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Stable Value Release Date: 06-30-2021 Stable Value .......................................................................................................................................................................................................................................................................................................................................... Benchmark Overall Morningstar Rating™ Morningstar Return Morningstar Risk FTSE Treasury Bill 3 Mon USD . Investment Information Performance as of 06-30-21 Investment Objective & Strategy 20 Total Return % The objective of the Fund is to preserve principal and to offer 15 as of 06-30-21 Investment a competitive rate of interest consistent with the 10 Benchmark preservation of principal. There is no guarantee that the Fund 5 will achieve its objectives. 0 The stable value fund incurs insurance related expenses -5 for the synthetic investment contracts and separate account -10 Average annual, if greater investment contracts that it holds. Fees relating to these -15 than 1 year contracts are deducted from income, and therefore are not YTD 1 Year 3 Year 5 Year 10 Year Since Inception included in the fund’s total operating expense. These fees are estimated at 0.20% annually. Returns are reported net of 1.01 2.16 2.31 2.26 2.43 2.47 Investment Return % 0.03 0.08 1.31 1.14 0.60 0.58 Benchmark Return % these fees. 0.44 2.65 3.38 2.40 2.01 1.92 Category Average % Fees and Expenses as of 12-31-20 Expense Ratio 0.10% The performance data quoted reflects past performance. Past performance does not guarantee future results. The Total Annual Operating Exp per $1000 $ 1.00 investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be Maximum Sales Charge . worth more or less than their original cost. Current performance may be lower than the performance data quoted. For the 12b-1 Fee . most recentYTD month end performanceYTD information,YTD pleaseYTD call 1-800-922-9945,YTD or visit YTDrps.troweprice.com. Redemption Fee/Term . Portfolio Analysis Portfolio Manager(s) Composition as of 06-30-21 % Assets Morningstar Fixed Income Style Box™ as of 06-30-21 Antonio Luna, CFA (2003). M.S., Johns Hopkins University. Synthetic GICs 97.0 High Traditional GICs 0.0 Operations and Management Med Cash 3.0 Inception Date 12-31-10 Other 0.0 Low Management Company T. Rowe Price Telephone - Web Site - Ltd Mod Ext Issuer Sanofi U.S. Pension Investment What do Stable Value Funds Invest In? Committee Top 10 Holdings as of 06-30-21 % Assets Not Available Stable Value funds tend to invest in high-quality bonds with Category Description: Stable Value short- to intermediate-term maturities. They also purchase Stable value funds seek to provide income while preventing insurance contracts which aim to provide price stability on a price fluctuations. The most common stable value funds day-to-day basis. The horizontal axis of the Morningstar fixed- invest in a diversified portfolio of bonds and enter into income Style Box shows duration, a measure of how a fund's wrapper agreements with financial companies to guarantee ....................................................................................................... price will change in response to interest-rate changes. against fluctuations in their share prices. The safety of these Total Assets ($mil) 595.08 Because stable value funds insurance contracts usually funds therefore depends on both the fund’s investments as prevent any fluctuations in the funds prices, these funds are well as the financial strength of the insurance companies and insulated from interest-rate volatility and their duration is banks that back the wrapper agreements. effectively zero. The Style Box represents a typical stable value fund and is not based on specific information from this Volatility And Risk particular fund. Investment Low Moderate High Principal Risks For more information on the risks presented, please refer to https://www2.troweprice.com/rms/rps/Marketing/Assets/OAAU130- Category RISK.pdf Lending, Credit and Counterparty, Extension, Inflation/Deflation, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Best 3 Month Return Worst 3 Month Return Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, U.S. State or Territory-Specific, Growth 1.34% 0.49% Investing, Quantitative Investing, Value Investing, Active Management, Income, Issuer, Temporary Defensive Measures, Interest (Nov '11 - Jan '12) (Jan '21 - Mar '21) Rate, Market/Market Volatility, Convertible Securities, Distressed Investments, Futures, High-Yield Securities, Industry and Sector Investing, Inverse Floaters, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Options, Other, Preferred Stocks, Restricted/Illiquid Securities, Tax-Exempt Securities, U.S. Government Obligations, Derivatives, Leverage, Pricing, Fixed-Income Securities, Dollar Rolls, Maturity/Duration, Sovereign Debt, Regulation/Government Intervention, Cash Drag, Suitability, Increase in Expenses, Shareholder Activity, China Region, Compounding, Conflict of Interest, Custody, Forwards, Investment-Grade Securities, Management, MLP, Portfolio Diversification, Structured Products, Tax Risk, Unrated Securities, Financials Sector AVSBL ©2021 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to ® Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future ß performance. Visit our investment website at www.morningstar.com..
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