0.2842 0 Td 0.28417 0 Td Each type of stable value fund has its own unique characteristics, and all face benchmarking challenges. 0.5133 0 Td 0.4862 0 Td 0.51622 0 Td [(1)29]TJ 0.2842 0 Td [(E)-4]TJ 0.30331 0 Td 0.1974 0 Td [(E)2]TJ 0.2032 0 Td [(+)24]TJ 0.50521 0 Td 0.19736 0 Td 0.49447 0 Td )24]TJ 0.5123 0 Td 0.31821 0 Td [( )24]TJ [( )24]TJ [(\t)]TJ 0.40341 0 Td [<17>21]TJ [(F)44]TJ [(. [(+)24]TJ [<1E>24]TJ [<1A>24]TJ 0.7943 0 Td [<17>24]TJ 0.6199 0 Td 0.45349 0 Td 0.3336 0 Td 8 0 0 8 375.7382 385.5736 Tm [(&)24]TJ 0.2842 0 Td 0.21835 0 Td )30]TJ 8 0 0 8 564.2679 680.1456 Tm [<1E>24]TJ [(\t)54]TJ 0.19736 0 Td [(*)10]TJ [(-)24]TJ [(F)24]TJ 0.48618 0 Td [(+)24]TJ 0.21835 0 Td [(,)-4]TJ [(E)-4]TJ 0.2562 0 Td [(#)]TJ [(E)-7]TJ [(F)44]TJ [(K)21]TJ [<1A>24]TJ [<19>470]TJ 0.264 0 Td [<1D>30]TJ )24]TJ [(8)-4]TJ The Portfolios credited rate will generally lag market interest rates. 0.51522 0 Td [(E)-28]TJ [( )24]TJ 0.52881 0 Td [(8)-10]TJ 27.2 332.876 m [(E)-4]TJ 0.2562 0 Td [<1E>24]TJ 0.5103 0 Td [<0E>24]TJ 0.4405 0 Td ET [<1A>37]TJ 0.56176 0 Td [(E)-4]TJ [<12>30]TJ 0.45996 0 Td 0.50936 0 Td [<00>6]TJ )24]TJ [<17>39]TJ 0.4774 0 Td [( )]TJ 0.28712 0 Td )24]TJ 0.28418 0 Td [(\()24]TJ [<17>24]TJ [( )33]TJ 0.3418 0 Td [(E)-4]TJ 0.32203 0 Td 0.4883 0 Td 0.51522 0 Td [<1E>24]TJ [(\()21]TJ 0.48912 0 Td [<15>24]TJ 0.28417 0 Td [(@)30]TJ 0.58395 0 Td 0.4852 0 Td 0.4852 0 Td 0.3631 0 Td 0.4852 0 Td 0.41318 0 Td [( )30]TJ 0.5123 0 Td 0.48815 0 Td [(1)24]TJ 0.4793 0 Td [<1D>21]TJ 0.32846 0 Td 0.20031 0 Td [( )24]TJ 0.19736 0 Td 0.45895 0 Td [(K)41]TJ [<1E>30]TJ /GS1 gs 0.4705 0 Td 0.1915 0 Td [<17>]TJ 0.4852 0 Td 0.4852 0 Td 0.50521 0 Td 0.28416 0 Td [<14>24]TJ [(%)24]TJ 0.4034 0 Td 0.32431 0 Td 0.51623 0 Td )24]TJ 0.4803 0 Td [( )30]TJ [<17>30]TJ [(1)21]TJ 0.28417 0 Td [(\()24]TJ 0.41318 0 Td [(? 0.3182 0 Td Optimize your portfolios with our new Portfolio Playbook. 0.4993 0 Td [<12>40]TJ 0.4862 0 Td 1 0.88 0 0.14 k [(%)24]TJ )30]TJ [<17>30]TJ 0.7943 0 Td [(\()30]TJ [(E)-4]TJ This information is intended for US residents. [(7)33]TJ 0.2842 0 Td [(. 