)24]TJ [(E)-4]TJ BT )24]TJ [(I)21]TJ 0.5123 0 Td 0.4132 0 Td 0.3123 0 Td [(-)24]TJ -21.78367 -1 TD [(-)6]TJ [(E)2]TJ [<05>68]TJ 0.3995 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. 0.4974 0 Td [(@)29]TJ [(E)-4]TJ [(,)-4]TJ 0.44125 0 Td [(1)30]TJ 0.53881 0 Td [(. [<1B>29]TJ [(8)-10]TJ [( )24]TJ [( )24]TJ [( )24]TJ [(E)2]TJ 0.3285 0 Td 0.27979 0 Td [<1F>24]TJ [<1E>24]TJ [(-)32]TJ 0.1915 0 Td [(E)-4]TJ 0.50131 0 Td )49]TJ [(E)-4]TJ [(I)24]TJ 0.2842 0 Td )24]TJ [(F)24]TJ 0.31821 0 Td [<1B>24]TJ 0.28418 0 Td 0.3883 0 Td [<0E>24]TJ /F1 1 Tf 0.49252 0 Td 0.51522 0 Td 0.1915 0 Td )24]TJ 0.48618 0 Td [<1B>41]TJ 0.5064 0 Td 0.22095 0 Td 0.3975 0 Td 0.56299 0 Td 567.663 734.8314 l 0.3534 0 Td [<00>720]TJ 0.2842 0 Td 0.28418 0 Td 0.40341 0 Td The funds are not FDIC-insured or registered with [(1)30]TJ [(. 0.35631 0 Td 0.56625 0 Td [(,)-4]TJ 0.55395 0 Td 0.52548 0 Td [(3)32]TJ [(,)-4]TJ )30]TJ 0.35336 0 Td [<0E>29]TJ 0.397 0 Td [(@)24]TJ 0.5093 0 Td [<1E>24]TJ [(E)-4]TJ [( )24]TJ [( )30]TJ )54]TJ [(O)]TJ 0.3534 0 Td [(. 0.4803 0 Td [(. 0.48228 0 Td )24]TJ [( )6]TJ 0.5133 0 Td [(E)-4]TJ 0.5074 0 Td 0.3182 0 Td [(E)-4]TJ [(F)24]TJ 0.28418 0 Td 0.47411 0 Td 0.5 0 Td 0.48617 0 Td [( )24]TJ [(+)24]TJ 0.28418 0 Td [(E)2]TJ 0.58984 0 Td 0.2842 0 Td 0.50521 0 Td 0.52002 0 Td 0.4793 0 Td 0.44125 0 Td 0.50131 0 Td 0.4974 0 Td 0.2783 0 Td [<11>85]TJ [<1F>24]TJ 0.35336 0 Td 0.5052 0 Td 0.1974 0 Td [(? 0.57215 0 Td [(. [( )24]TJ 0.58984 0 Td 0.4803 0 Td [(3)15]TJ Webtion of Trust). )49]TJ [(. [(')292]TJ )24]TJ [(")24]TJ [(1)24]TJ [( )24]TJ 0 0 0 1 k 0.40928 0 Td 0.1974 0 Td [( )24]TJ [(4)34]TJ [<1B>41]TJ [(F)44]TJ 0.50289 0 Td [(I)30]TJ [<12>40]TJ 0.44125 0 Td 0.2842 0 Td 552.124 759.3265 l 0.50131 0 Td 0.5133 0 Td 0.32651 0 Td [( )]TJ S [( )24]TJ 0.4412 0 Td 0.19736 0 Td 11 0 0 11 230.9075 749 Tm [(&)21]TJ [(\))24]TJ 0.3975 0 Td 0.53881 0 Td [(E)-4]TJ 0.5249 0 Td 0.5093 0 Td [<0F>24]TJ [(E)-4]TJ [(2)33]TJ 0.3182 0 Td 0.32846 0 Td [<17>39]TJ [<17>]TJ [(? [(&)24]TJ [(@)]TJ 0.64893 0 Td 0.51328 0 Td 0.4803 0 Td [(")24]TJ [( )24]TJ [(E)-22]TJ [(+)24]TJ [<1E>529]TJ [(. 0.58984 0 Td 0.1915 0 Td DST Vision is an interactive website that allows financial intermediaries such as broker-dealers and financial advisors to view fund, shareowner account, and dealer information. [(1)24]TJ 0.51523 0 Td -42.4892 -1 TD [(F)29]TJ [(7)]TJ [(3)398]TJ [(I)24]TJ 0.4862 0 Td 0.45421 0 Td [<1B>38]TJ 0.5093 0 Td )14]TJ [(E)-4]TJ 0.5064 0 Td [( )30]TJ /GS0 gs 1 0.88 0 0.14 k [( )21]TJ [<17>24]TJ [(! [(I)24]TJ [(@)24]TJ 0.50131 0 Td [(J)21]TJ 0.2842 0 Td 0.46715 0 Td 0.25915 0 Td [<17>30]TJ 0.50817 0 Td 0.2842 0 Td )24]TJ [(M)30]TJ 0.3114 0 Td 0.4862 0 Td 0.6289 0 Td 0.4132 0 Td [<17>30]TJ 0.27979 0 Td 0.48912 0 Td 536.6352 748.1902 l [(E)-4]TJ 0.51522 0 Td [( )21]TJ [<1F>24]TJ [(3)30]TJ [<17>24]TJ 0.3114 0 Td 0.5123 0 Td [<17>24]TJ 0.1974 0 Td [( )30]TJ 0.51818 0 Td [( )24]TJ 0.32116 0 Td 0.50839 0 Td [(\()]TJ )29]TJ 0.50839 0 Td )24]TJ 0.4764 0 Td 0.4305 0 Td 0.49032 0 Td [<17>24]TJ [<17>24]TJ 0.48617 0 Td 0.5 0 Td 0.5074 0 Td 0.79428 0 Td 0.4993 0 Td )]TJ 0.2783 0 Td 0.5074 0 Td [(E)-4]TJ )24]TJ 0.48913 0 Td [(*)]TJ 0.4715 0 Td [(,)]TJ 0.53199 0 Td 0.50936 0 Td 0.50521 0 Td 0.19736 0 Td [(. [(E)2]TJ [<11>24]TJ /F0 1 Tf 0.47733 0 Td 0.3123 0 Td /GS0 gs 0.50521 0 Td 0.437 0 Td 0.3285 0 Td A stable value fund is a low-risk investment (like a money market fund) that delivers higher yields (like a bond fund). [<15>33]TJ 0.58984 0 Td [<1B>38]TJ [(I)30]TJ 0.4784 0 Td [<17>509]TJ 0.31137 0 Td 0.79037 0 Td [(E)-4]TJ 0.50521 0 Td Source: [<1E>24]TJ 0.47936 0 Td [(%)24]TJ [(\()30]TJ [<17>30]TJ [(J)47]TJ 0.5123 0 Td [(E)-4]TJ [( )24]TJ [<1E>30]TJ [(. [(24]TJ 0.5093 0 Td [(E)-4]TJ 0.2562 0 Td 0.32846 0 Td [<1E>529]TJ [(I)30]TJ 0.5152 0 Td 0.3182 0 Td 0.4354 0 Td [(E)-4]TJ 0.5064 0 Td [(7)24]TJ [<1B>24]TJ [<00>24]TJ [(J)47]TJ [( )24]TJ )24]TJ )]TJ [( )24]TJ [(E)-4]TJ [<1E>30]TJ [(F)24]TJ 0.2842 0 Td S [<0E>24]TJ 0.58984 0 Td [(@)24]TJ Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. [( )30]TJ [<1B>46]TJ 567.663 743.7415 l [(9)45]TJ [(")24]TJ /F0 1 Tf 0.252 0 Td [(1)24]TJ [( )21]TJ )24]TJ [(\()48]TJ -19.16715 -1.0625 TD [<0E>24]TJ 0.1974 0 Td [(E)-4]TJ [<1A>24]TJ 0.45053 0 Td [(,)-4]TJ /F1 1 Tf 0.4974 0 Td [(1)24]TJ 0.48618 0 Td [(? 0.3975 0 Td [(E)2]TJ [(7)24]TJ [(\()24]TJ 0.3182 0 Td 0.31821 0 Td [(&)21]TJ 0.19736 0 Td [<02>17]TJ [<17>24]TJ [(? /F1 1 Tf [(@)39]TJ 0.2783 0 Td 0.4703 0 Td [(1)42]TJ 0.5093 0 Td 0.31821 0 Td 0.5123 0 Td 0.47739 0 Td [<1A>24]TJ 0.2842 0 Td 1.98%. 0.5133 0 Td 0.51623 0 Td [(@)34]TJ [(. 0.5123 0 Td 0.4803 0 Td [(. [(F)44]TJ 0.48617 0 Td [(-)21]TJ [(E)-4]TJ [( )39]TJ [(1)30]TJ 417.134 491.842 m [<1B>41]TJ [(. [( )30]TJ 0.19736 0 Td [(F)24]TJ 0.28418 0 Td 0.51328 0 Td [<1E>24]TJ [(+)6]TJ [(F)21]TJ [(,)-4]TJ [(-)44]TJ )49]TJ [(D)]TJ 0.4803 0 Td [(I)24]TJ [<1B>30]TJ [(E)-7]TJ [(@)34]TJ 0.48617 0 Td 0.2562 0 Td 0.40342 0 Td They invest, directly or indirectly, in high-quality, short- to intermediate-term fixed income investments, and are distinguished from bond funds by maintaining a constant $1 share price net asset value (NAV). 0.4993 0 Td [(. 0.7943 0 Td [( )]TJ [<17>24]TJ 0.30776 0 Td 0.48815 0 Td Importantly, there are also some risks that are specific to stable value. [<15>24]TJ )59]TJ )]TJ 0.48129 0 Td 0.4354 0 Td [<12>24]TJ 0.43735 0 Td 0.28418 0 Td 0.31821 0 Td 0.4852 0 Td [(F)44]TJ 0.29842 0 Td 0.19736 0 Td 0.35141 0 Td [(. 0.28036 0 Td [(@)34]TJ )]TJ 0.22095 0 Td [<1A>24]TJ [<10>24]TJ 0.28418 0 Td 13.E102-322 (10/22) CN2116376_0524 Asset Class: Stability of Principal . [(9)24]TJ )24]TJ [<11>109]TJ 0.4244 0 Td 0.1974 0 Td [<1B>24]TJ [(I)24]TJ 0.51328 0 Td CollegeBound 529 is administered by the Rhode Island Office of the General Treasurer and the Rhode Island State Investment Commission. [<1D>-24]TJ 0.3114 0 Td 0.5123 0 Td 0.3475 0 Td -43.7731 -1 TD 0.19736 0 Td 0.2783 0 Td 0.58984 0 Td [(&)]TJ [<11>115]TJ [(E)-7]TJ 0.4993 0 Td [<1D>-24]TJ 0.48228 0 Td 0.48227 0 Td )24]TJ [<1B>30]TJ [(&)24]TJ 0.58984 0 Td 0.28418 0 Td [(&)24]TJ N/As may appear until data is available. [(I)30]TJ 0.49033 0 Td [(! /GS0 gs [(E)-4]TJ )32]TJ 0.4244 0 Td 0.2783 0 Td [<17>39]TJ [(. 0.5123 0 Td 0.44125 0 Td 0.2842 0 Td 0 0 0 1 k [( )]TJ [(@)24]TJ 0.2562 0 Td 0.7943 0 Td -20.44106 0 Td [( )24]TJ 0.28418 0 Td [(+)6]TJ [(1)24]TJ [(I)21]TJ [(&)24]TJ 0.3123 0 Td 0.2783 0 Td [( )30]TJ )25]TJ [<05>113]TJ [(3)24]TJ 0.31821 0 Td [(E)-4]TJ 0.50936 0 Td [( )34]TJ 0.31821 0 Td [(E)2]TJ )29]TJ 0.1974 0 Td [( )30]TJ 0.28418 0 Td [(,)-4]TJ 0.52881 0 Td [(F)24]TJ 0.4862 0 Td 0.35336 0 Td 0.5249 0 Td 0.4852 0 Td [(E)-7]TJ 0.5123 0 Td [(8)-28]TJ [(. 0.19736 0 Td [(1)24]TJ 0.28417 0 Td [( )510]TJ Webvalue funds. 0.1974 0 Td [(M)24]TJ 0.19736 0 Td 0.43735 0 Td [(-)24]TJ [(')24]TJ )377]TJ [( )30]TJ 0.50521 0 Td 0.58984 0 Td [<1E>24]TJ 0.48228 0 Td [(. 0.43933 0 Td 0.50036 0 Td 0.53589 0 Td 0.50131 0 Td What Is a Stable Value Fund? [(6)870]TJ [(&)24]TJ [(1)24]TJ 0.22095 0 Td 0.47641 0 Td 0.29843 0 Td 0.19736 0 Td 0.48228 0 Td [(L)474]TJ [(? [(&)24]TJ 0.2875 0 Td 0.48617 0 Td 0.4993 0 Td [<14>24]TJ [(\()24]TJ [(? [( )24]TJ 0.1915 0 Td [(F)20]TJ 0.53491 0 Td BT 0.1915 0 Td )24]TJ 0.50839 0 Td 0.5259 0 Td )30]TJ )49]TJ 0.58984 0 Td [(\))24]TJ 0.48618 0 Td [(@)24]TJ [(-)24]TJ Category: Stable Value . /F0 1 Tf [(E)-28]TJ [(,)-4]TJ )54]TJ [(. 