Document
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 11-K
 
 
(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the fiscal year ended December 31, 2015

OR
 
[  ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the transition period from ____ to ____
 
Commission file number 333-179701, 333-82306, 333-115028, 333-135128, and 333-156242
 
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Employees’ Thrift Plan of Indianapolis Power & Light Company

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

The AES Corporation
4300 Wilson Boulevard
Suite 1100
Arlington, VA 22203



REQUIRED INFORMATION

A list of the required financial statements filed as part of this Form 11-K is set forth on page F-1. The consent of Ernst & Young to the incorporation by reference of these financial statements into The AES Corporation’s Form S-8 Registration Statement relating to the Plan (Registration No’s. 333-179701, 333-82306, 333-115028, 333-135128, and 333-156242) is set forth hereto as Exhibit 23. The certification of the chief executive officer and the chief financial officer of Indianapolis Power & Light Company, pursuant to 18 U.S.C. 1350, is attached hereto as Exhibit 99.




FINANCIAL STATEMENTS AND SUPPLEMENTAL
SCHEDULE

Employees’ Thrift Plan of Indianapolis
Power & Light Company
December 31, 2015 and 2014, and
Year Ended December 31, 2015
With Report of Independent Registered Public Accounting Firm




Employees’ Thrift Plan of Indianapolis Power & Light Company
Financial Statements and Supplemental Schedule
December 31, 2015 and 2014, and Year Ended December 31, 2015
Contents
 
 
Report of Independent Registered Public Accounting Firm
 
 
Financial Statements
 
 
 
Statements of Net Assets Available for Benefits
Statement of Changes in Net Assets Available for Benefits
Notes to Financial Statements
 
 
Supplemental Schedule
 
 
 
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)




Report of Independent Registered Public Accounting Firm

Employees’ Pension and Benefits Committee
Employees’ Thrift Plan of Indianapolis Power & Light Company

We have audited the accompanying statements of net assets available for benefits of the Employees’ Thrift Plan of Indianapolis Power & Light Company as of December 31, 2015 and 2014, and the related statement of changes in net assets available for benefits for the year ended December 31, 2015. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Employees’ Thrift Plan of Indianapolis Power & Light Company at December 31, 2015 and 2014, and the changes in its net assets available for benefits for the year ended December 31, 2015, in conformity with U.S. generally accepted accounting principles.
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2015 has been subjected to audit procedures performed in conjunction with the audit of the Employees’ Thrift Plan of Indianapolis Power & Light Company’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ ERNST & YOUNG LLP

Indianapolis, Indiana
June 23, 2016

1



Employees' Thrift Plan of Indianapolis Power & Light Company

Statement of Net Assets Available for Benefits

 
December 31,
 
2015
2014
Assets
 
 
Investments - at fair value
$
147,604,075

$
160,900,903

 
 
 
Receivables:
 
 
  Notes receivable from participants
3,323,315

3,326,341

  Participant contributions

241,376

  Employer contributions

112,133

  Other

258,419

Total receivables
3,323,315

3,938,269

 
 
 
Total assets
150,927,390

164,839,172

 
 
 
Liabilities
 
 
Accrued administrative expenses

39,990

 
 
 
Net assets available for benefits
$
150,927,390

$
164,799,182

 
 
 
See accompanying notes to financial statements.
 
 


2


Employees' Thrift Plan of Indianapolis Power & Light Company

Statement of Changes in Net Assets Available for Benefits

Year Ended December 31, 2015

Additions
 
Investment income / (loss):
 
Net depreciation in fair value of investments
$
(10,578,792
)
Interest and dividends
6,623,513

 
(3,955,279
)
 
 
Interest income on notes receivable from participants
146,680

 
 
Contributions:
 
Participants
6,217,111

Rollovers
164,532

Employer
3,001,468

 
9,383,111

 
 
Total additions
5,574,512

 
 
Deductions
 
Benefit payments
19,287,008

Administrative expenses
159,296

Total deductions
19,446,304

 
 
Net decrease
(13,871,792
)
 
 
Net assets available for benefits:
 
Beginning of year
164,799,182

End of year
$
150,927,390

 
 
See accompanying notes to financial statements.
 


