Ventura County 401(k) Planvcportal.ventura.org/CEO/benefits/def-comp/docs/... · He has about 25...

Your Guide to GettinG Started

Ventura County 401(k) Plan

Invest in your retirement—and yourself—today,

with help from the Ventura County 401(k) Plan

and Fidelity.

Invest some of what you earn today for what you plan toaccomplish tomorrow.

It is our pleasure to offer you the opportunity to enroll in the Ventura County 401(k) Shared Savingsand Section 457 Plans ("Deferred Compensation Plans" or "Plans"). Your Deferred CompensationPlans offer a convenient, tax-deferred way to save for retirement.

By participating in the Deferred Compensation Plans you

Benefit from:

Convenience. Your contributions are automatically deducted regularly from your paycheck.

Tax savings now. Your pretax contributions are deducted from your pay before income taxes aretaken out. This means that you may actually lower the amount of current income taxes withheldeach period. It could mean more money in your take-home pay versus saving money in ataxable account.

Investment options. You have the flexibility to select from investment options that range from moreconservative to more aggressive, making it easy for you to develop a well-diversified investmentportfolio. Your plan also offers you the option to select to have professional investment managersfrom Fidelity manage your account for you.

Tax-deferred savings opportunities. You pay no taxes on any earnings until you withdraw themfrom your account, enabling you to keep more of your money working for you now.

Automatic annual increases. Save a little more each year, the easy way — the Annual Increaseprogram automatically increases your contribution each year.

Online beneficiary. With Fidelity’s Online Beneficiaries Service, you can designate yourbeneficiaries, receive instant online confirmation, and check your beneficiary information virtuallyany time.

Catch-up contributions. If you make the maximum contribution to your plan account, and you are50 years of age or older during the calendar year, you can make an additional “catch-up”contribution of $5,500 in 2013. In addition, during one or more of the last 3 years before normalretirement age, you may be limited to using the greater of the 457 “last-3-years” catch-up or theage 50 catch-up.

To learn more about what your plan offers, see “Frequently asked questions about your plan” laterin this guide.

Enroll in your plan and invest in yourself today.

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Count on us to support you every step of the way.

Investing in yourself is easy with the Ventura County 401(k) Plan.We’ll show you how to get started, step by step.

Decide how much to invest.

Determine investments that are right for you.

Enroll today.

First: Let’s see why it’s important to start today. ]

When you’re ready to enroll: Go towww.plan.fidelity.com/ventura or call 1-800-343-0860. 1

Get started today.

Starting early can have an impact on your account.

Your decision to start today could give you quite a bit more at retirement than starting five yearsfrom now.

Hypothetical example:

Potential growth if you contribute $100 of your paycheck monthly

Potential accountvalue in 10 years

Potential accountvalue in 20 years

Start today $17,409* $52,397*

Wait 5 years to start $7,201 $31,881

$10,208 difference $20,516 difference

* Increase your contributions to $200 a month, and your potential account value could be evenmore - $34,819 in 10 years and $104,793 in 20 years.

This hypothetical illustration is based on the following assumptions: (1) Hypothetical participant remains employed and contributesas shown at the beginning of each month throughout the periods shown, (2) a hypothetical effective annual rate of return of 7%, (3)reinvestment of all earnings, (4) no withdrawals or loans throughout the indicated periods, and (5) participant is 100% vested. Incometaxes, inflation, fees and expenses are not taken into account. If they were, values would be lower. Earnings and pre-tax contributionsin a tax-deferred plan are subject to income taxes when withdrawn, and if distributions are taken before age 59½, may also besubject to a 10% penalty. Individual results will vary. Systematic investing does not ensure a profit and does not protect against loss ina declining market. This example is for illustrative purposes only and does not represent the performance of any investment.Contributions are subject to Plan and IRS limits and such limits are indexed and adjusted for cost of living increases. Plan limits maybe less than IRS limits. For highly compensated employees, additional limits may apply.

This hypothetical illustration is for educational purposes. Actual benefits are provided solely according to the terms of the Plan. Aparticipant’s actual account balance at any point in the future will be determined by the contributions that have been made, any planor account activity, and any investment gains or losses that may occur. The illustrations of future balances should in no way beconstrued to imply any guarantee of future employment.

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x Find out more

Decide how much to invest.

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More than any other factor, the amount you put away will helpdetermine how much your savings may grow. How much shouldyou invest?

Here are some suggestions forsetting your contributionamount:

● Get all your employer match.

Employer contributions are available for the401(k) Plan only. The contributions vary bybargaining unit. Refer to the DeferredCompensation Program Plan YearInformation fact sheet.

● Try for 10%. Fidelity considers 10 - 15%per paycheck a very good start. This amountcan take you a long way toward reachingyour retirement goals.

● Do what you can afford—you can changeyour contribution amount later if needed.Start at a number that feels comfortable toyou. The important thing is to invest whatyou can afford and start right away.

Invest more in your plan, pay less intaxes. Your pretax contributions come outof your pay before income taxes are takenout. You can actually lower your currenttaxes by investing in the plan today. Take alook at the chart to see how it works.

Save a little more each year, the easy way.You can elect to automatically increase yourcontributions each year through the AnnualIncrease Program. All you need to do ischoose the amount of each yearly increase.

Take-home pretax pay calculations

If your pay-periodcontribution is:

Your take-home payis estimated to bereduced by only:

$100 $72

$200 $144

Estimated annual after-tax cost assumes a single taxpayer in the28% federal tax bracket and no state taxes incurred. Your actualtax savings may be more or less than the estimate showndepending on your taxable federal and state income,exemptions, and filing status. Potential changes to federaland/or state tax rates may affect tax savings in future years.

The Fidelity Take—Home Pay Calculator shows howaffordable it can be to invest in your plan, thanks topretax contributions. You’ll find it in the Tools &Learning section at www.plan.fidelity.com/ventura.

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2 Determine investments that are right for you.

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What kind of investor are you? The answer to this question will determinewhich plan investments may be right for you. The Ventura County 401(k)Plan offers a range of investments, so you can build your portfolio your way.

Option A:

Are you a hands-off investor?

If you answered yes to any of these questions, you may want to consider one of the following investment choices:

Fidelity Freedom K® Funds offer a single-fundapproach to investing. Lifecycle funds aredesigned for investors expecting to retirearound the year indicated in each fund’s name.The investment risk of each lifecycle fundchanges over time as each fund’s assetallocation changes. The funds are subject to thevolatility of the financial markets, includingequity and fixed income investments in the U.S.and abroad and may be subject to risksassociated with investing in high yield, smallcap, commodity-linked and foreign securities.Principal invested is not guaranteed at any time,including at or after the fund’s target date.

Fidelity Asset Manager® Funds. Just select theFidelity Asset Manager fund that fits your risktolerance and investing goals—fromconservative to aggressive. Fidelity fundmanagers will monitor the fund to maintain theappropriate investment based upon the targetasset mix.

Fidelity® Portfolio Advisory Service at Work.Your Plan also offers you the option of havingexperienced professionals manage youraccount for you. This service providesdiscretionary management for a fee. For moreinformation, see the FAQ section of this guideor call 866-811-6041.

x If you’re ready to enroll, go to Step 3.

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Option B:

Are you a hands-on investor?

• Do you want to make your own investment decisions?

• Do you have the time to actively manage your investments?

• Are you comfortable building your own portfolio?

If you answered yes to any of these questions, the following steps will help you build your portfolio.

First, start by finding your approach.

Are you a conservative investor? An aggressive investor? Somewhere in between? The answer is a function of three things. The first is the length of time you have to invest—in this case, the number of years until you expect to retire. The second is your comfort with risk. The third is your financial situation.

If your time horizon is long, your risk tolerance is high, and your financial situation stable, you may be an aggressive investor. On the other hand, if you’ll need your money soon, are uncomfortable with risk, and your financial situation is somewhat uncertain, you may need a more conservative approach. Many investors may be somewhere in between, taking a growth or balanced approach.

To determine your possible investment approach, consider these factors:

• The age you want to retire• Your comfort level with the stock market’s

ups and downs• Whether you prefer stability or the potential

for bigger returns, which entails greater risk• Your short- and long-term financial needs

*Hypothetical, for illustrative purposes only.

Here are the approaches two others have taken.*

This is Larry. Age: 40

He has about 25 years until he retires.

He can tolerate significant up-and-down movement in the market.

He has a preference for growth and doesn’t mind substantial movement in his portfolio’s value.

His financial situation is secure.

Based on these factors, Larry considers himself a fairly aggressive investor.

This is Nancy. Age: 45

She has about 20 years until she retires.

She can tolerate some up-and-down movement in the market.

She is looking for some opportunity for growth and can tolerate some up-and-down movement in her portfolio’s value.

Her financial situation is somewhat secure.

Based on these factors, Nancy considers herself a fairly conservative investor.

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The purpose of the sample investment mixes is to show how mixes may be created with different risk and return characteristics to help meet a participant’s goal. You should choose your own investments based on your particular objectives and situation. Remember, you may change how your account is invested. Be sure to review your decisions periodically to make sure they are still consistent with your goals. You should also consider any investments you have outside the plan when making your investment choices.

The investment options offered through the plan were chosen by the plan sponsor. The sample mixes illustrate some of the many combinations that could be created and should not be considered investment advice.

Next, learn about the different kinds of investments.

There are three basic investment types—short-term investments, bonds, and stocks. And they, like investors, fall along a range from conserva-tive to aggressive.

Short-term investments are the most conservative. Also known as “cash” invest-ments, this investment type involves the least amount of risk, but also provides the lowest potential returns.

Bonds are in the middle. Generally less risky than stocks, this investment type typically offers moderate returns and risk compared with stocks.

Stocks are the most aggressive. Although past investment results do not guarantee future

results, this investment type has historically provided the highest long-term returns and the greatest risk. Stock investments include large (large-cap), medium-size (mid-cap), and small (small-cap) U.S. companies, as well as foreign companies. However, each of these types of stock investments has its own level of risk—for example, small cap tends to be more risky than large cap.

Then, select the right mix of investment types for your situation.

Once you know how conservative or aggressive your approach is as an investor, and you under-stand the difference between investment types, you can figure out what mix of investment types matches your approach.

Conservative aggressive

This chart shows how four hypothetical investment mixes align with different approaches to investing, from relatively conservative to relatively aggressive.

14% domestic stocks

6% international/global

50% bonds

30% short-term investments

May be appropriate if you prefer steadier performance over time, with some opportunity for growth.

35% domestic stocks


40% bonds


May be appropriate if you want some opportunity for growth, and can tolerate some up-and-down movement in your portfolio’s value.

49% domestic stocks


25% bonds


May be appropriate if you have a preference for growth, and can tolerate significant up- and-down movement in your portfolio’s value.

60% domestic stocks


15% bonds

May be appropriate if you have a strong preference for growth, and can tolerate wide, and sometimes sudden, up-and-down movement in your portfolio’s value.

