T. Rowe Price New Income Fund

N-PX 1 npx_811-02396.htm T. ROWE PRICE NEW INCOME FUND T. Rowe Price New Income Fund - June 30, 2005

New Income Fund

07/01/2004 - 06/30/2005

ICA File Number: 811-02396

Reporting Period: 07/01/2004 - 06/30/2005

T. Rowe Price New Income Fund, Inc.

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-2396

T. Rowe Price New Income Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street Baltimore, Maryland 21202

(Address of principal executive offices)

Joseph A. Carrier

100 East Pratt Street

Baltimore, Maryland 21202

(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2653

Date of fiscal year end:

Date of reporting period: 7/1/04 to 6/30/05

SIGNATURES

Pursuant to the requirements of 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.

(Registrant) T. Rowe Price New Income Fund, Inc.

By (Signature and Title) /s/ Joseph A. Carrier

Joseph A. Carrier, Vice-President

Date August 25, 2005

=========================== NEW INCOME FUND ===========================

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Samuel H. Armacost	For	For	Management
1.2	Elect Director Robert E. Denham	For	For	Management
1.3	Elect Director Robert J. Eaton	For	For	Management
1.4	Elect Director Sam Ginn	For	For	Management
1.5	Elect Director Carla Anderson Hills	For	For	Management
1.6	Elect Director Franklyn G. Jenifer	For	For	Management
1.7	Elect Director Sam Nunn	For	For	Management
1.8	Elect Director David J. O'Reilly	For	For	Management
1.9	Elect Director Peter J. Robertson	For	For	Management
1.10	Elect Director Charles R. Shoemate	For	For	Management
1.11	Elect Director Ronald D. Sugar	For	For	Management
1.12	Elect Director Carl Ware	For	For	Management
2	Ratify Auditors	For	For	Management
3	Limit Executive Compensation	Against	Against	Shareholder
4	Submit Severance Agreement	Against	For	Shareholder
	(Change-in-Control) to Shareholder Vote
5	Expense Stock Options	Against	Against	Shareholder
6	Eliminate Animal Testing	Against	Against	Shareholder
7	Report on Drilling in Protected Areas	Against	Against	Shareholder
8	Report on Remediation Programs in Ecuador	Against	Against	Shareholder

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director C. Michael Armstrong	For	For	Management
1.2	Elect Director Alain J.P. Belda	For	For	Management
1.3	Elect Director George David	For	For	Management
1.4	Elect Director Kenneth T. Derr	For	For	Management
1.5	Elect Director John M. Deutch	For	For	Management
1.6	Elect Director Roberto Hernandez Ramirez	For	For	Management
1.7	Elect Director Ann Dibble Jordan	For	For	Management
1.8	Elect Director Klaus Kleinfeld	For	For	Management
1.9	Elect Director Dudley C. Mecum	For	For	Management
1.10	Elect Director Anne Mulcahy	For	For	Management
1.11	Elect Director Richard D. Parsons	For	For	Management
1.12	Elect Director Charles Prince	For	For	Management
1.13	Elect Director Judith Rodin	For	For	Management
1.14	Elect Director Robert E. Rubin	For	For	Management
1.15	Elect Director Franklin A. Thomas	For	For	Management
1.16	Elect Director Sanford I. Weill	For	For	Management
1.17	Elect Director Robert B. Willumstad	For	For	Management
2	Ratify Auditors	For	For	Management
3	Amend Omnibus Stock Plan	For	For	Management
4	Limit/Prohibit Awards to Executives	Against	Against	Shareholder
5	Report on Political Contributions	Against	Against	Shareholder
6	Prohibit Chairman From Management Duties,	Against	For	Shareholder
	Titles or Responsibilities
7	Limit Executive Compensation	Against	Against	Shareholder
8	Require a Majority Vote for the Election	Against	For	Shareholder
	of Directors
9	Review/Limit Executive Compensation	Against	Against	Shareholder
10	Adopt Simple Majority Vote	Against	For	Shareholder



ROYAL DUTCH SHELL PLC (FORMERLY ROYAL DUTCH PETROLEUM CO.)

Ticker: RD	Security ID: 780257804
Meeting Date: JUN 28, 2005	Meeting Type: Annual
Record Date: MAY 23, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1	ANNUAL ACCOUNTS 2004	For	For	Management
2	DECLARATION OF THE TOTAL DIVIDEND FOR THE	For	For	Management
	YEAR 2004
3	DISCHARGE OF THE MANAGING DIRECTORS	For	Against	Management
4	DISCHARGE OF THE MEMBERS OF THE	For	Against	Management
	SUPERVISORY BOARD
5	APPOINTMENT OF MR. L.R. RICCIARDI AS A	For	For	Management
	MEMBER OF THE SUPERVISORY BOARD
6	AUTHORIZATION FOR THE ACQUISITION OF	For	For	Management
	ORDINARY SHARES
7	CANCELLATION OF THE ORDINARY SHARES HELD	For	For	Management
	BY THE COMPANY
8	APPROVAL OF THE IMPLEMENTATION AGREEMENT	For	For	Management
9	PROPOSAL TO AMEND THE ARTICLES OF	For	Against	Management
	ASSOCIATION OF THE COMPANY
10	APPOINTMENT OF MR A.G. JACOBS AS A	For	For	Management
	NON-EXECUTIVE DIRECTOR
11	APPOINTMENT OF MS CH. MORIN-POSTEL AS A	For	For	Management
	NON-EXECUTIVE DIRECTOR
12	APPOINTMENT OF MR A.A. LOUDON AS A	For	For	Management
	NON-EXECUTIVE DIRECTOR
13	APPOINTMENT OF MR L.R. RICCIARDI AS A	For	For	Management
	NON-EXECUTIVE DIRECTOR
14	ADOPTION OF THE REMUNERATION POLICY FOR	For	For	Management
	THE BOARD OF DIRECTORS
15	APPROVAL OF AMENDED LONG-TERM INCENTIVE	For	For	Management
	PLAN
16	APPROVAL OF AMENDED RESTRICTED SHARE PLAN	For	For	Management
17	APPROVAL OF AMENDED DEFERRED BONUS PLAN	For	For	Management

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1	Amend Articles Re: 2/3 Majority Vote	For	For	Management
	Requirement
2	Amend Rights of Common and Non-Voting	For	For	Management
	Shares Re: Foreign Ownership Requirements
3	Reconfirm Shareholder Rights Plan (Poison	For	For	Management
	Pill)

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Phillip D. Matthews	For	For	Management
1.2	Elect Director Mary E. Pugh	For	For	Management
1.3	Elect Director William G. Reed, Jr.	For	For	Management
1.4	Elect Director James H. Stever	For	For	Management
2	Ratify Auditors	For	For	Management

=========================== END NPX REPORT =============================