0001104659-13-012152.txt : 20130220 0001104659-13-012152.hdr.sgml : 20130220 20130220114920 ACCESSION NUMBER: 0001104659-13-012152 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130220 DATE AS OF CHANGE: 20130220 EFFECTIVENESS DATE: 20130220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FPA NEW INCOME INC CENTRAL INDEX KEY: 0000099203 IRS NUMBER: 941632698 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-30393 FILM NUMBER: 13625763 BUSINESS ADDRESS: STREET 1: 11400 W OLYMPIC BLVD STE 1200 CITY: LOS ANGELES STATE: CA ZIP: 90064 BUSINESS PHONE: 3104730225 MAIL ADDRESS: STREET 1: 11400 WEST OLYMPIC BLVD STREET 2: SUITE 1200 CITY: LOS ANGELES STATE: CA ZIP: 90067 FORMER COMPANY: FORMER CONFORMED NAME: TRANSAMERICA NEW INCOME INC DATE OF NAME CHANGE: 19840826 FORMER COMPANY: FORMER CONFORMED NAME: TRANSAMERICA INVESTORS FUND INC DATE OF NAME CHANGE: 19820524 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FPA NEW INCOME INC CENTRAL INDEX KEY: 0000099203 IRS NUMBER: 941632698 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-01735 FILM NUMBER: 13625764 BUSINESS ADDRESS: STREET 1: 11400 W OLYMPIC BLVD STE 1200 CITY: LOS ANGELES STATE: CA ZIP: 90064 BUSINESS PHONE: 3104730225 MAIL ADDRESS: STREET 1: 11400 WEST OLYMPIC BLVD STREET 2: SUITE 1200 CITY: LOS ANGELES STATE: CA ZIP: 90067 FORMER COMPANY: FORMER CONFORMED NAME: TRANSAMERICA NEW INCOME INC DATE OF NAME CHANGE: 19840826 FORMER COMPANY: FORMER CONFORMED NAME: TRANSAMERICA INVESTORS FUND INC DATE OF NAME CHANGE: 19820524 0000099203 S000010870 FPA New Income, Inc. C000030124 FPA New Income, Inc. fpnix 485BPOS 1 a13-2657_4485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 20, 2013

 

SECURITIES ACT FILE NO. 2-30393

INVESTMENT COMPANY ACT FILE NO. 811-1735

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 


 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

ý

PRE-EFFECTIVE AMENDMENT NO.

 

o

 

POST-EFFECTIVE AMENDMENT NO. 58

 

ý

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 

ý

 

AMENDMENT NO. 39

 

ý

 


 

FPA NEW INCOME, INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

 

11400 WEST OLYMPIC BOULEVARD, SUITE 1200

LOS ANGELES, CALIFORNIA 90064

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

 

(310) 473-0225

(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)

 

J. RICHARD ATWOOD, TREASURER

 

COPY TO:

FPA NEW INCOME, INC.

 

MARK D. PERLOW, ESQ.

11400 WEST OLYMPIC BOULEVARD, SUITE 1200

 

K&L GATES LLP

LOS ANGELES, CALIFORNIA 90064

 

FOUR EMBARCADERO CENTER, SUITE 1200

(NAME AND ADDRESS OF AGENT FOR SERVICE)

 

SAN FRANCISCO, CALIFORNIA 94111

 


 

APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:

AS SOON AS PRACTICABLE AFTER REGISTRATION STATEMENT BECOMES EFFECTIVE.

IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE (CHECK APPROPRIATE BOX)

 

x   IMMEDIATELY UPON FILING PURSUANT TO PARAGRAPH (b)

o    ON (DATE) PURSUANT TO PARAGRAPH (b)

o    60 DAYS AFTER FILING PURSUANT TO PARAGRAPH (a)(1)

o    ON (DATE) PURSUANT TO PARAGRAPH (a)(1)

o    75 DAYS AFTER FILING PURSUANT TO PARAGRAPH (a)(2)

o    ON (DATE) PURSUANT TO PARAGRAPH (a)(2) OF RULE 485

 

IF APPROPRIATE, CHECK THE FOLLOWING BOX:

 

o    THIS POST-EFFECTIVE AMENDMENT DESIGNATES A NEW EFFECTIVE DATE FOR A PREVIOUSLY FILED POST-EFFECTIVE AMENDMENT.

 

TITLE OF SECURITIES BEING REGISTERED: COMMON STOCK, $0.01 PAR VALUE

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment to Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Los Angeles, State of California, on the 20th day of February, 2013.

 

 

 

FPA NEW INCOME, INC.

 

 

 

 

By:

/s/ THOMAS H. ATTEBERRY

 

 

 

Thomas H. Atteberry

 

 

Chief Executive Officer

 



 

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

 

SIGNATURE

 

TITLE

 

DATE

 

 

 

 

 

/S/ THOMAS H. ATTEBERRY

 

 

 

 

Thomas H. Atteberry

 

President

 

February 20, 2013

 

 

(Principal Executive

 

 

 

 

Officer)

 

 

 

 

 

 

 

/S/ J. RICHARD ATWOOD

 

 

 

 

J. Richard Atwood

 

Treasurer

 

February 20, 2013

 

 

(Principal Financial

 

 

 

 

Officer and Principal

 

 

 

 

Accounting Officer)

 

 

 

 

 

 

 

WILLARD H. ALTMAN, JR.*

 

 

 

 

Willard H. Altman, Jr.

 

Director

 

February 20, 2013

 

 

 

 

 

/S/ THOMAS P. MERRICK

 

Director

 

February 20, 2013

Thomas P. Merrick

 

 

 

 

 

 

 

 

 

ALFRED E. OSBORNE, JR.*

 

 

 

 

Alfred E. Osborne, Jr.

