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Table of Contents

Stable Value: Marching into the New Millennium
By Randy Myers
This article takes a futurist look at opportunities and challenges before stable value by tapping into the views of 12 industry leaders. It explores growth opportunities presented by demographic changes, international markets and stable value IRA funds.

Task Force Issues Report on Performance Measurement
By Allan Fen
Fidelity's Allan Fen explores the SVIA Task Force Report on Performance Measurement, which recommends reporting fair value along with book value for stable value funds.

New Investment Advice Models Exclude Stable Value
By Janet Jasin Quarberg, Hueler Companies
Hueler Companies' Janet Jasin Quarberg provides an update on new investment advice models and their treatment of stable value funds.

Funding Agreements in Money Market Funds
By Brian R. Carosielli and Jennifer F. Williams, Fitch IBCA
Fitch/ICBA's explore the use of funding agreements in money market funds. The article provides a thorough background on issues involved, reasons for investment, evaluation of risks, rule 2a-7 suitability issues and a rating agency's perspective.

Social Security: Getting at the Issues of Underfunding & Options for Reform
By Ann Combs, Principal, Washington Resource Group, William M. Mercer, Inc.
Mercer's Ann Combs provides a concise look at the U.S. Social Security system and presents a synopsis of reform options: revenue enhancement, benefits adjustment, and increasing returns by investing in U.S. financial markets.

Implementation of a Framework for Performance Calculations of GICs
By K. Daniel Libby, CFA Investment Manager IBM Retirement Fund
IBM's Dan Libby goes the next step with the Task Force's Report on Performance Measurement by exploring implementation issues for the performance measure.

Interest Stable Value Yield Spreads
By Karl Tourville, Managing Partner, Galliard Capital Management
A graph and overview by Galliard's Karl Tourville that tracks stable value yield spreads from December 1997 to January 1999.

Highlights from SVIA's Second Annual Stable Value Funds Investment Policy Survey
By Wayne Gates, General Director, Guaranteed & Stable Value Products, John Hancock
A brief summary of the second annual investment policy survey that covers more than 60,000 plans with stable value assets of $164 billion and placements of $33 billion for 1997.

Breaking into the IRA Market
By Randy Myers
This article explores stable value funds entry into the IRA market by looking at four companies who have these mutual funds: Bankers Trust, Morley Financial Services, Certus Asset Advisors and Galliard Capital.

Editor's Corner
By Victoria M. Paradis, CFA, PIMCO
PIMCO's Vicky Paradis overviews the First Quarter 1999 issue of Stable Times and calls on the readership to provide their views and input to the newsletter. Get your suggestions in by April 30th for the Second Quarter of Stable Times!

It's in the Numbers
By Gina Mitchell, President, SVIA
SVIA's President discusses the challenge and need to answer a seemingly simple question, the size of stable value assets.

New at SVIA
A brief update on SVIA developments, which include Scott Matirne joining SVIA, Peter Bowles wins the 1999 Annual Forum Contest, the October 12-14, 1999 National Forum and the answers to the Fourth Quarter 1998 crossword.

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