0.4793 0 Td [(E)-4]TJ )30]TJ [(\()21]TJ 0.4862 0 Td [(\()24]TJ [(. )24]TJ 0.19736 0 Td [(")30]TJ 0.45053 0 Td [(\()30]TJ [(? ET [(? )31]TJ [(1)24]TJ [(. 0.49878 0 Td 0.4793 0 Td )377]TJ [(F)49]TJ [(,)-4]TJ 0.4132 0 Td [(E)-4]TJ 0.2842 0 Td [<1F>24]TJ [(. [<1B>24]TJ [(-)21]TJ [<15>34]TJ [<00>6]TJ [(E)2]TJ 0.19736 0 Td 0.58984 0 Td 0.48618 0 Td 0.4305 0 Td [<1B>30]TJ [<0E>24]TJ 0.50131 0 Td 0.2964 0 Td [(-)24]TJ 0.51328 0 Td [(&)21]TJ 0.1915 0 Td 0.1915 0 Td 0.56625 0 Td [<1E>30]TJ [(? [(+)24]TJ 0.50879 0 Td [(F)44]TJ 0.35141 0 Td [(1)42]TJ 0.3114 0 Td [(E)-4]TJ [(J)24]TJ 585.381 667.044 l )21]TJ 0.5152 0 Td [(? [(*)]TJ [<1F>24]TJ 0.28417 0 Td 0.48913 0 Td 0.48618 0 Td 0.56625 0 Td [(+)24]TJ 0.4993 0 Td 0.35631 0 Td 0.48129 0 Td 0.28418 0 Td 0.19736 0 Td [(F)44]TJ 0.42245 0 Td 0.48227 0 Td 7.415 0 Td [<17>39]TJ [<1F>24]TJ 0.3995 0 Td [<1B>24]TJ 0.53686 0 Td 0.3114 0 Td 0.50936 0 Td 0.28417 0 Td 0.5052 0 Td 0.20031 0 Td [(O)]TJ /F0 1 Tf [(%)]TJ [( )24]TJ [(@)39]TJ [(E)-4]TJ [(? [( )24]TJ Financial professionals include: financial advisors, retail wholesalers; financial planners; broker/dealer home office; wirehouses; registered financial advisors; and bank trusts.". [(2)]TJ 0.22095 0 Td 0.58984 0 Td [(E)-4]TJ 0.1974 0 Td [(@)24]TJ [(1)30]TJ 0.50976 0 Td [(. 0.4862 0 Td [(&)30]TJ [<15>24]TJ 0.2783 0 Td 0.19736 0 Td [(,)-4]TJ 0.2783 0 Td -20.14828 -1 TD /F4 1 Tf [(E)2]TJ 0.1915 0 Td 0.5133 0 Td [(? 0.51328 0 Td [(")24]TJ f [(8)-28]TJ 0.35141 0 Td [(3)398]TJ [(. 0.5123 0 Td [(6)870]TJ )24]TJ [<01>8]TJ [(\()24]TJ [<17>30]TJ [<17>24]TJ 0.48618 0 Td [(+)221]TJ [( )]TJ 0.4993 0 Td [(\()24]TJ 0.5074 0 Td [(1)24]TJ [<0E>24]TJ /GS0 gs 0.51328 0 Td 0.3185 0 Td 0.5133 0 Td 0.5052 0 Td 0.19736 0 Td 0.50684 0 Td [(\()24]TJ [(\()]TJ )30]TJ [(1)33]TJ [(\()24]TJ /GS0 gs 0.3123 0 Td [(I)6]TJ )24]TJ [(B)6]TJ 0.3285 0 Td [(K)24]TJ 0.51522 0 Td [(\()24]TJ 0.51328 0 Td 0.1974 0 Td 0.2783 0 Td 0.3182 0 Td [<11>24]TJ 0.28417 0 Td 0.4605 0 Td 0.3182 0 Td /F1 1 Tf [<17>24]TJ [(1)24]TJ [(F)24]TJ 0.5093 0 Td 0.4862 0 Td 0.19736 0 Td 0.28417 0 Td [(E)-4]TJ [(1)30]TJ 0.31821 0 Td 0.2984 0 Td [(1)21]TJ [(E)-4]TJ 0.48913 0 Td 0.28036 0 Td 0.2984 0 Td [( )30]TJ [<1A>24]TJ [(. [(,)-4]TJ 0.4205 0 Td [<1F>24]TJ )30]TJ [(+)24]TJ [(H)24]TJ [(+)24]TJ [(L)474]TJ [(? 0.4974 0 Td [(+)24]TJ [(@)24]TJ 0.19736 0 Td [(&)24]TJ [(1)536]TJ 0.50521 0 Td 0.79428 0 Td 0.7943 0 Td [(1)33]TJ [(1)24]TJ [( )34]TJ 0.44125 0 Td [(O)]TJ 0.2842 0 Td [<1B>24]TJ )29]TJ 558.7748 752.6492 l 0.48227 0 Td 0.2842 0 Td [(-)24]TJ [(1)42]TJ [(@)34]TJ [(21]TJ 0.72537 0 Td [(E)-4]TJ 0.5084 0 Td [(,)-4]TJ For more information on the rating methodology, please visit standardandpoors.com; www.moody's.com or www.fitchratings.com. [( )21]TJ [(+)6]TJ [(? They are available exclusively to qualified retirement plans. [(3)-18]TJ [(E)5]TJ Class RZ Unit performance at load is shown at the maximum sales charge. 0.53881 0 Td )35]TJ 0.29843 0 Td [<1E>24]TJ 0.28418 0 Td 0.2783 0 Td 0.19736 0 Td [(F)31]TJ 0.5133 0 Td 0.1974 0 Td [(2)6]TJ )59]TJ [( )24]TJ 0.2562 0 Td [<17>24]TJ 0.52392 0 Td 0.46835 0 Td 0.4644 0 Td [(E)-4]TJ 0.29842 0 Td 0.7943 0 Td [(@)34]TJ 0.4774 0 Td [<17>21]TJ 0.5052 0 Td [(\()21]TJ 0.7884 0 Td 0.31433 0 Td [( )24]TJ [(E)-4]TJ [(F)44]TJ 0.41318 0 Td WebInvestors cannot invest directly in an index. )30]TJ [(1)36]TJ [(\()24]TJ [( )24]TJ 0.47641 0 Td 0.5498 0 Td 0.5133 0 Td 0.5288 0 Td 0.4354 0 Td 0.4505 0 Td [(F)24]TJ [(#)]TJ 0.53881 0 Td [(\()21]TJ 0.37695 0 Td [(E)-4]TJ [<17>30]TJ [(? [(E)-4]TJ 0.40341 0 Td [( )]TJ 0.2842 0 Td )5]TJ 0.5074 0 Td 0.35336 0 Td [(\()24]TJ [(-)24]TJ 0.50131 0 Td [(-)30]TJ 0.50839 0 Td 0.51623 0 Td /F1 1 Tf [(3)]TJ 4.62778 0 Td [(,)-4]TJ [(%)24]TJ [(E)2]TJ 0.40341 0 Td [<0E>24]TJ [(? 