 

Director

 

February 20, 2013

 

 

 

 

 

/S/ A. ROBERT PISANO

 

Director

 

February 20, 2013

A. Robert Pisano

 

 

 

 

 

 

 

 

 

/s/ PATRICK B. PURCELL

 

Director

 

February 20, 2013

Patrick B. Purcell

 

 

 

 

 

 

 

 

 

/s/ ROBERT L. RODRIGUEZ

 

 

 

 

Robert L. Rodriguez

 

Director

 

February 20, 2013

 

 

 

 

 

/s/ ALLAN M. RUDNICK

 

 

 

 

Allan M. Rudnick

 

Director

 

February 20, 2013

 

 

 

 

 

*By:

/S/ SHERRY SASAKI

 

 

 

 

 

Sherry Sasaki

 

 

 

Attorney-in-Fact pursuant to Power-of- Attorney

 

 

 

included as page C-6 on

 

 

 

Registrant’s Post-Effective Amendment

 

 

 

No. 45 to the Registration Statement

 

 

 

which was filed December 5, 2002.

 

 

 



 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

EX-101.INS

 

XBRL Instance Document

 

 

 

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

 

 

 

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

 

 

 

EX.101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

 

 

 

EX.101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

 

 

 

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 


EX-101.INS 2 ck0000099203-20130130.xml XBRL INSTANCE DOCUMENT 0000099203 2012-09-30 2012-09-30 0000099203 ck0000099203:S000010870Member ck0000099203:S000010870Member 2012-09-30 2012-09-30 0000099203 ck0000099203:S000010870Member ck0000099203:S000010870Member ck0000099203:C000030124Member 2012-09-30 2012-09-30 0000099203 ck0000099203:S000010870Member ck0000099203:S000010870Member rr:AfterTaxesOnDistributionsMember ck0000099203:C000030124Member 2012-09-30 2012-09-30 0000099203 ck0000099203:S000010870Member ck0000099203:S000010870Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000099203:C000030124Member 2012-09-30 2012-09-30 0000099203 ck0000099203:S000010870Member ck0000099203:S000010870Member ck0000099203:index_Barclays_Capital_Aggregate_Bond_Index_reflects_no_deductions_for_fees_expenses_or_taxesMember 2012-09-30 2012-09-30 0000099203 ck0000099203:S000010870Member ck0000099203:S000010870Member ck0000099203:index_CPI_100_reflects_no_deductions_for_sales_charges_or_taxesMember 2012-09-30 2012-09-30 0000099203 ck0000099203:S000010870Member ck0000099203:S000010870Member ck0000099203:index_Barclays_Capital_GovernmentCredit_Index_reflects_no_deductions_for_fees_expenses_or_taxesMember 2012-09-30 2012-09-30 xbrli:pure iso4217:USD Redemptions by wire are subject to a $3.50 charge per wire. Your broker-dealer may charge you a fee for redemptions. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend upon an investor's tax situation and may differ from those shown. After-tax returns presented here are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. FPA NEW INCOME INC 485BPOS false 0000099203 2012-09-30 2013-01-30 2013-01-30 2013-01-30 FPA New Income, Inc. fpnix Fees and Expenses of the Fund. <p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and certain family members invest, or agree to invest in the future, at least $50,000 in the FPA Funds. More information about these and other ways of reducing your sales charge is available in the prospectus section, "Reducing Your Sales Charge," and in the Fund's Statement of Additional Information.</font> </p> 0.0350 0.0100 -0.0200 0.0000 0.0050 0.0000 0.0007 0.0057 ~ http://fpafunds.com/20130130/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000099203_S000010870Member row primary compact * ~ ~ http://fpafunds.com/20130130/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000099203_S000010870Member row primary compact * ~ You may qualify for sales charge discounts if you and certain family members invest, or agree to invest in the future, at least $50,000 in the FPA Funds. Annual Fund Operating Expenses (expenses that are deducted from Fund assets) 50000 Redemptions by wire are subject to a $3.50 charge per wire. Your broker-dealer may charge you a fee for redemptions. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies. <p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's investment adviser, First Pacific Advisors, LLC, purchases primarily fixed-income securities for the Fund, with an emphasis on obligations issued or guaranteed by the United States Government and its agencies and instrumentalities. At least 65% of the Fund's total assets are invested in a diversified portfolio of income-producing securities. The Adviser generally invests a significant portion (50% or more) of the Fund's total assets in debt obligations issued or guaranteed by the United States Government and its agencies and instrumentalities, including mortgage-backed securities. The Fund also invests in highly-rated (as rated by a Nationally Recognized Statistical Rating Organization) non-convertible corporate debt securities, commercial paper and repurchase agreements. In addition, the Fund may invest, within specified limits, in non-convertible debt securities of lesser quality, convertible debt securities, preferred stocks, convertible securities, interest-only and principal-only stripped mortgage securities, Z-Bonds and inverse floaters.</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund invests primarily in fixed-income securities, including convertible securities. The market price of fixed-income securities held by the Fund generally can be expected to vary inversely to changes in prevailing interest rates. Investments in fixed-income securities with longer maturities generally produce higher yields but are subject to greater market fluctuation. The modified duration (a measure of sensitivity to changes in interest rates), which is likely to vary substantially from time to time, of the debt securities owned by the Fund was 1.42 years on September 30, 2012 and 1.45 years on December 31, 2012. A lower duration will also result in a higher turnover rate for the Fund.</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's current operating policy is to invest at least 75% of its total assets, calculated at market value at the time of investment, in the following types of securities:</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">(1)&#160;&#160;securities issued or guaranteed by the United States Government, its agencies or instrumentalities;</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">(2)&#160;&#160;marketable, non-convertible debt securities rated at the time of purchase within the two highest grades as determined by either Moody's Investors Service, Inc. ("Moody's") (Aaa and Aa) or by Standard &amp; Poor's Ratings Services ("S&amp;P") (AAA and AA);</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">(3)&#160;&#160;commercial paper of U.S. issuers which at the time of investment is (a) rated in the highest category by Moody's (Prime-1) or S&amp;P (A-1) or (b) issued by a company that, at the date of investment, has any outstanding debt securities rated at least Aa by Moody's or AA by S&amp;P; and</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">(4)&#160;&#160;repurchase agreements with a member bank of the Federal Reserve System or a U.S. securities dealer.</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Up to 25% of the Fund's total assets, calculated at market value at the time of investment, may be invested in: (a) non-convertible debt securities that are not rated in the highest two grades by Moody's or S&amp;P; (b) convertible debt securities; and (c) preferred stocks in an amount not exceeding 5% of the Fund's total assets. These debt securities may include "high yield" or "junk" bonds. Up to 30% of the Fund's total assets may be invested, or committed for investment, in securities offered on a delayed delivery basis. Up to 15% of the Fund's total assets may be invested in interest-only and principal-only classes of stripped mortgage securities, collateralized mortgage obligations structured as accrual certificates, also known as Z-Bonds, and inverse floaters.</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest up to 25% of its total assets in securities of foreign governments and corporations. These investments involve additional risks and opportunities compared with securities of United States issuers.</font> </p> Updated Performance Information. <p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">To obtain updated monthly performance information, please visit the Fund's website at www.fpafunds.com or call (800) 982-4372.