GNMA Fund 07/01/2007 - 06/30/2008 

ICA File Number: 811-04441

Reporting Period: 07/01/2007 - 06/30/2008

T. Rowe Price GNMA Fund

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-4441

T. Rowe Price GNMA Fund

(Exact name of registrant as specified in charter)

100 East Pratt Street Baltimore, Maryland 21202

(Address of principal executive offices)

Gregory K. Hinkle

4515 Painters Mill Road

Owings Mills, Maryland 21117-4903

(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2653

Date of fiscal year end: 5/31

Date of reporting period: 7/1/07 to 6/30/08

SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the

registrant has duly caused this report to be signed on its behalf by the

undersigned, thereunto duly authorized.

(Registrant) T. Rowe Price GNMA Fund

By (Signature and Title) /s/ Gregory K. Hinkle

                             Gregory K. Hinkle, Principal Financial Officer

Date August 26, 2008

================================== GNMA FUND	==================================
The Fund held no securities during the period covered by this report in which
there was a securityholder vote. Accordingly, there are no proxy votes to
report.
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