[(,)-4]TJ [(*)]TJ 0.32203 0 Td 0.28417 0 Td 0.41318 0 Td 0.2842 0 Td /GS0 gs )]TJ [(M)24]TJ [(. 0.4852 0 Td [(O)]TJ 0.43735 0 Td [(B)6]TJ [( )24]TJ Financial professionals include: financial advisors, retail wholesalers; financial planners; broker/dealer home office; wirehouses; registered financial advisors; and bank trusts. [(-)24]TJ 0.4852 0 Td )30]TJ )49]TJ [(%)24]TJ [(")52]TJ 0.1974 0 Td [(9)32]TJ [(E)-4]TJ [<0E>24]TJ 0.7884 0 Td [(? [(F)39]TJ [( )24]TJ 0.7943 0 Td [<05>92]TJ 0.53881 0 Td 0.28331 0 Td 0.14853 0 Td 0.5249 0 Td 0.79428 0 Td [<14>24]TJ [<00>6]TJ [(E)-4]TJ [(\b)10]TJ [(,)-4]TJ [(+)24]TJ [(E)-4]TJ The Portfolios credited rate will generally lag market interest rates. Stable value funds are conservative and are considered one of the lowest risk investment options offered in 401 (k) plans. 0.4935 0 Td [<17>21]TJ [<07>32]TJ [(&)24]TJ 0.65796 0 Td 0.48912 0 Td /F4 1 Tf 0.5133 0 Td 0.19736 0 Td /GS0 gs [(-)21]TJ [(? 0.3285 0 Td 0.56625 0 Td 0.42736 0 Td 0.5133 0 Td 0.4993 0 Td 0.25195 0 Td [( )44]TJ [(I)24]TJ 0 0 0 1 k [<17>30]TJ [(E)2]TJ [<1E>24]TJ [(@)34]TJ The funds are not FDIC insured or registered with the Securities and Exchange Commission. 0.50521 0 Td 0.50839 0 Td 0.28417 0 Td 0.31821 0 Td [(E)-4]TJ [(\))24]TJ [(\))24]TJ 0.52881 0 Td [( )7]TJ [( )40]TJ 0.50521 0 Td 0.1974 0 Td [(")46]TJ 0.4803 0 Td 0.28712 0 Td 0.5074 0 Td 0.50817 0 Td 0.2975 0 Td [(&)24]TJ [(1)21]TJ [( )24]TJ [(? [(,)-4]TJ /F1 1 Tf 0.28418 0 Td 0.58789 0 Td [(1)30]TJ 0.1974 0 Td 0.28416 0 Td 0.5539 0 Td [(2)]TJ 0.32116 0 Td 0.35631 0 Td 0.28417 0 Td [<17>30]TJ 0.4703 0 Td 0.2842 0 Td [(\n)21]TJ 0.31821 0 Td The Portfolio is subject to certain other risks. 0.2503 0 Td [(\()24]TJ 0.5123 0 Td [(E)2]TJ [(@)34]TJ [(? [(")28]TJ [(7)33]TJ [(")24]TJ 0.31821 0 Td [(1)24]TJ 0.5093 0 Td [(,)-4]TJ 0.5123 0 Td [<1D>24]TJ 0.50817 0 Td [(. [(1)24]TJ 0.2842 0 Td 0.50449 0 Td 0.20031 0 Td 0.4852 0 Td 0.1974 0 Td 0.27979 0 Td [<1E>24]TJ [<1B>41]TJ 0.2842 0 Td 0.33615 0 Td [<00>6]TJ [(1)]TJ [(+)24]TJ [(? ET [(K)30]TJ 0.58395 0 Td 0.51525 0 Td 0.37695 0 Td [(E)-4]TJ [(-)24]TJ [(F)24]TJ )24]TJ 0.19736 0 Td [(@)24]TJ [(I)30]TJ /GS0 gs [(. 