Conservative Mix Balanced Mix Growth Mix Aggressive Growth Mix

14% domesticstocks

6% internationalstocks

50% bonds

30% short-terminvestments

ConservativeMix

Balanced Mix

35% domesticstocks


40% bonds


Growth Mix

49% domesticstocks


25% bonds


60% domestic stocks

25% international stocks

15% bondsAggressiveGrowth Mix

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Finally, pick yourinvestment options.Your Employer offers investment options acrossthe three investment types. For descriptions,turn to the “Investment Options” section of thisguide. You can also go towww.plan.fidelity.com/ventura to get up-to-dateperformance information, other investmentspecifics, and educational material.

When you’re ready for moreinvestment flexibility.Most employees find that the standardinvestment options listed in this guide are finefor their needs. But if you’re a moresophisticated investor, Fidelity BrokerageLink®

may be right for you. BrokerageLink combinesthe convenience of your workplace retirementplan with the additional flexibility of a brokerageaccount. It gives you expanded investmentchoices requiring that you more activelymanage your retirement contributions. To findout more about Fidelity BrokerageLink, go tothe “Investment Options” section of this guide,or visit www.plan.fidelity.com/ventura.

Growth MixGrowth Mix

49% domesticstocks


25% bonds


This is Larry. Age: 40

As a fairly aggressive investor, Larry selected a growth mix of investments.

49% domestic stocks


25% bonds


*Hypothetical, for illustrative purposes only.

This is Nancy. Age: 45

As a fairly conservative investor, Nancy chose a balanced mix of investments.

Balanced MixBalanced Mix

35% domesticstocks


40% bonds


Nancy and Larry revisited: a look at their investment mixes.*

35% domestic stocks


40% bonds


x For help finding your investment mix:

e-Learning: Online Fidelity e-Learning® workshops canteach you the fundamentals of saving for retirement. You’llfind it in the Tools & Learning section atwww.plan.fidelity.com/ventura. Or call the Fidelity at1-800-343-0860.

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x Remember, we’re here to help.

Start today.

It’s easy to join your plan and make that next great investment in yourself.Here’s how:

It’s easy to join your plan and make that next great investment in yourself. Here’s how:

● First, go to Fidelity at www.plan.fidelity.com/ventura or call the Fidelity Retirement ServicesRepresentatives at 1-800-343-0860, 5:30 AM to 9:00 PM, PT, Mon - Fri.

● Next,set up your password. If you’re already a Fidelity customer, you can use yourexisting password.

● Finally, click on the link to the Deferred Compensation Plans in the center of the NetBenefits®

homepage. Then click on "Enroll Now". Or follow the instructions on the automated voiceresponse system.

See the following pages for important plan details, including FAQs, descriptions of yourinvestment options, as well and forms.

If you need any help along the way, visit Fidelity NetBenefits atwww.plan.fidelity.com/ventura or call the Fidelity at 1-800-343-0860.

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/ventura or call 1-800-343-0860

Frequently asked questions about your plan.Here are answers to questions you may have about the key features, benefits, and rules of your plan.

When can I enroll in the plan?

You can enroll in either Plan at any time. Beloware the eligibility rules for each Plan.

● 401(k) Plan: Regular employees with aregular work schedule of at least 40 hoursbiweekly are eligible.

● 457 Plan: Regular employees with job titlesrepresented by CNA, SPOAVC or IUOE areeligible if they have a regular work scheduleof 40 hours or more per pay period. Allother regular employees, and employees inthe CNA Per Diem Unit, are eligible toparticipate regardless of regularwork schedule.

● If you are eligible for both the 401(k) and457 Plans, you can participate in both,contributing up to the annual maximum forboth Plans.

How do I enroll in the Plans?

Log on to Fidelity atwww.plan.fidelity.com/ventura or call theFidelity Retirement Services Representativesat 1-800-343-0860 to enroll in the Plans.

How much can I contribute?

Through automatic payroll deduction, youmay contribute up to 100% of your eligiblepay on a pretax basis to each Plan, up to theannual IRS dollar limits. Annual additions tothe plan (your contributions and companycontributions combined) for the 401(k) planmay not exceed 100% of your pay or $51,000for 2013 (whichever is less).

Coordination of Plan limits for the 457 Planwas repealed in 2002. As a result, anemployee who participates in both a

governmental 457 plan and a 401(k) planmay defer up to the maximum amountallowed under the IRS dollar limits in eachplan (subject to additional plan limits).

In addition, you can automatically increaseyour retirement savings plan contributionseach year through the Annual IncreaseProgram. You can sign up by logging on toFidelity NetBenefits® atwww.plan.fidelity.com/ventura and oncelogged into NetBenefits, click "PayrollDeductions," or by calling the FidelityRetirement Services Representatives at1-800-343-0860.

What is the IRS contribution limit?

The IRS contribution limit for 2013is $17,500.

When is my enrollment effective?

Your enrollment for the 401(k) Plan becomeseffective once you elect a deferralpercentage. Your elective deferral initiatesthe deduction of your contribution from yourpay. The salary deduction will generallybegin with your next pay period after wereceive your enrollment information, or assoon as administratively possible.

Your enrollment for the 457 Plan becomeseffective the first payday in the monthfollowing the month you elect a dollaramount deferral, or as soon asadministratively possible. Your electivedeferral initiates the deduction of yourcontribution from your pay.

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Does the Employer contribute tomy account?

Employer contributions are available for the401(k) Plan only. The contributions vary bybargaining unit. Refer to the DeferredCompensation Program Plan YearInformation fact sheet.

How do I designate my beneficiary?

If you have not already selected yourbeneficiaries, or if you have experienced alife-changing event such as a marriage,divorce, birth of a child, or a death in thefamily, it’s time to consider your beneficiarydesignations. Fidelity’s Online BeneficiariesService, available through FidelityNetBenefits®, offers a straightforward,convenient process that takes just minutes.Simply log on to NetBenefits® atwww.plan.fidelity.com/ventura and click on“Beneficiaries” in the About You section ofYour Profile. If you do not have access to theInternet or prefer to complete yourbeneficiary information by paper form,please contact 1-800-343-0860.

What are my investment options?

To help you meet your investment goals, thePlan offers you a range of options. You canselect a mix of investment options that bestsuits your goals, time horizon, and risktolerance. The many investment optionsavailable through the Plan includeconservative, moderately conservative, andaggressive funds. A complete description ofthe Plan’s investment options and theirperformance, as well as planning tools tohelp you choose an appropriate mix, areavailable online at Fidelity NetBenefits.®

Fidelity Freedom K® Funds. The Plan alsooffers the Fidelity Freedom K® Funds thatoffer a blend of stocks, bonds and short-term investments within a single fund. EachFreedom K® Fund’s asset allocation is basedon the number of years until the fund’starget retirement date. The Freedom K®

Funds are designed for investors who want asimple approach to investing for retirement.

Lifecycle funds are designed for investorsexpecting to retire around the yearindicated in each fund’s name. Theinvestment risk of each lifecycle fundchanges over time as each fund’s assetallocation changes. The funds are subject tothe volatility of the financial markets,including equity and fixed incomeinvestments in the U.S. and abroad and maybe subject to risks associated with investingin high yield, small cap, commodity-linkedand foreign securities. Principal invested isnot guaranteed at any time, including at orafter the fund’s target date.

Fidelity® Portfolio Advisory Service atWork. The Plan also offers Fidelity® PortfolioAdvisory Service at Work, a managedaccount service that lets you delegate theday-to-day management of your workplacesavings plan account to professionalinvestment managers. Fidelity’s experiencedprofessionals evaluate the investmentoptions available in your plan and identify amodel portfolio of investments appropriatefor an investor like you. The service theninvests your account to align with this modelportfolio and provides ongoingmanagement of your account to addresschanges in the markets, your plan’sinvestment lineup, and changes in yourpersonal or financial situation.

With a managed account, you can takeadvantage of Fidelity’s resources andexperience to help ensure that:

● Your investments are managed through theups and downs of the market.

● You’re keeping your accounts aligned withyour goals through annual reviewsand check-ins.

● Your account is actively managed to createan opportunity for long-term gains whilemanaging the risk associated with investing.

To see if Fidelity® Portfolio Advisory Serviceat Work is right for you, log ontoNetBenefits® athttps://netbenefits.fidelity.com/pas where

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you can easily enroll in the Service and learnmore. Fidelity Portfolio Advisory Service atWork is a service of Strategic Advisers, Inc.,a registered investment adviser and aFidelity Investments company. This serviceprovides discretionary moneymanagement for a fee.

Please note that performance of the modelportfolios depends on the performance ofthe underlying investment options. Theseinvestments are subject to the volatility ofthe financial markets in the U.S. and abroadand may be subject to additional risks withinvesting in high yield, small-cap, andforeign securities.

Fidelity BrokerageLink.® For those desiringthe most investment flexibility and choice,the Plan offers a self-directed brokerageoption, which gives you access to individualstocks and bonds as well as many othermutual funds. A complete description of thePlan’s investment options and theirperformance, as well as planning tools tohelp you choose an appropriate mix, areavailable online at Fidelity NetBenefits.®

What "catch-up" contribution can I make?

If you have reached age 50 or will reach 50during the calendar year January 1 -December 31 and are making the maximumPlan or IRS pretax contribution, you maymake an additional "catch-up" contributioneach pay period. In 2013, the maximumannual catch-up contribution is $5,500. Theage 50+ or "Baby Boomer Catch-up" as it issometimes referred to by the County,applies to both the 401(k) and 457 Plans.However, age 50+ catch-up contributions tothe 457 Plan cannot be combined with the"457 special catch-up" provisionoutlined below.

A special "catch-up" provision helpsemployees approaching retirement saveeven more.

The 457 special catch-up provision allowsyou to make additional catch-upcontributions of up to double the annual IRS

deferral limit for one or more of the lastthree taxable calendar years ending beforeyou attain "normal retirement age." You canonly use the 457 “last 3 years” catch-up. Theotherwise applicable contribution limit maybe increased to up to twice that amount.Eligibility is dependent upon yourunderutilized amount and will be calculatedby the plan administrator. When you enroll,you will elect your own normal retirementage. In order to be eligible, you must meetage and service requirements. In addition,you must have under-contributed to theVentura County Section 457 Plan in previousyears. You may use only one of the catch-upprovisions (age 50+ or 457 special) in a givenyear. For more information, contact theDeferred Compensation Programat 805-654-2620.

When am I vested?

You are always 100% vested in your owncontributions to the Deferred CompensationPlans. You are also 100% vested incontributions made by your Employer.

Can I take a loan from my account?

Plan loans are available from the 401(k) Planonly. Should an unexpected financial needarise, your 401(k) Plan offers you the optionof borrowing from your account. ContactFidelity for details.

● Generally, you can borrow up to 50% ofyour vested account balance or $50,000,whichever is lower.

● The minimum amount you may borrowis $1,000.

● You must be a Plan participant for 12months before qualifying to take a loan.

● Loan repayments (plus interest) to your Planaccount are made automatically throughaftertax payroll deductions.

● Loans must be repaid within five years.

● You may have two loans outstanding atone time.

