T. Rowe Price New Income Fund Inc.

01/22/2026 | Press release | Distributed by Public on 01/22/2026 08:56

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02396

T. Rowe Price New Income Fund, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: May 31

Date of reporting period: November 30, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

November 30, 2025

New Income Fund

Investor Class (PRCIX)

This semi-annual shareholder report contains important information about New Income Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
New Income Fund - Investor Class
$23
0.44%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$16,731,424
Number of Portfolio Holdings
1,711
Portfolio Turnover Rate
55.8%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

U.S. Government Agency Obligations (Excluding Mortgage-Backed)
30.3%
Corporate Bonds
25.8
U.S. Government & Agency Mortgage-Backed Securities
24.3
Asset-Backed Securities
7.8
Non-U.S. Government Mortgage-Backed Securities
3.7
Bank Loans
3.6
Foreign Government Obligations & Municipalities
3.0
Securities Lending Collateral
0.6
Short-Term and Other
0.9

Top Ten Holdings(as a % of Net Assets)

U.S. Treasury Notes
15.8%
U.S. Treasury Bonds
14.5
Federal National Mortgage Assn.
10.8
Federal Home Loan Mortgage
5.6
Government National Mortgage Assn.
4.9
UMBS
3.0
Bank of America
0.8
Government of Hungary
0.7
JPMorgan Chase
0.7
NRG Energy
0.5

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F43-053 1/26

New Income Fund

Investor Class (PRCIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

November 30, 2025

New Income Fund

Advisor Class (PANIX)

This semi-annual shareholder report contains important information about New Income Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
New Income Fund - Advisor Class
$47
0.92%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$16,731,424
Number of Portfolio Holdings
1,711
Portfolio Turnover Rate
55.8%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

U.S. Government Agency Obligations (Excluding Mortgage-Backed)
30.3%
Corporate Bonds
25.8
U.S. Government & Agency Mortgage-Backed Securities
24.3
Asset-Backed Securities
7.8
Non-U.S. Government Mortgage-Backed Securities
3.7
Bank Loans
3.6
Foreign Government Obligations & Municipalities
3.0
Securities Lending Collateral
0.6
Short-Term and Other
0.9

Top Ten Holdings(as a % of Net Assets)

U.S. Treasury Notes
15.8%
U.S. Treasury Bonds
14.5
Federal National Mortgage Assn.
10.8
Federal Home Loan Mortgage
5.6
Government National Mortgage Assn.
4.9
UMBS
3.0
Bank of America
0.8
Government of Hungary
0.7
JPMorgan Chase
0.7
NRG Energy
0.5

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F243-053 1/26

New Income Fund

Advisor Class (PANIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

November 30, 2025

New Income Fund

R Class (RRNIX)

This semi-annual shareholder report contains important information about New Income Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
New Income Fund - R Class
$55
1.08%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$16,731,424
Number of Portfolio Holdings
1,711
Portfolio Turnover Rate
55.8%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

U.S. Government Agency Obligations (Excluding Mortgage-Backed)
30.3%
Corporate Bonds
25.8
U.S. Government & Agency Mortgage-Backed Securities
24.3
Asset-Backed Securities
7.8
Non-U.S. Government Mortgage-Backed Securities
3.7
Bank Loans
3.6
Foreign Government Obligations & Municipalities
3.0
Securities Lending Collateral
0.6
Short-Term and Other
0.9

Top Ten Holdings(as a % of Net Assets)

U.S. Treasury Notes
15.8%
U.S. Treasury Bonds
14.5
Federal National Mortgage Assn.
10.8
Federal Home Loan Mortgage
5.6
Government National Mortgage Assn.
4.9
UMBS
3.0
Bank of America
0.8
Government of Hungary
0.7
JPMorgan Chase
0.7
NRG Energy
0.5

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F443-053 1/26

New Income Fund

R Class (RRNIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

November 30, 2025

New Income Fund

I Class (PRXEX)

This semi-annual shareholder report contains important information about New Income Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
New Income Fund - I Class
$18
0.36%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$16,731,424
Number of Portfolio Holdings
1,711
Portfolio Turnover Rate
55.8%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

U.S. Government Agency Obligations (Excluding Mortgage-Backed)
30.3%
Corporate Bonds
25.8
U.S. Government & Agency Mortgage-Backed Securities
24.3
Asset-Backed Securities
7.8
Non-U.S. Government Mortgage-Backed Securities
3.7
Bank Loans
3.6
Foreign Government Obligations & Municipalities
3.0
Securities Lending Collateral
0.6
Short-Term and Other
0.9

Top Ten Holdings(as a % of Net Assets)

U.S. Treasury Notes
15.8%
U.S. Treasury Bonds
14.5
Federal National Mortgage Assn.
10.8
Federal Home Loan Mortgage
5.6
Government National Mortgage Assn.
4.9
UMBS
3.0
Bank of America
0.8
Government of Hungary
0.7
JPMorgan Chase
0.7
NRG Energy
0.5

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F533-053 1/26

New Income Fund

I Class (PRXEX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

November 30, 2025

New Income Fund

Z Class (TRVZX)

This semi-annual shareholder report contains important information about New Income Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
New Income Fund - Z Class
$0
0.00%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$16,731,424
Number of Portfolio Holdings
1,711
Portfolio Turnover Rate
55.8%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

U.S. Government Agency Obligations (Excluding Mortgage-Backed)
30.3%
Corporate Bonds
25.8
U.S. Government & Agency Mortgage-Backed Securities
24.3
Asset-Backed Securities
7.8
Non-U.S. Government Mortgage-Backed Securities
3.7
Bank Loans
3.6
Foreign Government Obligations & Municipalities
3.0
Securities Lending Collateral
0.6
Short-Term and Other
0.9

Top Ten Holdings(as a % of Net Assets)

U.S. Treasury Notes
15.8%
U.S. Treasury Bonds
14.5
Federal National Mortgage Assn.
10.8
Federal Home Loan Mortgage
5.6
Government National Mortgage Assn.
4.9
UMBS
3.0
Bank of America
0.8
Government of Hungary
0.7
JPMorgan Chase
0.7
NRG Energy
0.5

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1264-053 1/26

New Income Fund

Z Class (TRVZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR,applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR.No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant's annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant's annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.

(a - b) Report pursuant to Regulation S-X.

