Tier Name: LIFE CYCLE FUNDS

Transcription

1 Tier Name: LIFE CYCLE FUNDS University of Utah Retirement Savings Plans Investment Options Guide As of July 15, 2009 Fidelity Freedom Income Fund Fidelity Freedom 2000 Fund Fidelity Freedom 2005 Fund Fidelity Freedom 2010 Fund Fidelity Freedom 2015 Fund Fidelity Freedom 2020 Fund Fidelity Freedom 2025 Fund Fidelity Freedom 2030 Fund Fidelity Freedom 2035 Fund Fidelity Freedom 2040 Fund Fidelity Freedom 2045 Fund Fidelity Freedom 2050 Fund What they are: The Fidelity Freedom Funds are investment options that allow the investor to select the fund that best matches his or her expected retirement year. The Fidelity Freedom Funds invest in a diversified portfolio of other Fidelity mutual funds to provide moderate asset allocation. They are designed for investors who want a simple yet diversified approach to investing for their retirement. The allocation strategy for the underlying equity, fixed-income, and short-term mutual funds is based on the number of years until the Freedom funds reach their target retirement dates. Each Freedom fund with a target retirement date will gradually adopt a more conservative asset allocation as it approaches its target retirement date. Therefore, each fund's target asset allocation percentages will change over time to become more conservative, by gradually reducing allocations to equity funds and increasing allocations to fixed-income and short-term funds. The Fidelity Freedom Income Fund, designed for those already in retirement, emphasizes fixed-income and short-term mutual funds and seeks to maintain a stable asset allocation from year to year. However, like all investments, they involve risk and principal in the funds is not guaranteed at any time, including the fund's target date. It is possible to lose money by investing in these funds. Goal: The Fidelity Freedom funds with target retirement dates seek to provide high total returns until the target retirement date. Thereafter, each fund s goal will be to seek high current income and, as a secondary objective, capital appreciation. The Freedom Income Fund seeks high current income and, secondarily, capital appreciation. What they invest in: Each Freedom fund invests in a diversified portfolio of Fidelity equity, fixed-income, and short-term mutual funds. Fidelity Freedom 2050, with the longest time horizon, invests primarily in equity mutual funds to take advantage of potentially greater growth opportunities. The asset mix of each Freedom fund with a target retirement date (Freedom 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, and 2050) will gradually become more conservative over time so investors can stay with the same fund before and during retirement. After reaching the target retirement date, these Freedom funds continue to be managed more conservatively for 10 to 15 more years until their asset mix is approximately the same as Freedom Income Fund. Ultimately, after notifying the funds' investors, the funds will merge into the Freedom Income Fund. The Freedom Income Fund, designed for those already retired, is invested more conservatively, with a larger percentage in fixedincome and short-term funds and has a smaller percentage of equity mutual funds. The funds' manager must invest in the group of underlying funds named in the prospectus, and will aim for the projected target asset allocation percentages announced to investors in the funds' annual and semiannual reports. Freedom funds with target retirement dates may invest in domestic and foreign equity funds, high yield and investment grade fixed-income funds, and short-term funds. The Freedom Income Fund invests in domestic equity funds, investment grade fixedincome funds, high yield bond funds and short-term funds. These funds are subject to the volatility of the financial markets in the U.S. and abroad and may be subject to the additional risk associated with investing in high yield, small cap, and foreign securities. Share price and return of each Freedom fund will vary. Fidelity Freedom 2000 Fund Fidelity Code: Ticker: FFFBX Category: Life Cycle Funds What it is: An asset allocation mutual fund. Goal: Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. What it invests in: Primarily invests approximately 21% in domestic equity funds, 33% in investment grade fixed income funds, 5% in high yield fixed-income funds and 40% in Fidelity short-term mutual funds. The mix of underlying Fidelity mutual funds will gradually become more conservative over time. Share price and return will vary. Footnotes: Strategic Advisers, Inc., a subsidiary of FMR LLC, manages the Fidelity Freedom Funds. The percentages represent anticipated target asset allocation at September 30, Total allocations may sometimes be over or under 100% due to rounding. Fidelity Freedom Funds are subject to the volatility of the financial markets in the U.S. and abroad and may be subject to the additional risk associated with investing in high yield, small cap, and foreign securities.

