FPNRX Fees and Costs — Fpa New Income Fund, Investor Class
Data updated: 2026-08-27
The net expense ratio is 0.55%: a 0.50% management fee plus 0.27% other expenses, less a 0.22% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 41%.
FPNRX Fees and Expenses
Annual operating expenses and sales charges of FPNRX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.27% |
| Gross expense ratio | 0.77% |
| Fee waiver | −0.22% |
| Net expense ratio | 0.55% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FPNRX Costs Over Time
On $10,000 invested in FPNRX, assuming 5% a year before costs, total costs come to $347 over 5 years, cutting the return by 0.58% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.55%) | $58 | $181 | $315 |
| Lost growth on money paid in costs | $0 | $9 | $32 |
| Total costs | $58 | $190 | $347 |
| Value after costs | $10,442 | $11,386 | $12,416 |
| Impact on return, per year | 0.58% | 0.58% | 0.58% |
FPNRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $32.0B
- Portfolio turnover (prospectus): 41%
- Securities lending: none during the year
FPNRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MISCHLER FINANCIAL GROUP, INC. | $17.9B | 59.92% |
| BREAN CAPITAL, LLC | $4.5B | 15.19% |
| HSBC SECURITIES (USA) INC. | $3.0B | 10.02% |
| J.P. MORGAN SECURITIES LLC | $948.1M | 3.17% |
| BOFA SECURITIES, INC. | $918.4M | 3.07% |
| MUFG SECURITIES AMERICAS INC. | $755.6M | 2.53% |
| CITIGROUP GLOBAL MARKETS INC. | $625.5M | 2.09% |
| WELLS FARGO CLEARING SERVICES, LLC | $513.9M | 1.72% |
| ACADEMY SECURITIES, INC. | $401.3M | 1.34% |
| SMBC NIKKO SECURITIES AMERICA, INC. | $282.8M | 0.95% |
Fpa New Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FPNIX | Institutional Class | 0.45% | none |
| FPNRX | Investor Class | 0.55% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.