</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Performance Information.</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The bar chart and Average Annual Total Returns table below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5 and 10 calendar years compare with those of a broad-based securities market index and an index of similar funds. The bar chart shows performance without a sales charge (load). If it did, returns would be lower than those shown. Performance in the Average Annual Total Returns table reflects the impact of the maximum sales charge of 3.50%. The chart and table reflect the reinvestment of dividends and other distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font> </p> <br/><p style="margin: 0pt 0pt 8pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">The Barclays Capital Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds, and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, Corporate bonds, and a small amount of foreign bonds traded in U.S. The Barclay Government Credit Index is a broad-based unmanaged index of all government and corporate bonds that are investment grade with at least one year to maturity. CPI + 100 is a measure of the consumer <font style="font-size: 10pt; font-family: Arial, Helvetica;">price index (CPI) plus an additional 100 basis points. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living. The Barclays Capital Government/Credit Index is considered a measure of bond performance and is included as a broad-based comparison to the Fund's portfolio. The Barclays Capital Government/Credit Index is an unmanaged fixed income market value-weighted index that combines the Barclays Capital U.S. Government and Credit Indices, including U.S. government and agency securities. All issues are investment grade (Baa) or higher, with maturities of at least one year.</font><br /> </font> </p> 0.0834 0.0260 0.0157 0.0479 0.0603 0.0431 0.0289 0.0319 0.0223 0.0216 ~ http://fpafunds.com/20130130/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0000099203_S000010870Member row primary compact * ~ Highest 0.0248 2003-06-30 Lowest -0.0036 2005-06-30 <p style="margin:0pt 0pt 2pt 0pt;" align="left"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's highest/lowest</font> <font style="font-size:10pt; font-family: Arial, Helvetica;"><i>quarterly</i></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">results during this time period were:</font> </p> <br/><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="padding: 0pt .7pt 0pt 0pt; background-color: #cceeff;" colspan="3" align="left" valign="bottom" width="320"> <p style="margin: 0pt 0pt 0pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;"><strong>Highest</strong></font> </p> </td> <td style="background-color: #cceeff;" colspan="1"> &#160; </td> <td style="padding: 0pt .7pt 0pt 0pt; background-color: #cceeff;" colspan="7" align="center" valign="bottom" width="179"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">2.48</font> <font style="font-size: 10pt; font-family: Arial, Helvetica;">%</font> </td> <td style="background-color: #cceeff;" colspan="1"> &#160; </td> <td style="padding: 0pt .7pt 0pt 0pt; background-color: #cceeff;" colspan="3" align="center" valign="bottom" width="162"> <p style="margin: 0pt 0pt 0pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">(Quarter ended 6/30/03)</font> </p> </td> <td style="background-color: #cceeff;" colspan="1"> &#160; </td> </tr> <tr> <td style="padding: 0pt .7pt 8pt 0pt;" colspan="3" align="left" valign="bottom" width="320"> <p style="margin: 0pt 0pt 0pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;"><strong>Lowest</strong></font> </p> </td> <td colspan="1"> &#160; </td> <td style="padding: 0pt .7pt 8pt 0pt;" colspan="7" align="center" valign="bottom" width="179"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">(0.36</font><font style="font-size: 10pt; font-family: Arial, Helvetica;">)%</font> </td> <td colspan="1"> &#160; </td> <td style="padding: 0pt .7pt 8pt 0pt;" colspan="3" align="center" valign="bottom" width="162"> <p style="margin: 0pt 0pt 0pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">(Quarter ended 6/30/05)</font> </p> </td> <td colspan="1"> &#160; </td> </tr> </table> -0.0140 0.0223 0.0343 -0.0217 0.0099 0.0201 -0.0163 0.0118 0.0209 0.0421 0.0595 0.0518 0.0263 0.0281 0.0342 0.0482 0.0606 0.0525 ~ http://fpafunds.com/20130130/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0000099203_S000010870Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ Performance in the Average Annual Total Returns table reflects the impact of the maximum sales charge of 3.50%. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart and Average Annual Total Returns table below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5 and 10 calendar years compare with those of a broad-based securities market index and an index of similar funds. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Barclays Capital Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds, and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, Corporate bonds, and a small amount of foreign bonds traded in U.S. The Barclay Government Credit Index is a broad-based unmanaged index of all government and corporate bonds that are investment grade with at least one year to maturity. CPI + 100 is a measure of the consumer price index (CPI) plus an additional 100 basis points. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living. The Barclays Capital Government/Credit Index is considered a measure of bond performance and is included as a broad-based comparison to the Fund's portfolio. The Barclays Capital Government/Credit Index is an unmanaged fixed income market value-weighted index that combines the Barclays Capital U.S. Government and Credit Indices, including U.S. government and agency securities. All issues are investment grade (Baa) or higher, with maturities of at least one year. (reflects no deductions for fees, expenses or taxes) The bar chart shows performance without a sales charge (load). If it did, returns would be lower than those shown. (800) 982-4372 www.fpafunds.com Actual after-tax returns depend upon an investor's tax situation and may differ from those shown. After-tax returns presented here are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns (for the periods ended December 31, 2012) Principal Investment Risks. <p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">As with all mutual funds, your investment in the Fund may be worth more or less at any time than the price that you originally paid for it. There is also a possibility that the Fund will not achieve its investment objective or goal. This could happen because its strategy failed to produce the intended results or because the Adviser did not implement its strategy properly. Fund shares could decline in value in response to certain events, such as changes in markets or economies. The Fund's shares are not bank deposits and are not guaranteed, endorsed or insured by any financial institution, government authority or the FDIC.</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Risks Associated with Investing in Debt Securities.</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">As with most funds that invest in debt securities, changes in interest rates are one of the most important factors that could affect the value of your investment. Rising interest rates tend to cause the prices of debt securities (especially those with longer maturities) and the Fund's share price to fall. Investments in fixed-income securities with longer maturities generally produce higher yields but are subject to greater market fluctuation. Rising interest rates may also cause investors in mortgage-backed and asset-backed securities to be paid off later than anticipated, forcing the Fund to keep its money invested at lower rates or to sell the securities at lower prices. Falling interest rates, however, generally cause investors in mortgage-backed and asset-backed securities to be paid off earlier than expected, forcing the Fund to reinvest the money at a lower interest rate.