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T. Rowe Price GNMA Fund, Inc.
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SUMMARY
Investment Objective(s)
<p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zxNFd2dPXJ6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fund seeks high current income consistent with high overall credit
quality and moderate price fluctuation by investing at least 80% of its total assets in Government National Mortgage Association securities
backed by the full faith and credit of the U.S. government.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
Fees and Expenses
<p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zFRi3udH7Si6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: normal">This table describes the fees and
expenses that you may pay if you buy, hold, and sell shares of the fund. </span><b>You may also incur brokerage commissions and other
charges when buying or selling shares of the fund, which are not reflected in the table or example below.</b></p>
<div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zK76AYH3b6N"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z2FYQt4o5VNk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees">
<tr style="vertical-align: bottom">
<td colspan="2" style="border-top: Black 1pt solid; border-left: black 1pt solid"> </td>
<td colspan="2" id="xdx_49D_20260727__20260727__oef--ClassAxis__custom--C000005523Member_zQhD4TXpDVW7" style="border-top: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Investor<br/>
Class</b></span></td>
<td colspan="2" id="xdx_49D_20260727__20260727__oef--ClassAxis__custom--C000190558Member_zDa1bIZ0D5le" style="border-top: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>I<br/>
Class</b></span></td>
<td style="border-top: Black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="6" id="xdx_98E_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zpsWqZvDmHHl" style="border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Shareholder fees (fees paid directly from your investment)</b></span></td>
<td style="border-right: black 1pt solid"> </td></tr>
<tr id="xdx_402_eoef--MaximumAccountFee_z7B6u5pvjzJ3" style="vertical-align: bottom">
<td colspan="2" style="border-left: black 1pt solid; padding-left: 2pt"><span style="font-size: 10pt">Maximum account fee</span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">$20</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt"><sup id="xdx_F29_zKwr637xu0Rg">a</sup> </span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0024">—</span></span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr>
<td style="width: 2%"><span style="font-size: 1pt"> </span></td>
<td style="width: 57%"><span style="font-size: 1pt"> </span></td>
<td style="width: 9%"><span style="font-size: 1pt"> </span></td>
<td style="vertical-align: bottom; width: 9%"><span style="font-size: 1pt"> </span></td>
<td style="width: 9%"><span style="font-size: 1pt"> </span></td>
<td style="vertical-align: bottom; width: 9%"><span style="font-size: 1pt"> </span></td>
<td style="vertical-align: bottom; width: 5%"><span style="font-size: 1pt"> </span></td></tr>
</table>
Shareholder fees (fees paid directly from your investment)
20
Annual fund operating expenses
(expenses that you pay each year as a
percentage of the value of your investment)
<div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zNYC5DPTuUnl"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zVSTNO0PQxi2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="display: none">
<td style="display: none"> </td>
<td style="display: none"> </td>
<td id="xdx_49C_20260727__20260727__oef--ClassAxis__custom--C000005523Member_zYT6W9mCJO64" style="display: none"> </td>
<td style="display: none"> </td>
<td id="xdx_49E_20260727__20260727__oef--ClassAxis__custom--C000190558Member_zG0dwDQC1XHj" style="display: none"> </td>
<td style="display: none"> </td>
<td style="display: none"> </td></tr>
<tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z3zkgk0sGnJb" style="vertical-align: bottom">
<td colspan="2" style="border-left: black 1pt solid; padding-left: 2pt"><span style="font-size: 10pt">Management fees</span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> 0.35</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt">%</span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> 0.35</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt">%</span></td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid; text-align: left; width: 2%"> </td>
<td style="width: 57%"> </td>
<td style="width: 9%; background-color: #E6E6E6"> </td>
<td style="width: 9%; background-color: #E6E6E6"> </td>
<td style="width: 9%; background-color: #E6E6E6; text-align: right"> </td>
<td style="width: 9%; background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; width: 5%; background-color: #E6E6E6"> </td></tr>
<tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zl49kXXJrxX8" style="vertical-align: bottom">
<td colspan="2" style="border-left: black 1pt solid; padding-left: 2pt"><span style="font-size: 10pt">Other expenses</span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> 0.43</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> 0.16</span></td>
<td style="background-color: #E6E6E6"><span id="xdx_F25_zV02QqO57aJ8" style="font-size: 10pt"><sup>b</sup></span><span style="font-size: 10pt"> </span></td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid; text-align: left"> </td>
<td> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zkevl5qT8AOg" style="vertical-align: bottom">
<td colspan="2" style="border-left: black 1pt solid; padding-left: 2pt"><span style="font-size: 10pt">Total annual fund operating
expenses</span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> 0.78</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> 0.51</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid; text-align: left"> </td>
<td> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr id="xdx_405_eoef--FeeWaiverOrReimbursementOverAssets_dp_znnpIQwlPlD1" style="vertical-align: bottom">
<td colspan="2" style="border-left: black 1pt solid; padding-left: 2pt"><span style="font-size: 10pt">Fee waiver/expense reimbursement</span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> (0.16</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt">)<span id="xdx_F25_zeTGVqGYRnIe"><sup>c</sup></span></span><span style="font-size: 10pt"> </span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> (0.11</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt">)<span id="xdx_F26_zJvOvJL9MF1e"><sup>b</sup></span></span><span style="font-size: 10pt"> </span></td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid; text-align: left"> </td>
<td> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr id="xdx_401_eoef--NetExpensesOverAssets_dpn_zne0bgZp1qJ1" style="vertical-align: bottom">
<td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 2pt"><span style="font-size: 10pt"><b>Total
annual fund operating expenses after fee waiver/expense reimbursement</b></span></td>
<td style="border-bottom: black 1pt solid; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"><b> 0.62</b></span></td>
<td style="border-bottom: black 1pt solid; background-color: #E6E6E6"><span id="xdx_F2D_zTryj3eaxsR2" style="font-size: 10pt"><b><sup>c</sup></b></span><span style="font-size: 10pt"> </span></td>
<td style="border-bottom: black 1pt solid; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"><b> 0.40</b></span></td>
<td style="border-bottom: black 1pt solid; background-color: #E6E6E6"><span id="xdx_F24_zie4G9VwjDq1" style="font-size: 10pt"><b><sup>b</sup></b></span><span style="font-size: 10pt"> </span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E6E6E6"> </td></tr>
</table>
0.0035
0.0035
0.0043
0.0016
0.0078
0.0051
-0.0016
-0.0011
0.0062
0.0040
<div id="xdx_A85_eoef--ExpenseFootnotesTextBlock_zacZMVFQu3Bg"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="text-align: left; width: 2%"><span style="font-size: 6pt"> </span></td>
<td style="width: 57%"><span style="font-size: 6pt"> </span></td>
<td style="width: 9%"><span style="font-size: 6pt"> </span></td>
<td style="vertical-align: bottom; width: 9%"><span style="font-size: 6pt"> </span></td>
<td style="width: 9%"><span style="font-size: 6pt"> </span></td>
<td style="vertical-align: bottom; width: 9%"><span style="font-size: 6pt"> </span></td>
<td style="vertical-align: bottom; width: 5%"><span style="font-size: 6pt"> </span></td></tr>
<tr>
<td style="vertical-align: top; text-align: left"><span style="font-size: 10pt"><sup id="xdx_F0B_z1SlyO0jaQzl">a</sup> </span></td>
<td colspan="6" style="vertical-align: bottom"><span id="xdx_F14_zYoJkHsI5dnk" style="font-size: 10pt">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</span></td></tr>
<tr>
<td style="vertical-align: top; text-align: left"><span style="font-size: 10pt"><sup id="xdx_F06_z68dSSItjU09">b</sup> </span></td>
<td colspan="6" style="vertical-align: bottom"><span id="xdx_F19_zDwM4MqFCcF4" style="font-size: 10pt">T. Rowe Price Associates, Inc., has contractually agreed (through July 31, 2027) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after <span id="xdx_908_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260727__20260727__oef--ClassAxis__custom--C000190558Member_zhUg3Q20oYO4">July 31, 2027</span>, with approval by the fund’s Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid).</span></td></tr>
<tr>
<td style="vertical-align: top; text-align: left"><span style="font-size: 10pt"><sup id="xdx_F04_z3GRt4bR13w6">c</sup></span></td>
<td colspan="6" style="vertical-align: bottom"><span id="xdx_F1A_zPw8qHedT4n7" style="font-size: 10pt">T. Rowe Price Associates, Inc., has contractually agreed (through <span id="xdx_900_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260727__20260727__oef--ClassAxis__custom--C000005523Member_zEvpZLgdlFse">July 31, 2027</span>) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.62%. The agreement may only be terminated at any time after July 31, 2027, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.62%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid).</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
July 31, 2027
July 31, 2027
Example
<p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zgmVMBkWjUr9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: normal">This example is intended
to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest
$10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment
has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense
limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect
fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although
your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z2foOlvHBAd9"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z4bb24nYeNl2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example">
<tr style="vertical-align: bottom">
<td style="border-top: black 1pt solid; border-left: black 1pt solid"> </td>
<td colspan="2" id="xdx_484_eoef--ExpenseExampleYear01_z48ffHvNUL33" style="border-top: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>1
Year</b></span></td>
<td colspan="2" id="xdx_48D_eoef--ExpenseExampleYear03_zqDK0o5wXdN8" style="border-top: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>3
Years</b></span></td>
<td colspan="2" id="xdx_486_eoef--ExpenseExampleYear05_z3VN193zwzXg" style="border-top: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>5
Years</b></span></td>
<td colspan="2" id="xdx_482_eoef--ExpenseExampleYear10_zE8O5B7p1369" style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>10
Years</b></span></td>
</tr>
<tr id="xdx_417_20260727__20260727__oef--ClassAxis__custom--C000005523Member_zsV5utaE7Q86">
<td style="border-left: black 1pt solid; width: 48%; background-color: #D9D9D9"><span style="font-size: 10pt"><b> Investor
Class </b></span></td>
<td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right"><span style="font-size: 10pt">$</span></td>
<td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">63</span></td>
<td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right"><span style="font-size: 10pt">$</span></td>
<td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">233</span></td>
<td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right"><span style="font-size: 10pt">$</span></td>