2 Fidelity Freedom 2005 Fund Fidelity Code: Ticker: FFFVX Category: Life Cycle Funds What it is: An asset allocation mutual fund. Goal: Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. What it invests in: Primarily invests approximately 38% in domestic equity funds, 8% in international equity funds, 33% in investment grade fixed income funds, 5% in high yield fixed income funds and 17% in Fidelity shortterm mutual funds. The mix of underlying Fidelity mutual funds will gradually become more conservative over time. Share price and return will vary. Footnotes: Strategic Advisers, Inc., a subsidiary of FMR LLC, manages the Fidelity Freedom Funds. The percentages represent anticipated target asset allocation at September 30, Total allocations may sometimes be over or under 100% due to rounding. Fidelity Freedom Funds are subject to the volatility of the financial markets in the U.S. and abroad and may be subject to the additional risk associated with investing in high yield, small cap, and foreign securities. Fidelity Freedom 2010 Fund Fidelity Code: Ticker: FFFCX Category: Life Cycle Funds What it is: An asset allocation mutual fund. Goal: Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. What it invests in: Primarily invests approximately 40% in domestic equity funds, 10% in international equity funds, 35% in investment grade fixed income funds, 5% in high yield fixed income funds and 11% in Fidelity shortterm mutual funds. The mix of underlying Fidelity mutual funds will gradually become more conservative over time. Share price and return will vary. Footnotes: Strategic Advisers, Inc., a subsidiary of FMR LLC, manages the Fidelity Freedom Funds. The percentages represent anticipated target asset allocation at September 30, Total allocations may sometimes be over or under 100% due to rounding. Fidelity Freedom Funds are subject to the volatility of the financial markets in the U.S. and abroad and may be subject to the additional risk associated with investing in high yield, small cap, and foreign securities. Fidelity Freedom 2015 Fund Fidelity Code: Ticker: FFVFX Category: Life Cycle Funds What it is: An asset allocation mutual fund. Goal: Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. What it invests in: Primarily invests approximately 42% in domestic equity funds, 10% in international equity funds, 34% in investment grade fixed income funds, 5% in high yield fixed income funds, and 9% in Fidelity shortterm mutual funds. The mix of underlying Fidelity mutual funds will gradually become more conservative over time. Share price and return will vary. Footnotes: Strategic Advisers, Inc., a subsidiary of FMR LLC, manages the Fidelity Freedom Funds. The percentages represent anticipated target asset allocation at September 30, Total allocations may sometimes be over or under 100% due to rounding. Fidelity Freedom Funds are subject to the volatility of the financial markets in the U.S. and abroad and may be subject to the additional risk associated with investing in high yield, small cap, and foreign securities. Fidelity Freedom 2020 Fund Fidelity Code: Ticker: FFFDX Category: Life Cycle Funds What it is: An asset allocation mutual fund.

3 Goal: Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. What it invests in: Primarily invests approximately 51% in domestic equity funds, 13% in international equity funds, 27% in investment grade fixed income funds, 7% in high yield fixed income funds, and 2% in Fidelity shortterm mutual funds. The mix of underlying Fidelity mutual funds will gradually become more conservative over time. Share price and return will vary. Footnotes: Strategic Advisers, Inc., a subsidiary of FMR LLC, manages the Fidelity Freedom Funds. The percentages represent anticipated target asset allocation at September 30, Total allocations may sometimes be over or under 100% due to rounding. Fidelity Freedom Funds are subject to the volatility of the financial markets in the U.S. and abroad and may be subject to the additional risk associated with investing in high yield, small cap, and foreign securities. Fidelity Freedom 2025 Fund Fidelity Code: Ticker: FFTWX Category: Life Cycle Funds What it is: An asset allocation mutual fund. Goal: Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. What it invests in: Primarily invests approximately 56% in domestic equity funds, 14% in international equity funds, 23% in investment grade fixed income funds, and 8% in high yield fixed income funds. The mix of underlying Fidelity mutual funds will gradually become more conservative over time. Share price and return will vary. Footnotes: Strategic Advisers, Inc., a subsidiary of FMR LLC, manages the Fidelity Freedom Funds. The percentages represent anticipated target asset allocation at September 30, Total allocations may sometimes be over or under 100% due to rounding. Fidelity Freedom Funds are subject to the volatility of the financial markets in the U.S. and abroad and may be subject to the additional risk associated with investing in high yield, small cap, and foreign securities. Fidelity Freedom 2030 Fund Fidelity Code: Ticker: FFFEX Category: Life Cycle Funds What it is: An asset allocation mutual fund. Goal: Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. What it invests in: Primarily invests approximately 62% in domestic equity funds, 16% in international equity funds, 15% in investment grade fixed income funds and 8% in high yield fixed income funds. The mix of underlying Fidelity mutual funds will gradually become more conservative over time. Share price and return will vary. Footnotes: Strategic Advisers, Inc., a subsidiary of FMR LLC, manages the Fidelity Freedom Funds. The percentages represent anticipated target asset allocation at September 30, Total allocations may sometimes be over or under 100% due to rounding. Fidelity Freedom Funds are subject to the volatility of the financial markets in the U.S. and abroad and may be subject to the additional risk associated with investing in high yield, small cap, and foreign securities. Fidelity Freedom 2035 Fund Fidelity Code: Ticker: FFTHX Category: Life Cycle Funds What it is: An asset allocation mutual fund. Goal: Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. What it invests in: Primarily invests approximately 66% in domestic equity funds, 17% in international equity funds, 10% in investment grade fixed income funds and 8% in high yield fixed income funds. The mix of underlying Fidelity mutual funds will gradually become more conservative over time. Share price and return will vary. Footnotes: Strategic Advisers, Inc., a subsidiary of FMR LLC, manages the Fidelity Freedom Funds. The percentages represent anticipated target asset allocation at September 30, Total allocations may sometimes be over or under 100% due to rounding.

