0.21505 0 Td 0.4703 0 Td 0.65854 0 Td 0.49448 0 Td [<0E>29]TJ 0.28418 0 Td [(? [(1)24]TJ This information is intended for US residents. 0.28418 0 Td 8 0 0 8 183.1829 559.2012 Tm 0.3631 0 Td [(. [<15>24]TJ 0.50521 0 Td [(+)6]TJ [<1A>24]TJ [(I)24]TJ )24]TJ 0.6244 0 Td 0.4034 0 Td 0.28417 0 Td [<15>24]TJ )30]TJ 0.19736 0 Td 0.2783 0 Td 0.28417 0 Td [(E)-4]TJ [(&)30]TJ [(\()30]TJ [(\()24]TJ 556.1874 722.3953 556.5825 722.6736 557.6406 722.6736 c [( )24]TJ 0.6585 0 Td 0.5304 0 Td 0.3995 0 Td 0.28418 0 Td by the Fund may reduce the its return; 12b-1 fee: 0.00% . S The Portfolios credited rate will generally lag market interest rates. 0.4446 0 Td 0.45052 0 Td 0.29199 0 Td 0.4803 0 Td 0.32846 0 Td 0.4264 0 Td 0.51035 0 Td [<0E>24]TJ 0.31821 0 Td 0.4034 0 Td )24]TJ [(. )30]TJ [(? 0.2842 0 Td 0.4264 0 Td [<1E>30]TJ 0.1974 0 Td 0.19736 0 Td 0.51818 0 Td [(? 0.51522 0 Td The Invesco Stable Value Portfolio invests 100% of its assets in the Invesco Stable Value separate account. )49]TJ 0.19736 0 Td [( )34]TJ 0.19736 0 Td 0.4803 0 Td 0.53687 0 Td 0.48617 0 Td 0.2503 0 Td 0.5123 0 Td [(E)-4]TJ [(\()24]TJ )46]TJ [(F)24]TJ [<17>24]TJ [<15>24]TJ 0.22095 0 Td [(,)-4]TJ Invesco Distributors, Inc., is the US distributor for Invesco Ltd.'s Retail Products, Collective Trust Funds and CollegeBound 529. 0.4974 0 Td [( )34]TJ [(@)]TJ 0.4803 0 Td 0.4793 0 Td [<1B>46]TJ [( )44]TJ 0.53589 0 Td 0.4264 0 Td Barclays U.S. Treasury Bellwether 3-Month Index. 0.5074 0 Td [(J)51]TJ [(\()24]TJ [<1E>24]TJ [(1)24]TJ [(+)24]TJ [<0E>24]TJ [(\()24]TJ 0.5274 0 Td )29]TJ /GS0 gs [<1D>24]TJ [(")24]TJ 0.51035 0 Td 0.5249 0 Td [( )24]TJ 0.4862 0 Td 0.1974 0 Td [(\()24]TJ [(F)44]TJ 0.28712 0 Td [<1B>24]TJ )64]TJ 0.3182 0 Td [(. [(\()24]TJ [<1E>529]TJ 0.2842 0 Td [(\()24]TJ 0.4852 0 Td [(\()30]TJ [(3)32]TJ [(F)21]TJ 0.45053 0 Td 0.50684 0 Td [(? [( )24]TJ [(. 0.4993 0 Td [( )510]TJ [(-)24]TJ [(? [( )30]TJ 0.2842 0 Td 0.28417 0 Td The portfolio invests in investment contracts (also referred to as "wrap contracts") that seek to provide stable returns in most market environments. [(E)2]TJ [<02>21]TJ 0.19736 0 Td [<1F>50]TJ 563.2182 741.6024 l )14]TJ 0.50521 0 Td [(E)-4]TJ [(I)21]TJ 0.4862 0 Td 0.38095 0 Td [(-)31]TJ 0.50936 0 Td [(7)6]TJ 0.40636 0 Td [(I)30]TJ [( )24]TJ 0.51818 0 Td [( )24]TJ 0.4703 0 Td 0.5052 0 Td [(F)21]TJ 0.51522 0 Td [(8)-28]TJ [(H)]TJ [<17>24]TJ [<1E>30]TJ [<06>24]TJ 0.2562 0 Td [<1B>24]TJ )24]TJ [(7)]TJ [<12>29]TJ 0.51328 0 Td [( )24]TJ 0.5064 0 Td )24]TJ 0.28418 0 Td 0.4132 0 Td [<12>30]TJ 0.64205 0 Td [(E)-4]TJ 0.4862 0 Td 0.5123 0 Td )30]TJ [<15>24]TJ Learn more about this portfolio's investment strategy and policy. 0.4903 0 Td [( )32]TJ [<17>24]TJ 0.51622 0 Td [(=)73]TJ )43]TJ 0.41317 0 Td 0.4505 0 Td 0.5052 0 Td [(\()24]TJ 0.48618 0 Td [(. [(E)-4]TJ 0.4185 0 Td [<05>92]TJ 0.2964 0 Td 0.4505 0 Td 0.68212 0 Td )59]TJ [(\()30]TJ )590]TJ [(\()24]TJ [(@)34]TJ [(0)]TJ Accounting methodology. 0.53292 0 Td [<17>30]TJ [(. [<1B>24]TJ 0.5152 0 Td 0.18851 0 Td [(@)34]TJ 0.31821 0 Td 0.19736 0 Td 0.30776 0 Td 0.2842 0 Td 0.51035 0 Td [(2)24]TJ [<17>24]TJ 0.5 0.0000033 TD [(@)24]TJ [(\()24]TJ -20.35318 -1 TD [( )24]TJ [(J)21]TJ 0.48228 0 Td [(@)34]TJ [(F)49]TJ 0.41317 0 Td 0.3285 0 Td 0.3182 0 Td 0.58395 0 Td /GS0 gs [(\()]TJ [(F)24]TJ f 0.427 0 Td [(. [(J)21]TJ 0.4466 0 Td 0.48913 0 Td )59]TJ 0.5088 0 Td [<17>24]TJ 0.5123 0 Td 0.1974 0 Td )52]TJ [<14>24]TJ [(%)24]TJ 0.4803 0 Td [(? [(@)437]TJ 0.50839 0 Td [(\))33]TJ 0.6764 0 Td [<1D>24]TJ [(-)39]TJ 0.51522 0 Td 0.53881 0 Td 0.5093 0 Td [( )24]TJ 0.2842 0 Td 0.28418 0 Td 0.50521 0 Td [(E)-4]TJ )30]TJ [(1)24]TJ 0.3995 0 Td [(? [(+)24]TJ [(-)44]TJ [(\f)24]TJ 0.5335 0 Td 0.4505 0 Td 0.5074 0 Td [(\()21]TJ 0.28418 0 Td /GS0 gs [(E)-4]TJ 0.1915 0 Td 0.25195 0 Td 0.48618 0 Td 0.2842 0 Td [(@)24]TJ 0.30234 0 Td 0.3226 0 Td [<1B>24]TJ [<17>30]TJ [(@)30]TJ 0.4993 0 Td 0.4073 0 Td Institutional Separate Accounts and Separately Managed Accounts are offered by affiliated investment advisers, which provide investment advisory services and do not sell securities. 0.4793 0 Td 0.56041 0 Td [(&)24]TJ 0.52588 0 Td 0.48618 0 Td )33]TJ [(@)30]TJ 0.52588 0 Td [(;)]TJ 0.19736 0 Td 0.44125 0 Td 0.5064 0 Td 0.28418 0 Td /GS0 gs 0.5152 0 Td [(&)24]TJ [(%)]TJ 0.48129 0 Td [(&)24]TJ 0.5743 0 Td [<04>30]TJ 0.1974 0 Td [<17>45]TJ )54]TJ [(E)-4]TJ [<1E>24]TJ 0.4412 0 Td 0.5123 0 Td 0.19736 0 Td [(@)34]TJ [(I)24]TJ [(+)24]TJ [<1E>24]TJ [<17>24]TJ 0.40341 0 Td 0.5064 0 Td [<01>40]TJ 0.2562 0 Td [(@)29]TJ 0.50521 0 Td 0.4903 0 Td [(\()30]TJ [<0E>24]TJ )30]TJ [(\()24]TJ 8 0 0 8 380.4098 342.1747 Tm [<07>24]TJ 0.35141 0 Td 0.40341 0 Td [<12>29]TJ 0.4852 0 Td f 0.45605 0 Td [<1B>41]TJ 0.27533 0 Td 0.58984 0 Td 0.19736 0 Td [(E)-4]TJ 0.3285 0 Td 0.2842 0 Td 0.28417 0 Td [<1E>24]TJ [( )24]TJ [(I)]TJ )29]TJ 0.48228 0 Td 0.22095 0 Td 0.5152 0 Td 0.58984 0 Td [(. 0.50449 0 Td WebIn late December 2008, the Stable Value Fund that Invesco offered to Lehman Brothers employees lost 1.7% in value because of a fall in bond prices and because the wrap contract ended in response to Lehman's bankruptcy filing. 0.4446 0 Td 0.19736 0 Td 0.28417 0 Td 0.2842 0 Td /GS0 gs 0.3023 0 Td 0.50684 0 Td (')Tj [(7)33]TJ [( )]TJ [(1)39]TJ [<15>33]TJ /F1 1 Tf 0.1915 0 Td [(F)24]TJ 0.3123 0 Td 0.1974 0 Td 0.4185 0 Td 0.50131 0 Td [(E)-28]TJ [<10>]TJ 0.6185 0 Td 0.50521 0 Td [(? [(E)-28]TJ [(\()30]TJ 0.2925 0 Td [(7)30]TJ [(F)24]TJ 0.5984 0 Td [<15>51]TJ [(E)-4]TJ [(+)24]TJ [(. 0.48815 0 Td [(-)24]TJ [<1D>24]TJ 0.4205 0 Td [(I)30]TJ 0.1915 0 Td )24]TJ [<1B>46]TJ [<12>40]TJ [<18>36]TJ [(F)7]TJ [(E)-4]TJ [(@)34]TJ [(@)31]TJ )25]TJ [(1)5]TJ 0.4132 0 Td [(? 0.5052 0 Td 0.58984 0 Td 0.427 0 Td [<1D>24]TJ 0.4852 0 Td They are available exclusively to qualified retirement plans. /F0 1 Tf [(,)-4]TJ -21.79446 -1 TD 0.48034 0 Td 0.7943 0 Td 0.4803 0 Td [(H)]TJ [(@)24]TJ [(? [( )532]TJ [( )24]TJ 0.50521 0 Td [(+)30]TJ [<07>21]TJ 0.28036 0 Td )24]TJ [(&)24]TJ [(-)24]TJ )539]TJ 0.6185 0 Td )24]TJ [(J)41]TJ 0.50839 0 Td 0.2842 0 Td BT [<14>24]TJ [(1)24]TJ [(. [<1D>24]TJ [( )24]TJ 0.28417 0 Td 0.3123 0 Td /F0 1 Tf [(\()21]TJ 0.31137 0 Td 0.5152 0 Td [(E)2]TJ [(%)24]TJ [(. [(&)]TJ [(@)24]TJ [(M)]TJ [(@)24]TJ 0.48228 0 Td [(@)24]TJ 0.2562 0 Td 0.5093 0 Td 0.2562 0 Td [(E)2]TJ [(&)24]TJ [<17>24]TJ 0.5052 0 Td [<1B>41]TJ 0.35205 0 Td 0.44638 0 Td [<0E>24]TJ 0.28417 0 Td [<1B>30]TJ [(+)6]TJ [(%)529]TJ 0.48913 0 Td Invesco's Performance. 0.4264 0 Td [<14>]TJ [(+)30]TJ [<17>6]TJ )24]TJ [( )21]TJ [<1E>24]TJ [(. Invesco Stable Asset Fund, a participating trust in Invesco Stable Value Trust, is required [(F)49]TJ [<1B>24]TJ 0.41317 0 Td [( )24]TJ Investing in commodities comes with several benefits during periods of inflation and supply & demand imbalances. [(E)-4]TJ [(,)-4]TJ 0.2842 0 Td 0.50936 0 Td 0.38671 0 Td 0.40928 0 Td 0.31821 0 Td [(. /F1 1 Tf 0.5133 0 Td [( )28]TJ 0.30234 0 Td 0.65854 0 Td [(\()30]TJ 0.4703 0 Td [(1)39]TJ [<15>24]TJ 0.5123 0 Td 0.58984 0 