<td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">418</span></td>
<td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right"><span style="font-size: 10pt">$</span></td>
<td style="border-right: black 1pt solid; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">951</span></td>
</tr>
<tr id="xdx_417_20260727__20260727__oef--ClassAxis__custom--C000190558Member_z5U6OnCX6xE">
<td style="border-left: black 1pt solid; background-color: #D9D9D9"><span style="font-size: 10pt"><b> I Class </b></span></td>
<td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td>
<td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">41</span></td>
<td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td>
<td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">152</span></td>
<td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td>
<td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">274</span></td>
<td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td>
<td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">630</span></td>
</tr>
<tr>
<td style="border-top: black 1pt solid"> </td>
<td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td>
<td style="border-top: black 1pt solid; text-align: right"> </td>
<td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td>
<td style="border-top: black 1pt solid; text-align: right"> </td>
<td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td>
<td style="border-top: black 1pt solid; text-align: right"> </td>
<td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td>
<td style="border-top: black 1pt solid; text-align: right"> </td>
</tr>
</table>
63
233
418
951
41
152
274
630
Portfolio Turnover
<p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zkO8fOI5KNK5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: normal">The
fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s
performance. During the most recent fiscal year, the fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zuepvAyjOeUg">73.2</span></span><span style="font-weight: normal">%
of the average value of its portfolio.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<div style="display: none"></div>
0.732
Principal Investment Strategies
<p id="xdx_A88_eoef--StrategyNarrativeTextBlock_z8YqyjndA0Bj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_90F_eoef--StrategyPortfolioConcentration_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zaRrdkQ8pzjj">The fund normally invests at least 80% of its total assets in mortgage-backed
securities issued by the Government National Mortgage Association (GNMA), an agency of the U.S. Department of Housing and Urban Development.</span>
For purposes of the fund’s 80% investment policy, total assets means the fund’s net assets plus any amounts borrowed for investment
purposes. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk
factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the
fund’s 80% investment policy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mortgage-backed securities represent “pools” of mortgage
loans that are guaranteed either by the Federal Housing Administration or the Veterans Administration. Mortgage lenders pool individual
home mortgages to back a certificate or bond, which entitle the holder to a proportionate share of the principal and interest payments
that are made on the underlying pool of mortgage loans.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Up to 20% of the fund’s total assets may be invested in high-quality
securities that are not backed by the full faith and credit of the U.S. government. These securities must have a credit rating in one
of the two highest rating categories (AA or AAA, or an equivalent rating) assigned by at least one of the credit rating agencies at the
time of purchase or, if unrated, deemed by the adviser to be of comparable quality. Such securities may include, among others, mortgage-backed
securities issued by government agencies (such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation)
that are not backed by the full faith and credit of the U.S. government and mortgage-related securities issued by private banks and other
non-governmental issuers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In selecting securities, the portfolio manager may weigh the characteristics
of various types of mortgage-backed securities and examine yield relationships in the context of the outlook for interest rates and the
economy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For example, if interest rates seem likely to fall, the portfolio manager
may purchase mortgage-backed securities expected to have below-average prepayment rates with longer maturities and allocate some assets
to bonds or other securities that could appreciate in that environment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GNMA guarantees the timely payment of interest and principal on the
securities it issues, a guarantee backed by the U.S. Treasury. The GNMA guarantee does not apply to the price of GNMA securities or the
fund’s share price, both of which will fluctuate with market conditions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is no limit on the maturity of individual securities in the fund’s
portfolio or on the fund’s overall weighted average maturity, which will vary and can be influenced by various factors such as the
general level of interest rates, and principal prepayments of GNMA and other mortgage-backed securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fund may use a variety of derivatives, such as futures, forwards,
and swaps for a number of purposes, such as for hedging risk or managing certain exposure. Specifically, the fund uses interest rate
futures primarily in an effort to manage its exposure to changes in interest rates or to adjust portfolio duration.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fund may also purchase or sell mortgage-backed securities on a
delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market. With TBA transactions, the particular
securities to be delivered are not identified at the trade date, but the delivered securities must meet specified terms and standards.