4 Fidelity Freedom Funds are subject to the volatility of the financial markets in the U.S. and abroad and may be subject to the additional risk associated with investing in high yield, small cap, and foreign securities. Fidelity Freedom 2040 Fund Fidelity Code: Ticker: FFFFX Category: Life Cycle Funds What it is: An asset allocation mutual fund. Goal: Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. What it invests in: Primarily invests approximately 67% in domestic equity funds, 17% in international equity funds, 7% in investment grade fixed income funds and 9% in high yield fixed income funds. The mix of underlying Fidelity mutual funds will gradually become more conservative over time. Share price and return will vary. Footnotes: Strategic Advisers, Inc., a subsidiary of FMR LLC, manages the Fidelity Freedom Funds. The percentages represent anticipated target asset allocation at September 30, Total allocations may sometimes be over or under 100% due to rounding. Fidelity Freedom Funds are subject to the volatility of the financial markets in the U.S. and abroad and may be subject to the additional risk associated with investing in high yield, small cap, and foreign securities. Fidelity Freedom 2045 Fund Fidelity Code: Ticker: FFFGX Category: Life Cycle Funds What it is: An asset allocation mutual fund. Goal: Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. What it invests in: Primarily invests approximately 68% in domestic equity funds, 17% in international equity funds, 5% in investment grade fixed income funds and 10% in high yield fixed income funds. The mix of underlying Fidelity mutual funds will gradually become more conservative over time. Share price and return will vary. Footnotes: Strategic Advisers, Inc., a subsidiary of FMR LLC, manages the Fidelity Freedom Funds. The percentages represent anticipated target asset allocation at September 30, Total allocations may sometimes be over or under 100% due to rounding. Fidelity Freedom Funds are subject to the volatility of the financial markets in the U.S. and abroad and may be subject to the additional risk associated with investing in high yield, small cap, and foreign securities. Fidelity Freedom 2050 Fund Fidelity Code: Ticker: FFFHX Category: Life Cycle Funds What it is: An asset allocation mutual fund. Goal: Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. What it invests in: Primarily invests approximately 70% in domestic equity funds, 20% in international equity funds, 1% in investment grade fixed income funds and 10% in high yield fixed income funds. The mix of underlying Fidelity mutual funds will gradually become more conservative over time. Share price and return will vary. Fidelity Freedom Funds are subject to the volatility of the financial markets in the U.S. and abroad and may be subject to the additional risk associated with investing in high yield, small cap, and foreign securities. Footnotes: Strategic Advisers, Inc., a subsidiary of FMR LLC, manages the Fidelity Freedom Funds. The percentages represent anticipated target asset allocation at September 30, Total allocations may sometimes be over or under 100% due to rounding. Fidelity Freedom Funds are subject to the volatility of the financial markets in the U.S. and abroad and may be subject to the additional risk associated with investing in high yield, small cap, and foreign securities. Fidelity Freedom Income Fund Fidelity Code: Ticker: FFFAX Category: Life Cycle Funds

5 What it is: An asset allocation mutual fund. Goal: Seeks to provide high current income and, as a secondary objective, some capital appreciation for those already in retirement. What it invests in: Primarily invests approximately 35% in investment grade fixed income funds, 5% in high yield fixed income funds, 40% in short-term mutual funds and 20% in domestic equity funds. Share price and return will vary. Footnotes: Strategic Advisers, Inc., a subsidiary of FMR LLC, manages the Fidelity Freedom Funds. The percentages represent anticipated target asset allocation at September 30, Total allocations may sometimes be over or under 100% due to rounding. Fidelity Freedom Funds are subject to the volatility of the financial markets in the U.S. and abroad and may be subject to the additional risk associated with investing in high yield, small cap, and foreign securities. University of Utah Retirement Plans Default Fund The University of Utah has determined that any future contributions to your account that you have not directed to be invested in a specific investment option in the University of Utah Retirement Plans will be automatically invested in the Fidelity Freedom Funds. Your future contributions will be invested in the Freedom Fund that has a target retirement date closest to the year you may retire, based on your current age and assuming a normal retirement age of 65 at the direction of the plan sponsor. Please use the guidelines below to determine into which Fidelity Freedom Fund your future contributions may be invested. Keep in mind that the Freedom Funds provide strategic asset allocation up to and during retirement, becoming gradually more conservative as each fund reaches its target retirement date, as determined by the plan sponsor. For more information on the Freedom Funds, log on to Fidelity NetBenefits at Fund Name Retirement Date Range Date of Birth Freedom Income Fund Retired before 1998 Before 1933 Freedom 2000 Fund /1/ /31/1937 Freedom 2005 Fund /1/ /31/1942 Freedom 