Performance

Comparative Performance Monthly

As of October 31, 2018
Fund/Index MTD YTD 1 Year 3 Years 5 Years 10 Years 15 Years 20 Years 30 Years
FPA New Income, Inc. 0.13 % 1.60 % 1.99 % 2.12 % 1.63 % 2.10 % 2.66 % 3.84 % 5.82 %
BBgBarc US Agg Bond -0.79 % -2.38 % -2.05 % 1.04 % 1.83 % 3.94 % 3.79 % 4.47 % 5.97 %
CPI + 100 0.41 % 2.81 % 3.54 % 3.07 % 2.60 % 2.56 % 3.13 % 3.22 % 3.55 %
BBgBarc US Aggregate 1-3 Yr 0.11 % 0.52 % 0.34 % 0.79 % 0.84 % 1.77 % 2.33 % 3.16 % NA

Additional Performance Documentation

Periods over one year annualized. Performance is provided net of fees.
*Inception for FPA Management was July 11, 1984.
Expense ratio calculated as of most recent prospectus is 0.49%. As of March 31, 2018, the 30 day SEC yield was 2.99%.

Bloomberg Barclays Aggregate Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have at least 1 year remaining in maturity.  In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. Bloomberg Barclays Aggregate 1-3 Year Index provides a measure of the performance of the US investment grade bonds market, which includes investment grade US Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have a remaining maturity of 1 to 3 years.  In addition, the securities must be denominated in US dollars and must be fixed rate, nonconvertible, and taxable. The CPI +100 Basis Points benchmark is created by adding 1% to the annual percentage change in the Consumer Price Index (“CPI”).  This index reflects non seasonably adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI of other indexes will reflect the exact level of inflation at any given time.  These indices do not reflect any commissions or fees which would be incurred by an investor purchasing the stocks they represent.  The performance of the Fund and of the Indices are computed on a total return basis which includes reinvestment of all distributions.  It is not possible to invest in an index.

Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data may be obtained by calling toll-free, 1-800-982-4372.

Comparative Performance Quarterly

As of September 30, 2018
Fund/Index QTR YTD 1 Year 3 Years 5 Years 10 Years 15 Years 20 Years 30 Years Expense Ratio 1
FPA New Income, Inc. 0.40 % 1.47 % 1.91 % 2.00 % 1.66 % 2.05 % 2.71 % 3.79 % 5.89 % 0.49 %
BBgBarc US Agg Bond 0.02 % -1.60 % -1.22 % 1.31 % 2.16 % 3.77 % 3.78 % 4.48 % 6.08 %
CPI + 100 0.70 % 2.39 % 3.31 % 3.02 % 2.54 % 2.44 % 3.10 % 3.21 % 3.56 %
BBgBarc US Aggregate 1-3 Yr 0.34 % 0.42 % 0.22 % 0.74 % 0.86 % 1.76 % 2.29 % 3.17 % NA

Additional Performance Documentation

Periods over one year annualized. Performance is provided net of fees.
*Inception for FPA Management was July 11, 1984.
As of March 31, 2018, the 30 day SEC yield was 2.99%.
1Expense Ratio is calculated as of the date of the most recent prospectus.

Bloomberg Barclays Aggregate Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have at least 1 year remaining in maturity.  In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. Bloomberg Barclays Aggregate 1-3 Year Index provides a measure of the performance of the US investment grade bonds market, which includes investment grade US Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have a remaining maturity of 1 to 3 years.  In addition, the securities must be denominated in US dollars and must be fixed rate, nonconvertible, and taxable. The CPI +100 Basis Points benchmark is created by adding 1% to the annual percentage change in the Consumer Price Index (“CPI”).  This index reflects non seasonably adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI of other indexes will reflect the exact level of inflation at any given time.  These indices do not reflect any commissions or fees which would be incurred by an investor purchasing the stocks they represent.  The performance of the Fund and of the Indices are computed on a total return basis which includes reinvestment of all distributions.  It is not possible to invest in an index.

Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data may be obtained by calling toll-free, 1-800-982-4372.