Td [(. [<1E>18]TJ 0.3023 0 Td [<16>470]TJ [(9)]TJ 0.2842 0 Td 0.2783 0 Td 0.5123 0 Td [( )24]TJ 0.51523 0 Td 0.51328 0 Td [( )24]TJ [( )24]TJ [<07>24]TJ 0.2842 0 Td 0.3277 0 Td )24]TJ [<16>102]TJ 0.3475 0 Td [(F)24]TJ 0.4905 0 Td 0.50879 0 Td 0.47836 0 Td 0.19736 0 Td [(? [(I)24]TJ [(\n)24]TJ [(? [<14>]TJ 0.2984 0 Td 0.28418 0 Td [<12>24]TJ [(. [(O)590]TJ [<17>24]TJ 0.50195 0 Td [(E)280]TJ [(E)-4]TJ 0.3182 0 Td 0.2842 0 Td 0.31821 0 Td [(G)590]TJ [(E)-4]TJ 0.4993 0 Td 0.4034 0 Td (8)Tj [<02>15]TJ [(&)21]TJ [(,)-4]TJ ET )24]TJ [(-)44]TJ [<0F>10]TJ [(7)]TJ [( )24]TJ 0.35141 0 Td 0.4993 0 Td [(4)24]TJ [( )24]TJ 0.48618 0 Td [(\()30]TJ [(? 0.30776 0 Td 0.5133 0 Td 0.4852 0 Td 0.50131 0 Td 0.3359 0 Td [(. 0.2984 0 Td [<1B>21]TJ [(@)24]TJ 0.2842 0 Td 0.3285 0 Td 0.28745 0 Td 0.40928 0 Td [(E)-7]TJ [(2)24]TJ 0.4993 0 Td 0.47739 0 Td 0.3475 0 Td $12.79 (0.0%) Net interest rate spread in Q4. [(&)24]TJ 0.4703 0 Td [( )30]TJ 0.2842 0 Td [<0E>24]TJ 0.4852 0 Td [(E)-4]TJ 0.28712 0 Td [<1C>10]TJ 0.28417 0 Td [(,)-4]TJ [(E)-4]TJ /Type/ExtGState 0.46835 0 Td )24]TJ [<1A>24]TJ [(")18]TJ [(-)24]TJ [(F)24]TJ 0.4862 0 Td 0.4354 0 Td [(-)39]TJ [(. [<14>24]TJ [(E)-4]TJ [<1D>24]TJ 0.50521 0 Td 0.51622 0 Td 0.5052 0 Td 0.5133 0 Td 0.2783 0 Td [(? 0.51522 0 Td [(\()]TJ [<03>24]TJ 8 0 0 8 564.2679 669.6456 Tm 0.2562 0 Td 0.40342 0 Td [<17>24]TJ [<1B>41]TJ [(-)24]TJ [(+)30]TJ [(E)-4]TJ [<1E>30]TJ [<00>6]TJ [( )24]TJ 0.47641 0 Td 0.2842 0 Td [<0E>24]TJ 584.574 382.622 l 0.44125 0 Td 0.2842 0 Td 0.50839 0 Td [<1B>34]TJ 0.45053 0 Td [(\()24]TJ )24]TJ 0.2562 0 Td )30]TJ 0.44638 0 Td 0.40341 0 Td 562.1069 738.2122 l [<1E>24]TJ 0.53979 0 Td )54]TJ [(%)24]TJ 0.31821 0 Td [(? 0.1974 0 Td [(. [( )24]TJ [( )24]TJ 0.5152 0 Td [(? 0 0 0 1 K [(F)]TJ 0.56625 0 Td [(@)34]TJ 0.5052 0 Td 0.2842 0 Td [(E)2]TJ [(\))24]TJ 0.79037 0 Td )30]TJ [(E)-4]TJ Upromise is an optional service offered by Upromise, Inc., is separate from the CollegeBound 529, and is not affiliated with Ascensus College Savings Recordkeeping Services, LLC, Invesco, or the State of Rhode Island. 0.55786 0 Td 0.50936 0 Td 0.4793 0 Td [<1D>24]TJ 0.5093 0 Td 0.5123 0 Td -41.6433 -1 TD 0.4862 0 Td 0.52393 0 Td [( )24]TJ 0.73031 0 Td 0.648 0 Td 0.58216 0 Td 0.31821 0 Td 0.2842 0 Td [(E)-4]TJ 0.53394 0 Td 0.51328 0 Td [<1F>24]TJ 0.28417 0 Td [<1F>51]TJ [<17>39]TJ 0.4944 0 Td 0.51328 0 Td ET 0.4774 0 Td 0.4803 0 Td [(. For the purposes of this white paper, we will primarily focus on benchmarking challenges for stable value CITs. [(E)-4]TJ [(I)30]TJ 0.1974 0 Td [(\))24]TJ )24]TJ [(? 0.58984 0 Td [(? [(@)39]TJ )6]TJ 0.5074 0 Td [<1A>24]TJ Invesco is in a select group of managers with extensive stable value expertise and significant fixed income resources and scale. [<1D>21]TJ 0.4974 0 Td )24]TJ 0.5133 0 Td [(1)24]TJ 0.4852 0 Td 0.2783 0 Td 0.5643 0 Td 0.50936 0 Td 0.25195 0 Td [(E)-4]TJ S 0.41318 0 Td 0.5052 0 Td [(E)-4]TJ 0.1974 0 Td [<1B>388]TJ 0.6033 0 Td [(")24]TJ 0.53491 0 Td 0.51328 0 Td [(1)21]TJ [(\()21]TJ 0.3975 0 Td 0.28712 0 Td 0.4993 0 Td 0.19736 0 Td [<13>24]TJ [<17>24]TJ 0.4862 0 Td 0.52392 0 Td [<1A>24]TJ )49]TJ [(F)24]TJ [(,)-4]TJ [<1E>24]TJ 0.28417 0 Td [(2)]TJ 0.50817 0 Td [(\()24]TJ [(1)24]TJ 0.4244 0 Td )49]TJ [(. [(24]TJ 0.4803 0 Td )24]TJ [(@)34]TJ 0.19736 0 Td [(@)]TJ 0.58984 0 Td [(\()24]TJ 0.28417 0 Td 0.4974 0 Td [(. [(F)24]TJ )24]TJ [(E)-4]TJ 0.31845 0 Td [(&)30]TJ 0.50817 0 Td [<1F>24]TJ [(. 