The Stable Value Option was rebalanced to the target allocation described in the chart below effective September 22, 2015. The Board approved a reallocation of the target allocations in the Stable Value Option to enhance liquidity which was requested by the Insurance Companies providing wrap contracts to the Option. The new allocation meets the requirements of the wrap providers.
| Manager | Previous Target Allocation | New Target Allocation |
| Wellington Core | 40% | 0% |
| INVESCO Interest Income | 46% | 0% |
| New Invesco Managed Account | 0% | 80% |
| CACU CDs | 4% | 10% |
| BlackRock MM | 10% | 10% |
The Stable Value Option is managed by Invesco. The Stable Value Option currently has three investment portfolios. Invesco manages one portfolio and has retained, Voya and Wellington to each sub-advise a portfolio. The Stable Value Option is invested in short and intermediate duration securities across multiple sectors of the fixed income markets. The assets are wrapped by synthetic investment contracts selected by Invesco. These contracts provide for book value accounting (cost plus accrued interest) which serves to reduce overall volatility of the Stable Value Option. The interest rates on these contracts are adjusted monthly to reflect the performance of the underlying assets. Invesco has oversight over the wrapped portion. The remainder of the Stable Value Option is composed of cash and cash equivalents.