This portfolio invests in the T. Rowe Price Equity Index 500 Fund**, which is a passively managed index fund seeking to match the performance of the S&P 500^® Index, a well-known index consisting primarily of large-capitalization U.S. stocks. Index funds seek to match the investment return of a particular benchmark index and generally do not reallocate their holdings based on changes in market conditions or outlook. As a result, the expenses of passively managed index funds are typically lower than the expenses of actively managed funds. This portfolio does not become more conservatively allocated over time and is designed for account owners who want a portfolio composed of a passively managed U.S. large-capitalization equity mutual fund. This strategy is based on the understanding that the volatility associated with the U.S. large capitalization equity markets can be accompanied by the potential for long-term capital appreciation. The detailed asset allocations for this portfolio are available in the Plan Description.

Emphasizing long-term capital appreciation, this equity portfolio invests in a broad range of funds focused on both domestic and international equity markets. It is designed for account owners who want a broadly diversified portfolio composed primarily of actively managed equity mutual funds. Because this portfolio invests in many underlying funds, it will have partial exposure to the risks of different areas of the market. This strategy is based on the understanding that the volatility associated with equity markets may be accompanied by the greatest potential for long-term capital appreciation. The detailed asset allocations for this portfolio are available in the Plan Description.

This portfolio invests in the T. Rowe Price Mid-Cap Index Fund and the T. Rowe Price SmallCap Index Fund. These are passively managed funds seeking to track the performance of a benchmark index that measures the investment return of U.S. mid- and small-cap stocks. Index funds seek to match the investment return of a particular benchmark index and generally do not reallocate their holdings based on changes in market conditions or outlook. As a result, the expenses of passively managed index funds are typically lower than the expenses of actively managed funds. This portfolio is designed for account owners who want a portfolio composed of a passively managed U.S. equity mutual fund tracking the performance of the small- and mid-capitalization U.S. stock market. This strategy is based on the understanding that the volatility associated with index investing and the U.S. small- and mid-capitalization equity markets can be accompanied by the potential for long-term capital appreciation. The detailed asset allocations for this portfolio are available in the Plan Description.

This portfolio invests in the T. Rowe Price Equity Index 500 Fund, the T. Rowe Price Mid-Cap Index Fund, and the T. Rowe Price Small-Cap Index Fund, which are passively managed index funds seeking to track the performance of the entire U.S. stock market, and the T. Rowe Price International Equity Index Fund, which is a passively managed index fund seeking to track the performance of stocks in developed non-U.S. markets. Index funds seek to match the investment return of a particular benchmark index and generally do not reallocate their holdings based on changes in market conditions or outlook. As a result, the expenses of passively managed index funds are typically lower than the expenses of actively managed funds. This portfolio is designed for account owners who want a portfolio composed of passively managed equity mutual funds. This strategy is based on the understanding that the volatility associated with index investing and the global equity markets may be accompanied by the potential for long-term capital appreciation. The detailed asset allocations for this portfolio are available in the Plan Description.

This moderately aggressive portfolio seeks capital appreciation and income and focuses on a mix of approximately 60% of its holdings invested in equity markets, including exposure to international stocks, while seeking diversification through approximately 40% of its holdings allocated to fixed income. This strategy is based on accepting the risks associated with stocks, which have the potential to provide high returns, and seeking to balance the effects of volatility through diversification in fixed income securities. The detailed neutral allocations for this portfolio are available in the Plan Description.

This portfolio’s primary objective is to seek a high level of current income consistent with moderate price fluctuations by investing exclusively in the T. Rowe Price Spectrum Income Fund. The strategy is based on a lower-risk investment approach that seeks to conserve principal and generate a reasonable level of return while minimizing the risks associated with equity markets. The detailed asset allocation for this portfolio is available in the Plan Description.

This portfolio seeks a level of income that is consistent with the current rate of inflation by investing exclusively in the T. Rowe Price U.S. Limited Duration TIPS Index Fund. Under normal conditions, the fund invests at least 80% of its net assets in treasury inflation protected securities and securities that are held in its benchmark index. The detailed asset allocation for this portfolio is available in the Plan Description.

While certain portfolios seek to cushion the effects of volatility in U.S. equity markets by diversifying in foreign markets and/or fixed income markets, diversification cannot assure a profit or protect against loss in a declining market.

This portfolio invests in the T. Rowe Price QM U.S. Bond Index Fund, which is a passively managed index fund seeking to match or incrementally exceed the performance of the U.S. investment-grade bond market. Index funds seek to match the investment return of a particular benchmark index and generally do not reallocate their holdings based on changes in market conditions or outlook. As a result, the expenses of passively managed index funds are typically lower than the expenses of actively managed funds. This portfolio is designed for account owners who want a portfolio composed of a passively managed bond mutual fund and can accept the volatility associated with index investing and U.S. investment-grade bonds. The detailed asset allocation for this portfolio is available in the Plan Description.

This portfolio invests in the Vanguard FTSE Social Index Fund***, which is a passively managed fund designed to track the performance of the FTSE US Choice Index. This index, which is market-capitalization weighted, is composed of large- and mid-cap stocks of companies that are screened for certain environmental, social, and corporate governance (ESG) criteria by the index sponsor, which is independent of Vanguard. The detailed asset allocation for this portfolio and more information about the FTSE US Choice Index is available in the Plan Description.

This portfolio seeks to preserve investment principal, while providing the highest available current income, by investing exclusively in the T. Rowe Price U.S. Treasury Money Fund, which is a money market fund managed to provide a stable share price of $1.00 by investing in short-term securities backed by the U.S. government and repurchase agreements thereon. The detailed asset allocation for this portfolio is available in the Plan Description.

You could lose money by investing in this portfolio. Although the U.S. Treasury Money Market Portfolio seeks to preserve the value of your investment, at $1.00 per share, it is possible to lose money by investing in this portfolio. Neither the program manager nor the underlying fund’s sponsor has any legal obligation to provide financial support to the underlying fund, and you should not expect that either the program manager or the fund sponsor will provide financial support to the portfolio or the underlying fund at any time.