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● Call Fidelity at 1-800-343-0860 to initiate aloan, or log on to Fidelity NetBenefits® atwww.plan.fidelity.com/ventura.

● Checks are generally mailed three to fivebusiness days after the loan hasbeen approved.

● If you fail to repay your loan (based on theoriginal terms of the loan), it will beconsidered in “default” and treated as adistribution, making it subject to income taxand possibly to a 10% early withdrawalpenalty. Defaulted loans may also impactyour eligibility to request additional loans.Be sure you understand the Plan guidelinesand impact of taking a loan before youinitiate a loan from your plan account.

Any outstanding loan balances over theprevious 12 months may reduce the amountyou have available to borrow. Be sure youunderstand the Plan guidelines and impactof taking a loan before you initiate a loanfrom your plan account.

Can I take an in-service withdrawal ofpretax money?

From the 401(k) Plan

You may apply for a hardship withdrawalfrom your account if you have experiencedan immediate and heavy financial need thatmeets the IRS guidelines for the 401(k) Plan.Call the Deferred Compensation Program at1-805-654-2620 to initiate a hardshipwithdrawal. Any withdrawals will be subjectto taxes and possibly an early withdrawalpenalty. If your hardship request isapproved, you will be suspended frommaking contributions to the 401(k) and 457Plans for six months.

From the 457(b) Plan

You may apply for an unforeseeableemergency withdrawal from your account ifyou have experienced an unforeseeableemergency that is beyond your control, andcauses you severe financial hardship. Callthe Deferred Compensation Program at1-805-654-2620 to initiate a withdrawal. Your

withdrawal will be subject to taxes. If yourrequest is approved, you will be suspendedfrom making contributions to the 457 Planfor six months.

Any assets distributed from your 457 planwill be taxable as ordinary income, which willbe taxed as wages in the year in which youreceive them. Federal income tax will not bewithheld at the rate in effect at the time ofwithdrawal if an eligible plan-to-plan transferis made to another employer’s 457 plan thataccepts the transfer. Be sure you understandthe federal and state tax consequences ofany distribution before you initiate one. Youmay want to consult your tax adviser aboutyour situation.

What are my distribution options?

If you leave the service of your Employer forany reason, you may elect to:

● Leave your account with the DeferredCompensation Plans.

● Receive a lump sum distribution.

● Receive a partial or periodic payment fromyour account.

● Purchase an income annuity (457 Plan only).

● Roll over eligible distributions from your401(k) or 457 plan to a 401(a), 403(b), orgovernmental 457 plan (provided the newplan accepts assets from unlike plans), or toan IRA.

● Directly transfer your 457 account toanother governmental 457 employer’s plan,provided the new plan accepts transfers.

Federal income tax will be withheld at a rateof 20% unless eligible rollover distributionsare directly rolled over to anotheremployer’s plan or an IRA.

Can I move money from anotherretirement plan into my account in theDeferred Compensation Plans?

You are permitted to roll over eligible pretaxcontributions from any other eligibleretirement plan, including, but not limited

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to: 401(k) plans, 403(b) plans, 457 plans,pension plans and Individual RetirementAccounts (IRAs). Call a Fidelity RetirementCounselor at 1-800-328-6608 or log on toFidelity NetBenefits® atwww.plan.fidelity.com/ventura for details.You should consult your tax adviser andcarefully consider the impact of making arollover contribution to your employer’s planbecause it could affect your eligibility forfuture special tax treatments.

How do I access my account?

You can access your account online atwww.plan.fidelity.com/ventura or call1-800-343-0860 to use the automated voiceresponse system, virtually 24 hours, 7 days aweek. Fidelity Retirement ServicesRepresentatives are available Mondaythrough Friday, from 5:00 AM to 9:00 PM PTat 1-800-343-0860.

What fees are deducted frommy account?

The following fees are deducted fromyour account:

*County administration

● $9.79 quarterly administrative fee foractive participants

● $4.60 quarterly administrative fee for retiredand terminated participants

Loan setup and maintenance

● $35.00 one-time loan setup fee

● $3.75 quarterly maintenance fee

Qualified Domestic Relations Order (QDRO)

● $150.00 from participant

● $150.00 from alternate payee

*The quarterly administrative participantfee has been waived for the period ofJanuary 1, 2012 through December 31, 2012.Although the fee has been waived for thiscalendar year the Committee will continueto review the Plan’s fee structure annually toevaluate the continuation of the fee holiday.

How do I obtain additional investmentoption and account information?

The Employer has appointed Fidelity toprovide additional information on theinvestment options available through thePlan. Also, a statement of your account maybe requested by phone at 1-800-343-0860 orreviewed online atwww.plan.fidelity.com/ventura.

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four approaches TO INVESTING

The investment options offered in the Deferred Compensation Plans are structured in four distinct groups, or levels.To make your investment selection easier, you will want to consider which of these four approaches to investing

(described below) may work best for you. The approaches vary and are targeted to investors with different levels of

investment experience. They are also targeted to the level of involvement you want in managing your investment mix.

Remember, any of the investment options described in this brochure are available to you at any time.

level 1: F I D E L I T Y ® P O RT F O L I O A D V I S O RY S E R V I C E AT W O R K

Ventura County Deferred Compensation Plans investment options

• With this approach you determine and maintain the mix of investments in your Plan account.

• A carefully selected lineup of 12 Lifecycle Funds and 18 investment options is featured in this level. These options are popular choices from major asset classes (stocks and bonds), and can provide you with a broad range of choices to help create a diversified portfolio.

• Consider the lifecycle funds — Fidelity Freedom K® Funds. With this approach the portfolio manager determines and maintains a mix of Fidelity funds to achieve a diversified allocation of stock, bond, and short-term investments. The asset mix of each Freedom K Fund with a target retirement year will gradually adopt a more conservative asset allocation over time, so investors can stay with the same fund before and during retirement. Choose the Freedom K Fund with the target retirement year that most closely matches the year you want to retire.

level 2: C O R E I N V E S T M E N T O P T I O N S , I N C L U D I N G L I F E C Y C L E F U N D S

• With this approach you determine and maintain the mix of investments in your Plan account — but you are choosing from more than 240 investment options representing a variety of investment styles through Fidelity Investments and many other investment companies.

level 3: E X PA N D E D I N V E S T M E N T O P T I O N S

• Designed for investors who can research and evaluate investments on their own.

• With this approach you determine and maintain the mix of investment in a self-directed brokerage account.

• Broad access to thousands of mutual fund products and individual securities.

level 4: F I D E L I T Y B R O K E R A G E L I N K ®

• Consider the Fidelity® Portfolio Advisory Service at Work, for investors who feel they don’t have the expertise to thoroughly evaluate Plan investment options, determine an appropriate investment allocation, and monitor and change their holdings over time. See “What are my investment options?” in the Frequently Asked Questions section of this guide, call Fidelity at 1-800-343-0860, or log on to Fidelity NetBenefits® for more information, including fees and expenses.

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LIFECYCLE FUNDS

Level 2: Core Investment Options, Including Lifecycle Funds Consider one of the Fidelity Freedom K® Funds if you understand the importance of asset allocation and diversi-fication, but you feel more comfortable having a professional portfolio manager managing the asset allocation.

INVESTMENT options

Additional Core Investment Options Eighteen core investment options to help you create and manage a diversified portfolio. You may want to consider these if you are comfortable managing your own asset allocation.

Last categorization update 4/30/2013.

This spectrum, with the exception of the Domestic Equity category, is based on Fidelity’s analysis of the characteristics of the general investment categories and not on the actual investment options and their holdings, which can change frequently. Investment options in the Domestic Equity category are based on the options’ Morningstar categories as of the date indicated. Morningstar categories are based on a fund’s style as measured by its underlying portfolio holdings over the past three years and may change at any time. These style calculations do not represent the investment options’ objectives and do not predict the investment options’ future styles. Investment options are listed in alphabetical order within each investment category. Risk associated with the investment options can vary significantly within each particular investment category, and the relative risk of categories may change under certain economic conditions. For a more complete discussion of risk associated with the investment options, please read the prospectuses before making your investment decisions. The spectrum does not represent actual or implied performance.

Investment options to the left have potentially more inflation risk and less investment risk

Investment options to the right have potentially less inflation risk and more investment risk

Money Market/

Short-Term

Managed Income/

Stable ValueBond

Balanced/Hybrid

Domestic Equity

International/ Global Equity

Fidelity® U.S. Government

Reserves

Managed Income

Portfolio II— Class 1

DIVERSIFIED

Fidelity® Intermediate Bond Fund

PIMCO Total Return Fund—

Institutional Class

HIGH YIELD

Fidelity® Capital &

Income Fund

Fidelity® Puritan®

Fund—Class K

LARGE VALUE

Columbia Dividend

Income Fund Class Z

MID VALUE

RidgeWorth Mid-Cap Value

Equity Fund Class I

SMALL VALUE

American Beacon

Small Cap Value Fund— Institutional

Class

LARGE BLEND

Spartan® 500 Index Fund— Institutional

Class

MID BLEND

Fidelity® Low-Priced

Stock Fund— Class K

Spartan® Extended

Market Index Fund—Fidelity

Advantage Class

LARGE GROWTH

Fidelity® Blue Chip Growth

Fund—Class K

Fidelity® Contrafund®—

Class K

MID GROWTH

Fidelity® Mid-Cap Stock Fund—Class K

SMALL GROWTH

Morgan Stanley Institutional

Small Company Growth Fund—

Class I

DIVERSIFIED

Fidelity® Diversified

International Fund—Class K

Templeton Foreign Fund—

Class Advisor

Templeton Global Bond Fund Advisor

Class

Target date investments are represented on a separate spectrum because they are generally designed for investors expecting to retire around the year indicated in each investment‘s name. The investments are managed to gradually become more conservative over time. The investment risk of each target date investment changes over time as its asset allocation changes. The investments 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 with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after the investments’ target dates.



Level 1: Fidelity® Portfolio Advisory Service at Work A fee-based service designed for investors who don’t have the time, interest, or inclination to manage their own account, or who want to benefit from experienced professional investment management of their Plan account. See the Frequently Asked Questions section of this guide, call Fidelity at 1-800-343-0860, or log on to Fidelity NetBenefits® for more information, including fees and expenses.

Fidelity Freedom K® Income Fund Fidelity Freedom K® 2000 FundFidelity Freedom K® 2005 FundFidelity Freedom K® 2010 Fund

Fidelity Freedom K® 2015 FundFidelity Freedom K® 2020 FundFidelity Freedom K® 2025 FundFidelity Freedom K® 2030 Fund

Fidelity Freedom K® 2035 FundFidelity Freedom K® 2040 Fund

Fidelity Freedom K® 2045 Fund Fidelity Freedom K® 2050 Fund Fidelity Freedom K® 2055 Fund

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LARGE VALUE

MID VALUE

SMALL VALUE

LARGE BLEND

MID BLEND

SMALL BLEND

LARGE GROWTH

MID GROWTH

SMALL GROWTH

Shown below is a look at the categories of investment options, ranked by potential risk and reward.

