<PAGE> PAGE 1
000 B000000 05/31/95
000 C000000 0000779785
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 GNMA FUND
001 B000000 811-4441
001 C000000 4105472000
002 A000000 100 E PRATT ST
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
018 000000 Y
019 A000000 Y
019 B000000 68
019 C000000 TROWEPRICE
022 A000001 SALOMON BROTHERS
022 B000001 13-3082694
022 C000001 1119576
022 D000001 1117923
022 A000002 MORGAN STANLEY & CO., INC.
022 B000002 13-2655998
022 C000002 62358
022 D000002 6824
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003 46863
022 D000003 12288
022 A000004 SMITH BARNEY SHEARSON
022 B000004 13-1912900
022 C000004 33910
022 D000004 21509
022 A000005 CS FIRST BOSTON CORPORATION
022 B000005 13-5659485
022 C000005 40856
022 D000005 0
022 A000006 UBS SECURITIES INC.
022 B000006 13-2932996
022 C000006 35391
022 D000006 1992
022 A000007 BEAR STEARNS & CO., INC.
<PAGE> PAGE 2
022 B000007 13-3299429
022 C000007 27514
022 D000007 0
022 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000008 13-5674085
022 C000008 817
022 D000008 25239
022 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES
022 B000009 13-2741729
022 C000009 10320
022 D000009 9679
022 A000010 PRUDENTIAL-BACHE SECURITIES, INC.
022 B000010 22-2347336
022 C000010 0
022 D000010 11060
023 C000000 1384980
023 D000000 1220764
028 A010000 8624
028 A020000 4017
028 A030000 0
028 A040000 22528
028 B010000 12937
028 B020000 3548
028 B030000 0
028 B040000 19062
028 C010000 10505
028 C020000 3864
028 C030000 0
028 C040000 9333
028 D010000 9447
028 D020000 4115
028 D030000 0
028 D040000 12432
028 E010000 7952
028 E020000 2943
028 E030000 0
028 E040000 12005
028 F010000 10053
028 F020000 3115
028 F030000 0
028 F040000 10783
028 G010000 59518
028 G020000 21602
028 G030000 0
028 G040000 86143
028 H000000 0
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 2500
<PAGE> PAGE 3
062 A000000 Y
062 B000000 1.4
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 1.8
062 N000000 96.8
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 8.9
064 A000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 Y
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 Y
070 N020000 N
070 O010000 Y
070 O020000 N
<PAGE> PAGE 4
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 1084995
071 B000000 1037148
071 C000000 855272
071 D000000 121
072 A000000 12
072 B000000 64368
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 3835
072 G000000 0
072 H000000 0
072 I000000 1414
072 J000000 321
072 K000000 22
072 L000000 61
072 M000000 16
072 N000000 49
072 O000000 0
072 P000000 0
072 Q000000 126
072 R000000 30
072 S000000 8
072 T000000 0
072 U000000 0
072 V000000 47
072 W000000 18
072 X000000 5947
072 Y000000 0
072 Z000000 58421
072AA000000 0
072BB000000 6992
072CC010000 37254
072CC020000 0
072DD010000 56700
072DD020000 0
072EE000000 0
073 A010000 0.6591
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0200
074 A000000 41
074 B000000 0
074 C000000 13526
074 D000000 924557
<PAGE> PAGE 5
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 5404
074 K000000 0
074 L000000 6971
074 M000000 145
074 N000000 950644
074 O000000 136667
074 P000000 124
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 3386
074 S000000 0
074 T000000 810467
074 U010000 85262
074 U020000 0
074 V010000 9.51
074 V020000 0.00
074 W000000 0.0000
074 X000000 34633
074 Y000000 0
075 A000000 0
075 B000000 778685
076 000000 0.00
077 A000000 Y
077 B000000 Y
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 55000
081 A000000 Y
081 B000000 72
082 A000000 Y
082 B000000 100
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
<PAGE> PAGE 6
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE HENRY HOPKINS
TITLE VICE PRESIDENT
[ARTICLE] 6
[CIK] 0000779785
[NAME] T. ROWE PRICE GNMA FUND, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] MAY-31-1995
[PERIOD-END] MAY-31-1995
[INVESTMENTS-AT-COST] 912846
[INVESTMENTS-AT-VALUE] 938083
[RECEIVABLES] 12374
[ASSETS-OTHER] 187
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 950644
[PAYABLE-FOR-SECURITIES] 136667
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 3510
[TOTAL-LIABILITIES] 140177
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 829548
[SHARES-COMMON-STOCK] 85262
[SHARES-COMMON-PRIOR] 87770
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 4774
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 33504
[ACCUM-APPREC-OR-DEPREC] 25237
[NET-ASSETS] 810467
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 64368
[OTHER-INCOME] 0
[EXPENSES-NET] 5947
[NET-INVESTMENT-INCOME] 58421
[REALIZED-GAINS-CURRENT] (6992)
[APPREC-INCREASE-CURRENT] 37254
[NET-CHANGE-FROM-OPS] 88683
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 56700
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 1712
[NUMBER-OF-SHARES-SOLD] 13818
[NUMBER-OF-SHARES-REDEEMED] 21307
[SHARES-REINVESTED] 4981
[NET-CHANGE-IN-ASSETS] 8163
[ACCUMULATED-NII-PRIOR] 9
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 37345
[GROSS-ADVISORY-FEES] 3835
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 5947
[AVERAGE-NET-ASSETS] 778685
[PER-SHARE-NAV-BEGIN] 9.14
[PER-SHARE-NII] .68
[PER-SHARE-GAIN-APPREC] .37
[PER-SHARE-DIVIDEND] .66
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] .02
[PER-SHARE-NAV-END] 9.51
[EXPENSE-RATIO] .76
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