0.28417 0 Td 0.35205 0 Td 0.5123 0 Td [(7)]TJ 0.5123 0 Td 0.4793 0 Td 543.8994 717.0027 545.8242 715.119 548.5224 715.119 c [(E)2]TJ 4.92271 0 Td [(\()24]TJ [<0E>24]TJ [(6)870]TJ [(H)]TJ 0.3534 0 Td 0.2562 0 Td 0.47705 0 Td /F1 1 Tf 0.40341 0 Td [<1A>21]TJ 0.4862 0 Td [<0F>]TJ [<05>92]TJ 0.50936 0 Td [(@)24]TJ 0.19736 0 Td 0.4862 0 Td 0.5093 0 Td 0.4993 0 Td [(F)24]TJ [<1A>49]TJ 0.51622 0 Td 0.4803 0 Td 0.4862 0 Td 0.48228 0 Td 0.2783 0 Td [<17>]TJ 0.4993 0 Td 0.4862 0 Td [<13>]TJ 585.381 688.044 l [(\()24]TJ 0.50936 0 Td 0.51818 0 Td )35]TJ 0.2562 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. 0.47641 0 Td [(\()30]TJ 0.4862 0 Td [(E)-4]TJ [( )30]TJ [<02>]TJ 0.49637 0 Td [(E)-4]TJ 0.20951 0 Td )30]TJ S [( )24]TJ 0.28417 0 Td 0.51328 0 Td 0.45126 0 Td [(1)24]TJ 0.48912 0 Td [<0B>]TJ 0.47739 0 Td [(? [(\()30]TJ [(\()24]TJ [( )32]TJ [(80]TJ 0.4905 0 Td [<03>]TJ 0.1915 0 Td 0.58984 0 Td 0.3123 0 Td [<1A>24]TJ 0.4764 0 Td [(F)30]TJ 0.28417 0 Td If securities are rated differently by the rating agencies, the higher rating is applied. [(")24]TJ )24]TJ 0.28418 0 Td [(. 0.47324 0 Td 0.2783 0 Td [(\()24]TJ )35]TJ [(7)24]TJ 0.2842 0 Td 0.5093 0 Td [(4)]TJ )14]TJ 0.50839 0 Td 0.4852 0 Td 0.5274 0 Td 0.3975 0 Td [(E)-4]TJ [<06>]TJ [(\()48]TJ [(\()21]TJ 533.1928 735.9432 l [<17>24]TJ [($)]TJ [( )24]TJ 0.53589 0 Td [<11>24]TJ 0.1915 0 Td Ms. Graef began her testimony by describing Vanguards disclosures for stable value funds. 552.103 737.0613 l 0.50521 0 Td [(]TJ [(1)30]TJ 0.3123 0 Td 0.48617 0 Td [(E)-4]TJ [(\()21]TJ [(I)24]TJ [(E)-4]TJ [<1A>24]TJ 0.2964 0 Td [(F)36]TJ 0.50521 0 Td [<18>24]TJ [(J)41]TJ 0.53199 0 Td [(3)24]TJ [(. [(@)437]TJ 0.5123 0 Td [<1E>24]TJ )49]TJ [(1)52]TJ [(L)36]TJ [<1E>24]TJ 0.5093 0 Td [(. 0.19736 0 Td [( )24]TJ [<1B>41]TJ [(-)24]TJ [( )34]TJ [(@)21]TJ [<17>]TJ [(E)-4]TJ 0.4803 0 Td -42.7126 -1 TD 0.50521 0 Td 0.3123 0 Td )30]TJ )29]TJ 0.2842 0 Td 0.28417 0 Td [(@)34]TJ [(@)39]TJ [(+)24]TJ 0.28713 0 Td 0.48618 0 Td [<16>24]TJ 0.50034 0 Td [(\()]TJ [(@)30]TJ [(@)31]TJ f 0.2842 0 Td [<17>21]TJ 0.4703 0 Td [(-)31]TJ 0.5133 0 Td 0.427 0 Td [(3)24]TJ 0.19736 0 Td [(\()24]TJ [<14>24]TJ [<1F>24]TJ 0.19736 0 Td [(\()24]TJ [(E)-4]TJ [(K)24]TJ 0.50839 0 Td 0.28418 0 Td 0.50521 0 Td 0.46484 0 Td 0.31821 0 Td 0.64795 0 Td [(F)24]TJ [(+)24]TJ [(I)]TJ [(. 