SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
MANAGEMENT INVESTMENT COMPANIES
| T. Rowe Price New Income Fund, Inc. |
|
|
| (Exact name of registrant as specified in charter) |
| 100 East Pratt Street, Baltimore, MD 21202 |
|
|
| (Address of principal executive offices) |
| David Oestreicher |
| 100 East Pratt Street, Baltimore, MD 21202 |
|
|
| (Name and address of agent for service) |
Registrant’s telephone number, including area code: (410) 345-2000
Item 1. Schedule of Investments
 |
|
New
Income Fund |
August
31, 2017 |
| T. Rowe Price New Income Fund |
|
|
Unaudited
The accompanying notes are an integral part of this Portfolio of investments.
T. Rowe Price New Income Fund
Unaudited
Notes To Portfolio of Investments
T. Rowe Price New Income Fund, Inc. (the fund) is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, open-end management investment company. The fund seeks the highest level of income consistent with the preservation of capital over time by investing primarily in marketable debt securities.
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 Portfolio of Investments was 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 Portfolio of Investments may differ from the values
ultimately realized upon sale or maturity.
Investment
Transactions
Investment transactions are
accounted for on the trade date.
Currency
Translation
Investments 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 quoted by a major bank. Purchases and sales
of securities are translated into U.S. dollars at the prevailing exchange rate
on the date of the transaction.
New Accounting Guidance
In March 2017, the FASB issued amended
guidance to shorten the amortization period for certain callable debt
securities, held at a premium. The guidance is effective for fiscal years and
interim periods beginning after December 15, 2018. Adoption will have no effect
on the fund’s net assets or results of operations.
On August 1, 2017, the fund implemented amendments to Regulation S-X, issued by the Securities and Exchange Commission, which require standardized, enhanced disclosures, particularly related to derivatives, in investment company financial statements. Adoption had no effect on the fund’s net assets or results of operations.
NOTE 2 – VALUATION
The fund’s financial instruments are valued and each class’s net asset value (NAV) per share is computed at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, 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.
Fair Value
The fund’s financial instruments 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 T. Rowe Price Valuation Committee (the Valuation
Committee) is an internal committee that has been delegated certain
responsibilities by the fund’s Board of Directors (the Board) to ensure that
financial instruments are appropriately priced at fair value in accordance with
GAAP and the 1940 Act. Subject to oversight by the Board, the Valuation
Committee develops and oversees pricing-related policies and procedures and
approves all fair value determinations. Specifically, the Valuation Committee
establishes procedures to value securities;
determines pricing techniques, sources, and persons eligible to effect fair
value pricing actions; oversees the selection, services, and performance of
pricing vendors; oversees valuation-related business continuity practices; and
provides guidance on internal controls and valuation-related matters. The
Valuation Committee reports to the Board and has representation from legal,
portfolio management and trading, operations, risk management and the fund’s
treasurer.
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 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date
Level 2 – inputs other than Level 1 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 3 – unobservable inputs
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 generally are traded in
the over-the-counter (OTC) market. Securities with remaining maturities of one
year or more at the time of acquisition are valued at prices furnished by
dealers who make markets in such securities or by an independent pricing
service, which considers 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. Securities with remaining maturities of less than one year
at the time of acquisition generally use amortized cost in local currency to
approximate fair value. However, if amortized cost is deemed not to reflect fair
value or the fund holds a significant amount of such securities with remaining
maturities of more than 60 days, the securities are valued at prices furnished
by dealers who make markets in such securities or by an independent pricing
service. Generally, debt securities are categorized in Level 2 of the fair value
hierarchy; however, to the extent the valuations include significant
unobservable inputs, the securities would be categorized in Level 3.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are categorized in Level 1 of the fair value hierarchy. Listed options, and OTC options with a listed equivalent, are valued at the mean of the closing bid and asked prices and generally are categorized in Level 2 of the fair value hierarchy. Financial futures contracts are valued at closing settlement prices and are categorized in Level 1 of the fair value hierarchy. Forward currency exchange contracts are valued using the prevailing forward exchange rate and are categorized in Level 2 of the fair value hierarchy. Swaps are valued at prices furnished by an independent pricing service or independent swap dealers and generally are categorized in Level 2 of the fair value hierarchy; however, if unobservable inputs are significant to the valuation, the swap would be categorized in Level 3.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted securities, warrants, rights, and other securities that are not publicly traded.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining the fair value of troubled or thinly traded debt instruments, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, strategic events affecting the company, market liquidity for the issuer, and general economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will determine an appropriate valuation technique based on available information, which may include both observable and unobservable inputs. The Valuation Committee typically will afford 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 Committee may also consider other valuation methods such as 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 and updated as information becomes available, including actual purchase and sale transactions of the issue. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions, and fair value prices determined by the Valuation Committee could differ from those of other market participants. Depending on the relative significance of unobservable inputs, including the valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value hierarchy.
