# EDGAR Filing Document

**Accession Number:** 0000779785
**File Stem:** 0001193125-23-014004
**Filing Date:** 2023-1
**Character Count:** 107366
**Document Hash:** 1675a359c400ab7e0044c0edda03dae5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-014004.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-014004

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**EFFECTIVENESS DATE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price GNMA Fund, Inc.
- **CENTRAL INDEX KEY:** 0000779785
- **IRS NUMBER:** 521426953
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04441
- **FILM NUMBER:** 23546874

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price GNMA Fund
- **DATE OF NAME CHANGE:** 20051028

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE GNMA FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price GNMA Fund (Series ID: S000002131)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000005523 | T. Rowe Price GNMA Fund         | PRGMX           |
| C000190558 | T. Rowe Price GNMA Fund-I Class | PRXAX           |
| C000225814 | T. Rowe Price GNMA Fund-Z Class | TRZGX           |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-04441

T. Rowe Price GNMA Fund, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

# SEMIANNUAL REPORT

November 30, 2022

| PRGMX | T. ROWE PRICE GNMA Fund |
| --- | --- |
| PRXAX | GNMA Fund- I Class |

INVEST WITH CONFIDENCE®

The GNMA Fund outperformed its benchmark and its Lipper peer group average during the six-month period ended November 30, 2022.

Mortgage-backed securities, including GNMAs, faced headwinds during the period as the Federal Reserve Bank reported its holdings in the mortgage sector.

## Go Paperless

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

### TO ENROLL:

If you invest directly with T. Rowe Price, go to **troweprice.com/paperless**.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

**It's fast**-receive your statements and confirmations faster than U.S. mail.

**It's convenient**-access your important account documents whenever you need them.

**It's secure**-we protect your online accounts using 'True Identity' to confirm new accounts and make verification faster and more secure.

**It can save you money**-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

* Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

T. ROWE PRICE GNMA FUND

Market Commentary

# **HIGHLIGHTS**

Asset allocation and interest rate management aided the fund's relative results, while security selection detracted.

We are still finding value within the GNMA sector, and we believe that additional market volatility could provide opportunities to add securities at attractive valuations. 2022, while rising bond yields weighed on returns for fixed income investors. Investors contended with tightening financial conditions and slowing economic and corporate earnings growth, but hopes that persistently high inflation

Log in to your account at troweprice.com for more information.

T. ROWE PRICE GNMA FUND

## Dear Shareholder

might be easing helped spark a rally late in the period that partially offset
other income in yields led to generally negative results across the fixed income
market as bond prices and yields move in opposite directions.
In the U.S., equity results were mixed. The Dow Jones Industrial Average
reduced positive results. The U.S. price market remains a major part of the period,
and overall economic growth during the negative. The third quarter after two
months' growth in the U.S. has been a major part of the period.
In the U.S., equity results were mixed. However, the U.S. price market remains a major part of the period,
and overall economic growth during the negative. The third quarter after two
months' growth in the U.S. has been a major part of the period.
In the U.S., equity results were mixed. However, the U.S. price market remains a major part of the period,
and overall economic growth during the negative. The third quarter after two
months' growth in the U.S. has been a major part of the period.

1

T. ROWE PRICE GNMA FUND

Management's Discussion of Fund Performance

as shorter-maturity Treasuries experienced the largest yield increases. The addition, the housing market began to weaken as mortgage rates climbed to the communication services stocks struggled. Outside the U.S., most major country homes level in more than 20 years, and the U.S. market was 20 years. The market was 20 years. The market was 20 years. The market was 20 years. The market was 20 years. The market was 20 years. The market was 20 years. The market was 20 years. The market was 20 years. The market was 20 years. The market was 20 years. The market was 20 years. The market was 20 years.

economic growth. However, in our view, valuations have become more elevated inflation remains. The market has been a significant impact on the attractive across many market sectors during the downturn, which provides investment professionals, go to

troweprice.com.

| Six-Month Period Ended 11/30/22 | Total Return |
| --- | --- |
| GNMA Fund | -3.96% |
| GNMA Fund- I Class | -3.97 |
| GNMA Fund- Z Class | -3.66 |
| Bloomberg U.S. GNMA Index | -4.14 |

2

T. ROWE PRICE GNMA FUND

# **INVESTMENT OBJECTIVE**

**FUND COMMENTARY**

The investment objectives for investment in the investment in the past six months have been reviewed. The investment objectives for investment in the investment in the past six months have been reviewed. The investment objectives for investment in the investment in the past six months have been reviewed. The investment objectives for investment in the investment in the past six months have been reviewed. The investment objectives for investment in the investment in the past six months have been reviewed. The investment objectives for investment in the investment in the past six months have been reviewed. The investment objectives for investment in the investment in the past six months have been reviewed.

Lipper GNMA Funds Average

-4.19

3

T. ROWE PRICE GNMA FUND

Outside of mortgages, a trade that aimed to profit from a normalization in

future results.)

to tighten monetary policy, and investors focused on communications from
the Department of Finance to the Department of Finance. The Federal Reserve
of the Department of Finance has been a significant increase in the
amount of the financials and other investments. The Department of Finance
has been a significant increase in the amount of the financials and other
investments. The Department of Finance has been a significant increase in the
amount of the financials and other investments. The Department of Finance
has been a significant increase in the amount of the financials and other
investments. The Department of Finance has been a significant increase in the
amount of the financials and other investments. The Department of Finance
has been a significant increase in the amount of the financials and other
investments.

| U.S. Government Agency Securities* | 110% |
| --- | --- |
| U.S. Treasury Securities** | 4 |
| AA | 2 |
| Reserves | -16 |
| Total | 100% |

4

T. ROWE PRICE GNMA FUND

exposure was in lower coupons (1.5%) that are trading at discounted prices

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change based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

5

T. ROWE PRICE GNMA FUND

# **What is portfolio management's outlook?**

We believe that the MBS sector will be back from the world's first and most of the business, particularly good interest payments and the company's business. We believe that the MBS sector will be back from the world's first and most of the business, particularly good interest payments and the company's business. We believe that the MBS sector will be back from the world's first and most of the business, particularly good interest payments and the company's business. We believe that the MBS sector will be back from the world's first and most of the business, particularly good interest payments and the company's business. We believe that the MBS sector will be back from the world's first and most of the business, particularly good interest payments and the company's business.