</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The credit rating or financial condition of an issuer may also affect the value of a debt security. Generally, the lower the quality rating of a security, the greater the risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value. An investment-grade security is typically valued as though the issuer is more likely to pay interest and repay principal than an issuer of a lower rated bond. Adverse economic conditions or changing circumstances, however, may weaken the issuer's capacity to pay interest and repay principal.</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Risks Associated with Investing in High Yield Securities.</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">High yield bonds are highly speculative securities that are usually issued by smaller, less credit-worthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds carry a greater degree of risk and are less likely to make payments of interest and principal. Market developments and the financial and business conditions of the corporation issuing these securities influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities. Insufficient liquidity in the high yield bond market may make it more difficult to dispose of high yield bonds and may cause the Fund to experience sudden and substantial price declines. A lack of reliable, objective data or market quotations may make it more difficult to value high yield bonds accurately. There is no limit on the ratings of high yield securities that may be purchased or held by the Fund, and the Fund may invest in securities that are in default.</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Risks Associated with Investing in Foreign Securities.</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">When the Fund invests in foreign securities, it will be subject to risks not typically associated with domestic securities. The value of the Fund's foreign securities may be affected by social, political and economic developments and U.S. and foreign laws relating to foreign investment. Further, because the Fund may invest in securities denominated in foreign currencies, the Fund's securities may go down in value depending on foreign exchange rates. Other risks include trading, settlement, custodial, and other operational risks; withholding or other taxes; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign securities less liquid, more volatile and harder to value than U.S. securities.</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Risks Associated with Investing in Repurchase Agreements.</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">A repurchase agreement is a short-term investment. The Fund acquires a debt security that the seller agrees to repurchase at a future time and set price. If the seller declares bankruptcy or defaults, the Fund may incur delays and expenses liquidating the security. The security may also decline in value or fail to provide income.</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Risks Associated with Investing in Mortgage-Backed Securities.</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's mortgage-backed securities may be affected by, among other factors, changes or perceived changes in: interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements, or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of the U.S. Government or by its agencies, authorities, enterprises or instrumentalities, which are not insured or guaranteed by the U.S. Government. [Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government.] Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. Rising or high interest rates tend to extend the duration of mortgage-backed securities, making their prices more volatile and more sensitive to changes in interest rates.</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Risks Associated with Investing in Convertible Securities.</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">Convertible securities are generally not investment grade and are subject to greater credit risk than higher-rated investments. They may also be less liquid and more difficult to value than higher-rated debt securities.</font> </p> <br/><p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Because of these and other risks, you could lose money by investing in the Fund.</font> </p> Because of these and other risks, you could lose money by investing in the Fund. The Fund's shares are not bank deposits and are not guaranteed, endorsed or insured by any financial institution, government authority or the FDIC. Example <p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p> 406 526 657 1039 ~ http://fpafunds.com/20130130/role/ScheduleExpenseExample20003 column dei_LegalEntityAxis compact ck0000099203_S000010870Member row primary compact * ~ Investment Objective. <p style="margin:0pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's primary investment objective is current income and long-term total return. Capital preservation is also a consideration.</font> </p> Portfolio Turnover. <p style="margin:8pt 0pt 8pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 77% of the average value of its whole portfolio.</font> </p> 0.77 EX-101.SCH 3 ck0000099203-20130130.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - FPA New Income, Inc. link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020005 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020006 - Disclosure - Risk/Return Detail Data {Elements} - FPA New Income, Inc. link:presentationLink link:definitionLink link:calculationLink EX-101.LAB 4 ck0000099203-20130130_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT EX-101.DEF 5 ck0000099203-20130130_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.PRE 6 ck0000099203-20130130_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.CAL 7 ck0000099203-20130130_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT XML 8 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 9 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 30, 2013
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading FPA New Income, Inc.
Objective [Heading] rr_ObjectiveHeading Investment Objective.
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund's primary investment objective is current income and long-term total return. Capital preservation is also a consideration.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund.
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and certain family members invest, or agree to invest in the future, at least $50,000 in the FPA Funds. More information about these and other ways of reducing your sales charge is available in the prospectus section, "Reducing Your Sales Charge," and in the Fund's Statement of Additional Information.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that are deducted from Fund assets)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 77% of the average value of its whole portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 77.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and certain family members invest, or agree to invest in the future, at least $50,000 in the FPA Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expenses Explanation of Nonrecurring Account Fee [Text] rr_ExpensesExplanationOfNonrecurringAccountFee Redemptions by wire are subject to a $3.50 charge per wire. Your broker-dealer may charge you a fee for redemptions.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies.
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund's investment adviser, First Pacific Advisors, LLC, purchases primarily fixed-income securities for the Fund, with an emphasis on obligations issued or guaranteed by the United States Government and its agencies and instrumentalities. At least 65% of the Fund's total assets are invested in a diversified portfolio of income-producing securities. The Adviser generally invests a significant portion (50% or more) of the Fund's total assets in debt obligations issued or guaranteed by the United States Government and its agencies and instrumentalities, including mortgage-backed securities. The Fund also invests in highly-rated (as rated by a Nationally Recognized Statistical Rating Organization) non-convertible corporate debt securities, commercial paper and repurchase agreements. In addition, the Fund may invest, within specified limits, in non-convertible debt securities of lesser quality, convertible debt securities, preferred stocks, convertible securities, interest-only and principal-only stripped mortgage securities, Z-Bonds and inverse floaters.


