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UNDERSTANDING STABLE VALUE GALLIARD CAPITAL MANAGEMENT Stable Value

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UNDERSTANDING STABLE VALUE GALLIARD CAPITAL MANAGEMENT Stable Value UNDERSTANDING STABLE VALUE GALLIARD CAPITAL MANAGEMENT Stable Value STABLE VALUE STRUCTURE WHAT IS A STABLE VALUE FUND? “Stable value funds are capital preservation investment options available in 401(k) plans and other types of savings plans. They are invested in a high quality, diversified Investment fixed income portfolio that is protected against interest rate volatility by contracts from Contracts banks and insurance companies. Stable value funds are designed to preserve capital while providing steady, positive returns. Stable value funds are considered a conservative and low risk investment compared to other investments offered in 401(k) plans.”1 Sov/ Supra 2% Cash 4% U.S. Gov’t/Agy 9% RELATIVE RISK LEVEL OF A STABLE VALUE FUND Marketable Fixed Income Securities Other U.S. Gov’t 11% Conservative Moderate Aggressive Tax Muni 5% Residential MBS 35% Money Markets Bond Funds Stock Funds Stable Value Corporates 26% CMBS 8% WHAT IS THE INVESTOR PROFILE FOR A STABLE VALUE FUND? A stable value fund may be appropriate for someone seeking to safeguard Illustrative of an investment contract. principal or balance a portfolio having more aggressive investments. Not representing that the above is an actual Galliard portfolio. HOW DOES STABLE VALUE COMPARE WITH A MONEY MARKET FUND? Both stable value funds and money market funds seek principal preservation. Stable value funds have historically produced higher returns than money market funds with less volatility.1 Galliard’s stable value DOES A STABLE VALUE FUND MAINTAIN A CONSTANT NAV OF $1.00 PER strategy seeks safety SHARE LIKE A MONEY MARKET MUTUAL FUND? of principal and a No. Galliard’s stable value portfolios typically use a rising net asset value (NAV) which is updated daily. Any interest earned, including income and capital gains, will be reflected stable crediting rate daily in the NAV (i.e. the NAV rises from $10.00 to $10.01, etc.). Some money market utilizing a multi-tiered funds typically employ a flat, or constant $1.00 NAV and interest earned is typically approach to investing. posted to participant accounts once per month versus daily. HOW ARE GALLIARD’S STABLE VALUE PORTFOLIOS STRUCTURED? Galliard’s stable value portfolios have a multi-tiered structure. The top tier is primarily comprised of investment contracts issued by financial institutions. The investment contracts help to assure that participants can transact at contract value (principal plus accrued interest) as well as maintain a relatively stable return profile for the portfolio. All contract issuers are rated investment grade by one of the Nationally Recognized Statistical Rating Organizations (NRSRO) at time of purchase. 1 Stable Value Investment Association, 2014 800 LaSalle Avenue, Suite 1100 USV022515 Minneapolis, MN 55102-2054 www.galliard.com 800-717-1617 UNDERSTANDING STABLE VALUE The Stable Value Market The underlying tier is typically comprised of a diversified portfolio of marketable fixed income · Stable value products are securities whose market prices fluctuate (i.e. bonds). Galliard portfolios are broadly diversified offered in more than half of all by issue and issuer in order to reduce the impact of any one holding in the portfolio. defined contributions plans1 · Approximately $700 billion is WHAT TYPES OF FIXED INCOME SECURITIES ARE UTILIZED IN THE UNDERLYING TIER? invested in stable value1 The types of securities typically utilized in the underlying tier include, but are not limited Benefits of Stable Value to, U.S. Treasury Securities, U.S. Agency Securities, asset backed securities, certificates of Investing deposits, corporate bonds, mortgage backed securities and cash equivalents such as money · Safety of principal market instruments. All securities are U.S. dollar denominated. All underlying fixed income · Positive returns with limited securities must also be rated “investment grade” by one of the Nationally Recognized volatility Statistical Rating Organizations at the time of purchase. Comparison of Stable Value IS A STABLE VALUE FUND A MUTUAL FUND? and Money Market Funds No. Stable value funds are not mutual funds. The investment vehicle type used for · Both seek principal preservation Galliard’s stable value strategies are either collective investment funds or separately · Stable value funds have managed accounts. Collective investment funds pool together multiple plans to purchase historically produced higher stable value investments. Separately managed accounts are specifically designed and returns with less volatility1 managed for a particular plan and do not combine multiple plans into one pool like a collective investment fund. 1 Source: Stable Value Investment Association, 2014 IS MY INVESTMENT IN A GALLIARD STABLE VALUE FUND GUARANTEED? No. An investment in the Fund is neither insured nor guaranteed by the FDIC, the Federal Reserve Bank, by Wells Fargo Bank, N.A. or Wells Fargo. Galliard’s stable value investment strategy is conservatively managed and seeks to preserve principal and a stable credited rate of interest, while generating competitive returns over time. While unlikely, it is possible to lose money by investing in a stable value fund. ARE THERE ANY WITHDRAWAL LIMITATIONS? Qualified plan participant withdrawals are allowed any time without a penalty, regardless of their frequency or amount. If your Plan has a competing option to a stable value fund, a 90-Day Equity Wash Requirement may apply. A 90-Day Equity Wash Requirement requires participants to invest in a “non-competing fund” for at least 90 days before transferring Stable value funds are to a “competing” fund option. Examples of “competing fund” options include money a popular choice for market funds, high quality bond funds with a duration of three years or less, other principal preservation funds, or brokerage windows. You should consult with your plan administrator retirement plan investors to determine the specific parameters of this requirement and whether it applies. who are looking for a conservative fixed WHAT ARE THE PRIMARY INVESTMENT RISKS? income investment The stable value fund’s investment contracts are designed to allow for participant option that seeks to transactions at contract value (principal and accrued interest). A principal risk of the Fund is investment contract risk. This includes the risk of issuer default on its obligation or that provide principal and a another event of default may occur under the contract rendering it invalid; that the contract competitive yield. will lapse before a replacement contract with favorable terms can be secured; or that the occurrence of certain events including employer-initiated events, could cause the contract to lose its book value withdrawal features. Other primary risks include the possibility that instruments the Fund holds will not meet scheduled interest and/or principal payments; interest rate risk,including the risk of reinvesting cash flows at lower interest rates; and liquidity risk. The occurrence of any of these events could cause the Fund to lose value. FOR MORE INFORMATION Contact your plan administrator Stable value funds are not insured by the FDIC, Federal Reserve Bank, nor guaranteed by Wells Fargo or any affiliate thereof. Past performance is not an indication of how an investment will perform in the future..
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