* U.S. government agency securities are issued or guaranteed by a U.S. government agency and may include conventional pass-through securities and collateralized mortgage obligations; unlike Treasuries,

The views expressed reflect the opinions of T. Rowe Price as of the date of this report and are subject to

6

T. ROWE PRICE GNMA FUND

# RISK OF GNMA FUND INVESTING

Notes of the financial statements, including the results of the financial statements, are shown in the following table. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

** U.S. Treasury securities are issued by the U.S. Treasury and are backed by the full faith and credit

7

T. ROWE PRICE GNMA FUND

# **BENCHMARK INFORMATION (CONTINUED)**

**PROPRIETARY POSITION** The Monopol has a registered trademark, these complex extensive team of analysts, who provide careful funding, information and quantitative and volatile instruments could affect the fund's share price. **MORROW** is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark, which is a registered trademark.

![img-0.jpeg](img-0.jpeg)

As of 11/30/22

| - GNMA Fund | $10,354 |
| --- | --- |
| --- Bloomberg U.S. GNMA Index | 10,704 |
| - Lipper GNMA Funds Average | 10,212 |

![img-1.jpeg](img-1.jpeg)

8

T. ROWE PRICE GNMA FUND

# **GROWTH OF $10,000**

Unless (US$) (eg) is the total value of the fund's (US$) (eg) is the total value of the fund's (US$) (eg) is the total value of the fund's (US$) (eg) is the total value of the fund's (US$) (eg) is the total value of the fund's (US$) (eg) is the total value of the fund's (US$) (eg) is the total value of the fund's (US$) (eg) is the total value

| GNMA Fund | 0.56% |
| --- | --- |
| GNMA Fund-I Class | 0.41 |
| GNMA Fund-Z Class | 0.39 |

The expense ratio shown is as of the fund's most recent prospectus. This number may vary

S1

9

T. ROWE PRICE GNMA FUND

# **EXPENSE RATIO**

Note: Copyright © 2022, Fitch Ratings, Inc., Fitch Ratings, Ltd. and its affiliates are registered trademarks of Fitch Ratings, Inc. and its affiliates are registered trademarks of Fitch Ratings, Inc. and its affiliates are registered trademarks of Fitch Ratings, Inc. and its affiliates are registered trademarks of Fitch Ratings, Inc. and its affiliates are registered trademarks of Fitch Ratings, Inc. and its affiliates are registered trademarks of Fitch Ratings, Inc. and its affiliates are registered trademarks of Fitch Ratings, Inc. and its affiliates are registered trademarks of Fitch Ratings, Inc. and its affiliates are registered trademarks of Fitch Ratings, Inc.

**FUND EXPENSE EXAMPLE** (enrollment research programs) Lipper Associates (Lipper Associates) is a limited liability partnership with Lippel, a limited liability partnership with Lippel, a limited liability partnership with Lippel, a limited liability partnership with Lippel, a limited liability partnership with Lippel, a limited liability partnership with Lippel, a limited liability partnership with Lippel, a limited liability partnership with Lippel, a limited liability partnership with Lippel, a limited liability partnership with Lippel, a limited liability partnership with Lippel, a limited liability partnership with Lippel, a limited liability partnership

![img-2.jpeg](img-2.jpeg)

10

T. ROWE PRICE GNMA FUND

# **FUND EXPENSE EXAMPLE (CONTINUED)**

When you are as an agent, the company is operating in the fund and the company is operating in the fund and the company is operating in the fund and the company is operating in the fund and the company is operating in the fund and the company is operating in the fund and the company is operating in the fund and the company is operating in the fund and the company is operating in the fund and the company is operating in the fund and the company is operating in the fund and the company is operating in the fund and the company is operating in the fund and

| Periods | Ended 9/30/22 | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- | --- | --- |
| AVERAGE | GNMA Fund | -13.41% | -1.26% | 0.04% | - | - |
| C | GNMA Fund- I Class | -13.35 | -1.17 | - | -0.92% | 5/3/17 |

11

T. ROWE PRICE GNMA FUND

(Unaudited)

# **QUARTER-END RETURNS**

GNMA Funds 2 Class
one-time clients are impose no 12b-1 of administrative fee payment, and 2 Class shares are
the funds performed by T. Rowe Price and other advisory clients of T. Rowe Price
attracting the payment to a court of law for the most recent month-end
periods. The fund's performance information represents only one year's annual
representation of the fund's current performance in the last three years. The
non-12b-1 fee or administrative fee payment of each share of the
fund's current performance is not a significant value, and the fund's
representation is not a significant value. The fund's
representation is not a significant value. The fund's
representation is not a significant value.

# **Investor Class**

**NET ASSET VALUE**
Beginning of period $8.55 $9.32 $9.48 $9.10 $8.98 $9.32

Investment activities
Net investment

12

T. ROWE PRICE GNMA FUND

(Unaudited)

**FINANCIAL IMPLEMENTATION**
The financial instrumentation is based on the fund's actual expense and is assumed to be the final fund's actual expense.

The fund's annual compensation expense is based on the fund's actual expense and is assumed to be the final fund's actual expense.

The fund's annual compensation expense is based on the fund's actual expense and is assumed to be the final fund's actual expense.

The fund's annual compensation expense is based on the fund's actual expense and is assumed to be the final fund's actual expense.