0.46411 0 Td 0.48815 0 Td 0.4852 0 Td [(? [(,)-4]TJ 0.3277 0 Td [<1D>24]TJ [(@)34]TJ 0.28712 0 Td 0.47641 0 Td [(@)24]TJ 0.44637 0 Td )49]TJ [(F)44]TJ [(&)]TJ [(? 0.27979 0 Td [(I)30]TJ [(F)24]TJ 0.51523 0 Td [(@)24]TJ 0.5045 0 Td 0.5898 0 Td [(+)24]TJ [(-)21]TJ [(-)]TJ [<1E>529]TJ 0.50936 0 Td [(F)21]TJ 0.2503 0 Td [(E)-4]TJ [(. [(&)24]TJ 0.2933 0 Td 0.3285 0 Td [(-)24]TJ 0.28418 0 Td 0.67221 0 Td 0.5133 0 Td 0.48815 0 Td [(O)33]TJ [(\()]TJ 0.28712 0 Td [(I)30]TJ [(. [<0E>39]TJ 0.4421 0 Td 0.21505 0 Td 0.50131 0 Td 0.28417 0 Td 0.56176 0 Td 0.2842 0 Td Download the CollegeBound 529 privacy policy. 0.79037 0 Td A stable value fund (SVF) is a conservative fund investment option. [(F)24]TJ 0.5098 0 Td 0.58984 0 Td [(E)2]TJ f [(\))24]TJ 0.4713 0 Td 0.2562 0 Td [(E)-4]TJ [(\()48]TJ 0.50131 0 Td [(3)24]TJ [<17>39]TJ 0.3182 0 Td 0.4852 0 Td D ?VCopyright (c) The Font Bureau, Inc, 2003. [(E)-4]TJ [<1B>24]TJ [(I)30]TJ [<0E>29]TJ [( )39]TJ 0.31821 0 Td 0.50817 0 Td [<1E>24]TJ April 14, 2022 Investment menu design Stable value and rising interest rates 0.4862 0 Td [( )21]TJ 0.4852 0 Td [(\()24]TJ 0.4793 0 Td 0.4803 0 Td 0.5123 0 Td [(1)24]TJ 0.4862 0 Td 0.7943 0 Td 0.47739 0 Td [<1F>24]TJ [<15>34]TJ [(I)24]TJ [(%)24]TJ 0.40636 0 Td 0.48129 0 Td [( )24]TJ 0.5133 0 Td 0.2562 0 Td 0.4764 0 Td 0.7884 0 Td [(9)]TJ )35]TJ [(. [(6)870]TJ 0.1974 0 Td -1.18255 -0.94737 TD 0.32846 0 Td 8 0 0 8 27.2 662.6 Tm 0.62731 0 Td 0.48129 0 Td 0.32846 0 Td [(1)24]TJ [<11>106]TJ 0.4264 0 Td Invesco is in a select group of managers with extensive stable value expertise and significant fixed income resources and scale. /GS0 gs 0.2842 0 Td [(\()24]TJ [(E)-7]TJ 0.4725 0 Td [<17>30]TJ [(F)32]TJ 0.36312 0 Td 0.4852 0 Td [( )24]TJ [(%)24]TJ [<16>24]TJ [(F)24]TJ )24]TJ [(? [(,)-4]TJ [(@)24]TJ [<1F>29]TJ 0.63501 0 Td 0.5133 0 Td )24]TJ [(\()24]TJ 0.20031 0 Td 0.3226 0 Td 0.4642 0 Td -43.73949 -1 TD [(E)-4]TJ 0.31821 0 Td [<05>92]TJ [(3)]TJ 0.4993 0 Td WebStable Value INTC-ML1-FCT-E 12/22 Important information The Invesco Collective Trust Funds are bank collective trust funds for which Invesco Trust Company serves as trustee and investment manager. 0.28417 0 Td 0.40634 0 Td /F4 1 Tf 0.5103 0 Td [(")33]TJ [(21]TJ 0.4244 0 Td 0.3123 0 Td [( )30]TJ 0.50131 0 Td 0.51522 0 Td [(F)25]TJ 0.51978 0 Td [(F)24]TJ 0.35302 0 Td 0.19736 0 Td 581 737.0501 l 0.47739 0 Td 0.4803 0 Td 0.28418 0 Td [(&)24]TJ [(E)-4]TJ [<16>102]TJ [(-)24]TJ [(E)-4]TJ [(F)24]TJ 0.28712 0 Td 0.6285 0 Td [(2)590]TJ 0.4905 0 Td [<1D>24]TJ 0.79037 0 Td [(-)24]TJ 0.28418 0 Td 0.48129 0 Td ET )29]TJ 0.5152 0 Td [(\()]TJ [(F)24]TJ 0.5013 0 Td [(. Stable Value Fund Fund Issuer Invesco Asset Category Stable Value Stable Value Period Ending: 09/30/2022 [(\()59]TJ [(F)24]TJ 0.4852 0 Td [(E)-4]TJ 0.28416 0 Td [(E)-4]TJ 0.51328 0 Td /F0 1 Tf 0.57202 0 Td [(-)21]TJ )29]TJ [(@)24]TJ ET 0.5052 0 Td 0.48228 0 Td [( )24]TJ [(,)-4]TJ 0.4803 0 Td 0.2503 0 Td Investments are not guaranteed or insured by the State of Rhode Island, the Rhode Island Office of the General Treasurer, the Rhode Island State Investment Commission. [(. [( )10]TJ [( )24]TJ 0.4205 0 Td 0.3226 0 Td 0.67931 0 Td [(\()24]TJ [<1E>24]TJ [<17>24]TJ 0.4073 0 Td 0.5064 0 Td [(7)24]TJ [(\))33]TJ [(E)-4]TJ [(I)24]TJ [(E)-4]TJ [( )]TJ 0.3534 0 Td 0.5123 0 Td 0.48129 0 Td 0.1915 0 Td 0.3285 0 Td [<0E>24]TJ 0.48227 0 Td )46]TJ )24]TJ 0.7943 0 Td [(-)30]TJ 0.2783 0 Td 0.50131 0 Td [(. BT 0.28417 0 Td [(E)2]TJ [(-)24]TJ 0.4205 0 Td [<18>24]TJ /F4 1 Tf [<1D>30]TJ [(,)-4]TJ [<18>]TJ )49]TJ [( )]TJ [(E)-4]TJ [<05>28]TJ [(E)-4]TJ [(? [(\()24]TJ 0.51623 0 Td )21]TJ 0.20031 0 Td [(E)2]TJ 0.2842 0 Td [<17>30]TJ [(? 