New Income Fund - I Class

Invests at least 80% of assets in income producing investment-grade debt securities. Flexibility in purchasing investment grade debt securities at various credit quality levels to achieve a higher yield.

The fund is subject to interest rate risk. The fund is not a money market fund and its price and yield will fluctuate.

PRXEXCUSIP 779570407
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Intermediate Core Bond
  (356 funds)

Data as of 09/30/2019

Data as of 09/30/2019

Fund Manager Tenure2

Net Assets3
(USD)

N/A
$24.8b

Data as of 09/30/2019

Data as of 09/30/2019

Price
(USD)

Daily Price Change

$9.69
$-0.02

Data as of 10/21/2019

Data as of 10/21/2019

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Stephen L. Bartolini, CFA
Stephen L. Bartolini, CFA, Portfolio Manager

Steve Bartolini is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Bartolini is the lead portfolio manager of the U.S. Core Bond Strategy, the U.S. Inflation Protected Strategy, and the U.S. Short-Term Inflation Focused Bond Strategy. He also co-heads the firm's global interest rate and currency strategy team and is a member of the portfolio strategy team for U.S. taxable bond strategies. Mr. Bartolini is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

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Strategy

Investment Objective

The fund seeks to maximize total return through income and capital appreciation.

Morningstar Fixed Income Style

Mid / Moderate

Data as of 09/30/2019

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period Rating Funds In Category (Intermediate Core Bond)
Overall 356
3 Years 356
5 Years N/A 312
10 Years N/A 238

*Ratings displayed with hollow stars represent Morningstar Extended Performance Ratings.  Morningstar provides adjusted historical returns and an Extended Performance Rating for some mutual fund share class that don't have a 1, 3-, 5-, or 10-year performance history.  These hypothetical Morningstar Ratings are based on the historical performance of the oldest share class of the fund, adjusted for fees and expenses.

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Yields & Dividends (I Class)

30-Day SEC Standardized Yield
with waiver
2.61%

Data as of 09/30/2019

without waiver
2.61%

Data as of 09/30/2019

30-Day Annualized Dividend Yield
with waiver
2.93%

Data as of 10/21/2019

Monthly Dividend
(USD)
$0.022051765

Data as of 09/30/2019

Monthly Dividend
Rate
0.02%

Data as of 10/21/2019

Average Annual Total Returns (I Class)*

1 YR
10.09%
Benchmark
10.30%
Value
-0.21% -0.21%

Data as of 09/30/2019

3 YR
3.02%
Benchmark
2.92%
Value
0.10% 0.10%
5 YR
3.30%
Benchmark
3.38%
Value
-0.08% -0.08%
10 YR
3.87%
Benchmark
3.75%
Value
0.12% 0.12%

Expense Ratio

Gross
0.41%
Net
0.39%
Limitation Type
Contractual
expires 09/30/2020

Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index

Investor Class Inception Date: 08/31/1973

I Class Inception Date: 08/28/2015

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

*The T. Rowe Price Funds-I Class share the portfolio of an existing fund (the original share class of the fund is referred to as the "investor class"). The total return figures for I Class shares have been calculated using the performance data of the investor class up to the inception date of the I Class (shown above) and the actual performance results of the I Class since that date.  Because the I Classes are expected to have lower expenses than the Investor Classes, The I Class performance, had it existed over the periods shown, would have been higher. 

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

T. Rowe Price Associates, Inc. is required to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset any acquired fund fees and expenses related to investments in other T. Rowe Price mutual funds. The amount of the waiver will vary each fiscal year in proportion to the amount invested in other T. Rowe Price mutual funds. 

The 30-day dividend yield represents the average daily dividends for the 30-day period, annualized and divided by the net asset values per share at the end of the period; it is available the first quarter after the fund's inception. The SEC standardized yield is computed under an SEC standardized formula and reflects an estimated yield to maturity (assuming all portfolio securities are held to maturity); it is available the first month after the fund's inception.

