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ENROLLMENT GUIDE

C O R N E L L U N I V E R S I T Y R E T I R E M E N T P L A N S

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It’s easy to join the Cornell University Retirement Plans and make the next great investment in yourself. Here’s how:

Enrolling in the Cornell University Tax Deferred Annuity Plan and/or Cornell University Retirement Plan with Fidelity Investments is a simple online process. Have the following information ready before logging on:

• Plan ID Number: 53074 Cornell University Tax Deferred Annuity Plan 73168 Cornell University Retirement Plan

• Personal information: Social Security number, address, and date of birth

A complete listing of your investment options will be available for your review during the enrollment process. Take this very important step now and begin contributing to your retirement!

Step 1. Updating Your Information at Cornell University

• To enroll in the Tax Deferred Annuity Plan:

Enter Desired Contribution Deduction via Workday Log on to Workday at http://workday.cornell.edu > All About Me > Benefits button > Change: Benefits > choose Retirement Savings from the drop-down menu, enter effective date, click Submit at the bottom > Open > enter the amount or percentage you would like deducted from your paycheck and which direction you would like Cornell to send your money* > click Continue > click Submit.

*You will have to fill in both the Employee Contribution and the Benefit Plan Employee Contribution Allocation sections.

If you do not have access to the Internet, please contact Benefit Services at 607-255-3936 for more information.

• To enroll in the Cornell University Retirement Plan:

Log on to Workday at http://workday.cornell.edu > All About Me > Benefits button > Change: Benefits > choose Retirement Savings from the drop-down menu, enter effective date, click Submit at the bottom > Open > enter which direction you would like Cornell to send your money > click Continue > click Submit.


Step 2. Set Up a Fidelity Account®

• Go to the Fidelity online enrollment site at http://enrollonline.fidelity.com and follow the prompts.

• You will be notified when you have completed your Fidelity enrollment.

Step 3. Confirm Your Enrollment at Fidelity

• Review a summary of the information you provided and revise any information, if necessary.

• Accept the data once it is all correct.

• Print the confirmation and keep for your records.


Enroll today.

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When can I enroll in the Plan?Endowed and contract college employees who are on the University payroll with FICA deductions are eligible to enroll in the Tax-Deferred Annuity Plan.

How do I enroll in the Plan?Follow the instructions on page 2 of this Enrollment Guide to enroll in the Tax-Deferred Annuity Plan.

When is my enrollment effective?Your enrollment becomes effective once you update your information via Workday and set up your account with Fidelity.

How do I designate my beneficiary?If you have not already selected your beneficiaries, or if you have experienced a life-changing event such as a marriage, divorce, birth of a child, or a death in the family, it’s time to consider your beneficiary designations. Fidelity’s Online Beneficiaries Service, available through Fidelity NetBenefits®, offers a straightforward, convenient process that takes just minutes. To make your elections, click on the “Profile” link, then select “Beneficiaries” and follow the online instructions. If you do not have access to the Internet or prefer to complete your beneficiary information by paper form, please call the Fidelity Retirement Service Center at 800-343-0860.

How much can I contribute?Through automatic payroll deduction, generally, you can contribute 100% of your eligible pay on a pretax basis, up to the annual I RS dollar limit ($19, 00 in 20 ). If you will be at least age 50 in calendar year 20 , you may be eligible to contribute an additional $6, 00 as a catch-up contribution, for a limit of $2 ,000. If you have at least 15 years of service with the University, you may be eligible to contribute an additional amount, up to $3,000 per year, up to a maximum lifetime benefit of $15,000.You can request to change your contribution amount via Workday.

What is the IRS contribution limit?The IRS contribution limit is $19, 00 in 20 .

What are my investment options?To help you meet your investment goals, the Plan offers you a range of options. You can select a mix of investment options that best suits your goals, time horizon, and risk tolerance. The range of investment options available through the Plan includes conservative, moderately conservative, and aggressive funds. A complete description of the Plan’s investment options and their performance, as well as planning tools to help you choose an appropriate mix, are available online.

What if I don’t make an investment election?We encourage you to take an active role in the Tax-Deferred Annuity Plan and choose investment options that best suit your goals, time horizon, and risk tolerance. If you do not select specific investment options in the Plan, your contributions will be invested in the Fidelity Freedom® Fund – Class K with the target retirement date closest to the year you might retire, based on your current age and assuming a retirement age of 65, at the direction of Cornell University. Please refer to the chart in the Investment Options section for more details. If no date of birth or an invalid date of birth is on file at Fidelity, your contributions may be invested in the Fidelity Freedom® Income Fund – Class K. More information about the Fidelity Freedom® Fund – Class K options can be found online. Target Date Funds are an asset mix of stocks, bonds and other investments that automatically becomes more conservative as the fund approaches its target retirement date and beyond. Principal invested is not guaranteed.

How much should I save for retirement?Fidelity’s online planning tools are designed to help you manage your assets as you plan for retirement.

Frequently asked questions about your Plan.Here are answers to questions you may have about the key features, benefits, and rules of the Cornell University Tax-Deferred Annuity Plan (Plan 53074).

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What “catch-up” contribution can I make? If you have reached age 50 or will reach 50 during the calendar year January 1–December 31 and are making the maximum plan or IRS pretax contribution, you may make an additional ”catch up” contribution each pay period. The maximum annual catch-up contribution is $6, 00. You make catch-up contributions through payroll deductions, the same way you make regular contributions.

When am I vested? All eligible employees are fully and immediately vested in their account balance under the Plan. Your account balance is nonforfeitable at all times.Can I make withdrawals from my account? Withdrawals from the Plan are generally permitted as follows:

DistributionsNormal Retirement: Age 65

Early Retirement: Age 55

Minimum Distribution: Age 70½ and has not begun benefit

Death: Paid to designated beneficiary

Other Termination of Employment:

Upon submission of withdrawal request

In-Service DistributionsPhased Retirement: Available to tenured faculty and

staff

Active Employee: Age 59½

Minimum Distribution: Age 70½ (optional)

Loans: Available

Hardship: Withdrawals only available for certain financial hardships

Disability: Receiving University long-term disability benefits and/or receiving Social Security disability benefits

The taxable portion of your withdrawal that is eligible for rollover into an individual retirement account (IRA) or another employer’s retirement plan is subject to 20% mandatory federal income tax withholding, unless it is rolled directly over to an IRA or another employer plan. (You may owe more or less when you file your income taxes.) If you are under age 59½, the taxable portion of your withdrawal is also subject to a 10% early withdrawal penalty, unless you qualify for an exception to this rule. To learn more

about or to request a withdrawal, go online or call a Fidelity Representative at 800-343-0860. The Plan document and current tax laws and regulations will govern in case of a discrepancy. Be sure you understand the tax consequences and your Plan’s rules for distributions before you initiate a distribution. You may want to consult your tax advisor about your situation.

Can I move money from another retirement plan into my account in the Tax-Deferred Annuity Plan? You are permitted to roll over eligible pretax contributions from another 401(k) plan, 401(a) plan, 403(b) plan, governmental 457(b) retirement plan account, or conduit individual retirement accounts (IRAs). A conduit IRA is one that contains only money rolled over from an employer-sponsored retirement plan that has not been mixed with regular IRA contributions. Additional information can be obtained online, or by calling the Fidelity Retirement Service Center at 800-343-0860. You should consult your tax advisor and carefully consider the impact of making a rollover contribution to your employer’s plan, because it could affect your eligibility for future special tax treatments.

How do I obtain additional investment option and account information? The University has appointed Fidelity to provide additional information about the investment options available through the Plan. Also, a statement of your account may be requested by phone at 800-343-0860 or reviewed online at Fidelity NetBenefits.®

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When can I enroll in the Plan?Endowed employees are eligible to enroll based on job position and scheduled hours of service. Contact Cornell Benefits Services for your individual eligibility date.

How do I enroll in the Plan?Follow the instructions on page 2 of this Enrollment Guide to enroll in the Cornell University Retirement Plan.

When is my enrollment effective?Your enrollment becomes effective once you enter your election into Workday and set up your account with Fidelity.

How do I designate my beneficiary?If you have not already selected your beneficiaries, or if you have experienced a life-changing event such as a marriage, divorce, birth of a child, or a death in the family, it’s time to consider your beneficiary designations. Fidelity’s Online Beneficiaries Service, available through Fidelity NetBenefits®, offers a straightforward, convenient process that takes just minutes. To make your elections, click on the “Profile” link, then select “Beneficiaries” and follow the online instructions. If you do not have access to the Internet or prefer to complete your beneficiary information by paper form, please call the Fidelity Retirement Service Center at 800-343-0860.

How much can I contribute?Currently, the University pays the full cost of the retirement provided from this Plan by contributing 10% of the eligible employee’s base pay. Effective January 1, 20 , base pay is limited to $28 ,000. You are neither required nor permitted to contribute to this Plan.

Does the organization contribute to my account?Cornell University will contribute 10% of your base compensation to the Cornell University Retirement Plan after you have met the eligibility requirements.

What are my investment options?To help you meet your investment goals, the Plan offers you a range of options. You can select a mix of investment options that best suits your goals, time horizon, and risk tolerance. The range of investment options available through the Plan includes conservative, moderately conservative, and aggressive funds. A complete description of the Plan’s investment options and their performance, as well as planning tools to help you choose an appropriate mix, are available online.

How much should I save for retirement?Fidelity’s online planning tools are designed to help you manage your assets as you plan for retirement.

When am I vested? All eligible employees are fully and immediately vested in their account balance under the Plan. Your account balance is nonforfeitable at all times.

Frequently asked questions about the Cornell University Retirement Plan.Here are answers to questions you may have about the key features, benefits, and rules of your Cornell University Retirement Plan (Plan 73168).

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Can I make withdrawals from my account? Withdrawals from the Plan are generally permitted as follows:

DistributionsNormal Retirement: Age 65

Early Retirement: Age 55

Minimum Distribution: Age 70½ and has not begun benefit

Death: Paid to designated beneficiary

Other Termination of Employment:

Upon submission of withdrawal request

In-Service DistributionsPhased Retirement: Available to tenured faculty and

staff

Minimum Distribution: Age 70½ (optional)

Disability: Receiving University long-term disability benefits and/or receiving Social Security disability benefits

The taxable portion of your withdrawal that is eligible for rollover into an individual retirement account (IRA) or another employer’s retirement plan is subject to 20% mandatory federal income tax withholding, unless it is rolled directly over to an IRA or another employer plan. (You may owe more or less when you file your income taxes.) If you are under age 59½, the taxable portion of your withdrawal is also subject to a 10% early withdrawal penalty, unless you qualify for an exception to this rule. The plan document and current tax laws and regulations will govern in case of a discrepancy. Be sure you understand the tax consequences and your plan’s rules for distributions before you initiate a distribution. You may want to consult your tax advisor about your situation. To learn more about or to request a withdrawal go online or call the Fidelity Retirement Service Center at 800-343-0860.

