New Income Fund - R 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.

RRNIXCUSIP 779570308
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Intermediate Core Bond
  (342 funds)

Data as of 07/31/2019

Data as of 07/31/2019

Fund Manager Tenure2

Net Assets3
(USD)

N/A
$25.4b

Data as of 07/31/2019

Data as of 07/31/2019

Price
(USD)

Daily Price Change

$9.77
$-0.01

Data as of 08/16/2019

Data as of 08/16/2019

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 07/31/2019

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 342
3 Years 342
5 Years 298
10 Years 226

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 (R Class)

30-Day SEC Standardized Yield
with waiver
2.01%

Data as of 07/31/2019

without waiver
1.84%

Data as of 07/31/2019

30-Day Annualized Dividend Yield
with waiver
2.23%

Data as of 08/16/2019

Monthly Dividend
(USD)
$0.018384634

Data as of 07/31/2019

Monthly Dividend
Rate
0.01%

Data as of 08/16/2019

Average Annual Total Returns (R Class)

1 YR
7.15%
Benchmark
7.87%
Value
-0.72% -1.05%

Data as of 06/30/2019

3 YR
1.79%
Benchmark
2.31%
Value
-0.52% -0.61%
5 YR
2.20%
Benchmark
2.95%
Value
-0.75% -0.78%
10 YR
3.50%
Benchmark
3.90%
Value
-0.40% -0.49%

Expense Ratio

Gross
1.17%
Net
1.15%
Limitation Type
Contractual
expires 09/30/2020

Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index

Investor Class Inception Date: 08/31/1973

R Class Inception Date: 09/30/2002

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 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 (R Class)

Daily YTD
8.37%
Benchmark
8.78%
Value
-0.41%

Data as of 08/16/2019

Monthly YTD
6.26%
Benchmark
6.35%
Value
-0.09%

Data as of 07/31/2019

One Month
0.09%
Benchmark
0.22%
Value
-0.13%
Three Months
2.96%
Benchmark
3.28%
Value
-0.32%

Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index

Investor Class Inception Date: 08/31/1973

R Class Inception Date: 09/30/2002

Asset Allocation

Net Assets
(USD)
$25.4b
Largest US Bonds 92.95% $23.6b
Other View complete Asset Allocation

Data as of 07/31/2019

Holdings

Total
Holdings
1470
Largest Holding Federal National Mortgage Assn. 7.18% Was (03/31/2019) 0.00%
Other View complete Full Holdings
Top 10 Issuers 6.62% View the latest Top 10 Issuers

Data as of 06/30/2019

Quality

N/A

Maturity

Weighted Average

10.26 Years

Duration

Weighted Average

5.86 Years

Top

US Government Agency Securities
30.13%
Was (06/30/2019) 30.14%

Top

3-5 Years
36.74%
Was (06/30/2019) 36.74%

Top

3-5 Years
30.67%
Was (06/30/2019) 31.33%

Over

BBB
By 14.24%
Fund 27.16%
Benchmark 12.92%

Over

3-5 Years
By 11.42%
Fund 36.74%
Benchmark 25.33%

Over

Under 1 Year
By 6.86%
Fund 8.22%
Benchmark 1.36%

Under

US Treasury
By -20.85%
Fund 18.76%
Benchmark 39.62%

Under

0-1 Years
By -7.51%
Fund -7.51%
Benchmark 0.00%

Under

Over 10 Years
By -5.11%
Fund 10.92%
Benchmark 16.03%

Data as of 07/31/2019

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
10
Largest Sector Mortgage 38.17% Was (06/30/2019) 38.16%
Other View complete Sector Diversification

Data as of 07/31/2019

Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index

Over

Mortgage
By 11.19%
Fund 38.17%
Benchmark 26.99%

Under

U.S. Treasury
By -21.86%
Fund 17.76%
Benchmark 39.62%

Data as of 07/31/2019

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 8
  • Years investment
    experience 19
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
R Class
Cusip 779570308
$2,500 $100 0.50% 1.17% 1.15% Contractual 09/30/2020
Investor Class
Cusip 779570100
$2,500 $100 0.00% 0.56% 0.53% Contractual
09/30/2019
Advisor Class
Cusip 779570209
$2,500 $100 0.25% 0.82% 0.79% Contractual
09/30/2019
I Class
Cusip 779570407
$1,000,000* N/A 0.00% 0.42% 0.39% Contractual
09/30/2019

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

1

© 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

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