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
November
30,
2025
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRCIX
New
Income
Fund
PANIX
New
Income
Fund-
.
Advisor Class
RRNIX
New
Income
Fund-
.
R Class
PRXEX
New
Income
Fund-
.
I Class
TRVZX
New
Income
Fund-
.
Z Class
T.
ROWE
PRICE
New
Income
Fund
Unaudited
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
7.89‌
$
7.84‌
$
8.11‌
$
8.66‌
$
9.71‌
$
9.70‌
Investment
activities
Net
investment
income
(1)(2)
0.18‌
0.35‌
0.33‌
0.26‌
0.15‌
0.19‌
Net
realized
and
unrealized
gain/
loss
0.19‌
0.05‌
(0.27‌)
(0.55‌)
(0.96‌)
0.11‌
Total
from
investment
activities
0.37‌
0.40‌
0.06‌
(0.29‌)
(0.81‌)
0.30‌
Distributions
Net
investment
income
(0.18‌)
(0.35‌)
(0.33‌)
(0.26‌)
(0.14‌)
(0.20‌)
Net
realized
gain
-‌
-‌
-‌
-‌
(0.10‌)
(0.09‌)
Total
distributions
(0.18‌)
(0.35‌)
(0.33‌)
(0.26‌)
(0.24‌)
(0.29‌)
NET
ASSET
VALUE
End
of
period
$
8.08‌
$
7.89‌
$
7.84‌
$
8.11‌
$
8.66‌
$
9.71‌
T.
ROWE
PRICE
New
Income
Fund
Unaudited
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
4.72‌%
5.18‌%
0.86‌%
(3.35‌)%
(8.50‌)%
3.08‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.58‌%
(4)
0.55‌%
0.54‌%
0.53‌%
0.45‌%
0.47‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.44‌%
(4)
0.44‌%
0.44‌%
0.44‌%
0.45‌%
0.47‌%
Net
investment
income
4.36‌%
(4)
4.39‌%
4.17‌%
3.13‌%
1.51‌%
1.96‌%
Portfolio
turnover
rate
(5)
55.8‌%
99.3‌%
179.3‌%
171.6‌%
229.1‌%
126.4‌%
Portfolio
turnover
rate,
excluding
mortgage
dollar
roll
transactions
37.1‌%
67.1‌%
90.7‌%
111.9‌%
93.1‌%
74.6‌%
Net
assets,
end
of
period
(in
millions)
$571
$580
$715
$819
$1,000
$2,911
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
(5)
The
portfolio
turnover
rate
calculation
includes
purchases
and
sales
from
the
mortgage
dollar
roll
transactions.
T.
ROWE
PRICE
New
Income
Fund
Unaudited
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
7.87‌
$
7.82‌
$
8.09‌
$
8.64‌
$
9.69‌
$
9.68‌
Investment
activities
Net
investment
income
(1)(2)
0.16‌
0.31‌
0.29‌
0.25‌
0.06‌
0.16‌
Net
realized
and
unrealized
gain/
loss
0.19‌
0.05‌
(0.26‌)
(0.55‌)
(0.95‌)
0.11‌
Total
from
investment
activities
0.35‌
0.36‌
0.03‌
(0.30‌)
(0.89‌)
0.27‌
Distributions
Net
investment
income
(0.16‌)
(0.31‌)
(0.30‌)
(0.25‌)
(0.06‌)
(0.17‌)
Net
realized
gain
-‌
-‌
-‌
-‌
(0.10‌)
(0.09‌)
Total
distributions
(0.16‌)
(0.31‌)
(0.30‌)
(0.25‌)
(0.16‌)
(0.26‌)
NET
ASSET
VALUE
End
of
period
$
8.06‌
$
7.87‌
$
7.82‌
$
8.09‌
$
8.64‌
$
9.69‌
T.
ROWE
PRICE
New
Income
Fund
Unaudited
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
4.48‌%
4.68‌%
0.36‌%
(3.43‌)%
(9.31‌)%
2.75‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.41‌%
(4)
1.39‌%
1.29‌%
0.52‌%
1.31‌%
0.80‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.92‌%
(4)
0.92‌%
0.92‌%
0.52‌%
1.31‌%
0.80‌%
Net
investment
income
3.88‌%
(4)
3.91‌%
3.69‌%
2.99‌%
0.65‌%
1.62‌%
Portfolio
turnover
rate
(5)
55.8‌%
99.3‌%
179.3‌%
171.6‌%
229.1‌%
126.4‌%
Portfolio
turnover
rate,
excluding
mortgage
dollar
roll
transactions
37.1‌%
67.1‌%
90.7‌%
111.9‌%
93.1‌%
74.6‌%
Net
assets,
end
of
period
(in
thousands)
$7,256
$7,218
$7,769
$9,209
$14,228
$20,183
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
(5)
The
portfolio
turnover
rate
calculation
includes
purchases
and
sales
from
the
mortgage
dollar
roll
transactions.
T.
ROWE
PRICE
New
Income
Fund
Unaudited
Financial
Highlights
6
For
a
share
outstanding
throughout
each
period
R
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
7.89‌
$
7.84‌
$
8.11‌
$
8.65‌
$
9.70‌
$
9.69‌
Investment
activities
Net
investment
income
(1)(2)
0.15‌
0.30‌
0.28‌
0.20‌
0.08‌
0.12‌
Net
realized
and
unrealized
gain/
loss
0.19‌
0.05‌
(0.27‌)
(0.53‌)
(0.95‌)
0.11‌
Total
from
investment
activities
0.34‌
0.35‌
0.01‌
(0.33‌)
(0.87‌)
0.23‌
Distributions
Net
investment
income
(0.15‌)
(0.30‌)
(0.28‌)
(0.21‌)
(0.08‌)
(0.13‌)
Net
realized
gain
-‌
-‌
-‌
-‌
(0.10‌)
(0.09‌)
Total
distributions
(0.15‌)
(0.30‌)
(0.28‌)
(0.21‌)
(0.18‌)
(0.22‌)
NET
ASSET
VALUE
End
of
period
$
8.08‌
$
7.89‌
$
7.84‌
$
8.11‌
$
8.65‌
$
9.70‌
T.
ROWE
PRICE
New
Income
Fund
Unaudited
Financial
Highlights
7
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
R
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
4.39‌%
4.52‌%
0.21‌%
(3.86‌)%
(9.10‌)%
2.38‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.57‌%
(4)
1.30‌%
1.25‌%
1.08‌%
1.16‌%
1.30‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
1.08‌%
(4)
1.08‌%
1.08‌%
1.08‌%
1.11‌%
1.15‌%
Net
investment
income
3.72‌%
(4)
3.75‌%
3.54‌%
2.47‌%
0.84‌%
1.26‌%
Portfolio
turnover
rate
(5)
55.8‌%
99.3‌%
179.3‌%
171.6‌%
229.1‌%
126.4‌%
Portfolio
turnover
rate,
excluding
mortgage
dollar
roll
transactions
37.1‌%
67.1‌%
90.7‌%
111.9‌%
93.1‌%
74.6‌%
Net
assets,
end
of
period
(in
thousands)
$1,020
$1,044
$1,043
$1,012
$1,407
$2,024
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
(5)
The
portfolio
turnover
rate
calculation
includes
purchases
and
sales
from
the
mortgage
dollar
roll
transactions.
T.
ROWE
PRICE
New
Income
Fund
Unaudited
Financial
Highlights
8
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
7.89‌
$
7.83‌
$
8.11‌
$
8.65‌
$
9.70‌
$
9.69‌
Investment
activities
Net
investment
income
(1)(2)
0.18‌
0.36‌
0.34‌
0.27‌
0.16‌
0.20‌
Net
realized
and
unrealized
gain/
loss
0.19‌
0.06‌
(0.28‌)
(0.54‌)
(0.96‌)
0.11‌
Total
from
investment
activities
0.37‌
0.42‌
0.06‌
(0.27‌)
(0.80‌)
0.31‌
Distributions
Net
investment
income
(0.18‌)
(0.36‌)
(0.34‌)
(0.27‌)
(0.15‌)
(0.21‌)
Net
realized
gain
-‌
-‌
-‌
-‌
(0.10‌)
(0.09‌)
Total
distributions
(0.18‌)
(0.36‌)
(0.34‌)
(0.27‌)
(0.25‌)
(0.30‌)
NET
ASSET
VALUE
End
of
period
$
8.08‌
$
7.89‌
$
7.83‌
$
8.11‌
$
8.65‌
$
9.70‌
T.
ROWE
PRICE
New
Income
Fund
Unaudited
Financial
Highlights
9
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
4.76‌%
5.41‌%
0.81‌%
(3.16‌)%
(8.42‌)%
3.16‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.36‌%
(4)
0.35‌%
0.36‌%
0.36‌%
0.36‌%
0.39‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.36‌%
(4)
0.35‌%
0.36‌%
0.36‌%
0.36‌%
0.39‌%
Net
investment
income
4.44‌%
(4)
4.47‌%
4.26‌%
3.22‌%
1.67‌%
2.04‌%
Portfolio
turnover
rate
(5)
55.8‌%
99.3‌%
179.3‌%
171.6‌%
229.1‌%
126.4‌%
Portfolio
turnover
rate,
excluding
mortgage
dollar
roll
transactions
37.1‌%
67.1‌%
90.7‌%
111.9‌%
93.1‌%
74.6‌%
Net
assets,
end
of
period
(in
millions)
$2,071
$2,045
$2,561
$2,663
$3,015
$2,543
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
(5)
The
portfolio
turnover
rate
calculation
includes
purchases
and
sales
from
the
mortgage
dollar
roll
transactions.
T.
ROWE
PRICE
New
Income
Fund
Unaudited
Financial
Highlights
10
For
a
share
outstanding
throughout
each
period
Z
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
7.89‌
$
7.84‌
$
8.11‌
$
8.65‌
$
9.70‌
$
9.69‌
Investment
activities
Net
investment
income
(1)(2)
0.19‌
0.38‌
0.36‌
0.29‌
0.18‌
0.23‌
Net
realized
and
unrealized
gain/
loss
0.20‌
0.06‌
(0.26‌)
(0.54‌)
(0.94‌)
0.12‌
Total
from
investment
activities
0.39‌
0.44‌
0.10‌
(0.25‌)
(0.76‌)
0.35‌
Distributions
Net
investment
income
(0.20‌)
(0.39‌)
(0.37‌)
(0.29‌)
(0.19‌)
(0.25‌)
Net
realized
gain
-‌
-‌
-‌
-‌
(0.10‌)
(0.09‌)
Total
distributions
(0.20‌)
(0.39‌)
(0.37‌)
(0.29‌)
(0.29‌)
(0.34‌)
NET
ASSET
VALUE
End
of
period
$
8.08‌
$
7.89‌
$
7.84‌
$
8.11‌
$
8.65‌
$
9.70‌
T.
ROWE
PRICE
New
Income
Fund
Unaudited
Financial
Highlights
11
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
4.95‌%
5.64‌%
1.30‌%
(2.81‌)%
(8.09‌)%
3.56‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.32‌%
(4)
0.32‌%
0.32‌%
0.32‌%
0.34‌%
0.38‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.00‌%
(4)
0.00‌%
0.00‌%
0.00‌%
0.00‌%
0.00‌%
Net
investment
income
4.80‌%
(4)
4.83‌%
4.63‌%
3.58‌%
1.93‌%
2.37‌%
Portfolio
turnover
rate
(5)
55.8‌%
99.3‌%
179.3‌%
171.6‌%
229.1‌%
126.4‌%
Portfolio
turnover
rate,
excluding
mortgage
dollar
roll
transactions
37.1‌%
67.1‌%
90.7‌%
111.9‌%
93.1‌%
74.6‌%
Net
assets,
end
of
period
(in
millions)
$14,081
$13,142
$13,302
$12,355
$13,847
$15,804
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
(5)
The
portfolio
turnover
rate
calculation
includes
purchases
and
sales
from
the
mortgage
dollar
roll
transactions.
T.
ROWE
PRICE
New
Income
Fund
November
30,
2025
Unaudited
12
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
7.8%
Car
Loan
2.8%
Ally
Bank
Auto
Credit-Linked
Notes
Series
2025-B,
Class
A2
4.305%,
9/15/33 (1)
15,730‌
15,746‌
AmeriCredit
Automobile
Receivables
Trust
Series
2023-1,
Class
C
5.80%,
12/18/28
10,995‌
11,169‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2025-3A,
Class
A
4.17%,
2/20/30 (1)
4,375‌
4,376‌
Bayview
Opportunity
Master
Fund
VII
Series
2024-CAR1,
Class
A,
FRN
SOFR30A
+
1.10%,
5.172%,
12/26/31 (1)
4,759‌
4,773‌
Bayview
Opportunity
Master
Fund
VII
Series
2024-CAR1,
Class
C,
FRN
SOFR30A
+
1.50%,
5.572%,
12/26/31 (1)
104‌
104‌
CarMax
Auto
Owner
Trust
Series
2022-1,
Class
C
2.20%,
11/15/27
11,975‌
11,890‌
CarMax
Auto
Owner
Trust
Series
2024-1,
Class
B
5.17%,
8/15/29
2,585‌
2,628‌
CarMax
Auto
Owner
Trust
Series
2024-3,
Class
A3
4.89%,
7/16/29
10,260‌
10,376‌
CarMax
Auto
Owner
Trust
Series
2025-4,
Class
A3
3.97%,
12/16/30
6,410‌
6,421‌
CarMax
Auto
Owner
Trust
Series
2025-4,
Class
A4
4.08%,
6/16/31
4,135‌
4,147‌
CarMax
Select
Receivables
Trust
Series
2024-A,
Class
A3
5.40%,
11/15/28
5,115‌
5,161‌
Carvana
Auto
Receivables
Trust
Series
2022-N1,
Class
C
3.32%,
12/11/28 (1)
561‌
554‌
Carvana
Auto
Receivables
Trust
Series
2022-P1,
Class
C
3.30%,
4/10/28
13,955‌
13,735‌
Carvana
Auto
Receivables
Trust
Series
2024-P2,
Class
A4
5.21%,
6/10/30
13,890‌
14,214‌
T.
ROWE
PRICE
New
Income
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Carvana
Auto
Receivables
Trust
Series
2025-P3,
Class
B
4.48%,
10/10/31
3,080‌
3,086‌
Carvana
Auto
Receivables
Trust
Series
2025-P4,
Class
A4
4.25%,
11/10/31
24,990‌
25,001‌
Carvana
Auto
Receivables
Trust
Series
2025-P4,
Class
B
4.59%,
1/12/32
5,785‌
5,798‌
Chase
Auto
Credit
Linked
Notes
Series
2025-1,
Class
B
4.753%,
2/25/33 (1)
12,248‌
12,324‌
Drive
Auto
Receivables
Trust
Series
2021-3,
Class
D
1.94%,
6/15/29 (1)
16,332‌
16,160‌
Drive
Auto
Receivables
Trust
Series
2025-2,
Class
B
4.14%,
9/15/32
6,765‌
6,755‌
Enterprise
Fleet
Financing
Series
2024-1,
Class
A3
5.16%,
9/20/30 (1)
10,280‌
10,464‌
Enterprise
Fleet
Financing
Series
2024-3,
Class
A3
4.98%,
8/21/28 (1)
6,525‌
6,614‌
Enterprise
Fleet
Financing
Series
2024-3,
Class
A4
5.06%,
3/20/31 (1)
4,495‌
4,604‌
Exeter
Automobile
Receivables
Trust
Series
2022-1A,
Class
D
3.02%,
6/15/28
17,226‌
17,144‌
Exeter
Automobile
Receivables
Trust
Series
2023-1A,
Class
D
6.69%,
6/15/29
3,250‌
3,304‌
Exeter
Automobile
Receivables
Trust
Series
2025-5A,
Class
A3
4.24%,
11/15/29
8,135‌
8,146‌
Exeter
Select
Automobile
Receivables
Trust
Series
2025-3,
Class
A3
4.18%,
12/16/30
11,500‌
11,508‌
Ford
Credit
Auto
Lease
Trust
Series
2023-B,
Class
C
6.43%,
4/15/27
9,545‌
9,605‌
Ford
Credit
Auto
Lease
Trust
Series
2023-B,
Class
D
6.97%,
6/15/28
7,830‌
7,900‌
T.
ROWE
PRICE
New
Income
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Ford
Credit
Auto
Owner
Trust
Series
2023-1,
Class
A
4.85%,
8/15/35 (1)
33,720‌
34,365‌
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2024-3,
Class
B
4.50%,
9/15/29 (1)
3,480‌
3,500‌
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2025-2,
Class
A1
4.06%,
9/15/30
13,510‌
13,557‌
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2025-2,
Class
B
4.33%,
9/15/30
2,630‌
2,637‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2024-1,
Class
B1
6.153%,
5/20/32 (1)
6,690‌
6,799‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2025-1,
Class
B
4.957%,
3/21/33 (1)
10,556‌
10,641‌
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
Series
2025-1,
Class
A
4.18%,
9/25/30 (1)
13,710‌
13,750‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2023-B,
Class
B
5.64%,
12/15/33 (1)
296‌
300‌
Santander
Drive
Auto
Receivables
Trust
Series
2021-1,
Class
E
2.51%,
12/15/28
24,989‌
24,962‌
Santander
Drive
Auto
Receivables
Trust
Series
2021-4,
Class
E
4.03%,
3/15/29 (1)
34,950‌
34,913‌
Santander
Drive
Auto
Receivables
Trust
Series
2025-1,
Class
A3
4.74%,
1/16/29
7,575‌
7,595‌
Santander
Drive
Auto
Receivables
Trust
Series
2025-4,
Class
A3
4.17%,
4/15/30
5,125‌
5,133‌
Securitized
Term
Auto
Receivables
Trust
Series
2025-B,
Class
B
4.925%,
12/29/32 (1)
6,396‌
6,446‌
SFS
Auto
Receivables
Securitization
Trust
Series
2024-1A,
Class
A4
4.94%,
1/21/31 (1)
4,615‌
4,687‌
SFS
Auto
Receivables
Securitization
Trust
Series
2024-1A,
Class
C
5.51%,
1/20/32 (1)
2,340‌
2,392‌
T.
ROWE
PRICE
New
Income
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
SFS
Auto
Receivables
Securitization
Trust
Series
2024-2A,
Class
A3
5.33%,
11/20/29 (1)
13,300‌
13,433‌
SFS
Auto
Receivables
Securitization
Trust
Series
2024-2A,
Class
B
5.41%,
8/20/30 (1)
2,920‌
3,005‌
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series
2025-BA,
Class
A4
4.29%,
6/20/29 (1)
3,375‌
3,396‌
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series
2025-BA,
Class
B
4.47%,
7/20/29 (1)
1,930‌
1,938‌
U.S.
Bank
Series
2023-1,
Class
B
6.789%,
8/25/32 (1)
1,800‌
1,819‌
Wheels
Fleet
Lease
Funding
1
Series
2025-3A,
Class
A1
4.08%,
9/18/40 (1)
18,005‌
18,025‌
467,000‌
Credit
Card
0.1%
Synchrony
Card
Issuance
Trust
Series
2025-A1,
Class
A
4.78%,
2/15/31
16,765‌
17,070‌
17,070‌
Other
Asset-Backed
Securities
4.7%
522
Funding
Series
2019-5A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.85%,
5.755%,
4/15/35 (1)
16,085‌
16,122‌
Affirm
Asset
Securitization
Trust
Series
2025-X2,
Class
A
4.45%,
10/15/30 (1)
20,870‌
20,890‌
Affirm
Master
Trust
Series
2025-2A,
Class
A
4.67%,
7/15/33 (1)
26,955‌
27,097‌
Affirm
Master
Trust
Series
2025-3A,
Class
A
4.45%,
10/16/34 (1)
18,310‌
18,344‌
AGL
Series
2021-13A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.65%,
5.534%,
10/20/34 (1)
4,860‌
4,862‌
Applebee's
Funding
Series
2023-1A,
Class
A2
7.824%,
3/5/53 (1)
7,880‌
8,000‌
Auxilior
Term
Funding
Series
2024-1A,
Class
A2
5.84%,
3/15/27 (1)
1,386‌
1,390‌
T.
ROWE
PRICE
New
Income
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Auxilior
Term
Funding
Series
2024-1A,
Class
A3
5.49%,
7/15/31 (1)
5,580‌
5,665‌
Benefit
Street
Partners
XXIII
Series
2021-23A,
Class
B1R,
CLO,
FRN
3M
TSFR
+
1.55%,
5.408%,
4/25/34 (1)
1,505‌
1,505‌
BRE
Grand
Islander
Timeshare
Issuer
Series
2019-A,
Class
A
3.28%,
9/26/33 (1)
2,393‌
2,374‌
CIFC
Funding
Series
2018-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.32%,
5.204%,
1/18/38 (1)
18,615‌
18,632‌
CIFC
Funding
Series
2020-4A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.65%,
5.555%,
1/15/40 (1)
10,530‌
10,555‌
Clarus
Capital
Funding
Series
2024-1A,
Class
A2
4.71%,
8/20/32 (1)
4,699‌
4,713‌
CyrusOne
Data
Centers
Issuer
I
Series
2024-2A,
Class
A2
4.50%,
5/20/49 (1)
32,015‌
31,380‌
Dell
Equipment
Finance
Trust
Series
2023-3,
Class
C
6.17%,
4/23/29 (1)
4,328‌
4,362‌
Dell
Equipment
Finance
Trust
Series
2024-1,
Class
C
5.73%,
3/22/30 (1)
100‌
102‌
Dell
Equipment
Finance
Trust
Series
2024-2,
Class
A3
4.59%,
8/22/30 (1)
11,640‌
11,721‌
Dell
Equipment
Finance
Trust
Series
2024-2,
Class
B
4.82%,
8/22/30 (1)
1,465‌
1,478‌
Dell
Equipment
Finance
Trust
Series
2025-2,
Class
A3
4.12%,
3/24/31 (1)
5,840‌
5,853‌
Dell
Equipment
Finance
Trust
Series
2025-2,
Class
B
4.34%,
3/24/31 (1)
495‌
496‌
DLLST
Series
2024-1A,
Class
A3
5.05%,
8/20/27 (1)
5,328‌
5,350‌
DLLST
Series
2024-1A,
Class
A4
4.93%,
4/22/30 (1)
1,630‌
1,645‌
T.
ROWE
PRICE
New
Income
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Driven
Brands
Funding
Series
2021-1A,
Class
A2
2.791%,
10/20/51 (1)
13,468‌
12,725‌
Dryden
Series
2021-93A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.70%,
5.605%,
1/15/38 (1)
11,510‌
11,537‌
Elara
HGV
Timeshare
Issuer
Series
2023-A,
Class
A
6.16%,
2/25/38 (1)
4,025‌
4,168‌
Elara
HGV
Timeshare
Issuer
Series
2023-A,
Class
B
6.53%,
2/25/38 (1)
3,231‌
3,333‌
Elmwood
Series
2022-7A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.50%,
5.382%,
1/17/37 (1)
10,910‌
10,932‌
Fortress
Credit
BSL
XXVI
Series
2024-4A,
Class
B,
CLO,
FRN
3M
TSFR
+
1.90%,
5.805%,
1/15/38 (1)
2,445‌
2,450‌
Frontier
Issuer
Series
2024-1,
Class
A2
6.19%,
6/20/54 (1)
6,105‌
6,299‌
Hardee's
Funding
Series
2021-1A,
Class
A2
2.865%,
6/20/51 (1)
4,031‌
3,760‌
Hardee's
Funding