0.3182 0 Td [(M)501]TJ [(3)24]TJ [<18>]TJ [(L)]TJ 0.35302 0 Td [(,)-4]TJ [<15>51]TJ )14]TJ [(0)24]TJ [<1E>30]TJ 0.2842 0 Td [(F)24]TJ [(D)110]TJ [(? 0.42636 0 Td 0.4852 0 Td 0.50254 0 Td 0.55741 0 Td 0.47641 0 Td 0.50521 0 Td [(\()21]TJ [(-)24]TJ 0.28418 0 Td )]TJ Each type of stable value fund has its own unique characteristics, and all face benchmarking challenges. [(F)30]TJ 0.4974 0 Td 0.35336 0 Td [(")52]TJ [(E)2]TJ 0.4852 0 Td [(. [(&)24]TJ 0.30776 0 Td [(2)33]TJ [(I)24]TJ [(1)24]TJ 0.19736 0 Td [(. [(. 0.28417 0 Td [(. 0.7943 0 Td [(. )26]TJ 0.50936 0 Td 0.5052 0 Td [(F)30]TJ [<17>]TJ << [(\()30]TJ )55]TJ 0.4862 0 Td 0.50936 0 Td 0.3182 0 Td 0.3534 0 Td [<11>33]TJ [<11>123]TJ 0.4764 0 Td 0.3975 0 Td 0.1915 0 Td [( )24]TJ )59]TJ [(E)2]TJ [<1F>24]TJ [(? 0.28417 0 Td [<13>104]TJ 0.48618 0 Td f 0.99 0.5 0 0 k )24]TJ 0.3285 0 Td [(E)-4]TJ [(@)34]TJ [(\()6]TJ 0.2783 0 Td 0.2842 0 Td [( )21]TJ [<1E>24]TJ 0.5152 0 Td 0.50879 0 Td [(F)39]TJ This is the amount credited, less all applicable fees, to a participant's account on a daily basis. 0.4903 0 Td [<1B>6]TJ [<0E>24]TJ 0.1974 0 Td [(F)33]TJ [(E)-28]TJ 0.47936 0 Td [(&)24]TJ [(. 0.53589 0 Td 0.3185 0 Td 0.50936 0 Td [(@)437]TJ [(O)590]TJ 290.428 682.028 m [(K)24]TJ 0.50254 0 Td [(7)]TJ [(\()24]TJ 0.28417 0 Td [(F)24]TJ [(E)-4]TJ [(J)39]TJ 0.5093 0 Td [(1)39]TJ 0.5064 0 Td [<17>24]TJ [(L)36]TJ 0.48618 0 Td 0.3182 0 Td [<17>30]TJ 0.2783 0 Td 0.4793 0 Td 0.31845 0 Td 0.19736 0 Td -43.94878 0 Td 0.5074 0 Td 0.24194 0 Td 0.79037 0 Td 0.28417 0 Td 0.26743 0 Td 0.53686 0 Td 0.47412 0 Td )24]TJ 0.1915 0 Td 0.42636 0 Td )24]TJ [( )6]TJ [(@)24]TJ 0.5123 0 Td 0.56625 0 Td 0.4803 0 Td [(E)-4]TJ [(I)]TJ BT [(M)24]TJ 0.28417 0 Td [(-)24]TJ [(F)342]TJ [(&)30]TJ 0.5133 0 Td [(E)2]TJ Q WebIn late December 2008, the Stable Value Fund that Invesco offered to Lehman Brothers employees lost 1.7% in value because of a fall in bond prices and because the wrap contract ended in response to Lehman's bankruptcy filing. 