Company: SNY
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001104659-25-063672
Chunk: 16

Company: Sanofi
Filing Date: 2025-06-27
Form: 11-K
Chunk 16
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 | – |     | Daily      |     | None          |
| TRP Retirement Date Trusts (c)      |     |                 | 5,561,752,547 |     |             | – |     | Daily      |     | 90 days       |
| Total Investments Measured at NAV   |     | $               | 7,020,682,737 |     |             |   |     |            |     |               |

| (a) | This category includes separately managed accounts that are managed by                                                                          
 investment advisors as described above and depending on the fund include domestic equities and fixed income securities as underlying securities 
 owned by the Master Trust.                                                                                                                      |

| (b) | This category includes investments in common collective trust funds as 
 described above.                                                       |

| (c) | This category includes investments in a blend of diversified common collective                                                               
 trust funds designed to remain appropriate for investors in terms of risk throughout a variety of life circumstances gauged upon an expected 
 retirement date. The funds share the common goal of growing principal in earlier years and then later preserving the                         
 principal balance closer to an expected retirement date.                                                                                     |

Fully Benefit-Responsive investment Contracts (“FBRIC”) – The Master Trust entered into fully benefit-responsive
investment contracts in the Stable Value Fund that invest primarily in investment contracts issued by high-quality insurance companies
and banks as rated by T. Rowe Price Associates, Inc. These contracts meet the fully benefit-responsive contract criteria and therefore
are reported at contract value. Contract value is the relevant measure for FBRICs because this is the amount received by participants
if they were to initiate permitted transactions under the terms of the Plan. These are interest bearing contracts in which the principal
and interest are guaranteed by the issuing companies. Contract value represents contributions made to the investment contracts plus earnings,
less participant withdrawals and administrative expenses.

The Stable Value Fund invests in synthetic
guaranteed investment contracts (“SICs”) and separate account contracts. For investments in SICs, the Master Trust owns the
underlying investments, whereas for investments in the separate account contracts, the Master Trust receives title to the annuity contract,
but not the direct title to the assets in the separate account. SICs and separate account contracts are generally backed by fixed income
assets. The underlying investments wrapped within the SICs and separate account contracts are managed by third party fixed income managers
and include securities diversified across the broad fixed income market, such as, but not limited to