The fund will generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities.
However, in an effort to obtain underlying mortgage-backed securities on more preferable terms or to enhance returns, the fund may extend
the settlement by entering into “dollar roll” transactions in which the fund sells mortgage-backed securities to a dealer
and simultaneously agrees to purchase substantially similar securities in the future at a predetermined price. The fund also expects to
engage in short sales of TBA mortgages, including short sales on TBA mortgages the fund does not own, to potentially enhance returns or
manage risk.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
The fund normally invests at least 80% of its total assets in mortgage-backed
securities issued by the Government National Mortgage Association (GNMA), an agency of the U.S. Department of Housing and Urban Development.
The
fund’s share price fluctuates, which means you could lose money by investing in the fund.
<p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeMarketsMember_z6rUh9d2H1gg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Fixed income
markets:</b></span> Economic and other market developments can adversely affect the fixed income securities markets. At times, participants
in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments,
or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an
orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed
income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s
ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketConditionsMember_zWGiNz24sIJ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Market
conditions:</b></span> The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting
an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility
of the fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions,
and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters,
and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public
responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets,
while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government
intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad
declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesMember_zcyMIeIVavFe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Interest
rates:</b></span> A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely,
a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields
of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer
weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments
are likely to affect the interest rates or yields of the securities in which the fund invests.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageandassetbackedsecuritiesMember_z1m91vULbYRf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Mortgage-
and asset-backed securities:</b></span> Investments in mortgage-backed securities and other types of asset-backed securities are subject
to interest rate risk, prepayment and extension risk, credit risk, and the risk of underperformance by the underlying pools of assets.
Mortgage-backed securities and asset-backed securities tend to be more sensitive to changes in interest rates than traditional bonds
and other debt securities. Early repayments of principal on underlying assets may expose the fund to a lower rate of return upon reinvestment
of principal and the value of securities with prepayment features may not increase as much as other fixed income securities when interest
rates are declining. In addition, the value of these securities may fluctuate in response to the market’s perception of the creditworthiness
of the issuers and there is no assurance that any guarantors or insurers of such securities will meet their obligations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentsandextensionsMember_z1jLfza9HUO3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Prepayments and extensions: </b>The fund is subject to prepayment
risks because the principal on mortgage-backed securities, asset-backed securities, or any debt instrument with an embedded call option
may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase
as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest
rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TBAsanddollarrollsMember_zMPDqff8nUVf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>TBAs and
dollar rolls:</b></span> Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that
the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions
are collateralized but they still involve the risk that a counterparty will fail to deliver the security, exposing the fund to potential
losses. Whether or not the fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be
exposed to changes in the value of the underlying investments during the term of the agreement. Forward settling securities, such as TBAs,
involve leverage which may magnify investment risks and can cause losses to be realized more quickly. In addition, the fund’s portfolio
turnover rate and transaction costs are increased when the fund enters into dollar roll transactions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditqualityMember_zugqmw2WDTde" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Credit
quality:</b></span> An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default
(failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund should
have relatively low credit risk because it invests in high-quality securities, including securities that are backed by the full faith
and credit of the U.S. government or a federally sponsored agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityMember_zhWg4lOOcQsl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Liquidity:</b></span>
The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’
interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity
in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected
changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability
to sell a holding at a suitable price.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesMember_zfkNPy5r6rDh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Derivatives:
</b></span>The use of derivatives exposes the fund to additional volatility and potential losses and the fund may not achieve the purpose
of using the derivative. A derivative involves risks different from, and possibly greater than, the risks associated with investing directly
in the reference or assets on which the derivative is based, including liquidity risk, valuation risk, correlation risk, market risk,
interest rate risk, leverage risk, counterparty and credit risk, operational risk, management risk, legal risk, and regulatory risk.
Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate
with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is
unable to close a derivatives position due to the lack of a liquid secondary trading market. The prices of derivatives may move in unexpected
ways, especially in abnormal market conditions. Derivatives also expose the fund to settlement risk, such as if the fund is required
to acquire, buy, or sell the underlying reference or asset at an undesirable price, has challenges with offsetting transactions, or risks
associated with cash settlement. Certain derivatives are also subject to counterparty risk, which is the risk that the derivative counterparty
will not fulfill its contractual obligations. The use of derivatives includes the risk of potential operational issues. Derivatives are
exposed to legal risks, such as the legality or enforceability of a contract. The adviser may not be able to accurately predict the direction
of prices, economic factors, or other associated risks which could cause loss in value or impair the fund’s efforts to reduce overall
volatility. New regulations may make derivatives more costly, limit availability, or otherwise affect their value or performance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActivemanagementMember_zHH0NG0DdqLe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Active
management:</b></span> The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform
the broad markets, relevant indices, or other funds with similar objectives and investment strategies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecuritybreachesMember_zTsi4UqdExqg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Cybersecurity
breaches:</b></span> The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access
to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause
one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of
operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either
temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments,
calculate its net asset value, and satisfy redemptions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
Performance
<p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zPk9vmTveW0j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_gIFPIIVOR-LBHVL_zmWlm1Y2PW12">The following performance information provides some indication of the
risks of investing in the fund.</span> <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zuUUr98W4GCh">The fund’s performance information represents only past performance (before and after taxes) and
is not necessarily an indication of future results.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_C0A_gIFPIIVOR-LBHVL_znyFQxupLZM5">The following bar chart illustrates how much returns can differ from
year to year by showing calendar year returns and the best and worst calendar quarter returns during those </span><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_C01_gIFPIIVOR-LBHVL_zpwINL5OlvV7">years
for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.</span></span></p>
The following performance information provides some indication of the
risks of investing in the fund.The following bar chart illustrates how much returns can differ from
year to year by showing calendar year returns and the best and worst calendar quarter returns during those years
for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The
following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar
year. The fund’s performance information included in the table is compared with a regulatory required index that represents an
overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align
to the fund’s investment strategy.
The fund’s performance information represents only past performance (before and after taxes) and
is not necessarily an indication of future results.
Calender Year Returns
<p id="xdx_A8F_eoef--BarChartTableTextBlock_zjHVQMMdbDYd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom; text-align: center">
<th style="display: none">year</th>
<th style="display: none">Returns</th></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none; width: 50%">2016</td>
<td id="xdx_980_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000005523Member_z6GlezjATw79" style="display: none; width: 50%">1.68%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none">2017</td>
<td id="xdx_986_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000005523Member_zo93QGTwpDVj" style="display: none">1.22%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none">2018</td>
<td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000005523Member_zvU0Fm2jr6bh" style="display: none">0.57%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none">2019</td>
<td id="xdx_982_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000005523Member_zDjTvqBxDkCh" style="display: none">5.17%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none">2020</td>
<td id="xdx_986_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000005523Member_znaFGLNxABL3" style="display: none">4.21%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none">2021</td>
<td id="xdx_98C_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000005523Member_zOMS1ChqdbO5" style="display: none">-2.20%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none">2022</td>
<td id="xdx_986_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000005523Member_zj1eumH644wh" style="display: none">-10.99%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none">2023</td>
<td id="xdx_98A_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000005523Member_z8ebdT8nisxa" style="display: none">5.13%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none">2024</td>
<td id="xdx_988_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000005523Member_zVeBIZxYxz2g" style="display: none">0.92%</td></tr>
<tr style="display: none">
<td style="display: none">2025</td>
<td id="xdx_98C_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000005523Member_zH5Xf73c2Ii8" style="display: none">7.34%</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="gmapros003.jpg" style="height: 340px; width: 620px"/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p>
0.0168
0.0122
0.0057
0.0517
0.0421
-0.0220
-0.1099
