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Proc-Type: 2001,MIC-CLEAR
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0000080249-06-000036.txt : 20060726
0000080249-06-000036.hdr.sgml : 20060726
20060726084214
ACCESSION NUMBER: 0000080249-06-000036
CONFORMED SUBMISSION TYPE: NSAR-B
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20060531
FILED AS OF DATE: 20060726
DATE AS OF CHANGE: 20060726
EFFECTIVENESS DATE: 20060726
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: T. Rowe Price New Income Fund, Inc.
CENTRAL INDEX KEY: 0000080249
IRS NUMBER: 520980581
STATE OF INCORPORATION: MD
FISCAL YEAR END: 0531
FILING VALUES:
FORM TYPE: NSAR-B
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-02396
FILM NUMBER: 06980401
BUSINESS ADDRESS:
STREET 1: 100 EAST PRATT STREET
CITY: BALTIMORE
STATE: MD
ZIP: 21202
BUSINESS PHONE: 410-345-2000
MAIL ADDRESS:
STREET 1: 100 EAST PRATT STREET
CITY: BALTIMORE
STATE: MD
ZIP: 21202
FORMER COMPANY:
FORMER CONFORMED NAME: PRICE T ROWE NEW INCOME FUND INC
DATE OF NAME CHANGE: 19940727
0000080249
S000002136
T. Rowe Price New Income Fund, Inc.
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
NSAR-B
1
ans_nif.fil
ANSWER FILE_NEW INCOME FUND
PAGE 1
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PAGE 4
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PAGE 5
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PAGE 7
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PAGE 8
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PAGE 10
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SIGNATURE JOSEPH A. CARRIER
TITLE TREASURER
EX-99.77B ACCT LTTR
2
pwc_nif.htm
PWC INTERNAL CONTROL LETTER
-- Converted by SEC Publisher 4.1.0.0, created by BCL Technologies Inc., for SEC Filing
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of
T. Rowe Price New Income Fund, Inc.
|
In planning and performing our audit of the financial statements of T. Rowe Price New Income Fund, Inc. (hereafter referred to as the Company) as of and for the year ended May 31, 2006, in accordance with the standards of
the Public Company Accounting Oversight Board (United States), we considered the Companys internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for
the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial
reporting. Accordingly, we express no such opinion.
The management of the Company is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. A companys internal control over financial reporting is a process designed 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. Such internal control over financial reporting includes policies and procedures that provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition of a companys assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A
significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the companys ability to initiate, authorize, record, process or report external financial data reliably in accordance with generally
accepted accounting principles such that there is more than a remote likelihood that a misstatement of the companys annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material weakness
is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.
Our consideration of the Companys internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial
reporting that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Companys internal control over
financial reporting and its operation, including controls for safeguarding securities, that we consider to be material weaknesses as defined above as of May 31, 2006.
This report is intended solely for the information and use of management and the Board of Directors of T. Rowe Price New Income Fund, Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
PricewaterhouseCoopers LLP
Baltimore, Maryland
July 12, 2006
|
2
EX-99.77D POLICIES
3
cip_nif.htm
INVESTMENT POLICY CHANGE
-- Converted by SEC Publisher 4.1.0.0, created by BCL Technologies Inc., for SEC Filing
T. Rowe Price New Income Fund, Inc.
|
1) The third paragraph under the subheading, What is the funds principal investment strategy? has been revised as follows:
Eighty percent of the debt securities purchased by the fund will be rated investment grade (AAA, AA, A, BBB, or equivalent) by each of the major credit rating agencies (Standard & Poors, Moodys, and Fitch IBCA, Inc.)
that have assigned a rating to the security. If the security is unrated, it must be deemed to be of investment-grade quality by T. Rowe Price. Up to 15% of total assets may be invested in split-rated securities, or those rated investment
grade by at least one rating agency but below investment grade by others. In addition, the fund may invest up to 5% of total assets in securities that have not received an investment grade rating by any major credit rating agency.
2) The convertible securities and warrants operating policy has been revised as follows:
Operating policy The fund may invest up to 20% of its total assets (not including cash) in preferred and common stocks and convertible securities, convertible into or which carry warrants for common stocks or other equity securities.
These securities may or may not be rated.
3) The following disclosure regarding Inflation-linked Securities was added to the prospectus:
Inflation-Linked Securities
Inflation-linked securities are income-generating instruments whose interest and principal payments are adjusted for inflationa sustained increase in prices that erodes the purchasing power of money. TIPS, or Treasury
Inflation-Protected Securities, are inflation-linked securities issued by the U.S. government. Inflation-linked bonds are also issued by corporations, U.S. government agencies, and foreign countries. The inflation adjustment, which is typically
applied monthly to the principal of the bond, follows a designated inflation index, such as the consumer price index (CPI). A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal value and
the interest payments increase. This can provide a hedge against inflation, as it helps preserve the purchasing power of an investment. Because of this inflation-adjustment feature, inflation-protected bonds typically have lower yields than
conventional fixed-rate bonds.
Inflation-protected bonds normally will decline in price when real interest rates rise. (A real interest rate is calculated by subtracting the inflation rate from a nominal interest rate. For example, if a 10-year Treasury note is
yielding 5% and inflation is 2%, the real interest rate is 3%.) If inflation is negative, the principal and income of an inflation-protected bond will decline and could result in losses for the fund.
4) As approved by shareholder vote, the funds industry concentration fundamental policy is as follows:
The funds may not purchase the securities of any issuer if, as a result, more than 25% of the value of the funds total assets would be invested in the securities of issuers having their principal business activities in the same
industry.
5) As approved by shareholder vote, the reference in each of the funds prospectuses to concentrating in particular industries has been deleted.
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