Series
2024-1A,
Class
A2
7.253%,
3/20/54 (1)
11,929‌
12,347‌
HPEFS
Equipment
Trust
Series
2023-2A,
Class
B
6.25%,
1/21/31 (1)
425‌
425‌
HPEFS
Equipment
Trust
Series
2023-2A,
Class
C
6.48%,
1/21/31 (1)
5,005‌
5,023‌
HPEFS
Equipment
Trust
Series
2023-2A,
Class
D
6.97%,
7/21/31 (1)
3,320‌
3,358‌
HPEFS
Equipment
Trust
Series
2024-2A,
Class
A3
5.36%,
10/20/31 (1)
6,085‌
6,118‌
HPEFS
Equipment
Trust
Series
2024-2A,
Class
B
5.35%,
10/20/31 (1)
2,730‌
2,759‌
Invesco
Series
2021-3A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.08%,
4.937%,
10/22/34 (1)
17,000‌
17,007‌
T.
ROWE
PRICE
New
Income
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Invesco
U.S.
Series
2023-1A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.57%,
5.427%,
4/22/37 (1)
7,800‌
7,817‌
Jersey
Mike's
Funding
Series
2021-1A,
Class
A2I
2.891%,
2/15/52 (1)
452‌
443‌
KKR
Series
2022-43A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.75%,
5.655%,
1/15/36 (1)
11,620‌
11,642‌
KKR
Series
34A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.10%,
5.005%,
7/15/34 (1)
22,740‌
22,723‌
KKR
Series
40A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.30%,
5.184%,
10/20/34 (1)
7,130‌
7,131‌
Madison
Park
Funding
LX
Series
2022-60A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.75%,
5.608%,
10/25/37 (1)
6,270‌
6,288‌
Madison
Park
Funding
LXI
Series
2023-61A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.73%,
5.614%,
1/20/37 (1)
11,305‌
11,337‌
Madison
Park
Funding
XLVII
Series
2020-47A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.54%,
5.424%,
4/19/37 (1)
5,495‌
5,507‌
Madison
Park
Funding
XLVII
Series
2020-47A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.95%,
5.834%,
4/19/37 (1)
4,000‌
4,008‌
MidOcean
Credit
VI
Series
2016-6A,
Class
ARRR,
CLO,
FRN
3M
TSFR
+
1.23%,
5.10%,
4/20/33 (1)
1,908‌
1,908‌
MMAF
Equipment
Finance
Series
2021-A,
Class
A5
1.19%,
11/13/43 (1)
5,020‌
4,973‌
MMAF
Equipment
Finance
Series
2024-A,
Class
A3
4.95%,
7/14/31 (1)
23,220‌
23,586‌
MVW
Series
2023-1A,
Class
A
4.93%,
10/20/40 (1)
11,509‌
11,646‌
MVW
Series
2023-2A,
Class
A
6.18%,
11/20/40 (1)
3,274‌
3,364‌
MVW
Series
2023-2A,
Class
B
6.33%,
11/20/40 (1)
2,194‌
2,246‌
T.
ROWE
PRICE
New
Income
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Neuberger
Berman
Loan
Advisers
Series
2021-43A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.05%,
4.932%,
7/17/36 (1)
9,410‌
9,404‌
Neuberger
Berman
XXI
Series
2016-21A,
Class
A1R3,
CLO,
FRN
3M
TSFR
+
1.32%,
5.204%,
1/20/39 (1)
17,895‌
17,935‌
Northwoods
Capital
XII-B
Series
2018-12BA,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.70%,
5.738%,
6/15/31 (1)
10,175‌
10,177‌
Northwoods
Capital
XIV-B
Series
2018-14BA,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.25%,
5.091%,
11/13/31 (1)
12,491‌
12,493‌
OCP
Series
2017-13A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.34%,
5.21%,
11/26/37 (1)
10,370‌
10,384‌
OCP
Series
2017-13A,
Class
B1R2,
CLO,
FRN
3M
TSFR
+
1.70%,
5.57%,
11/26/37 (1)
7,015‌
7,035‌
Octagon
Investment
Partners
49
Series
2020-5A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.52%,
5.425%,
4/15/37 (1)
13,935‌
13,965‌
Octane
Receivables
Trust
Series
2023-1A,
Class
A
5.87%,
5/21/29 (1)
117‌
118‌
Octane
Receivables
Trust
Series
2023-3A,
Class
B
6.48%,
7/20/29 (1)
3,023‌
3,067‌
Octane
Receivables
Trust
Series
2023-3A,
Class
C
6.74%,
8/20/29 (1)
1,160‌
1,190‌
Octane
Receivables
Trust
Series
2024-1A,
Class
A2
5.68%,
5/20/30 (1)
3,760‌
3,788‌
Octane
Receivables
Trust
Series
2025-RVM1,
Class
A
4.48%,
12/20/46 (1)
8,850‌
8,868‌
OZLM
Funding
II
Series
2012-2A,
Class
AR4,
CLO,
FRN
3M
TSFR
+
1.20%,
5.038%,
7/30/37 (1)
11,450‌
11,456‌
Post
Road
Equipment
Finance
Series
2024-1A,
Class
A2
5.59%,
11/15/29 (1)
1,572‌
1,579‌
Progress
Residential
Trust
Series
2021-SFR8,
Class
B
1.681%,
10/17/38 (1)
4,920‌
4,829‌
T.
ROWE
PRICE
New
Income
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
Rockford
Tower
Series
2019-2A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.13%,
5.019%,
8/20/32 (1)
7,742‌
7,741‌
Rockford
Tower
Series
2021-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.13%,
5.014%,
7/20/34 (1)
5,515‌
5,512‌
RR
28
Series
2024-28RA,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
5.455%,
4/15/37 (1)
21,300‌
21,345‌
RR
34
Series
2024-34RA,
Class
A2AR,
CLO,
FRN
3M
TSFR
+
1.70%,
5.605%,
10/15/39 (1)
8,260‌
8,284‌
SEB
Funding
Series
2024-1A,
Class
A2
7.386%,
4/30/54 (1)
18,126‌
18,542‌
Sierra
Timeshare
Receivables
Funding
Series
2022-3A,
Class
B
6.32%,
7/20/39 (1)
754‌
768‌
Sierra
Timeshare
Receivables
Funding
Series
2025-3A,
Class
A
4.44%,
8/22/44 (1)
6,006‌
6,027‌
Signal
Peak
Series
2018-5A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
5.408%,
4/25/37 (1)
29,505‌
29,567‌
SOUND
POINT
XXII
Series
2019-1A,
Class
BRR,
CLO,
FRN
3M
TSFR
+
1.65%,
5.534%,
1/20/32 (1)
5,045‌
5,064‌
Symphony
Series
2023-40A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.70%,
5.612%,
1/5/38 (1)
8,515‌
8,545‌
Symphony
XVI
Series
2015-16A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.20%,
5.105%,
10/15/31 (1)
13,937‌
13,937‌
Symphony
XXXI
Series
2022-31A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.50%,
5.357%,
1/22/38 (1)
13,970‌
13,946‌
TIAA
Series
2016-1A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.25%,
5.134%,
7/20/31 (1)
5,419‌
5,419‌
TPIC
SPV
I
Series
2024-1A,
Class
A
7.131%,
11/30/44,
Acquisition
Date:
12/10/24,
Cost $21,108 (2)(3)
21,108‌
21,224‌
Tricon
Residential
Trust
Series
2024-SFR2,
Class
A
4.75%,
6/17/40 (1)
7,017‌
7,050‌
T.
ROWE
PRICE
New
Income
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
Trinitas
IX
Series
2018-9A,
Class
ARRR,
CLO,
FRN
3M
TSFR
+
1.20%,
5.084%,
1/20/32 (1)
370‌
370‌
Trinitas
VII
Series
2017-7A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.06%,
4.918%,
1/25/35 (1)
14,130‌
14,095‌
Verdant
Receivables
Series
2024-1A,
Class
A2
5.68%,
12/12/31 (1)
3,925‌
3,999‌
Verizon
Master
Trust
Series
2023-1,
Class
C
4.98%,
1/22/29
9,270‌
9,275‌
Voya
Series
2021-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.17%,
5.054%,
4/20/38 (1)
35,005‌
34,961‌
Wingspire
Equipment
Finance
Series
2025-1A,
Class
A2
4.33%,
9/20/33 (1)
2,520‌
2,522‌
783,877‌
Student
Loan
0.2%
Navient
Private
Education
Loan
Trust
Series
2017-A,
Class
B
3.91%,
12/16/58 (1)
2,834‌
2,821‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-CA,
Class
B
2.83%,
11/15/68 (1)
20,755‌
18,825‌
SMB
Private
Education
Loan
Trust
Series
2018-C,
Class
A2A
3.63%,
11/15/35 (1)
1,954‌
1,945‌
SMB
Private
Education
Loan
Trust
Series
2021-A,
Class
APT1
1.07%,
1/15/53 (1)
9,793‌
8,990‌
32,581‌
Total
Asset-Backed
Securities
(Cost
$1,293,449)
1,300,528‌
BANK
LOANS
3.6%
(4)
FINANCIAL
INSTITUTIONS
0.8%
Brokerage
Asset
Managers
Exchanges
0.4%
Citadel
Securities
Global
Holdings,
FRN
1M
TSFR
+
2.00%,
5.916%,
10/31/31
53,673‌
53,850‌
Jane
Street
Group,
FRN
3M
TSFR
+
2.00%,
5.822%,
12/15/31
9,918‌
9,814‌
63,664‌
T.
ROWE
PRICE
New
Income
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
Insurance
0.4%
Alera
Group,
FRN
1M
TSFR
+
3.25%,
7.166%,
5/30/32
4,540‌
4,557‌
Alliant
Holdings
Intermediate,
FRN
1M
TSFR
+
2.50%,
6.416%,
9/19/31
13,519‌
13,521‌
Asurion,
FRN
1M
TSFR
+
4.25%,
8.166%,
9/19/30
2,234‌
2,190‌
Asurion,
FRN
1M
TSFR
+
4.25%,
8.266%,
8/19/28
4,931‌
4,919‌
Asurion,
FRN
1M
TSFR
+
5.25%,
9.28%,
1/31/28
7,728‌
7,386‌
Asurion,
FRN
1M
TSFR
+
5.25%,
9.28%,
1/20/29 (5)
8,185‌
7,650‌
CRC
Insurance
Group,
FRN
3M
TSFR
+
2.75%,
6.752%,
5/6/31
13,436‌
13,433‌
HUB
International,
FRN
3M
TSFR
+
2.25%,
6.12%,
6/20/30
19,971‌
20,040‌
73,696‌
Total
Financial
Institutions
137,360‌
INDUSTRIAL
2.2%
Basic
Industry
0.0%
Qnity
Electronics,
FRN
6M
TSFR
+
2.00%,
5.698%,
11/1/32
2,665‌
2,672‌
2,672‌
Capital
Goods
0.3%
Charter
Next
Generation,
FRN
1M
TSFR
+
2.75%,
6.709%,
11/29/30
11,696‌
11,741‌
Engineered
Machinery
Holdings,
FRN
3M
TSFR
+
3.25%,
11/22/32 (5)
2,855‌
2,866‌
Engineered
Machinery
Holdings,
FRN
3M
TSFR
+
3.25%,
11/22/32 (5)
251‌
252‌
Filtration
Group,
FRN
1M
TSFR
+
2.75%,
6.666%,
10/21/28
5,037‌
5,064‌
Quikrete
Holdings,
FRN
1M
TSFR
+
2.25%,
6.166%,
1/30/32
8,807‌
8,815‌
TK
Elevator
U.S.
Newco,
FRN
6M
TSFR
+
2.75%,
6.947%,
4/30/30
8,273‌
8,319‌
TransDigm,
FRN
3M
TSFR
+
2.25%,
6.252%,
3/22/30
7,818‌
7,825‌
TransDigm,
FRN
3M
TSFR
+
2.50%,
6.502%,
8/19/32
2,040‌
2,044‌
46,926‌
Communications
0.2%
Lamar
Media,
FRN
1M
TSFR
+
1.50%,
5.451%,
9/23/32
16,225‌
16,184‌
T.
ROWE
PRICE
New
Income
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
Level
3
Financing,
FRN
1M
TSFR
+
3.25%,
7.166%,
3/29/32
8,535‌
8,546‌
24,730‌
Consumer
Cyclical
0.5%
Belron
Finance,
FRN
3M
TSFR
+
2.25%,
6.12%,
10/16/31
4,949‌
4,973‌
Caesars
Entertainment,
FRN
1M
TSFR
+
2.25%,
6.166%,
2/6/30
3,354‌
3,318‌
Clarios
Global,
FRN
1M
TSFR
+
2.75%,
6.666%,
1/28/32
6,680‌
6,699‌
Delta
2,
FRN
3M
TSFR
+
2.00%,
6.002%,
9/10/31
5,020‌
5,020‌
EOC
Borrower,
FRN
1M
TSFR
+
3.00%,
6.916%,
3/24/32
5,456‌
5,476‌
Hilton
Domestic
Operating,
FRN
1M
TSFR
+
1.75%,
5.704%,
11/8/30
53,680‌
53,871‌
TKO
Worldwide
Holdings,
FRN
3M
TSFR
+
2.00%,
5.868%,
11/21/31
12,106‌
12,143‌
91,500‌
Consumer
Non-Cyclical
0.4%
Bausch
+
Lomb,
FRN
1M
TSFR
+
4.25%,
8.166%,
1/15/31
4,708‌
4,734‌
ICON
Luxembourg,
FRN
3M
TSFR
+
2.00%,
6.002%,
7/3/28
1,366‌
1,377‌
IQVIA,
FRN
3M
TSFR
+
1.75%,
5.752%,
1/2/31
40,408‌
40,620‌
Medline
Borrower,
FRN
1M
TSFR
+
2.00%,
5.916%,
10/23/28
3,651‌
3,656‌
Medline
Borrower,
FRN
1M
TSFR
+
2.00%,
5.916%,
10/23/30
6,355‌
6,362‌
Opal
U.S.,
FRN
3M
TSFR
+
3.00%,
6.902%,
4/28/32
14,000‌
14,090‌
70,839‌
Energy
0.2%
EPIC
Crude
Services,
FRN
1M
TSFR
+
2.50%,
6.34%,
10/15/31
4,810‌
4,822‌
Hilcorp
Energy
I,
FRN
1M
TSFR
+
2.00%,
5.959%,
2/11/30
24,348‌
24,348‌
29,170‌
Technology
0.6%
Applied
Systems,
FRN
3M
TSFR
+
2.50%,
6.502%,
2/24/31
22,994‌
23,072‌
Applied
Systems,
FRN
3M
TSFR
+
4.50%,
8.502%,
2/23/32
882‌
897‌
AthenaHealth
Group,
FRN
1M
TSFR
+
2.75%,
6.666%,
2/15/29
4,928‌
4,918‌
T.
ROWE
PRICE
New
Income
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
Avalara,
FRN
3M
TSFR
+
2.75%,
6.735%,
3/26/32
7,010‌
7,033‌
Clearwater
Analytics,
FRN
6M
TSFR
+
2.25%,
6.46%,
4/21/32
5,105‌
5,105‌
Cloud
Software
Group,
FRN
3M
TSFR
+
3.25%,
7.252%,
3/21/31
4,982‌
4,967‌
Ellucian
Holdings,
FRN
1M
TSFR
+
2.75%,
6.666%,
10/9/29
14,638‌
14,673‌
Epicor
Software,
FRN
1M
TSFR
+
2.50%,
6.416%,
5/30/31
11,880‌
11,912‌
Sandisk,
FRN
3M
TSFR
+
3.00%,
6.857%,
2/20/32
4,238‌
4,262‌
UKG,
FRN
3M
TSFR
+
2.50%,
6.338%,
2/10/31
18,175‌
18,159‌
94,998‌
Transportation
0.0%
AAdvantage
Loyality
IP,
FRN
3M
TSFR
+
2.25%,
6.134%,
4/20/28
6,463‌
6,457‌
6,457‌
Total
Industrial
367,292‌
UTILITY
0.6%
Electric
0.6%
Cogentrix
Finance
Holdco
I,
FRN
1M
TSFR
+
2.25%,
6.166%,
2/26/32
4,714‌
4,739‌
NRG
Energy,
FRN
3M
TSFR
+
1.75%,
5.593%,
4/16/31
76,047‌
76,142‌
Talen
Energy
Supply,
FRN
1M
TSFR
+
2.00%,
10/9/32 (5)
2,725‌
2,725‌
Talen
Energy
Supply,
FRN
3M
TSFR
+
2.50%,
6.353%,
5/17/30
3,205‌
3,210‌
Talen
Energy
Supply,
FRN
3M
TSFR
+
2.50%,
6.353%,
12/13/31
5,221‌
5,228‌
Total
Utility
92,044‌
Total
Bank
Loans
(Cost
$595,053)
596,696‌
BOND
FUNDS
0.0%
Mutual
Funds
&
Exchange-Traded
Funds
0.0%
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Z
Class,
7.26% (6)
(7)
38‌
361‌
Total
Bond
Funds
(Cost
$341)
361‌
T.
ROWE
PRICE
New
Income
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
CORPORATE
BONDS
25.8%
FINANCIAL
INSTITUTIONS
8.5%
Banking
5.0%
American
Express,
VR,
4.918%,
7/20/33 (8)
7,040‌
7,199‌
American
Express,
VR,
5.016%,
4/25/31 (8)
17,670‌
18,234‌
American
Express,
VR,
5.667%,
4/25/36 (8)
6,685‌
7,093‌
Banco
Bilbao
Vizcaya
Argentaria,
VR,
5.75%,
9/15/33
(EUR) (8)
1,500‌
1,851‌
Banco
Bilbao
Vizcaya
Argentaria,
VR,
6.033%,
3/13/35 (8)
24,400‌
26,083‌
Banco
Santander,
5.127%,
11/6/35
10,200‌
10,249‌
Bank
of
America,
VR,
1.898%,
7/23/31 (8)
76,106‌
68,616‌
Bank
of
America,
VR,
2.299%,
7/21/32 (8)
13,098‌
11,719‌
Bank
of
America,
VR,
5.464%,
5/9/36 (8)(9)
17,215‌
18,084‌
Bank
of
America,
VR,
5.468%,
1/23/35 (8)
9,896‌
10,421‌
Bank
of
America,
VR,
5.819%,
9/15/29 (8)
25,037‌
26,123‌
Barclays,
VR,
5.086%,
2/25/29 (8)
8,060‌
8,204‌
Barclays,
VR,
5.367%,
2/25/31 (8)
9,700‌
10,018‌
Barclays,
VR,
5.785%,
2/25/36 (8)
4,810‌
5,077‌
CaixaBank,
VR,
4.885%,
7/3/31 (1)(8)
11,725‌
11,938‌
CaixaBank,
VR,
5.581%,
7/3/36 (1)(8)
10,440‌
10,825‌
CaixaBank,
VR,
6.037%,
6/15/35 (1)(8)
19,705‌
21,071‌
Capital
One
Financial,
VR,
5.70%,
2/1/30 (8)(9)
3,361‌
3,496‌
Capital
One
Financial,
VR,
7.624%,
10/30/31 (8)
3,005‌
3,392‌
Ceska
sporitelna,
VR,
4.57%,
7/3/31
(EUR) (8)
1,500‌
1,822‌
Ceska
sporitelna,
VR,
4.824%,
1/15/30
(EUR) (8)
1,500‌
1,822‌
Ceska
sporitelna,
VR,
5.737%,
3/8/28
(EUR) (8)
1,500‌
1,802‌
Citigroup,
VR,
2.561%,
5/1/32 (8)
10,603‌
9,659‌
Citigroup,
VR,
4.952%,
5/7/31 (8)
23,275‌
23,862‌
Citigroup,
VR,
5.174%,
9/11/36 (8)
5,470‌
5,590‌
Citigroup,
VR,
5.333%,
3/27/36 (8)
18,900‌
19,434‌
Credit
Agricole,
VR,
4.818%,
9/25/33 (1)(8)(9)
27,730‌
27,745‌
Credit
Agricole,
VR,
5.222%,
5/27/31 (1)(8)
9,010‌
9,279‌
Danske
Bank,
VR,
5.705%,
3/1/30 (1)(8)
12,075‌
12,579‌
Goldman
Sachs
Group,
VR,
2.383%,
7/21/32 (8)
17,802‌
15,964‌
Goldman
Sachs
Group,
VR,
3.615%,
3/15/28 (8)
20,205‌
20,084‌
Goldman
Sachs
Group,
VR,
4.692%,
10/23/30 (8)(9)
17,765‌
18,052‌
Goldman
Sachs
Group,
VR,
5.016%,
10/23/35 (8)
18,865‌
19,075‌
HSBC
Holdings,
VR,
4.619%,
11/6/31 (8)
8,930‌
8,971‌
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (8)
4,475‌
4,177‌
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (8)
12,398‌
11,782‌
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (8)
38,833‌
36,646‌
JPMorgan
Chase,
VR,
4.603%,
10/22/30 (8)(9)
17,695‌
17,990‌
JPMorgan
Chase,
VR,
4.81%,
10/22/36 (8)
10,785‌
10,802‌
T.
ROWE
PRICE
New
Income
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
JPMorgan
Chase,
VR,
4.946%,
10/22/35 (8)
12,805‌
13,042‌
JPMorgan
Chase,
VR,
5.103%,
4/22/31 (8)
6,295‌
6,527‌
JPMorgan
Chase,
VR,
5.336%,
1/23/35 (8)
8,860‌
9,237‌
Morgan
Stanley,
VR,
5.173%,
1/16/30 (8)
15,220‌
15,650‌
Morgan
Stanley,
VR,
5.32%,
7/19/35 (8)
4,674‌
4,856‌
Morgan
Stanley,
VR,
5.664%,
4/17/36 (8)
7,595‌
8,036‌
PNC
Financial
Services
Group,
VR,
5.373%,
7/21/36 (8)
5,710‌
5,896‌
PNC
Financial
Services
Group,
VR,
5.575%,
1/29/36 (8)
8,445‌
8,864‌
Santander
Holdings
USA,
VR,
5.473%,
3/20/29 (8)
9,975‌
10,158‌
Skandinaviska
Enskilda
Banken,
4.375%,
11/6/28
(EUR)
2,905‌
3,530‌
Skandinaviska
Enskilda
Banken,
VR,
5.00%,
8/17/33
(EUR) (8)
3,005‌
3,657‌
Societe
Generale,
7.367%,
1/10/53 (1)
14,430‌
15,678‌
Societe
Generale,
VR,
2.797%,
1/19/28 (1)(8)
24,245‌
23,797‌
Societe
Generale,
VR,
5.50%,
4/13/29 (1)(8)(9)
17,160‌
17,568‌
Societe
Generale,
VR,
6.691%,
1/10/34 (1)(8)
13,351‌
14,606‌
Standard
Chartered,
VR,
6.301%,
1/9/29 (1)(8)
6,880‌
7,156‌
State
Street,
VR,
4.784%,
10/23/36 (8)
4,245‌
4,243‌
Toronto-Dominion
Bank,
4.928%,
10/15/35
9,815‌
9,897‌
Wells
Fargo,
VR,
2.572%,
2/11/31 (8)
49,550‌
46,326‌
Wells
Fargo,
VR,
5.15%,
4/23/31 (8)
39,452‌
40,784‌
826,338‌
Brokerage
Asset
Managers
Exchanges
0.2%
Jane
Street
Group,
6.125%,
11/1/32 (1)
5,305‌
5,398‌
Jane
Street
Group,
6.75%,
5/1/33 (1)
9,630‌
10,039‌
Jane
Street
Group,
7.125%,
4/30/31 (1)
4,352‌
4,575‌
LPL
Holdings,
5.65%,
3/15/35
9,315‌
9,526‌
LPL
Holdings,
5.75%,
6/15/35 (9)
9,123‌
9,373‌
38,911‌
Finance
Companies
0.3%
Ares
Strategic
Income
Fund,
5.45%,
9/9/28 (1)
4,180‌
4,203‌
Blue Owl GP Stakes IV,
4.88%,
10/30/28,
Acquisition
Date:
10/9/25,
Cost $13,460 (2)(3)(10)
13,460‌
13,460‌
Golub
Capital
Private
Credit
Fund,
5.875%,
5/1/30
9,581‌
9,677‌
Navient,
5.625%,
8/1/33 (9)
3,850‌
3,455‌
Navient,
7.875%,
6/15/32 (9)
2,924‌
3,012‌
Navient,
9.375%,
7/25/30
9,240‌
10,164‌
Navient,
11.50%,
3/15/31
6,225‌
6,918‌
OneMain
Finance,
7.50%,
5/15/31
2,685‌
2,819‌
53,708‌
Financial
Other
0.4%
Atlas
Warehouse
Lending,
4.95%,
11/15/30 (1)
5,490‌
5,515‌
Blackstone
Property
Partners
Europe
Holdings,
1.75%,
3/12/29
(EUR)
8,470‌
9,390‌
Corp.
Inmobiliaria
Vesta,
5.50%,
1/30/33 (1)
5,840‌
5,889‌
T.
ROWE
PRICE
New
Income
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
HA
Sustainable
Infrastructure
Capital,
6.375%,
7/1/34
30,488‌
31,174‌
HAT
Holdings
I,
8.00%,
6/15/27 (1)
10,245‌
10,629‌
Howard
Hughes,
5.375%,
8/1/28 (1)
3,143‌
3,131‌
65,728‌
Insurance
1.9%
Alliant
Holdings