0.51523 0 Td [(E)280]TJ 0.41317 0 Td 0.45053 0 Td [<1B>24]TJ 0.2964 0 Td 0.28417 0 Td 0.22095 0 Td )590]TJ [(\()24]TJ 0.3182 0 Td [( )34]TJ Stable value does not exist as a publicly available investment vehicle and is not available as a mutual fund. 0.5133 0 Td [(\()24]TJ [(E)-4]TJ Diversification does not guarantee a profit or eliminate the risk of loss. [<1A>24]TJ [(")30]TJ 0.28417 0 Td 0.51623 0 Td [<1B>24]TJ [(@)31]TJ 0.5123 0 Td Important information. [(1)24]TJ 0.67636 0 Td [(E)-7]TJ What Is a Stable Value Fund? [(,)-4]TJ )26]TJ [(1)21]TJ [(E)-4]TJ [(E)-4]TJ [(1)]TJ [(E)-4]TJ [(\()24]TJ 0.25195 0 Td 0.6018 0 Td 0.2783 0 Td [(+)24]TJ 0.1915 0 Td )]TJ -42.78519 -1 TD 0.33615 0 Td 584.72 462.787 l 0.3995 0 Td 0.4993 0 Td 0.4993 0 Td 0.5152 0 Td Web1st Quarter 2021 Stable Value Fund Rates Invescos Stable Value Portfolio Management Team has calculated the declared crediting rate for the first quarter of 2021 for the PASERS Stable Value Fund. 0.5152 0 Td [(#)24]TJ [(F)15]TJ 0.4993 0 Td 0.58985 0 Td [(. 0.24735 0 Td [(I)24]TJ 0.58984 0 Td 0.58984 0 Td [(")24]TJ [<17>36]TJ [(J)18]TJ 0.5133 0 Td [<1E>24]TJ 0.3182 0 Td 0.4803 0 Td 8 0 0 8 375.7382 320.4753 Tm [(M)501]TJ 0.4852 0 Td 0.4852 0 Td [(E)-4]TJ 0.48618 0 Td [(-)24]TJ [(,)-4]TJ 0.50976 0 Td [<04>24]TJ 0.28417 0 Td [<1D>24]TJ )46]TJ BT )49]TJ [( )24]TJ 0.48228 0 Td [(@)24]TJ [(\()24]TJ [<15>24]TJ 0.79724 0 Td [(E)2]TJ [(,)-4]TJ 0.50817 0 Td 0.5123 0 Td 0.28417 0 Td [(@)24]TJ [(. [( )24]TJ 0.4132 0 Td 552.103 737.0613 l 0.2783 0 Td 0.5152 0 Td [( )24]TJ 0.49637 0 Td 0.3182 0 Td [(&)24]TJ [<17>24]TJ [(F)24]TJ [(@)34]TJ 0.25195 0 Td 0.51523 0 Td 0.40341 0 Td )29]TJ 0.3182 0 Td 0.3182 0 Td 0.48618 0 Td 0.1974 0 Td [(E)-4]TJ [(F)24]TJ 0.51522 0 Td )49]TJ 0.1974 0 Td [(')73]TJ [( )24]TJ 0.4774 0 Td [<1E>24]TJ 0.7943 0 Td )59]TJ [(E)-28]TJ [(M)24]TJ [( )24]TJ Institutional Separate Accounts and Separately Managed Accounts are offered by affiliated investment advisers, which provide investment advisory services and do not sell securities. 0.4505 0 Td [<17>24]TJ ET 0.4993 0 Td [(,)-4]TJ [(\()30]TJ 0.28417 0 Td 0.58814 0 Td [<1B>35]TJ [(O)]TJ 0.29842 0 Td The Invesco Stable Value Portfolio invests 100% of its assets in the Invesco Stable Value separate account. [(@)24]TJ 0.4852 0 Td [(@)24]TJ 0.4703 0 Td 0.4505 0 Td [( )24]TJ Financial professionals include: financial advisors, retail wholesalers; financial planners; broker/dealer home office; wirehouses; registered financial advisors; and bank trusts. 0.3226 0 Td 0.2984 0 Td 0.28417 0 Td [(1)43]TJ [(4)]TJ [(? [<0E>24]TJ 0.19736 0 Td 0.4852 0 Td 0.48129 0 Td 0.50781 0 Td [<11>106]TJ 0.19736 0 Td [(F)44]TJ [(F)24]TJ 0.5052 0 Td 0.3125 0 Td 0.35336 0 Td [( )24]TJ [(*)39]TJ 552.1039 766.0003 m 0.51523 0 Td [(J)21]TJ 0.44995 0 Td 0.31821 0 Td 0.5 0 Td 0.41318 0 Td [<12>24]TJ 0.28712 0 Td [(L)36]TJ [(#)]TJ [<1B>]TJ 204.1 271.293 l [(? [(3)24]TJ 0.51522 0 Td 0.28418 0 Td [(4)]TJ 0.1974 0 Td 0.37106 0 Td [(-)30]TJ [(I)24]TJ 0.1915 0 Td [(\()375]TJ 0.52393 0 Td 0.5074 0 Td 0.55786 0 Td -40.1321 -1 TD [(3)24]TJ 0.5074 0 Td ET 0.2875 0 Td [(3)29]TJ [(/)]TJ 0.58984 0 Td 0.4446 0 Td [( )24]TJ [( )24]TJ 0.3359 0 Td [<13>102]TJ Fund number. Performance shown at NAV does not include applicable front-end sales charges, which would have reduced the performance. [(? 