The Fund invests primarily in fixed-income securities, including convertible securities. The market price of fixed-income securities held by the Fund generally can be expected to vary inversely to changes in prevailing interest rates. Investments in fixed-income securities with longer maturities generally produce higher yields but are subject to greater market fluctuation. The modified duration (a measure of sensitivity to changes in interest rates), which is likely to vary substantially from time to time, of the debt securities owned by the Fund was 1.42 years on September 30, 2012 and 1.45 years on December 31, 2012. A lower duration will also result in a higher turnover rate for the Fund.


The Fund's current operating policy is to invest at least 75% of its total assets, calculated at market value at the time of investment, in the following types of securities:


(1)  securities issued or guaranteed by the United States Government, its agencies or instrumentalities;


(2)  marketable, non-convertible debt securities rated at the time of purchase within the two highest grades as determined by either Moody's Investors Service, Inc. ("Moody's") (Aaa and Aa) or by Standard & Poor's Ratings Services ("S&P") (AAA and AA);


(3)  commercial paper of U.S. issuers which at the time of investment is (a) rated in the highest category by Moody's (Prime-1) or S&P (A-1) or (b) issued by a company that, at the date of investment, has any outstanding debt securities rated at least Aa by Moody's or AA by S&P; and


(4)  repurchase agreements with a member bank of the Federal Reserve System or a U.S. securities dealer.


Up to 25% of the Fund's total assets, calculated at market value at the time of investment, may be invested in: (a) non-convertible debt securities that are not rated in the highest two grades by Moody's or S&P; (b) convertible debt securities; and (c) preferred stocks in an amount not exceeding 5% of the Fund's total assets. These debt securities may include "high yield" or "junk" bonds. Up to 30% of the Fund's total assets may be invested, or committed for investment, in securities offered on a delayed delivery basis. Up to 15% of the Fund's total assets may be invested in interest-only and principal-only classes of stripped mortgage securities, collateralized mortgage obligations structured as accrual certificates, also known as Z-Bonds, and inverse floaters.


The Fund may invest up to 25% of its total assets in securities of foreign governments and corporations. These investments involve additional risks and opportunities compared with securities of United States issuers.

Risk [Heading] rr_RiskHeading Principal Investment Risks.
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, your investment in the Fund may be worth more or less at any time than the price that you originally paid for it. There is also a possibility that the Fund will not achieve its investment objective or goal. This could happen because its strategy failed to produce the intended results or because the Adviser did not implement its strategy properly. Fund shares could decline in value in response to certain events, such as changes in markets or economies. The Fund's shares are not bank deposits and are not guaranteed, endorsed or insured by any financial institution, government authority or the FDIC.


Risks Associated with Investing in Debt Securities. As with most funds that invest in debt securities, changes in interest rates are one of the most important factors that could affect the value of your investment. Rising interest rates tend to cause the prices of debt securities (especially those with longer maturities) and the Fund's share price to fall. Investments in fixed-income securities with longer maturities generally produce higher yields but are subject to greater market fluctuation. Rising interest rates may also cause investors in mortgage-backed and asset-backed securities to be paid off later than anticipated, forcing the Fund to keep its money invested at lower rates or to sell the securities at lower prices. Falling interest rates, however, generally cause investors in mortgage-backed and asset-backed securities to be paid off earlier than expected, forcing the Fund to reinvest the money at a lower interest rate.


The credit rating or financial condition of an issuer may also affect the value of a debt security. Generally, the lower the quality rating of a security, the greater the risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value. An investment-grade security is typically valued as though the issuer is more likely to pay interest and repay principal than an issuer of a lower rated bond. Adverse economic conditions or changing circumstances, however, may weaken the issuer's capacity to pay interest and repay principal.