How do I obtain additional investment option and account information? The University has appointed Fidelity to provide additional information about the investment options available through the Plan. Also, a statement of your account may be requested by phone at 800-343-0860 or reviewed online at Fidelity NetBenefits.®

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Investment OptionsHere is a list of investment options for the Cornell University RetirementPlans. For up-to-date performance information and other fund specifics, goto www.netbenefits.com/atwork.

Target Date Funds

Placement of investment options within each risk spectrum is only in relation to the investment options within that specific spectrum. Placement does not reflect risk relative to the investmentoptions shown in the other risk spectrums.

ptions to the left have potentiallymore inflation risk and less investment risk

ptions to the right have potentially less inflation risk and more investment risk

Investment o Investment o

Fidelity Freedom® Income Fund - Class

K

Fidelity Freedom® Index Income Fund -

Investor Class

Fidelity Freedom® 2005 Fund - Class K




Fidelity Freedom® Index 2005 Fund -

Investor Class


Investor Class


Investor Class


Investor Class





Investor Class


Investor Class


Investor Class








Investor Class


Investor Class


Investor Class


Investor Class


Investor Class


Investor Class

Target date investments are generally designed for investors expecting to retire around the year indicated in each investment‘sname. The investments are managed to gradually become more conservative over time. The investment risks of each target dateinvestment change over time as its asset allocation changes. They are subject to the volatility of the financial markets, includingequity and fixed income investments in the U.S. and abroad and may be subject to risks associated with investing in high yield, smallcap and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates.

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The chart below lists the assigned fund the Cornell University Retirement Plans believes will best fityour diversification needs should you not select an investment option.

Your Birth Date* Fund Name Target Retirement Years

Before 1938 Fidelity Freedom® Income Fund - Class K Retired before 2003

January 1, 1938 - December 31, 1942 Fidelity Freedom® 2005 Fund - Class K Target Years 2003 - 2007











January 1, 1993 and later* Fidelity Freedom® 2060 Fund - Class K Target Years 2058 and beyond

*Dates selected by Plan Sponsor

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Core Investment Options

ft have potentially more inflation risk and less investment risk less inflation risk and more investment risk

CCONSEERVVATIIVE AGGRESSIVE

Investment options to the le Investment options to the right have potentially

SHORT-TERM INVESTMENT BOND STOCKS

Money Market Stable Value Bond Domestic Equities International/Global Specialty

Government

VanguardFederal MoneyMarket FundInvestor Shares

New York LifeGuaranteedInterest Account

Government

Fidelity® IntermediateTreasury BondIndex Fund

Fidelity® Long-Term TreasuryBondIndex Fund

Fidelity® Short-Term TreasuryBondIndex Fund

Diversified

FederatedShort-TermIncome FundService Shares

Fidelity® U.S.BondIndex Fund

PGIM TotalReturn BondFund -Class R6

Vanguard Long-TermInvestment-Grade FundAdmiral Shares

Vanguard TotalBond MarketIndex FundInstitutionalShares

Large Value

MFS Value FundClass R6

Mid Value

John HancockFundsDisciplinedValue Mid CapFund Class R6

Large Blend

Fidelity® 500Index Fund

Fidelity® TotalMarketIndex Fund

Mid Blend

Fidelity® ExtendedMarketIndex Fund

Fidelity® MidCap Index Fund

Vanguard Mid-Cap Index FundInstitutionalShares

Small Blend

Fidelity® SmallCap Index Fund

Goldman SachsSmall Cap ValueFundInstitutionalClass

Vanguard Small-Cap Index FundInstitutionalShares

Large Growth

Fidelity® Contrafund® -Class K

Mid Growth

Carillon EagleMid Cap GrowthFund Class R6

Small Growth

VanguardExplorer FundAdmiral Shares

Diversified

American FundsEuroPacificGrowth Fund® Class R-6

Fidelity® Globalex U.S.Index Fund

Fidelity® InternationalIndex Fund

MFSInternationalIntrinsic ValueFund Class R6

Vanguard TotalInternationalStock IndexFund AdmiralShares

EmergingMarkets

Fidelity® EmergingMarketsIndex Fund

Cohen & SteersInstitutionalRealty Shares

Fidelity® RealEstateIndex Fund

This spectrum, with the exception of the Domestic Equity category, is based on Fidelity’s analysis of the characteristics of thegeneral investment categories of the investment options and not on the actual security holdings, which can change frequently.Investment options in the Domestic Equity category are based on the options’ Morningstar categories as of 01/31/2020.Morningstar categories are based on a fund’s style as measured by its underlying portfolio holdings over the past three years andmay change at any time. These style calculations do not represent the investment options’ objectives and do not predict theinvestment options’ future styles. Investment options are listed in alphabetical order within each investment category. Riskassociated with the investment options can vary significantly within each particular investment category, and the relative risk ofcategories may change under certain economic conditions. For a more complete discussion of risk associated with the mutual fundoptions, please read the prospectuses before making your investment decision. The spectrum does not represent actual or impliedperformance.

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SHORT-TERM INVESTMENT BOND STOCKS

Money Market Stable Value Bond Domestic Equities International/Global Specialty

Inflation-Protected

Fidelity® Inflation-Protected BondIndex Fund


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Extended Investment Options




BOND STOCKS AND BONDS STOCKS

Bond Balanced/Hybrid Domestic Equities International/

Global

Government

PIMCO Long-Term U.S.Government FundInstitutional Class

Fidelity® BalancedFund - Class K

Fidelity® Puritan® Fund- Class K

Janus HendersonBalanced Fund Class I

Vanguard BalancedIndex Fund AdmiralShares

Large Value

Fidelity® EquityDividend Income Fund- Class K

Fidelity® ValueDiscovery Fund -Class K

Mid Value

Fidelity® Low-PricedStock Fund - Class K

Fidelity® Value Fund -Class K

Large Blend

Fidelity® Growth &Income Portfolio -Class K

Janus HendersonGrowth And IncomeFund Class I

Neuberger BermanSustainable EquityFund Institutional Class

Vanguard Growth andIncome Fund AdmiralShares

Vanguard InstitutionalIndex FundInstitutional PlusShares

Mid Blend

Fidelity® Mid-CapStock Fund - Class K

Small Blend

John Hancock SmallCap Core FundClass R6

Large Growth

Fidelity® Blue ChipGrowth Fund - Class K

Fidelity® Fund - Class K

Fidelity® GrowthCompany Fund -Class K

Fidelity® GrowthDiscovery Fund -Class K

Fidelity® Magellan® Fund - Class K

Fidelity® OTC Portfolio- Class K

Morgan StanleyInstitutional Fund, Inc.Growth PortfolioClass I

Vanguard GrowthIndex Fund AdmiralShares

Mid Growth

Alger Mid Cap GrowthInstitutional FundClass I

Baron Asset FundInstitutional Class

Fidelity® GrowthStrategies Fund -Class K

Diversified

American BeaconInternational EquityFund Institutional Class

Fidelity® DiversifiedInternational Fund -Class K

Fidelity® InternationalDiscovery Fund -Class K

Fidelity® OverseasFund - Class K

Janus HendersonGlobal Research FundClass I

Morgan StanleyInstitutional Fund, Inc.Global FranchisePortfolio Class I

Emerging Markets

Fidelity® EmergingMarkets Fund - Class K


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Bro

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ink® Fidelity BrokerageLink®

Fidelity BrokerageLink® gives you the opportunity to invest in an expandedrange of investment choices to manage your plan.

available share class that is appropriate for your situation. The plan fiduciaryneither evaluates nor monitors the investments available through

investments beyond those in your plan’s standard lineup..BrokerageLink includes

BrokerageLink. It is your responsibility to ensure that the investments you

schedule, and brochure, go to netbenefits.com and click on "Quick Links,"

select are suitable for your situation, including your goals, time horizon, andrisk tolerance. To enroll, and for more information about BrokerageLink,

You should compare investments and share classes that are available in your plan’s

then select "BrokerageLink."

including the Plan's BrokerageLink fact sheet, the brokerage commission

lineup with those available through BrokerageLink, and determine the

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Investment OptionsBefore investing in any mutual fund, consider the investment objectives,risks, charges, and expenses. Contact Fidelity for a mutual fundprospectus or, if available, a summary prospectus containing thisinformation. Read it carefully.

Alger Mid Cap Growth Institutional Fund Class I

VRS Code: 893891

Fund Objective: The investment seeks long-term capital appreciation.

Fund Strategy: The fund invests at least 80% of its net assets in equity securities of companies that, at the time of purchase ofthe securities, have total market capitalization within the range of companies included in the Russell Midcap Growth Index orthe S&P MidCap 400 Index, as reported by the indexes as of the most recent quarter-end. Both indexes are designed to trackthe performance of medium-capitalization stocks.

Fund Risk: Growth stocks can perform differently from the market as a whole and can be more volatile than other types ofstocks. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Stockmarkets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or otherdevelopments. These risks may be magnified in foreign markets. Additional risk information for this product may be found inthe prospectus or other product materials, if available.

Fund short term trading fees: None

Who may want to invest:● Someone who is seeking the potential for long-term share-price appreciation.

● Someone who is willing to accept the generally greater price volatility associated both with growth-oriented stocks and withsmaller companies.

Footnotes:● This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more detailed

information about the fund.

● The Russell Midcap® Growth Index is an unmanaged market capitalization-weighted index of medium-capitalization growth-oriented stocks of U.S. domiciled companies that are included in the Russell Midcap Index. Growth-oriented stocks tend tohave higher price-to-book ratios and higher forecasted growth values.

● The S&P® MidCap 400 Index is an unmanaged market capitalization-weighted index of 400 medium-capitalization stocks.

American Beacon International Equity Fund Institutional Class

VRS Code: 823057


Fund Strategy: The fund normally invests at least 80% of its net assets (plus the amount of any borrowings for investmentpurposes) in common stocks and securities convertible into common stocks (collectively, "stocks") of issuers based in at leastthree different countries located outside the United States. It primarily invests in countries comprising the Morgan StanleyCapital International® Europe Australasia and Far East Index ("MSCI EAFE Index"). The MSCI EAFE Index is comprised ofequity securities of companies from various industrial sectors whose primary trading markets are located outside the UnitedStates.

Fund Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of whichmay be magnified in emerging markets. Value stocks can perform differently than other types of stocks and can continue to beundervalued by the market for long periods of time. Stock markets are volatile and can decline significantly in response toadverse issuer, political, regulatory, market, economic or other developments. Additional risk information for this product maybe found in the prospectus or other product materials, if available.