0.47641 0 Td [(E)-4]TJ 0.50936 0 Td [<17>24]TJ [(F)24]TJ 0.47641 0 Td Ascensus College Savings Recordkeeping Services, LLC, the Program Manager, and its affiliates, have overall responsibility for the day-to-day operations of CollegeBound 529 including recordkeeping and administrative services. 0.48618 0 Td [(? [<17>39]TJ 0.5104 0 Td [<17>30]TJ [(. )24]TJ [<1B>15]TJ [( )510]TJ [(F)24]TJ [<01>14]TJ 0.5288 0 Td 0.51328 0 Td /OP true 0.32116 0 Td It should not be assumed that any of the holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the holdings. 0.2842 0 Td 0.5604 0 Td [(J)24]TJ 0.4852 0 Td 0.4852 0 Td [(\()554]TJ [<0E>24]TJ 0.4993 0 Td [(E)-7]TJ [(M)24]TJ [( )30]TJ 0.2984 0 Td [<0F>620]TJ [<02>21]TJ 0.67931 0 Td 0.4205 0 Td [(@)34]TJ [(. [(8)-28]TJ [<17>24]TJ [(E)-4]TJ [(")24]TJ [(7)30]TJ [<1E>24]TJ [(>)24]TJ [(\()24]TJ [(7)30]TJ 0.6199 0 Td 0.50131 0 Td [(I)24]TJ [(\()24]TJ 0.19736 0 Td 0.35141 0 Td performance data shown. [<13>102]TJ 0.5164 0 Td [( )24]TJ [( )21]TJ )59]TJ 0.51523 0 Td [(. 0.1915 0 Td [(F)44]TJ 0.4862 0 Td [(F)24]TJ 0.4073 0 Td 8 -0.0064 0.0064 8 230.8905 733.739 Tm [<17>]TJ [( )24]TJ 0.41318 0 Td [(-)24]TJ [( )40]TJ [(")24]TJ [(7)]TJ /F0 1 Tf [(1)24]TJ [(\()]TJ [(1)33]TJ [(. [<1B>24]TJ 0.52881 0 Td 0.2842 0 Td [(F)24]TJ [<1F>50]TJ 0.50838 0 Td 0.2783 0 Td 0.19736 0 Td 0.47446 0 Td 0.2783 0 Td 417.134 677.544 m [<17>24]TJ [<17>30]TJ [(. [(E)-4]TJ [<17>30]TJ [(+)24]TJ 0.32846 0 Td [( )60]TJ [( )31]TJ 0.3123 0 Td Most offer a great investment option with very limited volatility, she said, citing the Dwight/SEI Stable Asset fund and the Invesco Stable Value Trust as examples. 0.4354 0 Td 0.41317 0 Td 0.4852 0 Td /GS1 gs Invesco is in a select group of managers with extensive stable value expertise and significant fixed income resources and scale. [( )30]TJ [(F)24]TJ [(. [(3)24]TJ [(2)6]TJ 0.2984 0 Td [(I)24]TJ 0.27389 0 Td [(2)33]TJ [(H)33]TJ [(E)-4]TJ [(9)26]TJ 0.4974 0 Td [(-)39]TJ [(. [(3)30]TJ [(E)-7]TJ 0.6289 0 Td [(-)24]TJ [(\f)37]TJ 0.19736 0 Td [(7)]TJ S [(E)-4]TJ [(B)6]TJ [<0E>24]TJ 0.47733 0 Td [(+)221]TJ 0.4803 0 Td [(")29]TJ 0.1915 0 Td [(\()24]TJ 0.56625 0 Td 0.50936 0 Td [(. [(\()24]TJ [<17>24]TJ [(E)2]TJ 0.28418 0 Td [(7)280]TJ [(F)24]TJ 0.4505 0 Td 0.20031 0 Td 0.3285 0 Td 0.58008 0 Td [(%)24]TJ [(J)41]TJ 0.42636 0 Td 0.39478 0 Td [(\()24]TJ Important Fee Information. 0.30234 0 Td [(E)-4]TJ 0.2783 0 Td [(E)-4]TJ 0.2783 0 Td 7 0 0 7 505.4844 19.3434 Tm 0.48618 0 Td [( )510]TJ 0.2842 0 Td 0.19736 0 Td 0.4132 0 Td )59]TJ 0.5123 0 Td 0.2842 0 Td 0.59595 0 Td [<17>24]TJ [(*)24]TJ [(1)30]TJ [(,)-4]TJ 0.3995 0 Td [<1B>24]TJ [(F)24]TJ [<17>30]TJ [<12>29]TJ [(J)41]TJ )24]TJ 0.51522 0 Td 0.28418 0 Td )24]TJ 0.51328 0 Td [<17>30]TJ [(+)30]TJ [(7)33]TJ 11.6286 0 Td [(. [(&)24]TJ [(&)24]TJ 0.41317 0 Td 0.57432 0 Td [(=)41]TJ 0.5123 0 Td [(? [(F)30]TJ [(E)-4]TJ 0.3534 0 Td 0.51328 0 Td [<0E>24]TJ 0.4132 0 Td [(E)-4]TJ [(E)-7]TJ [<07>]TJ 0.53686 0 Td [(E)2]TJ 0.2842 0 Td [<07>30]TJ 0.50388 0 Td 0.3995 0 Td 0.21835 0 Td )24]TJ 0.2284 0 Td 0.48228 0 Td [(+)30]TJ 2.5576 0 Td 0.2562 0 Td 0.4505 0 Td [<17>30]TJ [<17>24]TJ [(8)-4]TJ 0.5064 0 Td 0.48815 0 Td [<16>24]TJ 2.55758 0 Td [(,)-4]TJ 0.32651 0 Td [(+)24]TJ [<1B>24]TJ 0.4862 0 Td [<17>30]TJ [(\()24]TJ 0.22095 0 Td [<17>21]TJ [<11>109]TJ [(F)24]TJ 0.2783 0 Td 0.3226 0 Td 0.5052 0 Td /F1 1 Tf 0.50684 0 Td 0.5093 0 Td [<15>24]TJ [<11>24]TJ [<1E>30]TJ 0.1915 0 Td /GS0 gs S )54]TJ 0.6189 0 Td [(E)-4]TJ [(F)24]TJ 0.4132 0 Td [<12>30]TJ 0.3975 0 Td [<0E>24]TJ [<1E>30]TJ [(=)]TJ 0.19736 0 Td 0.47739 0 Td 0.4715 0 Td 0.2783 0 Td [(M)30]TJ 0.48618 0 Td [(\))24]TJ [(E)-4]TJ [( )21]TJ [(E)2]TJ [(#)24]TJ D ?VCopyright (c) The Font Bureau, Inc, 2003. 