3


Employees' Thrift Plan of Indianapolis Power & Light Company
Notes to Financial Statements
December 31, 2015

1. Description of the Plan
The following description of the Employees’ Thrift Plan of Indianapolis Power & Light Company (the Plan) provides general information about the Plan’s provisions. Indianapolis Power & Light Company (IPL) is the plan sponsor. Participants should refer to the plan document and summary plan description, copies of which may be obtained from the plan sponsor, for a more complete description of the Plan’s provisions.
General
The Plan is administered by the Employees’ Pension and Benefits Committee (the Pension Committee), which is a committee of not less than five persons appointed by the IPL Board of Directors. The Plan is a defined contribution plan, and certain employees become eligible to participate in the Plan immediately upon date of employment. The Plan’s trustee and record-keeper of the Plan’s assets is T. Rowe Price Trust Company (T. Rowe Price). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).
Contributions
Employee contributions are made through payroll deductions representing amounts equal to a specific percentage of the employee’s base rate of compensation. Participants may also contribute amounts representing distributions from other qualified plans (rollover contributions). Employees have the option of contributing anywhere from 1% to 50% of base compensation, in increments of 1%, and direct their contributions into any of the investment options provided by the Plan. Employees can make such contributions under a “Before Tax” or “After Tax” option. Employer-matching contributions are made in an amount equal to current employee contributions up to a maximum of 5% for certain union employees; and 4% for other eligible employees and are invested in the same funds as the employee elects to have his/her contributions invested. Certain union employees are also eligible to receive an annual lump-sum company contribution at the discretion of the plan sponsor’s president. Participants who have attained age 50 before the end of the year are eligible to make catch-up contributions. All contributions are subject to certain limitations of the Internal Revenue Code (the Code).
Participant Accounts
Each participant’s account is credited with the participant’s contribution, IPL’s matching contribution, and any additional employer contributions as provided under the Plan. Allocations of the Plan’s earnings and losses are based on individual account balances relative to total account balances as of the valuation dates.

4


Employees' Thrift Plan of Indianapolis Power & Light Company
Notes to Financial Statements
December 31, 2015

1. Description of the Plan (continued)
Participant fund transfers are subject to certain restrictions as outlined in the summary plan description. In the event of partial or total termination of the Plan, the funds in the Plan shall be valued as of the date of partial or total termination and, after payment of necessary expenses, shall be distributed as though all participants directly affected by the partial or total termination had retired as of that date.
Vesting
Employee before and after tax contributions are non-forfeitable and fully vested at all times. All eligible employees (including union and nonunion employees) vest at a rate of 20% per year and become fully vested in the Plan after five years of uninterrupted service related to employer contributions.
Forfeitures
Termination of employment before the five-year vesting requirement requires forfeiture of a prorated amount of allocated employer contributions. Forfeited amounts may be used to reduce employer-matching contributions. Unallocated forfeiture balances as of December 31, 2015 and 2014, were $1,035 and $5,827, respectively, and forfeitures used to reduce employer contributions for 2015 were $9,534.
Payment of Benefits
Upon separation from service with IPL due to death, disability, retirement, or termination, a participant, or the participant’s beneficiary, may elect to receive either a lump-sum distribution, or elect an automatic rollover to an individual retirement account, or the participant has the option of maintaining the account until reaching the age of 70½ years; however, all distributions must be made in one lump-sum payment unless the participant has met his/her “required beginning date” allowing the participant to take annual installments of distributions. A participant whose vested account balance is $1,000 or less will automatically receive a lump-sum distribution equal to his/her vested account balance in December of that respective year.
In-service withdrawals are available in certain limited circumstances, as defined by the Plan. Hardship withdrawals are allowed for participants incurring an immediate and heavy financial need, as defined by the Plan. Hardship withdrawals are strictly regulated by the Internal Revenue Service (the IRS), and a participant must exhaust all available loan options and available distributions prior to requesting a hardship withdrawal.

5


Employees' Thrift Plan of Indianapolis Power & Light Company
Notes to Financial Statements
December 31, 2015

