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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
078 000000 N
SIGNATURE JAMES S. RIEPE
TITLE VICE PRESIDENT
[ARTICLE] 6
[CIK] 0000878168
[NAME] T. ROWE PRICE ADJUSTABLE RATE GOVERNMENT FUND, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] MAY-31-1995
[PERIOD-END] NOV-30-1994
[INVESTMENTS-AT-COST] 137091
[INVESTMENTS-AT-VALUE] 130580
[RECEIVABLES] 1223
[ASSETS-OTHER] 53
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 131856
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 688
[TOTAL-LIABILITIES] 688
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 158475
[SHARES-COMMON-STOCK] 28923
[SHARES-COMMON-PRIOR] 40296
[ACCUMULATED-NII-CURRENT] 120
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (20916)
[ACCUM-APPREC-OR-DEPREC] (6511)
[NET-ASSETS] 131168
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 4573
[OTHER-INCOME] 0
[EXPENSES-NET] 440
[NET-INVESTMENT-INCOME] 4133
[REALIZED-GAINS-CURRENT] (1651)
[APPREC-INCREASE-CURRENT] (2401)
[NET-CHANGE-FROM-OPS] 81
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (4088)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2586
[NUMBER-OF-SHARES-REDEEMED] 14670
[SHARES-REINVESTED] 711
[NET-CHANGE-IN-ASSETS] (56349)
[ACCUMULATED-NII-PRIOR] 75
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (19265)
[GROSS-ADVISORY-FEES] 178
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 440
[AVERAGE-NET-ASSETS] 160928
[PER-SHARE-NAV-BEGIN] 4.65
[PER-SHARE-NII] .12
[PER-SHARE-GAIN-APPREC] (.11)
[PER-SHARE-DIVIDEND] .12
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 4.54
[EXPENSE-RATIO] .55
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
