<PAGE> PAGE 1
000 A000000 11/30/97
000 C000000 080249
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 T. ROWE PRICE NEW INCOME FUND, INC.
001 B000000 811-2396
001 C000000 4103452000
002 A000000 100 EAST PRATT STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
018 000000 Y
019 A000000 Y
019 B000000 80
019 C000000 TROWEPRICE
020 A000001 MERRILL, LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 40
020 A000002 CHEMICAL SECURITIES, INC.
020 B000002 13-3379014
020 C000002 28
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 68
<PAGE> PAGE 2
022 A000001 LEHMAN BROTHERS, INC.
022 B000001 13-2518466
022 C000001 542755
022 D000001 177911
022 A000002 SALOMON BROTHERS, INC.
022 B000002 13-3082694
022 C000002 420020
022 D000002 296262
022 A000003 CS FIRST BOSTON CORP.
022 B000003 13-5659485
022 C000003 406661
022 D000003 182384
022 A000004 MORGAN J.P. SECURITIES, INC.
022 B000004 13-3224016
022 C000004 247597
022 D000004 249857
022 A000005 GOLDMAN, SACHS & CO.
022 B000005 13-5108880
022 C000005 300408
022 D000005 79051
022 A000006 MERRILL, LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000006 13-5674085
022 C000006 110341
022 D000006 59891
022 A000007 GENERAL MOTORS ACCEPTANCE CORP
022 B000007 38-0572512
022 C000007 165929
022 D000007 0
022 A000008 UBS SECURITIES, INC.
022 B000008 13-2932996
022 C000008 115950
022 D000008 42295
022 A000009 BT ALEX BROWN
022 B000009 13-4941247
022 C000009 115874
022 D000009 0
022 A000010 MORGAN STANLEY & CO., INC.
022 B000010 13-2655998
022 C000010 85058
022 D000010 30730
023 C000000 2818542
023 D000000 1216241
024 000000 N
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
<PAGE> PAGE 3
026 H000000 Y
028 A010000 41359
028 A020000 5435
028 A030000 0
028 A040000 27280
028 B010000 57425
028 B020000 5806
028 B030000 0
028 B040000 28376
028 C010000 26373
028 C020000 6077
028 C030000 0
028 C040000 20927
028 D010000 38354
028 D020000 5623
028 D030000 0
028 D040000 19564
028 E010000 32366
028 E020000 6242
028 E030000 0
028 E040000 23348
028 F010000 30629
028 F020000 5739
028 F030000 0
028 F040000 16102
028 G010000 226506
028 G020000 34922
028 G030000 0
028 G040000 135597
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
049 000000 N
050 000000 N
051 000000 N
052 000000 Y
053 A000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
<PAGE> PAGE 4
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 1.4
062 M000000 18.1
062 N000000 36.2
062 O000000 0.0
062 P000000 40.8
062 Q000000 0.0
062 R000000 3.5
063 A000000 0
063 B000000 12.2
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
<PAGE> PAGE 5
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 1390899
071 B000000 1166571
071 C000000 1703103
071 D000000 68
072 A000000 6
072 B000000 64550
072 C000000 405
072 D000000 0
072 E000000 0
072 F000000 4307
072 G000000 0
072 H000000 0
072 I000000 1795
072 J000000 107
072 K000000 28
072 L000000 52
072 M000000 10
072 N000000 51
072 O000000 0
072 P000000 0
072 Q000000 68
072 R000000 10
072 S000000 4
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 9
072 X000000 6441
072 Y000000 0
072 Z000000 58514
072AA000000 12574
072BB000000 0
072CC010000 44914
072CC020000 0
072DD010000 58516
072DD020000 0
072EE000000 0
073 A010000 0.2875
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 25079
074 D000000 1743294
074 E000000 19096
074 F000000 0
<PAGE> PAGE 6
074 G000000 0
074 H000000 0
074 I000000 44781
074 J000000 50509
074 K000000 0
074 L000000 27643
074 M000000 22
074 N000000 1910424
074 O000000 10140
074 P000000 308
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 5929
074 S000000 0
074 T000000 1894047
074 U010000 209159
074 U020000 0
074 V010000 9.06
074 V020000 0.00
074 W000000 0.0000
074 X000000 36649
074 Y000000 0
075 A000000 0
075 B000000 1811970
076 000000 0.00
077 A000000 N
078 000000 N
SIGNATURE HENRY H. HOPKINS
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000080249
<NAME> T ROWE PRICE NEW INCOME FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 1780008
<INVESTMENTS-AT-VALUE> 1832250
<RECEIVABLES> 78152
<ASSETS-OTHER> 22
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1910424
<PAYABLE-FOR-SECURITIES> 10140
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6237
<TOTAL-LIABILITIES> 16377
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1833298
<SHARES-COMMON-STOCK> 209159
<SHARES-COMMON-PRIOR> 195078
<ACCUMULATED-NII-CURRENT> 2699
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5808
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 52242
<NET-ASSETS> 1894047
<DIVIDEND-INCOME> 405
<INTEREST-INCOME> 64550
<OTHER-INCOME> 0
<EXPENSES-NET> 6441
<NET-INVESTMENT-INCOME> 58514
<REALIZED-GAINS-CURRENT> 12574
<APPREC-INCREASE-CURRENT> 44914
<NET-CHANGE-FROM-OPS> 116002
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 58516
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25357
<NUMBER-OF-SHARES-REDEEMED> 15166
<SHARES-REINVESTED> 3890
<NET-CHANGE-IN-ASSETS> 183317
<ACCUMULATED-NII-PRIOR> 2701
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 6766
<GROSS-ADVISORY-FEES> 4307
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6441
<AVERAGE-NET-ASSETS> 1811970
<PER-SHARE-NAV-BEGIN> 8.77
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> .29
<PER-SHARE-DIVIDEND> .29
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.06
<EXPENSE-RATIO> .71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>