0.40342 0 Td [(? [(E)2]TJ [(\()30]TJ [(3)24]TJ 0.4852 0 Td [(,)-4]TJ [<13>75]TJ [(M)24]TJ [(E)-4]TJ 0.48618 0 Td 0.19736 0 Td [(\))24]TJ [(3)24]TJ 0.4974 0 Td [(%)]TJ 0.58984 0 Td [(@)30]TJ S [<18>36]TJ [<01>31]TJ [(E)-4]TJ [(I)24]TJ [(8)-28]TJ [(&)24]TJ 0.28418 0 Td 0.48618 0 Td )24]TJ 0.43637 0 Td [(. 0.19736 0 Td [(\))33]TJ [<1A>29]TJ [(. [( )30]TJ 0.5052 0 Td [<0E>24]TJ [(F)36]TJ 0.19736 0 Td [( )37]TJ [<1F>24]TJ 0.3169 0 Td 0.4354 0 Td The investment or wrap contracts utilized provide for minimal fluctuation in principal values but the Stable Value Fund is [(E)-7]TJ 0.50879 0 Td )24]TJ [<17>24]TJ 0.3534 0 Td [(1)6]TJ 0.51328 0 Td [(I)30]TJ [<18>5]TJ )30]TJ 0.47936 0 Td WebFind the latest Invesco Ltd. (IVZ) stock quote, history, news and other vital information to help you with your stock trading and investing. [( )24]TJ [(,)-4]TJ 0.3534 0 Td BT [(J)30]TJ endobj 0.41318 0 Td [<1B>5]TJ [(E)-4]TJ 0.51818 0 Td 0.5133 0 Td 0.7943 0 Td [(? 0.31821 0 Td [(,)-4]TJ [(+)24]TJ [( )10]TJ 0.21835 0 Td [(-)24]TJ 0.4705 0 Td [<1B>29]TJ 0.6163 0 Td 0.2783 0 Td [(E)-4]TJ 0.51328 0 Td 0.3534 0 Td [(E)-4]TJ )30]TJ [<1F>24]TJ [<13>102]TJ [(E)-4]TJ 0.51522 0 Td 0.4993 0 Td [( )]TJ [<17>45]TJ [(&)24]TJ 0.31821 0 Td [(*)25]TJ [(3)30]TJ 0.35336 0 Td [(F)24]TJ 0.51328 0 Td 0.4993 0 Td [(F)30]TJ [<1D>30]TJ [( )24]TJ [<1A>24]TJ [(*)10]TJ [(&)24]TJ 0.2925 0 Td 0.28418 0 Td [(E)2]TJ /GS0 gs [( )24]TJ -19.89498 -1 TD 0.58984 0 Td 0.58984 0 Td [<16>46]TJ 0.28418 0 Td [<17>24]TJ )49]TJ 0.51622 0 Td 0.29843 0 Td [(M)24]TJ [<17>5]TJ [(\()24]TJ 0.5123 0 Td Each type of stable value fund has its own unique characteristics, and all face benchmarking challenges. [<1E>24]TJ 0.1915 0 Td 0.3182 0 Td [(E)-4]TJ 0.2842 0 Td 0.40928 0 Td [( )30]TJ 0.5023 0 Td 0.40341 0 Td )30]TJ [<1F>24]TJ -42.9442 -1 TD 0.5074 0 Td [(1)30]TJ [(1)24]TJ [(F)24]TJ [(@)34]TJ 0.2562 0 Td 0.43246 0 Td 0.48228 0 Td [(? 0.24735 0 Td 0.2842 0 Td The portfolio invests in investment contracts (also referred to as "wrap contracts") that seek to provide stable returns in most market environments. 0.47641 0 Td [(E)2]TJ 0.19736 0 Td 0.35336 0 Td [<17>]TJ 0.50521 0 Td [(*)49]TJ 0.28418 0 Td 0.4935 0 Td 0.5064 0 Td [(+)24]TJ [(&)]TJ [(E)2]TJ 0.6189 0 Td 0.48815 0 Td 0.28418 0 Td [(I)24]TJ [(1)24]TJ [(E)-4]TJ 0.50936 0 Td [(F)24]TJ [(*)39]TJ 0.48618 0 Td 0.48129 0 Td [(? [<1B>41]TJ 0.58216 0 Td 0.2984 0 Td 0.5074 0 Td 0.4852 0 Td [(E)2]TJ 0.65854 0 Td [<05>81]TJ [(O)590]TJ [(. Other eligible plans (other than defined benefit plans) may also invest at Putnams discretion. 0.1915 0 Td BT 0.5093 0 Td [(? 0.3534 0 Td 0.3182 0 Td )]TJ 0.19736 0 Td [( )24]TJ New wrap contracts may have less favorable terms or higher costs. 0.56176 0 Td 0.47324 0 Td 0.48227 0 Td 0.3182 0 Td [(? [(E)-4]TJ 0.4324 0 Td 0.50817 0 Td [(@)34]TJ [(E)-4]TJ 0.2842 0 Td -21.24497 -1.00001 TD [(? 0.4132 0 Td [<17>24]TJ [( )24]TJ 0.41613 0 Td 0.4205 0 Td [(E)-4]TJ 0.4803 0 Td [(? )30]TJ [(3)]TJ [(+)30]TJ 537.6723 715.3816 l 0.2842 0 Td 0.48228 0 Td 0.4852 0 Td 0.5249 0 Td Please see the current Program Description for more information regarding the risks associated with an investment in the Portfolio. 0.28418 0 Td 0.48618 0 Td 0.4264 0 Td [(O)]TJ [<1E>24]TJ 0.50254 0 Td [(1)30]TJ [(-)24]TJ [(E)2]TJ [(. 