Intermediate,
6.50%,
10/1/31 (1)
4,945‌
5,075‌
Alliant
Holdings
Intermediate,
6.75%,
4/15/28 (1)
3,625‌
3,688‌
Alliant
Holdings
Intermediate,
7.00%,
1/15/31 (1)
2,450‌
2,548‌
Arthur
J
Gallagher,
4.85%,
12/15/29
3,440‌
3,509‌
Arthur
J
Gallagher,
5.00%,
2/15/32
1,220‌
1,244‌
Aspen
Insurance
Holdings,
5.75%,
7/1/30
1,830‌
1,919‌
Athene
Global
Funding,
5.526%,
7/11/31 (1)
18,015‌
18,485‌
Centene,
4.25%,
12/15/27
3,340‌
3,292‌
Centene,
4.625%,
12/15/29
41,038‌
39,449‌
CNO
Global
Funding,
4.95%,
9/9/29 (1)
3,885‌
3,962‌
Corebridge
Global
Funding,
4.90%,
8/21/32 (1)(9)
3,585‌
3,619‌
Corebridge
Global
Funding,
5.20%,
1/12/29 (1)
3,270‌
3,353‌
Elevance
Health,
4.75%,
2/15/30 (9)
6,955‌
7,088‌
Elevance
Health,
4.95%,
11/1/31
9,295‌
9,505‌
Elevance
Health,
5.125%,
2/15/53
8,335‌
7,604‌
Equitable
America
Global
Funding,
3.95%,
9/15/27 (1)
1,135‌
1,135‌
Equitable
America
Global
Funding,
4.70%,
9/15/32 (1)
2,775‌
2,766‌
Equitable
America
Global
Funding,
4.95%,
6/9/30 (1)
9,900‌
10,095‌
First
American
Financial,
2.40%,
8/15/31
15,000‌
13,149‌
Five
Corners
Funding
Trust
II,
2.85%,
5/15/30 (1)
2,031‌
1,914‌
Fortitude
Group
Holdings,
6.25%,
4/1/30 (1)
4,280‌
4,437‌
GA
Global
Funding
Trust,
5.40%,
1/13/30 (1)(9)
10,015‌
10,286‌
GA
Global
Funding
Trust,
5.50%,
4/1/32 (1)
10,780‌
10,979‌
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.20%,
6/15/29 (1)
6,825‌
7,020‌
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.45%,
6/15/34 (1)
8,635‌
8,891‌
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.875%,
6/15/54 (1)
17,935‌
17,474‌
HUB
International,
7.25%,
6/15/30 (1)
7,205‌
7,529‌
Jackson
National
Life
Global
Funding,
5.35%,
1/13/30 (1)
9,930‌
10,309‌
Jones
Deslauriers
Insurance
Management,
8.50%,
3/15/30 (1)
4,758‌
4,978‌
Molina
Healthcare,
6.25%,
1/15/33 (1)
3,405‌
3,401‌
Molina
Healthcare,
6.50%,
2/15/31 (1)
1,515‌
1,543‌
Panther
Escrow
Issuer,
7.125%,
6/1/31 (1)
3,040‌
3,146‌
RenaissanceRe
Holdings,
5.80%,
4/1/35 (9)
1,630‌
1,718‌
RGA
Global
Funding,
5.00%,
8/25/32 (1)
10,725‌
10,777‌
Sammons
Financial
Group
Global
Funding,
5.05%,
1/10/28 (1)
4,775‌
4,850‌
Sammons
Financial
Group
Global
Funding,
5.10%,
12/10/29 (1)(9)
9,000‌
9,248‌
T.
ROWE
PRICE
New
Income
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
UnitedHealth
Group,
4.50%,
4/15/33
16,060‌
15,979‌
UnitedHealth
Group,
5.05%,
4/15/53
24,469‌
22,505‌
UnitedHealth
Group,
5.30%,
6/15/35 (9)
7,575‌
7,867‌
UnitedHealth
Group,
5.95%,
6/15/55 (9)
4,270‌
4,472‌
Wynnton
Funding
Trust,
5.251%,
8/15/35 (1)
7,995‌
8,100‌
318,908‌
Real
Estate
Investment
Trusts
0.7%
Aedifica,
0.75%,
9/9/31
(EUR)
3,800‌
3,778‌
Alexandria
Real
Estate
Equities,
2.00%,
5/18/32
3,101‌
2,621‌
Alexandria
Real
Estate
Equities,
5.25%,
5/15/36
2,525‌
2,511‌
Alexandria
Real
Estate
Equities,
5.50%,
10/1/35 (9)
4,850‌
4,933‌
American
Homes
4
Rent,
5.25%,
3/15/35 (9)
4,645‌
4,742‌
Brixmor
Operating
Partnership,
3.90%,
3/15/27
30,217‌
30,114‌
Brixmor
Operating
Partnership,
4.85%,
2/15/33
2,455‌
2,457‌
Brixmor
Operating
Partnership,
5.20%,
4/1/32
3,630‌
3,719‌
Cofinimmo,
0.875%,
12/2/30
(EUR)
8,000‌
8,235‌
Essex
Portfolio,
1.65%,
1/15/31
10,099‌
8,798‌
Extra
Space
Storage,
4.95%,
1/15/33
2,080‌
2,105‌
Extra
Space
Storage,
5.40%,
6/15/35
6,120‌
6,282‌
Healthcare
Realty
Holdings,
2.05%,
3/15/31
4,931‌
4,228‌
Invitation
Homes
Operating
Partnership,
2.00%,
8/15/31
4,175‌
3,641‌
Invitation
Homes
Operating
Partnership,
5.45%,
8/15/30
4,206‌
4,381‌
Prologis
Targeted
U.S.
Logistics
Fund,
4.25%,
1/15/31 (1)
8,500‌
8,442‌
Prologis
Targeted
U.S.
Logistics
Fund,
4.75%,
1/15/36 (1)
9,215‌
9,035‌
Realty
Income,
5.125%,
4/15/35
2,805‌
2,863‌
Segro
Capital,
1.875%,
3/23/30
(EUR)
1,685‌
1,870‌
Service
Properties
Trust,
8.625%,
11/15/31 (1)
6,575‌
6,912‌
Service
Properties
Trust,
Zero
Coupon,
9/30/27 (1)
1,545‌
1,373‌
123,040‌
Total
Financial
Institutions
1,426,633‌
INDUSTRIAL
14.9%
Basic
Industry
0.6%
Antofagasta,
5.625%,
9/9/35 (1)
5,450‌
5,596‌
Celanese
U.S.
Holdings,
6.879%,
7/15/32
6,045‌
6,151‌
Celanese
U.S.
Holdings,
7.05%,
11/15/30
2,349‌
2,434‌
Celulosa
Arauco
y
Constitucion,
6.18%,
5/5/32 (1)(9)
1,880‌
1,941‌
Freeport-McMoRan,
4.25%,
3/1/30
4,247‌
4,227‌
Freeport-McMoRan,
4.375%,
8/1/28
6,681‌
6,675‌
Freeport-McMoRan,
4.625%,
8/1/30
2,715‌
2,733‌
Freeport-McMoRan,
5.00%,
9/1/27
1,558‌
1,558‌
Freeport-McMoRan,
5.45%,
3/15/43
7,215‌
7,034‌
IMCD,
3.625%,
4/30/30
(EUR)
7,730‌
9,007‌
Minera
Mexico,
5.625%,
2/12/32 (1)
24,830‌
25,622‌
T.
ROWE
PRICE
New
Income
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
Orbia
Advance
Corp.,
6.80%,
5/13/30 (1)
16,050‌
16,027‌
Qnity
Electronics,
6.25%,
8/15/33 (1)
335‌
346‌
Smurfit
Westrock
Financing,
5.418%,
1/15/35 (9)
3,205‌
3,301‌
Suzano
Netherlands,
5.50%,
1/15/36
9,140‌
9,089‌
101,741‌
Capital
Goods
1.2%
3M,
5.15%,
3/15/35 (9)
17,335‌
17,898‌
AGCO,
5.80%,
3/21/34 (9)
4,170‌
4,357‌
Amrize
Finance
U.S.,
4.70%,
4/7/28 (1)
6,115‌
6,142‌
Amrize
Finance
U.S.,
4.95%,
4/7/30 (1)
7,190‌
7,352‌
BAE
Systems,
5.30%,
3/26/34 (1)
10,970‌
11,465‌
Boeing,
3.75%,
2/1/50
9,233‌
6,858‌
Boeing,
5.705%,
5/1/40
8,335‌
8,576‌
Boeing,
6.388%,
5/1/31
8,645‌
9,407‌
Boeing,
6.528%,
5/1/34
6,672‌
7,434‌
Boeing,
6.858%,
5/1/54
24,802‌
28,240‌
Deere,
5.45%,
1/16/35 (9)
16,960‌
18,030‌
Eagle
Materials,
5.00%,
3/15/36
11,500‌
11,355‌
Ferguson
Enterprises,
4.35%,
3/15/31
5,575‌
5,561‌
Ferguson
Enterprises,
5.00%,
10/3/34
2,245‌
2,270‌
General
Electric,
4.30%,
7/29/30
8,980‌
9,082‌
General
Electric,
4.90%,
1/29/36 (9)
6,935‌
7,112‌
Quikrete
Holdings,
6.375%,
3/1/32 (1)
5,039‌
5,241‌
RB
Global
Holdings,
7.75%,
3/15/31 (1)
3,662‌
3,831‌
Regal
Rexnord,
6.05%,
4/15/28
16,795‌
17,377‌
RTX,
2.82%,
9/1/51
2,581‌
1,651‌
RTX,
5.15%,
2/27/33
5,881‌
6,127‌
TransDigm,
6.25%,
1/31/34 (1)(9)
1,480‌
1,532‌
TransDigm,
6.75%,
1/31/34 (1)
1,690‌
1,762‌
TransDigm,
6.875%,
12/15/30 (1)
2,555‌
2,664‌
TransDigm,
7.125%,
12/1/31 (1)
4,720‌
4,944‌
206,268‌
Communications
3.4%
American
Tower,
4.90%,
3/15/30
2,490‌
2,545‌
AT&T,
3.50%,
9/15/53
9,230‌
6,333‌
AT&T,
4.55%,
11/1/32
9,765‌
9,758‌
Beignet
Investor,
6.581%,
5/30/49 (1)
15,250‌
16,392‌
CCO
Holdings,
4.25%,
2/1/31 (1)
4,320‌
3,969‌
CCO
Holdings,
4.50%,
6/1/33 (1)
5,275‌
4,635‌
CCO
Holdings,
7.375%,
3/1/31 (1)
6,710‌
6,844‌
Cellnex
Finance,
2.00%,
2/15/33
(EUR)
9,200‌
9,576‌
Cellnex
Telecom,
1.75%,
10/23/30
(EUR)
8,800‌
9,530‌
Charter
Communications
Operating,
3.90%,
6/1/52
13,332‌
8,717‌
Chorus,
3.625%,
9/7/29
(EUR)
3,115‌
3,693‌
T.
ROWE
PRICE
New
Income
Fund
30
Par/Shares
$
Value
(Amounts
in
000s)
Comcast,
3.25%,
11/1/39
23,223‌
18,405‌
Crown
Castle,
5.80%,
3/1/34
8,360‌
8,781‌
Directv
Financing,
5.875%,
8/15/27 (1)
318‌
318‌
EchoStar,
10.75%,
11/30/29
7,410‌
8,170‌
Elisa,
4.00%,
1/27/29
(EUR)
1,480‌
1,772‌
Infrastrutture
Wireless
Italiane,
3.75%,
4/1/30
(EUR)
6,885‌
8,095‌
Interpublic
Group,
4.65%,
10/1/28
7,525‌
7,501‌
Level
3
Financing,
6.875%,
6/30/33 (1)
1,380‌
1,408‌
Level
3
Financing,
7.00%,
3/31/34 (1)
11,840‌
12,136‌
Meta
Platforms,
4.875%,
11/15/35
11,265‌
11,365‌
Meta
Platforms,
5.50%,
11/15/45
13,900‌
13,842‌
Meta
Platforms,
5.625%,
11/15/55
58,920‌
58,511‌
Netflix,
3.875%,
11/15/29
(EUR)
3,015‌
3,631‌
Netflix,
4.625%,
5/15/29
(EUR)
7,605‌
9,348‌
NTT
Finance,
4.876%,
7/16/30 (1)
4,860‌
4,962‌
NTT
Finance,
5.171%,
7/16/32 (1)
3,650‌
3,767‌
NTT
Finance,
5.502%,
7/16/35 (1)
7,105‌
7,428‌
Prosus,
2.085%,
1/19/30
(EUR)
1,710‌
1,894‌
Rogers
Communications,
5.00%,
2/15/29
18,431‌
18,794‌
Rogers
Communications,
5.30%,
2/15/34
20,675‌
20,983‌
Rogers
Communications,
VR,
7.125%,
4/15/55 (8)
4,420‌
4,658‌
SBA
Tower
Trust,
1.84%,
4/15/27 (1)
21,685‌
20,966‌
SBA
Tower
Trust,
2.593%,
10/15/31 (1)
17,515‌
15,663‌
SBA
Tower
Trust,
4.831%,
10/15/29 (1)
17,915‌
18,020‌
Sirius
XM
Radio,
4.00%,
7/15/28 (1)
2,645‌
2,569‌
Sprint
Capital,
6.875%,
11/15/28
24,540‌
26,442‌
Sprint
Capital,
8.75%,
3/15/32
15,530‌
18,908‌
T-Mobile
USA,
3.50%,
4/15/31
14,080‌
13,496‌
T-Mobile
USA,
4.625%,
1/15/33
25,215‌
25,173‌
T-Mobile
USA,
5.05%,
7/15/33
25,155‌
25,750‌
T-Mobile
USA,
5.70%,
1/15/56
16,700‌
16,549‌
T-Mobile
USA,
5.875%,
11/15/55
7,650‌
7,763‌
TDC
Net,
6.50%,
6/1/31
(EUR)
5,340‌
6,860‌
Time
Warner
Cable,
6.55%,
5/1/37
1,398‌
1,426‌
Time
Warner
Cable,
6.75%,
6/15/39
7,092‌
7,174‌
Time
Warner
Cable,
7.30%,
7/1/38
2,193‌
2,328‌
Time
Warner
Cable
Enterprises,
8.375%,
7/15/33
7,749‌
8,965‌
Verizon
Communications,
5.00%,
1/15/36
8,135‌
8,110‌
Verizon
Communications,
5.875%,
11/30/55
18,955‌
18,995‌
Vmed
O2
U.K.
Financing
I,
7.75%,
4/15/32 (1)(9)
3,509‌
3,646‌
Warnermedia
Holdings,
5.05%,
3/15/42
10,040‌
8,007‌
564,571‌
T.
ROWE
PRICE
New
Income
Fund
31
Par/Shares
$
Value
(Amounts
in
000s)
Consumer
Cyclical
2.2%
Advance
Auto
Parts,
7.00%,
8/1/30 (1)
3,068‌
3,128‌
Advance
Auto
Parts,
7.375%,
8/1/33 (1)
5,626‌
5,731‌
Amazon.com,
5.45%,
11/20/55
25,205‌
25,365‌
Aptiv
Swiss
Holdings,
3.10%,
12/1/51 (9)
25,510‌
16,661‌
Belron
U.K.
Finance,
5.75%,
10/15/29 (1)
2,810‌
2,859‌
Carnival,
7.00%,
8/15/29 (1)(9)
3,575‌
3,754‌
CBRE
Services,
4.80%,
6/15/30
4,575‌
4,650‌
CBRE
Services,
4.90%,
1/15/33
3,545‌
3,583‌
Clarios
Global,
6.75%,
5/15/28 (1)(9)
67‌
68‌
Clarios
Global,
6.75%,
2/15/30 (1)
440‌
455‌
Ferrari,
3.625%,
5/21/30
(EUR)
7,090‌
8,428‌
Flutter
Treasury,
5.875%,
6/4/31 (1)
2,470‌
2,493‌
Ford
Motor
Credit,
5.73%,
9/5/30 (9)
7,820‌
7,937‌
Ford
Motor
Credit,
6.798%,
11/7/28
5,070‌
5,309‌
Ford
Motor
Credit,
6.80%,
5/12/28
4,760‌
4,957‌
Ford
Motor
Credit,
7.20%,
6/10/30
8,914‌
9,570‌
Ford
Motor
Credit,
7.35%,
3/6/30
14,378‌
15,425‌
General
Motors
Financial,
4.20%,
10/27/28
7,080‌
7,078‌
General
Motors
Financial,
5.55%,
7/15/29 (9)
12,735‌
13,193‌
General
Motors
Financial,
6.40%,
1/9/33
4,466‌
4,812‌
GLP
Capital,
5.25%,
2/15/33
10,545‌
10,548‌
Hilton
Domestic
Operating,
6.125%,
4/1/32 (1)
2,955‌
3,066‌
Hyundai
Capital
America,
4.55%,
9/26/29 (1)
11,135‌
11,176‌
Hyundai
Capital
America,
4.75%,
9/26/31 (1)
7,295‌
7,351‌
Hyundai
Capital
America,
5.35%,
3/19/29 (1)(9)
5,630‌
5,793‌
Hyundai
Capital
America,
5.40%,
1/8/31 (1)
3,290‌
3,407‌
Hyundai
Capital
America,
6.50%,
1/16/29 (1)
6,620‌
7,017‌
Las
Vegas
Sands,
3.50%,
8/18/26
10,677‌
10,601‌
Lowe's,
4.25%,
4/1/52
4,918‌
3,930‌
Lowe's,
5.625%,
4/15/53 (9)
2,440‌
2,404‌
Magna
International,
5.875%,
6/1/35
715‌
761‌
Match
Group
Holdings
II,
6.125%,
9/15/33 (1)
7,178‌
7,250‌
NFL,
4.78%,
10/5/30,
Acquisition
Date:
6/27/25,
Cost $9,520 (2)(3)
(10)
9,520‌
9,520‌
Nissan
Motor,
7.50%,
7/17/30 (1)
4,465‌
4,657‌
Nissan
Motor
Acceptance,
5.625%,
9/29/28 (1)(9)
1,802‌
1,794‌
Nissan
Motor
Acceptance,
6.125%,
9/30/30 (1)
8,415‌
8,341‌
Rentokil
Terminix
Funding,
5.00%,
4/28/30 (1)
15,894‌
16,216‌
Rivian
Holdings,
10.00%,
1/15/31 (1)(9)
5,240‌
4,978‌
Ross
Stores,
1.875%,
4/15/31
20,720‌
18,219‌
Toyota
Motor
Credit,
4.05%,
9/5/28
16,175‌
16,243‌
Uber
Technologies,
4.30%,
1/15/30
19,620‌
19,751‌
Uber
Technologies,
4.50%,
8/15/29 (1)(9)
17,774‌
17,713‌
T.
ROWE
PRICE
New
Income
Fund
32
Par/Shares
$
Value
(Amounts
in
000s)
Uber
Technologies,
4.80%,
9/15/34
2,750‌
2,766‌
Uber
Technologies,
4.80%,
9/15/35
13,560‌
13,552‌
Volkswagen
Group
of
America
Finance,
4.55%,
9/11/28 (1)
6,185‌
6,216‌
Volkswagen
Leasing,
3.875%,
10/11/28
(EUR)
3,035‌
3,620‌
Yum!
Brands,
5.375%,
4/1/32
3,270‌
3,311‌
365,657‌
Consumer
Non-Cyclical
2.4%
AbbVie,
5.40%,
3/15/54
16,570‌
16,491‌
American
Medical
Systems
Europe,
3.25%,
3/8/34
(EUR)
11,841‌
13,583‌
BAT
Capital,
5.35%,
8/15/32 (9)
18,240‌
18,942‌
Bayer
U.S.
Finance,
6.375%,
11/21/30 (1)
11,085‌
11,829‌
Beth
Israel
Lahey
Health,
Series
O,
4.717%,
7/1/30
3,225‌
3,280‌
Bon
Secours
Mercy
Health,
3.464%,
6/1/30
5,370‌
5,240‌
Cigna
Group,
4.50%,
9/15/30
4,650‌
4,680‌
Cigna
Group,
6.00%,
1/15/56
6,505‌
6,773‌
CommonSpirit
Health,
2.782%,
10/1/30
1,345‌
1,258‌
CVS
Health,
5.00%,
9/15/32 (9)
6,070‌
6,214‌
CVS
Health,
5.05%,
3/25/48 (9)
37,769‌
33,900‌
CVS
Health,
VR,
6.75%,
12/10/54 (8)
16,515‌
17,051‌
CVS
Health,
VR,
7.00%,
3/10/55 (8)
8,080‌
8,433‌
Eli
Lilly,
5.55%,
10/15/55
5,833‌
6,013‌
EMD
Finance,
4.625%,
10/15/32 (1)
24,075‌
24,249‌
Galderma
Finance
Europe,
3.50%,
3/20/30
(EUR)
5,334‌
6,265‌
HCA,
4.60%,
11/15/32
19,960‌
19,907‌
HCA,
5.25%,
3/1/30 (9)
6,810‌
7,045‌
Icon
Investments
Six,
5.849%,
5/8/29
4,535‌
4,732‌
Icon
Investments
Six,
6.00%,
5/8/34 (9)
5,710‌
6,035‌
Imperial
Brands
Finance,
4.50%,
6/30/28 (1)
3,180‌
3,211‌
Imperial
Brands
Finance,
5.625%,
7/1/35 (1)
11,330‌
11,681‌
Imperial
Brands
Finance,
6.375%,
7/1/55 (1)
8,670‌
8,959‌
IQVIA,
6.25%,
6/1/32 (1)
4,585‌
4,786‌
IQVIA,
6.50%,
5/15/30 (1)
435‌
450‌
Kraft
Heinz
Foods,
5.00%,
6/4/42
2,541‌
2,356‌
Mars,
5.20%,
3/1/35 (1)
16,175‌
16,699‌
Mars,
5.65%,
5/1/45 (1)
11,635‌
11,870‌
Medline
Borrower,
6.25%,
4/1/29 (1)
5,260‌
5,411‌
Philip
Morris
International,
4.625%,
10/29/35 (9)
16,945‌
16,684‌
Revvity,
1.90%,
9/15/28
5,508‌
5,164‌
Revvity,
2.25%,
9/15/31
7,580‌
6,647‌
Sartorius
Finance,
4.875%,
9/14/35
(EUR)
14,300‌
17,628‌
Solventum,
5.90%,
4/30/54 (9)
31,477‌
32,199‌
Sutter
Health,
5.164%,
8/15/33
5,265‌
5,451‌
Sutter
Health,
Series
2025,
5.213%,
8/15/32
3,400‌
3,547‌
T.
ROWE
PRICE
New
Income
Fund
33
Par/Shares
$
Value
(Amounts
in
000s)
Sutter
Health,
Series
2025,
5.537%,
8/15/35
11,135‌
11,783‌
Tenet
Healthcare,
6.00%,
11/15/33 (1)(9)
645‌
666‌
Thermo
Fisher
Scientific,
4.894%,
10/7/37
15,170‌
15,208‌
UCB,
4.25%,
3/20/30
(EUR) (9)
3,100‌
3,717‌
406,037‌
Energy
2.3%
Aethon
III,
10.077%,
1/10/27,
Acquisition
Date:
9/5/25,
Cost $4,491 (2)(3)(10)
4,520‌
4,486‌
Civitas
Resources,
9.625%,
6/15/33 (1)
4,515‌
4,865‌
Columbia
Pipelines
Holding,
5.681%,
1/15/34 (1)
16,685‌
17,270‌
Coterra
Energy,
5.60%,
3/15/34
4,096‌
4,227‌
Crescent
Energy
Finance,
7.375%,
1/15/33 (1)
5,545‌
5,254‌
Diamondback
Energy,
5.40%,
4/18/34
25,974‌
26,612‌
Diamondback
Energy,
5.75%,
4/18/54 (9)
25,543‌
24,525‌
Eni,
5.75%,
5/19/35 (1)
4,005‌
4,186‌
EOG
Resources,
5.00%,
7/15/32
6,275‌
6,430‌
EOG
Resources,
5.35%,
1/15/36
10,940‌
11,347‌
Expand
Energy,
5.375%,
2/1/29
11,941‌
11,949‌
Harbour
Energy,
6.327%,
4/1/35 (1)
12,145‌
12,450‌
HF
Sinclair,
5.75%,
1/15/31
14,265‌
14,756‌
Hilcorp
Energy
I,
7.25%,
2/15/35 (1)
3,400‌
3,230‌
Hilcorp
Energy
I,
8.375%,
11/1/33 (1)
8,056‌
8,257‌
Kinetik
Holdings,
6.625%,
12/15/28 (1)
593‌
609‌
MPLX,
5.00%,
1/15/33
9,340‌
9,374‌
MPLX,
6.20%,
9/15/55
7,255‌
7,293‌
Occidental
Petroleum,
6.05%,
10/1/54
8,515‌
8,225‌
Occidental
Petroleum,
6.20%,
3/15/40
2,261‌
2,317‌
Occidental
Petroleum,
8.875%,
7/15/30
26,910‌
31,115‌
ONEOK,
6.05%,
9/1/33
25,359‌
26,989‌
Permian
Resources
Operating,
6.25%,
2/1/33 (1)
3,085‌
3,150‌
Raizen
Fuels
Finance,
5.70%,
1/17/35 (1)(9)
19,650‌
16,184‌
Raizen
Fuels
Finance,
6.45%,
3/5/34 (1)(9)
3,860‌
3,341‌
Raizen
Fuels
Finance,
6.70%,
2/25/37 (1)(9)
5,930‌
5,089‌
Sunoco,
7.25%,
5/1/32 (1)
3,641‌
3,837‌
Sunoco,
VR,
7.875% (1)(8)(11)
11,410‌
11,610‌
Targa
Resources,
5.55%,
8/15/35
8,995‌
9,213‌
Targa
Resources,
5.65%,
2/15/36 (9)
5,745‌
5,909‌
Targa
Resources,
6.125%,
5/15/55
2,705‌
2,689‌
Targa
Resources,
6.15%,
3/1/29
15,155‌
15,990‌
Targa
Resources
Partners,
5.50%,
3/1/30
5,907‌
6,001‌
TotalEnergies
Capital
International,
3.127%,
5/29/50
7,904‌
5,402‌
TotalEnergies
Capital
International,
3.461%,
7/12/49
7,180‌
5,192‌
Transcontinental
Gas
Pipe
Line,
5.10%,
3/15/36 (1)
6,230‌
6,335‌
Transcontinental
Gas
Pipe
Line,
5.75%,
3/15/56 (1)
4,335‌
4,355‌
T.
ROWE
PRICE
New
Income
Fund
34
Par/Shares
$
Value
(Amounts
in
000s)
Venture
Global
LNG,
9.50%,
2/1/29 (1)
4,275‌
4,505‌
Venture
Global
LNG,
VR,
9.00% (1)(8)(9)(11)
6,325‌
5,384‌
Venture
Global
Plaquemines
LNG,
6.50%,
1/15/34 (1)
5,655‌
5,825‌
Venture
Global
Plaquemines
LNG,
6.75%,
1/15/36 (1)
4,295‌
4,467‌
Venture
Global
Plaquemines
LNG,
7.50%,
5/1/33 (1)
2,905‌
3,159‌
Venture
Global
Plaquemines
LNG,
7.75%,
5/1/35 (1)
5,780‌
6,430‌
Wintershall
Dea
Finance,
1.823%,
9/25/31
(EUR)
1,800‌
1,861‌
381,694‌
Industrial
Other
0.1%
Booz
Allen
Hamilton,
5.95%,
8/4/33 (9)
9,347‌
9,845‌
Booz
Allen
Hamilton,
5.95%,
4/15/35 (9)
10,885‌
11,293‌
21,138‌
Technology
2.4%
Alphabet,
4.375%,
11/15/32
17,350‌
17,529‌
Alphabet,
4.70%,
11/15/35
18,880‌
19,145‌
AP
Grange
Holdings,
6.50%,
3/20/45,
Acquisition
Date:
6/12/24,
Cost $16,600 (2)(3)(10)
16,600‌
17,721‌
Atlassian,
5.25%,
5/15/29
5,055‌
5,176‌
Broadcom,
4.55%,
2/15/32
8,245‌
8,345‌