Who may want to invest:● Someone who is seeking to complement a portfolio of domestic investments with international investments, which can

behave differently.

● Someone who is willing to accept the higher degree of risk associated with investing overseas.

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● The MSCI Europe, Australasia and Far East Index is an unmanaged market capitalization-weighted index designed torepresent the performance of developed stock markets outside the United States and Canada.

American Funds EuroPacific Growth Fund® Class R-6

VRS Code: 885007

Fund Objective: The investment seeks long-term growth of capital.

Fund Strategy: The fund invests primarily in common stocks of issuers in Europe and the Pacific Basin that the investmentadviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the potentialfor above-average capital appreciation. It normally will invest at least 80% of its net assets in securities of issuers in Europe andthe Pacific Basin. The fund may invest a portion of its assets in common stocks and other securities of companies in emergingmarkets.

Fund Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of whichmay be magnified in emerging markets. Growth stocks can perform differently from the market as a whole and can be morevolatile than other types of stocks. Stock markets are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, economic or other developments. Additional risk information for this product may be found in theprospectus or other product materials, if available.



behave differently.




● The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class’s actualinception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, withan inception date of 04/16/1984, adjusted to reflect the fees and expenses of this share class (when this share class’s fees andexpenses are higher.) Please refer to a fund’s prospectus for information regarding fees and expenses. These adjustedhistorical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied byother entities, including the fund itself.

Baron Asset Fund Institutional Class

VRS Code: 885160

Fund Objective: The investment seeks capital appreciation through long-term investments primarily in securities of mid-sizedcompanies with undervalued assets or favorable growth prospects.

Fund Strategy: The fund invests for the long term primarily in equity securities in the form of common stock of U.S. mid-sizedgrowth companies. BAMCO, Inc. ("BAMCO" or the "Adviser") defines mid-sized companies as those, at the time of purchase,with market capitalizations above $2.5 billion or the smallest market cap stock in the Russell Midcap Growth Index atreconstitution, whichever is larger, and below the largest market cap stock in the Russell Midcap Growth Index atreconstitution.





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● The Russell Midcap® Growth Index is an unmanaged market capitalization-weighted index of medium-capitalization growth-oriented stocks of U.S. domiciled companies that are included in the Russell Midcap Index. Growth-oriented stocks tend tohave higher price-to-book ratios and higher forecasted growth values.


Carillon Eagle Mid Cap Growth Fund Class R6

VRS Code: 894201


Fund Strategy: The fund normally invests at least 80% of its net assets (plus the amount of any borrowings for investmentpurposes) in the equity securities of mid-capitalization companies. The fund will invest primarily in the equity securities ofcompanies that the portfolio managers believe have the potential for above-average earnings or sales growth, reasonablevaluations and acceptable debt levels.








Cohen & Steers Institutional Realty Shares

VRS Code: 848790

Fund Objective: The investment seeks total return through investment in real estate securities.

Fund Strategy: The fund invests at least 80%, and normally substantially all, of its total assets in common stocks and otherequity securities issued by real estate companies. It may invest up to 20% of its total assets in securities of foreign issuers(including emerging market issuers) which meet the same criteria for investment as domestic companies, including investmentsin such companies in the form of American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and EuropeanDepositary Receipts ("EDRs"). The fund is non-diversified.

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Fund Risk: Real Estate is a cyclical industry that is sensitive to interest rates, economic conditions (both nationally and locally),property tax rates, and other factors. Changes in real estate values or economic downturns can have a significant negativeeffect on issuers in the real estate industry. Stock markets are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Sector fundscan be more volatile because of their narrow concentration in a specific industry. In general the bond market is volatile, andfixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usuallymore pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks forboth issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding lossescaused by price volatility by holding them until maturity is not possible. Additional risk information for this product may befound in the prospectus or other product materials, if available.


Who may want to invest:● Someone who is willing to accept the potentially lower diversification and higher risks associated with investing in a particular

industry or sector.

● Someone who is seeking to complement his or her core holdings with investments concentrated in a particular sector orindustry.



Federated Short-Term Income Fund Service Shares

VRS Code: 892494

Fund Objective: The investment seeks current income.

Fund Strategy: In pursuing its principal investment strategies, the fund invests in a diversified portfolio of fixed-incomesecurities consisting of U.S. government and privately issued mortgage-backed and asset-backed securities, corporate debtsecurities and U.S. Treasury and agency securities. At least 65% of the fund’s securities must be rated A or higher by anationally recognized statistical rating organization. Its investment adviser seeks to enhance the fund’s performance byallocating relatively more of its portfolio to the security type that the Adviser expects to offer the best balance between currentincome and risk.

Fund Risk: In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise,bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed incomesecurities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, mostbond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is notpossible. Additional risk information for this product may be found in the prospectus or other product materials, if available.


Who may want to invest:● Someone who is seeking potential returns primarily in the form of interest dividends rather than through an increase in share

price.

● Someone who is seeking to diversify an equity portfolio with a more conservative investment option.




VRS Code: 003020

Fund Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek highcurrent income and, as a secondary objective, capital appreciation.

Fund Strategy: Designed for investors who anticipate retiring in or within a few years of the fund’s target retirement year at oraround age 65. Investing in a combination of Fidelity domestic equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity funds). Allocating assets among underlying Fidelity funds according to a "neutral" assetallocation strategy that adjusts over time until it reaches an allocation similar to that of the Freedom Income Fundapproximately 10 to 19 years after the target year. Ultimately, the fund will merge with the Freedom Income Fund. FidelityManagement & Research Company LLC (the Adviser) may modify the fund’s neutral asset allocations from time to time when inthe interests of investors. Buying and selling futures contracts (both long and short positions) in an effort to manage cash flowsefficiently, remain fully invested, or facilitate asset allocation. Through an active asset allocation strategy, the Adviser mayincrease or decrease asset class exposures relative to the neutral asset allocations by up to 10 percentage points for equity,bond and short-term funds to reflect the Adviser’s market outlook, which is primarily focused on the intermediate term.

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Fund Risk: Investment performance of the Fidelity Freedom Fund products depends on the performance of the underlyinginvestment options and on the proportion of the assets invested in each underlying investment option. The investment risk ofeach Fidelity Freedom Fund changes over time as its asset allocation changes. These risks are subject to the asset allocationdecisions of the Investment Adviser. Pursuant to the Adviser’s ability to use an active asset allocation strategy, investors may besubject to a different risk profile compared to the fund’s neutral asset allocation strategy shown in its glide path. The funds aresubject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad,and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked and foreign securities.Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. No target datefund is considered a complete retirement program and there is no guarantee any single fund will provide sufficient retirementincome at or through retirement. Principal invested is not guaranteed at any time, including at or after the funds’ target dates.


Who may want to invest:● 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.

● Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or whodoes not feel comfortable making asset allocation choices over time.



● On July 20, 2017, an initial offering of the Fidelity Freedom K class took place. Returns and expenses prior to that date arethose of the Freedom (retail) class. Had K class expenses been reflected in the returns shown, total returns would have beenhigher.


VRS Code: 003021


Fund Strategy: Designed for investors who anticipate retiring in or within a few years of the fund’s target retirement year at oraround age 65. Investing in a combination of Fidelity domestic equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity funds). Allocating assets among underlying Fidelity funds according to a "neutral" assetallocation strategy that adjusts over time until it reaches an allocation similar to that of the Freedom Income Fundapproximately 10 to 19 years after the target year. Ultimately, the fund will merge with the Freedom Income Fund. FidelityManagement & Research Company LLC (the Adviser) may modify the fund’s neutral asset allocations from time to time when inthe interests of investors. Buying and selling futures contracts (both long and short positions) in an effort to manage cash flowsefficiently, remain fully invested, or facilitate asset allocation. Through an active asset allocation strategy, the Adviser mayincrease or decrease neutral asset class exposures by up to 10 percentage points for equity, bond and short-term funds toreflect the Adviser’s market outlook, which is primarily focused on the intermediate term.









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VRS Code: 003022












VRS Code: 003023



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Who may want to invest:● Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to

accept the volatility of the markets.






VRS Code: 003024











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VRS Code: 003025












VRS Code: 003026



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VRS Code: 003027











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VRS Code: 003028












VRS Code: 003029



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VRS Code: 003030











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VRS Code: 003031












VRS Code: 003416

Fund Objective: Seeks high total return until its target retirement date. Thereafter the fund’s objective will be to seek highcurrent income and, as a secondary objective, capital appreciation.


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Fidelity Freedom® Income Fund - Class K

VRS Code: 003019

Fund Objective: Seeks high total current income and, as a secondary objective, capital appreciation.

Fund Strategy: Investing in a combination of Fidelity domestic equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity funds). Allocating assets among underlying Fidelity funds according to a stable "neutral" assetallocation strategy (approximately 11% in domestic equity funds, 8% in international funds, 59% in bond funds, and 22% inshort-term funds). Fidelity Management & Research Company LLC (the Adviser) may modify the fund’s neutral asset allocationsfrom time to time when in the interests of shareholders. The Adviser has begun transitioning fund assets based on the revisedasset allocation strategy for the fund that is expected to be completed by mid-2020. Buying and selling futures contracts (bothlong and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.Through an active asset allocation strategy, the Adviser may increase or decrease asset class exposures relative to the neutralasset allocations by up to 10 percentage points for equity, bond and short-term funds to reflect the Adviser’s market outlook,which is primarily focused on the intermediate term.

Fund Risk: The fund is subject to risks resulting from the asset allocation decisions of the Investment Adviser. Pursuant to theAdviser’s ability to use an active asset allocation strategy, investors may be subject to a different risk profile compared to thefund’s neutral asset allocation strategy shown in its glide path. The fund is subject to the volatility of the financial markets,including that of equity and fixed income investments. Fixed income investments entail issuer default and credit risk, inflationrisk, and interest rate risk (as interest rates rise, bond prices usually fall and vice versa). This effect is usually more pronouncedfor longer-term securities. Leverage can increase market exposure, magnify investment risks, and cause losses to be realizedmore quickly. No target date fund is considered a complete retirement program and there is no guarantee any single fund willprovide sufficient retirement income at or through retirement. Principal invested is not guaranteed at any time, including at orafter the funds’ target dates.


Who may want to invest:● 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 lookingprimarily for the potential for income and, secondarily, for share-price appreciation.




