<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000059140
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 LEXINGTON GNMA INCOME FUND, INC.
001 B000000 811-2401
001 C000000 2018457300
002 A000000 PARK 80 WEST PLAZA TWO
002 B000000 SADDLE BROOK
002 C000000 NJ
002 D010000 07663
002 D020000 9990
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
008 A000001 LEXINGTON MANAGEMENT CORPORATION
008 B000001 A
008 C000001 801-8281
008 D010001 SADDLE BROOK
008 D020001 NJ
008 D030001 07663
008 D040001 9990
010 A000001 LEXINGTON MANAGEMENT CORPORATION
010 B000001 8281
010 C010001 SADDLE BROOK
010 C020001 NJ
010 C030001 07663
011 A000001 LEXINGTON FUNDS DISTRIBUTOR, INC.
011 B000001 8-24850
011 C010001 SADDLE BROOK
011 C020001 NJ
011 C030001 07663
011 C040001 9990
<PAGE> PAGE 2
012 A000001 STATE STREET BANK & TRUST COMPANY C/O NFDS
012 B000001 84-1078
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64105
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10154
014 A000001 LEXINGTON FUNDS DISTRIBUTOR, INC.
014 B000001 8-24850
015 A000001 CHASE MANHATTAN BANK N.A.
015 B000001 C
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11245
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 18
019 C000000 :LEXINGTON
020 A000001 CAPITAL INSTITUTIONAL SERVICES
020 B000001 75-1565705
020 C000001 19
020 C000002 0
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 19
022 A000001 CAPITAL INSTITUTIONAL SERVICES
022 B000001 75-1565705
022 C000001 63268
022 D000001 62457
022 A000002 MERRILL LYNCH
022 B000002 13-5674085
022 C000002 20003
022 D000002 2160
022 A000003 DLJ
022 B000003 13-2741729
022 C000003 0
022 D000003 20175
022 A000004 SHEARSON LEHMAN
022 B000004 13-2518466
022 C000004 11362
022 D000004 4173
022 A000005 BANC ONE CAPITAL
<PAGE> PAGE 3
022 B000005 31-1017233
022 C000005 13319
022 D000005 0
022 A000006 J.D. BURT
022 C000006 7121
022 D000006 0
022 A000007 PFC CORPORATION
022 C000007 1618
022 D000007 1908
022 A000008 FREEMAN SECURITIES
022 B000008 13-2662313
022 C000008 555
022 D000008 0
022 A000009 MYERBERG & COMPANY
022 B000009 13-3751827
022 C000009 51
022 D000009 0
022 A000010 PIPER JAFFRAY
022 B000010 41-0953246
022 C000010 0
022 D000010 32
023 C000000 117297
023 D000000 90905
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 4797
028 A020000 511
028 A030000 0
028 A040000 2454
028 B010000 4336
028 B020000 564
028 B030000 0
028 B040000 2286
028 C010000 3004
<PAGE> PAGE 4
028 C020000 560
028 C030000 0
028 C040000 2424
028 D010000 2238
028 D020000 603
028 D030000 0
028 D040000 2866
028 E010000 2402
028 E020000 657
028 E030000 0
028 E040000 2903
028 F010000 2878
028 F020000 668
028 F030000 0
028 F040000 1950
028 G010000 19655
028 G020000 3563
028 G030000 0
028 G040000 14883
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029 000000 N
030 A000000 0
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048 000000 0.000
048 A010000 150
048 A020000 0.600
<PAGE> PAGE 5
048 B010000 250
048 B020000 0.500
048 C010000 400
048 C020000 0.450
048 D010000 0
048 D020000 0.400
048 E010000 0
048 E020000 0.000
048 F010000 0
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048 G010000 0
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048 H010000 0
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048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
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054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
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056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
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060 B000000 Y
061 000000 1000
062 A000000 Y
062 B000000 3.4
<PAGE> PAGE 6
062 C000000 0.0
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063 A000000 0
063 B000000 6.8
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
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070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
<PAGE> PAGE 7
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 84026
071 B000000 68163
071 C000000 159013
071 D000000 43
072 A000000 6
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072 M000000 7
072 N000000 14
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072 Q000000 48
072 R000000 9
072 S000000 10
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 31
072 X000000 716
072 Y000000 0
072 Z000000 4413
072AA000000 431
072BB000000 214
072CC010000 2202
072CC020000 0
072DD010000 4511
072DD020000 0
072EE000000 0
073 A010000 0.2630
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1128
074 B000000 0
<PAGE> PAGE 8
074 C000000 4785
074 D000000 159139
074 E000000 0
074 F000000 0
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074 L000000 1559
074 M000000 0
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074 R040000 405
074 S000000 0
074 T000000 142085
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074 V020000 0.00
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074 X000000 5221
074 Y000000 31701
075 A000000 0
075 B000000 138427
076 000000 0.00
077 A000000 N
078 000000 N
080 A000000 FEDERAL INSURANCE COMPANY
080 C000000 6925
081 A000000 Y
081 B000000 16
082 A000000 Y
082 B000000 25
083 A000000 N
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084 A000000 N
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085 A000000 Y
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<PAGE> PAGE 9
086 D010000 0
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SIGNATURE PETER CORNIOTES
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The Schedule contains summary financial information extracted from semi-
annual financial statements dated June 30, 1997 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 161,722,322
<INVESTMENTS-AT-VALUE> 163,924,240
<RECEIVABLES> 1,558,742
<ASSETS-OTHER> 1,128,480
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 166,611,462
<PAYABLE-FOR-SECURITIES> 24,050,588
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 476,072
<TOTAL-LIABILITIES> 24,526,660
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 143,429,671
<SHARES-COMMON-STOCK> 17,491,744
<SHARES-COMMON-PRIOR> 15,375,278
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 88,930
<ACCUMULATED-NET-GAINS> (3,457,857)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,201,918
<NET-ASSETS> 142,084,802
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,128,844
<OTHER-INCOME> 0
<EXPENSES-NET> 715,898
<NET-INVESTMENT-INCOME> 4,412,946
<REALIZED-GAINS-CURRENT> 216,693
<APPREC-INCREASE-CURRENT> (145,078)
<NET-CHANGE-FROM-OPS> 4,484,561
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,511,166)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,421,631
<NUMBER-OF-SHARES-REDEEMED> (1,838,421)
<SHARES-REINVESTED> 441,137
<NET-CHANGE-IN-ASSETS> 8,334,283
<ACCUMULATED-NII-PRIOR> 22,679
<ACCUMULATED-GAINS-PRIOR> (7,550,041)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 411,866
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 715,898
<AVERAGE-NET-ASSETS> 138,426,634
<PER-SHARE-NAV-BEGIN> 8.12
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.26)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.12
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
