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FPANew Income, Inc.

Prospectus
FPA New Income, Inc. (FPNIX) seeks current income and long-term total return. Capital preservation is also a
consideration. The Fund's investment adviser, First Pacific Advisors, LLC, invests the Fund's assets primarily in
fixed-income securities, with emphasis on obligations issued or guaranteed by the United States Goverrunent and its
agencies and instrumentalities.
THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE
SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
January 28, 2014
investorsfirst
Distributor:
UMB Distribution Services, LLC
803 West Michigan Street
Milwaukee, Wisconsin 53233 90064
Summary Section
Investment Objective
Fees and Expenses of the Fund
Portfolio Turnover
Principal Investment Strategies
Principal Investment Risks
Updated Performance Information
Investment Adviser
Portfolio Managers
Purchase and Sale of Fund Shares
Tax Information
Payments to Broker-Dealers and Other Financial
Intermediaries
Investment Objective, Principal Investment Strategies, And
Principal Risks
Management And Organization
Purchase, Pricing And Sale Of Shares
Exchange Of Shares And Shareholder Services
Dividends, other Distributions And Taxes
Financial Highlights
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FPA NEW INCOME, INC.
11400 West Olympic Boulevard, Suite 1200
Los Angeles, California 90064
(310) 473-0225
TABLE OF CONTENTS
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SUMMARY SECTION
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.
Shareholder Fees
(fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a
percentage of
offering price)
Maximum Deferred Sales Charge (Load) (as a percentage of
original sales price or
redemption proceeds, as applicable)
Redemption Fee (as a percentage of amount redeemed)
Exchange Fee
Annual Fund Operating Expenses
(expenses that are deducted from Fund assets)
Management Fees
Distribution (12b-1) Fees
Other Expenses
Total Annual Fund Operating Expenses
None
None
2.00%(1 )
None
0.50%
None
0.08%
(1) Redemptions by wire are subject to a $3.50 charge per wire. Your broker-dealer may charge you a fee for redemptions.
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:
One year $ 59
Three
years $ 186
Five years $ 324
Ten years $ 726
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 84% 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
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