2010 Fund /1/ /31/1947 Freedom 2015 Fund /1/ /31/1952 Freedom 2020 Fund /1/ /31/1957 Freedom 2025 Fund /1/ /31/1962 Freedom 2030 Fund /1/ /31/1967 Freedom 2035 Fund /1/ /31/1972 Freedom 2040 Fund /1/ /31/1977 Freedom 2045 Fund /1/ /31/1982 Freedom 2050 Fund 2048 and later 1/1/ and later Timeline was selected by Plan Sponsor. Tier Name: CORE INVESTMENT OPTIONS Fidelity Retirement Money Market Portfolio Fidelity Code: Ticker: FRTXX Category: Money Market (or Short Term) What it is: A money market mutual fund. Goal: Seeks to provide as high a level of current income as is consistent with the preservation of principal and liquidity. What it invests in: Primarily invests in U.S. dollar-denominated money market securities and repurchase agreements for those securities. The fund may also enter into reverse repurchase agreements. The fund also invests more than 25% of its assets in the financial services industry. An investment in this portfolio is not

6 guaranteed or insured by the FDIC or any other government agency. Although this money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in this fund. Yield will vary. Principal Fixed Account* Fidelity Code: Ticker: N/A Category: Managed Income (or Stable Value) What it is: An annuity contract issued by Principal Life Insurance Company (Principal). Goal: To provide a high quality investment option, earnings stability and liquidity, while offering a guarantee of principal and interest. What it invests in: The Principal Fixed Account is backed by the general account of Principal Life Insurance Company, which is a diversified portfolio of fixed-income assets. This diversified general account portfolio consists of public and private securities, commercial and residential mortgages and U.S. agency securities. Guarantees are subject to the claims paying ability of the issuing insurance company. Footnotes: *Restrictions or fees may apply to exchanges or withdrawals. The Principal Fixed Account is not a mutual fund and is underwritten and offered by Principal Life Insurance Company, which guarantees your principal and interest. Information furnished on the Principal Fixed Account was furnished by Principal. Fidelity Investments Institutional Service Company, Inc. and Principal Life Insurance Company are not affiliated. Principal Fixed Account is available only in the 403(b) and 457(b) Retirement Savings Plans. Managed Income Portfolio Fidelity Code: Ticker: N/A Category: Managed Income (or Stable Value) What It Is: A stable value fund (not a mutual fund). It is a commingled pool of the Fidelity Group Trust for Employee Benefit Plans and is managed by Fidelity Management Trust Company (FMTC). Goal: Seeks to preserve your principal investment while earning interest income. MIP will try to maintain a stable $1 unit price, but it cannot guarantee that it will be able to do so. The yield of MIP will fluctuate. What it invests in: MIP invests in investment contracts (wrap contracts) issued by insurance companies and other financial institutions, fixed income securities, and money market funds to provide daily liquidity. Investment contracts are designed to permit the use of book value accounting to maintain a constant $1 unit price and to provide for the payment of participant-directed withdrawals and exchanges at book value (principal and interest accrued to date) during the term of the investment contracts. However, withdrawals prompted by certain events (e.g., termination of MIP, changes in laws or regulations) may be paid at market value which may be less than book value. Wrap contracts are purchased in conjunction with an investment by MIP in fixed income securities, which may include, but are not limited to, U.S. Treasury and agency bonds, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, and bond funds. MIP may also invest in futures contracts, option contracts, and swap agreements. FMTC, as investment manager and trustee of the Fidelity Group Trust for Employee Benefit Plans, has claimed an exemption from registration under the Commodity Exchange Act and is not subject to registration or regulation under the Act. There is no immediate recognition of investment gains and losses on the fixed income securities. Instead, gains and losses are recognized over time by adjusting the interest rate credited to MIP under the wrap contracts. All investment contracts and fixed income securities purchased for MIP must satisfy FMTC's credit quality standards. The investment contract and fixed income security commitments are backed solely by the financial resources of the issuer. Although MIP seeks to maintain a stable $1 unit price, it is possible to lose money by investing in MIP. MIP's yield will fluctuate. Footnotes: An investment in MIP is not insured or guaranteed by FMTC, the plan sponsor, the FDIC, or any other government agency. Managed Income Portfolio is available only in the 401(a) Retirement Savings Plan. Fidelity U.S. Bond Index Fund Fidelity Code: Ticker: FBIDX Category: Bond What it is: An income mutual fund. Goal: Seeks to provide investment results that correspond to the total return of the bonds in the Barclays Capital U.S. Aggregate Bond Index. What it invests in: Primarily invests at least 80% of its assets in bonds included in the Barclays Capital U.S. Aggregate Bond Index. In general, bond prices rise when interest rates fall, and vice versa. This effect is usually more pronounced for longer-term securities. Share price and return will vary.