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Fidelity Freedom® Index 2005 Fund - Investor Class

VRS Code: 002223


Fund Strategy: Designed for investors who anticipate retiring in or within a few years of the fund’s target retirement year at oraround age 65. Investing primarily in a combination of Fidelity domestic equity funds, international equity funds, bond funds,and short-term funds (underlying Fidelity funds), each of which (excluding any money market fund) seeks to provide investmentresults that correspond to the total return of a specific index. Allocating assets among underlying Fidelity funds according to a"neutral" asset allocation strategy that adjusts over time until it reaches an allocation similar to that of the Freedom IndexIncome Fund approximately 10 to 19 years after the target year. Ultimately, the fund may merge with the Freedom IndexIncome Fund. Fidelity Management & Research Company LLC (the Adviser) may modify the fund’s neutral asset allocationsfrom time to time when in the interests of shareholders. Buying and selling futures contracts (both long and short positions) inan effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

Fund Risk: The investment risk of each Fidelity Freedom Index Fund changes over time as its asset allocation changes. Theserisks are subject to the asset allocation decisions of the Investment Adviser. The funds are subject to the volatility of thefinancial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risksassociated with investing in high-yield, small-cap, commodity-linked, and foreign securities. The funds are subject to the risksassociated with investing in a passively managed underlying fund in which the passively managed underlying fund’sperformance could be lower than an actively managed fund that shifts its portfolio assets to take advantage of marketopportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. Leverage can increasemarket exposure, magnify investment risks, and cause losses to be realized more quickly. No target date fund is considered acomplete retirement program and there is no guarantee any single fund will provide sufficient retirement income at or throughretirement. Principal invested is not guaranteed at any time, including at or after the funds’ target dates.







● Fidelity is voluntarily reimbursing a portion of the fund’s expenses. If Fidelity had not, the returns would have been lower.


VRS Code: 002226



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VRS Code: 002242











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VRS Code: 002228



Fund Risk: Investment performance of the Fidelity Freedom Index Fund products depends on the performance of theunderlying investment options and on the proportion of the assets invested in each underlying investment option. Theinvestment risk of each Fidelity Freedom Index Fund changes over time as its asset allocation changes. These risks are subjectto the asset allocation decisions of the Investment Adviser. The funds are subject to the volatility of the financial markets,including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated withinvesting in high-yield, small-cap, commodity-linked, and foreign securities. Leverage can increase market exposure, magnifyinvestment risks, and cause losses to be realized more quickly. No target date fund is considered a complete retirementprogram and there is no guarantee any single fund will provide sufficient retirement income at or through retirement. Principalinvested is not guaranteed at any time, including at or after the funds’ target dates.









VRS Code: 002232



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VRS Code: 002235











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VRS Code: 002238












VRS Code: 002239



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VRS Code: 002240











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VRS Code: 002241












VRS Code: 002338



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VRS Code: 002714











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VRS Code: 003463

Fund Objective: Seeks high total return until its target retirement date. Thereafter the fund’s objective will be to seek highcurrent income and, as a secondary objective, capital appreciation.









Fidelity Freedom® Index Income Fund - Investor Class

VRS Code: 002216

Fund Objective: Seeks high total current income and, as a secondary objective, capital appreciation.

Fund Strategy: Investing primarily in a combination of Fidelity domestic equity funds, international equity funds, bond funds,and short-term funds (underlying Fidelity funds), each of which (excluding any money market fund) seeks to provide investmentresults that correspond to the total return of a specific index. The Fund allocates assets among underlying Fidelity fundsaccording to a stable "neutral" asset allocation strategy. Fidelity Management & Research Company LLC (the Adviser) maymodify the fund’s neutral asset allocations from time to time when in the interests of shareholders. Buying and selling futurescontracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate assetallocation.

Fund Risk: The fund is subject to risks resulting from the asset allocation decisions of the Investment Adviser. The fund issubject to the volatility of the financial markets, including that of equity and fixed income investments. Fixed incomeinvestments entail issuer default and credit risk, inflation risk, and interest rate risk (as interest rates rise, bond prices usually falland vice versa). This effect is usually more pronounced for longer-term securities. Leverage can increase market exposure,magnify investment risks, and cause losses to be realized more quickly. No target date fund is considered a completeretirement program and there is no guarantee any single fund will provide sufficient retirement income at or throughretirement. Principal invested is not guaranteed at any time, including at or after the funds’ target dates.


Who may want to invest:● 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 lookingprimarily for the potential for income and, secondarily, for share-price appreciation.

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Fidelity® 500 Index Fund

VRS Code: 002328

Fund Objective: Seeks to provide investment results that correspond to the total return (i.e., the combination of capitalchanges and income) performance of common stocks publicly traded in the United States.

Fund Strategy: Normally investing at least 80% of assets in common stocks included in the S&P 500 Index, which broadlyrepresents the performance of common stocks publicly traded in the United States.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments.


Who may want to invest:● Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income.

● Someone who is seeking both growth- and value-style investments and who is willing to accept the volatility associated withinvesting in the stock market.



● The S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, andindustry group representation to represent U.S. equity performance.

● Returns prior to May 4, 2011 are those of the Premium Class and reflect the Premium Class’ expense ratio. Had theInstitutional Premium Class’ expense ratio been reflected, total returns would have been higher.

Fidelity® Balanced Fund - Class K

VRS Code: 002077

Fund Objective: Seeks income and capital growth consistent with reasonable risk.

Fund Strategy: Investing approximately 60% of assets in stocks and other equity securities and the remainder in bonds andother debt securities, including lower-quality debt securities, when its outlook is neutral. Investing at least 25% of total assets infixed-income senior securities (including debt securities and preferred stock.) Engaging in transactions that have a leveragingeffect on the fund.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Fixed income investments entail interest rate risk (as interest rates risebond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Foreign securities are subject to interestrate, currency exchange rate, economic, and political risks. Lower-quality bonds can be more volatile and have greater risk ofdefault than higher-quality bonds. Leverage can increase market exposure and magnify investment risk.


Who may want to invest:● Someone who is seeking to invest in a fund that invests in both stocks and bonds.

● Someone who is seeking the potential both for income and for long-term share-price appreciation and who is willing toaccept the volatility of the bond and stock markets.



● On May 9, 2008, an initial offering of the retirement (K) class took place. Returns and expenses prior to that date are those ofthe non-K, non-advisor class. Had K class expenses been reflected in the returns shown, total returns would have been higher.

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Fidelity® Blue Chip Growth Fund - Class K

VRS Code: 002078

Fund Objective: Seeks growth of capital over the long term.

Fund Strategy: Normally investing at least 80% of assets in blue chip companies (companies whose stock is included in theS&P 500 or the Dow Jones Industrial Average, and companies with market capitalizations of at least $1 billion if not included ineither index). Investing in companies that FMR believes have above-average growth potential (stocks of these companies areoften called "growth" stocks). Normally investing primarily in common stocks of well-known and established companies.

Fund Risk: The value of equity securities fluctuates in response to issuer, political, market, and economic developments. In theshort term, equity prices can fluctuate dramatically in response to these developments. Different parts of the market anddifferent types of equity securities can react differently to these developments. For example, ’growth’ stocks can reactdifferently from ’value’ stocks. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantialforeign operations can involve additional risks. You may have a gain or loss when you sell your shares.



● Someone who is willing to accept the generally greater price volatility associated with growth-oriented stocks.



● The S&P 500® Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use byFidelity Distributors Company LLC and its affiliates. It is an unmanaged index of the common stock prices of 500 widely heldU.S. stocks that includes the reinvestment of dividends.

● The Dow Jones Industrial Average (DJIA) is an unmanaged price-weighted index and is the most widely used indicator ofhow the country’s industrial leaders are performing. Also known as "the Dow," this is a formula based on the stock prices of30 major companies chosen from sectors of the economy most representative of our country’s economic condition.


Fidelity® Contrafund® - Class K

VRS Code: 002080

Fund Objective: Seeks capital appreciation.

Fund Strategy: Investing in securities of companies whose value FMR believes is not fully recognized by the public. Investingin either ’growth’ stocks or ’value’ stocks or both. Normally investing primarily in common stocks.

Fund Risk: The value of the fund’s domestic and foreign investments will vary from day to day in response to many factors.Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions.Investments in foreign securities involve greater risk than U.S. investments. You may have a gain or loss when you sell yourshares.







Fidelity® Diversified International Fund - Class K

VRS Code: 002082

Fund Objective: Seeks capital growth.

Fund Strategy: Normally investing primarily in non-U.S. securities. Normally investing primarily in common stocks.

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Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate,economic, and political risks, all of which are magnified in emerging markets.



behave differently.





Fidelity® Emerging Markets Fund - Class K

VRS Code: 002084


Fund Strategy: Normally investing at least 80% of assets in securities of issuers in emerging markets and other investmentsthat are tied economically to emerging markets. Normally investing primarily in common stocks.



Who may want to invest:● Someone who is willing to accept the higher degree of risk associated with investing in emerging markets.

● Someone who is seeking to complement a portfolio of domestic investments and/or international investments in developedcountries with investments in developing countries, which can behave differently.




Fidelity® Emerging Markets Index Fund

VRS Code: 002344

Fund Objective: The fund seeks to provide investment results that correspond to the total return of emerging stock markets.

Fund Strategy: Normally investing at least 80% of assets in securities included in the MSCI Emerging Markets Index and indepository receipts representing securities included in the index. Using statistical sampling techniques based on such factorsas capitalization, industry exposures, dividend yield, price/earnings ratio, price/book ratio, earnings growth, countryweightings, and the effect of foreign taxes to attempt to replicate the returns of the MSCI Emerging Markets Index. Lendingsecurities to earn income for the fund.



Who may want to invest:● Someone who is willing to accept the higher degree of risk associated with investing in emerging markets.

● Someone who is seeking to complement a portfolio of domestic investments and/or international investments in developedcountries with investments in developing countries, which can behave differently.



● The MSCI emerging Markets Index is a market capitalization-weighted index designed to measure the investable equitymarket performance for global investors of emerging markets.

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Fidelity® Equity Dividend Income Fund - Class K

VRS Code: 002086

Fund Objective: Seeks reasonable income. The fund will also consider the potential for capital appreciation. The fund looksfor a yield that exceeds the composite yield on the securities comprising the Standard & Poor’s 500 Index.

Fund Strategy: Normally investing at least 80% of assets in equity securities. Normally investing primarily in income-producingequity securities that pay current dividends and show potential for capital appreciation, which tends to lead to investments inlarge cap "value" stocks.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate,economic, and political risks. Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall),the risk of issuer default, issuer credit risk and inflation risk. Lower-quality bonds can be more volatile and have greater risk ofdefault than higher-quality bonds. Value stocks can perform differently than other types of stocks and can continue to beundervalued by the market for long periods of time.



● Someone who is comfortable with the volatility of large-cap stocks and value-style investments.



