Changes to investment options within the Boston University Retirement Plan and the Supplemental Retirement and Savings Plan (the Plans)

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1 October 2015 Changes to investment options within the Boston University Retirement Plan and the Supplemental Retirement and Savings Plan (the Plans) Dear Colleague: Boston University periodically reviews the Plans investment options to ensure they continue to help you meet your retirement and financial goals by providing you with a diverse array of investment options. Among the things considered when selecting and monitoring such options are consistency of investing style, fund performance, and whether the funds offer you the best value. As a result of a recent review, Boston University has decided to make changes to the Plans investment options. The changes described on the following pages will take place without any action required on your part. Go to the What Do I Need to Do? sections to learn more. Investment Changes Effective on November 9, 2015, the Retirement Fund Institutional will replace the Retirement Fund Investor When the market closes at 4:00 p.m. Eastern time on November 9, 2015, all existing balances in the Retirement Fund Investor will be transferred to the Retirement Fund Institutional and all future contributions will be directed to the Vanguard Institutional Target Retirement Fund Institutional. As a result, the ticker symbols and expense ratios will change. The new share class will offer you the same investment strategy and risk, but the overall expenses will be lower. See the charts that follow and the New Investment Options Descriptions section of this letter for more details. The transfer of balances will appear as an exchange on your account history and quarterly statement. You may also receive a prospectus as a result of this transaction. Ticker VTINX VTENX VTXVX Old Share Class Name Retirement Income Fund Investor Retirement 2010 Fund Investor Retirement 2015 Fund Investor Expense Ratio Ticker 0.16% VITRX 0.16% VIRTX 0.16% VITVX New Share Class Name Target Retirement Income Fund Institutional Target Retirement 2010 Fund Institutional Target Retirement 2015 Fund Institutional Expense Ratio

2 Ticker VTWNX VTTVX VTHRX VTTHX VFORX VTIVX VFIFX VFFVX VTTSX Old Share Class Name Retirement 2020 Fund Investor Retirement 2025 Fund Investor Retirement 2030 Fund Investor Retirement 2035 Fund Investor Retirement 2040 Fund Investor Retirement 2045 Fund Investor Retirement 2050 Fund Investor Retirement 2055 Fund Investor Retirement 2060 Fund Investor Expense Ratio Ticker 0.16% VITWX 0.17% VRIVX 0.17% VTTWX 0.18% VITFX 0.18% VIRSX 0.18% VITLX 0.18% VTRLX 0.18% VIVLX 0.18% VILVX New Share Class Name Target Retirement 2020 Fund Institutional Target Retirement 2025 Fund Institutional Target Retirement 2030 Fund Institutional Target Retirement 2035 Fund Institutional Target Retirement 2040 Fund Institutional Target Retirement 2045 Fund Institutional Target Retirement 2050 Fund Institutional Target Retirement 2055 Fund Institutional Target Retirement 2060 Fund Institutional Expense Ratio The Retirement Fund Institutional Retirement Fund Institutional are designed for investors expecting to retire around the year indicated in each fund s name. Each fund corresponds to a range of target retirement years or the year in which you will turn 65 (as shown in the chart below). Each fund is managed to gradually become more conservative over time as it approaches its target date. The investment risk of each Retirement Fund Institutional changes over time as the fund s asset allocation changes. The funds are subject to the volatility of the financial markets, including that of equity and fixed-income investments in the United States and abroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked, and foreign securities. The principal invested is not guaranteed at any time, including at or after the target dates. For more information on the Retirement Fund Institutional, or call Fidelity at Ticker VITRX Your Birth Date 12/31/1942 or earlier VIRTX 1/1/ /31/1947 VITVX 1/1/ /31/1952 VITWX 1/1/ /31/1957 Fund Name Retirement Income Fund Institutional Retirement 2010 Fund Institutional Retirement 2015 Fund Institutional Retirement 2020 Fund Institutional Target Retirement Years Before

3 Ticker Your Birth Date VRIVX 1/1/ /31/1962 VTTWX 1/1/ /31/1967 VITFX 1/1/ /31/1972 VIRSX 1/1/ /31/1977 VITLX 1/1/ /31/1982 VTRLX 1/1/ /31/1987 VIVLX 1/1/ /31/1992 VILVX 1/1/1993 or later Fund Name Retirement 2025 Fund Institutional Retirement 2030 Fund Institutional Retirement 2035 Fund Institutional Retirement 2040 Fund Institutional Retirement 2045 Fund Institutional Retirement 2050 Fund Institutional Retirement 2055 Fund Institutional Retirement 2060 Fund Institutional Target Retirement Years and later Timeline was selected by Boston University. What Do I Need to Do? You do not need to do anything. The change to the Retirement Fund Institutional from the Retirement Fund Investor will take place without any action on your part. However, if you do not want your existing balances to transfer from the Retirement Fund Investor to the Retirement Fund Institutional effective as of the market close on November 9, 2015, or if you do not want any new contributions that are made after November 9, 2015, to be invested in the Retirement Fund Institutional you must contact Fidelity Investments before 4:00 p.m. Eastern time on November 9, 2015 and provide new investment directions. If you would like to request other changes to your account, obtain additional information, or find answers to questions, log on to Fidelity NetBenefits at netbenefits.com/bu or by calling , Monday through Friday, between 8 a.m. and midnight Eastern time. Fidelity is Here to Help Boston University is committed to offering you a range of investment options. While selecting an appropriate mix of investments might seem challenging, Fidelity can help make it easier. If you have any questions regarding this fund change, please contact Fidelity Investments at or log on to NetBenefits at netbenefits.com/bu. Sincerely, Fidelity Investments