Broadcom,
4.80%,
2/15/36
15,635‌
15,667‌
Broadcom,
5.15%,
11/15/31
13,255‌
13,838‌
Cadence
Design
Systems,
4.70%,
9/10/34
11,765‌
11,817‌
Fiserv,
4.55%,
2/15/31
25,550‌
25,259‌
Foundry
JV
Holdco,
6.10%,
1/25/36 (1)
3,595‌
3,807‌
Foundry
JV
Holdco,
6.20%,
1/25/37 (1)
3,590‌
3,827‌
Foundry
JV
Holdco,
6.25%,
1/25/35 (1)
3,125‌
3,364‌
Foundry
JV
Holdco,
6.40%,
1/25/38 (1)
7,385‌
7,933‌
Marvell
Technology,
2.95%,
4/15/31
13,927‌
12,942‌
Marvell
Technology,
4.75%,
7/15/30
2,375‌
2,406‌
Marvell
Technology,
5.45%,
7/15/35 (9)
10,260‌
10,582‌
Motorola
Solutions,
5.40%,
4/15/34
7,860‌
8,140‌
Motorola
Solutions,
5.55%,
8/15/35
15,800‌
16,460‌
NXP,
3.125%,
2/15/42
11,284‌
8,312‌
NXP,
3.25%,
11/30/51
35,200‌
23,632‌
NXP,
3.40%,
5/1/30
20,770‌
19,995‌
NXP,
4.30%,
6/18/29
5,242‌
5,238‌
Oracle,
4.80%,
9/26/32
6,965‌
6,846‌
Oracle,
5.20%,
9/26/35
8,785‌
8,589‌
Oracle,
5.95%,
9/26/55 (9)
43,465‌
40,364‌
Paychex,
5.60%,
4/15/35 (9)
6,070‌
6,361‌
Stripe,
Series
A,
5.04%,
9/26/30,
Acquisition
Date:
9/16/25,
Cost $17,200 (2)(3)(10)
17,200‌
17,200‌
Synopsys,
4.85%,
4/1/30
11,925‌
12,192‌
Synopsys,
5.70%,
4/1/55
12,155‌
12,162‌
T.
ROWE
PRICE
New
Income
Fund
35
Par/Shares
$
Value
(Amounts
in
000s)
Texas
Instruments,
5.10%,
5/23/35 (9)
16,175‌
16,734‌
UKG,
6.875%,
2/1/31 (1)
3,205‌
3,301‌
Verisk
Analytics,
5.125%,
2/15/36 (9)
7,540‌
7,627‌
392,511‌
Transportation
0.3%
Autostrade
per
l'Italia,
2.00%,
1/15/30
(EUR)
9,705‌
10,762‌
Burlington
Northern
Santa
Fe,
5.50%,
3/15/55
14,325‌
14,348‌
Element
Fleet
Management,
5.037%,
3/25/30 (1)
6,850‌
7,024‌
Heathrow
Funding,
1.875%,
3/14/34
(EUR)
7,117‌
7,176‌
Heathrow
Funding,
3.875%,
1/16/36
(EUR)
1,740‌
1,995‌
41,305‌
Total
Industrial
2,480,922‌
UTILITY
2.4%
Electric
2.1%
AEP
Transmission,
5.375%,
6/15/35
1,000‌
1,038‌
AES,
5.80%,
3/15/32
24,580‌
25,214‌
AES
Andes,
6.25%,
3/14/32 (1)
2,131‌
2,219‌
Alpha
Generation,
6.75%,
10/15/32 (1)
2,310‌
2,374‌
Appalachian
Power,
5.65%,
4/1/34
4,090‌
4,282‌
CFE
Fibra,
5.875%,
9/23/40 (1)
2,240‌
2,237‌
Chile
Electricity
Mpc
II,
5.58%,
10/20/35 (1)
7,312‌
7,542‌
Chpe,
Series
A,
5.51%,
9/30/35,
Acquisition
Date:
8/22/25,
Cost $3,500 (2)(3)(10)
3,500‌
3,500‌
Colbun,
5.375%,
9/11/35 (1)
5,780‌
5,838‌
Constellation
Energy
Generation,
5.75%,
3/15/54
14,350‌
14,380‌
DTE
Energy,
5.10%,
3/1/29
22,930‌
23,511‌
Enel
Finance
International,
4.125%,
9/30/28 (1)
2,070‌
2,071‌
Enel
Finance
International,
5.00%,
9/30/35 (1)(9)
8,235‌
8,209‌
FirstEnergy,
2.65%,
3/1/30
15,341‌
14,241‌
FirstEnergy,
Series
B,
2.25%,
9/1/30
2,840‌
2,571‌
FirstEnergy
Transmission,
5.00%,
1/15/35
5,680‌
5,694‌
IPALCO
Enterprises,
5.75%,
4/1/34
9,230‌
9,399‌
Jersey
Central
Power
&
Light,
5.15%,
1/15/36 (1)
9,780‌
9,943‌
Kentucky
Utilities,
5.85%,
8/15/55
1,735‌
1,777‌
Louisville
Gas
&
Electric,
5.85%,
8/15/55
1,735‌
1,769‌
National
Grid
Electricity
Distribution
East
Midlands,
3.949%,
9/20/32
(EUR)
3,070‌
3,685‌
Niagara
Mohawk
Power,
4.647%,
10/3/30 (1)
10,185‌
10,240‌
Niagara
Mohawk
Power,
5.664%,
1/17/54 (1)
9,190‌
9,075‌
Niagara
Mohawk
Power,
5.996%,
7/3/55 (1)
15,391‌
15,838‌
NRG
Energy,
4.45%,
6/15/29 (1)
9,592‌
9,545‌
NRG
Energy,
6.00%,
1/15/36 (1)
3,035‌
3,073‌
Pacific
Gas
&
Electric,
3.50%,
8/1/50 (9)
6,018‌
4,135‌
T.
ROWE
PRICE
New
Income
Fund
36
Par/Shares
$
Value
(Amounts
in
000s)
Pacific
Gas
&
Electric,
4.95%,
7/1/50
5,605‌
4,827‌
Pacific
Gas
&
Electric,
5.00%,
6/4/28
7,465‌
7,568‌
Pacific
Gas
&
Electric,
5.05%,
10/15/32
13,330‌
13,432‌
Pacific
Gas
&
Electric,
5.90%,
10/1/54
3,326‌
3,251‌
Palomino
Funding
Trust
I,
7.233%,
5/17/28 (1)
9,700‌
10,274‌
PSEG
Power,
5.20%,
5/15/30 (1)(9)
1,909‌
1,956‌
Public
Service
of
Oklahoma,
5.45%,
1/15/36 (9)
19,460‌
20,068‌
Southern
Power,
Series
B,
4.90%,
10/1/35
5,100‌
5,053‌
Talen
Energy
Supply,
6.25%,
2/1/34 (1)
3,020‌
3,077‌
Talen
Energy
Supply,
6.50%,
2/1/36 (1)
5,445‌
5,615‌
Talen
Energy
Supply,
8.625%,
6/1/30 (1)
5,968‌
6,319‌
Trans-Allegheny
Interstate
Line,
5.00%,
1/15/31 (1)
2,080‌
2,138‌
Vistra,
VR,
8.00% (1)(8)(11)
2,470‌
2,513‌
Vistra,
Series
C,
VR,
8.875% (1)(8)(11)
17,455‌
19,244‌
Vistra
Operations,
5.70%,
12/30/34 (1)
443‌
457‌
Vistra
Operations,
6.00%,
4/15/34 (1)
5,820‌
6,122‌
Vistra
Operations,
6.95%,
10/15/33 (1)
20,930‌
23,328‌
WEC
Energy,
6.69%,
6/15/55,
Acquisition
Date:
12/16/24,
Cost $5,060 (2)(3)(10)
5,060‌
5,150‌
XPLR
Infrastructure
Operating
Partners,
8.625%,
3/15/33 (1)(9)
4,360‌
4,562‌
348,354‌
Natural
Gas
0.3%
APA
Infrastructure,
0.75%,
3/15/29
(EUR)
3,520‌
3,814‌
APA
Infrastructure,
5.125%,
9/16/34 (1)
3,250‌
3,311‌
APA
Infrastructure,
5.75%,
9/16/44 (1)(9)
4,400‌
4,455‌
Boston
Gas,
6.119%,
7/20/53 (1)
5,860‌
5,991‌
Engie,
5.625%,
4/10/34 (1)(9)
7,835‌
8,237‌
Snam,
5.75%,
5/28/35 (1)
7,900‌
8,275‌
Snam,
6.50%,
5/28/55 (1)
4,425‌
4,775‌
Southern
California
Gas,
5.45%,
6/15/35
7,780‌
8,123‌
Southern
Gas
Capital,
Series
A,
4.05%,
9/15/28
1,515‌
1,515‌
Southern
Gas
Capital,
Series
B,
5.10%,
9/15/35
5,660‌
5,722‌
54,218‌
Total
Utility
402,572‌
Total
Corporate
Bonds
(Cost
$4,261,813)
4,310,127‌
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
3.0%
Government
Guarantee
0.0%
Landsvirk,
Series
A,
5.37%,
5/15/33,
Acquisition
Date:
5/15/25,
Cost $2,435 (2)(3)(10)
2,435‌
2,435‌
2,435‌
T.
ROWE
PRICE
New
Income
Fund
37
Par/Shares
$
Value
(Amounts
in
000s)
Owned
No
Guarantee
1.1%
Abu
Dhabi
Developmental
Holding,
4.50%,
5/6/30 (1)
18,840‌
19,076‌
Abu
Dhabi
Developmental
Holding,
5.00%,
5/6/35 (1)
9,950‌
10,176‌
Comision
Federal
de
Electricidad,
6.45%,
1/24/35 (1)
26,299‌
26,959‌
ESB
Finance,
4.00%,
10/3/28
(EUR)
1,470‌
1,763‌
FIEMEX
Energia
-
Banco
Actinver
Institucion
de
Banca
Multiple,
7.25%,
1/31/41 (1)
11,594‌
12,138‌
Landsbankinn,
5.00%,
5/13/28
(EUR)
1,490‌
1,819‌
Logicor
Financing,
4.25%,
7/18/29
(EUR)
3,095‌
3,717‌
Logicor
Financing,
4.625%,
7/25/28
(EUR)
3,055‌
3,693‌
Ma'aden
Sukuk,
5.25%,
2/13/30 (1)
29,579‌
30,396‌
Ma'aden
Sukuk,
5.50%,
2/13/35 (1)(9)
5,633‌
5,879‌
NBN,
4.125%,
3/15/29
(EUR)
2,965‌
3,585‌
NBN,
4.375%,
3/15/33
(EUR)
2,870‌
3,563‌
Petroleos
Mexicanos,
5.95%,
1/28/31
17,110‌
16,530‌
Petroleos
Mexicanos,
7.69%,
1/23/50
9,285‌
8,294‌
Petroleos
Mexicanos,
8.75%,
6/2/29
25,660‌
27,373‌
RTE
Reseau
de
Transport
d'Electricite
SADIR,
1.50%,
9/27/30
(EUR)
3,900‌
4,200‌
179,161‌
Sovereign
1.1%
Eagle
Funding
Luxco,
5.50%,
8/17/30 (1)
16,640‌
16,914‌
Kingdom
of
Saudi
Arabia,
5.125%,
1/13/28 (1)
9,600‌
9,815‌
Republic
of
Bulgaria,
Series
13Y,
4.125%,
5/7/38
(EUR)
20,560‌
24,460‌
Republic
of
Peru,
6.20%,
6/30/55
16,970‌
17,775‌
Republic
of
Romania,
5.375%,
6/7/33
(EUR) (1)
9,250‌
10,924‌
Republic
of
Romania,
5.75%,
9/16/30 (1)
28,140‌
28,899‌
Republic
of
Romania,
6.625%,
5/16/36 (1)
23,772‌
24,576‌
State
of
Israel,
Series
10Y,
5.50%,
3/12/34
17,955‌
18,656‌
State
of
Israel,
Series
10Y,
5.625%,
2/19/35 (9)
21,745‌
22,771‌
State
of
Kuwait,
4.652%,
10/9/35 (1)
11,860‌
11,901‌
United
Mexican
States,
5.375%,
3/22/33
8,870‌
8,874‌
195,565‌
Supranational
0.1%
Corp.
Andina
de
Fomento,
VR,
6.75% (1)(8)(11)
4,020‌
4,111‌
Inter-American
Development
Bank,
3.802%,
11/12/30
8,115‌
8,152‌
International
Bank
for
Reconstruction
&
Development,
STEP,
1.745%,
7/31/33
6,400‌
6,661‌
18,924‌
T.
ROWE
PRICE
New
Income
Fund
38
Par/Shares
$
Value
(Amounts
in
000s)
Treasuries
0.7%
Government
of
Hungary,
Series
35/A,
7.00%,
10/24/35
(HUF)
37,058,880‌
112,652‌
112,652‌
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$496,419)
508,737‌
MUNICIPAL
SECURITIES
0.0%
California
0.0%
Los
Angeles
Dept.
of
Airports,
Build
America,
6.582%,
5/15/39
2,975‌
3,248‌
3,248‌
Illinois
0.0%
Illinois,
Build
America,
GO,
7.35%,
7/1/35
3,043‌
3,320‌
3,320‌
Total
Municipal
Securities
(Cost
$6,345)
6,568‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
3.7%
Collateralized
Mortgage
Obligations
1.9%
Bayview
Financing
Trust
Series
2024-2F,
Class
A,
CMO,
ARM,
6.954%,
9/25/29,
Acquisition
Date:
8/29/24,
Cost $18,775 (2)(3)
18,775‌
18,868‌
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM,
2.034%,
6/25/56 (1)
6,513‌
6,006‌
BINOM
Securitization
Trust
Series
2022-INV1,
Class
A3,
CMO,
ARM,
4.441%,
8/25/57 (1)
3,104‌
3,026‌
Chase
Home
Lending
Mortgage
Trust
Series
2024-RPL4,
Class
A1B,
CMO,
ARM,
3.375%,
12/25/64 (1)
2,276‌
2,045‌
Citigroup
Mortgage
Loan
Trust
Series
2022-INV1,
Class
A4B,
CMO,
ARM,
3.00%,
11/27/51 (1)
6,515‌
5,659‌
COLT
Mortgage
Loan
Trust
Series
2025-10,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.20%,
5.272%,
10/25/70 (1)
7,311‌
7,325‌
Cross
Mortgage
Trust
Series
2025-H5,
Class
A1B,
CMO,
STEP,
5.509%,
7/25/70 (1)
5,179‌
5,210‌
EFMT
Series
2025-INV1,
Class
A1,
CMO,
STEP,
5.626%,
3/25/70 (1)
2,913‌
2,936‌
EFMT
Series
2025-INV2,
Class
A1,
CMO,
STEP,
5.387%,
5/26/70 (1)
7,881‌
7,911‌
EFMT
Series
2025-INV4,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.20%,
5.242%,
10/25/70 (1)
2,585‌
2,585‌
T.
ROWE
PRICE
New
Income
Fund
39
Par/Shares
$
Value
(Amounts
in
000s)
Ellington
Financial
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM,
1.241%,
9/25/66 (1)
7,459‌
6,329‌
Flagstar
Mortgage
Trust
Series
2018-6RR,
Class
2A4,
CMO,
ARM,
4.00%,
9/25/48 (1)
409‌
403‌
Flagstar
Mortgage
Trust
Series
2020-1INV,
Class
A11,
CMO,
ARM,
1M
TSFR
+
0.964%,
4.919%,
3/25/50 (1)
3,034‌
2,905‌
Flagstar
Mortgage
Trust
Series
2021-8INV,
Class
A18,
CMO,
ARM,
2.50%,
9/25/51 (1)
7,536‌
6,301‌
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
514‌
474‌
Galton
Funding
Mortgage
Trust
Series
2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
831‌
794‌
GCAT
Trust
Series
2025-NQM1,
Class
A1,
CMO,
STEP,
5.373%,
11/25/69 (1)
11,602‌
11,651‌
GS
Mortgage-Backed
Securities
Trust
Series
2014-EB1A,
Class
2A1,
CMO,
ARM,
6.036%,
7/25/44 (1)
190‌
188‌
GS
Mortgage-Backed
Securities
Trust
Series
2020-INV1,
Class
A14,
CMO,
ARM,
2.907%,
10/25/50 (1)
13,627‌
11,925‌
GS
Mortgage-Backed
Securities
Trust
Series
2025-NQM3,
Class
A1,
CMO,
STEP,
5.137%,
11/25/65 (1)
4,362‌
4,372‌
HOMES
Trust
Series
2025-AFC2,
Class
A1B,
CMO,
STEP,
5.573%,
6/25/60 (1)
2,316‌
2,330‌
HOMES
Trust
Series
2025-NQM2,
Class
A1,
CMO,
STEP,
5.425%,
2/25/70 (1)
9,653‌
9,694‌
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A1,
CMO,
ARM,
1.073%,
9/25/56 (1)
8,930‌
7,606‌
JPMorgan
Mortgage
Trust
Series
2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
3,537‌
3,234‌
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (1)
3,120‌
2,844‌
JPMorgan
Mortgage
Trust
Series
2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
103‌
102‌
JPMorgan
Mortgage
Trust
Series
2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
254‌
252‌
JPMorgan
Mortgage
Trust
Series
2025-DSC2,
Class
A1,
CMO,
ARM,
5.195%,
10/25/65 (1)
9,850‌
9,883‌
JPMorgan
Mortgage
Trust
Series
2025-NQM3,
Class
A1,
CMO,
ARM,
5.495%,
11/25/65 (1)
14,438‌
14,544‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2025-DSC2,
Class
A1,
CMO,
ARM,
5.443%,
7/25/70 (1)
3,185‌
3,210‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2025-NQM5,
Class
A1,
CMO,
ARM,
5.439%,
7/25/70 (1)
3,368‌
3,391‌
New
Residential
Mortgage
Loan
Trust
Series
2021-INV2,
Class
A4,
CMO,
ARM,
2.50%,
9/25/51 (1)
9,511‌
7,865‌
T.
ROWE
PRICE
New
Income
Fund
40
Par/Shares
$
Value
(Amounts
in
000s)
New
Residential
Mortgage
Loan
Trust
Series
2025-NQM3,
Class
A1,
CMO,
ARM,
5.53%,
5/25/65 (1)
17,939‌
18,153‌
New
Residential
Mortgage
Loan
Trust
Series
2025-NQM4,
Class
A1,
CMO,
ARM,
5.35%,
7/25/65 (1)
24,960‌
25,139‌
NYMT
Loan
Trust
Series
2025-INV1,
Class
A1,
CMO,
STEP,
5.402%,
4/25/60 (1)
2,207‌
2,221‌
OBX
Trust
Series
2019-INV2,
Class
A25,
CMO,
ARM,
4.00%,
5/27/49 (1)
730‌
688‌
OBX
Trust
Series
2019-INV2,
Class
A5,
CMO,
ARM,
4.00%,
5/27/49 (1)
1,975‌
1,869‌
OBX
Trust
Series
2020-EXP2,
Class
A8,
CMO,
ARM,
3.00%,
5/25/60 (1)
405‌
362‌
OBX
Trust
Series
2025-NQM15,
Class
A1,
CMO,
STEP,
5.143%,
7/27/65 (1)
6,531‌
6,567‌
OBX
Trust
Series
2025-NQM15,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.15%,
5.222%,
7/27/65 (1)
6,909‌
6,912‌
Santander
Mortgage
Asset
Receivable
Trust
Series
2025-NQM2,
Class
A1,
CMO,
STEP,
5.732%,
2/25/65 (1)
7,960‌
8,032‌
Sequoia
Mortgage
Trust
Series
2018-CH1,
Class
A2,
CMO,
ARM,
3.50%,
3/25/48 (1)
470‌
433‌
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (1)
2,034‌
1,923‌
Sequoia
Mortgage
Trust
Series
2018-CH3,
Class
A2,
CMO,
ARM,
4.00%,
8/25/48 (1)
154‌
153‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2024-DNA2,
Class
A1,
CMO,
ARM,
SOFR30A
+
1.25%,
5.322%,
5/25/44 (1)
10,738‌
10,791‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2024-HQA2,
Class
A1,
CMO,
ARM,
SOFR30A
+
1.25%,
5.322%,
8/25/44 (1)
16,092‌
16,177‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2025-DNA3,
Class
M1,
CMO,
ARM,
SOFR30A
+
1.10%,
5.172%,
9/25/45 (1)
10,497‌
10,490‌
Towd
Point
Mortgage
Trust
Series
2019-HY3,
Class
A1A,
CMO,
ARM,
1M
TSFR
+
1.114%,
5.069%,
10/25/59 (1)
1,806‌
1,807‌
Towd
Point
Mortgage
Trust
Series
2024-5,
Class
A1B,
CMO,
ARM,
4.601%,
10/25/64 (1)
6,841‌
6,844‌
Towd
Point
Mortgage
Trust
Series
2025-1,
Class
A1A,
CMO,
ARM,
4.788%,
6/25/65 (1)
14,038‌
14,161‌
Towd
Point
Mortgage
Trust
Series
2025-1,
Class
A1B,
CMO,
ARM,
4.788%,
6/25/65 (1)
7,081‌
7,102‌
Verus
Securitization
Trust
Series
2022-1,
Class
A1,
CMO,
STEP,
2.724%,
1/25/67 (1)
4,510‌
4,257‌
T.
ROWE
PRICE
New
Income
Fund
41
Par/Shares
$
Value
(Amounts
in
000s)
Verus
Securitization
Trust
Series
2025-8,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.15%,
5.222%,
9/25/70 (1)
5,217‌
5,212‌
Vista
Point
Securitization
Trust
Series
2020-2,
Class
A1,
CMO,
ARM,
1.475%,
4/25/65 (1)
1,081‌
1,044‌
322,205‌
Commercial
Mortgage-Backed
Securities
1.7%
BANK5
Series
2024-5YR10,
Class
A3,
5.302%,
10/15/57
5,050‌
5,220‌
BANK5
Series
2024-5YR10,
Class
AS,
5.637%,
10/15/57
2,590‌
2,675‌
BANK5
Series
2024-5YR12,
Class
A3,
ARM,
5.902%,
12/15/57
9,095‌
9,599‌
BBCMS
Mortgage
Trust
Series
2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
6.233%,
11/15/34 (1)
10,230‌
128‌
BFLD
Commercial
Mortgage
Trust
Series
2025-5MW,
Class
A,
ARM,
4.83%,
10/10/42 (1)
12,340‌
12,396‌
BX
Commercial
Mortgage
Trust
Series
2024-GPA3,
Class
A,
ARM,
1M
TSFR
+
1.293%,
5.252%,
12/15/39 (1)
15,371‌
15,269‌
BX
Commercial
Mortgage
Trust
Series
2024-MDHS,
Class
A,
ARM,
1M
TSFR
+
1.641%,
5.60%,
5/15/41 (1)
30,678‌
30,698‌
BX
Commercial
Mortgage
Trust
Series
2024-SLCT,
Class
A,
ARM,
1M
TSFR
+
1.323%,
5.282%,
1/15/42 (1)
13,305‌
13,297‌
BX
Trust
Series
2025-TAIL,
Class
A,
ARM,
1M
TSFR
+
1.40%,
5.359%,
6/15/35 (1)
5,460‌
5,460‌
Cantor
Commercial
Real
Estate
Lending
Series
2019-CF2,
Class
B,
3.267%,
11/15/52
9,752‌
8,858‌
Citigroup
Commercial
Mortgage
Trust
Series
2020-555,
Class
C,
3.031%,
12/10/41 (1)
8,370‌
7,468‌
Citigroup
Commercial
Mortgage
Trust
Series
2020-555,
Class
D,
3.233%,
12/10/41 (1)
5,500‌
4,881‌
CONE
Trust
Series
2024-DFW1,
Class
A,
ARM,
1M
TSFR
+
1.642%,
5.601%,
8/15/41 (1)
17,510‌
17,488‌
Hudson
Yards
Mortgage
Trust
Series
2025-SPRL,
Class
A,
ARM,
5.649%,
1/13/40 (1)
7,175‌
7,452‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2018-WPT,
Class
AFX,
4.248%,
7/5/33 (1)
9,825‌
9,334‌
MED
Commercial
Mortgage
Trust
Series
2024-MOB,
Class
A,
ARM,
1M
TSFR
+
1.592%,
5.55%,
5/15/41 (1)
13,149‌
13,103‌
T.
ROWE
PRICE
New
Income
Fund
42
Par/Shares
$
Value
(Amounts
in
000s)
NXPT
Commercial
Mortgage
Trust
Series
2024-STOR,
Class
A,
ARM,
4.455%,
11/5/41 (1)
5,070‌
5,039‌
Real
Estate
Asset
Liquidity
Trust
Series
2025-1A,
Class
A1,
3.93%,
1/12/60
(CAD) (1)
59,354‌
42,606‌
SDR
Commercial
Mortgage
Trust
Series
2024-DSNY,
Class
A,
ARM,
1M
TSFR
+
1.392%,
5.351%,
5/15/39 (1)
24,450‌
24,454‌
TX
Trust
Series
2024-HOU,
Class
A,
ARM,
1M
TSFR
+
1.591%,
5.55%,
6/15/39 (1)
12,745‌
12,733‌
VNDO
Trust
Series
2016-350P,
Class
D,
ARM,
4.033%,
1/10/35 (1)
8,849‌
8,705‌
WB
Commercial
Mortgage
Trust
Series
2024-HQ,
Class
A,
ARM,
6.134%,
3/15/40 (1)
13,100‌
13,107‌
Wells
Fargo
Commercial
Mortgage
Trust
Series
2025-5C6,
Class
A3,
5.186%,
10/15/58
19,800‌
20,459‌
290,429‌
Home
Equity
0.1%
Towd
Point
Mortgage
Trust
Series
2025-CES4,
Class
A1A,
STEP,
5.091%,
10/25/65 (1)
13,889‌
13,950‌
13,950‌
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$645,621)
626,584‌
PREFERRED
STOCKS
0.0%
Insurance
0.0%
AH
Parent,
Series
A,
Acquisition
Date:
9/27/24,
Cost $1,719 (2)(3)
2‌
1,753‌
Total
Preferred
Stocks
(Cost
$1,719)
1,753‌
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