0.5152 0 Td [( )]TJ [<1E>24]TJ 0.2783 0 Td 0.4034 0 Td [<1B>29]TJ Important information. )53]TJ )30]TJ [(F)24]TJ [<1B>29]TJ [(M)24]TJ 0.50521 0 Td [(F)6]TJ 0.50741 0 Td [(I)24]TJ 0.4073 0 Td [(. 0.79037 0 Td f [(%)529]TJ [(+)24]TJ [(+)30]TJ [(,)-4]TJ 0.32846 0 Td [( )24]TJ 0.2783 0 Td [<17>24]TJ 0.28418 0 Td 0.48228 0 Td [(-)24]TJ [(J)41]TJ 0.41317 0 Td 0.50817 0 Td [(\))33]TJ 0.28418 0 Td 0.48617 0 Td [(1)24]TJ Invescos stable value investment process is focused on managing risk and providing an extremely stable investment experience for participants across a full range of market climates. [(1)42]TJ [(E)-4]TJ 0.31821 0 Td [(8)-10]TJ [<00>]TJ [(E)-4]TJ 8 0 0 8 181.1986 237.595 Tm 0.5052 0 Td )30]TJ )24]TJ 0.4852 0 Td [(E)-4]TJ 0.35336 0 Td 0.48129 0 Td [(1)39]TJ 0.25195 0 Td 0.3975 0 Td [(-)24]TJ 0.28418 0 Td 0.19736 0 Td [(? 0.48856 0 Td 0.58594 0 Td 0.51523 0 Td 0.29842 0 Td [(F)]TJ [<17>21]TJ 0.41833 0 Td Accounting methodology. [<17>21]TJ [(\n)]TJ 0.19736 0 Td 0.31821 0 Td S [(? 0.5103 0 Td [(1)24]TJ 0.4803 0 Td [(J)41]TJ [(+)24]TJ 0.3226 0 Td 0.51328 0 Td 0.5074 0 Td 0.3182 0 Td [(E)-28]TJ )49]TJ [(3)15]TJ 0.50521 0 Td 0.19736 0 Td [(\()26]TJ )30]TJ 0.30234 0 Td [(? 0.52588 0 Td )29]TJ )24]TJ 0.5013 0 Td [(\()]TJ -20.14828 -1 TD [(-)24]TJ [(&)24]TJ 0.2562 0 Td Important Fee Information. 0.48618 0 Td [(? [(? )24]TJ [<15>24]TJ [<1F>24]TJ [(@)30]TJ 0.4803 0 Td /F1 1 Tf [(+)24]TJ )49]TJ [(/)590]TJ 0.4793 0 Td [(F)]TJ [(\()24]TJ [(/)24]TJ [(F)24]TJ 0.51523 0 Td [(I)30]TJ 0.28418 0 Td WebThe goal of stable value funds in a portfolio is capital preservation. 0.4073 0 Td -20.50943 -1 TD 0.3285 0 Td [( )39]TJ 0.4993 0 Td [(8)-28]TJ [(4)34]TJ 0.4705 0 Td [(C)]TJ )29]TJ /GS1 gs 0.28712 0 Td 0.2842 0 Td [(E)-4]TJ [<04>21]TJ 0.48129 0 Td 0.47641 0 Td [(&)24]TJ [(-)44]TJ [( )24]TJ [(E)-4]TJ 0.19736 0 Td [(E)-4]TJ 0.44125 0 Td [(? 0.1974 0 Td [(@)24]TJ 0.4803 0 Td 0.35205 0 Td 0.1974 0 Td [(F)24]TJ 0.4705 0 Td [(@)30]TJ [<17>21]TJ [<1E>30]TJ [(? 