4 New Investment Options Descriptions Retirement Income Fund Institutional VRS Code: Ticker: VITRX Objective: The investment seeks to provide current income and some capital appreciation. investors currently in retirement. The targeted percentage of the fund's assets allocated to each of the underlying funds is: Vanguard Total Bond Market II Index Fund 37.2%; Vanguard Total Stock Market Index Fund 18.0%; Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%; Vanguard Total International Bond Index Fund 16.0%; Vanguard Total International Stock Index Fund 12.0%. Risk: The fund is subject to the volatility of the financial markets, including that of equity and fixed income investments. Fixed income investments carry issuer default and credit risk, inflation risk, and interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Principal invested is not guaranteed at any time, including at or after retirement. Additional risk information for this product may be found Someone who is seeking an investment option intended for people in retirement and who is willing to accept the volatility of diversified investments in the market. Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option and looking primarily for the potential for income and, secondarily, for share-price appreciation. Retirement 2010 Fund Institutional VRS Code: Ticker: VIRTX investors planning to retire and leave the workforce in or within a few years of The targeted percentage of the fund's assets allocated to each of the underlying funds is: Vanguard Total Bond Market II Index Fund 34.4%; Vanguard Total Stock Market Index Fund 22.3%; Vanguard Total International Stock Index Fund 14.8%; Vanguard Total International Bond Index Fund 14.8%; Vanguard Short-Term Inflation-Protected Securities Index Fund 13.7%. Risk: Target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the Someone who is seeking an investment option intended for people in or very near retirement and who is willing to accept the volatility of diversified investments in the market. Retirement 2015 Fund Institutional VRS Code: Ticker: VITVX investors planning to retire and leave the workforce in or within a few years of The targeted percentage of the fund's assets allocated to each of the underlying funds is: Vanguard Total Stock Market Index Fund 30.6%; Vanguard Total Bond Market II Index Fund 29.3%; Vanguard Total International Stock Index Fund 20.4%; Vanguard Total International Bond Index Fund 12.5%; Vanguard Short-Term Inflation-Protected Securities Index Fund 7.2%.

5 Someone who is seeking an investment option intended for people in or very near retirement and who is willing to accept the volatility of diversified investments in the market. Retirement 2020 Fund Institutional VRS Code: Ticker: VITWX investors planning to retire and leave the workforce in or within a few years of 2020 (the target year). The targeted 36.4%; Vanguard Total Bond Market II Index Fund 27.5%; Vanguard Total International Stock Index Fund 24.3%; Vanguard Total International Bond Index Fund 11.8%. Retirement 2030 Fund Institutional VRS Code: Ticker: VTTWX investors planning to retire and leave the workforce in or within a few years of 2030 (the target year). The targeted 45.4%; Vanguard Total International Stock Index Fund 30.3%; Vanguard Total Bond Market II Index Fund 17.0%; Vanguard Total International Bond Index Fund 7.3%. Retirement 2035 Fund Institutional VRS Code: Ticker: VITFX

6 investors planning to retire and leave the workforce in or within a few years of 2035 (the target year). The targeted 50.0%; Vanguard Total International Stock Index Fund 33.3%; Vanguard Total Bond Market II Index Fund 11.7%; Vanguard Total International Bond Index Fund 5.0%. Retirement 2040 Fund Institutional VRS Code: Ticker: VIRSX investors planning to retire and leave the workforce in or within a few years of 2040 (the target year). The targeted Vanguard Total International Bond Index Fund 3.0%. Retirement 2045 Fund Institutional VRS Code: Ticker: VITLX investors planning to retire and leave the workforce in or within a few years of 2045 (the target year). The targeted Vanguard Total International Bond Index Fund 3.0%.

7 Retirement 2050 Fund Institutional VRS Code: Ticker: VTRLX investors planning to retire and leave the workforce in or within a few years of 2050 (the target year). The targeted Vanguard Total International Bond Index Fund 3.0%. Retirement 2055 Fund Institutional VRS Code: Ticker: VIVLX investors planning to retire and leave the workforce in or within a few years of 2055 (the target year). The targeted Vanguard Total International Bond Index Fund 3.0%. Retirement 2060 Fund Institutional VRS Code: Ticker: VILVX investors planning to retire and leave the workforce in or within a few years of 2060 (the target year). The targeted

8 Vanguard Total International Bond Index Fund 3.0%. Before investing in any fund, consider the investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully. For a mutual fund, the expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percentage of the fund's total net assets. Expense ratios change periodically and are drawn from the fund s prospectus. For more detailed fee information, see the fund prospectus or annual or semiannual reports. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI FMR LLC. All rights reserved