Categories to the left have potentially more inflation risk and less investment risk

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

Money Market/

Short-Term

Managed Income/

Stable ValueBond Balanced/

HybridDomestic

Equity

International/Global Equity

Specialty

Last categorization update 4/30/2013.

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



Fidelity Asset Manager® 20%







The portfolio manager of each of the Fidelity Asset Manager® funds has the flexibility to periodically shift investments among the three asset classes (stock, bond, short-term investments), depending on the current outlook for the various markets. The risk levels of the Fidelity Asset Manager® funds cannot be portrayed as a single point on the objective spectrum along with the other investment options because they can change periodically according to how the assets are invested. Placement of each Fidelity Asset Manager fund on this spectrum is in relation to the other Fidelity Asset Manager funds, which have different investment strategies. For information on the risks associated with the Fidelity Asset Manager funds, please read the prospectus.

Asset Allocation Funds

Level 3: Expanded Investment Options

The Deferred Compensation Committee does not monitor the Level 3: Expanded Investment Options for invest-

ment performance, investment risk, management style, investment objectives, or investment expenses. These

investment options are generally appropriate only for participants who have an understanding of diversification

and all costs and risks involved.

It’s important to know that the expanded investment options will change periodically. There’s a risk that the fund

you’re invested in will be frozen to new contributions (although you may be able to continue making contributions

to the fund through BrokerageLink).

Descriptions of the Level 3: Expanded Investment Options in the Ventura County 401(k) Shared Savings and

Section 457 Plans may be obtained by logging on to Fidelity at www.plan.fidelity.com/ventura or by calling

1-800-343-0860.

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Money Market/Short TermCode Investment Option Name00055 Fidelity® Cash Reserves00458 Fidelity® Government Money Market Fund00454 Fidelity® Money Market Fund00631 Fidelity® Money Market Trust Retirement

Government Money Market Portfolio00630 Fidelity® Money Market Trust Retirement Money

Market Portfolio00415 Fidelity® U.S. Treasury Money Market Fund00085 Select Money Market Portfolio Bond

GOVERNMENT00015 Fidelity® GNMA Fund00054 Fidelity® Government Income Fund00452 Fidelity® Intermediate Government Income Fund93598 PIMCO Long-Term U.S. Government Fund

Institutional Class01564 Spartan® Intermediate Treasury Bond Index

Fund—Fidelity Advantage Class01565 Spartan® Long-Term Treasury Bond Index Fund—

Fidelity Advantage Class01563 Spartan® Short-Term Treasury Bond Index Fund—

Fidelity Advantage Class49391 Wells Fargo Advantage Government Securities

Fund Institutional Class

DIVERSIFIED 47214 Calvert Bond Portfolio Class I00026 Fidelity® Investment Grade Bond Fund00040 Fidelity® Mortgage Securities Fund00450 Fidelity® Short-Term Bond Fund00368 Fidelity® Strategic Income Fund00820 Fidelity® Total Bond Fund00812 Fidelity® Ultra-Short Bond Fund85091 Janus Flexible Bond Fund Class I20269 Managers Bond Fund93118 Morgan Stanley Institutional Core Plus Fixed

Income Portfolio Class Institutional26879 Neuberger Berman Core Bond Fund Institutional

Class93687 PIMCO Low Duration Fund Institutional Class02324 Spartan® U.S. Bond Index Fund—Fidelity

Advantage Class49394 Wells Fargo Advantage Ultra Short Income Fund

Institutional Class45352 Western Asset Core Bond Fund Class FI

Code Investment Option Name

HIGH YIELD 77987 Columbia Income Opportunities Fund Class Z00814 Fidelity® Floating Rate High Income Fund01366 Fidelity® Focused High Income Fund00455 Fidelity® High Income Fund85600 Neuberger Berman High Income Bond Fund

Institutional Class93596 PIMCO High Yield Fund Institutional Class

INTERNATIONAL/GLOBAL 00331 Fidelity® New Markets Income Fund93599 PIMCO Global Bond (Unhedged) Fund

Institutional Class

INFLATION-PROTECTED 00794 Fidelity® Inflation-Protected Bond Fund96095 PIMCO Real Return Fund Institutional Class Balanced/Hybrid

42484 American Beacon Balanced Fund Institutional Class

41092 Calvert Balanced Portfolio Class I02077 Fidelity® Balanced Fund—Class K00355 Fidelity® Four-in-One Index Fund01505 Fidelity® Strategic Real Return Fund89386 Invesco Equity and Income Fund Class R685082 Janus Balanced Fund Class I92779 Oakmark Equity and Income Fund Class I

CONVERTIBLES 00308 Fidelity® Convertible Securities Fund

INTERNATIONAL/GLOBAL 00334 Fidelity® Global Balanced Fund01960 Fidelity® Global Strategies Fund Domestic Equity

LARGE VALUE 48148 American Beacon Large Cap Value Fund Class

Institutional48685 American Century Investments Large Company

Value Fund Institutional Class46801 DWS Equity Dividend Fund Institutional Class01271 Fidelity® Blue Chip Value Fund02086 Fidelity® Equity Dividend Income Fund—Class K02085 Fidelity® Equity-Income Fund—Class K01828 Fidelity® Large Cap Value Enhanced Index Fund00708 Fidelity® Stock Selector Large Cap Value Fund

Level 3: Expanded Investment Options, continued

Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.18

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Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.

Domestic Equity continuedCode Investment Option Name01329 Fidelity® Strategic Dividend & Income® Fund89385 Invesco Comstock Fund Class R678360 Invesco Value Opportunities Fund R5 Shares47746 Lord Abbett Affiliated Fund Class I93079 Mutual Shares Fund Class Z42796 Neuberger Berman Large Cap Value Fund

Institutional Class

LARGE BLEND 79139 Domini Social Investment Trust Social Equity

Fund Institutional Class15765 DWS Core Equity Fund Institutional Class02063 Fidelity® 130/30 Large Cap Fund02081 Fidelity® Disciplined Equity Fund—Class K02083 Fidelity® Dividend Growth Fund—Class K02089 Fidelity® Growth & Income Portfolio—Class K01827 Fidelity® Large Cap Core Enhanced Index Fund00338 Fidelity® Large Cap Stock Fund00361 Fidelity® Mega Cap Stock Fund02103 Fidelity® Value Discovery Fund—Class K93732 Legg Mason Capital Management Value Trust

Class I78321 Neuberger Berman Focus Fund Institutional Class93542 Oakmark Fund Class I92778 Oakmark Select Fund Class I01520 Spartan® Total Market Index Fund—Fidelity

Advantage Class

LARGE GROWTH 79494 Aberdeen US Equity Fund Institutional Service

Class44568 American Century Investments Ultra Fund

Institutional Class89384 ClearBridge Aggressive Growth Fund Class IS42485 ClearBridge Large Cap Growth Fund Class I02079 Fidelity® Capital Appreciation Fund—Class K02087 Fidelity® Export and Multinational Fund—Class K00500 Fidelity Fifty®

00333 Fidelity® Focused Stock Fund02088 Fidelity® Fund—Class K02090 Fidelity® Growth Company Fund—Class K02091 Fidelity® Growth Discovery Fund—Class K02092 Fidelity® Independence Fund—Class K01829 Fidelity® Large Cap Growth Enhanced Index Fund

Code Investment Option Name00763 Fidelity® Large Cap Growth Fund02096 Fidelity® Magellan® Fund—Class K01282 Fidelity® Nasdaq® Composite Index Fund00300 Fidelity® New Millennium Fund02098 Fidelity® OTC Portfolio—Class K02101 Fidelity® Stock Selector All Cap Fund—Class K00005 Fidelity® Trend Fund48555 Hartford Growth Fund Class Y45419 Invesco Constellation Fund R5 Class85009 Janus Forty Fund Class I85104 Janus Fund Class S85541 Janus Fund Class I40464 Loomis Sayles Growth Fund Class Y93597 Managers Cadence Capital Appreciation Fund Institutional Class93115 Morgan Stanley Institutional Growth Portfolio

Class I78688 Neuberger Berman Guardian Fund

Institutional Class43822 Neuberger Berman Socially Responsive Fund

Institutional Class23604 TCW Select Equities Fund Class I48528 Touchstone Sands Capital Select Growth Fund

Class Y

MID VALUE 41159 AllianceBernstein Discovery Value Fund Class I00762 Fidelity® Mid Cap Value Fund02102 Fidelity® Value Fund—Class K85101 Perkins Mid Cap Value Fund Class I19258 Virtus Mid-Cap Value Fund Class I48106 Wells Fargo Advantage C&B Mid Cap Value Fund

Institutional Class42268 Wells Fargo Advantage Special Mid Cap Value


MID BLEND 26810 Ariel Appreciation Fund Institutional Class79929 Ariel Fund Institutional Class02094 Fidelity® Leveraged Company Stock Fund—Class K02012 Fidelity® Mid Cap Enhanced Index Fund02104 Fidelity® Value Strategies Fund—Class K48400 Invesco Mid Cap Core Equity Fund

R5 Class44399 Lord Abbett Mid Cap Stock Fund Class I78680 Wells Fargo Advantage Opportunity Fund

Institutional Class


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Domestic Equity, continued Code Investment Option Name

MID GROWTH 42486 American Century Investments Vista Fund

Institutional Class79206 Artisan Mid Cap Fund Class Institutional85160 Baron Asset Fund Institutional Class85220 Baron Growth Fund Institutional Shares41090 Calvert Capital Accumulation Fund Class I46572 Columbia Acorn Select Fund Class Z02076 Fidelity® Growth Strategies Fund—Class K22711 Franklin Small-Mid Cap Growth Fund Class

Advisor76342 Janus Enterprise Fund Class I93600 Managers Cadence Mid-Cap Fund Institutional

Class99942 Morgan Stanley Institutional Mid Cap Growth

Fund Class P45418 Neuberger Berman Genesis Fund

Institutional Class47380 Rainier Small/Mid Cap Equity Fund Institutional

Shares42795 Wells Fargo Advantage Discovery Fund

Institutional Class

SMALL VALUE 01389 Fidelity® Small Cap Value Fund42482 Royce Opportunity Fund Institutional Class

SMALL BLEND 00384 Fidelity® Small Cap Discovery Fund02011 Fidelity® Small Cap Enhanced Index Fund00340 Fidelity® Small Cap Stock Fund00336 Fidelity® Stock Selector Small Cap Fund18802 John Hancock III Small Company Fund Class I47962 Loomis Sayles Small Capital Value Fund

Institutional Class49470 Royce Total Return Fund Institutional Class43117 RS Partners Fund Class Y42927 Wells Fargo Advantage Small Cap Value


SMALL GROWTH 85325 Baron Small Cap Fund Institutional Class01388 Fidelity® Small Cap Growth Fund48559 Hartford Small Cap Growth Fund Class Y47312 Managers Special Equity Fund Institutional41929 Royce Value Plus Fund Institutional Class85177 RS Small Cap Growth Fund Class Y48543 Virtus Small-Cap Core Fund Class I

