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It's really hard to get an SEC yield down to zero. In a sense, a fund's SEC yield is an average of its individual bonds' yield to worst (maturity or call). It's very rare that someone would buy a bond that pays out less than it costs (better to stick that cash under a mattress). Perhaps if one is making a currency bet that the foreign currency would appreciate more than the bond would lose value in local terms. But generally, don't expect a zero or below SEC yield.
More likely, it's an error. M* doesn't compute SEC yields, it gets the figures from the funds themselves. If the figure is too old, M* doesn't report a figure at all (it doesn't use zero as a placeholder).
So if an SEC yield looks strange, it's best to go straight to the source - the fund itself. T. Rowe Price reports the SEC yield (as of 2/28/18) to be 3.54%.
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BBC, Why use negative interest rates: http://www.bbc.com/news/business-32284393
More likely, it's an error. M* doesn't compute SEC yields, it gets the figures from the funds themselves. If the figure is too old, M* doesn't report a figure at all (it doesn't use zero as a placeholder).
M* glossary: SEC Yield. http://www.morningstar.com/InvGlossary/sec_yield.aspx
So if an SEC yield looks strange, it's best to go straight to the source - the fund itself. T. Rowe Price reports the SEC yield (as of 2/28/18) to be 3.54%.
https://www3.troweprice.com/fb2/fbkweb/snapshot.do?ticker=PRSNX