"Value Trust Mutual Fund - PDF"
Stable Value Common Trust Fund-E Quarterly Trust Update as of 9/30/2010 OBJECTIVE INVESTMENT STRATEGY BENEFITS AND RISKS INVESTOR PROFILE The Trust seeks to provide maximum current l The Trust will invest primarily in l Offers potential stability of principal by l The Trust may be suitable for income while maintaining stability of Guaranteed Investment Contracts purchasing high-quality GICs, BICs, SICs, retirement plan investors principal. (GICs), Bank Investment Contracts and SACs, however, there is no assurance seeking high credit quality and (BICs), Synthetic Investment Contracts that the credit quality of the issuers will current income who can accept (SICs), and Separate Account Contracts remain the same over the life of the some risk. (SACs). investment. l Investments in the Trust may l GICs, BICs, SICs, and SACs are types of l Because such investments are not actively not substantially outpace investment contracts that are traded in the open market and generally inflation over time, so Not FDIC-insured. May lose value. No bank must be held until maturity, there is a risk designed to provide principal stability participants who invest solely in guarantee. that, like any investment, one or more of and a competitive yield. this conservative Trust may not the Trust's holdings could fail to make be able to save enough for their scheduled interest and principal payments retirement years. prior to maturity, potentially reducing the Trust's income level and causing a loss of principal. l The Trust attempts to minimize such risks by diversifying its investments by issuer, quality, and duration. TRUST MANAGEMENT KEY TRUST DATA RETURNS Michael J. Wyatt - B.S., Pennsylvania State Assets (millions): $10,364.6 Average Annual Returns University; M.B.A., Pennsylvania State Stable Value Common Hueler Pooled Fund University Inception Date: September 12, 1988 Trust Fund-E Universe Edward A. Wiese - B.S., Yale University; 3 Months 0.96% 0.77% Trustee Fee:1 0.45% Year-to-Date 2.89 2.32 M.S., Johns Hopkins University; M.B.A., Tuck 1 Year 3.95 3.11 School of Business at Dartmouth Manager tenure:2 11 years 3 Years 4.11 3.76 5 Years 4.16 4.17 Brian J. Brennan - B.S., Trinity College; M.A., 10 Years 4.45 4.66 1 As of 9/30/2010. Trinity College 2 Number of years managing the strategy. The T. Rowe Price Stable Value Common Trust Fund (the "Trust") is Jason T. Collins - B.S., Excelsior College; not a mutual fund. It is a common trust fund established by T. M.B.A., University of Texas Rowe Price Trust Company under Maryland banking law, and its units are exempt from registration under the Securities Act of 1933. Virginia K. Kidd - B.A., SweetBriar College; Investments in the Trust are not deposits or obligations of, or M.B.A., University of North Carolina insured or guaranteed by, the U.S. government or its agencies or T. Rowe Price Trust Company. Although the Trust seeks to preserve Antonio L. Luna - B.S., Towson University; the value of your investment at $1.00 per unit, it is possible to lose M.S., Johns Hopkins University money by investing in the Trust. Robert A. Madore - B.A., University of Performance figures are shown net of fees and include any Connecticut changes in principal value and reinvested dividends. All returns are historical and do not represent future performance. Cheryl A. Mickel - B.S., University of Baltimore; M.B.A., Loyola University Portfolio holdings are historical and subject to change. This material should not be deemed a recommendation to buy or sell Maryland any securities mentioned. When assessing performance, investors should consider both short-term and long-term returns. The Hueler Pooled Fund Universe ("Universe") is provided by Hueler Analytics, a Minnesota-based consulting firm, which has developed the Universe for use as a comparative database to evaluate collective trust funds and other pooled vehicles with investments in GICs and other stable value instruments. The Universe is comprised of pooled stable value funds with common investment objectives of stability of principal; the number of participating funds in the Universe may vary over the different historic periods. Total return performance is calculated by taking the straight average of the monthly returns of the funds About T. Rowe Price Trust Company participating in the Universe during each month which are then · Maryland-chartered, limited-purpose trust linked to derive the index returns for all other time periods. company established in 1983 Universe rates of return are reported gross of management fees. All performance figures for periods over one year are annualized. · Offers a variety of common trust funds (also known as collective investment funds) exclusively to retirement plans and their participants · Part of the T. Rowe Price family of companies Quarterly Trust Update as of 9/30/2010 Stable Value Common Trust Fund-E More Info about T. Rowe Price ASSET ALLOCATION MATURITY ALLOCATION · Founded in 1937 · Commitment to fundamental in-house research with 182 dedicated analysts · Portfolio managers have an average tenure of 14 years with the company · Strict adherence to investment style · Solid performance with a risk-aware investment approach · Experienced in international investing with offices in London, Hong Kong, Singapore, 39.4 Corporate, Foreign, & Gov't Entities 12.3% 0 - 1 Years Buenos Aires, and Baltimore 20.9 Mortgage-Backed Securities 2.8% 1 - 2 Years 15.8 U.S. Treasuries, Agencies, & Other 0.3% 2 - 3 Years 8.7 Cash & Equivalents 84.6% 3 - 4 Years 7.2 Asset Backed Securities 7.2 Guaranteed Investment Contracts (GICs) PORTFOLIO CHARACTERISTICS TOP HOLDINGS Trust Weighted-Average Maturity 3.1 years Synthetic Investment Contracts (SICs) 74.1% 30-Day Effective Yield 3.87% Separate Account Contracts (SACs) 10.1 Number of Holdings 43 Cash 8.7 Guaranteed Investment Contracts (GICs) 7.2 Definitions Maturity — The period of time remaining until the principal is repaid on securities held by the Trust. Yield — The income per unit paid by the Trust to its unit holder over a given period of time. Certain numbers in this report may not equal stated totals due to rounding. The Stable Value Fund (SVF) imposes a 90-day “equity wash” provision on exchanges to competing funds. The SVF is interest rate sensitive; therefore, direct exchanges from the SVF to money market funds and certain short-term bond funds are not permitted. “Permissible” or “eligible” investment options include most common stock funds and any fixed-income fund with a duration that is equal to or greater than three years. Exchanges from the SVF must remain invested in eligible investment options for at least 90 days before exchanging into a competing fund. SVF-E E-068 10/2010