International/Global Code Investment Option Name23057 American Beacon International Equity Fund Institutional Class79207 Artisan International Fund Class Institutional49405 Calvert International Equity Fund Class I15729 DWS Global Small Cap Growth Fund Institutional

Class44695 DWS International Fund Institutional Class00309 Fidelity® Canada Fund00335 Fidelity® International Capital Appreciation Fund02093 Fidelity® International Discovery Fund—Class K02010 Fidelity® International Enhanced Index Fund01979 Fidelity® International Growth Fund00818 Fidelity® International Small Cap Fund01504 Fidelity® International Small Cap

Opportunities Fund01597 Fidelity® International Value Fund02099 Fidelity® Overseas Fund—Class K01978 Fidelity® Total International Equity Fund00318 Fidelity® Worldwide Fund48557 Hartford International Growth Fund Class Y18516 Invesco Global Small & Mid Cap Growth Fund R5 Class85097 Janus Overseas Fund Class I49407 Morgan Stanley Institutional Active International

Allocation Fund Class I99966 Morgan Stanley Institutional International Equity

Fund Class I45740 Mutual Global Discovery Fund Class Z01522 Spartan® International Index Fund—Fidelity

Advantage Class45942 Templeton Foreign Smaller Companies Fund Class Advisor94584 Templeton Growth Fund Class Advisor42508 Templeton World Fund Class Advisor

REGIONS 00351 Fidelity® Emerging Asia Fund00352 Fidelity® China Region Fund00341 Fidelity® Europe Capital Appreciation Fund00301 Fidelity® Europe Fund00350 Fidelity® Japan Fund00360 Fidelity® Japan Smaller Companies Fund00349 Fidelity® Latin America Fund00342 Fidelity® Nordic Fund00302 Fidelity® Pacific Basin Fund



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International/Global, continued Code Investment Option Name

EMERGING MARKETS 02053 Fidelity® Emerging Europe, Middle East, Africa

(EMEA) Fund02084 Fidelity® Emerging Markets Fund—Class K99471 Morgan Stanley Institutional Emerging Markets

Fund Class I49415 Templeton Developing Markets Trust

Class Advisor SPECIALTY 02120 Fidelity® Global Commodity Stock Fund01368 Fidelity® International Real Estate Fund00833 Fidelity® Real Estate Income Fund00303 Fidelity® Real Estate Investment Portfolio00311 Fidelity® Telecom and Utilities Fund00034 Select Air Transportation Portfolio00502 Select Automotive Portfolio00507 Select Banking Portfolio00042 Select Biotechnology Portfolio00068 Select Brokerage and Investment Management

Portfolio00069 Select Chemicals Portfolio00518 Select Communications Equipment Portfolio00007 Select Computers Portfolio00511 Select Construction and Housing Portfolio00517 Select Consumer Discretionary Portfolio00098 Select Consumer Finance Portfolio00009 Select Consumer Staples Portfolio00067 Select Defense and Aerospace Portfolio00008 Select Electronics Portfolio00060 Select Energy Portfolio00043 Select Energy Service Portfolio00516 Select Environment and Alternative Energy

Portfolio

Code Investment Option Name00066 Select Financial Services Portfolio00041 Select Gold Portfolio00063 Select Health Care Portfolio00510 Select Industrial Equipment Portfolio00515 Select Industrials Portfolio00045 Select Insurance Portfolio00353 Select IT Services Portfolio00062 Select Leisure Portfolio00509 Select Materials Portfolio00505 Select Medical Delivery Portfolio00354 Select Medical Equipment and Systems Portfolio00503 Select Multimedia Portfolio00513 Select Natural Gas Portfolio00514 Select Natural Resources Portfolio00580 Select Pharmaceuticals Portfolio00046 Select Retailing Portfolio00028 Select Software and Computer Services Portfolio00064 Select Technology Portfolio00096 Select Telecommunications Portfolio00512 Select Transportation Portfolio00065 Select Utilities Portfolio00963 Select Wireless Portfolio Asset Allocation

00328 Fidelity Asset Manager® 20%01957 Fidelity Asset Manager® 30%01958 Fidelity Asset Manager® 40%00314 Fidelity Asset Manager® 50%01959 Fidelity Asset Manager® 60%00321 Fidelity Asset Manager® 70%00347 Fidelity Asset Manager® 85%



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Fidelity BrokerageLink® combines the convenience of your workplace retirement plan with the additional flexibility of a brokerage account. It gives you expanded investment choices and the opportunity to more actively manage your retirement contributions. A self-directed brokerage account is not for everyone. If you are an investor who is willing to take on the potential for more risk and you are prepared to assume the responsibility of more closely monitoring this portion of your portfolio, it could be appropriate for you. However, if you do not feel comfortable actively managing a portfolio of options beyond those offered through your Plans’ standard investment options, then a self-directed brokerage account may not be appropriate for you. Additional fees apply to a brokerage account; please refer to the fact sheet and commission schedule for a complete listing of brokerage fees. Remember, it is always your responsibility to ensure that the options you select are consis-tent with your particular situation, including your goals, time horizon, and risk tolerance. Brokerage services are provided by Fidelity Brokerage Services LLC, member NYSE, SIPC.

The Deferred Compensation Committee does not monitor Fidelity BrokerageLink for investment performance, investment risk, management style, investment objectives, or investment expenses. These investment options are generally appropriate only for participants who have an understanding of diversification and all costs and risks involved.

FIDELITY BROKERAGELINK®

What it is: A brokerage account within your retirement plan that offers the opportunity to choose investments from a range of Fidelity and non-Fidelity mutual funds. This account is neither a mutual fund nor is it managed by any of the Fidelity Investments group of companies. Brokerage services are provided through Fidelity Brokerage Services LLC, a member of the New York Stock Exchange and Securities Investor Protection Corporation.

Goal: To provide a broad range of mutual funds that allow you expanded choices in managing your retirement savings more actively.

What it invests in: You alone decide how to invest the assets in your Fidelity BrokerageLink® account. You can invest in a vast array of mutual funds from either Fidelity, or from Fidelity and other mutual fund companies through BrokerageLink. There are additional fees for investing in a BrokerageLink account. See your plan’s fact sheet for details. If you do not feel comfortable actively managing a portfolio of individual securities, you may find that your plan’s standard investment options may be more appropriate for you. There are certain securities in which you cannot invest through your BrokerageLink account; check your BrokerageLink brochure for more information. There are additional fees for investing in a BrokerageLink account. In order to enroll in the Fidelity BrokerageLink account, you will need to sign and return a waiver form. To request a waiver form or a fact sheet for your plan, call Fidelity at 1-800-343-0860.

Level 4: Fidelity BrokerageLink®


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Investment OptionsBefore investing in any mutual fund, please carefully consider theinvestment objectives, risks, charges, and expenses. For this and otherinformation, call or write Fidelity for a free prospectus or, if available, asummary prospectus. Read it carefully before you invest.

Aberdeen US Equity Fund Institutional Service Class

VRS Code: 79494

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

Fund Strategy: The fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in U.S. equity securities. Equity securities include, but are not limited to, common stock, preferred stock and depositary receipts. Itwill usually invest in securities with a market capitalization of $2 billion and above at the time of purchase.

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.

Fund short term trading fees: None

Footnotes:● A mutual fund registered under Aberdeen Funds, and managed by Aberdeen Asset Management Inc. This description is only

intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about the fund.

AllianceBernstein Discovery Value Fund Class I

VRS Code: 41159

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

Fund Strategy: The fund invests primarily in a diversified portfolio of equity securities of small- to mid-capitalization U.S.companies, generally representing approximately 60-125 companies. It invests at least 80% of its net assets in securities ofsmall- to mid-capitalization companies. For purposes of this policy, small- to mid-capitalization companies are those that, at thetime of investment, fall within the capitalization range between the smallest company in the Russell 2500(TM) Value Index andthe greater of $5 billion or the market capitalization of the largest company in the Russell 2500(TM) Value Index.

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.


Footnotes:● A mutual fund registered under AllianceBernstein Trust, and managed by AllianceBernstein LP. This description is only


● The Russell 2500™ Value Index is an unmanaged market capitalization-weighted index measuring the performance of thoseRussell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

● As of November 1, 2012, this fund changed it’s name from AllianceBernstein Small-Mid Cap Value Fund Class I.

American Beacon Balanced Fund Institutional Class

VRS Code: 42484

Fund Objective: The investment seeks income and capital appreciation.

Fund Strategy: Under normal circumstances, between 50% and 70% of the fund’s total assets are invested in equity securitiesand between 30% and 50% of its total assets are invested in debt securities. The fund’s equity investments may includecommon stocks, preferred stocks, securities convertible into common stocks, real estate investment trusts ("REITs"), AmericanDepositary Receipts ("ADRs") and U.S. dollar-denominated foreign stocks traded on U.S. exchanges (collectively referred to as"stocks"). It may invest in companies of all market capitalizations.

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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.


Footnotes:● A mutual fund registered under American Beacon Funds, and managed by American Beacon Advisors, Inc. This description is

only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about thefund.

American Beacon International Equity Fund Institutional Class

VRS Code: 23057


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 Far East Index ("MSCI EAFE Index"). The MSCI EAFE Index is comprised of equitysecurities of companies from various industrial sectors whose primary trading markets are located outside the United States.

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.




● The Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index is an unmanaged marketcapitalization-weighted index of equity securities of companies domiciled in various countries. The index is designed torepresent performance of developed stock markets outside the United States and Canada and excludes certain marketsegments unavailable to U.S. based investors.

American Beacon Large Cap Value Fund Class Institutional

VRS Code: 48148

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

Fund Strategy: The fund normally invests at least 80% of its net assets in equity securities of large market capitalization U.S.companies. These companies have market capitalizations within the market capitalization range of the companies in the Russell1000® Index. Its investments may include common stocks, preferred stocks, securities convertible into U.S. common stocks,real estate investment trusts ("REITs"), American Depositary Receipts ("ADRs") and U.S. dollar-denominated foreign stockstrading on U.S. exchanges (collectively referred to as "stocks").

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.




● The Russell 1000® Index is an unmanaged market capitalization-weighted index measuring the performance of the 1,000largest companies in the Russell 3000® Index and is an appropriate index for broad-based large-cap funds.

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American Beacon Small Cap Value Fund Class Institutional

VRS Code: 47694

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

Fund Strategy: The fund normally invests at least 80% of its net assets (plus the amount of any borrowings for investmentpurposes) in equity securities of small market capitalization U.S. companies. Its investments may include common stocks,preferred stocks, securities convertible into common stocks, real estate investment trusts ("REITs"), American DepositaryReceipts ("ADRs") and U.S. dollar-denominated foreign stocks trading on U.S. exchanges (collectively, "stocks").

Fund Risk: The securities of smaller, less well-known companies can be more volatile than those of larger companies. Valuestocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods oftime. 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.




American Century Investments Large Company Value Fund Institutional Class

VRS Code: 48685

Fund Objective: The investment seeks long-term capital growth; income is a secondary objective.

Fund Strategy: The fund invests primarily in larger companies. Under normal market conditions, the portfolio managers willinvest at least 80% of the fund’s assets in equity securities of companies comprising the Russell 1000® Index.