7 Footnotes: The Barclays Capital U.S. Aggregate Bond Index is an unmanaged market value-weighted index of investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. PIMCO Total Return Fund - Administrative Class Fidelity Code: Ticker: PTRAX Category: Bond What it is: A bond mutual fund. Goal: Seeks to provide maximum total return, consistent with preservation of capital and prudent investment management. What it invests in: All types of bonds, including U.S. government, corporate, mortgage and foreign. While the fund maintains an average portfolio duration of three to six years (approximately equal to an average maturity of five to 12 years), investments may also include short- and long-maturity bonds. Duration estimates how much a bond's price fluctuates with changes in comparable interest rates. Other factors can also influence a bond fund's performance and share price. In general, the bond market is volatile; bond prices rise when interest rates fall, and vice versa. This effect is usually more pronounced for longer-term securities. Share price, yield, and return will vary. Footnotes: Managed by Pacific Investment Management Company, which provided the description for this fund. Vanguard Total Bond Market Index Fund - Investor Shares Fidelity Code: Ticker: VBMFX Category: Bond What It Is: An income mutual fund. Goal: Seeks a high level of interest income. What it invests in: The fund attempts to track the performance of the Barclays Capital Aggregate Bond Index, which is a widely recognized measure of the entire taxable U.S. bond market. The index consists of more than 5,000 U.S. Treasury, federal agency, mortgage-backed, and investment-grade corporate securities, with a total market value exceeding $4 trillion. Because it is not practical or cost-effective to own every security in the index, the fund invests in a large sampling that matches key characteristics of the index (such as market-sector weightings, coupon interest rates, credit quality, and maturity). To boost returns, the fund holds a higher percentage than the index in short-term, investment-grade corporate bonds and a lower percentage in short-term Treasury securities. Share price, yield and return will vary. Footnotes: Managed by The Vanguard Group, which provided the description for this fund The Barclays Capital Aggregate Bond Index is an unmanaged market value weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. Fidelity Inflation-Protected Bond Fund Fidelity Code: Ticker: FINPX Category: Bond - Inflation-Protected What it is: An income mutual fund. Goal: Seeks a total return that exceeds the rate of inflation over the long term. What it invests in: Primarily invests at least 80% of its assets in inflation-protected debt securities of all types and maturities, primarily U.S. dollar-denominated issues with a current focus on U.S. Treasury inflation-protected securities. Investments may also include inflation-protected debt of U.S. Government agencies and instrumentalities and of other entities, such as corporations and foreign governments, as well as non-inflationprotected debt and related instruments. The value of inflation-protected debt securities tends to change less due to changes in inflation than other types of bonds but may decrease with decreases in inflation or, as with other debt securities, with increases in interest rates. The fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund might, which may cause greater share price fluctuation. Share price and return will vary. Fidelity Balanced Fund Fidelity Code: Ticker: FBALX Category: Balanced/Hybrid What it is: A balanced mutual fund. Goal: Seeks to provide income and capital growth consistent with reasonable risk.

8 What it invests in: Primarily invests 60% of its assets in stocks and other equity securities, and the remainder in bonds and other debt securities, including lower-quality debt securities, when the outlook for the markets is neutral. Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. The fund will invest at least 25% of its assets in fixed income senior securities (including debt securities and preferred stocks). The fund may invest in securities of domestic and foreign issuers. Share price and return will vary. Fidelity Puritan Fund Fidelity Code: Ticker: FPURX Category: Balanced/Hybrid What it is: A balanced mutual fund. Goal: Seeks to provide income and capital growth consistent with reasonable risk. What it invests in: Primarily invests approximately 60% of its assets in stocks and other equity securities, and the remainder in bonds and other debt securities, including lower-quality debt securities, when the outlook for the markets is neutral. Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. The fund will invest at least 25% of its assets in fixed income senior securities (including debt securities and preferred stocks). The fund may invest in securities of domestic and foreign issuers. Share price and return will vary. The Oakmark Equity and Income Fund - Class I Fidelity Code: Ticker: OAKBX Category: Balanced/Hybrid What it is: A balanced mutual fund. Goal: Provide high current income and preservation of capital. What it invests in: Primarily in a diversified portfolio of U.S. equity and fixed-income securities. The fund invests approximately 50%-75% of its total assets in equity securities, including securities convertible into equity securities, 25%-50% of its assets in U.S. government securities and debt securities rated at time of purchase within the two highest grades assigned by Moody's Investors Service, Inc. or Standard and Poor's Corporation, and up to 20% in unrated or lower rated debt securities (which involve greater risk). The fund searches for companies selling at a discount as compared with their true underlying value. Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods. Share price, yield and return will vary. Footnotes: Managed by Harris Associates L.P., which provided the description for this fund. Vanguard WellingtonTM Fund - Investor Shares Fidelity Code: Ticker: VWELX Category: Balanced/Hybrid What It Is: A balanced mutual fund. Goal: To provide income and the potential for long-term growth of capital and reasonable current income. What it invests in: The fund's assets are divided between common stocks and bonds, with an average of 65% of assets in stocks and 35% in bonds. The fund invests in dividend-paying large- and mid-capitalization stocks of wellestablished companies whose prospects are improving but whose values have yet to be recognized in the marketplace. Share price and return will vary. Footnotes: Managed by Wellington Management Company, LLP and distributed by Vanguard Marketing Corporation, which provided the description for this fund. American Beacon Large Cap Value Fund SM - Investor Class Fidelity Code: Ticker: AAGPX Category: Domestic Equities - Large Value What it is: A domestic equity mutual fund. Goal: Seeks to provide long-term capital appreciation and current income. What it invests in: Primarily invests in equity securities of large market capitalization U.S. companies. These companies generally have market capitalizations similar to the market capitalization of the companies in the Russell 1000 Index. These may consist of common and preferred stocks, convertible securities, U.S. dollar-denominated American Depositary Receipts and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. Stock values