Risks Associated with Investing in High Yield Securities. High yield bonds are highly speculative securities that are usually issued by smaller, less credit-worthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds carry a greater degree of risk and are less likely to make payments of interest and principal. Market developments and the financial and business conditions of the corporation issuing these securities influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities. Insufficient liquidity in the high yield bond market may make it more difficult to dispose of high yield bonds and may cause the Fund to experience sudden and substantial price declines. A lack of reliable, objective data or market quotations may make it more difficult to value high yield bonds accurately. There is no limit on the ratings of high yield securities that may be purchased or held by the Fund, and the Fund may invest in securities that are in default.


Risks Associated with Investing in Foreign Securities. When the Fund invests in foreign securities, it will be subject to risks not typically associated with domestic securities. The value of the Fund's foreign securities may be affected by social, political and economic developments and U.S. and foreign laws relating to foreign investment. Further, because the Fund may invest in securities denominated in foreign currencies, the Fund's securities may go down in value depending on foreign exchange rates. Other risks include trading, settlement, custodial, and other operational risks; withholding or other taxes; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign securities less liquid, more volatile and harder to value than U.S. securities.


Risks Associated with Investing in Repurchase Agreements. A repurchase agreement is a short-term investment. The Fund acquires a debt security that the seller agrees to repurchase at a future time and set price. If the seller declares bankruptcy or defaults, the Fund may incur delays and expenses liquidating the security. The security may also decline in value or fail to provide income.


Risks Associated with Investing in Mortgage-Backed Securities. The value of the Fund's mortgage-backed securities may be affected by, among other factors, changes or perceived changes in: interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements, or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of the U.S. Government or by its agencies, authorities, enterprises or instrumentalities, which are not insured or guaranteed by the U.S. Government. [Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government.] Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. Rising or high interest rates tend to extend the duration of mortgage-backed securities, making their prices more volatile and more sensitive to changes in interest rates.


Risks Associated with Investing in Convertible Securities. Convertible securities are generally not investment grade and are subject to greater credit risk than higher-rated investments. They may also be less liquid and more difficult to value than higher-rated debt securities.


Because of these and other risks, you could lose money by investing in the Fund.

Risk Lose Money [Text] rr_RiskLoseMoney Because of these and other risks, you could lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution The Fund's shares are not bank deposits and are not guaranteed, endorsed or insured by any financial institution, government authority or the FDIC.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Updated Performance Information.
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

To obtain updated monthly performance information, please visit the Fund's website at www.fpafunds.com or call (800) 982-4372.


Performance Information. The bar chart and Average Annual Total Returns table below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5 and 10 calendar years compare with those of a broad-based securities market index and an index of similar funds. The bar chart shows performance without a sales charge (load). If it did, returns would be lower than those shown. Performance in the Average Annual Total Returns table reflects the impact of the maximum sales charge of 3.50%. The chart and table reflect the reinvestment of dividends and other distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.


The Barclays Capital Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds, and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, Corporate bonds, and a small amount of foreign bonds traded in U.S. The Barclay Government Credit Index is a broad-based unmanaged index of all government and corporate bonds that are investment grade with at least one year to maturity. CPI + 100 is a measure of the consumer price index (CPI) plus an additional 100 basis points. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living. The Barclays Capital Government/Credit Index is considered a measure of bond performance and is included as a broad-based comparison to the Fund's portfolio. The Barclays Capital Government/Credit Index is an unmanaged fixed income market value-weighted index that combines the Barclays Capital U.S. Government and Credit Indices, including U.S. government and agency securities. All issues are investment grade (Baa) or higher, with maturities of at least one year.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and Average Annual Total Returns table below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5 and 10 calendar years compare with those of a broad-based securities market index and an index of similar funds.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The Barclays Capital Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds, and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, Corporate bonds, and a small amount of foreign bonds traded in U.S. The Barclay Government Credit Index is a broad-based unmanaged index of all government and corporate bonds that are investment grade with at least one year to maturity. CPI + 100 is a measure of the consumer price index (CPI) plus an additional 100 basis points. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living. The Barclays Capital Government/Credit Index is considered a measure of bond performance and is included as a broad-based comparison to the Fund's portfolio. The Barclays Capital Government/Credit Index is an unmanaged fixed income market value-weighted index that combines the Barclays Capital U.S. Government and Credit Indices, including U.S. government and agency securities. All issues are investment grade (Baa) or higher, with maturities of at least one year.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 982-4372
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.fpafunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart shows performance without a sales charge (load). If it did, returns would be lower than those shown.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The Fund's highest/lowest quarterly results during this time period were:


Highest

  2.48 %  

(Quarter ended 6/30/03)

 

Lowest

  (0.36)%  

(Quarter ended 6/30/05)