1. Description of the Plan (continued)
Plan Assets
Assets of the Plan are maintained in trust. Once placed in trust, assets may be withdrawn only for the purpose of in-service, hardship, or age 59½ withdrawals by active employees; paying distributions to retiring employees; refunding employee contributions; payment of vested employer contributions to employees withdrawing from the Plan; payment of loan proceeds to participants electing a loan from the Plan; distributions to beneficiaries of deceased employees; or payment of the expenses of the Plan. Participants make requests for distributions directly with the record-keeper except for certain loans and refunds of participant contributions, which require approval from the Benefits Department of IPL. The Payroll and Benefits Departments of IPL conduct day-to-day activities of the Plan at the designation of the Pension Committee.
Administrative Expenses
The Plan’s administrative expenses are paid by either the Plan or the Company, as provided by the Plan’s provisions. Administrative expenses paid by the Plan include recordkeeping and trustee fees. Expenses relating to purchases, sales, or transfers of the Plan’s investments are charged to the particular investment fund to which the expenses relate. All other administrative expenses of the Plan are paid by the Company. Expenses that are paid by IPL are excluded from these financial statements. Accrued plan expenses of $0 and $39,990 were payable at December 31, 2015 and 2014, respectively. Most permitable plan expenses are paid by plan participants.
Participant Loans
Participants may borrow up to the lesser of 50% of the vested portion of their account or $50,000, with a minimum loan requirement of $1,000. The available loan amount is reduced by the highest outstanding loan balance during the one-year period preceding the date the loan is made. The period of repayment of the loan can vary but generally will not exceed five years, except for loans used to purchase or construct a principal residence where the repayment period will not exceed ten years. The loans are secured by the balance in the participant’s account and bear interest at 1% over prime. Principal and interest are normally paid through payroll deductions. Plan participants have the ability to pay off their loans at any time directly with the Plan’s record-keeper. Participants who separate from service with a loan balance outstanding have the option to either pay off their loan or make monthly payment arrangements directly with the Plan’s record-keeper. Once participants have separated from service, they are prohibited from taking out any new loans. A participant may not have more than four loans outstanding at any point in time.

6


Employees' Thrift Plan of Indianapolis Power & Light Company
Notes to Financial Statements
December 31, 2015

1. Description of the Plan (continued)
Plan Termination
Although it has not expressed any intent to do so, IPL has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants would become 100% vested in their employer contributions.
2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting.
Payment of Benefits
Benefits are recorded when paid.
Notes Receivable from Participants
Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2015 or 2014. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded.
Pending Trades Receivable
Other receivables includes a pending trade receivable of $258,419 at December 31, 2014, primarily relating to unsettled trades of The AES Corporation (AES) common stock. This receivable was collected in January 2015.
Use of Estimates
The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates that affect amounts reported in the financial statements and accompanying notes and supplemental schedule. Actual results could differ from those estimates.

7


Employees' Thrift Plan of Indianapolis Power & Light Company
Notes to Financial Statements
December 31, 2015

2. Summary of Significant Accounting Policies (continued)
Investment Valuation and Income Recognition
Investments held by the Plan are stated at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). See Note 3 for further discussion of fair value measurements.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded as earned. Dividends are recorded on the ex-dividend date. Net depreciation includes the Plan’s gains and losses on investments bought and sold, as well as held, during the year.
New Accounting Pronouncement
In July 2015, the FASB issued ASU 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient. Part I of the ASU eliminates the requirements to measure the fair value of fully benefit-responsive investment contracts and provide certain disclosures. Contract value is the only required measure for fully benefit-responsive investment contracts. Part II of the ASU eliminates the requirements to disclose individual investments that represent 5% or more of net assets available for benefits and the net appreciation or depreciation in fair value of investments by general type. It also simplifies the level of disaggregation of investments that are measured using fair value. Plans will continue to disaggregate investments that are measured using fair value by general type; however, plans are no longer required to also disaggregate investments by nature, characteristics and risks. Further, the disclosure of information about fair value measurements shall be provided by general type of plan asset. Part III of the ASU is not applicable to the Plan. The ASU is effective for fiscal years beginning after December 15, 2015. Parts I and II are to be applied retrospectively. Management has elected to adopt Parts I and II early.
3. Fair Value Measurements
The fair value framework establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
Level 1 - Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities.


8


Employees' Thrift Plan of Indianapolis Power & Light Company
Notes to Financial Statements
December 31, 2015

3. Fair Value Measurements (continued)
Level 2 - Inputs other than quoted prices in active markets for identical assets and liabilities that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 2 inputs include the following:
quoted prices for similar assets and liabilities in active markets;
quoted prices for identical or similar assets or liabilities in markets that are not active;
observable inputs other than quoted prices that are used in the valuation of the assets or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals);
inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 - Unobservable inputs for the asset or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumption about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).