24.3%
U.S.
Government
Agency
Obligations
19.4%
Federal
Home
Loan
Mortgage
2.50%,
5/1/30
2,585‌
2,519‌
3.00%,
4/1/47
1,178‌
1,078‌
3.50%,
9/1/42
-
3/1/46
60,117‌
57,413‌
4.00%,
10/1/40
-
8/1/45
6,266‌
6,151‌
4.50%,
6/1/39
-
5/1/42
9,463‌
9,574‌
5.00%,
7/1/33
-
8/1/40
2,483‌
2,557‌
5.50%,
4/1/26
-
12/1/39
2,489‌
2,588‌
6.00%,
10/1/32
-
8/1/38
1,401‌
1,468‌
6.50%,
2/1/36
-
9/1/39
618‌
645‌
T.
ROWE
PRICE
New
Income
Fund
43
Par/Shares
$
Value
(Amounts
in
000s)
7.00%,
8/1/31
-
6/1/32
15‌
16‌
Federal
Home
Loan
Mortgage,
ARM
1Y
CMT
+
2.25%,
6.317%,
10/1/36
15‌
15‌
RFUCCT1Y
+
1.815%,
6.525%,
1/1/37
61‌
62‌
RFUCCT1Y
+
1.848%,
6.451%,
3/1/36
56‌
58‌
RFUCCT1Y
+
1.911%,
6.538%,
12/1/36
39‌
40‌
RFUCCT1Y
+
1.934%,
6.933%,
2/1/37
33‌
34‌
RFUCCT1Y
+
2.032%,
6.604%,
11/1/36
100‌
103‌
Federal
Home
Loan
Mortgage,
CMO,
IO
2.00%,
2/25/51
75,690‌
10,030‌
2.50%,
11/25/50
-
3/15/52
157,334‌
22,953‌
Federal
Home
Loan
Mortgage,
CMO,
PO,
Zero
Coupon,
8/15/28
2‌
2‌
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
2/1/36
5,809‌
5,271‌
2.00%,
8/1/36
-
5/1/52
163,327‌
137,190‌
2.50%,
4/1/37
-
9/1/52
178,198‌
154,927‌
3.00%,
7/1/34
-
8/1/52
54,694‌
50,645‌
3.50%,
8/1/49
-
6/1/52
18,773‌
17,791‌
4.00%,
6/1/37
-
2/1/50
14,771‌
14,456‌
4.50%,
9/1/37
-
11/1/52
42,457‌
41,779‌
5.00%,
8/1/52
-
10/1/55
39,145‌
39,228‌
5.50%,
8/1/53
-
10/1/55
148,618‌
151,683‌
6.00%,
6/1/54
-
8/1/55
124,336‌
127,827‌
6.50%,
8/1/54
-
9/1/55
63,633‌
66,169‌
7.00%,
6/1/54
4,516‌
4,750‌
Federal
National
Mortgage
Assn.
3.00%,
2/1/44
355‌
329‌
3.50%,
6/1/42
-
5/1/46
29,677‌
28,357‌
4.00%,
11/1/40
5,952‌
5,921‌
Federal
National
Mortgage
Assn.,
ARM
RFUCCT1Y
+
1.34%,
6.215%,
12/1/35
57‌
57‌
RFUCCT1Y
+
1.599%,
6.385%,
7/1/36
148‌
153‌
RFUCCT1Y
+
1.655%,
6.28%,
8/1/37
41‌
41‌
RFUCCT1Y
+
1.857%,
6.501%,
8/1/36
78‌
80‌
Federal
National
Mortgage
Assn.,
CMO,
IO
1.50%,
1/25/51
27,547‌
2,788‌
2.00%,
4/25/52
-
8/25/52
48,249‌
6,184‌
2.50%,
9/25/50
-
7/25/52
116,485‌
19,038‌
3.00%,
9/25/52
18,728‌
3,245‌
6.50%,
2/25/32
14‌
2‌
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
2/1/37
-
1/1/42
46,945‌
41,405‌
2.00%,
11/1/35
-
7/1/52
525,639‌
436,949‌
T.
ROWE
PRICE
New
Income
Fund
44
Par/Shares
$
Value
(Amounts
in
000s)
2.50%,
5/1/30
-
9/1/52
302,820‌
262,714‌
3.00%,
6/1/27
-
3/1/52
205,659‌
190,006‌
3.50%,
11/1/32
-
3/1/52
74,839‌
71,416‌
4.00%,
7/1/35
-
12/1/52
118,890‌
116,536‌
4.50%,
7/1/39
-
2/1/51
70,741‌
71,008‌
5.00%,
7/1/33
-
9/1/53
93,579‌
94,636‌
5.50%,
4/1/34
-
11/1/55
191,976‌
195,680‌
6.00%,
11/1/32
-
10/1/55
190,563‌
197,138‌
6.50%,
8/1/27
-
8/1/55
61,087‌
63,543‌
7.00%,
10/1/29
-
4/1/37
85‌
89‌
UMBS,
TBA (12)
2.00%,
12/1/40
-
12/1/55
226,525‌
192,279‌
2.50%,
12/1/55
147,525‌
125,494‌
3.00%,
12/1/55
49,540‌
43,992‌
3.50%,
12/1/55
63,515‌
58,741‌
4.00%,
12/1/55
38,780‌
36,932‌
4.50%,
12/1/55
20,585‌
20,150‌
5.00%,
12/1/55
31,655‌
31,588‌
3,245,513‌
U.S.
Government
Obligations
4.9%
Government
National
Mortgage
Assn.
1.50%,
8/20/36
-
6/20/37
8,004‌
7,263‌
2.00%,
1/20/51
-
3/20/52
125,021‌
104,108‌
2.50%,
8/20/50
-
3/20/52
139,598‌
121,218‌
3.00%,
9/15/42
-
6/20/52
96,937‌
88,202‌
3.50%,
9/15/41
-
10/20/49
70,378‌
65,754‌
4.00%,
2/20/41
-
10/20/52
66,758‌
64,273‌
4.50%,
7/15/26
-
6/20/53
58,577‌
58,074‌
5.00%,
9/15/33
-
6/20/48
28,274‌
28,980‌
5.50%,
10/20/32
-
3/20/49
12,059‌
12,445‌
6.00%,
1/20/34
-
11/20/52
18,184‌
18,730‌
6.50%,
3/15/26
-
12/15/31
21‌
22‌
7.00%,
5/20/28
-
11/20/28
5‌
5‌
7.50%,
7/15/28
-
8/15/28
20‌
20‌
8.00%,
9/15/27
-
10/15/27
28‌
28‌
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
2,282‌
2,143‌
3.50%,
10/20/50
9,510‌
8,203‌
Government
National
Mortgage
Assn.,
CMO,
IO
2.00%,
11/20/50
-
1/20/51
96,314‌
11,451‌
2.50%,
11/20/50
-
2/20/51
19,196‌
2,611‌
3.50%,
5/20/43
2,280‌
327‌
4.00%,
2/20/43
1,632‌
260‌
T.
ROWE
PRICE
New
Income
Fund
45
Par/Shares
$
Value
(Amounts
in
000s)
Government
National
Mortgage
Assn.,
TBA (12)
4.50%,
12/20/54
34,320‌
33,562‌
5.00%,
12/20/55
116,585‌
116,445‌
5.50%,
12/20/55
61,310‌
61,916‌
6.00%,
12/20/55
7,920‌
8,072‌
814,112‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$4,167,673)
4,059,625‌
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
30.3%
U.S.
Treasury
Obligations
30.3%
U.S.
Treasury
Bonds,
1.125%,
5/15/40
37,775‌
24,424‌
U.S.
Treasury
Bonds,
2.25%,
5/15/41
17,435‌
13,077‌
U.S.
Treasury
Bonds,
3.25%,
5/15/42
76,690‌
65,189‌
U.S.
Treasury
Bonds,
3.375%,
8/15/42
300,420‌
258,842‌
U.S.
Treasury
Bonds,
3.875%,
2/15/43
159,815‌
146,655‌
U.S.
Treasury
Bonds,
4.00%,
11/15/42
304,955‌
284,930‌
U.S.
Treasury
Bonds,
4.125%,
8/15/44
70,785‌
66,364‌
U.S.
Treasury
Bonds,
4.125%,
8/15/53
115,975‌
105,746‌
U.S.
Treasury
Bonds,
4.25%,
2/15/54
292,825‌
272,728‌
U.S.
Treasury
Bonds,
4.25%,
8/15/54 (13)
272,955‌
254,179‌
U.S.
Treasury
Bonds,
4.375%,
8/15/43
272,825‌
265,972‌
U.S.
Treasury
Bonds,
4.50%,
2/15/44
389,730‌
385,117‌
U.S.
Treasury
Bonds,
4.50%,
11/15/54
74,730‌
72,584‌
U.S.
Treasury
Bonds,
4.625%,
5/15/44
25,840‌
25,916‌
U.S.
Treasury
Bonds,
4.625%,
11/15/44
145,830‌
145,921‌
U.S.
Treasury
Bonds,
4.625%,
5/15/54
20,665‌
20,487‌
U.S.
Treasury
Bonds,
4.625%,
2/15/55
24,515‌
24,311‌
U.S.
Treasury
Notes,
0.625%,
12/31/27
106,375‌
100,275‌
U.S.
Treasury
Notes,
2.75%,
8/15/32
54,660‌
51,363‌
U.S.
Treasury
Notes,
3.25%,
6/30/27
120,870‌
120,332‌
U.S.
Treasury
Notes,
3.50%,
9/30/29
51,240‌
51,148‌
U.S.
Treasury
Notes,
3.625%,
8/31/29
153,940‌
154,361‌
U.S.
Treasury
Notes,
3.75%,
8/31/31
60,355‌
60,562‌
U.S.
Treasury
Notes,
3.875%,
11/30/27
212,795‌
214,300‌
U.S.
Treasury
Notes,
3.875%,
8/15/34
106,035‌
105,604‌
U.S.
Treasury
Notes,
4.00%,
10/31/29
30,180‌
30,663‌
U.S.
Treasury
Notes,
4.00%,
3/31/30 (13)
16,555‌
16,836‌
U.S.
Treasury
Notes,
4.00%,
1/31/31
220,085‌
223,868‌
U.S.
Treasury
Notes,
4.125%,
9/30/27 (13)
178,645‌
180,550‌
U.S.
Treasury
Notes,
4.125%,
10/31/27
7,870‌
7,959‌
U.S.
Treasury
Notes,
4.125%,
10/31/29 (13)
97,625‌
99,646‌
T.
ROWE
PRICE
New
Income
Fund
46
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
Treasury
Notes,
4.125%,
3/31/32
93,360‌
95,402‌
U.S.
Treasury
Notes,
4.25%,
1/31/30 (13)
116,375‌
119,430‌
U.S.
Treasury
Notes,
4.25%,
11/15/34 (9)
20,090‌
20,544‌
U.S.
Treasury
Notes,
4.375%,
11/30/28
268,140‌
274,760‌
U.S.
Treasury
Notes,
4.375%,
12/31/29
83,985‌
86,557‌
U.S.
Treasury
Notes,
4.375%,
11/30/30
203,480‌
210,451‌
U.S.
Treasury
Notes,
4.375%,
5/15/34
267,715‌
276,813‌
U.S.
Treasury
Notes,
4.625%,
2/15/35
126,720‌
133,120‌
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$5,054,854)
5,066,986‌
SHORT-TERM
INVESTMENTS
4.8%
Money
Market
Funds
4.8%
T.
Rowe
Price
Government
Reserve
Fund,
4.02% (6)(14)
809,709‌
809,709‌
Total
Short-Term
Investments
(Cost
$809,709)
809,709‌
SECURITIES
LENDING
COLLATERAL
0.6%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.0%
Money
Market
Funds 0.0%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99% (6)(14)
690‌
690‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
690‌
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.6%
Money
Market
Funds 0.6%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99% (6)(14)
98,840‌
98,840‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
98,840‌
Total
Securities
Lending
Collateral
(Cost
$99,530)
99,530‌
Total
Investments
in
Securities
103.9%
of
Net
Assets
(Cost
$17,432,526)
$
17,387,204‌
T.
ROWE
PRICE
New
Income
Fund
47
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$3,039,110
and
represents
18.2%
of
net
assets.
(2)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(3)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$115,317
and
represents
0.7%
of
net
assets.
(4)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
(5)
All
or
a
portion
of
this
loan
is
unsettled
as
of
November
30,
2025.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(6)
Affiliated
Companies
(7)
SEC
30-day
yield
(8)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(9)
See
Note
4.
All
or
a
portion
of
this
security
is
on
loan
at
November
30,
2025.
(10)
Non-income
producing
(11)
Perpetual
security
with
no
stated
maturity
date.
(12)
See
Note
4
.
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$729,171
and
represents
4.4%
of
net
assets.
(13)
At
November
30,
2025,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(14)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
6M
PLN
WIBOR
Six
month
PLN
WIBOR
(Warsaw
interbank
offered
rate)
6M
TSFR
Six
month
term
SOFR
(Secured
overnight
financing
rate)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
T.
ROWE
PRICE
New
Income
Fund
48
.
.
.
.
.
.
.
.
.
.
CLP
Chilean
Peso
CMO
Collateralized
Mortgage
Obligation
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
HUF
Hungarian
Forint
ICP
Chilean
Average
Chamber
Index
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
MXN
Mexican
Peso
PLN
Polish
Zloty
PO
Principal-only
security
for
which
the
fund
receives
regular
cash
flows
based
on
principal
repayments
RFUCCT1Y
Twelve
month
FTSE
USD
IBOR
Consumer
Cash
Fallback
SOFR
Secured
overnight
financing
rate
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
UMBS
Uniform
Mortgage-Backed
Securities
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
New
Income
Fund
49
(Amounts
in
000s)
SWAPS
0.4%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
**
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.2%
Credit
Default
Swaps,
Protection
Sold
0.2%
Goldman
Sachs,
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S45,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
831,400
32,505
30,981
1,524‌
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
30,981
1,524‌
Total
Return
Swaps
0.0%
JPMorgan
Chase,
Receive
Underlying
Reference:
Apollo
Debt
Solutions
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
4,106
90
83
7‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Ares
Capital
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
6,353
120
70
50‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Ares
Strategic
Income
Fund
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
1,470
21
18
3‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Bain
Capital
Specialty
Finance
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
1,319
18
15
3‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Blackstone
Secured
Lending
Fund
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
1,884
24
10
14‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Blue
Owl
Capital
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
10,065
289
217
72‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Blue
Owl
Credit
Income
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
6,268
84
77
7‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Blue
Owl
Credit
Income
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
3,844
35
43
(8‌)
T.
ROWE
PRICE
New
Income
Fund
50
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
JPMorgan
Chase,
Receive
Underlying
Reference:
Carlyle
Secured
Lending
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
1,299
16
10
6‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Goldman
Sachs
Private
Credit
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
2,010
9
-
9‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Hercules
Capital
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
1,775
43
46
(3‌)
JPMorgan
Chase,
Receive
Underlying
Reference:
HPS
Corporate
Lending
Fund
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
1,892
32
21
11‌
Total
Bilateral
Total
Return
Swaps
610
171‌
Total
Bilateral
Swaps
31,591
1,695‌
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.2%
Credit
Default
Swaps,
Protection
Sold
0.2%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S45,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
1,339,462
32,734
30,973
1,761‌
Protection
Sold
(Relevant
Credit:
Oracle,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
*
41,353
(336)
474
(810‌)
Protection
Sold
(Relevant
Credit:
SES,
Baa3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
(EUR)
*
22,061
(933)
(748)
(185‌)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
766‌
Interest
Rate
Swaps
(0.0)%
2
Year
Interest
Rate
Swap,
Receive
Fixed
4.520%
Semi-Annually,
Pay
Variable
(0.755)%
(ICP)
Semi-Annually,
10/2/27
(CLP)
217,241,294
272
-
272‌
T.
ROWE
PRICE
New
Income
Fund
51
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
2
Year
Interest
Rate
Swap,
Receive
Fixed
4.533%
Semi-Annually,
Pay
Variable
(0.768)%
(ICP)
Semi-Annually,
10/1/27
(CLP)
195,951,647
297
-
297‌
5
Year
Interest
Rate
Swap,
Pay
Fixed
4.218%
Annually,
Receive
Variable
4.840%
(6M
PLN
WIBOR)
Semi-
Annually,
7/22/30
(PLN)
367,293
(1,458)
-
(1,458‌)
5
Year
Interest
Rate
Swap,
Pay
Fixed
4.228%
Annually,
Receive
Variable
4.840%
(6M
PLN
WIBOR)
Semi-
Annually,
7/21/30
(PLN)
347,477
(1,423)
-
(1,423‌)
Total
Centrally
Cleared
Interest
Rate
Swaps
(2,312‌)
Total
Centrally
Cleared
Swaps
(1,546‌)
Net
payments
(receipts)
of
variation
margin
to
date
4,167‌
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
2,621‌
*
Credit
ratings
as
of
November
30,
2025.
Ratings
shown
are
from
Moody's
Investors
Service
and
if
Moody's
does
not
rate
a
security,
then
Standard
&
Poor's
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody's
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$2,599.
T.
ROWE
PRICE
New
Income
Fund
52
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
1/16/26
MXN
777,935‌
USD
41,845‌
$
440‌
Bank
of
America
1/16/26
USD
42,101‌
MXN
777,935‌
(184‌)
Bank
of
America
1/23/26
CHF
27,702‌
USD
34,990‌
(265‌)
Bank
of
America
2/20/26
USD
42,007‌
GBP
31,875‌
(184‌)
Barclays
Bank
2/20/26
USD
41,762‌
GBP
31,875‌
(429‌)
Canadian
Imperial
Bank
of
Commerce
1/16/26
USD
28,872‌
HUF
9,775,310‌
(775‌)
Citibank
1/16/26
USD
28,731‌
HUF
9,775,310‌
(915‌)
Deutsche
Bank
1/16/26
USD
14,395‌
HUF
4,895,019‌
(451‌)
Deutsche
Bank
2/20/26
USD
5,593‌
EUR
4,799‌
(1‌)
Goldman
Sachs
2/20/26
USD
58,259‌
EUR
50,370‌
(439‌)
HSBC
Bank
2/20/26
USD
2,516‌
EUR
2,149‌
12‌
JPMorgan
Chase
2/20/26
EUR
1,913‌
USD
2,223‌
6‌
JPMorgan
Chase
2/20/26
USD
1,710‌
EUR
1,471‌
(4‌)
Morgan
Stanley
2/20/26
USD
22,526‌
EUR
19,327‌
3‌
RBC
Dominion
Securities
1/23/26
USD
58,055‌
CHF
46,170‌
181‌
RBC
Dominion
Securities
1/26/26
USD
42,210‌
CAD
58,790‌
14‌
RBC
Dominion
Securities
2/6/26
CLP
23,978,260‌
USD
25,412‌
438‌
Standard
Chartered
1/26/26
USD
43,569‌
CAD
60,680‌
16‌
Standard
Chartered
2/20/26
EUR
2,803‌
USD
3,263‌
3‌
State
Street
1/16/26
HUF
2,594,122‌
USD
7,753‌
115‌
State
Street
1/16/26
USD
46,466‌
HUF
15,807,981‌
(1,476‌)
Toronto-Dominion
Bank
1/26/26
USD
41,947‌
CAD
58,790‌
(249‌)
Toronto-Dominion
Bank
2/20/26
USD
218,424‌
EUR
187,369‌
77‌
UBS
Investment
Bank
1/23/26
CHF
18,468‌
USD
23,304‌
(155‌)
UBS
Investment
Bank
2/20/26
EUR
3,052‌
USD
3,534‌
23‌
UBS
Investment
Bank
2/20/26
USD
63,225‌
EUR
54,443‌
(219‌)
Wells
Fargo
2/20/26
EUR
581‌
USD
674‌
4‌
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(4,414‌)
T.
ROWE
PRICE
New
Income
Fund
53
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
1,243
Euro
BOBL
contracts
12/25
(170,121)
$
(218‌)
Short,
782
Euro
BTP
contracts
12/25
(110,131)
(2,484‌)
Short,
508
Euro
BUND
contracts
12/25
(75,969)
(537‌)
Short,
279
Government
of
Canada
five
year
bond
contracts
3/26
(22,846)
(50‌)
Long,
15,822
U.S.
Treasury
Notes
five
year
contracts
3/26
1,736,712
843‌
Long,
1,964
U.S.
Treasury
Notes
ten
year
contracts
3/26
222,607
43‌
Long,
10,006
U.S.
Treasury
Notes
two
year
contracts
3/26
2,089,847
(562‌)
Short,
2,845
Ultra
U.S.
Treasury
Bonds
contracts
3/26
(344,067)
(2,220‌)
Short,
4,334
Ultra
U.S.
Treasury
Notes
ten
year
contracts
3/26
(503,624)
(156‌)
Net
payments
(receipts)
of
variation
margin
to
date
5,170‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(171‌)
T.
ROWE
PRICE
New
Income
Fund
54
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
November
30,
2025.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Z
Class,
7.26%
$
-‌
$
(1‌)
$
14‌
T.
Rowe
Price
Government
Reserve
Fund,
4.02%
-‌
-‌
10,692‌++
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99%
-‌
-‌
-‌++
Totals
$
-‌#
$
(1‌)
$
10,706‌+
Supplementary
Investment
Schedule
Affiliate
Value
5/31/25
Purchase
Cost
Sales
Cost
Value
11/30/25
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Z