 
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 2.48%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2005
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (0.36%)
Performance Table Does Reflect Sales Loads rr_PerformanceTableDoesReflectSalesLoads Performance in the Average Annual Total Returns table reflects the impact of the maximum sales charge of 3.50%.
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deductions for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend upon an investor's tax situation and may differ from those shown. After-tax returns presented here are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (for the periods ended December 31, 2012)
Barclays Capital Aggregate Bond Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 4.21%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.95%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.18%
CPI + 100 (reflects no deductions for sales charges or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 2.63%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 2.81%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.42%
Barclays Capital Government/Credit Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 4.82%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 6.06%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.25%
FPA New Income, Inc.
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.50%
Maximum Deferred Sales Charge (Load) (as a percentage of original sales price or redemption proceeds, as applicable) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (2.00%) [1]
Exchange Fee rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.50%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.07%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.57%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 406
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 526
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 657
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,039
Annual Return 2003 rr_AnnualReturn2003 8.34%
Annual Return 2004 rr_AnnualReturn2004 2.60%
Annual Return 2005 rr_AnnualReturn2005 1.57%
Annual Return 2006 rr_AnnualReturn2006 4.79%
Annual Return 2007 rr_AnnualReturn2007 6.03%
Annual Return 2008 rr_AnnualReturn2008 4.31%
Annual Return 2009 rr_AnnualReturn2009 2.89%
Annual Return 2010 rr_AnnualReturn2010 3.19%
Annual Return 2011 rr_AnnualReturn2011 2.23%
Annual Return 2012 rr_AnnualReturn2012 2.16%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (1.40%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 2.23%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.43%
FPA New Income, Inc. | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (2.17%) [2]
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.99% [2]
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 2.01% [2]
FPA New Income, Inc. | After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (1.63%) [2]
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.18% [2]
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 2.09% [2]
[1] Redemptions by wire are subject to a $3.50 charge per wire. Your broker-dealer may charge you a fee for redemptions.
[2] After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend upon an investor's tax situation and may differ from those shown. After-tax returns presented here are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
XML 12 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
FPA New Income, Inc. | FPA New Income, Inc.
FPA New Income, Inc.
Investment Objective.

The Fund's primary investment objective is current income and long-term total return. Capital preservation is also a consideration.

Fees and Expenses of the Fund.

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and certain family members invest, or agree to invest in the future, at least $50,000 in the FPA Funds. More information about these and other ways of reducing your sales charge is available in the prospectus section, "Reducing Your Sales Charge," and in the Fund's Statement of Additional Information.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
FPA New Income, Inc.
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 3.50%
Maximum Deferred Sales Charge (Load) (as a percentage of original sales price or redemption proceeds, as applicable) 1.00%
Redemption Fee (as a percentage of amount redeemed) [1] 2.00%
Exchange Fee none
[1] Redemptions by wire are subject to a $3.50 charge per wire. Your broker-dealer may charge you a fee for redemptions.
Annual Fund Operating Expenses (expenses that are deducted from Fund assets)
Annual Fund Operating Expenses
FPA New Income, Inc.
Management Fees 0.50%
Distribution (12b-1) Fees none
Other Expenses 0.07%
Total Annual Fund Operating Expenses 0.57%
Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)
FPA New Income, Inc.
One year 406
Three years 526
Five years 657
Ten years 1,039
Portfolio Turnover.

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 77% of the average value of its whole portfolio.

Principal Investment Strategies.

The Fund's investment adviser, First Pacific Advisors, LLC, purchases primarily fixed-income securities for the Fund, with an emphasis on obligations issued or guaranteed by the United States Government and its agencies and instrumentalities. At least 65% of the Fund's total assets are invested in a diversified portfolio of income-producing securities. The Adviser generally invests a significant portion (50% or more) of the Fund's total assets in debt obligations issued or guaranteed by the United States Government and its agencies and instrumentalities, including mortgage-backed securities. The Fund also invests in highly-rated (as rated by a Nationally Recognized Statistical Rating Organization) non-convertible corporate debt securities, commercial paper and repurchase agreements. In addition, the Fund may invest, within specified limits, in non-convertible debt securities of lesser quality, convertible debt securities, preferred stocks, convertible securities, interest-only and principal-only stripped mortgage securities, Z-Bonds and inverse floaters.


The Fund invests primarily in fixed-income securities, including convertible securities. The market price of fixed-income securities held by the Fund generally can be expected to vary inversely to changes in prevailing interest rates. Investments in fixed-income securities with longer maturities generally produce higher yields but are subject to greater market fluctuation. The modified duration (a measure of sensitivity to changes in interest rates), which is likely to vary substantially from time to time, of the debt securities owned by the Fund was 1.42 years on September 30, 2012 and 1.45 years on December 31, 2012. A lower duration will also result in a higher turnover rate for the Fund.


The Fund's current operating policy is to invest at least 75% of its total assets, calculated at market value at the time of investment, in the following types of securities:


(1)  securities issued or guaranteed by the United States Government, its agencies or instrumentalities;


(2)  marketable, non-convertible debt securities rated at the time of purchase within the two highest grades as determined by either Moody's Investors Service, Inc. ("Moody's") (Aaa and Aa) or by Standard & Poor's Ratings Services ("S&P") (AAA and AA);


(3)  commercial paper of U.S. issuers which at the time of investment is (a) rated in the highest category by Moody's (Prime-1) or S&P (A-1) or (b) issued by a company that, at the date of investment, has any outstanding debt securities rated at least Aa by Moody's or AA by S&P; and


(4)  repurchase agreements with a member bank of the Federal Reserve System or a U.S. securities dealer.


Up to 25% of the Fund's total assets, calculated at market value at the time of investment, may be invested in: (a) non-convertible debt securities that are not rated in the highest two grades by Moody's or S&P; (b) convertible debt securities; and (c) preferred stocks in an amount not exceeding 5% of the Fund's total assets. These debt securities may include "high yield" or "junk" bonds. Up to 30% of the Fund's total assets may be invested, or committed for investment, in securities offered on a delayed delivery basis. Up to 15% of the Fund's total assets may be invested in interest-only and principal-only classes of stripped mortgage securities, collateralized mortgage obligations structured as accrual certificates, also known as Z-Bonds, and inverse floaters.


The Fund may invest up to 25% of its total assets in securities of foreign governments and corporations. These investments involve additional risks and opportunities compared with securities of United States issuers.

Principal Investment Risks.

As with all mutual funds, your investment in the Fund may be worth more or less at any time than the price that you originally paid for it. There is also a possibility that the Fund will not achieve its investment objective or goal. This could happen because its strategy failed to produce the intended results or because the Adviser did not implement its strategy properly. Fund shares could decline in value in response to certain events, such as changes in markets or economies. The Fund's shares are not bank deposits and are not guaranteed, endorsed or insured by any financial institution, government authority or the FDIC.