0.32651 0 Td [(")24]TJ 0.30776 0 Td 0.28418 0 Td [(1)21]TJ [(&)24]TJ [(2)]TJ [(")24]TJ [<1F>24]TJ 0.6018 0 Td [(1)39]TJ 0.4852 0 Td 0.4793 0 Td 0.29842 0 Td [(,)-4]TJ 0.5093 0 Td [(8)-10]TJ [(0)24]TJ 0.48618 0 Td 0.14852 0 Td [(F)24]TJ 0.5133 0 Td [(@)24]TJ [(F)49]TJ 0.53292 0 Td ET [(I)30]TJ [<17>24]TJ 0.51978 0 Td 0.58395 0 Td 0.2783 0 Td [(@)34]TJ [( )24]TJ [(*)]TJ [(E)2]TJ 0.4205 0 Td [(F)21]TJ 0.48129 0 Td 0.20031 0 Td [(&)24]TJ [( )24]TJ 0.50449 0 Td 0.50839 0 Td [(+)24]TJ 0.53003 0 Td 0.2984 0 Td [(\))24]TJ 0.50976 0 Td [(J)39]TJ [(")30]TJ [(9)]TJ [<1E>24]TJ [(? [<15>24]TJ 0.28418 0 Td [(? 0.51522 0 Td 0.28418 0 Td [(? [(-)24]TJ [(&)30]TJ 0.33141 0 Td 0.54391 0 Td 0.53589 0 Td [(E)-4]TJ [(&)24]TJ 0.4852 0 Td 0.5035 0 Td [(,)-4]TJ 0.50817 0 Td 0.28418 0 Td /Length1 4847 0.3534 0 Td [(E)2]TJ 0.2842 0 Td 0.4862 0 Td 0.4305 0 Td 0.4803 0 Td 0.4364 0 Td [<17>21]TJ 0.5152 0 Td 0.50131 0 Td [( )24]TJ [(@)24]TJ [<02>]TJ [(1)42]TJ 0.1915 0 Td [(O)590]TJ [(@)24]TJ [(E)-4]TJ [<17>36]TJ 0.28418 0 Td 0.67221 0 Td [(@)30]TJ )29]TJ [(,)24]TJ [(-)24]TJ 0.5133 0 Td [<14>24]TJ 0.6764 0 Td [( )24]TJ [(1)24]TJ [(\()24]TJ [(@)24]TJ [(. [(? [<1B>41]TJ 0.64205 0 Td 0.2783 0 Td 0.32116 0 Td )30]TJ [( )24]TJ endobj 0.45053 0 Td [(&)24]TJ 0.53881 0 Td [(@)34]TJ [( )24]TJ 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. 0.49032 0 Td 0.48129 0 Td 204.389 332.876 l 0.2842 0 Td 17.03243 1.2 TD 0.58984 0 Td [(E)-4]TJ 0.2842 0 Td 0.4993 0 Td /GS0 gs 0.48228 0 Td [<05>92]TJ [(? 527.8271 721.9695 528.5029 722.4647 529.5073 722.4647 c )49]TJ 0.32116 0 Td 0.19736 0 Td 0.3114 0 Td 0.3226 0 Td 0.50781 0 Td [(E)-4]TJ [(&)33]TJ 0.1974 0 Td )24]TJ [(+)]TJ )30]TJ 0.48618 0 Td [(1)52]TJ [(I)24]TJ 0.48129 0 Td 0.19736 0 Td /F1 1 Tf [<1A>30]TJ 0.55981 0 Td [(1)30]TJ [(%)280]TJ 0.1485 0 Td 0.50936 0 Td )29]TJ [<18>533]TJ [(F)24]TJ 0.5074 0 Td 0.1915 0 Td 0.4324 0 Td 0.50521 0 Td 0.14853 0 Td [(F)30]TJ [(@)24]TJ [(\()5]TJ 0.1974 0 Td [(E)-4]TJ [(F)30]TJ 0.3975 0 Td 8 0 0 8 561.7142 534.4435 Tm [(1)24]TJ 0.47412 0 Td [(? [(. [(J)41]TJ WebThe Invesco Collective Trust Funds are bank collective trust funds for which Invesco Trust Company serves astrustee and investment manager. 