9 fluctuate in response to the activities of individual companies and general market and economic conditions. Share price and return will vary. Footnotes: Managed by American Beacon Advisors, Inc., which provided the description for this fund, and which carefully selects professional investment advisory firms for this multi-manager Fund. The Manager currently allocates the fund's assets among four investment advisers: Barrow, Hanley, Mewhinney & Strauss, Inc., Brandywine Global Investment Management, LLC, Hotchkis and Wiley Capital Management, LLC, and Metropolitan West Capital Management, LLC. The Russell 1000 Index is an unmanaged market capitalization-weighted index measuring the performance of the 1,000 largest companies in the Russell 3000 Index and is an appropriate index for broad-based large-cap funds. The share class for the American Beacon Large Cap Value FundSM PlanAhead Class was renamed to Investor Class on 3/2/09. Vanguard WindsorTM II Fund - Investor Shares Fidelity Code: Ticker: VWNFX Category: Domestic Equities - Large Value What It Is: A growth and income mutual fund. Goal: To provide the potential for long-term growth of capital and income. What it invests in: Stocks of large and medium-sized companies that are generally overlooked in the market. The fund also may invest in stocks that pay dividend income. Investments in mid-sized companies may involve greater risks than those of larger, more well-known companies, but may be less volatile than investments in smaller companies. Share price and return will vary. Footnotes: Managed by Barrow, Hanley, Mewhinney, & Strauss, Inc.; Equinox Capital Management, LLC; Hotchkis and Wiley Capital Management, LLC; Tukman Capital Management, Inc.; The Vanguard Group, and distributed by Vanguard Marketing Corporation, which provided the description for this fund. Fidelity Disciplined Equity Fund Fidelity Code: Ticker: FDEQX Category: Domestic Equities - Large Blend Goal: Seeks to provide capital growth. What it invests in: Primarily invests at least 80% of its assets in common stocks. The manager seeks to reduce the impact of industry weightings on the fund's performance relative to the S&P 500 Index. The fund may invest in securities of domestic and foreign issuers. Share price and return will vary. Footnotes: The S&P 500 Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use by Fidelity Distributors Corporation and its affiliates. It is an unmanaged index of the common stock prices of 500 widely held U.S. stocks that includes the reinvestment of dividends. Spartan U.S. Equity Index Fund - Investor Class Fidelity Code: Ticker: FUSEX Category: Domestic Equities - Large Blend What it is: An index mutual fund. Goal: Seeks to provide investment results that correspond to the total return (i.e., the combination of capital changes and income) performance of common stocks publicly traded in the United States. What it invests in: Normally invests at least 80% of its assets in common stocks included in the S&P 500 Index, which broadly represents the performance of common stocks publicly traded in the United States. Share price and return will vary. Footnotes: The S&P 500 Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use by Fidelity Distributors Corporation and its affiliates. It is an unmanaged index of the common stock prices of 500 widely held U.S. stocks that includes the reinvestment of dividends. American Funds Growth Fund of America - Class R4 Fidelity Code: Ticker: RGAEX Category: Domestic Equities - Large Growth What it is: A domestic equity mutual fund. Goal: To increase the value of your investment over the long term through capital growth.

10 What it invests in: A diversified portfolio consisting primarily of common stocks. The fund may also invest in convertible securities, nonconvertible preferred stocks, and stocks of issuers outside the United States. The fund has the flexibility to invest wherever the best growth opportunities appear to be. Share price and return will vary. Footnotes: Managed by Capital Research and Management Company, which provided the description for this fund. Fidelity Contrafund Fidelity Code: Ticker: FCNTX Category: Domestic Equities - Large Growth What it invests in: Primarily invests in common stocks. The fund may invest in securities of domestic and foreign issuers whose value the fund's manager believes is not fully recognized by the public. The fund may invest in "growth" or "value" stocks, or both. Share price and return will vary. Vanguard Morgan Growth Fund - Investor Shares Fidelity Code: Ticker: VMRGX Category: Domestic Equities - Large Growth What It Is: A growth stock mutual fund. Goal: To provide the potential for long-term growth of capital. What it invests in: Stocks of large, established companies that have strong sales and earnings records or that have performed well during certain market cycles. The fund may also invest in smaller companies with good prospects for long-term growth. Investments in smaller companies may involve greater risk than those in larger, better-known companies. Share price and return will vary. Footnotes: Managed by Wellington Management Company, LLP; Franklin Portfolio Associates; and The Vanguard Group; and distributed by Vanguard Marketing Corporation, which provided the description for this fund. Fidelity Value Fund Fidelity Code: Ticker: FDVLX Category: Domestic Equities - Mid Value What it is: A domestic equity mutual fund. What it invests in: Primarily invests in common stocks. The fund invests in securities of companies that possess valuable fixed assets or that the manager believes are undervalued in the marketplace in relation to factors such as assets, earnings, or growth potential. Such stocks can continue to be "undervalued" by the market for long periods of time, and might never realize their full value. The fund may invest in securities of domestic and foreign issuers. Share price and return will vary. Perkins Mid Cap Value Fund - Class J Fidelity Code: Ticker: JMCVX Category: Domestic Equities - Mid Value What It Is: A mid cap value mutual fund. Goal: Seeks to provide long-term capital appreciation. What it invests in: The fund invests primarily in the common stocks of mid-sized companies whose stock prices are believed to be undervalued. The fund's investment selection focuses on companies that have fallen out of favor with the market or are temporarily misunderstood by the investment community. To a lesser degree, the fund also invests in companies that demonstrate special situations or turnarounds, meaning companies that have experienced significant business problems but are believed to have favorable prospects for recovery. There is a risk that the investment manager's strategy for managing the fund may not achieve the desired results. Mid-sized companies and companies that demonstrate special situations may pose greater market, liquidity, and information risk than larger companies. The fund's investments are often focused in a small number of business sectors, which may pose greater market and liquidity risks. The fund's active trading will cause the fund to have an increased portfolio turnover rate. Share price and return will vary. Footnotes: Managed by Janus Capital Management LLC, which provided the description for this fund. This fund was formerly known as Janus Mid Cap Value Fund.