Risks Associated with Investing in Debt Securities. As with most funds that invest in debt securities, changes in interest rates are one of the most important factors that could affect the value of your investment. Rising interest rates tend to cause the prices of debt securities (especially those with longer maturities) and the Fund's share price to fall. Investments in fixed-income securities with longer maturities generally produce higher yields but are subject to greater market fluctuation. Rising interest rates may also cause investors in mortgage-backed and asset-backed securities to be paid off later than anticipated, forcing the Fund to keep its money invested at lower rates or to sell the securities at lower prices. Falling interest rates, however, generally cause investors in mortgage-backed and asset-backed securities to be paid off earlier than expected, forcing the Fund to reinvest the money at a lower interest rate.


The credit rating or financial condition of an issuer may also affect the value of a debt security. Generally, the lower the quality rating of a security, the greater the risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value. An investment-grade security is typically valued as though the issuer is more likely to pay interest and repay principal than an issuer of a lower rated bond. Adverse economic conditions or changing circumstances, however, may weaken the issuer's capacity to pay interest and repay principal.


Risks Associated with Investing in High Yield Securities. High yield bonds are highly speculative securities that are usually issued by smaller, less credit-worthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds carry a greater degree of risk and are less likely to make payments of interest and principal. Market developments and the financial and business conditions of the corporation issuing these securities influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities. Insufficient liquidity in the high yield bond market may make it more difficult to dispose of high yield bonds and may cause the Fund to experience sudden and substantial price declines. A lack of reliable, objective data or market quotations may make it more difficult to value high yield bonds accurately. There is no limit on the ratings of high yield securities that may be purchased or held by the Fund, and the Fund may invest in securities that are in default.


Risks Associated with Investing in Foreign Securities. When the Fund invests in foreign securities, it will be subject to risks not typically associated with domestic securities. The value of the Fund's foreign securities may be affected by social, political and economic developments and U.S. and foreign laws relating to foreign investment. Further, because the Fund may invest in securities denominated in foreign currencies, the Fund's securities may go down in value depending on foreign exchange rates. Other risks include trading, settlement, custodial, and other operational risks; withholding or other taxes; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign securities less liquid, more volatile and harder to value than U.S. securities.


Risks Associated with Investing in Repurchase Agreements. A repurchase agreement is a short-term investment. The Fund acquires a debt security that the seller agrees to repurchase at a future time and set price. If the seller declares bankruptcy or defaults, the Fund may incur delays and expenses liquidating the security. The security may also decline in value or fail to provide income.


Risks Associated with Investing in Mortgage-Backed Securities. The value of the Fund's mortgage-backed securities may be affected by, among other factors, changes or perceived changes in: interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements, or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of the U.S. Government or by its agencies, authorities, enterprises or instrumentalities, which are not insured or guaranteed by the U.S. Government. [Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government.] Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. Rising or high interest rates tend to extend the duration of mortgage-backed securities, making their prices more volatile and more sensitive to changes in interest rates.


Risks Associated with Investing in Convertible Securities. Convertible securities are generally not investment grade and are subject to greater credit risk than higher-rated investments. They may also be less liquid and more difficult to value than higher-rated debt securities.


Because of these and other risks, you could lose money by investing in the Fund.

Updated Performance Information.

To obtain updated monthly performance information, please visit the Fund's website at www.fpafunds.com or call (800) 982-4372.


Performance Information. The bar chart and Average Annual Total Returns table below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5 and 10 calendar years compare with those of a broad-based securities market index and an index of similar funds. The bar chart shows performance without a sales charge (load). If it did, returns would be lower than those shown. Performance in the Average Annual Total Returns table reflects the impact of the maximum sales charge of 3.50%. The chart and table reflect the reinvestment of dividends and other distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.


The Barclays Capital Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds, and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, Corporate bonds, and a small amount of foreign bonds traded in U.S. The Barclay Government Credit Index is a broad-based unmanaged index of all government and corporate bonds that are investment grade with at least one year to maturity. CPI + 100 is a measure of the consumer price index (CPI) plus an additional 100 basis points. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living. The Barclays Capital Government/Credit Index is considered a measure of bond performance and is included as a broad-based comparison to the Fund's portfolio. The Barclays Capital Government/Credit Index is an unmanaged fixed income market value-weighted index that combines the Barclays Capital U.S. Government and Credit Indices, including U.S. government and agency securities. All issues are investment grade (Baa) or higher, with maturities of at least one year.

Bar Chart

The Fund's highest/lowest quarterly results during this time period were:


Highest

  2.48 %  

(Quarter ended 6/30/03)

 

Lowest

  (0.36)%  

(Quarter ended 6/30/05)

 
Average Annual Total Returns (for the periods ended December 31, 2012)
Average Annual Returns
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
FPA New Income, Inc.
(1.40%) 2.23% 3.43%
FPA New Income, Inc. After Taxes on Distributions
[1] (2.17%) 0.99% 2.01%
FPA New Income, Inc. After Taxes on Distributions and Sale of Fund Shares
[1] (1.63%) 1.18% 2.09%
FPA New Income, Inc. Barclays Capital Aggregate Bond Index (reflects no deductions for fees, expenses or taxes)
4.21% 5.95% 5.18%
FPA New Income, Inc. CPI + 100 (reflects no deductions for sales charges or taxes)
2.63% 2.81% 3.42%
FPA New Income, Inc. Barclays Capital Government/Credit Index (reflects no deductions for fees, expenses or taxes)
4.82% 6.06% 5.25%
[1] After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend upon an investor's tax situation and may differ from those shown. After-tax returns presented here are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.