The vessel was carrying close to 100 people when it sank on Saturday near Uganda’s capital, Kampala.
Ugandan media named a number of well-known people said to be on the boat, adding that the prince of a traditional kingdom had survived.
Lake Victoria sees regular accidents, often involving overcrowded vessels.
Saturday’s accident occurred off Uganda’s Mukono district.
Deputy police spokesman Patrick Onyango told Reuters news agency: “The boat was overloaded and secondly there was bad weather.”
More than 20 people have been rescued from the water, police say, but an unknown number remain missing.
The families and friends of some of the people involved gathered by the shoreline. They sat under trees, looking through the wire fence and every time a body was pulled out of the water, there were screams and cries as some people recognised their loved ones.
On the grass some personal items were laid out – shoes, sweaters, wallets, keys – anything that could be used to identify the victims. Overhead the police deployed a helicopter to help search for more bodies that might have washed up by the shoreline – but they have given up hope that they will find any more survivors.
Among those rescued was Prince Daudi Kintu Wasajja, a brother of the king of Uganda’s largest traditional kingdom, Buganda. SHARE THIS STORY USING ANY OF THE BUTTON BELOW ⬇ PLACE YOUR TEXT ADVERT BELOW ⬇⬇⬇