed in July 2004 as a Delaware limited liability company. On October 1, 2018, FPA was converted to a Delaware limited partnership. Together with its predecessor organizations, FPA has been in the investment advisory business since 1954. FPA maintains its principal office at 11601 Wilshire Boulevard, Suite 1200, Los Angeles, California 90025. The Firm is controlled by its general partner, FPA GP, Inc. (the “General Partner”), which is owned and controlled by J. Richard Atwood, Steven T. Romick, and David S. Brookman as the sole shareholders and directors of the General Partner. In addition, FPA is owned by the following limited partners: J. Richard Atwood, Steven T. Romick, J. Mark Hancock, Mark Landecker, Ryan Leggio, Abhijeet Patwardhan, Brian A. Selmo, and David S. Brookman. As of December 31, 2023, FPA employed approximately 80 persons engaged full-time in portfolio management or investment research, investment operations, trading, client service, legal and compliance, and clerical activities. Types of Advisory Services FPA offers investment advisory services in several fundamental, primarily value-oriented, investment strategies, including: Absolute Fixed Income, Flexible Fixed Income, Contrarian Value, Contrarian Value Equity, Small-Cap Value, Large-Cap Value, and Multi-Advisor strategies. For additional information about these investment strategies please refer to Item 8. Under its investment strategies, FPA provides investment advisory services to registered investment companies, private funds and separately managed institutional accounts. In addition, FPA provides investment sub-advisory services to investment advisers of third party-sponsored registered investment companies and collective investment trusts (“CITs”). Additional information about these advisory services and types of clients are described immediately below and in Item 7. Registered Investment Companies (collectively “FPA Registered Funds”) FPA provides investment advisory services to the following investment companies registered under the Investment Company Act of 1940, as amended (the “Company Act”):
• Investment Managers Series Trust III’s (“IMST III”) (formerly, FPA Funds Trust) FPA Crescent Fund (“Crescent”), a diversified, open-end registered investment company managed under the Contrarian Value strategy;
• IMST III’s FPA Flexible Fixed Income Fund (“FFI”), a diversified, open-end investment company managed under the Flexible Fixed Income strategy;
• IMST III’s FPA New Income Fund (“New Income”), a diversified, open-end investment company managed under the Absolute Fixed Income strategy;
• IMST III’s FPA Queens Road Value Fund (“QR Value”), a diversified, open-end investment company managed under the Large-Cap Value strategy;
• IMST III’s FPA Queens Road Small Cap Value Fund (“QR Small Value”), a diversified, open-end investment company managed under the Small-Cap Value strategy;
• Source Capital, Inc. (“Source”), a publicly traded (NYSE: SOR), diversified, closed-end investment company managed by the Contrarian Value and Flexible Fixed Income investment teams; and
• Northern Lights Fund Trust III’s FPA Global Equity ETF (“FPA ETF”), a publicly traded (Cboe: FPAG), non-diversified, exchange traded fund (“ETF”) managed under the Contrarian Value Equity strategy. Separately Managed Accounts/Sub-Advised Accounts (“SMAs”) FPA provides investment advisory services to a variety of separately managed account clients, which may include pension and profit-sharing plans, charitable organizations, endowments, insurance companies, corporations, undertakings for collective investment in transferrable securities (“UCITS”) and state and municipal government entities. In addition, FPA provides investment advisory services as a sub-adviser to certain investment advisers to investment companies and CITs sponsored by third parties. Private Investment Funds (the “FPA Private Funds”) FPA serves as the general partner, managing member, and/or manager of several private funds:
• The FPA Multi-Advisor Strategy Funds: o FPA Multi-Advisor Fund, L.P. o FPA Multi-Advisor Fund II, L.P. o FPA Multi-Advisor Offshore Fund, Ltd., and o FPA Income Opportunities Funds: ▪ FPA Income Opportunities Master Fund, L.P. ▪ FPA Income Opportunities Offshore Fund, L.P. ▪ FPA Income Opportunities Onshore Fund, L.P.