Class,
7.26%
$
348‌
$
14‌
$
-‌
$
361‌
T.
Rowe
Price
Government
Reserve
Fund,
4.02%
373,405‌
¤
¤
809,709‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99%
-‌
¤
¤
99,530‌
Total
$
909,600‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4.
+
Investment
income
comprised
$10,706
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$909,580.
T.
ROWE
PRICE
New
Income
Fund
November
30,
2025
Unaudited
Statement
of
Assets
and
Liabilities
55
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$17,432,526)
$
17,387,204‌
Interest
receivable
140,582‌
Receivable
for
investment
securities
sold
37,974‌
Bilateral
swap
premiums
paid
31,591‌
Cash
23,130‌
Due
from
affiliates
3,557‌
Variation
margin
receivable
on
centrally
cleared
swaps
2,621‌
Unrealized
gain
on
bilateral
swaps
1,706‌
Unrealized
gain
on
forward
currency
exchange
contracts
1,332‌
Receivable
for
shares
sold
868‌
Foreign
currency
(cost
$1)
1‌
Other
assets
103‌
Total
assets
17,630,669‌
Liabilities
Payable
for
investment
securities
purchased
775,172‌
Obligation
to
return
securities
lending
collateral
99,530‌
Payable
for
shares
redeemed
13,446‌
Unrealized
loss
on
forward
currency
exchange
contracts
5,746‌
Investment
management
fees
payable
4,295‌
Variation
margin
payable
on
futures
contracts
171‌
Unrealized
loss
on
bilateral
swaps
11‌
Payable
to
directors
8‌
Other
liabilities
866‌
Total
liabilities
899,245‌
Commitments
and
Contingent
Liabilities
(note
7)
NET
ASSETS
$
16,731,424‌
T.
ROWE
PRICE
New
Income
Fund
November
30,
2025
Unaudited
Statement
of
Assets
and
Liabilities
56
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(2,913,999‌)
Paid-in
capital
applicable
to
2,070,943,150
shares
of
$1.00
par
value
capital
stock
outstanding;
12,000,000,000
shares
authorized
19,645,423‌
NET
ASSETS
$
16,731,424‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$570,802;
Shares
outstanding:
70,622,250)
$
8.08‌
Advisor
Class
(Net
assets:
$7,256;
Shares
outstanding:
899,907)
$
8.06‌
R
Class
(Net
assets:
$1,020;
Shares
outstanding:
126,278)
$
8.08‌
I
Class
(Net
assets:
$2,070,859;
Shares
outstanding:
256,325,360)
$
8.08‌
Z
Class
(Net
assets:
$14,081,487;
Shares
outstanding:
1,742,969,355)
$
8.08‌
T.
ROWE
PRICE
New
Income
Fund
Unaudited
Statement
of
Operations
57
($000s)
6
Months
Ended
11/30/25
Investment
Income
(Loss)
Income
.
Interest
(net
of
foreign
taxes
of
$28)
$
380,680‌
Dividend
10,797‌
Securities
lending
106‌
Other
16‌
Total
income
391,599‌
Expenses
Investment
management
25,546‌
Shareholder
servicing
Investor
Class
$
751‌
Advisor
Class
30‌
R
Class
4‌
I
Class
419‌
1,204‌
Rule
12b-1
fees
Advisor
Class
9‌
R
Class
3‌
12‌
Prospectus
and
shareholder
reports
Investor
Class
18‌
Advisor
Class
1‌
I
Class
16‌
Z
Class
3‌
38‌
Custody
and
accounting
310‌
Legal
and
audit
60‌
Registration
59‌
Directors
25‌
Miscellaneous
43‌
Waived
/
paid
by
Price
Associates
(22,202‌)
Total
expenses
5,095‌
Net
investment
income
386,504‌
T.
ROWE
PRICE
New
Income
Fund
Unaudited
Statement
of
Operations
58
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/25
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
gain
(loss)
Securities
11,630‌
Futures
42,947‌
Swaps
(6,334‌)
Options
written
695‌
Forward
currency
exchange
contracts
(11,062‌)
Foreign
currency
transactions
408‌
Net
realized
gain
38,284‌
Change
in
net
unrealized
gain
/
loss
Securities
380,130‌
Futures
(15,866‌)
Swaps
(7,472‌)
Forward
currency
exchange
contracts
(413‌)
TBA
Sales
Commitments
(683‌)
Other
assets
and
liabilities
denominated
in
foreign
currencies
(39‌)
Change
in
net
unrealized
gain
/
loss
355,657‌
Net
realized
and
unrealized
gain
/
loss
393,941‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
780,445‌
T.
ROWE
PRICE
New
Income
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
59
($000s)
6
Months
Ended
11/30/25
Year
Ended
5/31/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
386,504‌
$
806,559‌
Net
realized
gain
(loss)
38,284‌
(189,857‌)
Change
in
net
unrealized
gain
/
loss
355,657‌
312,477‌
Increase
in
net
assets
from
operations
780,445‌
929,179‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(13,074‌)
(29,176‌)
Advisor
Class
(148‌)
(300‌)
R
Class
(20‌)
(38‌)
I
Class
(47,130‌)
(112,610‌)
Z
Class
(336,960‌)
(673,533‌)
Decrease
in
net
assets
from
distributions
(397,332‌)
(815,657‌)
Capital
share
transactions
*
Shares
sold
Investor
Class
31,139‌
78,686‌
Advisor
Class
219‌
1,046‌
R
Class
64‌
239‌
I
Class
106,190‌
643,413‌
Z
Class
876,390‌
1,574,927‌
Distributions
reinvested
Investor
Class
12,239‌
27,553‌
Advisor
Class
145‌
294‌
R
Class
20‌
37‌
I
Class
45,043‌
107,729‌
Z
Class
335,113‌
671,584‌
Shares
redeemed
Investor
Class
(65,869‌)
(247,797‌)
Advisor
Class
(500‌)
(1,946‌)
R
Class
(133‌)
(288‌)
I
Class
(173,738‌)
(1,290,233‌)
Z
Class
(592,905‌)
(2,490,838‌)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
573,417‌
(925,594‌)
T.
ROWE
PRICE
New
Income
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
60
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/25
Year
Ended
5/31/25
Net
Assets
Increase
(decrease)
during
period
956,530‌
(812,072‌)
Beginning
of
period
15,774,894‌
16,586,966‌
End
of
period
$
16,731,424‌
$
15,774,894‌
*Share
information
(000s)
Shares
sold
Investor
Class
3,893‌
9,839‌
Advisor
Class
27‌
131‌
R
Class
8‌
30‌
I
Class
13,264‌
80,305‌
Z
Class
109,588‌
197,234‌
Distributions
reinvested
Investor
Class
1,526‌
3,450‌
Advisor
Class
18‌
37‌
R
Class
3‌
5‌
I
Class
5,620‌
13,499‌
Z
Class
41,805‌
84,168‌
Shares
redeemed
Investor
Class
(8,227‌)
(31,074‌)
Advisor
Class
(62‌)
(244‌)
R
Class
(17‌)
(36‌)
I
Class
(21,728‌)
(161,668‌)
Z
Class
(74,206‌)
(313,319‌)
Increase
(decrease)
in
shares
outstanding
71,512‌
(117,643‌)
T.
ROWE
PRICE
New
Income
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
61
T.
Rowe
Price
New
Income
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
New
Income
Fund,
Inc.
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks to
maximize
total
return
through
income
and
capital
appreciation.
The
fund
has five classes
of
shares:
the
New
Income
Fund,
Inc.
(Investor
Class),
the
New
Income
Fund-
Advisor
Class
(Advisor
Class),
the
New
Income
Fund-R
Class
(R
Class),
the
New
Income
Fund-I
Class
(I
Class)
and
the
New
Income
Fund-Z
Class
(Z
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries,
and
R
Class
shares
are
available
through
financial
intermediaries
for
employer-sponsored
defined
contribution
retirement
plans
and
certain
other
retirement
accounts.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services.
The
Advisor
Class
and
R
Class
each
operate
under
separate
Board-approved
Rule
12b-1
plans,
pursuant
to
which
each
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/
or
certain
administrative
services;
the
Investor,
I
and
Z
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
T.
ROWE
PRICE
New
Income
Fund
62
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class's
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class's
outstanding
shares.
The
Advisor
Class
and
R
Class
each
pay
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
and
0.50%,
respectively,
of
the
class's
average
daily
net
assets.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
T.
ROWE
PRICE
New
Income
Fund
63
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund's
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund's
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund's
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
T.
ROWE
PRICE
New
Income
Fund
64
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
-
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
-
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
-
unobservable
inputs
(including
the Valuation
Designee's assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
are
generally traded
in
the over-the-
counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
T.
ROWE
PRICE
New
Income
Fund
65
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund's
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm's
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
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PRICE
New
Income
Fund
66
Valuation
Inputs
The
following
table
summarizes
the
fund's
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2025
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
-‌
$
9,729,875‌
$
-‌
$
9,729,875‌
Asset-Backed
Securities
-‌
1,279,304‌
21,224‌
1,300,528‌
Bond
Funds
361‌
-‌
-‌
361‌
Corporate
Bonds
-‌
4,239,090‌
71,037‌
4,310,127‌
Foreign
Government
Obligations
&
Municipalities
-‌
506,302‌
2,435‌
508,737‌
Non-U.S.
Government
Mortgage-Backed
Securities
-‌
607,716‌
18,868‌
626,584‌
Preferred
Stocks
-‌
-‌
1,753‌
1,753‌
Short-Term
Investments
809,709‌
-‌
-‌
809,709‌
Securities
Lending
Collateral
99,530‌
-‌
-‌
99,530‌
Total
Securities
909,600‌
16,362,287‌
115,317‌
17,387,204‌
Swaps*
-‌
35,616‌
-‌
35,616‌
Forward
Currency
Exchange
Contracts
-‌
1,332‌
-‌
1,332‌
Futures
Contracts*
886‌
-‌
-‌
886‌
Total
$
910,486‌
$
16,399,235‌
$
115,317‌
$
17,425,038‌
Liabilities
Swaps*
$
-‌
$
3,876‌
$
-‌
$
3,876‌
Forward
Currency
Exchange
Contracts
-‌
5,746‌
-‌
5,746‌
Futures
Contracts*
6,227‌
-‌
-‌
6,227‌
Total
$
6,227‌
$
9,622‌
$
-‌
$
15,849‌
1
Includes
Bank
Loans,
Municipal
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
T.
ROWE
PRICE
New
Income
Fund
67
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
November
30,
2025,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund's
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund's
derivative
instruments
held
as
of
November
30,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
New
Income
Fund
68
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Centrally
Cleared
Swaps,
Futures
$
1,455‌
Foreign
exchange
derivatives
Forwards
1,332‌
Credit
derivatives
Bilateral
Swaps
and
Premiums,
Centrally
Cleared
Swaps
35,047‌
*
Total
$
37,834‌
*
Liabilities
Interest
rate
derivatives
Centrally
Cleared
Swaps,
Futures
$
9,108‌
Foreign
exchange
derivatives
Forwards
5,746‌
Credit
derivatives
Centrally
Cleared
Swaps
995‌
Total
$
15,849‌
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
New
Income
Fund
69
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
November
30,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Inflation
derivatives
$
-‌
$
-‌
$
-‌
$
-‌
$
(2,125‌)
$
(2,125‌)
Interest
rate
derivatives
(10,265‌)
-‌
42,947‌
-‌
(23,641‌)
9,041‌
Foreign
exchange
derivatives
-‌
-‌
-‌
(11,062‌)
-‌
(11,062‌)
Credit
derivatives
(1,677‌)
695‌
-‌
-‌
19,432‌
18,450‌
Equity
derivatives
(3,070‌)
-‌
-‌
-‌
-‌
(3,070‌)
Total
$
(15,012‌)
$
695‌
$
42,947‌
$
(11,062‌)
$
(6,334‌)
$
11,234‌
T.
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PRICE
New
Income
Fund
70
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Change
in
Unrealized
Gain
(Loss)
Inflation
derivatives
$
-‌
$
-‌
$
-‌
$
-‌
$
398‌
$
398‌
Interest
rate
derivatives
2,672‌
-‌
(15,866‌)
-‌
(521‌)
(13,715‌)
Foreign
exchange
derivatives
-‌
-‌
-‌
(413‌)
-‌
(413‌)
Credit
derivatives
-‌
-‌
-‌
-‌
(7,349‌)
(7,349‌)
Equity
derivatives
1,391‌
-‌
-‌
-‌
-‌
1,391‌
Total
$
4,063‌
$
-‌
$
(15,866‌)
$
(413‌)
$
(7,472‌)
$
(19,688‌)
^
Options
purchased
are
reported
as
securities.
T.
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PRICE
New
Income
Fund
71
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs), with
a
Credit
Support
Annex
(CSA),
if
any,
that
governs
the
collateralization
process, or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
such
as
Additional
Termination
Events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund's
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements,
such
as
a
CSA, whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral
may
be
in
the
form
of
cash
or debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund's
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund's
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund's
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
November
30,
2025,
securities
valued
at $4,347,000 had
been
pledged
or
posted
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
November
30,
2025,
collateral
pledged
by
T.
ROWE
PRICE
New
Income
Fund
72
counterparties
to
the
fund
for
bilateral
derivatives
consisted
of $32,400,000 cash
and
securities
valued
at
$639,000. As
of
November
30,
2025,
securities
valued
at $101,331,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
Forward
Currency
Exchange
Contracts
The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund's
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund's
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund's
total
return;
and
the
potential
for
losses
in
excess
of
the
fund's
initial
investment.
During
the
six
months ended
November
30,
2025,
the
volume
of
the
fund's
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
2%
and
5%
of
net
assets.
Futures
Contracts
The
fund
is
subject
to interest
rate
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rate
and
yield
curve
movements,
security
prices,
foreign
currencies,
credit
quality,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
T.
ROWE
PRICE
New
Income
Fund
73
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
During
the
six
months ended
November
30,
2025,
the
volume
of
the
fund's
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
19%
and
29%
of
net
assets.
Options
The
fund
is
subject
to interest
rate
risk,
credit
risk
and
equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
options
to
help
manage
such
risks.
The
fund
may
use
options
to
manage
exposure
to
security
prices,
interest
rates,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
a
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
The
fund
may
buy
or
sell
options
that
can
be
settled
either
directly
with
the
counterparty
(OTC
options)
or
through
a
central
clearinghouse
(exchange-
traded
options).
Options
are
included
in
net
assets
at
fair
value,
options
purchased
are
included
in
Investments
in
Securities,
and
options
written
are
separately
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Premiums
on
unexercised,
expired
options
are
recorded
as
realized
gains
or
losses
on
the
accompanying
Statement
of
Operations;
premiums
on
exercised
options
are
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
cost
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
also
treated
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
In
return
for
a
premium
paid,
call
and
put
options
on
futures
give
the
holder
the
right,
but
not
the
obligation,
to
purchase
or
sell,
respectively,
a
position
in
a
particular
futures
contract
at
a
specified
exercise
price.
In
return
for
a
premium
paid,
call
and
put
index
options
give
the
holder
the
right,
but
not
the
obligation,
to
receive
cash
equal
to
the
difference
between
the
value
of
the
reference
index
on
the
exercise
date
T.
ROWE
PRICE
New
Income
Fund
74
and
the
exercise
price
of
the
option.
In
return
for
a
premium
paid,
options
on
swaps
give
the
holder
the
right,
but
not
the
obligation,
to
enter
a
specified
swap
contract
on
predefined
terms.
The
exercise
price
of
an
option
on
a
credit
default
swap
is
stated
in
terms
of
a
specified
spread
that
represents
the
cost
of
credit
protection
on
the
reference
asset,
including
both
the
upfront
premium
to
open
the
position
and
future
periodic
payments.
The
exercise
price
of
an
interest
rate
swap
is
stated
in
terms
of
a
fixed
interest
rate;
generally,
there
is
no
upfront
payment
to
open
the
position. Risks related
to
the
use
of
options
include
possible
illiquidity
of
the
options
markets;
trading
restrictions
imposed
by
an
exchange
or
counterparty;
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
movements
in
the
underlying
asset
values,
interest
rates
and
credit
ratings;
and,
for
options
written,
the
potential
for
losses
to
exceed
any
premium
received
by
the
fund.
During
the
six
months ended
November
30,
2025,
the
volume
of
the
fund's
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
35%
of
net
assets.
Swaps
The
fund
is
subject
to
interest
rate
risk,
credit
risk
and
inflation
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risks.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
T.
ROWE
PRICE
New