0.2745 0 Td 0.4852 0 Td [<1E>529]TJ 0.5152 0 Td 230.72 527.479 m 0.4862 0 Td [(')]TJ -43.5911 -1 TD 0.28418 0 Td [<07>]TJ 0.48617 0 Td 0.4446 0 Td [(@)34]TJ [(. [(@)34]TJ 0.28418 0 Td 0.5093 0 Td )24]TJ 0.20031 0 Td 0.3418 0 Td 0.5052 0 Td [(F)24]TJ [(F)24]TJ 0.4935 0 Td [(I)21]TJ [(")326]TJ 0.51328 0 Td 0.4993 0 Td 0.48618 0 Td [(1)21]TJ 0.4862 0 Td 0.2984 0 Td 8 0 0 8 230.7202 473.6688 Tm 0.4852 0 Td [<1B>41]TJ 0.4852 0 Td 0.19736 0 Td 0.48154 0 Td 0.4244 0 Td 0.5152 0 Td [(E)-4]TJ [(3)24]TJ )]TJ [(1)24]TJ 0.19736 0 Td [(? [(F)44]TJ )24]TJ [(\()24]TJ [<15>32]TJ [( )24]TJ [<17>30]TJ [(@)24]TJ [<0E>24]TJ [(*)475]TJ 0.5103 0 Td [<1E>529]TJ [(I)30]TJ [(\()24]TJ 0.5052 0 Td 0.4185 0 Td [<07>24]TJ 1.52609 0 Td [(+)24]TJ 0.2562 0 Td [(E)2]TJ [(\()24]TJ 0.64795 0 Td [<17>24]TJ 0.43637 0 Td 0.50131 0 Td [(M)]TJ [(F)24]TJ [(1)24]TJ 0.28417 0 Td 0.81787 0 Td [<1E>30]TJ )49]TJ [(I)24]TJ 0.30234 0 Td [(@)34]TJ [( )24]TJ 0.2125 0 Td 0.4446 0 Td 0.5052 0 Td [(I)30]TJ 0.58984 0 Td [<0F>]TJ [(G)]TJ 0.44053 0 Td [(,)-4]TJ 0.5 0 Td 0.6285 0 Td 0.3123 0 Td [<1B>46]TJ 0.50976 0 Td 0.4974 0 Td [(&)24]TJ 0.2842 0 Td [(? 0.19736 0 Td [(@)24]TJ [( )34]TJ 0.5093 0 Td 0.4862 0 Td 0.28418 0 Td 0.27979 0 Td [(%)24]TJ )24]TJ [(E)-4]TJ [(1)30]TJ [(E)-4]TJ [(')24]TJ [(=)73]TJ [(? [(,)-4]TJ 0.51327 0 Td -18.40325 -1.0625 TD 0.28713 0 Td 0.41318 0 Td [(. [(\()24]TJ 0.53003 0 Td 0.48618 0 Td 271.259 719.532 274.664 719.033 277.888 718.099 c )30]TJ [( )30]TJ 0.2842 0 Td [(@)34]TJ 0.28416 0 Td 0.19736 0 Td 0.41318 0 Td [(K)21]TJ [( )50]TJ [<14>24]TJ [(L)42]TJ W n [( )21]TJ 0.3078 0 Td )24]TJ [(4)24]TJ [( )24]TJ ET 0.4185 0 Td [(3)21]TJ [(E)-4]TJ [(G)590]TJ [(E)-22]TJ [(")28]TJ WebInvesco Stable Value Fund info Hope this helps a bit. 0.19736 0 Td 0.4083 0 Td [(E)-4]TJ 0.50741 0 Td 0.4862 0 Td [(. 0.58984 0 Td [(&)24]TJ [( )24]TJ 0.2842 0 Td 0.28417 0 Td [(. [(")26]TJ [( )21]TJ BT 0.19736 0 Td 0.7943 0 Td [(F)24]TJ 0.4862 0 Td [(\()24]TJ [<1D>23]TJ 0.19736 0 Td 0.49228 0 Td [( )24]TJ [(\()21]TJ [(,)-4]TJ [(E)-4]TJ 0.40636 0 Td 0.4413 0 Td [( )]TJ ET 0.1915 0 Td [(\()24]TJ [( )30]TJ 0.5123 0 Td [(+)30]TJ 0.2842 0 Td [(F)49]TJ 0.50131 0 Td [(. 0.2842 0 Td [( )24]TJ Invesco is in a select group of managers with extensive stable value expertise and significant fixed income resources and scale. 0.40341 0 Td [(E)-4]TJ [(E)-4]TJ [(\))24]TJ [( )24]TJ [(? 0.52392 0 Td [(. [(E)-7]TJ 0.28418 0 Td 0.51622 0 Td [(. 0.3995 0 Td 0.4803 0 Td 0.5074 0 Td [(\()30]TJ [(. [(1)5]TJ [<1A>24]TJ 0.5074 0 Td [<07>]TJ [(@)]TJ [(@)34]TJ One of the best-balanced funds with a history of stable returns above the rate of inflation is Vanguard Wellesley Income ( VWINX ). 