T. Rowe Price New Income Fund, Inc.
T. ROWE PRICE NEW INCOME FUND, INC. · Series S000002136 · 5 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2025 Q3
The fund seeks to maximize total return through income and capital appreciation.
The fund invests at least 80% of assets in income-producing securities including government bonds, mortgage- and asset-backed securities, corporate bonds, and foreign debt, with at least 80% of debt holdings rated investment grade; it may allocate up to 15% to split-rated securities and up to 5% to below-investment-grade bonds, and uses derivatives including interest rate swaps, futures, and currency forwards to adjust duration, manage interest rate and inflation risk, and enhance returns. The fund may concentrate in lower-rated bonds when yield spreads are wide, introducing credit risk that varies with market conditions. The fund engages in short sales of mortgage-backed securities and dollar roll transactions to potentially enhance returns.
Portfolio turnover 99.30% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 57.90% |
| Securitized | 36.99% |
| Cash & short-term | 7.20% |
| Loans | 3.37% |
| 2 smaller | 0.24% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2026Q1, one or more quarters before the direct holdings (2026Q2).
Latest quarter
What changed since the fund's previous filing
Largest new: US TREASURY N/B ×3, FNMA 30 YR TBA JUN ×2, GNMA II TBA JUN ×2, CRF SEQUOIA LLC 4/2 144A CPIB PP
Largest exited: FNMA 30 YR TBA MAR ×4, GNMA II TBA MAR ×2, US TREASURY N/B, FNMA 15 YR TBA MAR
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +3.96% | +9.44% | -1.53% | 3.36% | -6.61% | |
| +3.33% | +7.81% | -3.88% | 3.42% | -6.92% | |
| +3.31% | +7.38% | -4.60% | 3.30% | -7.02% | |
| +3.92% | +9.58% | -1.24% | 3.23% | -6.69% | |
| +4.29% | +10.78% | +0.56% | 3.23% | -6.52% |
These classes hold the same portfolio, so the 5.16pp spread over 5 years is the cost difference between them — roughly 1.03pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 82.3% |
| Floating rate | 17.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.8% |
| 1-3y | 5.8% |
| 3-5y | 19.1% |
| 5-10y | 21.7% |
| 10y+ | 52.5% |
| Unknown | 0.2% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 62% |
| Credit spreads | 38% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.48 yr |
| High yield | +0.17 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.49 yr | 8% |
| 5 yr | 1.75 yr | 30% |
| 10 yr | 2.09 yr | 36% |
| 30 yr | 1.54 yr | 26% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.32 yr | 9% |
| 5 yr | 1.54 yr | 42% |
| 10 yr | 1.31 yr | 36% |
| 30 yr | 0.48 yr | 13% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $9.5k | $961 |
| 1 yr | +0.49 | +0.30 | +0.02 | $518.8k | $35.0k |
| 5 yr | +1.75 | +1.43 | +0.11 | $2.50m | $185.0k |
| 10 yr | +2.09 | +1.27 | +0.03 | $2.23m | $60.7k |
| 30 yr | +1.54 | +0.47 | +0.00 | $826.6k | $8.0k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 5.87 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| TRPGRIA | T. Rowe Price Government Reserve FundTRPGRIA | 3.47% | $607.22M | — |
| — | US TREASURY N/B4.50% · due 2044-02-15 | 2.11% | $369.45M | — |
| — | US TREASURY N/B4.63% · due 2031-04-30 | 1.87% | $327.61M | — |
| — | US TREASURY N/B3.75% · due 2031-08-31 | 1.64% | $287.18M | — |
| — | US TREASURY N/B4.00% · due 2031-01-31 | 1.63% | $285.82M | — |
| — | US TREASURY N/B4.25% · due 2054-02-15 | 1.48% | $259.29M | — |
| — | US TREASURY N/B4.38% · due 2043-08-15 | 1.25% | $218.99M | — |
| — | US TREASURY N/B3.88% · due 2027-11-30 | 1.22% | $212.48M | — |
| — | US TREASURY N/B4.38% · due 2030-11-30 | 1.18% | $205.50M | — |
| — | US TREASURY N/B4.25% · due 2054-08-15 | 1.14% | $199.54M | — |
Top 10 positions are 17.00% of net assets, top 25 28.87%, across 745 issuers.
See more of this fund's book
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