0.3123 0 Td [<1E>]TJ [( )24]TJ [(. [<1D>-24]TJ 558.1948 722.6736 559.0844 722.3904 559.8466 722.0076 c [(. 0.1974 0 Td [(1)24]TJ [<0E>24]TJ [(*)]TJ [(+)24]TJ [<17>24]TJ 0.2783 0 Td 531.1679 715.3816 l )46]TJ [(E)-4]TJ 0.5045 0 Td 0.28418 0 Td 0.4083 0 Td [(F)21]TJ [(,)-4]TJ 0.2842 0 Td [(1)29]TJ )24]TJ )24]TJ 0.5133 0 Td [(@)34]TJ 0.48618 0 Td [(E)-7]TJ 0.1974 0 Td /GS0 gs 0.50936 0 Td 0.28417 0 Td )49]TJ 0.48913 0 Td 0.4664 0 Td 0.28418 0 Td [(. 0.28418 0 Td [(7)24]TJ 0.26399 0 Td 0.19736 0 Td 0.5133 0 Td 0.4862 0 Td /GS0 gs [<1E>24]TJ 0.2842 0 Td [(. [(. 0.41317 0 Td [(")30]TJ [(+)]TJ 0.27533 0 Td 0.4903 0 Td 0.4852 0 Td [<15>24]TJ [(E)-4]TJ [(. 0.51522 0 Td )]TJ 0.4852 0 Td 0.31821 0 Td 0.53902 0 Td 0.50879 0 Td [(E)-4]TJ 0.67624 0 Td [(? [(%)30]TJ [(O)24]TJ )46]TJ [( )8]TJ [(\))24]TJ /F1 1 Tf Company Profile IVZ. 27 203.416 m [(;)590]TJ 0.28417 0 Td [(J)47]TJ [(\()24]TJ )]TJ [(K)24]TJ 0.50817 0 Td )21]TJ [<1A>24]TJ 0.4852 0 Td [(F)44]TJ 0.3125 0 Td Upromise and the Upromise logo are registered service marks of Upromise, Inc. Ugift is a registered service mark of Ascensus Broker Dealer Services, Inc. You are now leaving invesco.com. [(\()24]TJ 0.50936 0 Td [<00>]TJ [(-)24]TJ [(\()24]TJ [<11>36]TJ [<1B>24]TJ [<17>24]TJ 0.51328 0 Td S 0.50936 0 Td [(7)30]TJ 0.40928 0 Td 0.3182 0 Td [( )28]TJ [<1A>24]TJ 0.5255 0 Td [( )33]TJ 0.45052 0 Td [(\()21]TJ 0.51522 0 Td 0.32116 0 Td 0.50131 0 Td 0.20031 0 Td [(M)30]TJ ET 0.5103 0 Td [(F)24]TJ [(9)24]TJ 0.35336 0 Td 0.30776 0 Td )46]TJ [(\()24]TJ [(B)]TJ [<17>39]TJ 0.3182 0 Td [(@)30]TJ [<1A>24]TJ 0.29842 0 Td 0.51328 0 Td 0.30395 0 Td 0.50345 0 Td 0.32846 0 Td [(. [<17>39]TJ [<0B>30]TJ 0.29843 0 Td [(E)-28]TJ 0.28418 0 Td 0.4852 0 Td [(F)30]TJ 0.19736 0 Td [(@)21]TJ [<05>92]TJ 0.4774 0 Td 0.28418 0 Td 0.2562 0 Td [( )510]TJ 0.44834 0 Td -21.4 -1 TD [( )24]TJ [<1B>24]TJ [(F)24]TJ [(E)2]TJ [<0F>18]TJ [(&)24]TJ 0.28418 0 Td [(-)24]TJ [( )24]TJ [( )34]TJ 0.3285 0 Td 0.50521 0 Td 0.1915 0 Td [(@)24]TJ 0.51328 0 Td 8 0 0 8 230.625 425.8419 Tm [(F)24]TJ [(@)34]TJ 0.2842 0 Td [(%)24]TJ 0.5123 0 Td [(,)-4]TJ [(I)24]TJ [(? 