Footnotes:● A mutual fund registered under American Century Capital Portfolios Inc, and managed by American Century Inv Mgt, Inc.

This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailedinformation about the fund.


American Century Investments Ultra Fund Institutional Class

VRS Code: 44568

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

Fund Strategy: The fund normally invests in stocks of companies that the adviser believes will increase in value over time. Theportfolio managers make their investment decisions based primarily on their analysis of individual companies, rather than onbroad economic forecasts. The portfolio managers use a variety of analytical research tools and techniques to identify thestocks of larger-sized companies that meet their investment criteria. Under normal market conditions, the fund’s portfolio willprimarily consist of securities of companies whose earnings or revenues are not only growing, but growing at an acceleratingpace.



Footnotes:● A mutual fund registered under American Century Mutual Funds, Inc., and managed by American Century Inv Mgt, Inc. This

description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed informationabout the fund.

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American Century Investments Vista Fund Institutional Class

VRS Code: 42486


Fund Strategy: The fund normally invests in stocks of medium-sized and smaller companies that the adviser believes willincrease in value over time, using an investment strategy developed by American Century Investments. In implementing thisstrategy, the portfolio managers make their investment decisions based primarily on their analysis of individual companies,rather than on broad economic forecasts. Management of the fund is based on the belief that, over the long term, stock pricemovements follow growth in earnings and revenues.

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.


Footnotes:● A mutual fund registered under American Century Mutual Funds, Inc., and managed by American Century Inv Mgt, Inc. This


Ariel Appreciation Fund Institutional Class

VRS Code: 26810


Fund Strategy: The fund invests primarily in common stocks of U.S. companies and the fund generally will have a weightedaverage market capitalization between $2 billion and $15 billion. It seeks to hold investments for a relatively long period oftime-generally five years. The fund seeks to invest in quality companies in industries in which the adviser has expertiseincluding the financial services and consumer discretionary sectors. It does not invest in corporations whose primary source ofrevenue is derived from the production or sale of tobacco products or the manufacture of handguns.

Fund Risk: 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.


Footnotes:● A mutual fund registered under Ariel Investment Trust, and managed by Ariel Investments, LLC. This description is only


Ariel Fund Institutional Class

VRS Code: 79929


Fund Strategy: The fund invests primarily in common stocks of U.S. companies and the fund generally will have a weightedaverage market capitalization between $1 billion and $7.5 billion. It seeks to hold investments for a relatively long period oftime-generally five years. The fund does not invest in corporations whose primary source of revenue is derived from theproduction or sale of tobacco products or the manufacture of handguns.

Fund Risk: 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.


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Footnotes:● A mutual fund registered under Ariel Investment Trust, and managed by Ariel Investments, LLC. This description is only


● On December 30, 2011, an initial offering of the Institutional class took place. The Life of Fund return is from the initialoffering date of the Institutional class to the period shown. Returns and expenses prior to the initial offering date of theInstitutional class are those of the Investor class, which has a higher expense ratio. Had Institutional class expenses beenreflected in these returns, total returns would have been higher. Returns for periods prior to the initial offering date of theInstitutional class are not the actual returns of the Institutional class. The calculation methodologies utilized by Morningstarfor the returns may differ from those applied by other entities, including the fund itself.

Artisan International Fund Class Institutional

VRS Code: 79207

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

Fund Strategy: The fund invests primarily in developed markets but also may invest in emerging and less developed markets.It is substantially fully invested in common stocks and similar securities, and invests at least 65% of its net assets at market valueat the time of purchase in securities of non-U.S. companies. There are no restrictions on the size of the companies in which thefund may invest. The fund may also invest to a limited extent in equity-linked securities that provide economic exposure to asecurity of one or more non-U.S. companies without a direct investment in the underlying securities.

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.

Fund short term trading fees: This fund has a Short-term Redemption Fee of 2.00% for shares held less than 90 days.

Footnotes:● A mutual fund registered under Artisan Partners Funds, Inc., and managed by Artisan Partners Limited Partnership. This


Artisan Mid Cap Fund Class Institutional

VRS Code: 79206

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

Fund Strategy: The fund normally invests no less than 80% of its net assets in the common stocks of medium-sized companies.It defines a medium-sized company as one with a market capitalization greater than the market capitalization of the smallestcompany in the Russell Midcap® Index and less than three times the weighted average market capitalization of companies inthe index. The fund maintains a weighted average market capitalization of not more than 1.5 times the weighted averagemarket capitalization of the companies included in the Russell Midcap® Index.



Footnotes:● A mutual fund registered under Artisan Partners Funds, Inc., and managed by Artisan Partners Limited Partnership. This


● 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.

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Baron Asset Fund Institutional Class

VRS Code: 85160

Fund Objective: The investment seeks capital appreciation through long-term investments primarily in securities of medium-sized companies 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 medium-sizedgrowth companies with market capitalizations of between $1.5 billion and $12 billion at the time of purchase selected for theircapital appreciation potential. The Adviser selects securities that it believes have favorable price-to-value characteristics, arewell managed, have significant long term growth prospects and have significant barriers to competition.



Footnotes:● A mutual fund registered under Baron Investment Funds Trust, and managed by BAMCO Inc. This description is only


Baron Growth Fund Institutional Shares

VRS Code: 85220

Fund Objective: The investment seeks capital appreciation through long-term investments primarily in securities of small-sizedgrowth companies.

Fund Strategy: The fund invests for the long term primarily in equity securities in the form of common stock of small-sizedgrowth companies with market capitalizations of under $2.5 billion at the time of purchase selected for their capitalappreciation potential. The Adviser selects securities that it believes have favorable price-to-value characteristics, are wellmanaged, have significant long term growth prospects and have significant barriers to competition.





Baron Small Cap Fund Institutional Class

VRS Code: 85325

Fund Objective: The investment seeks capital appreciation through investments primarily in securities of small-sized growthcompanies.

Fund Strategy: The fund invests 80% of its net assets in equity securities in the form of common stock of small-sized growthcompanies with market capitalizations of less than $2.5 billion at the time of purchase selected for their capital appreciationpotential. The Adviser selects securities that it believes have favorable price-to-value characteristics, are well managed, havesignificant long term growth prospects and have significant barriers to competition.

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.




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Calvert Balanced Portfolio Class I

VRS Code: 41092

Fund Objective: The investment seeks to achieve a competitive total return through an actively managed portfolio of stocks,bonds, and money market instruments which offer income and capital growth opportunity and which satisfy the investmentcriteria, including financial, sustainability and social responsibility factors.

Fund Strategy: The fund typically invests about 60% of net assets in stocks and 40% in bonds or other fixed-incomeinvestments. Stock investments are primarily common stock in large-cap companies. It invests in debt and mortgage-backedsecurities issued by GSEs such as the FNMA and the FHLMC.



Footnotes:● A mutual fund registered under Calvert Social Investment Fund, and managed by Calvert Investment Management, Inc. This


Calvert Bond Portfolio Class I

VRS Code: 47214

Fund Objective: The investment seeks as high a level of current income as is consistent with prudent investment risk andpreservation of capital.

Fund Strategy: The fund invests at least 80% of its net assets (including borrowings for investment purposes) in bonds. Bondsinclude debt securities of any maturity. At least 80% of its net assets will be invested in investment grade debt securities. Thefund may invest up to 20% of its net assets in high-yield bonds. It seeks to invest in companies and other enterprises thatdemonstrate positive environmental, social and governance performance as they address corporate responsibility andsustainability challenges. The fund is non-diversified.

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.


Footnotes:● A mutual fund registered under Calvert Social Investment Fund, and managed by Calvert Investment Management, Inc. This


Calvert Capital Accumulation Fund Class I

VRS Code: 41090


Fund Strategy: The fund primarily invests in common stocks of mid-size U.S. companies whose market capitalization fallswithin the range of the Russell MidCap Growth Index. It seeks to invest in companies and other enterprises that demonstratepositive environmental, social and governance performance as they address corporate responsibility and sustainabilitychallenges. The fund normally seeks to have a weighted average market capitalization between $2 billion and $12 billion. Itmay also invest up to 25% of assets in foreign securities. The fund is non-diversified.



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Footnotes:● A mutual fund registered under Calvert World Values Fund Inc, and managed by Calvert Investment Management, Inc. This


● 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.

Calvert International Equity Fund Class I

VRS Code: 49405

Fund Objective: The investment seeks to provide a high total return consistent with reasonable risk.

Fund Strategy: The fund normally invests at least 80% of assets in equity securities of foreign companies. It invests primarily incommon and preferred stocks of non-U.S. large-cap companies. The fund adviser defines non-U.S. large-cap companies asthose whose market capitalization falls within the range of the MSCI EAFE IMI. It seeks to invest in companies and otherenterprises that demonstrate positive environmental, social and governance performance as they address corporateresponsibility and sustainability challenges. The fund invests no more than 5% of its net assets in U.S. companies.



Footnotes:● A mutual fund registered under Calvert World Values Fund Inc, and managed by Calvert Investment Management, Inc. This


● The Morgan Stanley Capital International Europe, Australasia and Far East Index (MSCI EAFE) is an unmanaged marketcapitalization-weighted index designed to represent the performance of developed stock markets outside the United Statesand Canada.

● As of January 31, 2011, this fund changed its name from Calvert World Values International Equity Fund Class InstitutionalClass.

ClearBridge Aggressive Growth Fund Class IS

VRS Code: 89384

Fund Objective: The investment seeks capital appreciation.

Fund Strategy: The fund invests primarily in common stocks of companies the portfolio managers believe are experiencing, orwill experience, growth in earnings exceeding the average rate of earnings growth of the companies which comprise the S&P500 Index. It may invest in the securities of large, well-known companies offering prospects of long-term earnings growth. Thefund may invest up to 25% of assets in foreign securities.



Footnotes:● A mutual fund registered under Legg Mason Partners Equity Trust, and managed by ClearBridge Investments, LLC. This


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

● As of January 1, 2013 the fund changed its name from Legg Mason ClearBridge Aggressive Growth Fund.

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ClearBridge Large Cap Growth Fund Class I

VRS Code: 42485


Fund Strategy: Under normal circumstances, the fund invests at least 80% of its net assets, plus borrowings for investmentpurposes, if any, in equity securities or other instruments with similar economic characteristics of U.S. companies with largemarket capitalizations.



Footnotes:● A mutual fund registered under Legg Mason Partners Equity Trust, and managed by Legg Mason Partners Fund Advisor, LLC.


● As of January 1, 2013 the fund changed its name from Legg Mason ClearBridge Large Cap Growth Fund.

Columbia Acorn Select Fund Class Z

VRS Code: 46572


Fund Strategy: Under normal circumstances, the fund invests a majority of its net assets in the common stock of companieswith market capitalizations under $20 billion at the time of investment. It invests the majority of its assets in U.S. companies, butalso may invest up to 33% of its total assets in foreign companies in developed markets (for example, Japan, Canada and theUnited Kingdom) and in emerging markets (for example, China, India and Colombia).