Valuation Inputs
The following table summarizes the fund’s financial
instruments, based on the inputs used to determine their fair values on August
31, 2017:
There were no material transfers between Levels 1 and 2 during the period ended August 31, 2017.
NOTE 3 - DERIVATIVE INSTRUMENTS
The fund may invest 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. 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, such as seeking 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, 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 at all times maintains sufficient cash reserves, liquid assets, or other SEC-permitted asset types to cover its settlement obligations under open derivative contracts. The fund values its derivatives at fair value, as described in Note 2.
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 bilateral swaps, forward currency exchange contracts, and OTC options, that are transacted and settle directly with a counterparty (bilateral derivatives) 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 to cover mark-to-market exposure. MNAs may be in the form of International Swaps and Derivatives Association master agreements (ISDAs) 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, the occurrence of which would allow one of the parties to terminate. For example, a downgrade in credit rating of a counterparty 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 include collateral agreements 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 same business day.
Collateral may be in the form of cash or debt securities issued by the U.S. government or related agencies; securities posted by the fund are so noted in the accompanying Portfolio of Investments. For bilateral derivatives, collateral posted or received by the fund is held in a segregated account by the fund’s custodian. As of August 31, 2017, securities valued at $2,893,000 had been posted by the fund to counterparties for bilateral derivatives. As of August 31, 2017, no collateral was pledged by counterparties to the fund for bilateral derivatives. As of August 31, 2017, securities valued at $28,106,000 had been posted by the fund for exchange-traded and/or centrally cleared derivatives.
While typically not sold similar to 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 traded, 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.
Forward Currency Exchange
Contracts
The fund uses forward currency
exchange contracts (forwards) primarily to protect its non-U.S.
dollar-denominated securities from adverse currency movements relative to the
U.S. dollar. 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. 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.
Futures Contracts
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 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. 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,
interest rates, or currency values; and potential losses in excess of the fund’s initial
investment.
Options
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. 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; movements in the
underlying asset values and/or credit ratings; and, for written options,
potential losses in excess of the fund’s initial investment.
Swaps
The fund may use swaps in an effort to manage 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).
For bilateral swaps, cash payments are made or received by the fund on a
periodic basis in accordance with contract terms. 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 (variation margin).
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. 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.
NOTE 4 – OTHER INVESTMENT TRANSACTIONS
Consistent with its investment objective, the fund engages in the following practices to manage exposure to certain risks 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 may invest 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 may invest 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, 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.
TBA Purchase and Sale
Commitments
The fund may enter 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 issuer, 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 particular securities. Until settlement, the fund maintains
liquid assets sufficient to settle its TBA commitments.
To mitigate counterparty risk, the fund has entered into agreements with TBA 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 unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the fund’s risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral received, if any, from such counterparty. As of August 31, 2017, no collateral had been posted by the fund to counterparties for TBAs. Collateral pledged by counterparties to the fund for TBAs consisted of $1,497,000 cash and securities valued at $2,782,000.
Bank Loans
The fund may invest 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. 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, usually 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 (unfunded commitments). 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 brokers 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, valued at 102% to 105% of the value of the securities on loan.
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 the next business day. Cash collateral
is invested by the lending agent(s) 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. In accordance with GAAP, investments made with
cash collateral are reflected in the accompanying Portfolio of Investments, but
collateral received in the form of securities is not. At August 31, 2017, the
value of loaned securities was $210,826,000; the value of cash collateral and
related investments was $217,760,000.
Mortgage-Backed Securities
The fund may invest 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 may invest 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.
NOTE 5 - FEDERAL INCOME TAXES
At August 31, 2017, the cost of investments for federal income tax purposes was $36,571,158,000. Net unrealized gain aggregated $690,984,000 at period-end, of which $809,063,000 related to appreciated investments and $118,079,000 related to depreciated investments.
NOTE 6 - RELATED PARTY TRANSACTIONS
The fund may invest in the T. Rowe Price Government Reserve Fund, the T. Rowe Price Treasury Reserve Fund, or the T. Rowe Price Short-Term Fund (collectively, the Price Reserve Funds), open-end management investment companies managed by T. Rowe Price Associates, Inc. (Price Associates) and considered affiliates of the fund. 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. The Price Reserve Funds pay no investment management fees.
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. 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), Price Associates has agreed to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset that portion of management fees paid by each underlying Price Fund related to the fund’s investment therein.
Item 2. 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-Q 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 registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
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.
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.
| By | /s/ Edward C. Bernard | |
| Edward C. Bernard | ||
| Principal Executive Officer | ||
| Date October 26, 2017 | ||
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/ Edward C. Bernard | |
| Edward C. Bernard | ||
| Principal Executive Officer | ||
| Date October 26, 2017 | ||
| By | /s/ Catherine D. Mathews | |
| Catherine D. Mathews | ||
| Principal Financial Officer | ||
| Date October 26, 2017 | ||