Income
Fund
75
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Interest
rate
swaps
are
agreements
to
exchange
cash
flows
based
on
the
difference
between
specified
interest
rates
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
interest
rate
swaps
include
the
potential
for
unanticipated
movements
in
interest
or
currency
rates,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets'
valuation
of
credit
quality.
As
of
November
30,
2025,
the
notional
amount
of
protection
sold
by
the
fund
totaled $2,237,813,000
(13.4%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
T.
ROWE
PRICE
New
Income
Fund
76
Zero-coupon
inflation
swaps
are
agreements
to
exchange
cash
flows,
on
the
contract's
maturity
date,
based
on
the
difference
between
a
predetermined
fixed
rate
and
the
cumulative
change
in
the
consumer
price
index,
both
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
zero-coupon
inflation
swaps
include
the
potential
for
unanticipated
movements
in
inflation
rates,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
Total
return
swaps
are
agreements
in
which
one
party
makes
payments
based
on
a
set
rate,
either
fixed
or
variable,
while
the
other
party
makes
payments
based
on
the
return
of
an
underlying
asset
(reference
asset),
such
as
an
index,
equity
security,
fixed
income
security
or
commodity-based
exchange-
traded
fund,
which
includes
both
the
income
it
generates
and
any
change
in
its
value.
Risks
related
to
the
use
of
total
return
swaps
include
the
potential
for
unfavorable
changes
in
the
reference
asset,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
During
the
six
months ended
November
30,
2025,
the
volume
of
the
fund's
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
17%
and
24%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Collateralized
Loan
Obligations
The
fund
invests
in
collateralized
loan
obligations
(CLOs)
which
are
entities
backed
by
a
diversified
pool
of
syndicated
bank
loans.
The
cash
flows
of
the
CLO
can
be
split
into
multiple
segments,
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called
"tranches"
or
"classes",
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segments,
which
are
the
subordinate
or
"equity"
tranches,
bear
the
greatest
risk
of
loss
from
defaults
in
the
underlying
assets
of
the
CLO
and
serve
to
protect
the
other,
more
senior,
tranches.
Senior
tranches
will
typically
have
higher
credit
ratings
and
lower
yields
than
the
securities
underlying
the
CLO.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses.
Mortgage-Backed
Securities
The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
The
fund
also
invests
in
stripped
MBS,
created
when
a
traditional
MBS
is
split
into
an
interest-only
(IO)
and
a
principal-only
(PO)
strip.
MBS,
including
IOs
and
POs, are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
IOs
also
risk
loss
of
invested
principal
from
faster-than-anticipated
prepayments.
TBA
Purchase,
Sale
Commitments
and
Forward
Settling
Mortgage
Obligations
The
fund
enters
into
to-be-announced
(TBA)
purchase
or
sale
commitments
(collectively,
TBA
transactions),
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
mortgage-backed
securities
for
a
fixed
unit
price,
with
payment
and
delivery
at
a
scheduled
future
date
beyond
the
customary
settlement
period
for
such
securities.
With
TBA
transactions,
the
particular
securities
to
be
received
or
delivered
by
the
fund
are
not
identified
at
the
trade
date;
however,
the
securities
must
meet
specified
terms,
including
rate
and
mortgage
term,
and
be
within
industry-accepted
"good
delivery"
standards.
The
fund
may
enter
into
TBA
transactions
with
the
intention
of
taking
possession
of
or
relinquishing
the
underlying
securities,
may
elect
to
extend
the
settlement
by
"rolling"
the
transaction,
and/or
may
use
TBA
transactions
to
gain
or
reduce
interim
exposure
to
underlying
securities.
To
mitigate
counterparty
risk,
the
fund
has
entered
into
Master
Securities
Forward
Transaction
Agreements
(MSFTA)
with
counterparties
that
provide
for
collateral
and
the
right
to
offset
amounts
due
to
or
from
those
counterparties
under
specified
conditions.
Subject
to
minimum
transfer
amounts,
collateral
requirements
are
determined
and
transfers
made
based
on
the
net
aggregate
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unrealized
gain
or
loss
on
all
TBA
commitments
and
other
forward
settling
mortgage
obligations
with
a
particular
counterparty
(collectively,
MSFTA
Transactions).
At
any
time,
the
fund's
risk
of
loss
from
a
particular
counterparty
related
to
its
MSFTA
Transactions
is
the
aggregate
unrealized
gain
on
appreciated
MSFTA
Transactions
in
excess
of
unrealized
loss
on
depreciated
MSFTA
Transactions
and
collateral
received,
if
any,
from
such
counterparty. As
of
November
30,
2025,
securities
valued
at
$1,048,000 had
been
posted
by
the
fund
to
counterparties
for
MSFTA
Transactions. Collateral
pledged
by
counterparties
to
the
fund
for
MSFTA
Transactions
consisted
of $1,086,000
cash
and
securities
valued
at
$1,233,000
as
of
November
30,
2025.
Dollar
Rolls
The
fund
enters
into
dollar
roll
transactions,
pursuant
to
which
it
sells
a
mortgage-backed
TBA
or
security
and
simultaneously
agrees
to
purchase
a
similar,
but
not
identical,
TBA
with
the
same
issuer,
rate,
and
terms
on
a
later
date
at
a
set
price
from
the
same
counterparty.
The
fund
may
execute
a
"roll"
to
obtain
better
underlying
mortgage
securities
or
to
enhance
returns.
While
the
fund
may
enter
into
dollar
roll
transactions
with
the
intention
of
taking
possession
of
the
underlying
mortgage
securities,
it
may
also
close
a
contract
prior
to
settlement
or
"roll"
settlement
to
a
later
date
if
deemed
to
be
in
the
best
interest
of
shareholders.
Actual
mortgages
received
by
the
fund
may
be
less
favorable
than
those
anticipated.
The
fund
accounts
for
dollar
roll
transactions
as
purchases
and
sales,
which
has
the
effect
of
increasing
its
portfolio
turnover
rate.
Bank
Loans
The
fund
invests
in
bank
loans,
which
represent
an
interest
in
amounts
owed
by
a
borrower
to
a
syndicate
of
lenders.
Bank
loans
are
generally
noninvestment-grade
and
often
involve
borrowers
whose
financial
condition
is
highly
leveraged.
The
fund
may
invest
in
fixed
and
floating
rate
loans,
which
may
include
senior
floating
rate
loans;
secured
and
unsecured
loans,
second
lien
or
more
junior
loans;
and
bridge
loans
or
bridge
facilities.
Certain
bank
loans
may
be
revolvers
which
are
a
form
of
senior
bank
debt,
where
the
borrower
can
draw
down
the
credit
of
the
revolver
when
it
needs
cash
and
repays
the
credit
when
the
borrower
has
excess
cash.
Certain
loans
may
be
"covenant-lite"
loans,
which
means
the
loans
contain
fewer
maintenance
covenants
than
other
loans
(in
some
cases,
none)
and
do
not
include
terms
which
allow
the
lender
to
monitor
the
performance
of
the
borrower
and
declare
a
default
if
certain
criteria
are
breached.
As
a
result
of
these
risks,
the
fund's
exposure
to
losses
may
be
increased.
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Bank
loans
may
be
in
the
form
of
either
assignments
or
participations.
A
loan
assignment
transfers
all
legal,
beneficial,
and
economic
rights
to
the
buyer,
and
transfer
typically
requires
consent
of
both
the
borrower
and
agent.
In
contrast,
a
loan
participation
generally
entitles
the
buyer
to
receive
the
cash
flows
from
principal,
interest,
and
any
fee
payments
on
a
portion
of
a
loan;
however,
the
seller
continues
to
hold
legal
title
to
that
portion
of
the
loan.
As
a
result,
the
buyer
of
a
loan
participation
generally
has
no
direct
recourse
against
the
borrower
and
is
exposed
to
credit
risk
of
both
the
borrower
and
seller
of
the
participation.
Bank
loans
often
have
extended
settlement
periods,
generally
may
be
repaid
at
any
time
at
the
option
of
the
borrower,
and
may
require
additional
principal
to
be
funded
at
the
borrowers'
discretion
at
a
later
date
(e.g.,
unfunded
commitments
and
revolving
debt
instruments).
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
unfunded
loan
commitments.
The
fund
reflects
both
the
funded
portion
of
a
bank
loan
as
well
as
its
unfunded
commitment
in
the
Portfolio
of
Investments.
However,
if
a
credit
agreement
provides
no
initial
funding
of
a
tranche,
and
funding
of
the
full
commitment
at
a
future
date(s)
is
at
the
borrower's
discretion
and
considered
uncertain,
a
loan
is
reflected
in
the
Portfolio
of
Investments
only
if,
and
only
to
the
extent
that,
the
fund
has
actually
settled
a
funding
commitment.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
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At
November
30,
2025,
the
value
of
loaned
securities
was
$237,934,000;
the
aggregate
value
of
collateral
was
$248,587,000
and
consisted
of
cash
collateral
and
related
investments
of
$99,530,000
and
U.S.
government
securities
of
$149,057,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any, short-term
and
U.S.
government securities
aggregated $2,844,356,000 and
$2,097,139,000,
respectively,
for
the
six
months ended
November
30,
2025. Purchases
and
sales
of
U.S.
government
securities
aggregated $6,665,384,000 and
$6,857,254,000,
respectively,
for
the
six
months ended
November
30,
2025.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
May
31,
2025,
the
fund
had
$2,841,297,000
of
available
capital
loss
carryforwards.
At
November
30,
2025,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$17,499,923,000.
Net
unrealized
loss
aggregated
$59,993,000
at
period-end,
of
which
$233,556,000
related
to
appreciated
investments
and
$293,549,000
related
to
depreciated
investments.
T.
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NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/
loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly.
The
fee
consists
of
an
individual
fund
fee,
equal
to
0.03%
of
the fund's
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.26%
for
assets
in
excess
of
$845
billion.
The
fund's
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund's
average
daily
net
assets.
At November
30,
2025,
the
effective
annual
group
fee
rate
was
0.28%.
Effective
October
1,
2024,
Price
Associates
has
contractually
agreed,
at
least
through
July
31,
2026,
to
waive
a
portion
of
its
management
fee
so
that
an
individual
fund
fee
of 0.0255%
is
applied
to
the
fund's
average
daily
net
assets
that
are
equal
to
or
greater
than $20 billion.
Thereafter,
this
agreement
will
automatically
renew
for
one-
year
terms
unless
terminated
by
the
fund's
Board.
Any
fees
waived
under
this
agreement
are
not
subject
to
reimbursement
to
Price
Associates
by
the
fund. No
management
fees
were
waived
under
this
arrangement
for
the
six
months ended
November
30,
2025.
T.
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The
Investor
Class,
Advisor
Class,
and
R
Class
are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class's net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class's net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class's
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class's
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class's
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class'
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
T.
ROWE
PRICE
New
Income
Fund
83
only
be
amended
or
terminated
with
approval
by
the
fund's
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended November
30,
2025 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $2,304,000 remain
subject
to
repayment
by
the
fund
at
November
30,
2025. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund's
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class,
R
Class
and
Advisor
Class.
For
the
six
months
ended
November
30,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$61,000
for
Price
Associates;
$860,000
for
T.
Rowe
Price
Services,
Inc.;
and
$19,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Investor
Class
Advisor
Class
R
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.44%
0.92%
1.08%
0.05%
0.00%
Expense
limitation
date
07/31/27
07/31/27
07/31/27
07/31/27
N/A
(Waived)/
repaid
during
the
period
($000s)
$(416)
$(18)
$(3)
$-
$(21,765)
T.
ROWE
PRICE
New
Income
Fund
84
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Additionally,
the
fund
is
one
of
several
mutual
funds
in
which
certain
college
savings
plans
managed
by
Price
Associates invests.
As
approved
by
the
fund's
Board
of
Directors,
shareholder
servicing
costs
associated
with
each
college
savings
plan
are
borne
by
the
fund
in
proportion
to
the
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Price
has
agreed
to waive/reimburse
shareholder
servicing
costs in
excess
of
0.05%
of
the
fund's
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Any
amounts
waived/
paid
by
Price
under
this
voluntary
agreement
are
not
subject
to
repayment
by
the
fund.
Price
may
amend
or
terminate
this
voluntary
arrangement
at
any
time
without
prior
notice.
For
the
six
months ended
November
30,
2025,
the
fund
was
charged $145,000 for
shareholder
servicing
costs
related
to
the
college
savings
plans, of
which
$16,000
was
for
services
provided
by
Price.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities. At
November
30,
2025,
approximately
37%
of
the
outstanding
shares
of
the
I
Class
were
held
by
college
savings
plans.
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
November
30,
2025, 100%
of
the
Z
Class's
outstanding
shares
were
held
by
Price
Funds
and
accounts.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Effective
November
12,
2025, cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
Prior
to
November
12,
2025,
cash
collateral
from
securities
lending,
if
any,
was
invested
in
the
T.
Rowe
Price
Government
Reserve
Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
T.
ROWE
PRICE
New
Income
Fund
85
The
fund
may
also
invest
in
certain
other
T.
Rowe
Price
funds
(Price
Funds)
as
a
means
of
gaining
efficient
and
cost-effective
exposure
to
certain
markets.
The
fund
does
not
invest
for
the
purpose
of
exercising
management
or
control;
however,
investments
by
the
fund
may
represent
a
significant
portion
of
an
underlying
Price
Fund's
net
assets.
Each
underlying
Price
Fund
is
an
open-
end
management
investment
company
managed
by
Price
Associates
and
is
considered
an
affiliate
of
the
fund.
To
ensure
that
the
fund
does
not
incur
duplicate
management
fees
(paid
by
the
underlying
Price
Fund(s)
and
the
fund),
the
fund
invests
in
the
Z
Class
of
each
underlying
Price
Fund,
for
which
Price
Associates
is
contractually
obligated
to
waive
and/or
bear
all
of
the
Z
Class's
expenses,
other
than
interest;
expenses
related
to
borrowings,
taxes
and
brokerage;
nonrecurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
November
30,
2025,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
T.
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PRICE
New
Income
Fund
86
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
9
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund's
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F43-051
1/26

Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 16. Controls and Procedures.

(a)  The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSRwas recorded, processed, summarized, and reported timely.

(b)  The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)  

The registrant's code of ethics pursuant to Item 2 of Form N-CSRis filed with the registrant's annual Form N-CSR.

(2)  

Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

(3)  

30a-2(a)

(b)      

30a-2(b)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price New Income Fund, Inc.
By

/s/ David Oestreicher

     
David Oestreicher
Principal Executive Officer
Date  January 16, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By

/s/ David Oestreicher

     
David Oestreicher
Principal Executive Officer
Date

January 16, 2026

By

/s/ Alan S. Dupski

Alan S. Dupski
Principal Financial Officer
Date 

January 16, 2026

T. Rowe Price New Income Fund Inc. published this content on January 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 22, 2026 at 14:57 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]