● The S&P 500® Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use byFidelity Distributors Company LLC and its affiliates. It is an unmanaged index of the common stock prices of 500 widely heldU.S. stocks that includes the reinvestment of dividends.


Fidelity® Extended Market Index Fund

VRS Code: 002365

Fund Objective: Seeks to provide investment results that correspond to the total return stocks of mid- to small-capitalizationUnited States companies.

Fund Strategy: Normally investing at least 80% of assets in common stocks included in the Dow Jones U.S. Completion TotalStock Market Index, which represents the performance of stocks of mid- to small-capitalization U.S. companies.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Investments in smaller companies may involve greater risks than thosein larger, more well known companies.



● Someone who is seeking both growth- and value-style investments and who is willing to accept the generally greater volatilityof investments in smaller companies.



● The Dow Jones U.S. Completion Total Stock Market Index is an unmanaged index that represents all U.S. equity issues withreadily available prices, excluding components of the S&P 500.

● Returns prior to September 8, 2011 are those of the Premium Class and reflect the Premium Class’ expense ratio. Had theInstitutional Premium Class’ expense ratio been reflected, total returns would have been higher.

Fidelity® Fund - Class K

VRS Code: 002088

Fund Objective: Seeks long-term capital growth.

Fund Strategy: Normally investing primarily in common stocks. Investing in either "growth" stocks or "value" stocks or both.

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Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate,economic, and political risks.







Fidelity® Global ex U.S. Index Fund

VRS Code: 002348

Fund Objective: The fund seeks to provide investment results that correspond to the total return of foreign developed andemerging stock markets.

Fund Strategy: Normally investing at least 80% of assets in securities included in the MSCI ACWI (All Country World Index) exUSA Index and in depository receipts representing securities included in the index. Using statistical sampling techniques basedon such factors as capitalization, industry exposures, dividend yield, price/earnings ratio, price/book ratio, earnings growth,country weightings, and the effect of foreign taxes to attempt to replicate the returns of the MSCI ACWI ex USA Index.Lending securities to earn income for the fund.




behave differently.




● The MSCI All Country World Ex-US Index is a recognized benchmark of non-U.S. stock markets. It is an unmanaged marketvalue-weighted index composed of a sample of companies representative of the market structure of 49 countries andincludes reinvestment of all dividends. The MSCI AC World Ex-US Index, when including or excluding securities, takes intoaccount any limitations that an international investor would experience when investing directly in such securities. The indexcontains both developed and emerging market securities.

Fidelity® Growth & Income Portfolio - Class K

VRS Code: 002089

Fund Objective: Seeks a high total return through a combination of current income and capital appreciation.

Fund Strategy: Normally investing a majority of assets in common stocks with a focus on those that pay current dividends andshow potential for capital appreciation. Investing in either "growth" stocks or "value" stocks or both. Potentially investing inbonds, including lower-quality debt securities, as well as stocks that are not currently paying dividends, but offer prospects forfuture income or capital appreciation.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Fixed income investments entail interest rate risk (as interest rates risebond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Lower-quality bonds can be more volatileand have greater risk of default than higher-quality bonds. Foreign securities are subject to interest rate, currency exchangerate, economic, and political risks.




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Fidelity® Growth Company Fund - Class K

VRS Code: 002090


Fund Strategy: Normally invests primarily in common stocks of domestic and foreign issuers that Fidelity Management &Research Company LLC (FMR) believes offer the potential for above-average growth. Growth may be measured by factors suchas earnings or revenue. Uses fundamental analysis of each issuer’s financial condition and industry position and market andeconomic conditions to select investments.

Fund Risk: The value of the fund’s domestic and foreign investments will vary from day to day in response to many factors,such as adverse issuer, political, regulatory, market, or economic developments. Stock values fluctuate in response to theactivities of individual companies, and general market and economic conditions. You may have a gain or loss when you sellyour shares. Foreign investments involve greater risks than those of U.S. investments. ’Growth’ stocks can perform differentlyfrom the market as a whole and other types of stocks and can be more volatile than other types of stocks.







Fidelity® Growth Discovery Fund - Class K

VRS Code: 002091


Fund Strategy: Investing in companies that FMR believes have above-average growth potential (stocks of these companiesare often called "growth" stocks). Normally investing primarily in common stocks.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate,economic, and political risks. Growth stocks can perform differently from the market as a whole and can be more volatile thanother types of stocks.







Fidelity® Growth Strategies Fund - Class K

VRS Code: 002076


Fund Strategy: Normally investing in companies FMR believes offer the potential for accelerated earnings or revenue growth(stocks of these companies are often called "growth" stocks). Normally investing primarily in common stocks. Focusinginvestments in medium-sized companies, but may also invest substantially in larger or smaller companies.

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Fund Risk: The value of the fund’s domestic and foreign investments will vary from day to day in response to many factors.Stock values fluctuate in response to the activities of individual companies, general market, and economic conditions. You mayhave a gain or loss when you sell your shares. The securities of smaller, less well-known companies may be more volatile thanthose of larger companies. Foreign investments involve greater risks than those of U.S. investments. "Growth" stocks canperform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.







Fidelity® Inflation-Protected Bond Index Fund

VRS Code: 002418

Fund Objective: Seeks to provide investment results that correspond to the total return of the inflation-protected sector of theUnited States Treasury market.

Fund Strategy: Normally investing at least 80% of assets in inflation-protected debt securities included in the BloombergBarclays U.S. Treasury Inflation-Protected Securities (TIPS) Index (Series-L). Engaging in transactions that have a leveragingeffect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default) andfutures contracts - and forward-settling securities, to adjust the fund’s risk exposure.

Fund Risk: In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise,bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed incomesecurities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, mostbond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is notpossible. Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interestpayments on inflation-protected debt securities can be unpredictable. Leverage can increase market exposure, magnifyinvestment risks, and cause losses to be realized more quickly. The performance of the fund and its index may vary somewhatdue to factors such as transaction costs, sample selection, and timing differences associated with additions to and deletionsfrom its index.


Who may want to invest:● Someone who is seeking potential returns primarily in the form of interest dividends and who can tolerate more frequent

changes in the size of dividend distributions than those usually found with more conservative bond funds.

● Someone who is seeking to supplement his or her core fixed-income holdings with a bond investment that is tied to changesin inflation.



● The Bloomberg Barclays U.S. TIPS Index is an unmanaged index designed to represent securities that protect against adverseinflation and provide a minimum level of real return. To be included in this index, bonds must have cash flows linked to aninflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity, and, as a portionof the index, total a minimum amount outstanding of 100 million U.S. dollars.

Fidelity® Intermediate Treasury Bond Index Fund

VRS Code: 003045

Fund Objective: Seeks a high level of current income.

Fund Strategy: Normally investing at least 80% of assets in securities included in the Bloomberg Barclays 5-10 Year U.S.Treasury Bond Index. Normally maintaining a dollar-weighted average maturity of three to 10 years. Engaging in transactionsthat have a leveraging effect on the fund.

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Fund Risk: Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; andinflation risk. Leverage can increase market exposure and magnify investment risk.


Who may want to invest:● Someone who is seeking a fund that invests primarily in securities issued by the U.S. government and its agencies or

instrumentalities.




● The Bloomberg Barclays U.S. Treasury 5-10 Year Index is a market value-weighted index of investment-grade fixed-rate publicobligations of the U.S. Treasury with maturities between five and ten years.

● Weighted average maturity (WAM) is the weighted average of all the maturities of the securities held in a fund. WAM formoney market funds can be used as a measure of sensitivity to interest rate changes. Generally, the longer the maturity, thegreater the sensitivity. WAM for money market funds is based on the dollar-weighted average length of time until principalpayments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shorteningdevices, such as demand features and interest rate resets. For bond funds, WAM can be used as a measure of sensitivity tothe markets. Generally, the longer the maturity, the greater the sensitivity. The WAM calculation for bond funds excludesinterest rate resets and only takes into account issuer call options if it is probable that the issuer of the instrument will takeadvantage of such options.

● Returns prior to October 4, 2017 are those of the Premium Class and reflect the Premium Class’ expense ratio. Had theInstitutional Premium Class’ expense ratio been reflected, total returns would have been higher.

Fidelity® International Discovery Fund - Class K

VRS Code: 002093

Fund Objective: Seeks long-term growth of capital.

Fund Strategy: Normally investing primarily in non-U.S. securities. Normally investing primarily in common stocks.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchangerate, economic, and political risks, all of which are magnified in emerging markets.



behave differently.





Fidelity® International Index Fund

VRS Code: 002363

Fund Objective: Seeks to provide investment results that correspond to the total return of foreign stock markets.

Fund Strategy: Normally investing at least 80% of assets in common stocks included in the Morgan Stanley CapitalInternational Europe, Australasia, Far East Index, which represents the performance of foreign stock markets.




behave differently.


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● The MSCI Europe, Australasia and Far East Index is an unmanaged market capitalization-weighted index designed torepresent the performance of developed stock markets outside the United States and Canada.


Fidelity® Long-Term Treasury Bond Index Fund

VRS Code: 003047

Fund Objective: Seeks a high level of current income.

Fund Strategy: Normally investing at least 80% of assets in securities included in the Bloomberg Barclays U.S. Long TreasuryIndex. Normally maintaining a dollar-weighted average maturity of 10 years or more. Engaging in transactions that have aleveraging effect on the fund.




instrumentalities.

● Someone who is seeking to diversify an equity portfolio but who can tolerate higher risk.



● The Bloomberg Barclays Long-Term Treasury Index is an unmanaged index comprised of fixed-income securities with variousmaturities greater than 10 years. Unless otherwise noted, index returns reflect the reinvestment of dividends and capitalgains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directlyin an index.



Fidelity® Low-Priced Stock Fund - Class K

VRS Code: 002095


Fund Strategy: Normally investing primarily in common stocks. Normally investing at least 80% of assets in low-priced stocks(those priced at or below $35 per share or with an earnings yield at or above the median for the Russell 2000 Index), which canlead to investments in small and medium-sized companies. Earnings yield represents a stock’s earnings per share for the mostrecent 12-months divided by current price per share. Potentially investing in stocks not considered low-priced. Investing indomestic and foreign issuers. Investing in either "growth" stocks or "value" stocks or both. Using fundamental analysis offactors such as each issuer’s financial condition and industry position, as well as market and economic conditions, to selectinvestments.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate,economic, and political risks. The securities of smaller, less well-known companies can be more volatile than those of largercompanies.



● Someone who is comfortable with value-style investments and the potentially greater volatility of investments in smallercompanies.

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● The Russell 2000® Index is an unmanaged market capitalization-weighted index of 2,000 small company stocks of U.S.domiciled companies.