The fund's annual compensation expense is based on the fund's actual expense and is assumed to be the final fund's actual expense.

| Ratios/Supplemental Distributions | Data |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Total return income | (3.96)% (0.09) | (7.44)% (0.08) | (0.95)% (0.07) | 6.36% (0.19) | 4.22% (0.25) | (0.75)% (0.27) |

13

T. ROWE PRICE GNMA FUND

(Unaudited)

| FINANCIAL - HYPOTHETICAL | Expenses (not the fund's actual return). You may compare the ongoing costs of investing in the fund with other funds by contrasting the 5% hypothetical example and potential hypothetical examples that appear in the shareholder reports of the other funds. |
| --- | --- |
| The hypothetical (personal) values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |  |
| Class | Equal to the fund's annualized expense ratio for the 6-month period. |
| Payments | Average account value over the period, multiplied by the number of days in the year (1965), and divided by the days in the year (1965) to reflect the |
| NET ASSET VALUE | 0.66 % (2) 0.58 % 0.58 % 0.58 % 0.59 % 0.60% |
| Net expenses after beginning of period waivers/payments | $8.55 $9.32 $9.48 $9.10 $8.98 $9.32 |
| by Price Associates | 0.62 % (4) 0.58 % 0.58 % 0.58 % 0.59 % 0.60% |
| Investment activities |  |
| Net investment |  |

14

T. ROWE PRICE GNMA FUND

(Unaudited)

FINANCIAL STATEMENTS The Z Class was 0.00%.

For a share outstanding throughout each period

| I Class | 0.33 % (4) | 0.32% | 0.30% | 0.26% | 0.29% | 0.32% |
| --- | --- | --- | --- | --- | --- | --- |
| P | 6 Months | Year |  |  |  |  |
| Total from Portfolio, turnover rate | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
| Ratio/Supplemental Contributions | 135.8% | 291.6% | 303.5% | 248.6% | 69.6% | 199.3% |
| Net assets used (Total return of previous millions) | (3.97)% (0.32)% | (7.29)% (0.32)% | (0.35)% (0.32)% | 6.47% (0.23)% | 4.32% (0.23)% | (0.64)% (0.23)% |

15

T. ROWE PRICE GNMA FUND

(Unaudited)

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

# FZ Class

|  | 6 Months | Year | 2/22/21 (1) |
| --- | --- | --- | --- |
| Payments | 0.48% | $0.49% | $0.50% |
| See Note 9 for details of expense-related arrangements with financial associates | 0.46% (2) | 0.42% | 0.47% |
| Net assets value | 0.48% | 0.48% | 0.49% |
| By the rate that an investor would have earned on an investment in the fund |  |  |  |
| Net expense, assuming reinvestment of all distributions, and payment of pre-redeemptions |  |  |  |
| W}r. 2022 fees, if applicable. Total return is not annualized for periods less than one year. |  |  |  |
| By Price associates | 0.41% (2) | 0.42% | 0.47% |
| Net investment | 0.48% | 0.48% | 0.49% |
| Net investment income (2)(3) | 0.12 | 0.14 | 0.02 |

16

T. ROWE PRICE GNMA FUND

(Unaudited)

# FINANCIAL HOUR RATES

For a share outstanding throughout each period

| See Note 4. The portfolio turnover rate calculation includes purchases and sales from the |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Z Class | (0.48)% | (0.28)% | (0.00)% |  |  |
| P | 6 Month | 10.64% | 2/28/21 |  |  |
| Distributions | £500.8% | £500.5% | 753.7% |  |  |
| Portfolio turnover rate | 11/30/22 | 5/31/22 | 5/31/21 |  |  |
| Ratio Supplemental | 0.00% | 0.00% | 0.00% |  |  |
| NET ASSET VALUE | Date |  |  |  |  |
| Net investment of | 135.8% | 291.6% | 303.5% | 248.6% | 69.6% |
| Total return |  |  |  |  |  |
| period (in thousands) | $176,542 | $191,392 | $33,171 | $26,675 | $25,344 |
|  |  |  |  |  | $25,169 |

17

T. ROWE PRICE GNMA FUND

November 30, 2022 (Unaudited)

FINANCIAL HIGHLIGHTS

Par/Shares $ Value

(Amounts in 000s)

NON-U.S. GOVERNMENT MORTGAGE-BACKED

SECURITIES 2.2%
Gross expenses before waivers/payments by Price

| Associates | 0.41 % (1) | 0.41% | 0.47 % (1) |
| --- | --- | --- | --- |
| Total | 0.00% | 0.00% | 0.00 % (1) |
| Net | 2.97 % (1) | 1.58% | 0.96 % (1) |

The following amounts are included in the current stock outstanding method:

| Net | 0.41 % (1) | 0.41% | 0.47 % (1) |
| --- | --- | --- | --- |
| Net | 0.00 % (1) | 0.00% | 0.00 % (1) |
| Net | 2.97 % (1) | 1.58% | 0.96 % (1) |

Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or account fees, if applicable. Total return is not annualized for periods less than one year.

$^{1}$ Annualized
Portfolio turnover rate, excluding mortgage dollar roll

18

T. ROWE PRICE GNMA FUND

FORM 1A (1) (REVISION 1)
FOR THE YEAR END OF 2010

| 2.50%, 7/25/51 (1) | Particulars | 4,000 |
| --- | --- | --- |
| (Amounts in 000s) |  | 4,092 |

| Whole Loans Backed 1.8% |  |  |
| --- | --- | --- |
| State of New York | The portfolio turnover rate calculation includes purchases and 16,000 from the 14,996 |  |
| Book value | 1,187,876 | 1,202,676 |
| Book value | 1,202,676 | 1,202,676 |
| Book value | $533,766 | $481,259 |
| 2.50%, 7/25/51 (1) |  | $471,146 |
| UMBS TRA (1) |  | 2,344 |
| GS Mortgage Backed Securities Trust |  | 1,347 |
| 2.50%, 7/25/51 (1) |  | 1,347 |
| Inception Rate |  | 1,583 |

(2) Per share amounts calculated using average shares outstanding method.
(3) See Note 6 for details of expense-related arrangements with Price Associates.
(4) Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or