0.0513
0.0092
0.0734
<div id="xdx_A8F_eoef--BarChartClosingTextBlock_zO00TjnGAOMf"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: top; background-color: white">
<td style="width: 15%; text-align: center"> </td>
<td style="width: 24%; text-align: center"><span style="font-size: 10pt">Quarter<br/>
Ended</span></td>
<td style="width: 14%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Total</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Return</p></td>
<td style="width: 1%; text-align: center"> </td>
<td style="width: 16%; text-align: center"> </td>
<td style="width: 16%; text-align: center"><span style="font-size: 10pt">Quarter<br/>
Ended</span></td>
<td style="width: 14%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Total</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Return</p></td>
</tr>
<tr style="vertical-align: top">
<td id="xdx_985_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zZa3VgvRb8Ll" style="background-color: #E6E6E6; text-align: center"><span style="font-size: 10pt">Best Quarter</span></td>
<td style="background-color: #E6E6E6; text-align: center"><span style="font-size: 10pt"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zHGNwWZegO8e">12/31/23</span></span></td>
<td id="xdx_989_eoef--BarChartHighestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zU3zD0Eezf6j" style="background-color: #E6E6E6; text-align: center"><span style="font-size: 10pt">7.13%</span></td>
<td style="text-align: center"> </td>
<td id="xdx_984_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zVP4rkMCUFeb" style="background-color: #E6E6E6; text-align: center"><span style="font-size: 10pt">Worst Quarter</span></td>
<td style="background-color: #E6E6E6; text-align: center"><span style="font-size: 10pt"><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zgNzHBinUtc4">9/30/22</span></span></td>
<td id="xdx_98B_eoef--BarChartLowestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zRGfhAfjZrUh" style="background-color: #E6E6E6; text-align: center"><span style="font-size: 10pt">-4.95%</span></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_903_eoef--YearToDateReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zj4flyF8fsW">The
fund’s return for the six months ended</span> <span id="xdx_90F_eoef--BarChartYearToDateReturnDate_dd_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zv1mNpm9uace">6/30/26</span>
was <span id="xdx_902_eoef--BarChartYearToDateReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_z3UVqV3l4jO2">1.24</span>%.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
Best Quarter
2023-12-31
0.0713
Worst Quarter
2022-09-30
-0.0495
The
fund’s return for the six months ended
2026-06-30
0.0124
<p id="xdx_A8D_eoef--PerformanceTableNarrativeTextBlock_zMCFCljAtUlb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_C05_gIFPIIVOR-LBHVL_zeraVG7wZ3qi">The
following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar
year. The fund’s performance information included in the table is compared with a regulatory required index that represents an
overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align
to the fund’s investment strategy.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the table shows hypothetical after-tax returns to demonstrate
how taxes paid by a shareholder may influence returns. <span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zumPSSRGUgYl">After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s
tax situation and may differ from those shown. <span id="xdx_900_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zY6amOqZaHik">After-tax returns shown are not relevant to investors who hold their fund shares through
tax-deferred arrangements, such as a 401(k) account or an IRA.</span> <span id="xdx_907_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zFvFoBEKmUMj">After-tax returns are shown only for the Investor Class and will differ
for other share classes.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns shown are not relevant to investors who hold their fund shares through
tax-deferred arrangements, such as a 401(k) account or an IRA.
After-tax returns are shown only for the Investor Class and will differ
for other share classes.
<div id="xdx_A8C_eoef--PerformanceTableTextBlock_z3eRjutkmkYf"></div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_90E_eoef--PerformanceTableHeading_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_gIFPTH-NY_zet8DUSErZv4">Average Annual Total Returns </span> </b></p>
<div></div>
<table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zO7tLpVU3Uca" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns">
<tr style="display: none">
<td style="display: none"> </td>
<td style="display: none"> </td>
<td style="display: none"> </td>
<td id="xdx_49F_20250101__20251231_zppX6S2XuuM1" style="display: none"> </td>
<td style="display: none"> </td>
<td style="display: none"> </td>
<td id="xdx_49E_20210101__20251231_zAhL8lNcVFVi" style="display: none"> </td>
<td style="display: none"> </td>
<td style="display: none"> </td>
<td id="xdx_49A_20160101__20251231_z3PhiKaEL6B6" style="display: none"> </td>
<td style="display: none"> </td>
<td style="display: none"> </td>
<td style="display: none"> </td>
<td style="display: none"> </td>
<td style="display: none"> </td>
<td style="display: none"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-top: Black 1pt solid; border-left: black 1pt solid"> </td>
<td style="border-top: Black 1pt solid"> </td>
<td style="border-top: Black 1pt solid"> </td>
<td colspan="12" style="border-top: Black 1pt solid; text-align: center"><span id="xdx_C02_gIFPTH-NY_zqhaLOnxr2o1" style="font-size: 10pt"><b>Periods
ended </b></span><b><span style="font-size: 10pt"> </span></b></td>
<td style="border-top: Black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td> </td>
<td> </td>
<td colspan="12" style="text-align: center"><span id="xdx_C06_gIFPTH-NY_zjaODni4Gia3" style="font-size: 10pt"><b>December 31,
2025</b></span></td>
<td style="border-right: black 1pt solid; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td> </td>
<td> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="border-right: black 1pt solid; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td> </td>
