<PAGE> PAGE 1
000 A000000 11/30/97
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 4103452000
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 80
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 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 730124
022 D000001 25630
<PAGE> PAGE 2
022 A000002 SALOMON BROTHERS INC.
022 B000002 13-3082694
022 C000002 262721
022 D000002 225295
022 A000003 UBS SECURITIES LLC
022 B000003 13-2932996
022 C000003 140719
022 D000003 180574
022 A000004 LEHMAN BROTHERS, INC.
022 B000004 13-2518466
022 C000004 93582
022 D000004 90859
022 A000005 CS FIRST BOSTON CORP.
022 B000005 13-5659485
022 C000005 103212
022 D000005 27923
022 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000006 13-2741729
022 C000006 34968
022 D000006 19717
022 A000007 MORGAN J.P. INVESTMENTS
022 B000007 13-3224016
022 C000007 0
022 D000007 31105
022 A000008 ABN AMRO SECURITIES, INC.
022 B000008 13-3651647
022 C000008 27313
022 D000008 0
022 A000009 SMITH BARNEY, INC.
022 B000009 13-1912900
022 C000009 18014
022 D000009 3620
022 A000010 BEAR, STEARNS & CO., INC.
022 B000010 13-3299429
022 C000010 8631
022 D000010 5391
023 C000000 1423330
023 D000000 610447
024 000000 N
028 A010000 20595
028 A020000 2740
028 A030000 0
028 A040000 9400
028 B010000 24102
028 B020000 2850
028 B030000 0
028 B040000 12265
028 C010000 14318
028 C020000 2934
028 C030000 0
028 C040000 17929
<PAGE> PAGE 3
028 D010000 19604
028 D020000 2758
028 D030000 0
028 D040000 9521
028 E010000 17749
028 E020000 3044
028 E030000 0
028 E040000 12206
028 F010000 15107
028 F020000 2688
028 F030000 0
028 F040000 7610
028 G010000 111475
028 G020000 17014
028 G030000 0
028 G040000 68931
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
055 A000000 N
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 0.0
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 1.0
062 N000000 98.4
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.6
063 A000000 0
063 B000000 8.0
064 A000000 N
<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 N
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 Y
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 703000
071 B000000 659224
071 C000000 1051020
071 D000000 63
072 A000000 6
072 B000000 37199
072 C000000 0
072 D000000 0
072 E000000 0
<PAGE> PAGE 5
072 F000000 2358
072 G000000 0
072 H000000 0
072 I000000 856
072 J000000 99
072 K000000 21
072 L000000 27
072 M000000 7
072 N000000 17
072 O000000 0
072 P000000 0
072 Q000000 63
072 R000000 8
072 S000000 2
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 6
072 X000000 3464
072 Y000000 0
072 Z000000 33735
072AA000000 1360
072BB000000 0
072CC010000 23974
072CC020000 0
072DD010000 33735
072DD020000 0
072EE000000 0
073 A010000 0.3202
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 0
074 D000000 1096809
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 6237
074 J000000 10357
074 K000000 0
074 L000000 7266
074 M000000 27
074 N000000 1120696
074 O000000 87134
074 P000000 135
074 Q000000 0
074 R010000 0
074 R020000 0
<PAGE> PAGE 6
074 R030000 0
074 R040000 4489
074 S000000 0
074 T000000 1028938
074 U010000 107814
074 U020000 0
074 V010000 9.54
074 V020000 0.00
074 W000000 0.0000
074 X000000 29123
074 Y000000 0
075 A000000 0
075 B000000 992248
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-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 1068335
<INVESTMENTS-AT-VALUE> 1103046
<RECEIVABLES> 17623
<ASSETS-OTHER> 27
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1120696
<PAYABLE-FOR-SECURITIES> 87134
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4624
<TOTAL-LIABILITIES> 91758
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1023930
<SHARES-COMMON-STOCK> 107814
<SHARES-COMMON-PRIOR> 101520
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5457
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 24246
<ACCUM-APPREC-OR-DEPREC> 34711
<NET-ASSETS> 1028938
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 37199
<OTHER-INCOME> 0
<EXPENSES-NET> 3464
<NET-INVESTMENT-INCOME> 33735
<REALIZED-GAINS-CURRENT> 1360
<APPREC-INCREASE-CURRENT> 23974
<NET-CHANGE-FROM-OPS> 59069
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 33735
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11782
<NUMBER-OF-SHARES-REDEEMED> 7281
<SHARES-REINVESTED> 1793
<NET-CHANGE-IN-ASSETS> 84892
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 5457
<OVERDIST-NET-GAINS-PRIOR> 25606
<GROSS-ADVISORY-FEES> 2358
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3464
<AVERAGE-NET-ASSETS> 992248
<PER-SHARE-NAV-BEGIN> 9.3
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> .32
<PER-SHARE-DISTRIBUTIONS> 00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.54
<EXPENSE-RATIO> .7
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