6 0 0 6 565.8717 733.044 Tm 0.5152 0 Td 0.4862 0 Td [(E)-4]TJ [(E)-28]TJ 0.4793 0 Td 0.50839 0 Td 0.2925 0 Td 0.50521 0 Td [( )30]TJ 0.4862 0 Td 0.5123 0 Td )26]TJ [(O)33]TJ [(? 0.1974 0 Td 0.1915 0 Td [(@)39]TJ [(E)-4]TJ [(%)24]TJ 0.19736 0 Td [(\n)24]TJ 0.58984 0 Td [<1E>24]TJ 0.4683 0 Td 0.32116 0 Td [<1D>24]TJ 0.5152 0 Td [<07>]TJ [(")52]TJ [(-)24]TJ [(#)]TJ 0.28417 0 Td [<02>]TJ [<17>]TJ 0.1974 0 Td 0.72 0 Td 0.1974 0 Td [(F)44]TJ 0.40341 0 Td )54]TJ 0.5133 0 Td [<14>24]TJ [(\()21]TJ [(F)31]TJ [(F)44]TJ 0.5093 0 Td [( )24]TJ [(? 0.4862 0 Td 0.58985 0 Td 0.4505 0 Td [(,)-4]TJ 0.19736 0 Td 0.4803 0 Td [( )21]TJ 0.30776 0 Td 0.45996 0 Td [(M)21]TJ [(1)24]TJ 0.3975 0 Td [(E)2]TJ The yield of the fund will fluctuate. [<07>]TJ [(. 0.3226 0 Td It has amassed assets over $3.86 billion, making it one of the average sized ETFs attempting to match the Large Cap Value segment of the US equity market. 0.4862 0 Td [(. [(2)]TJ [<00>]TJ 0.4774 0 Td [<1E>24]TJ [(9)24]TJ 0.50521 0 Td S 0.5123 0 Td 0.47739 0 Td [(F)24]TJ 0.5103 0 Td BT [<1E>]TJ 0.58984 0 Td 293.237 566.207 m [(,)-4]TJ [(\()24]TJ 0.2984 0 Td [(B)6]TJ 0.50521 0 Td [<1A>24]TJ 0.2562 0 Td 0.5052 0 Td [<1E>24]TJ [<17>21]TJ [(E)-4]TJ [(\()24]TJ 0.28712 0 Td [<11>115]TJ 0.50521 0 Td 0.50977 0 Td 0.48913 0 Td 0.5052 0 Td /GS0 gs [<1E>24]TJ 0.50293 0 Td )30]TJ [(? 0.3182 0 Td [(F)44]TJ [(M)24]TJ 0.5133 0 Td [(J)41]TJ 0.50521 0 Td [<1B>30]TJ 0.19736 0 Td [(? 0.50741 0 Td [(? [<11>126]TJ )]TJ [(3)24]TJ 0.2562 0 Td 0.30332 0 Td 0.2562 0 Td 0.4803 0 Td [(. ET [(E)-4]TJ 0.20031 0 Td 0.48617 0 Td [<1E>24]TJ [(\()24]TJ 584.72 496.579 l 6.67577 0 Td [(@)34]TJ 0.22095 0 Td (*)Tj )24]TJ [( )24]TJ [(1)21]TJ [(%)21]TJ [<18>30]TJ 0.79428 0 Td 0.53687 0 Td 576.5541 739.2855 l [(;)590]TJ 0.40342 0 Td 0.2842 0 Td 0.3475 0 Td [(E)2]TJ [(? [(E)-4]TJ 0.4793 0 Td 0.1915 0 Td [(. 0.4852 0 Td [<1F>24]TJ 560.401 551.298 12.3831 12.4351 re [<1E>24]TJ [<11>109]TJ [(,)-4]TJ 0.49743 0 Td 0.58984 0 Td 0.38598 0 Td [(E)-4]TJ 0.5093 0 Td [(1)24]TJ 0.27979 0 Td 0.2842 0 Td [( )24]TJ 0.19736 0 Td 6 0 0 6 319.6542 567.0765 Tm 0.5103 0 Td