Fidelity® Magellan® Fund - Class K

VRS Code: 002096


Fund Strategy: Normally investing primarily in common stocks. Investing in either "growth" stocks or "value" stocks or both.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchangerate, economic, and political risks.







Fidelity® Mid Cap Index Fund

VRS Code: 002352

Fund Objective: The fund seeks to provide investment results that correspond to the total return of stocks of mid-capitalization United States companies.

Fund Strategy: Normally investing at least 80% of assets in securities included in the Russell Midcap Index. Lending securitiesto earn income for the fund.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Investments in smaller companies may involve greater risks than thosein larger,more well known companies.






● The Russell Mid Cap Index is an unmanaged index that measures the performance of the 800 smallest companies in theRussell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index.

Fidelity® Mid-Cap Stock Fund - Class K

VRS Code: 002097


Fund Strategy: Normally investing at least 80% of assets in common stocks of companies with medium market capitalizations(companies with market capitalization similar to companies in the Russell Midcap Index or the S&P MidCap 400). Investing ineither "growth" stocks or "value" stocks or both. Potentially investing in companies with smaller or larger market capitalization.

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Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. The securities of smaller, less well-known companies can be morevolatile than those of larger companies. Foreign securities are subject to interest rate, currency exchange rate, economic, andpolitical risks






● The Russell Midcap® Index is an unmanaged market capitalization-weighted index of 800 medium-capitalization stocks. Thestocks are also members of the Russell 1000® index.

● The S&P® MidCap 400 Index is an unmanaged market capitalization-weighted index of 400 medium-capitalization stocks.


Fidelity® OTC Portfolio - Class K

VRS Code: 002098


Fund Strategy: Normally investing at least 80% of assets in securities principally traded on NASDAQ or an over-the-countermarket, which has more small and medium-sized companies than other markets. Investing more than 25% of total assets in thetechnology sector. Investing in either "growth" stocks or "value" stocks or both. Normally investing primarily in commonstocks.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. The technology industries can be significantly affected byobsolescence of existing technology, short product cycles, falling prices and profits, and competition from new markets, andgeneral economic conditions. Foreign securities are subject to interest rate, currency exchange rate, economic, and politicalrisks. The securities of smaller, less well-known companies can be more volatile than those of larger companies. The fund mayhave additional volatility because it can invest a significant portion of assets in securities of a small number of individual issuers.







Fidelity® Overseas Fund - Class K

VRS Code: 002099


Fund Strategy: Normally investing at least 80% of assets in non-U.S. securities. Normally investing primarily in common stocks.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchangerate, economic, and political risks, all of which are magnified in emerging markets.



behave differently.


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Fidelity® Puritan® Fund - Class K

VRS Code: 002100

Fund Objective: Seeks income and capital growth consistent with reasonable risk.

Fund Strategy: Investing approximately 60% of assets in stocks and other equity securities and the remainder in bonds andother debt securities, including lower-quality debt securities, when its outlook is neutral. Investing at least 25% of total assets infixed-income senior securities (including debt securities and preferred stock). Engaging in transactions that have a leveragingeffect on the fund.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Fixed income investments entail interest rate risk (as interest rates risebond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Foreign securities are subject to interestrate, currency exchange rate, economic, and political risks. Lower-quality bonds can be more volatile and have greater risk ofdefault than higher-quality bonds. Leverage can increase market exposure and magnify investment risk.







Fidelity® Real Estate Index Fund

VRS Code: 002355

Fund Objective: The fund seeks to provide investment results that correspond to the total return of equity REITs and other realestate-related investments.

Fund Strategy: Normally investing at least 80% of assets in securities included in the Dow Jones U.S. Select Real EstateSecurities Index. Lending securities to earn income for the fund.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate,economic, and political risks. Changes in real estate values or economic downturns can have a significant negative effect onissuers in the real estate industry. The value of securities of issuers in the real estate industry can be affected by changes in realestate values and rental income, property taxes, interest rates, tax and regulatory requirements, and the management skill andcreditworthiness of the issuer. The performance of the fund and its index may vary somewhat due to factors such as fees andexpenses of the fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated withadditions to and deletions from its index.


Who may want to invest:● Someone who is willing to accept the potentially lower diversification and higher risks associated with investing in a particular

industry or sector.

● Someone who is seeking to complement his or her core holdings with investments concentrated in a particular sector orindustry.



● The Dow Jones U.S. Select Real Estate Securities Index measures U.S. publicly traded real estate securities. It screens formarket cap, liquidity and percentage of revenue derived from ownership and operation of real estate securities. It is floatmarket cap weighted. It is quoted in USD.

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Fidelity® Short-Term Treasury Bond Index Fund

VRS Code: 003049

Fund Objective: Seeks a high level of current income in a manner consistent with preservation of capital.

Fund Strategy: Normally investing at least 80% of assets in securities included in the Bloomberg Barclays 1-5 Year U.S.Treasury Index. Normally maintaining a dollar-weighted average maturity of three years or less. Engaging in transaction thathave a leveraging effect on the fund.




instrumentalities.




● The Bloomberg Barclays U.S. Treasury 1-5 Year Index is a market value-weighted index of investment-grade fixed-rate publicobligations of the U. S. Treasury with maturities between one and five years.



Fidelity® Small Cap Index Fund

VRS Code: 002358

Fund Objective: The fund seeks to provide investment results that correspond to the total return of stocks of small-capitalization United States companies.

Fund Strategy: Normally investing at least 80% of assets in securities included in the Russell 2000 Index. Lending securities toearn income for the fund.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Investments in smaller companies may involve greater risks than thosein larger,more well known companies.






● The Russell 2000® Index is an unmanaged market capitalization weighted index measuring the performance of the smallest2,000 companies in the Russell 3000 index.

Fidelity® Total Market Index Fund

VRS Code: 002361

Fund Objective: Seeks to provide investment results that correspond to the total return of a broad range of United Statesstocks.

Fund Strategy: Normally investing at least 80% of assets in common stocks included in the Dow Jones U.S. Total Stock MarketIndex, which represents the performance of a broad range of U.S. stocks.

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Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments.






● The Dow Jones U.S. Total Stock Market Index is an unmanaged market capitalization-weighted index of over 5,000 U.S.equity securities which contains all actively traded common stocks with readily available price data.


Fidelity® U.S. Bond Index Fund

VRS Code: 002326

Fund Objective: Seeks to provide investment results that correspond to the aggregate price and interest performance of thedebt securities in the Bloomberg Barclays U.S. Aggregate Bond Index.

Fund Strategy: Normally investing at least 80% of the fund’s assets in bonds included in the Bloomberg Barclays U.S.Aggregate Bond Index. Using statistical sampling techniques based on duration, maturity, interest rate sensitivity, securitystructure, and credit quality to attempt to replicate the returns of the Index using a smaller number of securities. Engaging intransactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, totalreturn, and credit default) and futures contracts - and forward-settling securities, to adjust the fund’s risk exposure. Investing inFidelity’s central funds (specialized investment vehicles used by Fidelity funds to invest in particular security types or investmentdisciplines).

Fund Risk: In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise,bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed incomesecurities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, mostbond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is notpossible. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The fund caninvest in securities that may have a leveraging effect (such as derivatives and forward-settling securities) which may increasemarket exposure, magnify investment risks, and cause losses to be realized more quickly.



price.




● The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index for U.S. dollardenominated investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year.

● Returns prior to May 4, 2011 are those of the Premium Class and reflect the Premium Class’ expense ratio. Had theInstitutional Premium Class’ expense ratio been reflected, total returns would have been higher.

Fidelity® Value Discovery Fund - Class K

VRS Code: 002103


Fund Strategy: Investing in securities of companies that FMR believes are undervalued in the marketplace in relation to factorssuch as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the sameindustry (stocks of these companies are often called "value" stocks). Normally investing primarily in common stocks.

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Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchangerate, economic, and political risks. Value stocks can perform differently than other types of stocks and can continue to beundervalued by the market for long periods of time.







Fidelity® Value Fund - Class K

VRS Code: 002102


Fund Strategy: Investing in securities of companies that possess valuable fixed assets or that FMR believes are undervalued inthe marketplace in relation to factors such as assets, earnings, or growth potential (stocks of these companies are often called"value" stocks). Normally investing primarily in common stocks.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchangerate, economic, and political risks. Value stocks can perform differently than other types of stocks and can continue to beundervalued by the market for long periods of time.







Goldman Sachs Small Cap Value Fund Institutional Class

VRS Code: 847125


Fund Strategy: The fund normally invests at least 80% of its net assets plus any borrowings for investment purposes (measuredat the time of purchase) ("net assets") in a diversified portfolio of equity investments in small-cap issuers with public stockmarket capitalizations within the range of the market capitalization of companies constituting the Russell 2000® Value Index atthe time of investment. Although it will invest primarily in publicly traded U.S. securities, including real estate investment trusts,it may also invest in foreign securities.

Fund Risk: The securities of smaller, less well-known companies can be more volatile than those of larger companies. Valueand growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile. Value stocks cancontinue to be undervalued by the market for long periods of time. Stock markets are volatile and can decline significantly inresponse to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified inforeign markets. Additional risk information for this product may be found in the prospectus or other product materials, ifavailable.




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● The Russell 2000® Value Index is an unmanaged market capitalization-weighted index of value-oriented stocks of U.S.domiciled companies that are included in the Russell 2000 Index. Value-oriented stocks tend to have lower price-to-bookratios and lower forecasted growth values.


Janus Henderson Balanced Fund Class I

VRS Code: 885082

Fund Objective: The investment seeks long-term capital growth, consistent with preservation of capital and balanced bycurrent income.

Fund Strategy: The fund pursues its investment objective by normally investing 35-65% of its assets in equity securities andthe remaining assets in fixed-income securities and cash equivalents. It normally invests at least 25% of its assets in fixed-income senior securities. The fund’s fixed-income investments may reflect a broad range of credit qualities and may includecorporate debt securities, U.S. government obligations, non-U.S. government securities, mortgage-backed securities and othermortgage-related products, and short-term securities.

Fund Risk: Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market,economic or other developments. These risks may be magnified in foreign markets. In general the bond market is volatile, andfixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usuallymore pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks forboth issuers and counterparties. Additional risk information for this product may be found in the prospectus or other productmaterials, if available.







Janus Henderson Global Research Fund Class I

VRS Code: 885108

Fund Objective: The investment seeks long-term growth of capital.

Fund Strategy: The fund pursues its investment objective by investing primarily in common stocks selected for their growthpotential. It may invest in companies of any size located anywhere in the world, from larger, well-established companies tosmaller, emerging growth companies. The fund typically invests at least 40% of its net assets in securities of issuers orcompanies that are economically tied to different countries throughout the world, excluding the United States. It may havesignificant exposure to emerging markets. The fund may also invest in foreign equity securities.