0.4412 0 Td 0.51522 0 Td [(F)44]TJ 0.30936 0 Td 0.5052 0 Td [(. [(&)24]TJ 0.36312 0 Td [<02>]TJ [(1)34]TJ [<17>24]TJ 0.61316 0 Td [<1A>24]TJ 0 0 0 1 k 0.5074 0 Td 0.2783 0 Td 0.30776 0 Td [(F)24]TJ [<12>40]TJ [(I)24]TJ 0.2783 0 Td [(1)24]TJ [(@)6]TJ 0.5152 0 Td 0.31821 0 Td 0.5074 0 Td )6]TJ 0.2984 0 Td [<00>6]TJ 0.5052 0 Td [( )30]TJ 0.28417 0 Td 0.5052 0 Td [(. [(1)39]TJ [(O)]TJ [(E)-4]TJ )24]TJ [(E)-28]TJ [(I)24]TJ [(E)280]TJ 0.4075 0 Td 0.30234 0 Td [( )30]TJ 0.3534 0 Td 0.4793 0 Td /GS0 gs 0.19736 0 Td [(E)2]TJ [(. [(E)-4]TJ 0.28417 0 Td [(-)30]TJ )24]TJ [<17>24]TJ 0.51522 0 Td [( )24]TJ [( )31]TJ )24]TJ [(E)2]TJ 0.5103 0 Td 0.5133 0 Td 0.4842 0 Td [($)24]TJ 0.2562 0 Td 0.1915 0 Td 0.46484 0 Td 0.50521 0 Td )24]TJ [(E)-4]TJ [(0)24]TJ [(3)30]TJ [(. [(+)24]TJ 0.2842 0 Td Institutional includes defined contribution and defined benefit plans (corporate, public, Taft-Hartley), foundations and endowments, insurers, corporate cash managers, consultants, and trust administrators/custodians. 0.50936 0 Td 0.19736 0 Td 0.58395 0 Td [(+)24]TJ [(")29]TJ [(F)36]TJ [(. 585.001 674 l 0.19736 0 Td 0.2783 0 Td [(E)-4]TJ [<15>24]TJ [(F)]TJ [<15>506]TJ [(@)30]TJ 0.52231 0 Td 0.5123 0 Td [(4)507]TJ 0.50521 0 Td )24]TJ 0.2842 0 Td 527.8271 715.3816 l [(. 0.4974 0 Td [(F)24]TJ 0.50976 0 Td 0.4034 0 Td 0.4923 0 Td [(E)-7]TJ 0.48129 0 Td [(&)24]TJ 0.4132 0 Td )-10]TJ [(')73]TJ [<1A>24]TJ [(\()24]TJ 0.4605 0 Td 0.51523 0 Td [(%)24]TJ [(1)30]TJ BT 0.4852 0 Td [(? [(%)24]TJ [( )24]TJ 0.4993 0 Td 0.1974 0 Td [<06>]TJ )24]TJ [(\()24]TJ 0.28417 0 Td [(L)474]TJ [(1)536]TJ 0.5152 0 Td [(7)24]TJ [( )24]TJ [(E)-4]TJ [(,)-4]TJ [(1)24]TJ 0.5123 0 Td 0.20031 0 Td 0.48617 0 Td [(\))24]TJ [(")24]TJ BT [(\))24]TJ 0.51328 0 Td [<11>42]TJ )]TJ [(1)24]TJ [(&)24]TJ 0.48618 0 Td [(\()24]TJ 0.1974 0 Td [(\()21]TJ [(\))24]TJ [(@)39]TJ [(! -20.35834 -1 TD 0.32846 0 Td 0.1974 0 Td 0.1974 0 Td )59]TJ 584.574 350.073 l [(,)-4]TJ 0.31821 0 Td A stable value fund (SVF) is a conservative fund investment option. 0.51328 0 Td [(F)24]TJ [<1C>10]TJ [<1D>21]TJ 0.5052 0 Td [( )30]TJ [(6)870]TJ [(3)32]TJ [(@)10]TJ )43]TJ 0.40928 0 Td [(? 