PANIX Fees and Costs — T. Rowe Price New Income Fund, Inc., Advisor Class
Data updated: 2026-08-12
The net expense ratio is 0.92%: a 0.31% management fee, a 0.25% 12b-1 fee plus 0.83% other expenses, less a 0.47% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $727K in broker commissions, 0.0044% of average net assets, and portfolio turnover was 146%.
PANIX Fees and Expenses
Annual operating expenses and sales charges of PANIX. Prospectus, as of July 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.31% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.83% |
| Gross expense ratio | 1.39% |
| Fee waiver | −0.47% |
| Net expense ratio | 0.92% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
PANIX Costs Over Time
On $10,000 invested in PANIX, assuming 5% a year before costs, total costs come to $579 over 5 years, cutting the return by 0.97% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.92%) | $97 | $302 | $524 |
| Trading costs (broker commissions) | $0 | $1 | $3 |
| Lost growth on money paid in costs | $0 | $15 | $53 |
| Total costs | $97 | $318 | $579 |
| Value after costs | $10,403 | $11,258 | $12,184 |
| Impact on return, per year | 0.97% | 0.97% | 0.97% |
PANIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0044%
- Total broker commissions: $727K
- Bought from dealers (principal trades, not a cost): $51.2B
- Portfolio turnover (prospectus): 146%
- Securities on loan, average value: $112.9M
- Net income from securities lending: $253K (0.002% of average net assets)
PANIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $210K | 28.81% |
| J.P. MORGAN SECURITIES LLC | $163K | 22.38% |
| MORGAN STANLEY & CO. LLC | $154K | 21.17% |
| Citigroup Inc. | $143K | 19.71% |
| BOFA SECURITIES, INC. | $52K | 7.15% |
| Deutsche Bank Securities Inc. | $6K | 0.78% |
PANIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $9.6B | 21.93% |
| WELLS FARGO SECURITIES, LLC | $9.5B | 21.81% |
| MORGAN STANLEY & CO. LLC | $7.2B | 16.60% |
| Citigroup Inc. | $3.8B | 8.72% |
| J.P. MORGAN SECURITIES LLC | $2.9B | 6.57% |
| STONEX FINANCIAL INC. | $2.8B | 6.48% |
| BNP PARIBAS | $2.4B | 5.58% |
| BARCLAYS CAPITAL INC. | $2.3B | 5.33% |
| BOFA SECURITIES, INC. | $1.8B | 4.16% |
| BMO Capital Markets Corp. | $1.2B | 2.83% |
T. Rowe Price New Income Fund, Inc. Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TRVZX | Z Class | 0.00% | — |
| PRXEX | I Class | 0.36% | — |
| PRCIX | T. Rowe Price New Income Fund, Inc. | 0.44% | — |
| PANIX | Advisor Class | 0.92% | — |
| RRNIX | R Class | 1.08% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.