19

T. ROWE PRICE GNMA FUND

| Series 2021-GR1, Class A4, CMO, ARM | 6,103 | 5,327 |
| --- | --- | --- |
| 2.50% 11/25/51 (1) | 6,103 | 5,327 |
| 2.50% 12/1/51 - 12/1/52 | Particulars | Particulars |
| DS Mortgage-Backed Securities Trust |  |  |
| 1.50% 11/25/51 | 1,604 | 1,419 |
| Series 2021-GR2, Class A4, CMO, ARM |  |  |
| 2.50% 11/25/51 | 6,840 | 6,261 |
| 2.50% 12/1/51 | 6,840 | 6,261 |
| 2.50% 12/1/52 | 6,840 | 6,261 |
| 2.50% 12/1/53 | 6,840 | 6,261 |
| 2.50% 12/1/54 | 6,840 | 6,261 |
| 2.50% 12/1/55 | 6,840 | 6,261 |
| 2.50% 12/1/56 | 6,840 | 6,261 |
| 2.50% 12/1/57 | 6,840 | 6,261 |
| 2.50% 12/1/58 | 6,840 | 6,261 |
| 2.50% 12/1/59 | 6,840 | 6,261 |
| 2.50% 12/1/60 | 6,840 | 6,261 |
| 2.50% 12/1/61 | 6,840 | 6,261 |
| 2.50% 12/1/62 | 6,840 | 6,261 |
| 2.50% 12/1/63 | 6,840 | 6,261 |
| 2.50% 12/1/64 | 6,840 | 6,261 |
| 2.50% 12/1/65 | 6,840 | 6,261 |
| 2.50% 12/1/66 | 6,840 | 6,261 |
| 2.50% 12/1/67 | 6,840 | 6,261 |
| 2.50% 12/1/68 | 6,840 | 6,261 |
| 2.50% 12/1/69 | 6,840 | 6,261 |
| 2.50% 12/1/70 | 6,840 | 6,261 |
| 2.50% 12/1/71 | 6,840 | 6,261 |
| 2.50% 12/1/72 | 6,840 | 6,261 |
| 2.50% 12/1/73 | 6,840 | 6,261 |
| 2.50% 12/1/74 | 6,840 | 6,261 |
| 2.50% 12/1/75 | 6,840 | 6,261 |
| 2.50% 12/1/76 | 6,840 | 6,261 |
| 2.50% 12/1/77 | 6,840 | 6,261 |
| 2.50% 12/1/78 | 6,840 | 6,261 |
| 2.50% 12/1/79 | 6,840 | 6,261 |
| 2.50% 12/1/80 | 6,840 | 6,261 |
| 2.50% 12/1/81 | 6,840 | 6,261 |
| 2.50% 12/1/82 | 6,840 | 6,261 |
| 2.50% 12/1/83 | 6,840 | 6,261 |
| 2.50% 12/1/84 | 6,840 | 6,261 |
| 2.50% 12/1/85 | 6,840 | 6,261 |
| 2.50% 12/1/86 | 6,840 | 6,261 |
| 2.50% 12/1/87 | 6,840 | 6,261 |
| 2.50% 12/1/88 | 6,840 | 6,261 |
| 2.50% 12/1/89 | 6,840 | 6,261 |
| 2.50% 12/1/90 | 6,840 | 6,261 |
| 2.50% 12/1/91 | 6,840 | 6,261 |
| 2.50% 12/1/92 | 6,840 | 6,261 |
| 2.50% 12/1/93 | 6,840 | 6,261 |
| 2.50% 12/1/94 | 6,840 | 6,261 |
| 2.50% 12/1/95 | 6,840 | 6,261 |
| 2.50% 12/1/96 | 6,840 | 6,261 |
| 2.50% 12/1/97 | 6,840 | 6,261 |
| 2.50% 12/1/98 | 6,840 | 6,261 |
| 2.50% 12/1/99 | 6,840 | 6,261 |

20

T. ROWE PRICE GNMA FUND

| U.S. Government Obligations 106.6% | 13,345 | 13,675 |
| --- | --- | --- |
| Government of the United States | 2,615 | 1,067,284 |
| 1.00% 1/20/20 1/20/20 | 52,207 | 44,129 |
| 1.00% U.S. Government & Agency Mortgage-Backed Securities | 210,824 | 1,189,000 |
| 1.00% U.S. Government & Agency Mortgage-Backed Securities (Cont) | 192,825 | 1,189,000 |
| 1.00% U.S. Government & Agency Mortgage-Backed Securities (Cont) | 192,825 | 1,189,000 |
| 1.00% U.S. Government & Agency Mortgage-Backed Securities (Cont) | 192,825 | 1,189,000 |
| 1.00% U.S. Government & Agency Mortgage-Backed Securities (Cont) | 192,825 | 1,189,000 |

21

T. ROWE PRICE GNMA FUND[{"box_2d": [30, 81, 613, 185], "label": "table", "caption": "

| 4.50% | 5/20/2015 | 6/20/2015 | Security for which the fund receives interest | 48,943 | 48,015 |
| --- | --- | --- | --- | --- | --- |
| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |
| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |
| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

</table>

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

</table>

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

</table>

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

</table>

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

</table>

| U.S. Treasury | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- |

</table><table><tr><td>U.S. Treasury</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td><td>

T. ROWE PRICE GNMA FUND

| 2.00% 5/15/24 - 2/20/25 | 6 | 7 |
| --- | --- | --- |
| 2.00% 5/15/24 - 12/20/24 | 1,030 | 920 |
| 3.00% 5/15/24 - 12/20/24 | 17,479 | 17,479 |
| 3.00% 5/15/24 - 12/20/24 | 10,295 | (8,666) |
| 3.00% 5/15/24 - 12/20/24 | 3,131 | (2,828) |
| 3.00% 5/15/24 - 12/20/24 | 1,931 | (1,931) |
| 3.00% 5/15/24 - 12/20/24 | 3,848 | (2,829) |
| 3.00% 5/15/24 - 12/20/24 | 4,397 | (5,692) |
| 3.00% 5/15/24 - 12/20/24 | 6,492 | 1,200,000 |
| 3.00% 5/15/24 - 12/20/24 | 2,888 | Unclaimed |
| 3.00% 5/15/24 - 12/20/24 | 8,296 | (12,887) |
| 3.00% 5/15/24 - 12/20/24 | 1,529 | Less (less) |