0.48129 0 Td 573.2231 738.1683 l 0.19736 0 Td )29]TJ 0.2964 0 Td )59]TJ 0.47739 0 Td 0.4993 0 Td by the Fund may reduce the its return; 12b-1 fee: 0.00% . 0.3182 0 Td 0.30234 0 Td [(\()24]TJ 0.79428 0 Td [<1E>24]TJ [(J)41]TJ [( )6]TJ 0.3534 0 Td 0.5052 0 Td [(1)42]TJ 0.3534 0 Td 0.5064 0 Td 0.31821 0 Td [(E)-4]TJ )24]TJ 0.59595 0 Td 0.4862 0 Td [(9)15]TJ [<1E>24]TJ 0.48227 0 Td [(F)24]TJ 0.4073 0 Td 0.5093 0 Td [(. [(L)42]TJ 204.552 246.186 l 0.50351 0 Td [(+)24]TJ [<0E>24]TJ 0.28417 0 Td 0.50521 0 Td 0.28712 0 Td 0.4405 0 Td 0.50131 0 Td 0.6018 0 Td 0.47642 0 Td [(,)-4]TJ [(@)34]TJ 0.4764 0 Td 0.50449 0 Td 0.31821 0 Td [(1)30]TJ 0.5123 0 Td 0.28712 0 Td 0.50131 0 Td 0.5133 0 Td [(")59]TJ 0.50976 0 Td [(7)]TJ 0.30776 0 Td [(E)-4]TJ 0.2783 0 Td 0.4862 0 Td 0.28418 0 Td 6 0 obj [<1E>24]TJ 0.19736 0 Td 0.47446 0 Td [<1F>24]TJ [(J)51]TJ [(*)49]TJ 0.47193 0 Td [(')]TJ 0.50521 0 Td )49]TJ [(1)24]TJ 293.237 566.207 m )]TJ ET [(\()24]TJ [( )24]TJ 0.4764 0 Td 0.4364 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. )]TJ [(F)31]TJ 0.48618 0 Td 0.48618 0 Td [(E)-7]TJ [(7)30]TJ [(1)30]TJ 0.19736 0 Td 0.28417 0 Td [(1)39]TJ 0.39795 0 Td 0.2842 0 Td [(\()30]TJ 0.48129 0 Td [<1B>38]TJ [(&)24]TJ [(\()24]TJ [(I)24]TJ [(E)-4]TJ [(E)-7]TJ [<17>24]TJ 4.92271 0 Td [(E)-4]TJ [<17>24]TJ 0.48228 0 Td 0.3123 0 Td 0.22095 0 Td 2.85876 0 Td )]TJ 0.58395 0 Td 0.50781 0 Td [(\()14]TJ The Invesco Collective Trust Funds are bank collective trust funds for which Invesco Trust Company serves as trustee and investment manager. f 0.79427 0 Td 0.30234 0 Td [(,)-4]TJ 0.4132 0 Td 0.427 0 Td 0.4862 0 Td [(\))24]TJ [<11>]TJ 0.3114 0 Td [(@)34]TJ !6$N> [<17>30]TJ [(E)-4]TJ 0.41318 0 Td [<17>24]TJ [(*)24]TJ [(E)-4]TJ [<1E>24]TJ [(? 230.72 551.298 m [(\()24]TJ [(&)24]TJ 0.5093 0 Td 0.2783 0 Td 0.2842 0 Td 0.50839 0 Td [(E)-4]TJ [<13>102]TJ [(-)24]TJ [( )24]TJ [<1B>6]TJ 0.50781 0 Td )24]TJ 0.48129 0 Td [(E)2]TJ [(F)30]TJ 0.35141 0 Td 0.50521 0 Td 0.19736 0 Td [<1B>24]TJ 0.19736 0 Td [(\))24]TJ [(. 0.30776 0 Td [<06>30]TJ 0.48618 0 Td [(\()21]TJ 0.28418 0 Td 0.48618 0 Td 0.4852 0 Td [(\()24]TJ )554]TJ 0.58984 0 Td 0.2984 0 Td [<1B>24]TJ [( )39]TJ The net crediting rate to take effect on 1/1/2021 will be 1.878%. )30]TJ 0.4793 0 Td [(E)-4]TJ [(')]TJ [( )24]TJ [( )39]TJ [(J)47]TJ [(M)6]TJ )49]TJ [<17>39]TJ [( )31]TJ )49]TJ [<07>]TJ [(9)]TJ [(-)24]TJ 0.48228 0 Td 0.48618 0 Td [(. 