Current Year Performance (I Class)*

Daily YTD
8.55%
Benchmark
8.16%
Value
0.39%

Data as of 10/21/2019

Monthly YTD
8.82%
Benchmark
8.52%
Value
0.30%

Data as of 09/30/2019

One Month
-0.49%
Benchmark
-0.53%
Value
0.04%
Three Months
2.11%
Benchmark
2.27%
Value
-0.16%

Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index

Investor Class Inception Date: 08/31/1973

I Class Inception Date: 08/28/2015

*The T. Rowe Price Funds-I Class share the portfolio of an existing fund (the original share class of the fund is referred to as the "investor class"). The total return figures for I Class shares have been calculated using the performance data of the investor class up to the inception date of the I Class (shown above) and the actual performance results of the I Class since that date.  Because the I Classes are expected to have lower expenses than the Investor Classes, The I Class performance, had it existed over the periods shown, would have been higher. 

Asset Allocation

Net Assets
(USD)
$24.8b
Largest US Bonds 87.06% $21.6b
Other View complete Asset Allocation

Data as of 09/30/2019

Holdings

Total
Holdings
1510
Largest Holding U.S. Treasury Notes 4.61% Was (06/30/2019) 1.67%
Other View complete Full Holdings
Top 10 Issuers 7.14% View the latest Top 10 Issuers

Data as of 09/30/2019

Quality

N/A

Maturity

Weighted Average

8.23 Years

Duration

Weighted Average

5.78 Years

Top

BBB
29.15%
Was (08/31/2019) 27.78%

Top

3-5 Years
32.05%
Was (08/31/2019) 32.05%

Top

3-5 Years
34.40%
Was (08/31/2019) 28.06%

Over

BBB
By 16.33%
Fund 29.15%
Benchmark 12.82%

Over

5-7 Years
By 10.51%
Fund 26.46%
Benchmark 15.96%

Over

3-5 Years
By 10.75%
Fund 34.40%
Benchmark 23.65%

Under

US Treasury
By -25.98%
Fund 14.03%
Benchmark 40.01%

Under

1-3 Years
By -8.72%
Fund 17.28%
Benchmark 26.00%

Under

1-3 Years
By -15.24%
Fund 24.52%
Benchmark 39.76%

Data as of 09/30/2019

Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index

Sources: Moody's Investors Service; if Moody's does not rate a security, then Standard & Poor's (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody’s or S&P. T. Rowe Price does not evaluate these ratings, but simply assigns them to the appropriate credit quality category as determined by the rating agency.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

The Top Issuers excludes U.S. Treasuries, institutional funds, agencies and securitized products.  Derivative valuations are based on standard derivative market valuation methods.

Sectors

Total
Sectors
9
Largest Sector Mortgage 32.17% Was (08/31/2019) 32.14%
Other View complete Sector Diversification

Data as of 09/30/2019

Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index

Over

CMBS
By 7.40%
Fund 8.67%
Benchmark 1.26%

Under

U.S. Treasury
By -25.98%
Fund 14.03%
Benchmark 40.01%

Data as of 09/30/2019

Team (As of )

Stephen L. Bartolini, CFA

Stephen L. Bartolini, CFA
Portfolio Manager

Steve Bartolini is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Bartolini is the lead portfolio manager of the U.S. Core Bond Strategy, the U.S. Inflation Protected Strategy, and the U.S. Short-Term Inflation Focused Bond Strategy. He also co-heads the firm's global interest rate and currency strategy team and is a member of the portfolio strategy team for U.S. taxable bond strategies. Mr. Bartolini is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 9
  • Years investment
    experience 20
Jeffrey S.  DeVack

Jeffrey S. DeVack
Portfolio Specialist

Jeff DeVack is a portfolio specialist in the Fixed Income Division of T. Rowe Price. He is a member of the U.S. Core, U.S. Core Plus, U.S. Investment-Grade Core, Enhanced Index, U.S. Treasury, Inflation Protected, and Securitized Products teams, working closely with clients, consultants, and prospects. Mr. DeVack is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 8
  • Years investment
    experience 19

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
I Class
Cusip 779570407
$1,000,000* N/A 0.00% 0.41% 0.39% Contractual 09/30/2020
Investor Class
Cusip 779570100
$2,500 $100 0.00% 0.54% 0.52% Contractual
09/30/2020
Advisor Class
Cusip 779570209
$2,500 $100 0.25% 0.86% 0.84% Contractual
09/30/2020
R Class
Cusip 779570308
$2,500 $100 0.50% 1.28% 1.16% Contractual
09/30/2020

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.