11 Spartan Extended Market Index Fund - Investor Class Fidelity Code: Ticker: FSEMX Category: Domestic Equities - Mid Blend What it is: An index mutual fund. Goal: Seeks to provide investment results that correspond to the total returns of stocks of small to mid-cap U.S. companies. What it invests in: Normally invests at least 80% of its assets in common stocks included in the Wilshire 4500 Completion Index, which represents the performance of stocks of small to mid-capitalization U.S. companies. Investments in smaller companies may involve more risk than those of larger, more well known companies. If you sell any of your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares sold. Share price and return will vary. Footnotes: The Dow Jones Wilshire 4500 Completion Index (Wilshire 4500) is an unmanaged index that represents all U.S. equity issues with readily available prices, excluding components of the S&P 500. Morgan Stanley Institutional Fund Trust Mid Cap Growth Portfolio - Class P Shares Fidelity Code: Ticker: MACGX Category: Domestic Equities - Mid Growth What it is: A growth-oriented stock mutual fund. Goal: Seeks to achieve long-term capital growth. What it invests in: The Fund invests primarily in growth-oriented equity securities of U.S. and non-u.s. mid cap companies. Investments in mid-sized companies may involve greater risks than those in larger, more well known companies, but may be less volatile than investments in smaller companies. The Fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries. The securities in which the Portfolio may invest may be denominated in U.S. dollars or in currencies other than U.S. dollars. Foreign investments, especially those in emerging markets, involve greater risk and may offer greater potential returns than U.S. investments. This risk includes political and economic uncertainties of foreign countries, as well as the risk of currency fluctuation. Share price and return will vary. For additional information on the fund and what it may invest in, please consult the prospectus for the Fund. Footnotes: Managed by Morgan Stanley Investment Management, Inc., which provided the description for this fund. Allianz NFJ Small-Cap Value Fund - Administrative Class Fidelity Code: Ticker: PVADX Category: Domestic Equities - Small Value What it is: A small cap value mutual fund. Goal: Seeks long-term growth of capital and income. What it invests in: Primarily in common stocks of companies with market capitalizations between $100 million and $1.8 billion and below average price to earnings ratios relative to their earnings groups. Stocks of smaller companies may have more abrupt or erratic price movements than stocks of larger companies. Investments in smaller companies may involve greater risks than those of larger, more well-known companies. Share price and return will vary. Footnotes: Managed by Allianz Global Investors Fund Management LLC, which provided the description for this fund. Fidelity Small Cap Stock Fund Fidelity Code: Ticker: FSLCX Category: Domestic Equities - Small Blend Goal: Seeks to provide long-term growth of capital. What it invests in: Primarily invests at least 80% of its assets in common stocks of companies with small market capitalizations (those with market capitalizations similar to companies in the Russell 2000 Index or the S&P SmallCap 600 Index). Investments in smaller companies may involve greater risk than those in larger, more well known companies. The fund may invest in securities of domestic and foreign issuers. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 2% of the value of the shares sold. Share price and return will vary.