Footnotes:● A mutual fund registered under Columbia Acorn Trust, and managed by Columbia Wanger Asset Management, LLC. This


Columbia Dividend Income Fund Class Z

VRS Code: 40931

Fund Objective: The investment seeks total return.

Fund Strategy: The fund normally invests at least 80% of net assets in a diversified portfolio of income-producing equitysecurities. It invests principally in securities of companies that the adviser believes are undervalued but also may invest insecurities of companies that the adviser believes have the potential for long-term growth. The fund may invest in companiesthat have market capitalizations of any size. It may invest up to 20% of net assets in debt securities, including securities that arerated low and below investment grade. The fund may also invest up to 20% of net assets in foreign securities.



Footnotes:● A mutual fund registered under Columbia Funds Series Trust I, and managed by Columbia Management Investment Adv LLC.


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Columbia Income Opportunities Fund Class Z

VRS Code: 77987

Fund Objective: The investment seeks a high total return through current income and capital appreciation.

Fund Strategy: Under normal market conditions, the fund’s assets are invested primarily in income-producing debt securities,with an emphasis on the higher rated segment of the high-yield (junk bond) market. These income-producing debt securitiesinclude corporate debt securities as well as bank loans. The fund will purchase only securities rated B or above. Up to 25% ofthe fund’s net assets may be in foreign investments. The fund may invest in fixed income securities of any maturity and doesnot seek to maintain a particular dollar-weighted average maturity.

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


Footnotes:● A mutual fund registered under Columbia Funds Series Trust II, and managed by Columbia Management Investment Adv

LLC. This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailedinformation about the fund.

● 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.

Domini Social Investment Trust Social Equity Fund Institutional Class

VRS Code: 79139

Fund Objective: The investment seeks to provide its shareholders with long-term total return.

Fund Strategy: The fund primarily invests in the equity securities of mid- and large-capitalization U.S. companies. Undernormal circumstances, at least 80% of the fund’s assets will be invested in equity securities and related investments with similareconomic characteristics. It may also invest in companies organized or traded outside the U.S. (or in equivalent shares such asADRs). Domini evaluates the fund’s potential investments against its social and environmental standards based on thebusinesses in which they engage, as well as on the quality of their relations with key stakeholders.

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.


Footnotes:● A mutual fund registered under Domini Social Investment Trust, and managed by Domini Social Investments LLC. This


DWS Core Equity Fund Institutional Class

VRS Code: 15765

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

Fund Strategy: The fund invests at least 65% of total assets in equities, mainly common stocks. Although it can invest incompanies of any size and from any country, the fund invests primarily in large US companies. It may favor securities fromdifferent industries and companies at different times. At times, the fund’s assets may be invested in securities in relatively fewindustries or sectors. It may lend securities (up to one-third of total assets) to approved institutions.

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Footnotes:● A mutual fund registered under DWS Investment Trust, and managed by Deutsche Inv Mgmt Americas Inc. This description is


DWS Equity Dividend Fund Institutional Class

VRS Code: 46801

Fund Objective: The investment seeks a high rate of total return.

Fund Strategy: The fund normally invests at least 80% of net assets, plus the amount of any borrowings for investmentpurposes, in dividend-paying equity securities (mainly common stocks). It focuses on stocks of large US companies that aresimilar in size to the companies in the S&P 500 Index and that portfolio management believes are undervalued. Although thefund can invest in stocks of any economic sector (which is comprised of two or more industries), at times it may emphasize oneor more sectors and may invest more than 25% of total assets in a single sector.



Footnotes:● A mutual fund registered under DWS Value Series, Inc, and managed by Deutsche Inv Mgmt Americas Inc. This description is



● As of March 1, 2012, this fund changed its name from DWS Strategic Value Fund.

DWS Global Small Cap Growth Fund Institutional Class

VRS Code: 15729

Fund Objective: The investment seeks above-average capital appreciation over the long term.

Fund Strategy: The fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, incommon stocks and other equities of small companies throughout the world (companies with market values similar to thesmallest 30% of the companies in the S&P Developed Broad Market Index, formerly the S&P/Citigroup Broad Market IndexWorld). It may invest up to 20% of total assets in common stocks and other equities of large companies or in debt securities,including up to 5% of net assets in junk bonds (grade BB/Ba and below).

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.


Footnotes:● A mutual fund registered under DWS Global/international Fund, Inc., and managed by Deutsche Inv Mgmt Americas Inc. This


● S&P Developed Broad Market Index is an unmanaged index of small-capitalization stocks within 26 countries around theglobe.

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DWS International Fund Institutional Class

VRS Code: 44695


Fund Strategy: The fund invests at least 65% of total assets in foreign equities, and may invest up to 20% of net assets inforeign debt securities, including convertible bonds. It invests mainly in common stocks of established companies in countrieswith developed economies (other than the United States), although the fund can invest in companies of any size and from anycountry. The fund’s equity investments may also include preferred stocks, depositary receipts and other securities with equitycharacteristics, such as convertible securities and warrants.



Footnotes:● A mutual fund registered under DWS International Fund, Inc., and managed by Deutsche Inv Mgmt Americas Inc. This



VRS Code: 00328

Fund Objective: Seeks a high level of current income by allocating its assets among stocks, bonds, short-term instruments andother investments. The fund also considers the potential for capital appreciation (may be changed without shareholder vote).

Fund Strategy: Maintaining a neutral mix over time of 20% of assets in stocks, 50% of assets in bonds, and 30% of assets inshort-term and money market instruments though FMR may overweight or underweight in each asset class. Allocating thefund’s assets among stocks, bonds, and short-term and money market instruments, either through direct investment or byinvesting in Fidelity central funds that hold such investments.

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 or counterparty default, issuer credit risk and inflation risk Foreign securities aresubject to interest rate, currency exchange rate, economic, and political risks all of which are magnified in emerging markets.Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Leverage can increasemarket exposure and magnify investment risks.


Footnotes:● A mutual fund registered under Fidelity Charles Street Trust, and managed by Fidelity Management Research Company

("FMR"). This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for moredetailed information about the fund.


VRS Code: 01957

Fund Objective: Seeks a high level of current income by allocating its assets among stocks, bonds, short-term instruments andother investments. The fund also considers the potential for capital appreciation (may be changed without shareholder vote).

Fund Strategy: Maintaining a neutral mix over time of 30% of assets in stocks, 50% of assets in bonds, and 20% of assets inshort-term and money market instruments though FMR may overweight or underweight each asset class. Allocating the fund’sassets among stocks, bonds, and short-term and money market instruments, either through direct investment or by investing inFidelity central funds that hold such investments.

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 or counterparty default, issuer credit risk and inflation risk. Foreign securities aresubject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets.Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Leverage can increasemarket exposure and magnify investment risks.


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


VRS Code: 01958

Fund Objective: Seeks current income as well as total return with reduced risk over the long term by allocating its assetsamong stocks, bonds, and short-term instruments. The fund also considers the potential for capital appreciation (may bechanged without shareholder vote).


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 or counterparty default, issuer credit risk and inflation risk securities are subject tointerest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Leverage can increase marketexposure and magnify investment risks.






VRS Code: 00314

Fund Objective: Seeks high total return with reduced risk over the long term by allocating its assets among stocks, bonds, andshort-term instruments.


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 or counterparty default, issuer credit risk and inflation risk Foreign securities aresubject to interest rate, currency exchange rate, economic, and political risks of which are magnified in emerging markets.Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Leverage can increasemarket exposure and magnify investment risks.





VRS Code: 01959

Fund Objective: Seeks high total return over the long term by allocating its assets among stocks, bonds, short-terminstruments, and other investments.


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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.. Fixed income investments entail interest rate risk (as interest ratesrise bond prices usually fall), the risk of issuer or counterparty default, issuer credit risk and inflation risk Foreign securities aresubject to interest rate, currency exchange rate, economic, and political risks all of which are magnified in emerging markets.Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Leverage can increasemarket exposure and magnify investment risks.






VRS Code: 00321

Fund Objective: Seeks to maximize total return over the long-term by allocating its assets among stocks, bonds, short-terminstruments, and other investments.


Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments all of which are magnified in emerging markets. Fixed incomeinvestments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer or counterparty default,issuer credit risk and inflation risk Foreign securities are subject to interest rate, currency exchange rate, economic, and politicalrisks all of which are magnified in emerging markets. Lower-quality bonds can be more volatile and have greater risk of defaultthan higher-quality bonds. Leverage can increase market exposure and magnify investment risks.





VRS Code: 00347

Fund Objective: Seeks to maximize total return over the long term by allocating its assets among stocks, bonds, short-terminstruments, and other investments.

Fund Strategy: Maintaining a neutral mix over time of 85% of assets in stocks and 15% of assets in bonds and short-term andmoney market instruments though FMR may overweight or underweight in each asset class. Allocating the fund’s assets amongstocks, bonds, and short-term and money market instruments, either through direct investment or by investing in Fidelitycentral funds that hold such investments.

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 or counterparty default, issuer credit risk and inflation risk Foreign securities aresubject to interest rate, currency exchange rate, economic, and political risks all of which are magnified in emerging markets.Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Leverage can increasemarket exposure and magnify investment risks.




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Fidelity BrokerageLink®

VRS Code: 99266

Fund Objective: A brokerage account within your retirement plan. This account is neither a mutual fund nor is it managed byany of the Fidelity Investments group of companies. Brokerage services are provided through Fidelity Brokerage Services LLC,a member of the New York Stock Exchange and Securities Investor Protection Corporation.

Fund Strategy: To provide a broad range of investment products that allow you to manage your retirement savings moreactively.

Fund Risk: You alone decide how to invest the assets in your Fidelity BrokerageLink® account. You can invest in most listedstocks, options (if approved for options trading), corporate bonds, zero-coupon bonds, U.S. Treasury securities, mortgagesecurities and U.S. Government agency bonds, certificates of deposit, unit investment trusts, foreign securities, and othermutual funds (subject to the limitations of your particular plan). If you do not feel comfortable actively managing a portfolio ofindividual securities, you may find that your plan’s standard investment options may be more appropriate for you. There arecertain securities in which you cannot invest through your BrokerageLink account; check your BrokerageLink brochure for moreinformation. There are additional fees for investing in a BrokerageLink account. See your plan’s fact sheet for details.

Who may want to invest:● Someone who is comfortable with the increased risk of investing part of his or her retirement savings within a brokerage

account, and who is familiar with how a brokerage account operates.

● Someone who wants the highest degree of flexibility in selecting investments for his or her retirement savings.

Footnotes:● This investment option is not a mutual fund.

Fidelity Fifty®

VRS Code: 00500

Fund Objective: Seeks capital appreciation.

Fund Strategy: Normally investing in 50-60 stocks. Normally investing primarily in common stocks of companies that FMRbelieves have the greatest potential for growth. 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 exchange rate,economic, and political risks The fund may have additional volatility because it can invest a significant portion of assets insecurities of a small number of individual issuers.