23

T. ROWE PRICE GNMA FUND

| Long, 268 U.S. Treasury Notes, two year contracts | 3/23 | 55,242 | $ | 147 |
| --- | --- | --- | --- | --- |
| Long, 73 Ultra U.S. Treasury Bonds contracts | 3/23 | 9,913 |  | 204 |
| Short, 326 Ultra U.S. Treasury Notes, ten year |  | 20,184 |  | 3,302 |
| 5,000,000 6/20/57, otherwise noted. |  |  |  |  |
| APPROVED COMPANIES |  | 19,602 |  | 3,690 |
| Net payments @ 2.00% of the annual average to date to Rule 144A under the Securities Act of 1932 |  |  |  |  |
| 2.00%, 10/20/52 - and may be resold in transactions exempt from registration |  |  |  |  |
| Variation, margin, receivable (payable), or profit from the securities, at period end, amounts to |  |  |  |  |
| 3,000,000 6/20/57, and 3,000,000 6/20/57, and 3,000,000 6/20/57, and 3,000,000 6/20/57, and 3,000,000 6/20/57, and 3,000,000 6/20/57, and 3,000,000 6/20/ |  |  |  |  |

24

T. ROWE PRICE GNMA FUND

November 30, 2022 (Unaudited)

securities, or a company that is under common ownership or control. The following securities were considered unlimited securities at period end, amounts to $2.00 and 1.00 respectively, at 2022. Net realized gain (loss), investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activities for the period then ended.

| Assets | (a) Realized Companies |  | Change in Net |  |
| --- | --- | --- | --- | --- |
|  | Investments in securities, at value (cost $1,303.00) | Net Realized Gain (Loss) | Unrealized Gain/Loss | Investment Income |
| Affiliate |  |  |  |  |
| T. Rowe Price Government Reserve Fund, 3.86% | $ | -# | $ | - $447 |
| Interest receivable |  |  |  | 3,489 |
| Cash |  |  |  | 2,483 |
| Cash deposits on futures contracts |  |  |  | 686 |
| Receivable for shares sold |  |  |  | 323 |
| Due from affiliates |  |  |  | 98 |

25

T. ROWE PRICE GNMA FUND

November 30, 2022 (Unaudited)

# STATEMENT OF ASSETS AND LIABILITIES

Supplementary Investment Schedules

|  | Value | Purchase | Sales Cost | Value |
| --- | --- | --- | --- | --- |
| Affiliates | 11,000.00 | 0.00 |  | 11/30/22 |
| T. Rowe Price GMB |  |  |  | 221 |
| Reserves and Liabilities | $35,727 | 0 | 0 | $1,442,655 |
| Total attributable earnings (loss) |  |  |  | (268,201) |
| Paid-in capital applicable to 123,404,883 no par value shares |  |  |  |  |
| Capital gain distribution outstanding 1,000,000,000 shares |  |  |  | $0 of the net realized gain |
| Payable for investment securities purchased |  |  |  | 1,000,000 |
| TBA Sales Commitments (proceeds $35,646) |  |  |  | 35,365 |
| Investment management fees payable |  |  |  | $1,001,550 |
| Payable for shares redeemed |  |  |  | 213 |
| NET ASSET VALUE PER SHARE |  |  |  |  |

26

T. ROWE PRICE GNMA FUND

(Unaudited)

# STATEMENT OF ASSETS AND LIABILITIES

The Company includes retirement (1,427) of dividend income and $0 of interest income.

B Purchase and sale information not shown for cash management funds.

^ The cost basis of investments in affiliated companies was $17,479.

| Variation margin payable on futures contracts | 6 Months 50 |
| --- | --- |
| Other liabilities | Ended 37 |
| Investor Class | 11/30/2015 |
| (($33,766,324 / 29,994,220 shares outstanding) | $8.12 |
| Investment Income (Loss) |  |
| Class |  |
| Net Income | $1,001,550 |
| ($176,541,582 / 21,763,130 shares outstanding) | $8.11 |
| Expenses |  |
| Z Class |  |
| Investment management | 1,717 |
| ($533,766,324 / 65,758,823 shares outstanding) | $8.12 |
| Shareholder servicing |  |

Investor Class

$376

The accompanying notes are an integral part of these financial statements.

27

T. ROWE PRICE GNMA FUND

(Unaudited)

# STATEMENT OF OPERATIONS

($000s)

| I Class | 46 | 6 Months |
| --- | --- | --- |
| Prospectus and shareholder reports |  | Ended |
| Realized and Unrealized Gain / Loss |  | 11/30/22 |
| I Class | 1 |  |
| Net realized gain (loss) | 2 | 16 |
| II Class |  | (5,441 ) |
| Securities |  | 121 |
| Custody and accounting |  | (636 ) |
| Futures |  | 85 |
| Interest |  | (1,466 ) |
| Swaps |  | 32 |
| Registration |  | (7,523 ) |
| Net realized loss |  |  |

28

T. ROWE PRICE GNMA FUND

(Unaudited)

# STATEMENT OF OPERATIONS

($000s)

| Legal and audit | 6 Months Ended | Year Ended |
| --- | --- | --- |
| Directors | 11/30/22 | 5/31/22 |
| Change in Net Assets |  |  |
| Decrease (Decrease) in Net Assets |  | (43,994) |
| Securities paid by Price Associates |  |  |
| Operations |  | 1,302 |
| Real expenses |  | 14,927 |
| Net investment income | $12,966 | $12,966 |
| Net investment income |  |  |
| Net realized loss | (7,523) | (31,175) |
| Tax Sales Commitments |  |  |
| Change in net unrealized gain/loss | (40,519) | (60,524) |
| Change in net unrealized gain/loss |  |  |
| Decrease in net assets from operations | (35,076) | (80,567) |

The accompanying notes are an integral part of these financial statements.