The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Following is a description of the valuation techniques and inputs used for each general type of assets measured at fair value by the Plan:
AES Common Stock: AES common stock is valued at the closing price reported on the active market on which AES common stock is traded.
Mutual Funds: Mutual funds are valued at quoted market prices that represent the net asset value of shares held by the Plan at year-end.
Common/Collective Trusts (CCTs):
Well Fargo Stable Value Fund C
T. Rowe Price Stable Value Common Trust Fund
All CCTs are valued using net asset value as a practical expedient. In accordance with the terms of the Trust, the net asset value of the Fund is calculated daily and net investment income, realized and unrealized gains on investments are not distributed but rather reinvested and reflected in the net asset value of the fund. Units of the Fund are issued and redeemed at the current net asset value. Redemptions by

9


Employees' Thrift Plan of Indianapolis Power & Light Company
Notes to Financial Statements
December 31, 2015

3. Fair Value Measurements (continued)
participating plans occur at net asset value following a 12- or 30-month advance notice.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
There have been no changes from prior years in techniques and inputs used to determine fair value. Transfers between levels, if any, are recorded as of the date the transfer occurred. There were no transfers between Levels 1, 2 and 3 during 2015 or 2014.
The following tables set forth by level, within the fair value hierarchy, the Plan’s assets carried at fair value:
 
Assets at Fair Value as of December 31, 2015
 
Level 1
Level 2
Level 3
Total
AES common stock
$
13,034,977

$

$

$
13,034,977

Mutual funds
115,772,558



115,772,558

Self-directed brokerage mutual funds
1,922,251



1,922,251

 
$
130,729,786

$

$

130,729,786

Investments measured at net asset value:
 
 
 
 
Common/collective trusts (a)
 
 
 
16,874,289

Total assets at fair value
 
 
 
$
147,604,075

 
 
 
 
 
 
Assets at Fair Value as of December 31, 2014
 
Level 1
Level 2
Level 3
Total
AES common stock
$
16,246,973

$

$

$
16,246,973

Mutual funds
104,354,938



104,354,938

Self-directed brokerage mutual funds
1,901,942



1,901,942

 
$
122,503,853

$

$

122,503,853

Investments measured at net asset value:
 
 
 
 
Common/collective trusts (a) (b)
 
 
 
38,397,050

Total assets at fair value
 
 
 
$
160,900,903


(a)
This category includes common/collective trust funds that are designed to deliver safety and stability by preserving principal and accumulating earnings. These funds are primarily

10


Employees' Thrift Plan of Indianapolis Power & Light Company
Notes to Financial Statements
December 31, 2015

3. Fair Value Measurements (continued)
invested in guaranteed investment contracts and synthetic investment contracts. Participant-directed-redemptions have no restrictions; however, the Plan is required to provide a 12- or 30-month redemption notice to liquidate its entire share in either fund.

(b)
This category also includes a common/collective trust fund that seeks total return and to outperform benchmark and to identify attractively valued small- and mid-sized companies that have the potential for above-average capital appreciation.

4. Related Party Transactions
One of the Plan’s investment options is AES common stock. Since AES is the parent company of IPALCO Enterprises, Inc. and IPALCO Enterprises, Inc. is the parent company of IPL, all investment transactions involving AES common stock qualify as party-in-interest transactions. However, the transactions are exempt from the prohibited transactions rules under ERISA. During 2015, the Plan received $518,178 in common stock dividends from AES.
Certain Plan investments are shares of mutual funds and units of common/collective trust funds managed by T. Rowe Price. T. Rowe Price is the Trustee as defined by the Plan; therefore, these transactions qualify as party-in-interest transactions; however, they are exempt from the prohibited transaction rules under ERISA.
5. Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market volatility, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.
6. Tax Status
The Plan has received a determination letter from the IRS dated July 30, 2013, stating that the Plan is qualified under Section 401(a) of the Code and therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and therefore, believes the Plan, as amended, is qualified and the related trust is tax-exempt.
Accounting principles generally accepted in the United States require plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are

11


Employees' Thrift Plan of Indianapolis Power & Light Company
Notes to Financial Statements
December 31, 2015

6. Tax Status (continued)

recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2015, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan administrator believes the Plan is no longer subject to income tax examinations for years prior to 2012.
7. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2015 and 2014, to the Form 5500:
 
December 31,
 
2015
2014
Net assets available for benefits per the financial statements
$
150,927,390

$
164,799,182

Add: Adjustment from fair value to contract value for fully benefit-responsive investment contracts

293,267

Net assets available for benefits per the Form 5500
$
150,927,390

$
165,092,449


The following is a reconciliation of total additions per the financial statement to total income per the Form 5500 for the year ended December 31, 2015:
Total additions per the financial statement
 
$
5,574,512

Less: Adjustment from fair value to contract value for fully benefit-responsive investment contracts at December 31, 2014
 
(293,267
)
Total additions per Form 5500
 
$
5,281,245

8. Subsequent event
Effective January 1, 2016, the portion of the Plan invested in AES common stock is intended to be an employee stock ownership plan (ESOP) within the meaning of Section 4975(e)(7) of the Code. Under the ESOP provisions, participants have the option to either receive, in cash, the distribution of dividends from AES or to reinvest the dividends in AES common stock.


