T. Rowe Price New Income Fund, Inc.
Actively managed U.S. bond fund
As of its 2026 Q2 report, T. Rowe Price New Income Fund, Inc. held 1,805 positions with $17.49B in net assets. Its ten largest holdings made up 17.0% of the fund. Over the 12 months to May 2026, PRCIX returned 5.0%, with dividends reinvested. In 2026 Q2 it added 279 new positions and exited 163.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
TRPGRIAT. Rowe Price Government Reserve Fund | 3.47% | $607.22M | — |
US TREASURY N/B 4.50% · due 2044-02-15 | 2.11% | $369.45M | — |
US TREASURY N/B 4.63% · due 2031-04-30 | 1.87% | $327.61M | — |
US TREASURY N/B 3.75% · due 2031-08-31 | 1.64% | $287.18M | — |
US TREASURY N/B 4.00% · due 2031-01-31 | 1.63% | $285.82M | — |
US TREASURY N/B 4.25% · due 2054-02-15 | 1.48% | $259.29M | — |
US TREASURY N/B 4.38% · due 2043-08-15 | 1.25% | $218.99M | — |
US TREASURY N/B 3.88% · due 2027-11-30 | 1.22% | $212.48M | — |
US TREASURY N/B 4.38% · due 2030-11-30 | 1.18% | $205.50M | — |
US TREASURY N/B 4.25% · due 2054-08-15 | 1.14% | $199.54M | — |
The 200 largest of 1,805 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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).
By sector
- Securitized
- 38.8%
- Government
- 29.0%
- Other
- 9.4%
- International
- 4.9%
- 12 other sectors
- 17.8%
- Securitized
- 38.8%
- Government
- 29.0%
- Other
- 9.4%
- International
- 4.9%
- Financials
- 3.5%
- Cash
- 3.4%
- Utilities
- 2.9%
- Health Care
- 1.8%
- Industrials
- 1.5%
- Communication Services
- 1.4%
- Information Technology
- 1.2%
- Energy
- 0.7%
- Real Estate
- 0.5%
- Consumer Discretionary
- 0.4%
- Materials
- 0.3%
- Consumer Staples
- 0.2%
How it has done
PRCIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.20%. Past returns are a record, not a forecast.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +4.97% | +11.36% | -1.51% | -5.31% | |
| — | +4.47% | +9.78% | -3.87% | -5.52% | |
| — | +4.19% | +9.13% | -4.60% | -5.68% | |
| — | +4.94% | +11.51% | -1.11% | -5.40% | |
| — | +5.31% | +12.73% | +0.69% | -5.26% |
These classes hold the same portfolio, so the 5.29pp spread over 5 years is the cost difference between them — roughly 1.06pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price New Income Fund, Inc. is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Portfolio turnover
- 99.30% a year · as of 2025 Q3
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
279 new· the largest 4
163 exited· the largest 4
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. One figure above was flagged for a possible filing data-quality anomaly, marked accordingly.
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.
Understand how this fund fits with the rest.
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