Historical Annual Returns

FPA New Income, Inc.* BBgBarc US Agg Bond CPI + 100bps BBgBarc US Aggregate 1-3 Yr
2017 2.67 % 3.54 % N/A 0.86 %
2016 2.53 % 2.65 % 3.12 % 1.31 %
2015 0.15 % 0.55 % 1.68 % 0.66 %
2014 1.32 % 5.97 % 1.70 % 0.82 %
2013 0.67 % -2.02 % 2.56 % 0.64 %
2012 2.18 % 4.21 % 2.80 % 1.33 %
2011 2.23 % 7.84 % 4.09 % 1.73 %
2010 3.18 % 6.54 % 2.46 % 2.62 %
2009 2.89 % 5.93 % 3.84 % 5.00 %
2008 4.31 % 5.24 % 0.98 % 4.62 %
2007 6.02 % 6.97 % 5.15 % 6.73 %
2006 4.79 % 4.33 % 3.55 % 4.34 %
2005 1.57 % 2.43 % 4.37 % 1.82 %
2004 2.60 % 4.34 % 4.38 % 1.44 %
2003 8.32 % 4.10 % 3.06 % 2.42 %
2002 4.52 % 10.26 % 3.51 % 6.29 %
2001 12.33 % 8.44 % 2.62 % 8.77 %
2000 9.32 % 11.63 % 4.47 % 8.15 %
1999 3.39 % -0.82 % 3.71 % 3.32 %
1998 3.86 % 8.69 % 2.63 % 6.83 %
1997 8.31 % 9.65 % 2.72 % 6.68 %
1996 7.12 % 3.63 % 4.41 % 5.19 %
1995 14.36 % 18.47 % 3.56 % 11.00 %
1994 1.46 % -2.92 % 3.63 % 0.62 %
1993 10.17 % 9.75 % 3.84 % NA
1992 11.12 % 7.40 % 4.00 % NA
1991 18.80 % 16.00 % 4.01 % NA
1990 8.38 % 8.96 % 7.32 % NA
1989 12.22 % 14.53 % 5.69 % NA
1988 8.55 % 7.89 % 5.46 % NA
1987 7.83 % 2.76 % 5.38 % NA
1986 10.76 % 15.26 % 2.20 % NA
1985 21.31 % 22.10 % 4.83 % NA
1984 19.79 % 17.10 % 2.24 % NA
end of data

Additional Performance Documentation

Performance is provided net of fees.
* Inception for FPA Management was July 11, 1984. A benchmark comparison is not available based on the Fund’s inception date therefore a comparison using August 1, 1984 is used.

Bloomberg Barclays Aggregate Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have at least 1 year remaining in maturity.  In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. Bloomberg Barclays Aggregate 1-3 Year Index provides a measure of the performance of the US investment grade bonds market, which includes investment grade US Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have a remaining maturity of 1 to 3 years.  In addition, the securities must be denominated in US dollars and must be fixed rate, nonconvertible, and taxable. The CPI +100 Basis Points benchmark is created by adding 1% to the annual percentage change in the Consumer Price Index (“CPI”).  This index reflects non seasonably adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI of other indexes will reflect the exact level of inflation at any given time.  These indices do not reflect any commissions or fees which would be incurred by an investor purchasing the stocks they represent.  The performance of the Fund and of the Indices are computed on a total return basis which includes reinvestment of all distributions.  It is not possible to invest in an index.

Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Performance has been calculated on a total return basis, which combines principal and dividend income changes for the periods shown. Principal changes are based on the difference between the beginning and closing net asset values for the period and assume reinvestment of all dividends and distributions paid. All applicable expenses such as advisory fees have been included in calculating performance. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data may be obtained at http://www.fpa.com/newincome or by calling toll-free, 1-800-982-4372.
You should consider the Fund’s investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing. The Prospectus may be obtained at this link, or by email at info@fpa.com, toll-free by calling 1-800-982-4372 or by contacting the Fund in writing.

As of October 31, 2018
1 Year 5 Years 10 Years
Before Tax 1.99 % 1.63 % 2.10 %
After Tax on Distribution* 0.74 % 0.52 % 0.88 %
After Tax on Distribution and Sale of Fund Shares* 1.15 % 0.74 % 1.11 %

Additional Performance Documentation

* After-tax returns are calculated net of fees, 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 IRAs. Performance has been calculated on a total return basis, which combines principal and dividend income changes for the periods shown. Principal changes are based on the difference between the beginning and closing net asset values for the period and assume reinvestment of all dividends and distributions paid. Total return calculations are based on a $10,000 investment. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. The Prospectus details the Fund"s objective and policies and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing.