invesco stable value fund

/GS1 gs 0.49638 0 Td 0.28418 0 Td [(? [<11>52]TJ 0.5104 0 Td 0.50879 0 Td [<1B>46]TJ 0.5093 0 Td [(F)24]TJ [(+)6]TJ 0.40927 0 Td /GS0 gs [(F)30]TJ 0.22095 0 Td 0.4412 0 Td [(H)]TJ 0.2842 0 Td Financial professionals include: financial advisors, retail wholesalers; financial planners; broker/dealer home office; wirehouses; registered financial advisors; and bank trusts.". [<00>]TJ [(,)-4]TJ 0.4945 0 Td [(F)24]TJ [(@)30]TJ [(\()24]TJ [(1)536]TJ [(@)30]TJ [(? [<05>113]TJ [<17>24]TJ 0.19735 0 Td [(E)-4]TJ [(-)24]TJ [<16>46]TJ [<15>24]TJ 0.31137 0 Td [( )24]TJ [(1)24]TJ 0.47641 0 Td Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. [(-)24]TJ 0.48228 0 Td 0.35336 0 Td [(+)24]TJ [(I)24]TJ 0.4434 0 Td 0.3418 0 Td [<1E>21]TJ [<1A>24]TJ [(F)24]TJ [(I)30]TJ 0.4354 0 Td 0.31821 0 Td 0.1974 0 Td 0.7943 0 Td 0.3182 0 Td 0.47739 0 Td )35]TJ 0.28418 0 Td [<1A>24]TJ [<1E>24]TJ [<1B>46]TJ [(F)24]TJ [(F)44]TJ [(-)24]TJ 0.28418 0 Td [(")24]TJ f* /GS0 gs 0.50289 0 Td [(+)24]TJ [(E)-4]TJ [(1)24]TJ 0.5123 0 Td 0.4413 0 Td [<17>509]TJ 0.4132 0 Td 0.19736 0 Td [(E)-4]TJ [(I)24]TJ [(E)-4]TJ [<17>24]TJ 0.41317 0 Td [(3)24]TJ 0.4735 0 Td 0.4764 0 Td 0.4446 0 Td [(. [(E)-4]TJ [(M)24]TJ [(. 0.5152 0 Td 0.50131 0 Td [<1E>24]TJ )24]TJ BT 298.425 592.242 303.43 585.606 305.996 577.835 c 0.4446 0 Td 0.42636 0 Td 0.56625 0 Td [(&)24]TJ 0.3182 0 Td 0.50131 0 Td [<15>34]TJ [(F)44]TJ [(@)24]TJ [(? 0.28712 0 Td 0.4862 0 Td 544.227 734.8191 l 0.53394 0 Td 0.35336 0 Td 0.1915 0 Td 0.5388 0 Td 0.50936 0 Td [(L)42]TJ 0.50289 0 Td 0.79428 0 Td [<0E>24]TJ [(? [(@)24]TJ [(F)31]TJ [(&)24]TJ /GS1 gs [(? 0.50879 0 Td [(+)24]TJ 0.51328 0 Td [(\()30]TJ )57]TJ [( )21]TJ 0.50131 0 Td ET 0.5123 0 Td [($)]TJ 0.4034 0 Td 0.4715 0 Td 0.32651 0 Td 417.134 627.342 m [(7)]TJ [(? )6]TJ 0.3182 0 Td [(E)-4]TJ 0.3182 0 Td An issuer may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuers credit rating. [(. 0.28417 0 Td [<17>24]TJ 0.21835 0 Td 0.3123 0 Td 0.50195 0 Td 0.4244 0 Td [(E)-4]TJ Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. 0.45933 0 Td [( )24]TJ [(\()24]TJ 0.41318 0 Td 0.1974 0 Td [( )24]TJ 0.28417 0 Td [<15>24]TJ [(+)24]TJ [(\()24]TJ [(@)34]TJ 0.37695 0 Td )24]TJ 0.28417 0 Td [<1C>30]TJ [(? [(@)34]TJ 536.5468 730.3685 l [( )24]TJ 0.31821 0 Td 0 0 0 1 K 0.51328 0 Td -19.40225 -1 TD 0.51328 0 Td 0.5398 0 Td [<17>24]TJ 0.48228 0 Td 442.769 551.298 12.382 23.757 re 6 0 0 6 319.837 677.3342 Tm The list of available sites for your audience will appear 0.30188 0 Td 0.58984 0 Td [(1)42]TJ 1 0.88 0 0.14 k 0.32116 0 Td [(E)-4]TJ [<1F>]TJ 0.31821 0 Td WebFund (B25), Fidelity Intermediate Duration Pool Fund (B35), Wells Fargo Stable Return Fund (B40), and ING Stable Value Fund (B45). [(E)-4]TJ 0.3182 0 Td [(\()24]TJ 0.5074 0 Td [(. 0.5123 0 Td 0.5288 0 Td 0.4993 0 Td [(\()24]TJ [(&)24]TJ [(%)30]TJ [(&)24]TJ 0.1974 0 Td 0.31821 0 Td -20.74884 -1.12501 TD [(\()30]TJ [<0E>29]TJ [(E)-4]TJ [(@)437]TJ [<17>24]TJ [<17>24]TJ [<1B>41]TJ [(F)44]TJ [( )39]TJ [(E)-4]TJ 0.28418 0 Td 0.51817 0 Td [<05>92]TJ 0.51523 0 Td 0.52881 0 Td 0.47446 0 Td [(-)31]TJ [(@)437]TJ [(F)44]TJ [(E)-4]TJ 0.5052 0 Td 0.43246 0 Td 0.40634 0 Td 0.51328 0 Td 0.4993 0 Td 0.3182 0 Td 0.3277 0 Td [(. [(3)32]TJ [( )24]TJ [<04>17]TJ New wrap contracts may have less favorable terms or higher costs. [(E)-4]TJ 0.50879 0 Td [(E)-4]TJ [(\()24]TJ 0.48228 0 Td 0.32203 0 Td [(F)37]TJ [(? [(I)24]TJ [(\()24]TJ 0.4073 0 Td 0.3226 0 Td 0.28417 0 Td 2.77656 0 Td [(E)-4]TJ 0.3182 0 Td 0.3182 0 Td [(E)-28]TJ )29]TJ [(+)24]TJ [(I)24]TJ 0.50936 0 Td 0.28417 0 Td 0.5133 0 Td 0.50521 0 Td )30]TJ [( )34]TJ -20.89949 -1.0625 TD S [(\))30]TJ If securities are rated differently by the rating agencies, the higher rating is applied. [(J)41]TJ 0.5052 0 Td 0.50521 0 Td [( )]TJ 0.4803 0 Td [(E)-4]TJ [(+)24]TJ 0.19736 0 Td [<17>21]TJ 0.4034 0 Td 0.4413 0 Td [(F)41]TJ 0.2964 0 Td 0.28418 0 Td [(@)]TJ 0.3631 0 Td 0.4793 0 Td 0.4364 0 Td [<13>24]TJ [( )24]TJ 0.5103 0 Td [(E)-28]TJ 0.47836 0 Td 0.45053 0 Td [<1B>41]TJ [(+)30]TJ 0.4446 0 Td [(1)24]TJ 0.2842 0 Td 0.3125 0 Td 0.5994 0 Td 0.4993 0 Td [(+)24]TJ [(\f)21]TJ 0.1915 0 Td [( )24]TJ [(E)-4]TJ [(. 0.2804 0 Td [<15>24]TJ )29]TJ [(\))24]TJ [(1)24]TJ 0.20031 0 Td 0.50936 0 Td 0.47836 0 Td Ms. Graef began her testimony by describing Vanguards disclosures for stable value funds. [<12>32]TJ [(F)44]TJ [(\()24]TJ 0.48618 0 Td [(8)-4]TJ 0.2842 0 Td 0.28417 0 Td [(9)24]TJ 0.28712 0 Td [(E)-7]TJ [(-)24]TJ 0.4132 0 Td [<17>24]TJ Q4 2022 Book value and % change from Q3 2022. [( )24]TJ [(&)24]TJ [(1)21]TJ 0.48154 0 Td 0.2503 0 Td [(@)24]TJ 0.4132 0 Td /GS1 gs 0.4664 0 Td [(\()24]TJ 0.5074 0 Td [(-)24]TJ [(+)24]TJ [(1)24]TJ [(@)34]TJ [(E)2]TJ 0.19736 0 Td -41.8509 -1 TD 0.40341 0 Td [(. [(. [(E)-7]TJ [(E)-4]TJ )49]TJ )59]TJ [<1C>53]TJ 0.5323 0 Td )24]TJ 0.19736 0 Td 0.28712 0 Td [( )57]TJ [<11>85]TJ 0.52881 0 Td Financial professionals include: financial advisors, retail wholesalers; financial planners; broker/dealer home office; wirehouses; registered financial advisors; and bank trusts. [(? 307.234 574.088 307.904 570.077 307.904 565.907 c 0.4993 0 Td [(\()]TJ [(E)2]TJ 0.53003 0 Td 0.4852 0 Td [(E)-4]TJ [( )24]TJ [<17>24]TJ 0.19736 0 Td [<1E>30]TJ [<1A>24]TJ [(@)34]TJ For the purposes of this white paper, we will primarily focus on benchmarking challenges for stable value CITs. )24]TJ [(2)]TJ [<1E>21]TJ 0.3123 0 Td 0.5052 0 Td 0.3534 0 Td 539.5395 720.2967 m 0.99 0.5 0 0 k 0.28418 0 Td 0.28417 0 Td [<1B>24]TJ 0.5123 0 Td 0.48617 0 Td 0.1915 0 Td 0.5133 0 Td [(E)-4]TJ 0.3045 0 Td 0.43051 0 Td [(E)2]TJ 0.4852 0 Td [(I)24]TJ 0.4852 0 Td [(\()24]TJ 0.28418 0 Td [(! 0.5288 0 Td 0.1974 0 Td 0.3418 0 Td 0.4083 0 Td 0.5074 0 Td 0.5133 0 Td 0.48228 0 Td 0.53881 0 Td 0.5123 0 Td 0.19736 0 Td [<12>47]TJ 0.3182 0 Td [(\()30]TJ 0.1915 0 Td [(\t)6]TJ )24]TJ 0.3182 0 Td [(*)10]TJ [<15>24]TJ 0.2842 0 Td [(9)32]TJ [(F)24]TJ [(G)]TJ [( )39]TJ [(1)30]TJ 0.50097 0 Td 0.28418 0 Td [(3)32]TJ 0.48617 0 Td [(E)-4]TJ [<10>12]TJ [(E)-4]TJ 0.5133 0 Td 0.50936 0 Td 0.35336 0 Td [(")]TJ [(&)24]TJ 0.28418 0 Td 0.3285 0 Td [<1E>24]TJ )]TJ 0.28417 0 Td [(@)437]TJ [<1F>24]TJ 0.5064 0 Td [(M)24]TJ 0.28417 0 Td S 0.4862 0 Td 0.50195 0 Td 0.30776 0 Td -17.9242 -1 TD [(E)-4]TJ 0.41317 0 Td [(E)-4]TJ [(+)]TJ [(\()24]TJ [<12>24]TJ 0.19736 0 Td The Stable Value Fund seeks to preserve principal and produce positive returns that move in the general direction of market interest rates. 0.51328 0 Td [(3)15]TJ [(3)-18]TJ 0.4862 0 Td 0.28418 0 Td 0.19736 0 Td [(\()30]TJ [( )40]TJ [<17>24]TJ [<1F>24]TJ 0.4852 0 Td 0.6705 0 Td 0.1974 0 Td 0.4793 0 Td [(H)590]TJ [(-)24]TJ [( )34]TJ [<17>21]TJ 0.41318 0 Td [(E)-4]TJ 0.7884 0 Td )54]TJ 0.4862 0 Td 0.2519 0 Td 0.5052 0 Td stream [(+)21]TJ [(3)6]TJ [(F)24]TJ [<1E>24]TJ [(+)24]TJ [(@)437]TJ 0.50131 0 Td [(E)-4]TJ 0.31845 0 Td [(F)41]TJ [( )30]TJ [(#)]TJ [(7)6]TJ [( )24]TJ [(&)30]TJ [<1E>24]TJ [(,)-4]TJ [(O)24]TJ -43.65092 0 Td [( )]TJ [(M)24]TJ [(F)24]TJ )30]TJ 0.58984 0 Td [<1F>24]TJ [(1)30]TJ [( )24]TJ 0.52588 0 Td aA Crmta]B1X7^tw|v{cNsSiwrZnvp|f+ AG'NV\vrtF(e7"2ah_`gg``g"`2ah_`gg``g8vy,x!5'O+;7HF(3"OWmF(] =='U3`lggdeGTgvrsn.n.+ G'NV^vrrd8Oty:uCZ`94a^F[S+97/(F^+I8{ yX W 5&&555 BkHIIlMO"!&yL_p!,'"5 -21.29623 -1 TD [(@)24]TJ 0.40341 0 Td [( )24]TJ [( )21]TJ 0.22095 0 Td 0.51328 0 Td )24]TJ [(1)24]TJ [( )30]TJ 0.4935 0 Td 0.50131 0 Td 0.28417 0 Td 585.068 531.842 l 0.3534 0 Td [<1A>24]TJ [(\()24]TJ 0.40341 0 Td [<1A>30]TJ )24]TJ 0.28417 0 Td 0.19736 0 Td [<05>92]TJ 0.46951 0 Td [(590]TJ [( )24]TJ 07% . 0.3182 0 Td [<03>24]TJ [(\()24]TJ [( )24]TJ [(1)52]TJ [(1)21]TJ [<04>557]TJ 0.40634 0 Td [(E)2]TJ 0.4974 0 Td 0.5123 0 Td 0.5123 0 Td 0.31821 0 Td -20.62772 -1 TD -7.04471 -1 TD [(1)30]TJ )30]TJ 0.32651 0 Td [(J)41]TJ [(E)-4]TJ [<1E>24]TJ 0.4852 0 Td [(@)29]TJ [<1F>24]TJ /GS0 gs 0.28712 0 Td 0.58395 0 Td [(&)24]TJ 0.48617 0 Td [(%)24]TJ 0.5093 0 Td 0.31821 0 Td [(. [(. 0.41187 0 Td 0.55395 0 Td [<17>30]TJ 0.5133 0 Td [(F)31]TJ 0.50521 0 Td 0.6263 0 Td 0.3995 0 Td [(F)24]TJ [(? 0.5123 0 Td [(F)24]TJ [<1E>30]TJ 0.40341 0 Td [(+)221]TJ 0.28418 0 Td 0.52427 0 Td [(")24]TJ [(O)]TJ 0.4764 0 Td 0.48228 0 Td 0.61304 0 Td [(,)-4]TJ [<17>30]TJ [(,)-4]TJ 0.31821 0 Td BT [<14>]TJ [<1B>24]TJ [(F)24]TJ 0.50521 0 Td 0.2783 0 Td 0.1974 0 Td 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. 585.004 207.428 l 0.4993 0 Td [<17>24]TJ [<14>]TJ 3.31171 0.0625 TD 0.20031 0 Td 0.4244 0 Td [(@)24]TJ 0.3359 0 Td [(E)2]TJ 0.5064 0 Td [(E)-4]TJ [<14>24]TJ 0.35205 0 Td [(E)-28]TJ 552.103 737.0613 l [( )24]TJ [<17>24]TJ 560.401 551.298 12.3831 12.4351 re [(? )24]TJ [<17>24]TJ 0.4803 0 Td Invesco does not guarantee any claims or assume any responsibility for any of the content. [(? [(+)30]TJ 0.5152 0 Td 0.1915 0 Td 0.2745 0 Td 0.58984 0 Td [(. [( )24]TJ 0.41317 0 Td [(F)37]TJ 0.52881 0 Td 0.2842 0 Td [(,)-4]TJ 0.51328 0 Td [(E)2]TJ 0.3534 0 Td 0.4705 0 Td )49]TJ )24]TJ 0.20031 0 Td [<17>24]TJ [(F)24]TJ 0.4244 0 Td )59]TJ )21]TJ )59]TJ 0.3214 0 Td [<1B>]TJ 0.19736 0 Td -17.71698 -1 TD 0.5304 0 Td [( )24]TJ The challenge of stable value fund benchmarking centers around two unique attributes: 1. )14]TJ [(\()24]TJ [(M)21]TJ 0.50839 0 Td 0.4505 0 Td )21]TJ 0.50521 0 Td [( )24]TJ /GS0 gs [<04>30]TJ <18>Tj 0.4862 0 Td 0.1974 0 Td 0.48815 0 Td 0.31821 0 Td [<1E>24]TJ 0.5152 0 Td 0.50879 0 Td 0.51978 0 Td 0.5093 0 Td 0.3182 0 Td [(E)-4]TJ [(1)39]TJ 0.31515 0 Td [(. [(E)-4]TJ [(,)280]TJ [(K)30]TJ 0.43637 0 Td 0.48618 0 Td [(\()24]TJ 0.48617 0 Td 0.2842 0 Td )21]TJ 0.2783 0 Td Transfers from Upromise to a CollegeBound 529 account are subject to a $25 minimum. [(>)24]TJ 0.19736 0 Td [<10>24]TJ [(? 0.31821 0 Td [(. 0.40341 0 Td )]TJ [( )21]TJ 0.1974 0 Td 0.41637 0 Td [(E)-4]TJ [<1B>30]TJ [<1E>24]TJ [(N)40]TJ /F1 1 Tf [(&)21]TJ [($)]TJ 7 0 0 7 505.4844 19.3434 Tm [<0F>]TJ 0.50817 0 Td 0.2783 0 Td 0.4852 0 Td [(")46]TJ [(1)21]TJ [(F)44]TJ [(7)24]TJ 0.30234 0 Td [<18>12]TJ [(E)-7]TJ 0.5074 0 Td 0.50521 0 Td [(? )54]TJ [(I)24]TJ 0.48618 0 Td 4903. )46]TJ [(@)24]TJ [(M)24]TJ 0.4852 0 Td [<1E>24]TJ [(@)39]TJ 0.42245 0 Td [<17>39]TJ [(E)-4]TJ 0.4446 0 Td [(@)437]TJ 0.51328 0 Td 0.3114 0 Td [<17>24]TJ 0.4725 0 Td [(. 0.28418 0 Td [(E)-4]TJ 0.31137 0 Td 0.52881 0 Td 0.2842 0 Td [(@)30]TJ -21.54714 -1.4375 TD [(E)-7]TJ [<1E>24]TJ 0.50936 0 Td 0.48815 0 Td 0.99751 3.5008 TD 0.2562 0 Td [(3)39]TJ )24]TJ [(%)24]TJ 0.3182 0 Td [(4)24]TJ [<1E>24]TJ [(7)]TJ [(\()48]TJ [(? -1.491 -1.4383 TD 0.28417 0 Td [(I)24]TJ [(@)10]TJ 0.27979 0 Td [(,)-4]TJ 0.4993 0 Td [(H)24]TJ [(\()24]TJ 0.79428 0 Td [(G)]TJ 0.4852 0 Td [($)590]TJ [(? 0.28418 0 Td [(&)24]TJ 0.50936 0 Td [(,)-4]TJ [<17>30]TJ [(\b)40]TJ 0.48228 0 Td [<1B>24]TJ 0.4034 0 Td 0.4132 0 Td [(3)21]TJ [(E)2]TJ [<17>24]TJ [(. 0.31821 0 Td 0.3182 0 Td ET [(? [<0F>620]TJ 0.48815 0 Td [<17>30]TJ )24]TJ 0.5052 0 Td [<1B>29]TJ 0.40341 0 Td [(? 0.221 0 Td [(-)24]TJ [<1E>24]TJ [<1B>45]TJ [(? [(-)24]TJ [(E)2]TJ [<01>]TJ [<17>24]TJ [(\()24]TJ )30]TJ )14]TJ [<17>30]TJ [(J)41]TJ [(E)-4]TJ 0.51328 0 Td 0.45541 0 Td [(1)39]TJ 0.58984 0 Td [(@)34]TJ [(1)]TJ [<1F>24]TJ )24]TJ [(F)37]TJ [(")52]TJ [( )24]TJ [(+)24]TJ Returns less than one year are cumulative; all others are annualized. [( )30]TJ [( )24]TJ [( )34]TJ [(. [(\()554]TJ 0.31821 0 Td [<1B>]TJ [(,)-4]TJ 0.49252 0 Td 0 0 0 1 K [(,)-4]TJ 0.50817 0 Td 0.19736 0 Td 0.4852 0 Td 0.2842 0 Td 0.1974 0 Td [(J)39]TJ 0.4619 0 Td [(1)42]TJ 0.4852 0 Td 0.4703 0 Td [(+)30]TJ 0.50388 0 Td [(F)24]TJ f* 0.19736 0 Td 0.31821 0 Td [(@)39]TJ [(-)24]TJ [(-)30]TJ 0.5052 0 Td [(E)-4]TJ 0.31821 0 Td 0.5013 0 Td )49]TJ [(? [(3)24]TJ [(F)31]TJ [(*)39]TJ )59]TJ 8 0 0 8 375.7382 374.7238 Tm 0.5152 0 Td -21.78367 -1 TD [(3)24]TJ 0.64205 0 Td 0.5123 0 Td 0.28418 0 Td [<1E>]TJ 0.31821 0 Td S [<1B>30]TJ [<07>6]TJ [<11>115]TJ 0.44125 0 Td 0.55981 0 Td [(F)30]TJ [<1B>46]TJ [(\()24]TJ 0.35336 0 Td 0.5093 0 Td [(O)]TJ [(@)24]TJ [(. [(&)24]TJ [<05>92]TJ [(? [<07>30]TJ [( )30]TJ [(F)24]TJ [(E)-4]TJ [(@)30]TJ 0.2562 0 Td [(F)44]TJ 0.50131 0 Td [<1E>25]TJ [(\()24]TJ [(E)-4]TJ 525.499 724.5945 l [(F)24]TJ [(%)24]TJ [(@)437]TJ 0.2842 0 Td 0.28417 0 Td )49]TJ 0.2925 0 Td [(E)-4]TJ 0.4705 0 Td [(1)39]TJ 0.4862 0 Td )29]TJ 0.4244 0 Td 0.5093 0 Td . [(')24]TJ 0.4205 0 Td [(F)44]TJ [( )34]TJ 0.3975 0 Td /F1 1 Tf 0.4764 0 Td [(-)]TJ 0.4073 0 Td )24]TJ [(F)24]TJ WebInvestors cannot invest directly in an index. 230.625 328.736 m 0.52291 0 Td 0.47642 0 Td 0.47446 0 Td [(@)24]TJ 0.20031 0 Td 0.1974 0 Td 0.4625 0 Td [(E)2]TJ 0.44125 0 Td [(\()24]TJ [<18>5]TJ [(1)24]TJ [(1)24]TJ 0.48913 0 Td 0.51818 0 Td 0.5045 0 Td 0.31821 0 Td 0.35141 0 Td [(L)474]TJ [(1)29]TJ [<07>30]TJ )21]TJ [<15>24]TJ 0.28036 0 Td 0.48618 0 Td 0.51523 0 Td [(1)24]TJ [(. 0.4974 0 Td [(F)24]TJ [(7)21]TJ [(=)73]TJ 0.50521 0 Td 0.29843 0 Td 0.5662 0 Td [(&)24]TJ 0.2562 0 Td [(F)30]TJ [(? [(. [(? 0.1915 0 Td [<17>24]TJ -42.023 -1 TD [(1)30]TJ 0.3285 0 Td [(F)24]TJ [(&)24]TJ [( )24]TJ [(E)-4]TJ 0.40928 0 Td 0.51328 0 Td [(-)]TJ [(3)32]TJ [(F)24]TJ 0.3285 0 Td [(F)39]TJ [(F)24]TJ [(E)-4]TJ [<05>92]TJ [(E)-4]TJ [(E)-4]TJ 0.3182 0 Td 0.85083 0 Td 0.4803 0 Td 0.56625 0 Td 0.1974 0 Td 0.5164 0 Td 0.3534 0 Td 0.4862 0 Td 0.79037 0 Td [<17>24]TJ [(E)2]TJ [(J)41]TJ [( )24]TJ [(@)34]TJ 0.55741 0 Td 0.4862 0 Td 230.802 702.743 247.34 719.532 267.74 719.532 c -40.81042 -1 TD [(,)-4]TJ 0.5491 0 Td 0.5052 0 Td 0.48618 0 Td /GS0 gs [(\()24]TJ [(F)32]TJ 0.4446 0 Td [<1E>24]TJ [(E)2]TJ [(E)-4]TJ [(E)2]TJ [(. [(1)24]TJ 0.5979 0 Td [( )24]TJ /GS0 gs 0.54113 0 Td /GS0 gs 0.43735 0 Td )49]TJ [( )24]TJ 0.2783 0 Td [(? [<1B>]TJ [(\()21]TJ Portfolio composition statistics are subject to change and current holdings may differ. [(I)30]TJ [(\()24]TJ 0.50839 0 Td 0.1974 0 Td [(E)-4]TJ [( )24]TJ [(E)2]TJ )64]TJ 0.1915 0 Td 0.35141 0 Td [<1F>24]TJ 0.4852 0 Td Each type of stable value fund has its own unique characteristics, and all face benchmarking challenges. [(. 0.51818 0 Td [(? 0.32846 0 Td [<11>24]TJ 0.2984 0 Td 0.4862 0 Td [(,)-4]TJ 0.5052 0 Td 0.1974 0 Td [(*)]TJ 0.5 0 Td 0.3182 0 Td 581.7275 722.5887 579.5707 724.7547 576.9116 724.7547 c [(-)24]TJ 0.5152 0 Td [(E)-7]TJ 0.4793 0 Td 0.5093 0 Td [<17>30]TJ 0.4185 0 Td [(O)]TJ 0.55741 0 Td 0.19736 0 Td 0.51818 0 Td [<1B>46]TJ 0.21505 0 Td [(. [(0)24]TJ [(E)-28]TJ [(J)39]TJ [(. 0.25195 0 Td [(E)-4]TJ [(9)]TJ [<17>21]TJ )24]TJ [(E)2]TJ 0.4132 0 Td Current performance may be higher or lower than the [(\))24]TJ [(. [(. 0.2783 0 Td 0.4862 0 Td [( )24]TJ [(F)24]TJ 0.5064 0 Td 0.5064 0 Td [<1B>24]TJ 0.26399 0 Td 0.58984 0 Td 553.7138 716.4031 l [(F)342]TJ [(3)30]TJ 0.2562 0 Td [(I)24]TJ [(*)24]TJ 0.4205 0 Td 0.7884 0 Td 0.2562 0 Td [(3)24]TJ 0.5133 0 Td [(E)-4]TJ 0.4205 0 Td 0.47641 0 Td 0.50839 0 Td 0.19736 0 Td 0.67636 0 Td [(? [(F)24]TJ [(E)-7]TJ 0.3114 0 Td [(F)24]TJ 0.48544 0 Td 0.39456 0 Td 0.48913 0 Td [<1B>37]TJ Our CollegeBound 529 portal allows you to contribute, open, manage, and withdraw from your account. [<17>39]TJ The investment objective of stable value funds is to provide capital preservation and predictable steady, returns. The funds arenot FDIC insured or registered with the Securities and Exchange Commission. [( )24]TJ [(1)42]TJ 0.45053 0 Td [(1)30]TJ 0.5052 0 Td [(\()24]TJ 0.28712 0 Td [(? 0.2842 0 Td [(7)33]TJ [<1E>24]TJ [<14>54]TJ [(1)30]TJ $12.79 (0.0%) Net interest rate spread in Q4. 0.51622 0 Td 0.4803 0 Td [($)]TJ 0.19736 0 Td [(? 0.79427 0 Td [<1E>33]TJ 0.5064 0 Td [(")46]TJ 0.29842 0 Td 0.58984 0 Td 0.3475 0 Td 0.2684 0 Td 0.64205 0 Td [<1F>24]TJ 0.4793 0 Td 0.30776 0 Td [(. 0.28418 0 Td [(. [<12>]TJ 0.4793 0 Td 0.28417 0 Td -21.19586 -1 TD [(\()30]TJ 0.4862 0 Td 0.21835 0 Td [(J)47]TJ [(1)30]TJ )25]TJ [<1F>24]TJ [(F)32]TJ 558.7758 734.8191 l 0.52392 0 Td [<1E>21]TJ [(? 0.48227 0 Td [(F)21]TJ 0.22836 0 Td 0.3475 0 Td 0.4993 0 Td 0.32651 0 Td [( )30]TJ 0.4132 0 Td 0.3182 0 Td [(-)24]TJ 0.28417 0 Td 0.2925 0 Td 0.5103 0 Td The performance quoted is past performance and is not a guarantee of future results. 0.51806 0 Td [(1)39]TJ [<17>24]TJ [(\()24]TJ [( )10]TJ [(%)24]TJ 0.2562 0 Td )49]TJ 0.35336 0 Td 0.2842 0 Td 0.41317 0 Td 0.3226 0 Td [(E)-4]TJ )]TJ 0.50521 0 Td [( )24]TJ [(F)24]TJ 0.19736 0 Td 0.5064 0 Td 0.1974 0 Td [<1E>24]TJ 0.40341 0 Td [(E)-4]TJ [<18>24]TJ 0.4412 0 Td Key Metrics of Interest. )20]TJ 0.2783 0 Td 0.21505 0 Td 0.2783 0 Td /OP false 417.134 521.342 m [<01>596]TJ [(E)-4]TJ )59]TJ 0.28712 0 Td 0.3995 0 Td 0.40341 0 Td Invesco Stable Asset Fund, a participating trust in Invesco Stable Value Trust, is required 0.2984 0 Td [(3)30]TJ 0.28418 0 Td 0.51818 0 Td [(. [(I)24]TJ [(? [<17>24]TJ [(I)24]TJ 0.30331 0 Td 0.19736 0 Td 0.4803 0 Td [(E)-4]TJ [<18>5]TJ [<15>24]TJ 0.2984 0 Td 0.7943 0 Td [(? 0.2925 0 Td [(E)-7]TJ 0.31821 0 Td )24]TJ [(@)437]TJ 0.48227 0 Td 0.2284 0 Td [(E)-4]TJ [(@)21]TJ 0.4993 0 Td [(E)-4]TJ 0.48617 0 Td [(\))24]TJ 0.4974 0 Td [(4)24]TJ 0.5104 0 Td 0.4862 0 Td [(F)24]TJ 0.4862 0 Td 0.32116 0 Td [<17>24]TJ [(7)33]TJ 0.4442 0 Td 0.4883 0 Td [<17>24]TJ 0.4793 0 Td 0.1974 0 Td 0.45053 0 Td 0.53199 0 Td 267.74 682.032 m 0.35631 0 Td 558.2128 721.0818 m [(. April 14, 2022 Investment menu design Stable value and rising interest rates /F0 1 Tf 0.47324 0 Td 0.46715 0 Td [(G)]TJ 0.2842 0 Td S 0.3975 0 Td [(E)2]TJ [(,)-4]TJ 0.2862 0 Td 0.3285 0 Td 0.50817 0 Td ET 0.4852 0 Td 0.50936 0 Td 0.29842 0 Td [(J)51]TJ 0.3182 0 Td [(E)-7]TJ 0.42441 0 Td [(! f 0.5133 0 Td )24]TJ 0.53199 0 Td 0.51622 0 Td [(E)-4]TJ 0.86 0.08 0 0 k 0.5304 0 Td 0.50839 0 Td [<1E>21]TJ 0.5052 0 Td 0.47936 0 Td 0.28417 0 Td [<14>24]TJ 0.48617 0 Td 0.41318 0 Td 0.4862 0 Td [( )21]TJ 0.2745 0 Td [(-)30]TJ [<14>]TJ [(E)-4]TJ [(F)24]TJ 0.28418 0 Td 0.25915 0 Td [( )24]TJ [(\r)36]TJ [(")46]TJ [(7)24]TJ 241.555 551.298 12.382 10.208 re [<1D>24]TJ 0.5013 0 Td 0.50781 0 Td 0.4034 0 Td )55]TJ [(I)24]TJ [(\()24]TJ [(E)-28]TJ 0.5152 0 Td 0.48617 0 Td 0.4703 0 Td 554.351 763.7864 l 2.85878 0 Td 0.32116 0 Td 0.28036 0 Td 0.19736 0 Td 0.28417 0 Td [(@)30]TJ 0.3123 0 Td /GS0 gs 0.5133 0 Td [(F)24]TJ [(1)24]TJ [(E)-4]TJ [(7)33]TJ [<13>24]TJ 0.2745 0 Td 0.2503 0 Td 0.3418 0 Td 0.50936 0 Td 0.2842 0 Td [<12>40]TJ [(E)-7]TJ [(,)-4]TJ )45]TJ 0.54492 0 Td 0.19736 0 Td [<1B>31]TJ [(E)-4]TJ 0.33496 0 Td 0.48129 0 Td 0.1974 0 Td [(E)-7]TJ 0.1974 0 Td [<02>24]TJ BT 0.3185 0 Td 0.2745 0 Td [(E)-28]TJ -41.75854 -1 TD S 0.4852 0 Td BT 0.46484 0 Td /F4 1 Tf 0.3475 0 Td 0.5152 0 Td [(F)24]TJ [(0)24]TJ 0.4903 0 Td [( )24]TJ 0.5044 0 Td 27 246.186 m 0.51818 0 Td 0.2842 0 Td [<0E>24]TJ [(7)21]TJ 0.4715 0 Td [(+)24]TJ 0.2783 0 Td 0.28418 0 Td [(\f)650]TJ 0.28418 0 Td [<02>46]TJ )24]TJ [(E)2]TJ 0.7884 0 Td [(@)24]TJ [(K)21]TJ [<1E>529]TJ [(&)21]TJ [( )33]TJ [(F)24]TJ 0.19736 0 Td 0.2964 0 Td 0.45349 0 Td [(? 0.5123 0 Td [(I)24]TJ [(\))24]TJ [( )]TJ [(. [(,)-4]TJ 0.30777 0 Td 0.19736 0 Td [(E)2]TJ [( )24]TJ [<1B>41]TJ 0.29806 0 Td -20.5804 -1 TD [(E)-4]TJ [(. [(1)24]TJ [( )30]TJ [<1A>30]TJ [(+)24]TJ /GS0 gs 0.5064 0 Td [(1)52]TJ [<0B>32]TJ 0.50781 0 Td [(\()24]TJ 0.48618 0 Td 0.4833 0 Td 0.28418 0 Td [(&)24]TJ /GS0 gs 0.81787 0 Td ET [(. [(@)31]TJ [(E)-4]TJ [(')]TJ [(1)24]TJ [(E)2]TJ 6.55444 0 Td 0.53199 0 Td 0.28418 0 Td [(F)44]TJ 0.5052 0 Td 0.5123 0 Td [(&)24]TJ [(. 0.47739 0 Td 0.5123 0 Td FbdwR!O~~l@ $(\oPeIE$H5'F@(E$m= = zPT P gg2 uP P2 @^a= P bRO P/pB nPP;V;P"Q2Q2" 2PLLPXXP$$!vILwwKJv$"IH $r)P .% 7$NhmJ7H5mP?W$$h)TT)hi(TBW$PSvd^ EEZ*H $)P !oPkkGKHKuHxU%z%hrccZ;m~~php\^[Vannv^So{/HLZ&1>Y S[ ] 2P59/PP]24P=L L!L=L&&P^^&P2 PCC5> ; Ds 0.32846 0 Td 0.28418 0 Td [(8)-4]TJ 0.19736 0 Td [<18>24]TJ [(E)-7]TJ [<1A>24]TJ [(E)-4]TJ [(F)342]TJ 0.5052 0 Td )25]TJ 0.57215 0 Td [(\()24]TJ [(K)41]TJ 0.50741 0 Td 0.4412 0 Td [(&)]TJ 0.2032 0 Td 0.5093 0 Td [(@)34]TJ [(@)21]TJ 0.2984 0 Td 0.4412 0 Td [(\f)]TJ 0.2842 0 Td 0.4132 0 Td [(;)]TJ [(+)30]TJ [(2)24]TJ 0.4974 0 Td 0.4413 0 Td 0.58984 0 Td [<1F>24]TJ 0.5123 0 Td [<18>24]TJ [<1E>24]TJ 0.4852 0 Td [(3)37]TJ 0.43637 0 Td [(*)24]TJ [<07>30]TJ [(\()24]TJ [(E)-4]TJ 0.5052 0 Td [( )24]TJ )24]TJ 0.39086 0 Td [(E)-4]TJ 0.76 0 0.38 0 k [( )39]TJ 0.41317 0 Td 0.51328 0 Td 0.4132 0 Td 0.28418 0 Td [( )30]TJ 0.4132 0 Td 0.47739 0 Td 0.35337 0 Td [(1)24]TJ 0.42736 0 Td [(F)30]TJ ET 0.51328 0 Td [(K)30]TJ )30]TJ 0.50195 0 Td 0.51328 0 Td 0.5123 0 Td 0.50521 0 Td 0.51818 0 Td 0.56176 0 Td [(E)2]TJ 0.67636 0 Td [(1)24]TJ 0.4993 0 Td 0.5023 0 Td [(+)24]TJ 0.4073 0 Td [(? [(\()30]TJ [<1E>24]TJ [(? [<11>24]TJ << [(F)24]TJ 0.2842 0 Td [(. [(L)49]TJ 0.1974 0 Td 0.4434 0 Td 0.3534 0 Td 0.50131 0 Td [( )24]TJ 0.3975 0 Td [(1)29]TJ )24]TJ 0.32116 0 Td 0.4519 0 Td 0.5123 0 Td [(@)24]TJ 0.4185 0 Td [( )30]TJ [<1E>24]TJ 0.31845 0 Td 0.1974 0 Td 0.28416 0 Td [<1E>21]TJ [(E)-28]TJ 0.51328 0 Td [<11>33]TJ 0.29843 0 Td [(1)34]TJ [(6)870]TJ [(. )24]TJ )29]TJ [( )30]TJ The Portfolio is subject to certain other risks. [(1)24]TJ 0.30776 0 Td 0.40341 0 Td [<17>24]TJ [( )510]TJ [(E)-4]TJ 0.2984 0 Td [(I)21]TJ 0.28417 0 Td 0.35336 0 Td 0.30139 0 Td 0.28417 0 Td 0.3114 0 Td 0.50976 0 Td [(@)]TJ 8 0 0 8 375.7382 385.5736 Tm [(-)]TJ 0.3285 0 Td 0.55741 0 Td )29]TJ [(\()24]TJ [<1B>41]TJ [(E)-4]TJ [(E)-4]TJ 0.5044 0 Td [(E)-4]TJ 0.31845 0 Td [(,)]TJ 0.4705 0 Td [(\()24]TJ 0.56625 0 Td [( )]TJ 0.48228 0 Td [(7)30]TJ 0.50781 0 Td 0.5045 0 Td [(1)24]TJ 0.4862 0 Td 0.2842 0 Td [<15>24]TJ 0.56625 0 Td [(. [(? [(>)24]TJ [(I)]TJ [( )24]TJ )59]TJ [(E)-4]TJ 0.35205 0 Td 0.51328 0 Td [<04>49]TJ 0.4244 0 Td [(J)41]TJ 0.21505 0 Td 0.28417 0 Td 0.2842 0 Td [(E)-4]TJ )24]TJ [(\r)52]TJ 0.7884 0 Td [( )510]TJ [(E)-4]TJ [(,)-4]TJ [(\()24]TJ 0.1915 0 Td [(&)24]TJ )30]TJ )24]TJ [(,)-4]TJ 0.40928 0 Td 0.19736 0 Td 0.28417 0 Td 0.48154 0 Td 0.48129 0 Td [(\()24]TJ 0.50521 0 Td [( )24]TJ 0.58984 0 Td 0.47641 0 Td [(@)24]TJ f [( )30]TJ [(. [(+)]TJ 0.58985 0 Td 0.1915 0 Td 0.44125 0 Td 0.4852 0 Td [(,)-4]TJ [(*)]TJ 0.31821 0 Td 0.47641 0 Td )21]TJ )5]TJ 8 0 0 8 181.1986 205.5173 Tm 0.31821 0 Td [(J)41]TJ Explore ways to help reduce portfolio volatility, seek attractive income and diversification opportunities, or pursue effective tax management strategies with Invesco ETFs. [<1E>24]TJ 0.58105 0 Td 0.1974 0 Td [(1)39]TJ 0.51522 0 Td [<1A>21]TJ 0.4705 0 Td [( )]TJ 0.28418 0 Td /GS0 gs 0.4793 0 Td 0.28418 0 Td [(K)24]TJ 0.2842 0 Td [(%)24]TJ [<06>24]TJ [<02>24]TJ 0.5643 0 Td 0.8508 0 Td 0.47739 0 Td 585.381 616.842 l [( )24]TJ [(%)]TJ [(,)-4]TJ [<15>51]TJ [(E)-4]TJ 0.50254 0 Td 0.4993 0 Td BT [(1)24]TJ [(\()21]TJ [(? [(\()24]TJ 0.43832 0 Td [( )24]TJ [(@)34]TJ [(")46]TJ [(? 0.3182 0 Td 0.28418 0 Td [( )24]TJ 0.48913 0 Td [(F)]TJ [( )24]TJ )6]TJ 0.58984 0 Td These assets are managed either in commingled pools or as client separate accounts. [(@)21]TJ [( )]TJ 230.72 336.236 354.2791 67.551 re 0.43637 0 Td 0.4852 0 Td 0.51523 0 Td [(. 0.79427 0 Td [(E)-4]TJ [<17>24]TJ [(J)41]TJ The fund also may serve as a stable fixed income vehicle within 0.19736 0 Td [(? 0.4852 0 Td 0.28712 0 Td 0.4852 0 Td 0.5245 0 Td [(1)24]TJ [(. [(K)24]TJ 0.47446 0 Td 0.48999 0 Td )24]TJ 0.28418 0 Td [(@)39]TJ 0.50879 0 Td Dividend 0.24735 0 Td [(I)24]TJ 0.31433 0 Td BT [(#)]TJ 0.19736 0 Td 0.51035 0 Td 0.48912 0 Td 0.64795 0 Td 0.4505 0 Td )54]TJ 0.58984 0 Td [(\()24]TJ [(. [(J)47]TJ [<17>]TJ [(? [(1)30]TJ [(F)24]TJ /F3 1 Tf [(]TJ [(E)-4]TJ Invesco Distributors, Inc., is the US distributor for Invesco Ltd.'s Retail Products, Collective Trust Funds and CollegeBound 529. [( )34]TJ 0.4185 0 Td 0.1974 0 Td 0.2984 0 Td 0.3883 0 Td 0.19736 0 Td April 14, 2022 Investment menu design Stable value and rising interest rates 0.4412 0 Td 0.48912 0 Td 0.1974 0 Td [<17>24]TJ 0.4605 0 Td 0.19736 0 Td 0.20031 0 Td 0.28418 0 Td 0.31821 0 Td 0.44125 0 Td 0.47739 0 Td [<1B>24]TJ 0.40927 0 Td 0.5052 0 Td [(M)24]TJ [( )24]TJ [(E)-4]TJ 0.35336 0 Td 0.2284 0 Td 0.31821 0 Td 0.2562 0 Td [(+)24]TJ 0.1485 0 Td [(E)-4]TJ 0.4852 0 Td [(")24]TJ 0.2804 0 Td [(E)-4]TJ 0.3226 0 Td /GS0 gs 0.33359 0 Td 0.2783 0 Td

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