PANIX

About PANIX

T. Rowe Price New Income Fund Advisor Class is a mutual fund focused on providing investors with reliable income and capital preservation by investing primarily in high-quality, marketable debt securities. The fund holds a diversified portfolio that includes U.S. government and agency bonds, mortgage- and asset-backed securities, corporate bonds, foreign bonds, and Treasury inflation-protected securities. As part of the Intermediate Core Bond category, it largely concentrates on investment-grade fixed-income assets and manages risk by limiting below-investment-grade exposure to less than 5% of the portfolio. The fund is actively managed and aims to maximize total return through both income generation and capital appreciation, maintaining an effective duration and weighted average maturity appropriate for intermediate-term bond strategies. With a substantial asset base and monthly dividend payments, the fund plays a significant role for investors seeking stable returns and a measure of downside protection in varying interest rate environments. Its broad sector exposure and frequent portfolio rebalancing reflect an effort to respond dynamically to market changes while maintaining its income and preservation mandate.