12











Supplemental Schedule

13


Employees' Thrift Plan of Indianapolis Power & Light Company
Schedule H, Line 4i - Schedule of Assets
(Held at End of Year)
EIN 35-0413620 Plan #003
December 31, 2015
Party-in-interest
Identity of Issue, Borrower, Lessor, or Similar Party
Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value
Cost
Current Value
(a)
(b)
(c)
(d)
(e)
 
Cash and Cash Equivalents:
 
 
 
 
*
T. Rowe Price Trust Company
Cash and cash equivalents
$
3,031

**
$
3,031

 
 
 
 
 
 
 
Money Market Funds:
 
 
 
 
*
T. Rowe Price Trust Company
Prime Reserve Fund
1,035

**
1,035

 
Fidelity Investments
Fidelity Retirement Money Market Funds
1,383,166

**
1,383,166

 
Total Money Market Funds
 
 
 
1,384,201

 
 
 
 
 
 
 
Mutual Funds:
 
 
 
 
 
Fidelity Investments
Spartan Extended Market Index Investment Fund
41,322

**
2,074,378

 
American Funds
American Washington Mutual Investment
74,295

**
2,856,657

 
Harbor Funds
Harbor Capital Appreciation Institutional
75,498

**
4,591,007

 
T. Rowe Price Tradelink
Self-Directed Brokerage Mutual Funds
1,922,251

**
1,922,251

 
American Funds
American EuroPacific Growth Fund
41,580

**
1,884,392

 
BlackRock Funds
BlackRock Inflation Protected Bond Fund
42,311

**
429,038

 
PIMCO Funds
PIMCO Total Return Fund
193,854

**
1,952,111

 
Vanguard
Vanguard Institutional Index Fund
23,469

**
4,379,806

 
Vanguard
Vanguard Intermediate TR Bond Index Fund
27,563

**
742,815

*
T. Rowe Price Trust Company
Retirement 2005 Fund
55,702

**
692,372

*
T. Rowe Price Trust Company
Retirement 2010 Fund
30,709

**
518,376

*
T. Rowe Price Trust Company
Retirement 2015 Fund
779,401

**
10,662,204

*
T. Rowe Price Trust Company
Retirement 2020 Fund
1,452,901

**
28,607,612

*
T. Rowe Price Trust Company
Retirement 2025 Fund
1,707,654

**
25,529,421

*
T. Rowe Price Trust Company
Retirement 2030 Fund
725,799

**
15,829,674

*
T. Rowe Price Trust Company
Retirement 2035 Fund
405,189

**
6,397,938

*
T. Rowe Price Trust Company
Retirement 2040 Fund
149,261

**
3,370,313

*
T. Rowe Price Trust Company
Retirement 2045 Fund
144,340

**
2,188,189

*
T. Rowe Price Trust Company
Retirement 2050 Fund
88,446

**
1,126,796

*
T. Rowe Price Trust Company
Retirement 2055 Fund
40,796

**
518,513

*
T. Rowe Price Trust Company
Retirement 2060 Fund
3,483

**
33,714

 
Total Mutual Funds
 
 
 
116,307,577

 
 
 
 
 


 
Common/Collective Trusts
 
 
 
 
 
Wells Fargo
Wells Fargo Stable Value Fund C - CCT
287,743

**
14,692,174

*
T. Rowe Price Trust Company
TRP Stable Value Fund - N
2,182,115

**
2,182,115

 
Total Common/Collective Trusts
 
 
 
16,874,289

 
 
 
 
 
 
 
Stock:
 
 
 
 
*
The AES Corporation
The AES Corporation common stock
1,371,762

**
13,034,977

 
 
 
 
 
 
 
Notes Receivable from Participants:
 
 
 
*
Participant loans
Interest rates ranging from 4.25% to 9.25% with maturity at various dates through February 2025
 
 
3,323,315

 
Total
 
 
 
$
150,927,390

 
 
 
 
 
 
 
* Party-in-interest.
 
 
 
 
 
** Participant-directed investment, cost not required.
 
 
 

14