12 Footnotes: The Russell 2000 Index is an unmanaged index composed of the 2,000 smallest securities in the Russell 3000 Index and includes reinvestment of dividends. The S&P SmallCap 600 Index is an unmanaged market capitalization-weighted index of 600 small company stocks. Vanguard Small Cap Index Fund - Investor Shares Fidelity Code: Ticker: NAESX Category: Domestic Equities - Small Blend What It Is: A stock index mutual fund. Goal: To provide the potential for long-term growth of capital by matching the performance and risk of the MSCI U.S. Small Cap 1750 Index. What it invests in: A sample of the stocks in the MSCI U.S. Small Cap 1750 Index that match certain characteristics of the index (such as industry weighting, market capitalization, and dividend yield). The overall risk level of the fund is moderate to aggressive. Investments in smaller companies may involve greater risks than those of larger, more well-known companies. Share price and return will vary. Footnotes: Managed by The Vanguard Group and distributed by Vanguard Marketing Corporation, which provided the description for this fund. The MSCI U.S. Small Cap 1750 Index is an unmanaged index that represents the universe of small capitalization companies in the U.S. equity market. This index targets for inclusion 1,750 companies and represents, as of February 28, 2003, approximately 10% of the capitalization of the U.S. equity market. Wells Fargo Advantage Small Cap Value Fund - Investor Class Fidelity Code: Ticker: SSMVX Category: Domestic Equities - Small Blend What it is: A small capitalization value mutual fund. Goal: Seeks to provide long-term capital growth. What it invests in: Primarily invests in stocks of small-capitalization companies that the fund's manager believes are undervalued relative to the market based on earnings, cash flow, or asset value. The manager looks for companies whose stock prices may benefit from a positive dynamic change, such as a new management team; a new product or service; a corporate restructuring; an improved business plan; or a change in the political, economic, or social environment. To a limited extent, the fund may also invest in foreign securities. Investments in smaller companies may involve greater risk than those in larger, better-known companies. Share price and return will vary. Footnotes: Managed by Wells Fargo Funds Management LLC, which provided the description for this fund. Columbia Acorn USA Fund - Class Z Fidelity Code: Ticker: AUSAX Category: Domestic Equities - Small Growth What it is: A domestic equity mutual fund. Goal: Seeks to provide long-term growth of capital. What it invests in: Primarily invests in stocks of small-sized U.S. companies that the fund's adviser believes will benefit from favorable long-term social, political, or economic trends. The fund may also hold medium-sized and very small-sized companies. The fund looks for high-quality U.S. companies with growth potential that are reasonably priced relative to the assets and earning power of the company, with the intention of holding them as they grow and selling them when they become large. Stocks of smaller companies may have more abrupt or erratic price movements than stocks of larger companies. Investments in smaller companies may involve greater risks than those of larger, more well-known companies. Share price and return will vary. Footnotes: Managed by Columbia Wanger Asset Management, which provided the description for this fund. Fidelity Diversified International Fund Fidelity Code: Ticker: FDIVX Category: International/Global What it is: A growth mutual fund that invests internationally. Goal: Seeks to provide capital growth. What it invests in: Primarily invests in common stocks of foreign companies. Foreign investments, especially those in emerging markets, involve greater risk and may offer greater potential returns than U.S. investments. This

13 risk includes political and economic uncertainties of foreign countries, as well as the risk of currency fluctuation. If you sell your shares after holding them for less than 30 days, the fund will deduct a short-term trading fee from your account equal to 1% of the value of the shares sold. Share price and return will vary. Fidelity International Small Cap Fund Fidelity Code: Ticker: FISMX Category: International/Global What it is: A growth mutual fund that invests internationally. What it invests in: Primarily invests in foreign securities (primarily common stocks), including securities of issuers located in emerging markets. Normally invests at least 80% of its assets in securities of companies with small market capitalizations (currently those companies whose capitalization is $5 billion or less at the time of investment by the fund). Foreign investments, especially those in emerging markets, involve greater risk and may offer greater potential returns than U.S. investments. This risk includes political and economic uncertainties of foreign countries, as well as the risk of currency fluctuation. Investments in smaller companies may involve greater risk than those in larger, more well known companies. If you sell any of your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 2% of the value of the shares sold. Share price and return will vary. Spartan International Index Fund - Investor Class Fidelity Code: Ticker: FSIIX Category: International/Global What it is: An international growth fund. Goal: Seeks to provide investment results that correspond to the total returns of foreign stock markets. What it invests in: Normally invests at least 80% of its assets in common stocks included in the Morgan Stanley Capital International Europe, Australasia, Far East Index (MSCI EAFE Index), which represents the performance of developed stock markets outside the United States and Canada. Foreign investments, especially those in emerging markets, involve greater risk and may offer greater potential returns than U.S. investments. This risk includes political and economic uncertainties of foreign countries, as well as the risk of currency fluctuation. If you sell any of your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 1% of the value of the shares sold. Share price and return will vary. Footnotes: The EAFE Index (Morgan Stanley Capital International Europe, Australasia, Far East Index) is an unmanaged index and includes the reinvestment of dividends. It is designed to represent the performance of developed stock markets outside the United States and Canada. The EAFE is a registered service mark of Morgan Stanley and Co., Inc., and has been licensed for use by FMR LLC. The fund is neither sponsored by nor affiliated with Morgan Stanley. Janus Aspen Series: Overseas Portfolio - Institutional Class Fidelity Code: Ticker: JAIGX Category: International/Global What It Is: A growth mutual fund that invests globally. Goal: To increase the value of your investment over the long term through capital growth. What it invests in: Primarily in common stocks of foreign companies. The Portfolio has the flexibility to invest on a worldwide basis, in companies and organizations of any size. The Portfolio normally invests at least 80% of its assets in issuers from at least five different countries excluding the United States; however, the Portfolio may at times invest in fewer than five countries or even a single country. Foreign investments, especially those in emerging markets, involve greater risks and may offer greater potential returns than U.S. investments. These risks include political and economic uncertainties of foreign countries, as well as the risk of currency fluctuations. Share price and return will vary. Footnotes: Managed by Janus Capital, which provided the description for this fund. Fidelity Emerging Markets Fund Fidelity Code: Ticker: FEMKX Category: International/Global - Emerging Markets What it is: A growth mutual fund that invests in emerging markets overseas.