Company:  T. ROWE PRICE NEW INCOME ... (PANIX)
Form Type:  497
Filing Date:  10/1/2007 
CIK:  0000080249 
Address:  100 EAST PRATT STREET 
City, State, Zip:  BALTIMORE, Maryland 21202 
Telephone:  410-345-2000 
Fiscal Year:  05/31 
Last Trade
Last Trade: 
$9.75  
Change: 
N/A  
Trade Time: 
06:25 PM EST  
Market Cap: 
N/A
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  FORM 497
    OPERATING EXPENSES
    FUND PERFORMANCE
    OPERATING EXPENSES
    FUND PERFORMANCE
    OPERATING EXPENSES
    FUND PERFORMANCE
    OPERATING EXPENSES
    Pricing Shares and Receiving Sale Proceeds
    How and When Shares Are Priced
    Useful Information on Distributions and Taxes
    Dividends and Other Distributions
    Taxes on Fund Distributions
    Portfolio Management
    Investment Manager
    Portfolio Management
    Investment Policies and Practices
    Financial Highlights
      FINANCIAL HIGHLIGHTS TABLE
      FINANCIAL HIGHLIGHTS TABLE
      FINANCIAL HIGHLIGHTS TABLE
      FINANCIAL HIGHLIGHTS TABLE
    Investing for College Expenses
    MANAGEMENT OF THE FUNDS
      NAME AND TITLE
      NAME AND TITLE
      NAME AND TITLE
    Directors` Holdings in the Price Funds
    Portfolio Managers` Holdings in the Price Funds
      FUND PERFORMANCE
    Assets Under Management
    PRINCIPAL HOLDERS OF SECURITIES
    Management Related Services
    PORTFOLIO TRANSACTIONS
      FUND PERFORMANCE
      FUND PERFORMANCE
      FUND PERFORMANCE
    Related Performance Information
    Prior Performance of Similar Portfolios Managed by T. Rowe ...
    INVESTMENT OBJECTIVES AND POLICIES
    RISK FACTORS
    Risk Factors of Investing in Taxable Debt Obligations
    Risk Factors of Investing in Municipal Securities
    Risk Factors of Investing in Taxable and Tax-Free Money ...
    Risk Factors Associated With a California Portfolio
    Risk Factors Associated With a Georgia Portfolio
    Risk Factors Associated With a Maryland Portfolio
    Risk Factors Associated With a New Jersey Portfolio
    Risk Factors Associated With a New York Portfolio
    Risk Factors Associated With a Virginia Portfolio
    CODE OF ETHICS
    All Price Funds (except Money Funds and Fund-of-Funds)
    All Price Funds
    NET ASSET VALUE PER SHARE
    DIVIDENDS AND DISTRIBUTIONS
    Consideration Given Management Recommendations