<PAGE> PAGE 1
000 B000000 05/31/99
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
008 A000001 T. ROWE PRICE ASSOCIATES, INC.
008 B000001 A
008 C000001 801-856
008 D010001 BALTIMORE
008 D020001 MD
008 D030001 21202
011 A000001 T. ROWE PRICE INVESTMENT SERVICES, INC.
011 B000001 8-25130
011 C010001 BALTIMORE
011 C020001 MD
011 C030001 21202
012 A000001 T. ROWE PRICE SERVICES, INC.
012 B000001 84-1079
012 C010001 OWINGS MILLS
012 C020001 MD
012 C030001 21117
013 A000001 PRICEWATERHOUSECOOPERS
013 B010001 BALTIMORE
013 B020001 MD
<PAGE> PAGE 2
013 B030001 21202
014 A000001 T. ROWE PRICE INVESTMENT SERVICES, INC.
014 B000001 8-25130
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02105
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 88
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 1928467
022 A000001 CS FIRST BOSTON
022 B000001 13-5659485
022 C000001 401270
022 D000001 318898
022 A000002 SALOMON BROTHERS
022 B000002 13-3082694
022 C000002 212988
022 D000002 189991
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003 207011
022 D000003 167296
022 A000004 GREENWICH
022 B000004 13-3176013
022 C000004 109528
022 D000004 104787
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 B000005 13-5674085
022 C000005 36162
022 D000005 43796
022 A000006 MORGAN STANLEY
022 B000006 13-2655998
022 C000006 20195
022 D000006 20318
022 A000007 FAHNESTOCK
022 B000007 13-5657518
022 C000007 20092
<PAGE> PAGE 3
022 D000007 15395
022 A000008 GOLDMAN, SACHS
022 B000008 13-5108880
022 C000008 20123
022 D000008 11944
022 A000009 COUNTRYWIDE SECURITIES
022 C000009 10695
022 D000009 0
022 A000010 PAINE WEBBER
022 B000010 13-2638166
022 C000010 10110
022 D000010 396
023 C000000 1055645
023 D000000 872823
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 Y
027 000000 Y
028 A010000 17100
028 A020000 3293
028 A030000 0
028 A040000 41179
028 B010000 15807
028 B020000 2685
028 B030000 0
028 B040000 25315
028 C010000 13651
028 C020000 5197
028 C030000 0
028 C040000 12890
028 D010000 13942
028 D020000 5169
028 D030000 0
028 D040000 27558
028 E010000 13752
028 E020000 5396
<PAGE> PAGE 4
028 E030000 0
028 E040000 32547
028 F010000 25180
028 F020000 4689
028 F030000 0
028 F040000 14201
028 G010000 99432
028 G020000 26429
028 G030000 0
028 G040000 153690
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 N
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
<PAGE> PAGE 5
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
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 Y
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
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
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
<PAGE> PAGE 6
062 L000000 2.3
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 97.7
062 R000000 0.0
063 A000000 0
063 B000000 8.4
064 A000000 N
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 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
<PAGE> PAGE 7
070 R020000 N
071 A000000 1056058
071 B000000 1080348
071 C000000 1217514
071 D000000 87
072 A000000 12
072 B000000 80879
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 5388
072 G000000 0
072 H000000 0
072 I000000 2204
072 J000000 209
072 K000000 20
072 L000000 63
072 M000000 9
072 N000000 68
072 O000000 0
072 P000000 0
072 Q000000 131
072 R000000 14
072 S000000 2
072 T000000 0
072 U000000 0
072 V000000 31
072 W000000 7
072 X000000 8146
072 Y000000 0
072 Z000000 72733
072AA000000 6212
072BB000000 0
072CC010000 0
072CC020000 34385
072DD010000 72733
072DD020000 0
072EE000000 0
073 A010000 0.6100
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 8408
074 D000000 1157776
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
<PAGE> PAGE 8
074 J000000 0
074 K000000 0
074 L000000 7070
074 M000000 112
074 N000000 1173366
074 O000000 60001
074 P000000 191
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2410
074 S000000 0
074 T000000 1110764
074 U010000 119030
074 U020000 0
074 V010000 9.33
074 V020000 0.00
074 W000000 0.0000
074 X000000 29125
074 Y000000 0
075 A000000 0
075 B000000 1142812
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 75000
081 A000000 Y
081 B000000 125
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE HENRY HOPKINS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000779785
<NAME> T. ROWE PRICE GNMA FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 1165553
<INVESTMENTS-AT-VALUE> 1166184
<RECEIVABLES> 7070
<ASSETS-OTHER> 112
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1173366
<PAYABLE-FOR-SECURITIES> 60001
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2495
<TOTAL-LIABILITIES> 62496
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1127391
<SHARES-COMMON-STOCK> 119030
<SHARES-COMMON-PRIOR> 117386
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5445)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (11813)
<ACCUM-APPREC-OR-DEPREC> 631
<NET-ASSETS> 1110764
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 80879
<OTHER-INCOME> 0
<EXPENSES-NET> 8146
<NET-INVESTMENT-INCOME> 72733
<REALIZED-GAINS-CURRENT> 6212
<APPREC-INCREASE-CURRENT> (34385)
<NET-CHANGE-FROM-OPS> 44560
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (72733)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22140
<NUMBER-OF-SHARES-REDEEMED> (25121)
<SHARES-REINVESTED> 4624
<NET-CHANGE-IN-ASSETS> (12378)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (6048)
<OVERDIST-NET-GAINS-PRIOR> (19496)
<GROSS-ADVISORY-FEES> 5388
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8146
<AVERAGE-NET-ASSETS> 1142812
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> (0.24)
<PER-SHARE-DIVIDEND> (0.61)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.33
<EXPENSE-RATIO> 0.71
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>