<td> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"><span style="font-size: 10pt"><b>Since</b></span></td>
<td style="text-align: center"><span style="font-size: 10pt"><b>Inception</b></span></td>
<td style="border-right: black 1pt solid; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><span style="font-size: 10pt"><b>1 Year </b></span></td>
<td> </td>
<td style="text-align: center"> </td>
<td style="text-align: right"><span style="font-size: 10pt"><b>5 Years </b></span></td>
<td> </td>
<td style="text-align: center"> </td>
<td style="text-align: right"><span style="font-size: 10pt"><b>10 Years </b></span></td>
<td> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"><span style="font-size: 10pt"><b>inception</b></span></td>
<td style="text-align: center"><span style="font-size: 10pt"><b>date</b></span></td>
<td style="border-right: black 1pt solid; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td colspan="2"><span style="font-size: 10pt"><b>Investor Class</b></span></td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: center"><span id="xdx_903_eoef--PerfInceptionDate_c19851126__20251231__oef--ClassAxis__custom--C000005523Member_zNgKajSEfUia" style="font-size: 10pt"><b>11/26/1985</b></span></td>
<td style="border-right: black 1pt solid"> </td></tr>
<tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp0_hoef--ClassAxis__custom--C000005523Member_z9Sq0DRuCTB8" style="vertical-align: bottom">
<td style="border-left: black 1pt solid; width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 31%"><span style="font-size: 10pt">Returns before taxes</span></td>
<td style="width: 10%; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">7.34</span></td>
<td style="width: 2%; background-color: #E6E6E6"><span style="font-size: 10pt">%</span></td>
<td style="width: 1%; background-color: #E6E6E6"> </td>
<td style="width: 10%; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">-0.17</span></td>
<td style="width: 2%; background-color: #E6E6E6"><span style="font-size: 10pt">%</span></td>
<td style="width: 1%; background-color: #E6E6E6"> </td>
<td style="width: 11%; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">1.18</span></td>
<td style="width: 2%; background-color: #E6E6E6"><span style="font-size: 10pt">%</span></td>
<td style="width: 1%; background-color: #E6E6E6"> </td>
<td style="width: 10%; background-color: #E6E6E6; text-align: right"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c19851126__20251231__oef--ClassAxis__custom--C000005523Member_zyNRIE2pxRRl" style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0134">—</span></span></td>
<td style="width: 2%; background-color: #E6E6E6"><span style="font-size: 10pt">%</span></td>
<td style="width: 14%; background-color: #E6E6E6; text-align: center"> </td>
<td style="border-right: black 1pt solid; width: 1%; background-color: #E6E6E6"> </td></tr>
<tr id="xdx_404_eoef--AvgAnnlRtrPct_dp0_hoef--ClassAxis__custom--C000005523Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z8dIyKAkYttc" style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td> </td>
<td><span style="font-size: 10pt">Returns after taxes on distributions</span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">5.71</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">-1.21</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">0.13</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span id="xdx_909_eoef--AvgAnnlRtrPct_c19851126__20251231__oef--ClassAxis__custom--C000005523Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zXohXUU71Mo1" style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0139">—</span></span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: center"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td> </td>
<td><span style="font-size: 10pt">Returns after taxes on distributions and sale</span></td>
<td style="background-color: #E6E6E6; text-align: right"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: center"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr id="xdx_404_eoef--AvgAnnlRtrPct_dp0_hoef--ClassAxis__custom--C000005523Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zyCoVEet5qgc">
<td style="border-left: black 1pt solid; vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: top"><span style="font-size: 10pt">of fund shares</span></td>
<td style="vertical-align: top; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">4.32</span></td>
<td style="vertical-align: top; background-color: #E6E6E6"> </td>
<td style="vertical-align: top; background-color: #E6E6E6"> </td>
<td style="vertical-align: top; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">-0.58</span></td>
<td style="vertical-align: top; background-color: #E6E6E6"> </td>
<td style="vertical-align: top; background-color: #E6E6E6"> </td>
<td style="vertical-align: top; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">0.44</span></td>
<td style="vertical-align: top; background-color: #E6E6E6"> </td>
<td style="vertical-align: top; background-color: #E6E6E6"> </td>
<td style="vertical-align: top; background-color: #E6E6E6; text-align: right"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c19851126__20251231__oef--ClassAxis__custom--C000005523Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z22chwkIzZqe" style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0144">—</span></span></td>
<td style="vertical-align: bottom; background-color: #E6E6E6"> </td>
<td style="vertical-align: top; background-color: #E6E6E6; text-align: center"> </td>
<td style="border-right: black 1pt solid; vertical-align: top; background-color: #E6E6E6"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td colspan="2"><span style="font-size: 10pt"><b>I Class</b></span></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: center"><span id="xdx_90F_eoef--PerfInceptionDate_c20170503__20251231__oef--ClassAxis__custom--C000190558Member_z1a9AcsyEwtk" style="font-size: 10pt"><b>05/03/2017</b></span></td>
<td style="border-right: black 1pt solid"> </td></tr>
<tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000190558Member_z4ajMQAtPw87">
<td style="border-left: black 1pt solid; vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"><span style="font-size: 10pt">Returns before taxes</span></td>