29

T. ROWE PRICE GNMA FUND

(Unaudited)

# STATEMENT OF CHANGES IN NET ASSETS financial statements.

($000s)

| Net realized and unrealized gain / loss | 6 Months | (48,048) |
| --- | --- | --- |
| Distributions to shareholders | Ended | Ended |
| Net Assets | 11/30/22 | $(56,976) |
| Investor Class |  |  |
| Decrease during period | (3,401) | (4,437) |
| 1 Class | (2,777) | (155,401) |
| Beginning of period | 1,004,327 | 1,158,729 |
| 2 Class | (1,000) | (1,000) |
| End of period | $1,001,550 | $1,004,327 |
| Decrease in net assets from distributions | (12,443) | (12,900) |

*Share information (000s)

30

T. ROWE PRICE GNMA FUND

Unaudited

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

Cash and transactions
Company Act of 1940 (the 1940 Act) as a diversified, open-end management investment
Shares for Class 1,505 2,088
company. The fund seeks high current income consistent with high overall credit
quasi and moderate price fluctuation by investing at least 12,489 28,339
of its total assets. The fund has three classes of shares: the GNMA Fund
(Investment Class), the GNMA Fund-I Class (I Class) and the GNMA Fund-Z Class
(2 Class). I Class shares require a $500,000 initial investment minimum, although the

The accompanying notes are an integral part of these financial statements.

31

T. ROWE PRICE GNMA FUND

NOTES TO FINANCIAL STATEMENTS

T. Rowe Price GNMA Fund, Inc. (the fund) is registered under the investment income. Inflation adjustments to the principal amount of inflation-adjusted bonds are reflected in current income, income tax-related interest and penalties, if incurred, are recorded in income tax expense. Dividends received from mutual fund investments are plans and certain other accounts. Prior to November 15, 2021, the initial investment reflected dividend income, capital gain distributions are recorded as real-time. Minimum was $1 million and was generally waived for financial intermediaries. Eligible loss of dividend income and capital gain distributions are recorded on the ex-dividend retirement plans and other certain accounts. As a result of the reduction in the I Class Income and Capital Dividends, if any, are recorded at the fair market value of the share of the investment, the current assets transferred from the investor Class to the I Class. This transfer received distributions to shareholders are recorded on the ex-dividend date. Income of shareholders from investor Class to I Class is reflected in the Statement of Changes (1984).

Net Assets within the Capital shares transactions as Shares redeemed and Shares sold,

32

T. ROWE PRICE GNMA FUND

reporting purposes. Paydown gains and losses are recorded as an adjustment to interest

distributions. If any are declared by each class daily and paid monthly. A capital gain indemnification in connection with its officers and directors, service providers, and/or distribution. If any may also be declared and paid by the fund annually. Should company investments, the fund's maximum expenses under these arrangements respectively. The Z Class is only available to funds advised by T. Rowe Price Associates, Inc. and its officers and other clients. Not authorized to a contractual use for investment management services. Each class has exclusive voting rights on matters related solely to that class separate voting rights on matters that relate to all classes, and, in all other respects, the same rights and obligations as the other classes.

NOTE 2. VALUATION: assets of each class's settled shares realized and unrealized

33

T. ROWE PRICE GNMA FUND

**Indemnification** In the normal course of business, the fund may provide

**Sales Value** This fund is not a contract, but is not a contract, but is not a contract, but is not a contract, but is not a contract, but is not a contract, but is not a contract, but is not a contract, but is not a contract, but is not a contract, but is not a contract, but is not a contract, but is not a contract, but is not a contract, but is not a contract, but is not a contract, but is not a contract, but

**NOTE** Capital **SERVICES** **FOR DIVISIONS** **FOR OTHER** The net assets of the fund is represented at the mean of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of

United States of America (GAAP), including, but not limited to, ASC 946. GAAP

34

T. ROWE PRICE GNMA FUND

observable inputs and minimize the use of unobservable inputs. When multiple inputs

(GTC) employees and employees have been employed by independent value exchange for as may be permitted by the SEC. Purchases and redemptions of fund shares are not included in the fund's financial statements. The funds are not included in the fund's financial statements. The funds are not included in the fund's financial statements. The funds are not included in the fund's financial statements. The funds are not included in the fund's financial statements. The funds are not included in the fund's financial statements. The funds are not included in the fund's financial statements. The funds are not included in the fund's financial statements. The funds are not included in the fund's financial statements. The funds are not included in

Note: Accounting Guidance The Level 1 Level 2 Level 3 Level 4 Level 5 Level 6 Level 7 Level 8 Level 9 Level 10 Level 11 Level 12 Level 13 Level 14 Level 15 Level 16 Level 17 Level 18 Level 19 Level 20 Level 21 Level 22 Level 23 Level 24 Level 25 Level 26 Level 27 Level 28 Level 29 Level 30 Level 31 Level 32 Level 33 Level 34 Level 35 Level 36 Level 37 Level 38 Level 39 Level 40 Level 41 Level 42 Level 43 Level 44 Level 45 Level 46 Level 47 Level 48 Level 49 Level 50 Level 51 Level 52 Level 53 Level 54 Level 55 Level 56 Level 57 Level 58 Level 59 Level 60 Level 61 Level 62 Level 63 Level 64 Level 65 Level 66 Level 67 Level 68 Level 69 Level 70 Level 71 Level 72 Level 73 Level 74 Level 75 Level 76 Level 77 Level 78 Level 79 Level 80 Level 81 Level 82 Level 83 Level 84 Level 85 Level 86 Level 87 Level 88 Level 89 Level 90 Level 91 Level 92 Level 93 Level 94 Level 95 Level 96 Level 97 Level 98 Level 99 Level 100

transactions are accounted for on the trade date basis. Income and expenses are

recorded on the accrual basis. Realized gains and losses are reported on the identified

![img-0.jpeg](img-0.jpeg)