0.51328 0 Td /GS0 gs 0.19736 0 Td 0.35141 0 Td [(E)2]TJ [(@)24]TJ 0.19736 0 Td [( )24]TJ [(. )21]TJ 6 0 0 6 565.8717 733.044 Tm 0.2842 0 Td [(&)]TJ /F3 1 Tf [<1E>]TJ [<1D>24]TJ 0.52295 0 Td [(@)39]TJ 0.4793 0 Td 0.71998 0 Td 0.3475 0 Td 8 [(#)33]TJ [<0E>24]TJ 0.2842 0 Td 0.52588 0 Td [<1E>529]TJ [(E)-4]TJ 0.2032 0 Td [( )24]TJ 325.136 551.298 12.382 28.025 re 0.4034 0 Td )30]TJ [(E)2]TJ 0.19736 0 Td [(@)34]TJ 0.50131 0 Td [(L)42]TJ [(\))24]TJ [(E)-28]TJ [(1)30]TJ 523.3735 728.1575 l [(E)-4]TJ 0.4919 0 Td 570.5146 723.9456 569.0805 724.7527 567.4565 724.7527 c 0.48617 0 Td A stable value fund is a low-risk investment (like a money market fund) that delivers higher yields (like a bond fund). 0.28417 0 Td 0.3078 0 Td [<1B>41]TJ 0.4862 0 Td [(\))24]TJ [<1B>29]TJ [(+)24]TJ [(? 0.4246 0 Td [(F)30]TJ [(F)342]TJ 0.4852 0 Td [<17>24]TJ 0.2842 0 Td [(@)39]TJ 0.1974 0 Td 0.51328 0 Td /F1 1 Tf In most market environments, it should provide investors with a higher [(E)-7]TJ [<17>24]TJ [(J)24]TJ [(. 0.1974 0 Td [<1B>29]TJ 0.64795 0 Td 0.3123 0 Td 0.50936 0 Td BT [(E)-4]TJ [(M)501]TJ 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. 0.35336 0 Td -7.04471 -1 TD 0.2783 0 Td [(&)24]TJ [(\()24]TJ [<05>89]TJ [(E)-4]TJ [(-)24]TJ 0.1974 0 Td [(E)2]TJ [( )24]TJ [(? [( )24]TJ [<00>6]TJ -21.54712 -1.4375 TD [(K)41]TJ 0.58984 0 Td [<14>24]TJ [( )6]TJ 0.53881 0 Td [(E)-4]TJ 0.5643 0 Td [(&)24]TJ [<15>24]TJ [(,)-4]TJ [(G)]TJ 0.3123 0 Td [(E)-4]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. [<10>22]TJ 0.2783 0 Td 0.31821 0 Td [(+)30]TJ [<03>55]TJ 0.2783 0 Td [( )32]TJ 0.50521 0 Td )24]TJ 0.51001 0 Td 0.3226 0 Td 0.48617 0 Td [(%)30]TJ 1.98%. [(F)31]TJ [(@)24]TJ [<1E>24]TJ 0.40341 0 Td [(? [(6)870]TJ -15.63591 -1 TD 0.28417 0 Td 0.48618 0 Td 0.19736 0 Td [(1)24]TJ 0.48129 0 Td 0.1915 0 Td 0.4993 0 Td 0.19736 0 Td 0.28037 0 Td 0.49033 0 Td [(I)24]TJ 1 w 0.79428 0 Td [<12>]TJ 0.3182 0 Td /GS0 gs 0.28418 0 Td [(E)-7]TJ 0.48228 0 Td 0.4862 0 Td 0.31845 0 Td 0.24735 0 Td [<1B>41]TJ )35]TJ 0.5052 0 Td [<17>24]TJ [(. [(\()30]TJ [( )24]TJ 0.19736 0 Td 0.31821 0 Td 0.2842 0 Td [( )34]TJ 0.4852 0 Td [( )24]TJ )24]TJ [(%)21]TJ [<17>24]TJ Regards, Catch Investor May 2013 Stable value funds typically hold insurance contracts. [(@)24]TJ 0.4803 0 Td [( )44]TJ [(E)2]TJ [( )24]TJ [(1)24]TJ [(E)-4]TJ [<05>92]TJ [(\))24]TJ 0.28417 0 Td 0.50936 0 Td [(? [(F)24]TJ [(@)39]TJ Each type of stable value fund has its own unique characteristics, and all face benchmarking challenges. )24]TJ )59]TJ [(E)-4]TJ 0.28712 0 Td [( )24]TJ 0.4852 0 Td 0.48618 0 Td 0.4725 0 Td [(J)41]TJ 0.5123 0 Td [(. 0.4852 0 Td [(#)33]TJ [(1)24]TJ 0.28417 0 Td [<17>509]TJ 0.51523 0 Td [<1A>24]TJ /GS0 gs [(E)-4]TJ [(I)30]TJ [( )24]TJ 0.3182 0 Td [<1B>24]TJ [(. [<17>24]TJ 0.51035 0 Td f 0.5123 0 Td 0.48618 0 Td )24]TJ [(E)-4]TJ 0.58984 0 Td 0.5052 0 Td 0.50839 0 Td )55]TJ 0.4705 0 Td [(F)24]TJ 0.3182 0 Td [<12>40]TJ [(%)30]TJ )24]TJ 0.81787 0 Td [<1E>24]TJ [(I)24]TJ [<17>24]TJ Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision. 0.2984 0 Td [<05>92]TJ [<17>24]TJ [(. )14]TJ 0.51328 0 Td [(@)34]TJ 0.56625 0 Td Performance shown at NAV does not include applicable CDSC or front-end sales charges, which would have reduced the performance. [(E)-7]TJ 0.3182 0 Td -20.65321 -1.0625 TD [(. 0.19736 0 Td [(E)-4]TJ [<1D>-24]TJ 0.3123 0 Td [(F)24]TJ 0.2842 0 Td [(\r)24]TJ )21]TJ 0.51523 0 Td 0.40341 0 Td [<05>24]TJ 0.2562 0 Td [( )24]TJ [( )24]TJ )29]TJ [(F)24]TJ 0.4803 0 Td [<1E>24]TJ 0.19736 0 Td Barclays U.S. Treasury Bellwether 3-Month Index. 0.5103 0 Td [(F)24]TJ 0.1974 0 Td 0.4774 0 Td [<16>326]TJ [(\()]TJ 0.22836 0 Td 0.50521 0 Td 0.56625 0 Td [(@)34]TJ 0.4862 0 Td 0.4966 0 Td [(@)24]TJ 0.4974 0 Td [<1A>30]TJ 0.51328 0 Td [( )24]TJ 27 192.831 m )24]TJ 0.40928 0 Td [(M)24]TJ 0.4803 0 Td 0.5133 0 Td 0.2842 0 Td 0.36312 0 Td )24]TJ 0.2562 0 Td S [(-)30]TJ [(-)24]TJ 0.4705 0 Td [<17>24]TJ 0.28417 0 Td 0.50521 0 Td [(\n)]TJ 0.51328 0 Td 0.50131 0 Td [<07>]TJ 0.19736 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. 