<td style="vertical-align: bottom; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">7.70</span></td>
<td style="vertical-align: top; background-color: #E6E6E6"> </td>
<td style="vertical-align: top; background-color: #E6E6E6"> </td>
<td style="vertical-align: bottom; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">0.02</span></td>
<td style="vertical-align: top; background-color: #E6E6E6"> </td>
<td style="vertical-align: top; background-color: #E6E6E6"> </td>
<td style="vertical-align: bottom; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0149">—</span></span></td>
<td style="vertical-align: top; background-color: #E6E6E6"> </td>
<td style="vertical-align: top; background-color: #E6E6E6"> </td>
<td style="vertical-align: bottom; background-color: #E6E6E6; text-align: right"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20170503__20251231__oef--ClassAxis__custom--C000190558Member_zYj1Rpb0Aav1" style="font-size: 10pt">1.25</span></td>
<td style="vertical-align: bottom; background-color: #E6E6E6"> </td>
<td style="vertical-align: bottom; background-color: #E6E6E6; text-align: center"> </td>
<td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #E6E6E6"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: center"> </td>
<td style="border-right: black 1pt solid"> </td></tr>
<tr>
<td style="border-left: black 1pt solid; vertical-align: bottom"> </td>
<td colspan="13" style="vertical-align: top"><span style="font-size: 10pt">Bloomberg U.S. Aggregate Bond Index <span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zz3SAN4C2uIg">(reflects
no deduction for fees, expenses, or taxes)</span></span></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="border-right: black 1pt solid; vertical-align: bottom"> </td></tr>
<tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp0_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zUTHhccNiR67" style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td colspan="2"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">7.30</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">-0.36</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">2.01</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20170503__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_fYQ_____z3ta45lOEMGj" style="font-size: 10pt">1.83</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt"><sup>a</sup> </span></td>
<td style="background-color: #E6E6E6; text-align: center"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr>
<td style="border-left: black 1pt solid; vertical-align: bottom"> </td>
<td colspan="13" style="vertical-align: top"><span style="font-size: 10pt">Bloomberg U.S. GNMA Index <span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zNOTOasgn6sg">(reflects
no deduction for fees, expenses, or taxes)</span></span></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="border-right: black 1pt solid; vertical-align: bottom"> </td></tr>
<tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp0_hoef--PerformanceMeasureAxis__custom--BloombergUSGNMAIndexreflectsnodeductionforfeesexpensesortaxesMember_zIdNr7P8YENb" style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td colspan="2"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">8.08</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">0.23</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">1.50</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20170503__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSGNMAIndexreflectsnodeductionforfeesexpensesortaxesMember_fYQ_____z04B4AREd0Ji" style="font-size: 10pt">1.46</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt"><sup>a</sup> </span></td>
<td style="background-color: #E6E6E6; text-align: center"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr>
<td style="border-left: black 1pt solid; vertical-align: bottom"> </td>
<td colspan="13" style="vertical-align: top"><span style="font-size: 10pt">Lipper GNMA Funds Average</span></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="border-right: black 1pt solid; vertical-align: bottom"> </td></tr>
<tr id="xdx_403_eoef--AvgAnnlRtrPct_dp0_hoef--PerformanceMeasureAxis__custom--LipperGNMAFundsAverageMember_z4U19yRVeYHe" style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td colspan="2"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">7.19</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">0.05</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">1.18</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20170430__20251231__oef--PerformanceMeasureAxis__custom--LipperGNMAFundsAverageMember_fYg_____zVeDlA2ELPMi" style="font-size: 10pt">1.14</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt"><sup>b</sup> </span></td>
<td style="background-color: #E6E6E6; text-align: center"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid; text-align: center"><span style="font-size: 6pt"> </span></td>
<td style="border-top: black 1pt solid"><span style="font-size: 6pt"> </span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 10pt; text-align: left"><span style="font-size: 10pt"><sup id="xdx_F03_zb3P9JELZXa2">a</sup> </span></td><td id="xdx_F1F_zn8QjeAA3pD7" style="text-align: justify">Return since 5/3/17.</td>
</tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 10pt; text-align: left"><span style="font-size: 10pt"><sup id="xdx_F03_zxfObDyp9S96">b</sup> </span></td><td id="xdx_F12_zmbpRNzUeucl" style="text-align: justify">Return since 4/30/17.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
Average Annual Total Returns Periods
ended December 31,
2025
1985-11-26
0.0734
-0.0017
0.0118
0.0571
-0.0121
0.0013
0.0432
-0.0058
0.0044
2017-05-03
0.0770
0.0002
0.0125
(reflects
no deduction for fees, expenses, or taxes)
0.0730
-0.0036
0.0201
0.0183
(reflects
no deduction for fees, expenses, or taxes)
0.0808
0.0023
0.0150
0.0146
0.0719
0.0005
0.0118
0.0114
<p id="xdx_A8A_eoef--PerformanceTableClosingTextBlock_zBFTIb2Y80Zk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Updated performance information is available through <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260727__20260727__dei--LegalEntityAxis__custom--S000002131Member_zXAK4cKJ3l1l">troweprice.com</span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
troweprice.com