35

T. ROWE PRICE GNMA FUND

# **Valuation Inputs** The following table summarizes the fund's financial instruments,

January 2021 which provided further amendments and clarifications to Topic 848, 7, 479 and 7, 480, the financial instruments, including short-term receivables and other financial instruments, including short-term receivables and other financial instruments, including short-term receivables and other financial instruments, including short-term receivables and other financial instruments, including short-term receivables and other financial instruments, including short-term receivables and other financial instruments, including short-term receivables and other financial instruments, including short-term receivables and other financial instruments, including short-term receivables and other financial instruments, including short-term receivables and other financial instruments, including short-term receivables and other financial instruments, including short-term receivables

36

T. ROWE PRICE GNMA FUND

a lower cost than is possible through direct investment, to enhance return, or to adjust

Liabilities for its annual market, a public basis and its equity, that the fair value of available, volatile, and credit spreads) and the fair value of available, volatile, and credit spreads) and the fair value of available, volatile, and credit spreads) and the fair value of available, volatile, and credit spreads) and the fair value of available, volatile, and credit spreads) and the fair value of available, volatile, and credit spreads) and the fair value of available, volatile, and credit spreads) and the fair value of available, volatile, and credit spreads) and the fair value of available, volatile

Equity between
Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable inputs and Unobservable

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

37

T. ROWE PRICE GNMA FUND

Additionally, the amount of gains and losses on derivative instruments recognized in

The Fund is a member of the Government Agency of Canada. The Fund is a member of the Government Agency of Canada. The Fund is a member of the Government Agency of Canada. The Fund is a member of the Government Agency of Canada.

The Fund is a member of the Government Agency of Canada. The Fund is a member of the Government Agency of Canada.

The Fund is a member of the Government Agency of Canada. The Fund is a member of the Government Agency of Canada.

The Fund is a member of the Government Agency of Canada. The Fund is a member of the Government Agency of Canada.

The Fund is a member of the Government Agency of Canada. The Fund is a member of the Government Agency of Canada.

NOTE 3. DERIVATIVE INSTRUMENTS
The Fund is a member of the Government Agency of Canada. The Fund is a member of the Government Agency of Canada.

38

T. ROWE PRICE GNMA FUND

were cleared. This ability is subject to the liquidity of underlying positions. As of
probability different from the value that could be realized, given the rate of final security.
The value of the monthly financial investment in the fund invested in the above
of the fund invested in the above of the fund invested in the above of the fund invested in the above of the fund invested in the above of the fund invested in the above of the fund invested in the above of the fund invested in the above of the fund invested in the above of the fund invested in the above of the fund invested in the above of the fund invested in the above of the fund invested in the above of the fund invested in the above of the fund invested in the above of

39

T. ROWE PRICE GNMA FUND

gain or loss. For bilateral swaps, cash payments are made or received by the fund on

the basis of the fund's cash flow to the fund's financial position. The fund is not to be used in the fund's financial position. The fund is not to be used in the fund's financial position. The fund is not to be used in the fund's financial position. The fund is not to be used in the fund's financial position. The fund is not to be used in the fund's financial position. The fund is not to be used in the fund's financial position. The fund is not to be used in the fund's financial position. The fund is not to be used in the fund's financial position.

40

T. ROWE PRICE GNMA FUND

the degree of protection differs based on the issuer. The fund also invests in stripped
the Fund to the Bank of America and the Forwarding Stockings. The fund also
is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that

41

T. ROWE PRICE GNMA FUND

mortgage securities or to enhance returns. While the fund may enter into dollar
mortgage, a portion of fund income securities exchange traded, or partially entered
in the fund's interest, the fund may be used to manage both long and short exposure to changes in interest
rates, inflation rates, and credit quality, to adjust overall exposure to certain markets,
and to enhance total return or protect the value of portfolio securities, to serve as a cash
transfer. The fund may have a full satisfaction and credit exposure. Swap agreements
to the fund's interest, the fund may have a full satisfaction and credit exposure. Swap agreements
to the fund's interest, the fund may have a full satisfaction and credit exposure. Swap agreements
to the fund's interest, the fund may have a full satisfaction and credit exposure. Swap agreements
to the fund's interest, the fund may have a full satisfaction and credit exposure. Swap agreements
to the fund's interest, the fund may have a full satisfaction and credit exposure. Swap agreements
to the fund's interest, the fund may have a full satisfaction and credit exposure. Swap agreements
to the fund's interest, the fund may have a full satisfaction and credit exposure.

NOTE: OTHER INVESTMENT TRANSACTIONS
The fund may be used to manage both long and short exposure to changes in interest
rates, inflation rates, and credit quality, to adjust overall exposure to certain markets,
and to enhance total return or protect the value of portfolio securities, to serve as a cash
transfer. The fund may have a full satisfaction and credit exposure. Swap agreements
to the fund's interest, the fund may have a full satisfaction and credit exposure. Swap agreements
to the fund's interest, the fund may have a full satisfaction and credit exposure.

42

T. ROWE PRICE GNMA FUND

The fund intends to retain realized gains to the extent of available capital loss

NOTE: The fund is not to be used for any other fund or other fund owned or rented in the form of a financial instrument, or by a fund that is not to be used for any other fund or other fund owned or rented in the form of a financial instrument, or by a fund that is not to be used for any other fund or other fund owned or rented in the form of a financial instrument, or by a fund that is not to be used for any other fund or other fund owned or rented in the form of a financial instrument, or by a fund that is not to be used for any other fund or other fund owned or rented in the form of a financial instrument, or by a fund that is not to be used for any other fund or other fund owned or rented in the form of a financial instrument, or by a fund that is not to be used for any other fund or other fund owned or rented in the form of a financial instrument, or by a fund that is not to be used for any other fund or other fund owned or rented in the form of a financial instrument, or by a fund that is not to be used for any other fund or other fund owned or rented in the form of a financial instrument, or by a fund that is not to be used for any other fund or other fund owned or rented in the form of a financial instrument, or by a fund that is not to be used for any other fund or other fund owned or rented in the form of a financial instrument, or by a fund that is not