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Fund Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of whichmay be magnified in emerging markets. Stock markets are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, economic or other developments. Additional risk information for this product may be found in theprospectus or other product materials, if available.


Who may want to invest:● Someone who is seeking an investment that invests in both domestic and international markets.

● Someone who is willing to accept the volatility of the markets and the generally higher degree of risk associated withinternational investments.




Janus Henderson Growth And Income Fund Class I

VRS Code: 885093

Fund Objective: The investment seeks long-term capital growth and current income.

Fund Strategy: The fund normally invests up to 75% of its assets in equity securities selected primarily for their growthpotential and at least 25% of its assets in securities the portfolio managers believe have income potential. With respect to theselection of equity securities selected for growth potential, the portfolio managers additionally consider income-generatingpotential.

Fund Risk: Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile.Value stocks can continue to be undervalued by the market for long periods of time. Stock markets are volatile and can declinesignificantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may bemagnified in foreign markets. Additional risk information for this product may be found in the prospectus or other productmaterials, if available.







John Hancock Funds Disciplined Value Mid Cap Fund Class R6

VRS Code: 813552

Fund Objective: The investment seeks long-term growth of capital with current income as a secondary objective.

Fund Strategy: Under normal circumstances, the fund seeks to achieve its investment objectives by investing at least 80% ofits net assets (including borrowings for investment purposes) in a diversified portfolio consisting primarily of equity securities,such as common stocks, of issuers with medium market capitalizations, and identified by the manager as having valuecharacteristics. It may also invest up to 20% of its total assets in foreign currency-denominated securities.

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Fund Risk: Value stocks can perform differently than other types of stocks and can continue to be undervalued by the marketfor long periods of time. The securities of smaller, less well-known companies can be more volatile than those of largercompanies. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market,economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this productmay be found in the prospectus or other product materials, if available.







John Hancock Small Cap Core Fund Class R6

VRS Code: 884325


Fund Strategy: Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings forinvestment purposes) in equity securities of small-capitalization companies. The fund’s managers consider small-capitalizationcompanies to be those that, at the time of investment, are in the capitalization range of the Russell 2000 Index. The fund mayinvest up to 10% of its total assets in foreign securities including emerging-market securities and securities of non-U.S.companies traded on a U.S. exchange.







● The Russell 2000® Index is an unmanaged market capitalization-weighted index of 2,000 small company stocks of U.S.domiciled companies.


MFS International Intrinsic Value Fund Class R6

VRS Code: 826695

Fund Objective: The investment seeks capital appreciation.

Fund Strategy: The fund normally invests its assets primarily in foreign equity securities, including emerging market equitysecurities. Equity securities include common stocks and other securities that represent an ownership interest (or right toacquire an ownership interest) in a company or other issuer. The advisor focuses on investing the fund’s assets in the stocks ofcompanies that it believes are undervalued compared to their intrinsic value.

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Fund Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of whichmay be magnified in emerging markets. Growth stocks can perform differently from the market as a whole and can be morevolatile than other types of stocks. Stock markets are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, economic or other developments. Additional risk information for this product may be found in theprospectus or other product materials, if available.



behave differently.





MFS Value Fund Class R6

VRS Code: 826846

Fund Objective: The investment seeks capital appreciation.

Fund Strategy: The fund normally invests the fund’s assets primarily in equity securities. Equity securities include commonstocks and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company orother issuer. MFS focuses on investing the fund’s assets in the stocks of companies the advisor believes are undervaluedcompared to their perceived worth (value companies).

Fund Risk: Value stocks can perform differently than other types of stocks and can continue to be undervalued by the marketfor long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political,regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional riskinformation for this product may be found in the prospectus or other product materials, if available.







Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio Class I

VRS Code: 885409


Fund Strategy: The fund seeks long-term capital appreciation by investing primarily in equity securities of issuers locatedthroughout the world that they believe have, among other things, sustainable competitive advantages, capable managementand financial strength. Normally, it invests in securities of issuers from at least three different countries, which may include theUnited States. The fund may concentrate its holdings in a relatively small number of companies and may invest up to 25% of itstotal assets in a single issuer. It may utilize foreign currency forward exchange contracts. The fund is non-diversified.

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Fund Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of whichmay be magnified in emerging markets. Stock markets are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, economic or other developments. Additional risk information for this product may be found in theprospectus or other product materials, if available.


Who may want to invest:● Someone who is seeking an investment that invests in both domestic and international markets.

● Someone who is willing to accept the volatility of the markets and the generally higher degree of risk associated withinternational investments.



Morgan Stanley Institutional Fund, Inc. Growth Portfolio Class I

VRS Code: 893115

Fund Objective: The investment seeks long-term capital appreciation by investing primarily in growth-oriented equitysecurities of large capitalization companies.

Fund Strategy: The fund invests primarily in established and emerging companies, with capitalizations within the range ofcompanies included in the Russell 1000® Growth Index. It may invest up to 25% of its total assets in foreign securities.

Fund Risk: Growth stocks can perform differently from the market as a whole and can be more volatile than other types ofstocks. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market,economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this productmay be found in the prospectus or other product materials, if available.






● The Russell 1000® Growth Index is an unmanaged market capitalization-weighted index of growth-oriented stocks of thelargest U.S. domiciled companies that are included in the Russell 1000 Index. Growth-oriented stocks tend to have higherprice-to-book ratios and higher forecasted growth values.

Neuberger Berman Sustainable Equity Fund Institutional Class

VRS Code: 843822

Fund Objective: The investment seeks long-term growth of capital by investing primarily in securities of companies that meetthe fund’s environmental, social and governance (ESG) criteria.

Fund Strategy: The fund invests primarily in common stocks of mid- to large-capitalization companies that meet the fund’squality oriented financial and ESG criteria. It seeks to reduce risk by investing across many different industries. The portfoliomanagers employ a research driven and valuation sensitive approach to stock selection, with a focus on long termsustainability.





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● Additional Risk Information: The Fund’s social responsibility criteria will affect the fund’s exposure to certain issuers,industries, sectors, regions and countries and could cause the fund to sell or avoid stocks that subsequently perform well. Inaddition, undervalued stocks that do not meet the social criteria could outperform those that do.


New York Life Guaranteed Interest Account

VRS Code: 872176

Fund Objective: Seeks to provide competitive yields and limited volatility with a guarantee of principal and accumulatedinterest. These guarantees are backed by the full faith and credit of New York Life Insurance Company.

Fund Strategy: The New York Life Guaranteed Interest Account (GIA) is a stable value investment option with a guarantee ofprincipal and accumulated interest provided by New York Life Insurance Company (New York Life). Contributions to theGuaranteed Interest Account are invested in a group annuity contract issued by New York Life. Contributions to the contractare currently invested in a broadly diversified fixed income portfolio within New York Life Insurance Company’s generalaccount. The investments in the general account are intended to provide a stable crediting rate consistent with preservation ofprincipal. The general account is invested primarily in a conservative array of securities and cash-equivalent investments inaccordance with the investment restrictions of New York insurance law. The primary objective of the general account is toensure that New York Life Insurance Company can meet its obligations to policyholders and contract holders. If your Plan allows contributions, exchanges or transfers to investment options through a recordkeeper other than Fidelity, thefollowing may apply: Transfers or exchanges of up to 15.00% of your balance in the GIA may be made in any calendar year toanother Plan recordkeeper without incurring surrender charges. Transfers or exchanges in excess of 15.00% per calendar yearmay be subject to a surrender charge of 4.00%. This limitation does not apply to withdrawals from the Plan. It applies to assetskept within the Plan but transferred to a recordkeeper other than Fidelity. Please contact Fidelity for more information.

Fund Risk: The fund is backed by a diversified portfolio of fixed-income assets held in the general account of the issuer.Guarantees are subject to the claims paying ability of the issuer. Restrictions or fees may apply to exchanges or withdrawals.The Contracts provide for the payment of certain withdrawals and exchanges at book value during the terms of the Contracts.In order to maintain the Contract issuers’ promise to pay such withdrawals and exchanges at book value, the Contracts subjectthe fund and its participants to certain restrictions. For example, withdrawals prompted by certain events (e.g., layoffs, earlyretirement windows, spin-offs, sale of a division, facility closings, plan terminations, partial plan terminations, changes in laws orregulations) may be paid at the market value of the fund’s securities, which may be less than your book value balance or mayrestrict withdrawals in these events.Certain investment options offered by your plan (e.g., money market funds, short term bond funds, certain asset allocation/lifecycle funds and brokerage window) may be deemed by the Contract issuers to "compete" with this fund. The terms of theContracts prohibit you from making a direct exchange from this fund to such competing funds. Instead, you must firstexchange to a non-competing fund for 90 days. While these requirements may seem restrictive, they are imposed by theContract issuers as a condition for the issuer’s promise to pay certain withdrawals and exchanges at book value.This annuity contract contains withdrawal charges and terms for keeping it in force. No restrictions or additional fees, includingsurrender charges, will apply to the amount you withdraw as a result of certain life events. Please see your certificate or contactFidelity for more information. Partial withdrawals or exchanges of up to 15.00 % of your account balance may be made in any contract year without incurringcontract surrender charges. Withdrawals or exchanges in excess of 15.00 % may be subject to a surrender charge of up to4.00 % of the amount of the excess withdrawal or exchange. Please see your certificate or contact Fidelity for moreinformation.


Who may want to invest:● Someone who seeks a slightly higher yield over the long term than is offered by money market funds, but who is willing to

accept slightly more investment risk.

● Someone who is interested in balancing an aggressive portfolio with an investment that seeks to provide a declared creditingrate that is reset on a periodic basis.

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Footnotes:● The investment option is an annuity. The fund is managed by New York Life Insurance Company. This description is only

intended to provide a brief overview of the fund.

● This option is not insured by the FDIC or the Federal Government.

● New York Life Insurance Company provided the description for this investment option.

● Fidelity Brokerage Services LLC and New York Life Insurance Company are not affiliated.

● This investment option is not a mutual fund.

PGIM Total Return Bond Fund -Class R6

VRS Code: 892935

Fund Objective: The investment seeks total return.

Fund Strategy: The fund will seek to achieve its objective through a mix of current income and capital appreciation asdetermined by the fund’s subadviser. It invests, under normal circumstances, at least 80% of the fund’s investable assets inbonds. For purposes of this policy, bonds include all fixed income securities, other than preferred stock, with a maturity at dateof issue of greater than one year. The fund may invest up to 30% of its investable assets in speculative, high risk, belowinvestment-grade securities having a rating of not lower than CCC. It may invest up to 30% of its investable assets in foreigndebt securities.