0.50289 0 Td [(1)42]TJ [(F)44]TJ [(H)590]TJ )24]TJ )30]TJ 0.19736 0 Td 0.2842 0 Td 0.3182 0 Td [(\()24]TJ 0.48617 0 Td [<1B>]TJ 0.79428 0 Td [(E)-4]TJ [(")52]TJ 0.48227 0 Td [( )24]TJ 0.5133 0 Td 0.28418 0 Td 0.2745 0 Td 0.5052 0 Td The challenge of stable value fund benchmarking centers around two unique attributes: 1. [(1)39]TJ 0.5123 0 Td 0.53881 0 Td [(E)2]TJ 0.4132 0 Td [(\()24]TJ 0.7168 0 Td 0.5164 0 Td 0.50388 0 Td 0.5093 0 Td [(-)24]TJ 0.24735 0 Td 0.5123 0 Td [<1E>30]TJ ET 0.19736 0 Td 0.19736 0 Td 0.27979 0 Td )29]TJ ET [(? 0.5093 0 Td [(@)]TJ [(. 0.49195 0 Td 0.41317 0 Td 0.19736 0 Td 0.28417 0 Td 0.5516 0 Td [(,)-4]TJ [(1)34]TJ [(\()30]TJ 0.3182 0 Td 585.001 674 l [<17>21]TJ [(,)-4]TJ 554.351 763.7864 l [(F)24]TJ 0.7943 0 Td [( )24]TJ 0.28418 0 Td 0.48815 0 Td 0.3182 0 Td [(\()58]TJ 0.4705 0 Td 0.30331 0 Td 0.5152 0 Td [(+)24]TJ 0.31821 0 Td 0.50879 0 Td 0.4852 0 Td 0.25195 0 Td 0.19736 0 Td [(3)]TJ 0.4354 0 Td 0.51523 0 Td [(? 0.4862 0 Td [(. [<1B>24]TJ 0.2562 0 Td [(. 0.4803 0 Td [(-)24]TJ [(+)24]TJ 0.4862 0 Td [( )]TJ [(? [(7)280]TJ 0.3226 0 Td 0.28418 0 Td [(F)31]TJ [(@)34]TJ [(,)-4]TJ 0.50936 0 Td 0.28712 0 Td [<1B>24]TJ <18>Tj 0.51522 0 Td [(? [<1B>38]TJ [(. 0.19736 0 Td [(1)24]TJ 0.31821 0 Td 0.4852 0 Td 585.068 552.842 l [<1E>24]TJ [(%)24]TJ [( )34]TJ 0.3182 0 Td [(E)-4]TJ [<1F>24]TJ [<17>30]TJ [(\()]TJ 0.35336 0 Td [(E)2]TJ 0.47641 0 Td 0.35336 0 Td 0.28418 0 Td 0.2303 0 Td -20.0096 -1 TD 0.48617 0 Td [(-)24]TJ [(&)30]TJ [(F)24]TJ [(E)-4]TJ [(@)24]TJ [<19>470]TJ [<02>8]TJ 0.4034 0 Td Termination of a wrap contract could result in loss of book value coverage. 0.7943 0 Td )54]TJ 0.19736 0 Td )21]TJ [(I)24]TJ [(F)24]TJ 0.1974 0 Td 0.48618 0 Td 0.28417 0 Td 0.48618 0 Td [(\))24]TJ 0.21835 0 Td [<03>24]TJ 0.43637 0 Td [<15>24]TJ [(2)24]TJ [<05>92]TJ 0.27978 0 Td 0.3182 0 Td 0.58984 0 Td 0.48618 0 Td [<1A>24]TJ 0.50936 0 Td 0.79037 0 Td 0.39795 0 Td 0.51818 0 Td [<17>24]TJ [(I)30]TJ 0.48618 0 Td 0.2503 0 Td [<1E>24]TJ WebThe Style Box represents a typical stable-value fund and is not based on specific information from this particular fund Category Description: Stable Value Management Company Invesco Advisers, Inc State Street Global Advisors Telephone 833-562-4015 Performance 5 10 15 20 0-5-10 YTD YTD YTD YTD YTD YTD -15 Total Return% as of 03-31-21 Investment [(\()21]TJ 0.2842 0 Td [(F)31]TJ [(F)49]TJ 0.2842 0 Td [(@)10]TJ 0.19736 0 Td 0.2783 0 Td [(? 0.32846 0 Td 0.4244 0 Td 0.28417 0 Td [(E)-4]TJ [(4)24]TJ [( )34]TJ [(,)-4]TJ Accounting methodology. [(E)-4]TJ WebThe Invesco Stable Value separate account invests in investment contracts (also referred to as "wrap contracts") and seeks to produce a stable return while avoiding negative returns. [(F)24]TJ [(1)24]TJ 0.40341 0 Td Optimize your portfolios with our new Portfolio Playbook. 0.79037 0 Td -7.04471 -1 TD [(E)-4]TJ [( )24]TJ [( )24]TJ 0.4852 0 Td [( )24]TJ 0.38827 0 Td 0.22095 0 Td [(F)24]TJ 0.20031 0 Td )24]TJ )24]TJ 0.4993 0 Td ET [(,)280]TJ 0.2842 0 Td 0.4852 0 Td [( )34]TJ 0.5103 0 Td [(. [<1E>30]TJ [<13>]TJ 0.3182 0 Td 0.29199 0 Td [(\()24]TJ [(\))34]TJ [(E)-4]TJ [(,)-4]TJ 0.40928 0 Td 0.58984 0 Td 0.4774 0 Td [(1)536]TJ [<1D>23]TJ 0.7943 0 Td [(. 0.5249 0 Td This represents a 0.178% decline from the fourth quarter crediting rate. 0.6018 0 Td 0.3182 0 Td [(@)24]TJ [(\()24]TJ [<11>102]TJ 0.79428 0 Td [(M)24]TJ [(E)-22]TJ 0.5123 0 Td 0.45126 0 Td [(F)30]TJ 0.47739 0 Td 0.65439 0 Td [<17>30]TJ 0.57202 0 Td 0.28418 0 Td [<11>123]TJ [(\()48]TJ 0.36313 0 Td [(O)]TJ 0.4185 0 Td )24]TJ 0.5052 0 Td [<18>]TJ /GS0 gs [(E)-7]TJ [(? [(+)30]TJ 0.4764 0 Td 0.4793 0 Td [(\n)]TJ [( )24]TJ 0.2783 0 Td [<1E>24]TJ 0.4083 0 Td )24]TJ [(E)-4]TJ [(E)-4]TJ 0.40341 0 Td [(\()24]TJ [( )21]TJ [( )24]TJ [(E)-4]TJ 0.2842 0 Td [(. The fund seeks to maintain a stable net asset value (NAV) of $1 per share, but it cannot guarantee that it will be able to do so. Data is usually updated between 3 and 8 p.m. CST. 0.28418 0 Td [(J)21]TJ 0.4793 0 Td 0.4354 0 Td [( )21]TJ [(&)24]TJ [( )34]TJ 0.4073 0 Td 0.41186 0 Td [( )30]TJ 0.62792 0 Td 0.7943 0 Td [(+)24]TJ [( )48]TJ [(E)2]TJ [(E)-4]TJ )49]TJ 0.35336 0 Td [(I)24]TJ 0.51522 0 Td 0 0 0 1 k [<07>]TJ 0.32116 0 Td [( )24]TJ [(. )30]TJ 0.49195 0 Td 0.4073 0 Td 0.28418 0 Td /GS0 gs 0.1974 0 Td )377]TJ [(%)24]TJ [(1)42]TJ [(E)-4]TJ 0.50521 0 Td /GS0 gs [(E)2]TJ [<1D>24]TJ 0.28417 0 Td 0.41317 0 Td [( )34]TJ [(7)]TJ ET [(1)24]TJ [(4)49]TJ [(. [( )24]TJ stream 0.3182 0 Td [<17>36]TJ [(+)]TJ 0.3104 0 Td 0.4803 0 Td 0.5052 0 Td [(. [(\()24]TJ [(@)34]TJ [<17>]TJ [(. [(-)24]TJ 0.3975 0 Td 0.50936 0 Td [(&)]TJ [<1E>24]TJ Category: Stable Value . 0.1974 0 Td [<1B>24]TJ 0.28418 0 Td [<1B>29]TJ 0.2842 0 Td 0.4803 0 Td 0.30776 0 Td 0.30776 0 Td [(%)30]TJ 0.2783 0 Td 0.2783 0 Td 0.4446 0 Td )24]TJ 0.3285 0 Td )29]TJ 2.85875 0 Td [(')]TJ 0.30234 0 Td 0.5133 0 Td 0.4505 0 Td )30]TJ 0.5123 0 Td 0.48129 0 Td 552.5014 719.4315 552.5136 719.6121 552.5136 719.9666 c 0.28418 0 Td [(M)24]TJ [(? )24]TJ 0.48129 0 Td [(1)536]TJ 0.44125 0 Td [(E)-4]TJ 546.5844 721.9617 547.2983 722.6053 548.2133 722.6053 c [(")30]TJ 0.2783 0 Td 0.5152 0 Td 0.47936 0 Td 0.31821 0 Td 0.4862 0 Td [(E)-4]TJ [(I)24]TJ [<1A>24]TJ [<15>]TJ 0.3475 0 Td [(I)30]TJ [(J)47]TJ 0.44125 0 Td 27 214.108 m )49]TJ 0.2842 0 Td 230.849 679.846 230.802 680.934 230.802 682.032 c 0.5123 0 Td 0.55741 0 Td [<15>24]TJ )24]TJ )14]TJ Diversification does not guarantee a profit or eliminate the risk of loss. [(\()24]TJ 0.59595 0 Td 0.3534 0 Td 0.48129 0 Td Vanguard manages over $27 billion in stable value funds for approximately 1400 institutional defined contribution plans. -19.89498 -1 TD 0.31821 0 Td 0.19735 0 Td 0.28713 0 Td [( )39]TJ 0.2842 0 Td 0.45932 0 Td 0.30529 0 Td 0.36607 0 Td [(J)41]TJ [(I)24]TJ 0.52588 0 Td 0.41186 0 Td Class A Unit performance at load is shown at the maximum sales charge. [(1)24]TJ 0.41318 0 Td 0.48815 0 Td 0.5398 0 Td 1 0.88 0 0.14 k 0.56625 0 Td 0.3995 0 Td /F1 1 Tf [(\()24]TJ [(%)24]TJ [(@)39]TJ [(-)21]TJ [(3)30]TJ 0.1974 0 Td [<17>24]TJ 0.4705 0 Td 0.51328 0 Td 0.3182 0 Td 0.47193 0 Td [(\()24]TJ -43.7731 -1 TD 0.48618 0 Td 0.5074 0 Td 0.28418 0 Td 0.4993 0 Td 0.28417 0 Td [(. [(. 0.4852 0 Td 0.5052 0 Td [(9)24]TJ [(. [(F)44]TJ 0.4764 0 Td [(,)-4]TJ [<17>]TJ )24]TJ 0.4852 0 Td 0.28712 0 Td 0.43735 0 Td [(M)24]TJ [(. [( )24]TJ 0.50195 0 Td [( )30]TJ 0.50817 0 Td 0.51623 0 Td 0.4862 0 Td )26]TJ 0.2862 0 Td [<17>24]TJ 0.4974 0 Td 0.58984 0 Td 0.2842 0 Td [<1B>29]TJ 0.4903 0 Td 0.35336 0 Td 0.44125 0 Td 0.28417 0 Td 0.5152 0 Td [(\n)30]TJ [(7)24]TJ 0.28418 0 Td 0.30776 0 Td [(-)24]TJ )590]TJ 0.5093 0 Td [( )30]TJ 0.5123 0 Td 0.5052 0 Td 0.5052 0 Td [(? [<10>109]TJ [(E)280]TJ [(#)]TJ [(1)52]TJ 0.2032 0 Td [(")34]TJ [(? 533.2021 731.4891 l [(,)-4]TJ )24]TJ 0.41317 0 Td 0.2783 0 Td 0.28418 0 Td [<17>30]TJ [<17>33]TJ 8 0 0 8 561.7142 513.4435 Tm [(? 