0.58984 0 Td 0.45053 0 Td 0.2842 0 Td [(F)24]TJ [(0)24]TJ /GS0 gs 0.19736 0 Td [<07>30]TJ 0.5133 0 Td 0.7884 0 Td [( )]TJ [(K)30]TJ [<1A>30]TJ [<16>46]TJ )30]TJ [(O)590]TJ )30]TJ [(. [(&)24]TJ [(&)24]TJ [(E)-4]TJ [<15>]TJ 0.48617 0 Td [(I)24]TJ 0.52393 0 Td [(-)31]TJ [(@)437]TJ 0.67636 0 Td [(@)34]TJ )21]TJ [<1A>24]TJ [(@)30]TJ 0.26399 0 Td [<17>30]TJ 0.25 w 0.30776 0 Td 0.48618 0 Td [<1E>30]TJ 0.50936 0 Td 0.58984 0 Td [<1B>41]TJ 0.30139 0 Td [<14>24]TJ [(! )49]TJ [<17>30]TJ 0.2842 0 Td )54]TJ [(\()24]TJ [<18>24]TJ 0.4852 0 Td 0.79427 0 Td [<1E>24]TJ 0.79428 0 Td [(E)-4]TJ 0.4862 0 Td 0.5045 0 Td 0.63437 0 Td )590]TJ 0.19736 0 Td [<17>21]TJ Webassets of each Fund the Plan was invested in during the year for which the Plan is filing its Form 5500, which can be found on the Plans year-end account statement, on Schedule D Invesco Stable Value Retirement Trust. 0.5093 0 Td [<00>24]TJ 0.50131 0 Td [(. 0.4803 0 Td 0.48912 0 Td 0.28418 0 Td )24]TJ 0.51328 0 Td 0.51328 0 Td 0.20031 0 Td 0.4505 0 Td endobj Investing in stable value is subject to many similar risks of investing in fixed income, including, but not limited to, credit risk, default risk, interest rate risk, issuer risk, liquidity risk, manager risk, market risk, regulatory risk, and tax and accounting risk. [(&)24]TJ [<1A>24]TJ 0.28418 0 Td [(. [(3)30]TJ 0.31821 0 Td [(@)24]TJ 0.5103 0 Td [( )24]TJ 0.3226 0 Td 0.4725 0 Td 0.5249 0 Td )24]TJ [(")24]TJ [(9)]TJ [(E)2]TJ 0.32431 0 Td 0.221 0 Td 0.53331 0 Td 0.79724 0 Td 0.51328 0 Td 0.2783 0 Td 0.5133 0 Td 0.51328 0 Td [( )24]TJ 0.30234 0 Td )30]TJ [(? 0.79428 0 Td Recently, the market value of many Stable Value Funds has fallen below their book value. )24]TJ [<1B>46]TJ [(E)-4]TJ 0.53881 0 Td 0.2562 0 Td [<12>40]TJ 6.25659 0 Td 0.41317 0 Td [<1E>24]TJ [<1B>41]TJ [(@)39]TJ 0.50521 0 Td [(-)24]TJ [(4)24]TJ 0.3975 0 Td 0.4793 0 Td 0.28417 0 Td [(\))24]TJ 0.4862 0 Td [<1B>29]TJ 0.5103 0 Td 0.48617 0 Td 0.19736 0 Td 0.51522 0 Td [(1)30]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.
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