Fund Risk: In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise,bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed incomesecurities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, mostbond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is notpossible. The fund may invest in lower-quality debt securities that involve greater risk of default or price changes due topotential changes in the credit quality of the issuer. Foreign securities are subject to interest-rate, currency-exchange-rate,economic, and political risks, all of which may be magnified in emerging markets. Additional risk information for this productmay be found in the prospectus or other product materials, if available.



price.





PIMCO Long-Term U.S. Government Fund Institutional Class

VRS Code: 893598

Fund Objective: The investment seeks maximum total return, consistent with preservation of capital and prudent investmentmanagement.

Fund Strategy: The fund normally invests at least 80% of its assets in a diversified portfolio of fixed income securities that areissued or guaranteed by the U.S. government, its agencies or government-sponsored enterprises ("U.S. governmentsecurities"), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. It mayinvest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- orasset-backed securities.

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instrumentalities.




Vanguard Balanced Index Fund Admiral Shares

VRS Code: 845372

Fund Objective: The investment seeks to track the performance of a benchmark index that measures the investment return ofthe overall U.S. stock market with 60% of its assets; the fund seeks to track the performance of a broad, market-weighted bondindex with 40% of its assets.

Fund Strategy: The fund employs an indexing investment approach designed to track the performance of two benchmarkindexes. With approximately 60% of its assets, the fund seeks to track the investment performance of the CRSP US TotalMarket Index. With approximately 40% of its assets, the fund seeks to track the investment performance of the BloombergBarclays U.S. Aggregate Float Adjusted Index.

Fund Risk: Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market,economic or other developments. These risks may be magnified in foreign markets. In general the bond market is volatile, andfixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usuallymore pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks forboth issuers and counterparties. Additional risk information for this product may be found in the prospectus or other productmaterials, if available.






● The CRSP US Total Market Index is comprised of nearly 4,000 constituents across mega, large, small and micro capitalizations,representing nearly 100% of the U.S. investable equity market.

● The Bloomberg Barclays U.S. Aggregate Float Adjusted Index measures the total universe of public, investment-grade,taxable, fixed income securities in the United States-including government, corporate, and international dollar-denominatedbonds, as well as mortgage-backed and asset-backed securities-all with maturities of more than 1 year.


Vanguard Explorer Fund Admiral Shares

VRS Code: 845377

Fund Objective: The investment seeks to provide long-term capital appreciation.

Fund Strategy: The fund invests mainly in the stocks of small and mid-size companies. These companies tend to beunseasoned but are considered by the fund’s advisors to have superior growth potential. Also, these companies often providelittle or no dividend income. It uses multiple investment advisors.

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Fund Risk: The securities of smaller, less well-known companies can be more volatile than those of larger companies. Growthstocks can perform differently from the market as a whole and can be more volatile than other types of stocks. Stock marketsare volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or otherdevelopments. These risks may be magnified in foreign markets. Additional risk information for this product may be found inthe prospectus or other product materials, if available.







Vanguard Federal Money Market Fund Investor Shares

VRS Code: 845481

Fund Objective: The investment seeks to provide current income while maintaining liquidity and a stable share price of $1.

Fund Strategy: The fund invests primarily in high-quality, short-term money market instruments. Under normal circumstances,at least 80% of the fund’s assets are invested in securities issued by the U.S. government and its agencies and instrumentalities.It maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. Thefund generally invests 100% of its assets in government securities and therefore will satisfy the 99.5% requirement fordesignation as a government money market fund.

Fund Risk: You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of yourinvestment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by theFederal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to providefinancial support to money market funds and you should not expect that the sponsor will provide financial support to the fundat any time. Additional risk information for this product may be found in the prospectus or other product materials, if available.


Who may want to invest:● Someone who has a low tolerance for investment risk and who wishes to keep the value of his or her investment relatively

stable.

● Someone who is seeking to complement his or her bond and stock fund holdings in order to reach a particular assetallocation.



Vanguard Growth and Income Fund Admiral Shares

VRS Code: 844551

Fund Objective: The investment seeks to provide a total return (capital appreciation plus dividend income) greater than thereturn of the Standard & Poor’s 500 Index.

Fund Strategy: The fund invests at least 65% (and typically more than 90%) of its assets in stocks that are included in the index.Most of the stocks held by the fund provide dividend income as well as the potential for capital appreciation. The advisors usequantitative approaches to select a broadly diversified group of stocks that, as a whole, have investment characteristics similarto those of the S&P 500 Index, but are expected to provide a higher total return than that of the index.

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● S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industrygroup representation to represent U.S. equity performance.


Vanguard Growth Index Fund Admiral Shares

VRS Code: 821443

Fund Objective: The investment seeks to track the performance of a benchmark index that measures the investment return ofthe CRSP US Large Cap Growth Index.

Fund Strategy: The fund employs an indexing investment approach designed to track the performance of index, a broadlydiversified index predominantly made up of growth stocks of large U.S. companies. The advisor attempts to replicate thetarget index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock inapproximately the same proportion as its weighting in the index. The fund is non-diversified.

Fund Risk: Growth stocks can perform differently from the market as a whole and can be more volatile than other types ofstocks. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market,economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this productmay be found in the prospectus or other product materials, if available.






● The CRSP US Large Cap Growth Index includes U.S. companies that comprise the top 85% of investable marketcapitalization. It includes both Mid and Mega capitalization. CRSP classifies growth securities using the following factors:future long-term growth in earnings per share (EPS), future short-term growth in EPS, 3-year historical growth in EPS, 3-yearhistorical growth in sales per share, current investment-to-assets ratio, and return on assets.


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Vanguard Institutional Index Fund Institutional Plus Shares

VRS Code: 820745

Fund Objective: The investment seeks to track the performance of a benchmark index that measures the investment return oflarge-capitalization stocks.

Fund Strategy: The fund employs an indexing investment approach designed to track the performance of the Standard &Poor’s 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of largeU.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocksthat make up the index, holding each stock in approximately the same proportion as its weighting in the index.







● S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industrygroup representation to represent U.S. equity performance.


Vanguard Long-Term Investment-Grade Fund Admiral Shares

VRS Code: 845435

Fund Objective: The investment seeks to provide a high and sustainable level of current income.

Fund Strategy: The fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, atleast 80% of which will be intermediate- and long-term investment-grade securities. High-quality fixed income securities arethose rated the equivalent of A3 or better; medium-quality fixed income securities are those rated the equivalent of Baa1,Baa2, or Baa3. The fund’s dollar-weighted average maturity is expected to fall within a range that is five years shorter than orfive years longer than that of its benchmark index.




price.


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● The Bloomberg Barclays U.S. Long Credit Index measures the performance of the long term sector of the United Statesinvestment bond market, which as defined by the Long Credit Index includes investment grade corporate debt andsovereign, supranational, local authority and non-U.S. agency bonds that are dollar denominated and have a remainingmaturity of greater than or equal to 10 years.


Vanguard Mid-Cap Index Fund Institutional Shares

VRS Code: 821348

Fund Objective: The investment seeks to track the performance of a benchmark index that measures the investment return ofmid-capitalization stocks.

Fund Strategy: The fund employs an indexing investment approach designed to track the performance of the CRSP US MidCap Index, a broadly diversified index of stocks of mid-size U.S. companies. The advisor attempts to replicate the target indexby investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately thesame proportion as its weighting in the index.

Fund Risk: Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile.Value stocks can continue to be undervalued by the market for long periods of time. The securities of smaller, less well-knowncompanies can be more volatile than those of larger companies. Stock markets are volatile and can decline significantly inresponse to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified inforeign markets. Additional risk information for this product may be found in the prospectus or other product materials, ifavailable.






● The CRSP US Mid Cap Index targets inclusion of the U.S. companies that fall between the top 70%-85% of investable marketcapitalization.

Vanguard Small-Cap Index Fund Institutional Shares

VRS Code: 823466

Fund Objective: The investment seeks to track the performance of a benchmark index that measures the investment return ofsmall-capitalization stocks.

Fund Strategy: The fund employs an indexing investment approach designed to track the performance of the CRSP US SmallCap Index, a broadly diversified index of stocks of small U.S. companies. The advisor attempts to replicate the target index byinvesting all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately thesame proportion as its weighting in the index.

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● The CRSP US Small Cap Index includes U.S. companies that fall between the bottom 2%-15% of the investable marketcapitalization. There is no lower limit in market capitalization, other than what is specified by investability screens.


Vanguard Total Bond Market Index Fund Institutional Shares

VRS Code: 844511

Fund Objective: The investment seeks the performance of Bloomberg Barclays U.S. Aggregate Float Adjusted Index.

Fund Strategy: Bloomberg Barclays U.S. Aggregate Float Adjusted Index represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States-including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities-all with maturities of more than 1 year. All of itsinvestments will be selected through the sampling process, and at least 80% of its assets will be invested in bonds held in theindex.




price.




● The Bloomberg Barclays U.S. Aggregate Float Adjusted Index measures the total universe of public, investment-grade,taxable, fixed income securities in the United States-including government, corporate, and international dollar-denominatedbonds, as well as mortgage-backed and asset-backed securities-all with maturities of more than 1 year.


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Vanguard Total International Stock Index Fund Admiral Shares

VRS Code: 895879

Fund Objective: The investment seeks to track the performance of a benchmark index that measures the investment return ofstocks issued by companies located in developed and emerging markets, excluding the United States.

Fund Strategy: The fund employs an indexing investment approach designed to track the performance of the FTSE Global AllCap ex US Index, a float-adjusted market-capitalization-weighted index designed to measure equity market performance ofcompanies located in developed and emerging markets, excluding the United States. It invests all, or substantially all, of itsassets in the common stocks included in its target index.

Fund Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of whichmay be magnified in emerging markets. Value and growth stocks can perform differently from other types of stocks. Growthstocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of time. Stock marketsare volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or otherdevelopments. Additional risk information for this product may be found in the prospectus or other product materials, ifavailable.



behave differently.




● The FTSE Global All Cap ex US Index is part of a range of indices designed to help US investors benchmark theirinternational investments. The index comprises large, mid and small cap stocks globally excluding the US.


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This information is intended to be educational and is not tailored to the investment needs of any specific investor.

This document provides only a summary of the main features of the Cornell University Retirement Plans and the Plan Document willgovern in the event of discrepancies.

The Plan is intended to be a participant-directed plan as described in Section 404(c) of ERISA, which means that fiduciaries of thePlan are ordinarily relieved of liability for any losses that are the direct and necessary result of investment instructions given by aparticipant or beneficiary.

© 2010 - 2020 FMR LLC. All rights reserved.

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