• The FPA Contrarian Value and Contrarian Value Equity Strategy Funds: o The FPA Hawkeye Funds: ▪ The following series of FPA Hawkeye Fund, LLC (a Delaware Series limited liability company):
• FPA Hawkeye Fund
• FPA Hawkeye-7 Fund, and
• FPA Global Opportunity Fund ▪ FPA Hawkeye Offshore Fund, Ltd. o FPA Select Drawdown Fund, L.P. o FPA Select Maple Fund, L.P. o FPA Select Funds: ▪ FPA Select Fund, L.P., and ▪ FPA Select Offshore Fund,

Ltd. o FPA Select II Funds: ▪ FPA Select Fund II, L.P., and ▪ FPA Select Offshore Fund II, Ltd. o FPA Contrarian Value Equity Funds: ▪ FPA Contrarian Value Equity Fund, L.P., and ▪ FPA Contrarian Value Equity Fund (ERISA), L.P. o FPA Value Partners Fund, L.P. The FPA Registered Funds, SMAs and FPA Private Funds are collectively, “FPA Client Accounts” or “advisory clients.” Investment Strategies and Restrictions FPA manages the FPA Registered Funds and FPA Private Funds based on each such client’s strategies, restrictions, and guidelines and does not tailor its advisory services to any particular investor in an FPA Registered Fund or FPA Private Fund. With respect to SMAs, FPA will consider each client’s risk tolerance, time horizon, tax status, liquidity needs, return objectives and preferences. FPA provides its investment advisory services in accordance with the specific investment objectives and restrictions of each FPA Client Account, in accordance with and subject to the directions, guidelines, and limitations imposed by the FPA Client Account through, as applicable, the investment management agreement, prospectus and statement of additional information, declaration of trust, investment policy statement, private placement memorandum, limited partnership agreement, and/or other governing documents (the “Governing Documents”). FPA’s investment discretion with respect to managing the FPA Registered Funds is also subject to the parameters provided by and oversight of the respective FPA Registered Fund’s governing body (e.g., board of directors/trustees). For certain FPA Registered Funds, FPA has delegated investment discretion to a sub-adviser pursuant to a sub-advisory agreement. With respect to FPA sub-advisory relationships where FPA acts as sub-adviser, FPA’s investment advisory services are provided in accordance with the relevant sub-advisory agreement. While FPA does not typically provide tailored investment advice to individual investors in the FPA Private Funds, FPA has entered, and in the future may enter, into “side letters” or similar agreements with certain investors who are granted specific rights, benefits, or privileges that are not generally made available to other investors, including preferential fee terms or to address investment restrictions based on regulatory or policy requirements of a particular investor. In addition, the investment strategy with respect to certain clients may be restricted due to custodial limitations. For instance, limitations or operational impediments associated with a client’s custodian may prohibit such client from holding certain types of securities (e.g., non-U.S. securities in ordinary form) or participate in certain corporate actions relating to portfolio holdings. FPA organizes its investment vehicles (i.e., FPA Registered Funds, FPA Private Funds and the SMAs) across several fundamental, primarily value-oriented, investment strategies, including: Absolute Fixed Income, Flexible Fixed Income, Contrarian Value, Contrarian Value Equity, Small-Cap Value, Large-Cap Value, and Multi-Advisor. While investment vehicles pursuing the same strategy share certain fundamental characteristics, such investment vehicles are typically structured with significant differences in specific investment objectives, risk profiles and other investment criteria, and may or may not hold similar securities and financial instruments. In addition, in circumstances where investment vehicles are intended to have substantial overlap in securities and financial instruments, the held positions may nonetheless differ significantly due to various factors, including but not limited to, account size, account inception dates, client-imposed restrictions, available cash, tax, regulatory, and other considerations. FPA generally does not use a formal asset allocation model to specify the percentage of each client portfolio that must be invested in any particular asset class or category of securities. Rather, FPA’s asset allocation for each client portfolio is generally a function of the portfolio’s potential risk and reward compared with available opportunities in the marketplace. Cash, cash equivalents, and/or securities issued by the U.S. Department of the Treasury (“U.S. Treasuries”) are typically the default investment choices until FPA identifies new investment opportunities, but FPA may also use other types of investments (e.g., ETFs that follow a market index such as the S&P 500) to invest cash. Accordingly, FPA Client Accounts may at any given time hold significant cash balances on an ongoing basis. FPA does not currently participate in wrap fee programs. Assets Under Management As of December 31, 2023, FPA had regulatory assets under management of approximately $24.8 billion on a discretionary basis. Assets Under Advisement As of December 31, 2023, FPA had no assets under advisement.