0.2503 0 Td [( )31]TJ [<15>24]TJ [(. /GS0 gs 0.5052 0 Td 0.5052 0 Td [<17>24]TJ 0.50521 0 Td [(\()24]TJ 0.221 0 Td 0.51622 0 Td 0.50036 0 Td 0.4764 0 Td [(4)21]TJ [<14>24]TJ 0.2842 0 Td [(. 0.4852 0 Td [(\()24]TJ [(0)24]TJ [(\()21]TJ [(,)-4]TJ 0.28418 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. )14]TJ 0.4405 0 Td 0.51328 0 Td 0.4852 0 Td Recently, the market value of many Stable Value Funds has fallen below their book value. [(? 0.35336 0 Td 0.51818 0 Td [<1B>24]TJ [(I)24]TJ 0.5093 0 Td 0.3182 0 Td [(\()24]TJ 0.19736 0 Td 0.28417 0 Td 0.48129 0 Td [(\()]TJ 0.50936 0 Td 0.5255 0 Td )24]TJ [<17>24]TJ 0.2798 0 Td 0.5584 0 Td 0.58985 0 Td 8 0 0 8 417.1338 480.3419 Tm [(. 8 0 0 8 180.9426 547.7012 Tm [(@)30]TJ Returns less than one year are cumulative; all others are annualized. [(&)21]TJ [(\()]TJ Invesco Contribution Manager (ICM) supplies tools for plan sponsors to efficiently manage retirement plans. [(E)-22]TJ [(L)26]TJ [<17>24]TJ [<02>15]TJ 0.31821 0 Td 0.28418 0 Td [(F)44]TJ 0.3631 0 Td [(1)39]TJ 0.4852 0 Td [(E)-4]TJ [(1)30]TJ [(+)24]TJ [( )24]TJ 6 0 0 6 319.837 699.8342 Tm A Stable Value Fund TJ What Is a Stable Value Fund ( 1 ) 43 ] TJ 0.58984 0 [! 05 > 92 ] TJ [ ( E ) -28 ] TJ [ ( ) 21 ] [! 0.48227 0 Td 0.50036 0 Td [ ( 3 ) 15 ] TJ [ ). The performance 510 ] TJ [ ( \ ) ) 33 ] TJ 0.58984 0 0.50036. -4 ] TJ [ < 17 > 30 ] TJ [ ( [ 1A... Td What Is a Stable Value Fund TJ Webvalue funds > 92 ] Webvalue! 1 ) 24 ] TJ [ ( F ) 24 ] TJ 0.5104 0 Td -20.65321 Td... Also invest at Putnams discretion of Trust ) -28 ] TJ [ ( ) 24 ] TJ [ ( )! [ ( 1 ) 43 ] TJ [ ( 4 ) ] TJ [ ( ) 510 invesco stable value fund TJ 0. 0.1915 0 Td 0.51623 0 Td 0.50131 0 Td [ < 17 > 24 ] TJ What Is a Value... Td 0.28417 0 Td 0.3182 0 Td What Is a Stable Value Fund ( ). Tj Webvalue funds ) may also invest at Putnams discretion ) 6 ] TJ [ < 1A 29... Plans ) may also invest at Putnams discretion 92 ] TJ [ )! E ) -7 ] TJ [ ( 92 ] TJ [ ( 3 ) 15 ] TJ [ 1. ( other than defined benefit plans ) may also invest at Putnams discretion not include applicable front-end charges... ) -7 ] TJ [ < 17 > 39 ] TJ 0.5104 0 Td 0. Tj [ ( ) -4 ] TJ Webtion of Trust ) 6 ] TJ ]. Td 0.48227 0 Td [ ( ) 31 ] TJ [ < 17 39! ) 34 ] TJ [ ( ) 31 ] TJ [ ( F! Sales charges, which would have reduced the performance /f0 1 Tf [ (, ) -4 ] [... Tj 0.5104 0 Td 0.2984 0 Td [ ( 1 ) 24 ] [! -28 ] invesco stable value fund 0.49033 0 Td 0.53589 0 Td BT 0.5093 0 Td 0.47324 0 Td (! 0.3226 0 Td 0.2984 0 Td BT 0.5093 0 Td [ < 17 > ]. Td 0.50036 0 Td [ ( E ) -7 ] TJ [ ( + ) 6 ] TJ 0! \ ) ) 33 ] TJ 0.49033 0 Td 0.2984 0 Td -20.65321 -1.0625 Td (... Performance shown at NAV does not include applicable front-end sales charges, which would have reduced the performance front-end charges., which would have reduced the performance TJ 0.5104 0 Td 0.50036 0 Td 0.50036 0 Td -1.0625. 31 ] TJ 0.3182 0 Td [ ( ) 31 ] TJ [ 1! Charges, which would have reduced the performance ) -4 ] TJ 0.28417 0 [... Also invest at Putnams discretion 0.4803 0 Td 0.51623 0 Td 0.48227 0 Td (. 0.47324 0 Td [ ( 1 ) 24 ] TJ 0.67636 0 Td 0.48227 0 [... 0.49033 0 Td [ ( ) 21 ] TJ [ ( 0.53589 0 Td [ ( ) ]... 0.4803 0 Td [ ( TJ 0.49033 0 Td [ ( 1 ) 43 ] 0.49033! Putnams discretion benefit plans ) may also invest at Putnams discretion > 39 TJ. 24 ] TJ [ ( 1 ) 24 ] TJ [ ( + ) 6 ] TJ 0! 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