# EDGAR Filing Document

**Accession Number:** 0000080249
**File Stem:** 0001193125-26-018878
**Filing Date:** 2026-1
**Character Count:** 211257
**Document Hash:** 6c02d2c510867f0819017b2e723943e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-018878.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001193125-26-018878

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price New Income Fund, Inc.
- **CENTRAL INDEX KEY:** 0000080249

**ORGANIZATION NAME:**
- **EIN:** 520980581
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02396
- **FILM NUMBER:** 26549986

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE NEW INCOME FUND INC
- **DATE OF NAME CHANGE:** 19940727

## Series and Classes Contracts Data

### T. Rowe Price New Income Fund, Inc. (Series ID: S000002136)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000005529 | T. Rowe Price New Income Fund, Inc.         | PRCIX           |
| C000005530 | T. Rowe Price New Income Fund-Advisor Class | PANIX           |
| C000005531 | T. Rowe Price New Income Fund-R Class       | RRNIX           |
| C000159679 | T. Rowe Price New Income Fund-I Class       | PRXEX           |
| C000219349 | T. Rowe Price New Income Fund-Z Class       | TRVZX           |

?xml version='1.0' encoding='ASCII'? New Income Fund_NIF_F43-051

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
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g19899ib1b5ee068d9c7b970ddf.jpg)

#### 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com 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) | $16731424 |
| Number of Portfolio Holdings | 1711 |

---

---

| | |
|:---|:---|
| 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

![Image](g19899i8e20a7803a078b3da98e.jpg)

![Image](g19899ib1b5ee068d9c7b970ddf.jpg)

#### 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com 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) | $16731424 |
| Number of Portfolio Holdings | 1711 |

---

---

| | |
|:---|:---|
| 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

![Image](g19899i8e20a7803a078b3da98e.jpg)

![Image](g19899ib1b5ee068d9c7b970ddf.jpg)

#### 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com 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) | $16731424 |
| Number of Portfolio Holdings | 1711 |

---

---

| | |
|:---|:---|
| 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

![Image](g19899i8e20a7803a078b3da98e.jpg)

![Image](g19899ib1b5ee068d9c7b970ddf.jpg)

#### 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com 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) | $16731424 |
| Number of Portfolio Holdings | 1711 |

---

---

| | |
|:---|:---|
| 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

![Image](g19899i8e20a7803a078b3da98e.jpg)

![Image](g19899ib1b5ee068d9c7b970ddf.jpg)

#### 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com 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) | $16731424 |
| Number of Portfolio Holdings | 1711 |

---

---

| | |
|:---|:---|
| 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

![Image](g19899i8e20a7803a078b3da98e.jpg)

------

#### 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-End Management 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

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

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

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class

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

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class

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

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class

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

For

a

share

outstanding

throughout

each

period

#### R

#### Class

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

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### R

#### Class

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

For

a

share

outstanding

throughout

each

period

#### I

#### Class

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

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class

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

For

a

share

outstanding

throughout

each

period

#### Z

#### Class

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

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class

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

#### 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)

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

#### 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

#### 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)

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

#### 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

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

#### 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)

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)

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

#### 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)

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

#### 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)

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

#### 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

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)

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

#### 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

Series

2024-28RA,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.55%,

5.455%,

4/15/37 (1)

21,300

21,345

RR

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

#### 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)

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

#### 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)

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

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Level

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

#### 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

#### Total

#### Bond

#### Funds

#### (Cost

#### $341)

#### 361
T. ROWE

PRICE

New

Income

Fund

#### 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

#### 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

#### 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

#### 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

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

#### 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)

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

#### 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)

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

Financing,

6.875%,

6/30/33 (1)

1,380

1,408

Level

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

#### 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)

Clarios

Global,

6.75%,

2/15/30 (1)

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

#### 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)

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

#### 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

#### 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

#### 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

#### 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)

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

#### 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

#### 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

#### 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)

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

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)

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)

JPMorgan

Mortgage

Trust

Series

2020-LTV1,

Class

A3,

CMO,

ARM,

3.50%,

6/25/50 (1)

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

#### 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)

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)

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)

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

#### 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

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

#### 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)

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

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

7.00%,

8/1/31

-

6/1/32

Federal

Home

Loan

Mortgage,

ARM

1Y

CMT

+

2.25%,

6.317%,

10/1/36

RFUCCT1Y

+

1.815%,

6.525%,

1/1/37

RFUCCT1Y

+

1.848%,

6.451%,

3/1/36

RFUCCT1Y

+

1.911%,

6.538%,

12/1/36

RFUCCT1Y

+

1.934%,

6.933%,

2/1/37

RFUCCT1Y

+

2.032%,

6.604%,

11/1/36

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

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

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

RFUCCT1Y

+

1.599%,

6.385%,

7/1/36

RFUCCT1Y

+

1.655%,

6.28%,

8/1/37

RFUCCT1Y

+

1.857%,

6.501%,

8/1/36

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

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

#### 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

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

7.00%,

5/20/28

-

11/20/28

7.50%,

7/15/28

-

8/15/28

8.00%,

9/15/27

-

10/15/27

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

4.00%,

2/20/43

1,632

T. ROWE

PRICE

New

Income

Fund

#### 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

#### 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

‡

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

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

.

