GNMA Fund

Invests at least 80% of assets in securities that are backed by the full faith and credit of the U.S. government, primarily GNMA mortgage-backed securities, and investments linked to these securities.

Has negligible credit risk since it invests only in securities guaranteed by the U.S. government. Mortgage-backed bonds offer higher income than Treasuries without any decrease in credit quality. Yield and share price will vary with interest rate changes. If interest rates rise significantly from current levels, total returns will decline and may even turn negative in the short term. Susceptible to prepayment risk, which occurs when homeowners pay off their loans early. Investment is not insured or guaranteed by the U.S. government.

Morningstar (Category)

Morningstar
(Overall Rating)1

Intermediate Government
  (228 funds)

Data as of 12/31/2021

Data as of 12/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

3yrs
$1.1b

Data as of 12/31/2021

Data as of 12/31/2021

Price
(USD)

Daily Price Change

$9.07
$+0.01

Data as of 01/21/2022

Data as of 01/21/2022

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Keir Joyce, CFA
Keir Joyce, CFA, Portfolio Manager

Keir Joyce is a portfolio manager in the Fixed Income Division. He manages the US GNMA Bond Strategy and the Mortgage-Backed Securities Multi-Sector Account Portfolio. He is president of the GNMA Fund and executive vice president of the Mortgage-Backed Securities Multi-Sector Account Portfolio and chairman of their respective Investment Advisory Committees. In addition, Keir is a vice president and an Investment Advisory Committee member for the New Income, Short-Term Bond, Inflation Protected Bond, Limited Duration Inflation Focused Bond, and Global Multi-Sector Bond Funds; a vice president of the Fixed Income Series, Ultra Short-Term Bond Fund, and U.S. Treasury Funds; and an Investment Advisory Committee member for the Limited-Term Bond Portfolio, U.S. Treasury Intermediate Index Fund, and U.S. Treasury Long-Term Index Fund. Keir is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

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Strategy

Investment Objective

The fund seeks high current income consistent with high overall credit quality and moderate price fluctuation by investing at least 80% of its total assets in Government National Mortgage Association securities backed by the full faith and credit of the U.S. government.

Yields & Dividends (Investor Class)

30-Day SEC Standardized Yield
with waiver
1.44%

Data as of 12/31/2021

without waiver
1.44%

Data as of 12/31/2021

30-Day Annualized Dividend Yield
with waiver
0.69%

Data as of 01/21/2022

Monthly Dividend
(USD)
$0.006688149

Data as of 12/31/2021

Monthly Dividend
Rate
0.00%

Data as of 01/21/2022

US Mutual Fund vendor indices disclaimers

Sectors

Total
Sectors
7

Data as of 12/31/2021

Benchmark: Bloomberg U.S. GNMA Index

Largest Sector GNMA MBS 97.14% Was (11/30/2021) 99.02%
Other View complete

Over

Agency MBS
By 7.38%
Fund 7.38%
Benchmark 0.00%

Under

Cash Equivalents
By -11.69%
Fund -11.69%
Benchmark 0.00%

Data as of 12/31/2021

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

View platform information
1

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2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

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