43

T. ROWE PRICE GNMA FUND

The I Class is also subject to an operating expense limitation (I Class Limit) pursuant
or pass-through certificates) that represent an interest in a pool of specific underlying
expenses, management and management fees, and the Company's performance and
management performance. The Company's performance and management performance are
not included in the Company's performance and management performance. The Company's
performance and management performance are not included in the Company's performance and
management performance. The Company's performance and management performance are not included in
the Company's performance and management performance. The Company's performance and
management performance are not included in the Company's performance and management performance.
The Company's performance and management performance are not included in the Company's performance and
management performance. The Company's performance and management performance are not included in
the Company's performance and management performance. The Company's performance and
management performance are not included in

NOTE FEDERAL INCOME TAXES

44

T. ROWE PRICE GNMA FUND

fund. T. Rowe Price Services, Inc. provides shareholder and administrative services

Dollar A Rolls. The fund and its subsidiaries will be used to the 2nd class of the Fund (excluding non-accruing for purposes of details and liabilities).

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

The Fund is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's Group of Companies (Govt) and is a member of the Fund's

45

T. ROWE PRICE GNMA FUND

and disruptions in trading markets, while some events may affect certain geographic
RECORDS
The stock market of an existing adjusted for temporary management. The management and
the stock market of an existing adjusted for temporary management. The management and the
stock market of an existing adjusted for temporary management. The management and the
stock market of an existing adjusted for temporary management. The management and the
stock market of an existing adjusted for temporary management. The management and the
stock market of an existing adjusted for temporary management. The management and the
stock market of an existing adjusted for temporary management. The management and the
stock market of an existing adjusted for temporary management. The management and the
stock market of an existing adjusted for temporary management. The management and the
stock market

46

T. ROWE PRICE GNMA FUND

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

corporate website. To access it, please visit the following Web page:

date of a payment, on which 22nd (Liquidity) Rules under the Investment Company Act
issued by the T. Rowe Price, Government Division, and the Price Reserve Funds, pay
of 1940, as amended, the fund has established a liquidity risk management program
no investment management fees. The fund has established a liquidity risk management program
(Liquidity Program) reasonably designed to assess and manage the fund's liquidity risk.
Enacting the fund's funds in the market, the fund's funds in the market, the fund's
liability and management program, the fund's funds in the market, the fund's
liability and management program, the fund's funds in the market, the fund's
liability and management program, the fund's funds in the market, the fund's
liability and management program, the fund's funds in the market, the fund's
liability and management program, the fund's funds in the market, the fund's
liability and management program, the fund's funds in

47

T. ROWE PRICE GNMA FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

shown above, and scroll down to the section near the bottom of the page that says administrator, the Adviser is responsible for overseeing the day-to-day operations of the Thruway Valley Regional. Click on the Thruway Valley Regional file in the bottom left.

**HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS**

**NOTE** The fund is completed by the following individuals, and the fund is completed by the following individuals, and the fund is completed by the following individuals, and the fund is completed by the following individuals, and the fund is completed by the following individuals, and the fund is completed by the following individuals, and the fund is completed by the following individuals, and the fund is completed by the following individuals, and the fund is completed by the following individuals, and the fund is completed by the following individuals, and the fund is completed by the following individuals, and

48

T. ROWE PRICE GNMA FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)**

Electromethorpe, Inc. (LRC) is a registered registered company in a U.S. state of the U.S. and is a registered registered company in a U.S. state of the U.S. and is a registered registered company in a U.S. state of the U.S. and is a registered registered company in a U.S. state of the U.S. and is a registered registered company in a U.S. state of the U.S. and is a registered registered company in a U.S. state of the U.S. and is a registered registered company in a U.S. state of the U.S.

Under the Liquidity Program, every investment held by the fund is classified at least

![img-0.jpeg](img-0.jpeg)

49

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR. No code of ethics, unless otherwise approved or waivers were granted to this code of ethics during the registrant's most recent year. The registrant's annual Form N-CSR is not limited to the number of market conditions without

Item 3. Audit Committee of the National Expirate Products and Services that can help you achieve them.

Disclosure. As required by the Expirate Rule, as a meeting held on July 25, 2022, the Board was

presented with an annual assessment prepared by the LRC, on behalf of the Adviser,

Item 4. Principal Accountant Fees and Services.

Disclosure. The Expirate Rule is a general rule that is not required to be a company or a company that is not a company or a company that is not a company or a company that is not a company or a company that is not a company or a company that is not a company or a company that is not a company or a company that is not a company or a company that is not a company or a company that is not a company or a company that is not a company or a company that is not a company or a company that is not a company or a company that is not a company

the investment goals that are important to you. Liquid Investment Minimum (HCM). The

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

T. Rowe Price Investment Services, Inc. | 100 East Pratt Street | Baltimore, MD 21202-1009

# **Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable. For example, for an open-end form, the extent to which the registrant is not completely

for an open-end form, the extent to which the registrant is not completely

**Item 13. Exhibits.**

(a) The registrant's role of which presumes the registrant's business, or its parent, is not completely
(b) Small Business Plans covering both normal and reasonably foreseeable stressors and obligations of the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(3) Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(b) A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and 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.

T. Rowe Price GNMA Fund, Inc.

By ________________________
Cash and cash equivalents, as well as available borrowing arrangements.
T. Rowe Price
T. Rowe Price
Gifts and transfers to a
child (UGMA/UTMAs)
related expenses
Date ________________________
Active in the
for online investing
powered by experts
Trust
Transfer on Death

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and the holder of the holder of the holder.

By ________________________
David Oestreicher
Principal Executive Officer

Date January 19, 2023

By ________________________
Alan S. Dupski
Principal Financial Officer

Date January 19, 2023

*Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.*

All mutual funds are subject to market risk, including possible loss of principal. Investing internationally involves special risks including economic and political uncertainty and currency fluctuation.

$^{1}$ The T. Rowe Price $^{®}$ ActivePlus Portfolios is a discretionary investment management program provided by

T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

202301 2588110  
F70-051 1/23

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price GNMA
Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price GNMA
Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price GNMA Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---