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

.

.

.

.

.

.

.

.

.

.

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

(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,

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

JPMorgan

Chase,

Receive

Underlying

Reference:

Ares

Capital

at

Maturity,

Pay

Variable

4.435%

(SOFR

+

0.48%)

at

Maturity,

2/23/26

6,353

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

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

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

JPMorgan

Chase,

Receive

Underlying

Reference:

Blue

Owl

Capital

at

Maturity,

Pay

Variable

4.435%

(SOFR

+

0.48%)

at

Maturity,

2/23/26

10,065

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

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

(8) T. ROWE

PRICE

New

Income

Fund

(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

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

—

JPMorgan

Chase,

Receive

Underlying

Reference:

Hercules

Capital

at

Maturity,

Pay

Variable

4.435%

(SOFR

+

0.48%)

at

Maturity,

2/23/26

1,775

(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

#### 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,

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)%

Year

Interest

Rate

Swap,

Receive

Fixed

4.520%

Semi-Annually,

Pay

Variable

(0.755)%

(ICP)

Semi-Annually,

10/2/27

(CLP)

217,241,294

—

T. ROWE

PRICE

New

Income

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value\*\*

#### Unrealized

#### $

#### Gain/(Loss)

Year

Interest

Rate

Swap,

Receive

Fixed

4.533%

Semi-Annually,

Pay

Variable

(0.768)%

(ICP)

Semi-Annually,

10/1/27

(CLP)

195,951,647

—

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)

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

(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

$

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

JPMorgan

Chase

2/20/26

EUR

1,913

USD

2,223

JPMorgan

Chase

2/20/26

USD

1,710

EUR

1,471

(4) Morgan

Stanley

2/20/26

USD

22,526

EUR

19,327

RBC

Dominion

Securities

1/23/26

USD

58,055

CHF

46,170

RBC

Dominion

Securities

1/26/26

USD

42,210

CAD

58,790

RBC

Dominion

Securities

2/6/26

CLP

23,978,260

USD

25,412

Standard

Chartered

1/26/26

USD

43,569

CAD

60,680

Standard

Chartered

2/20/26

EUR

2,803

USD

3,263

State

Street

1/16/26

HUF

2,594,122

USD

7,753

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

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

UBS

Investment

Bank

2/20/26

USD

63,225

EUR

54,443

(219) Wells

Fargo

2/20/26

EUR

581

USD

674

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(4,414)

T. ROWE

PRICE

New

Income

Fund

#### 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,

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

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

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) $

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%

$

$

$

—

$

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

($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)

Other

assets

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

Unrealized

loss

on

bilateral

swaps

Payable

to

directors

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

($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

($000s)

Months

Ended

11/30/25

#### Investment

#### Income
(Loss)

Income

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

(net

of

foreign

taxes

of

$28)

$

380,680

Dividend

10,797

Securities

lending

Other

Total

income

391,599

Expenses

Investment

management

25,546

Shareholder

servicing

Investor

Class

$

751

Advisor

Class

R

Class

I

Class

1,204

Rule

12b-1

fees

Advisor

Class

R

Class

Prospectus

and

shareholder

reports

Investor

Class

Advisor

Class

I

Class

Z

Class

Custody

and

accounting

Legal

and

audit

Registration

Directors

Miscellaneous

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

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

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

($000s)

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

1,046

R

Class

I

Class

106,190

643,413

Z

Class

876,390

1,574,927

Distributions

reinvested

Investor

Class

12,239

27,553

Advisor

Class

R

Class

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

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

R

Class

I

Class

13,264

80,305

Z

Class

109,588

197,234

Distributions

reinvested

Investor

Class

1,526

3,450

Advisor

Class

R

Class

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

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

#### 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

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
&nbsp;&nbsp;&nbsp;&nbsp;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

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

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

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

–

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

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. ROWE

PRICE

New

Income

Fund

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;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

$

—

$

9,729,875

$

—

$

9,729,875

Asset-Backed

Securities

—

1,279,304

21,224

1,300,528

Bond

Funds

—

—

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

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

#### 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

($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

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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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. ROWE

PRICE

New

Income

Fund

#### 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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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

$

—

$

—

$

—

$

—

$

$

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. ROWE

PRICE

New

Income

Fund

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

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

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

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

(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

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,

T. ROWE

PRICE

New

Income

Fund

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

T. ROWE

PRICE

New

Income

Fund

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.

T. ROWE

PRICE

New

Income

Fund

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.

T. ROWE

PRICE

New

Income

Fund

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. ROWE

PRICE

New

Income

Fund

#### 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. ROWE

PRICE

New

Income

Fund

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

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

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

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. ROWE

PRICE

New

Income

Fund

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-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management 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-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management 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-CSR was 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-End Management 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-CSR is filed with the registrant's annual Form N-CSR. |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
| (3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d19899dex99cert.htm) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d19899dex99906ce.htm)

------

#### 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. | 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 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>** 

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price New Income
Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 16, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>** 

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price New Income
Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 16, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price New Income Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: January 16, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: January 16, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---