<PAGE> PAGE 1
000 A000000 11/30/96
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
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 76
019 C000000 TROWEPRICE
020 C000001 0
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 0
022 A000001 SALOMON BROTHERS INC.
022 B000001 13-3082694
022 C000001 256500
022 D000001 337516
<PAGE> PAGE 2
022 A000002 PAINE WEBBER SECURITIES INC.
022 B000002 13-2638166
022 C000002 168431
022 D000002 173271
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 302755
022 D000003 16733
022 A000004 UBS SECURITIES INC.
022 B000004 13-2932996
022 C000004 110193
022 D000004 81741
022 A000005 LEHMAN BROTHERS INC.
022 B000005 13-2518466
022 C000005 52042
022 D000005 61029
022 A000006 CS FIRST BOSTON CORP.
022 B000006 13-5659485
022 C000006 50778
022 D000006 12563
022 A000007 MORGAN STANLEY & CO.
022 B000007 13-2655998
022 C000007 29537
022 D000007 0
022 A000008 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP
022 B000008 13-2741729
022 C000008 5341
022 D000008 19939
022 A000009 MORGAN (J.P.) SECURITIES INC.
022 B000009 13-3224016
022 C000009 22566
022 D000009 1020
022 A000010 SMITH BARNEY INC.
022 B000010 13-1912900
022 C000010 5320
022 D000010 0
023 C000000 1003557
023 D000000 703812
024 000000 N
028 A010000 8162
028 A020000 2807
028 A030000 0
028 A040000 14427
028 B010000 11676
028 B020000 2982
028 B030000 0
028 B040000 14515
028 C010000 9824
028 C020000 3169
028 C030000 0
028 C040000 11708
<PAGE> PAGE 3
028 D010000 8562
028 D020000 2748
028 D030000 0
028 D040000 11556
028 E010000 16511
028 E020000 2923
028 E030000 0
028 E040000 13363
028 F010000 10888
028 F020000 3033
028 F030000 0
028 F040000 12001
028 G010000 65623
028 G020000 17662
028 G030000 0
028 G040000 77570
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
055 A000000 Y
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 2500
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.4
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 4.9
062 N000000 94.7
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 9.3
064 A000000 Y
<PAGE> PAGE 4
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
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 N
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 685280
071 B000000 642188
071 C000000 963961
071 D000000 67
072 A000000 6
072 B000000 35214
072 C000000 0
072 D000000 0
072 E000000 0
<PAGE> PAGE 5
072 F000000 2190
072 G000000 0
072 H000000 0
072 I000000 914
072 J000000 187
072 K000000 7
072 L000000 32
072 M000000 6
072 N000000 28
072 O000000 0
072 P000000 0
072 Q000000 64
072 R000000 13
072 S000000 1
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 7
072 X000000 3449
072 Y000000 0
072 Z000000 31765
072AA000000 0
072BB000000 1838
072CC010000 33832
072CC020000 0
072DD010000 31765
072DD020000 0
072EE000000 0
073 A010000 0.3217
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 3989
074 C000000 0
074 D000000 1033358
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 7074
074 K000000 0
074 L000000 7322
074 M000000 40
074 N000000 1051783
074 O000000 105908
074 P000000 152
074 Q000000 0
074 R010000 0
074 R020000 0
<PAGE> PAGE 6
074 R030000 0
074 R040000 4218
074 S000000 0
074 T000000 941505
074 U010000 98928
074 U020000 0
074 V010000 9.52
074 V020000 0.00
074 W000000 0.0000
074 X000000 31110
074 Y000000 0
075 A000000 0
075 B000000 911527
076 000000 0.00
077 A000000 N
SIGNATURE HENRY HOPKINS
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000779785
<NAME> T ROWE PRICE GNMA FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 1005539
<INVESTMENTS-AT-VALUE> 1037347
<RECEIVABLES> 14396
<ASSETS-OTHER> 40
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1051783
<PAYABLE-FOR-SECURITIES> 105908
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4370
<TOTAL-LIABILITIES> 110278
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 943614
<SHARES-COMMON-STOCK> 98928
<SHARES-COMMON-PRIOR> 98324
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5340
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 28577
<ACCUM-APPREC-OR-DEPREC> 31808
<NET-ASSETS> 941505
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35214
<OTHER-INCOME> 0
<EXPENSES-NET> 3449
<NET-INVESTMENT-INCOME> 31765
<REALIZED-GAINS-CURRENT> (1838)
<APPREC-INCREASE-CURRENT> 33832
<NET-CHANGE-FROM-OPS> 63759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 31765
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7065
<NUMBER-OF-SHARES-REDEEMED> 8359
<SHARES-REINVESTED> 1898
<NET-CHANGE-IN-ASSETS> 37709
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 5340
<OVERDIST-NET-GAINS-PRIOR> 26739
<GROSS-ADVISORY-FEES> 2190
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3449
<AVERAGE-NET-ASSETS> 911527
<PER-SHARE-NAV-BEGIN> 9.19
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> .33
<PER-SHARE-DIVIDEND> .32
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.52
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