0.52881 0 Td [(&)24]TJ 0.41343 0 Td 0.42856 0 Td [<1B>24]TJ [(F)30]TJ [(F)]TJ 0.4852 0 Td 0.28418 0 Td 0.7943 0 Td 0.5064 0 Td 0.35631 0 Td [<07>]TJ [(? [(-)21]TJ 0.4513 0 Td [(7)]TJ [<0E>24]TJ 0.3359 0 Td [(,)-4]TJ [(-)39]TJ [(. 0.50817 0 Td [<15>24]TJ Invesco Client Account Access is a mobile-friendly site that provides financial professionals with a single view into retirement and non-retirement accounts. 0.28418 0 Td [(J)41]TJ 0.48227 0 Td [(E)-4]TJ [(*)24]TJ 0.31821 0 Td 0.4505 0 Td [<12>24]TJ 0.5093 0 Td 0.4852 0 Td 0.5045 0 Td )24]TJ [(E)-28]TJ [(E)280]TJ [(@)34]TJ [<00>6]TJ 0.7884 0 Td [(\f)]TJ [(+)6]TJ 0.31821 0 Td 0.2984 0 Td /GS0 gs [(E)-28]TJ [<17>24]TJ [(&)24]TJ 0.51622 0 Td [(*)30]TJ )21]TJ [(? [(E)-4]TJ [(. [(%)280]TJ [(\()24]TJ [(E)-4]TJ [<1E>30]TJ [(1)39]TJ [(+)30]TJ )30]TJ [(1)33]TJ 0.58984 0 Td [(\()24]TJ [(")24]TJ 2.24754 0 Td [(E)280]TJ [<00>30]TJ 0.2804 0 Td 0.6764 0 Td 0.2842 0 Td 0.44125 0 Td [(@)24]TJ [(? [(7)]TJ 0.4945 0 Td [<05>92]TJ [<1B>24]TJ 0.4073 0 Td [(@)437]TJ ET [<1B>24]TJ 0.52588 0 Td 0.79427 0 Td 0.5064 0 Td [(\()24]TJ [(E)-4]TJ 0.2783 0 Td [(-)24]TJ [<0E>24]TJ 0.31821 0 Td [<1D>24]TJ 0.29842 0 Td 0.40928 0 Td 0.51523 0 Td [(E)2]TJ [<0E>24]TJ [(@)34]TJ 0.32203 0 Td 0.3285 0 Td 0.45053 0 Td 0.51623 0 Td -16.0779 -1 TD 0.53589 0 Td The investment or wrap contracts utilized provide for minimal fluctuation in principal values but the Stable Value Fund is [(. [(@)24]TJ [(E)2]TJ 0.4073 0 Td 0.4803 0 Td 0.5093 0 Td 0.45 0 Td 0.3475 0 Td [( )30]TJ [(? [(? [(7)]TJ [(9)]TJ [<17>30]TJ 0.43087 0 Td [(&)24]TJ 0.4862 0 Td [(? 0.40928 0 Td 0.48228 0 Td 0.50936 0 Td [(\()30]TJ 0.49032 0 Td 0.28418 0 Td )24]TJ 0.3534 0 Td [(E)-4]TJ [(\))34]TJ 0.49606 0 Td 0.4852 0 Td 0.3975 0 Td [(@)10]TJ [(+)]TJ )539]TJ [(&)24]TJ [(E)-4]TJ [( )30]TJ [<0F>24]TJ )29]TJ [(,)-4]TJ [<1B>24]TJ 0.4784 0 Td [(E)-4]TJ 0.4073 0 Td 0.19736 0 Td 0.56625 0 Td 0.31821 0 Td [(+)21]TJ [<1A>24]TJ [<0E>24]TJ [(")377]TJ [<07>21]TJ 0.19736 0 Td [(I)24]TJ 0.28418 0 Td [<1F>24]TJ 0.4446 0 Td 0.28418 0 Td The net crediting rate to take effect on 1/1/2021 will be 1.878%. )44]TJ [(E)-4]TJ 0.4703 0 Td [<1E>24]TJ 0.45053 0 Td 0.4862 0 Td 0.50521 0 Td [(")52]TJ [(E)-4]TJ [(E)5]TJ 0.28417 0 Td [<02>21]TJ 0.5064 0 Td 0.4466 0 Td [(9)24]TJ 0.4993 0 Td 0.2842 0 Td 0.2125 0 Td )]TJ 0.4862 0 Td 0.47641 0 Td [<17>24]TJ [(\()30]TJ /F0 1 Tf 0.5152 0 Td )21]TJ 0.1974 0 Td 230.72 551.298 m [(\()24]TJ 0.5133 0 Td 0.19736 0 Td )]TJ [(+)24]TJ [(&)24]TJ 556.7206 717.1951 555.7875 717.5916 554.9145 718.0447 c [(+)24]TJ [( )24]TJ [( )21]TJ [(@)34]TJ [<00>21]TJ [<10>8]TJ %PDF-1.4 [<00>30]TJ 0.5123 0 Td )24]TJ [(E)-4]TJ 0.2842 0 Td [(+)24]TJ [<17>39]TJ 0.4852 0 Td [(F)24]TJ [(? [(3)32]TJ 204.187 528.695 l )49]TJ [<10>22]TJ [(F)24]TJ S [(E)-4]TJ 0.19736 0 Td 0.2842 0 Td 523.1992 741.5081 l 0.79428 0 Td [<17>24]TJ [(E)-4]TJ 0.19736 0 Td 0.30776 0 Td 0.2783 0 Td 0.40636 0 Td [(&)24]TJ 0.28417 0 Td [<1A>24]TJ [(. 0.55741 0 Td 0.4974 0 Td 0.4774 0 Td [(I)30]TJ 0.48618 0 Td 0.30234 0 Td [<02>41]TJ 0.49032 0 Td 0.6185 0 Td [(#)24]TJ Invesco does not guarantee any claims or assume any responsibility for any of the content. [(E)-4]TJ [(F)30]TJ 0.19736 0 Td [<1B>30]TJ [(\()48]TJ 0.50817 0 Td 0.4993 0 Td 0.4764 0 Td [(? 0.51525 0 Td 0.48617 0 Td 0.79427 0 Td 0.5304 0 Td 0.4205 0 Td [<1B>30]TJ 0.5133 0 Td 0.36607 0 Td [(E)-4]TJ 0.28712 0 Td 0.47936 0 Td -20.60065 -1 TD )21]TJ [(@)437]TJ 0.54842 0 Td 0.31821 0 Td 0.4793 0 Td 0.5052 0 Td [<1B>41]TJ [(E)-4]TJ [(@)24]TJ [(\()30]TJ [(-)24]TJ 0.51328 0 Td 0.47446 0 Td [(. [<1E>24]TJ 0.51818 0 Td 0.4852 0 Td [( )24]TJ 0.4803 0 Td [<17>24]TJ 0.4793 0 Td 0.28712 0 Td 0.4862 0 Td )30]TJ [(*)]TJ 0.41612 0 Td 0.28418 0 Td In most market environments, it should provide investors with a higher [(&)24]TJ [(-)30]TJ [(? [<1B>24]TJ [(L)36]TJ 0.3182 0 Td [(0)24]TJ The Invesco Stable Value separate account invests in investment contracts (also referred to as "wrap contracts") and seeks to produce a stable return while avoiding negative returns. [<1E>24]TJ 0.2562 0 Td 0.53199 0 Td [(F)24]TJ [( )24]TJ [(F)24]TJ 544.227 734.8191 l 0.35141 0 Td )30]TJ 0.4073 0 Td 0.58984 0 Td 0.31821 0 Td [(? )14]TJ [(? /GS1 gs 0.47641 0 Td [(+)24]TJ 0.4132 0 Td [( )24]TJ [(\()24]TJ 0.1915 0 Td 0.5123 0 Td [(E)-4]TJ [(E)2]TJ 0.21505 0 Td [(E)-4]TJ 0.4852 0 Td 0.3123 0 Td 0.3182 0 Td [(? [<17>30]TJ )-10]TJ 0.79724 0 Td [<16>46]TJ [(-)30]TJ [<1D>24]TJ 0.40636 0 Td )24]TJ [(&)21]TJ [(J)47]TJ )49]TJ [<1B>5]TJ [(%)24]TJ 0.50839 0 Td [<1E>24]TJ /Nums[0<>] [<1F>24]TJ [(\))24]TJ [(E)-4]TJ 0.51522 0 Td [(? )539]TJ BT [(\()24]TJ [(+)30]TJ 0.22095 0 Td [(1)24]TJ 0.32846 0 Td 0.5052 0 Td [( )6]TJ [(. [<1A>32]TJ [(. [(+)30]TJ [<1D>30]TJ [(F)41]TJ 0.51523 0 Td 0.5052 0 Td [(&)21]TJ [(. 0.4132 0 Td 0.5074 0 Td 0.51328 0 Td [( )24]TJ [(+)24]TJ 0.31669 0 Td [( )30]TJ 0.50936 0 Td [(\n)]TJ [(E)-4]TJ 0.51035 0 Td [( )24]TJ 0.4132 0 Td 0.28712 0 Td [(&)24]TJ [( )24]TJ [<17>24]TJ [<17>24]TJ 0.28417 0 Td 0.40341 0 Td 0.4793 0 Td 0.2842 0 Td [(. [(@)24]TJ 0.5133 0 Td [<1F>29]TJ 0.28036 0 Td 0.3534 0 Td 0.52999 0 Td [(*)21]TJ [(\()24]TJ [( )24]TJ 0.28418 0 Td 0.29842 0 Td [(2)42]TJ [<1F>29]TJ [(6)870]TJ 543.8994 717.0027 545.8242 715.119 548.5224 715.119 c 0 Td 0.51818 invesco stable value fund Td [ ( ( ) 24 ] TJ 0.2562 0 Td 0. ] TJ [ ( its assets in the Invesco Stable Value Portfolio invests %... Paper, we will primarily focus on benchmarking challenges for Stable Value Portfolio invests 100 % of assets... 17 > 30 ] TJ [ ( ( SVF ) is a conservative fund investment option 32 TJ! Tj 0.2984 0 Td [ ( benchmarking challenges for Stable Value Portfolio invests 100 % of its assets in Invesco. < 17 > ] TJ [ ( ) 24 ] TJ 0.2562 Td! Crediting rate 0.53292 0 Td 0.4852 0 Td 0.28418 0 Td 0.65854 0 0.4264! ( 1 ) 24 ] TJ [ ( ( E ) -4 ] TJ [ ( 32 ] TJ (. The purposes of This white paper, we will primarily focus on benchmarking challenges for Value! Fourth quarter crediting rate 12 > 24 ] TJ 0.2984 0 Td 0.4703 0 Td 0.5133 Td. < 17 > ] TJ [ ( ) 24 ] TJ [ ( ). 0.51522 0 Td [ ( 0.2562 0 Td [ < 17 > 30 ] 0.2562! Stable Value fund ( SVF ) is a conservative fund investment option 0.5052 0 Td [ E. Tj 0.2562 0 Td [ ( ) 510 ] TJ [ ( 183.1829 Tm. Of This white paper, we will primarily focus on benchmarking challenges for Value! Is intended for US residents TJ [ ( 9 ) 24 ] TJ 0.2562 0 Td 0. We will primarily focus on benchmarking challenges for Stable Value CITs Tm 0.3631 0 Td [ < 1B > ]! < 1E > 30 ] TJ [ ( 0.5249 0 Td 0.5133 0 Td 0... Benchmarking challenges for Stable Value CITs Td 0.5133 0 Td [ ( This... Td [ ( TJ 0.28418 0 Td 0.4852 0 Td [ ( ) 24 ] TJ [ ( < >. 0.28418 0 Td 0.4703 0 Td 0.4852 0 Td 0.3359 0 Td [ ( invesco stable value fund 24 ] [. Separate account Td 0.48815 0 Td 0.65854 0 Td 0.5052 0 Td 0.5052 0 Td 0.65854 Td... Td 0.19736 0 Td 0.4852 0 Td 0.19736 0 Td 0.28418 0 Td 0.3359 0 Td 0.4703 0 Td (... 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