Footnotes:● A mutual fund registered under Fidelity Hastings Street Trust, and managed by Fidelity Management Research Company


Fidelity Freedom K® 2000 Fund

VRS Code: 02172

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: Investing in a combination of underlying Fidelity domestic equity, international equity, bond, and short-termfunds using a moderate asset allocation strategy designed for investors expected to have retired around the year 2000.Allocating assets among underlying Fidelity funds according to an asset allocation strategy that becomes increasinglyconservative until it reaches approximately 15% in domestic equity funds, 5% in international equity funds, 40% in bond funds,and 40% in short-term funds (approximately 10 to 15 years after the year 2000). Ultimately, the fund will merge with FidelityFreedom K Income Fund.

Fund Risk: The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The fundsare subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. andabroad, and maybe subject to risks associated with investing in high-yield, small-cap, commodity-linked, and foreign securities.Principal invested is not guaranteed at any time, including at or after the funds’ target dates.


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Footnotes:● A mutual fund registered under Fidelity Aberdeen Street Trust, and managed by Strategic Advisers, Inc. This description is



VRS Code: 02173



Fund Risk: The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The fundsare subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. andabroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked, and foreignsecurities. Principal invested is not guaranteed at any time, including at or after the funds’ target dates.





VRS Code: 02174








VRS Code: 02175


Fund Strategy: Investing in a combination of underlying Fidelity domestic equity, international equity, bond, and short-termfunds using a moderate asset allocation strategy designed for investors expecting to retire around the year 2015. Allocatingassets among underlying Fidelity funds according to an asset allocation strategy that becomes increasingly conservative until itreaches approximately 15% in domestic equity funds, 5% in international equity funds, 40% in bond funds, and 40% in short-term funds (approximately 10 to 15 years after the year 2015). Ultimately, the fund will merge with Fidelity Freedom K IncomeFund.

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VRS Code: 02176








VRS Code: 02177







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VRS Code: 02178








VRS Code: 02179








VRS Code: 02180





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VRS Code: 02181








VRS Code: 02182








VRS Code: 02332

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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Fund Risk: The investment risks of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The fundsare subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. andabroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked and foreign securities.Principal invested is not guaranteed at any time, including at or after the funds’ target dates.




Fidelity Freedom K® Income Fund

VRS Code: 02171

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

Fund Strategy: Investing in a combination of underlying Fidelity domestic equity, international equity, bond, and short-termfunds using a moderate asset allocation strategy designed for investors already in retirement. Allocating assets amongunderlying Fidelity funds according to a stable target asset allocation strategy of approximately 15% in domestic equity funds,5% in international equity funds, 40% in bond funds, and 40% in short-term funds.

Fund Risk: 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, inflation risk, and interest rate risk (as interest rates rise, bondprices usually fall and vice versa). This effect is usually more pronounced for longer-term securities. Principal invested is notguaranteed at any time, including at or after retirement.




Fidelity ® Treasury Only Money Market Fund

VRS Code: 00415

Fund Objective: Seeks as high a level of current income as is consistent with the security of principal and liquidity.

Fund Strategy: Normally investing in securities whose interest is exempt from state and local income taxes. Normally investingat least 80% of assets in U.S. Treasury securities.

Fund Risk: An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporationor any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it ispossible to lose money by investing in the fund. Interest rate increases can cause the price of a money market security todecrease.


Footnotes:● A mutual fund registered under Fidelity Hereford Street Trust, and managed by Fidelity Management Research Company


● As of 5/01/2013, this fund changed it’s name from Fidelity U.S. Treasury Money Market Fund.

Fidelity® Emerging Asia Fund

VRS Code: 00351


Fund Strategy: Normally investing at least 80% of assets in securities of Asian emerging market issuers and other investmentsthat are tied economically to Asian emerging markets. Asian countries with emerging markets includes Hong Kong, India,Indonesia, South Korea,Malaysia, the Philippines, the People’s Republic of China, Singapore, Taiwan, and Thailand. Normallyinvesting 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, all of which are magnified in emerging markets. The risks are particularly significant for funds thatfocus on a single country or region.


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Footnotes:● A mutual fund registered under Fidelity Investment Trust, and managed by Fidelity Management Research Company


● Prior to December 1, 2010, Fidelity Emerging Asia Fund operated under certain different investment policies and comparedits performance to a different benchmark. The fund’s historical performance may not represent its current investment policies.

● As of 12/1/10, this fund changed its name from Fidelity Southeast Asia Fund.

Fidelity® 130/30 Large Cap Fund

VRS Code: 02063

Fund Objective: Seeks long-term growth of capital.

Fund Strategy: Normally investing at least 80% of assets in securities of companies with large market capitalizations(companies with market capitalizations similar to companies in the Russell 1000 Index or the S&P 500 Index). Normally targetinglong positions of 130% of its net assets, and short positions of 30% of its net assets. Investing in either "growth" stocks or"value" stocks or both. Normally investing primarily in common stocks. Investing in domestic and foreign issuers.

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. Short positions pose a risk because they lose value as a security’s price increases; therefore, theloss on a short sale is theoretically unlimited. The fund can invest in securities that may have a leveraging effect (such asderivatives and forward-settling securities) that may increase market exposure, magnify investment risks, and cause losses to berealized more quickly.


Footnotes:● A mutual fund registered under Fidelity Mt. Vernon Street Trust, and managed by Fidelity Management Research Company





Fidelity® Balanced Fund - Class K

VRS Code: 02077

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.


Footnotes:● A mutual fund registered under Fidelity Puritan Trust, and managed by Fidelity Management Research Company ("FMR").


● 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: 02078

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

Fund Strategy: Normally invests primarily in common stocks of well-known and established companies. Normally invests atleast 80% of assets in blue chip companies whose stock is included in the Standard & Poor’s 500 Index (S&P 500) or the DowJones Industrial Average (DJIA), and companies with market capitalizations of at least $1 billion if not included in either index).Invests in companies that Fidelity Management & Research Company (FMR) believes have above-average growth potential.Invests in securities of domestic and foreign issuers. Uses fundamental analysis of each issuer’s financial condition and industryposition and market and economic conditions to select investments.

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.


Footnotes:● A mutual fund registered under Fidelity Securities Fund, and managed by Fidelity Management Research Company ("FMR").



● 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® Blue Chip Value Fund

VRS Code: 01271


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 capitalization of at least $1 billion if not included ineither index). 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 of well-known and established 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. 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.





● 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.

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Fidelity® Canada Fund

VRS Code: 00309


Fund Strategy: Normally investing at least 80% of assets in securities of Canadian issuers and other investments that are tiedeconomically to Canada. Investing up to 35% of total assets in any industry that accounts for more than 20% of the Canadianmarket. 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. The risks are particularly significant for funds that focus on a single country or region.




Fidelity® Capital & Income Fund

VRS Code: 00038

Fund Objective: Seeks to provide a combination of income and capital growth.

Fund Strategy: Investing in equity and debt securities, including defaulted securities, with an emphasis on lower-quality debtsecurities. Investing in companies in troubled or uncertain financial condition.

Fund Risk: Interest rate increases can cause the price of a debt security to decrease. Stock markets, especially foreign markets,are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Foreign securities aresubject to interest rate, currency exchange rate, economic, and political risks.


Footnotes:● A mutual fund registered under Fidelity Summer Street Trust, and managed by Fidelity Management Research Company


Fidelity® Capital Appreciation Fund - Class K

VRS Code: 02079


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 exchange rate,economic, and political risks.


Footnotes:● A mutual fund registered under Fidelity Capital Trust, and managed by Fidelity Management Research Company ("FMR").



Fidelity® Cash Reserves

VRS Code: 00055

Fund Objective: Seeks as high a level of current income as is consistent with the preservation of capital and liquidity.

Fund Strategy: Investing in U.S. dollar-denominated money market securities of domestic and foreign issuers and repurchaseagreements. Investing more than 25% of total assets in the financial services industries. Potentially entering into reverserepurchase agreements.

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Fund Risk: An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporationor any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it ispossible to lose money by investing in the fund. Interest rate increases can cause the price of money market securities todecrease. Entities located in foreign countries can be affected by adverse political, regulatory, market, or economicdevelopments in those countries. Changes in government regulation and interest rates and economic downturns can have asignificant negative effect on issuers in the financial services sector.


Footnotes:● A mutual fund registered under Fidelity Phillips Street Trust, and managed by Fidelity Management Research Company


Fidelity® China Region Fund

VRS Code: 00352


Fund Strategy: Normally investing at least 80% of assets in securities of Hong Kong, Taiwanese, and Chinese issuers and otherinvestments that are tied economically to the China region. Investing up to 35% of total assets in any industry that accounts formore than 20% of the Hong Kong, Taiwanese, and Chinese market. Normally investing primarily in common stocks.





Fidelity® Contrafund® - Class K

VRS Code: 02080


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.


Footnotes:● A mutual fund registered under Fidelity Contrafund, and managed by Fidelity Management Research Company ("FMR"). This



Fidelity® Convertible Securities Fund

VRS Code: 00308

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

Fund Strategy: Normally investing at least 80% of assets in convertible securities, which are often lower-quality debt securitiesand perform more like a stock when the underlying share price is high and more like a bond when the underlying share price islow. Potentially investing in other types of securities, including 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. 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.


Footnotes:● A mutual fund registered under Fidelity Financial Trust, and managed by Fidelity Management Research Company ("FMR").


Fidelity® Disciplined Equity Fund - Class K

VRS Code: 02081

Fund Objective: Seeks capital growth.

Fund Strategy: Normally investing at least 80% of assets in equity securities. Investing in either "growth" stocks or "value"stocks or both. Normally investing primarily in common stocks.






Fidelity® Diversified International Fund - Class K

VRS Code: 02082


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 exchange rate,economic, and political risks, all of which are magnified in emerging markets.





Fidelity® Dividend Growth Fund - Class K

VRS Code: 02083


Fund Strategy: Normally investing at least 80% of assets in equity securities. Normally investing primarily in companies thatpay dividends or that FMR believes have the potential to pay dividends in the future. Investing in 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 fluctuates in response to issuer, political, market, oreconomic developments and stock market volatility. Foreign markets can be more volatile than the U.S. market due toincreased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from theU.S. market. The value of an individual security or particular type of security can be more volatile than the market as a wholeand can perform differently from the value of the market as a whole. When you sell your shares of the fund, they could be worthmore or less than what you paid for them.


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Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund

VRS Code: 02053


Fund Strategy: Normally investing at least 80% of assets in securities of emerging Europe, Middle East and Africa (EMEA)issuers and other investments that are tied economically to the EMEA region. Investing up to 35% of total assets in any industrythat accounts for more than 20% of the EMEA market. 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, all of which are magnified in emerging markets. The risks are particularly significant for funds thatfocus on a single country or region. The fund may have additional volatility because it can invest a significant portion of assetsin securities of a small number of individual issuers.





Fidelity® Emerging Markets Fund - Class K

VRS Code: 02084


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.






Fidelity® Equity Dividend Income Fund - Class K

VRS Code: 02086

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.


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● As of January 28, 2012, this fund changed its name from Fidelity® Equity-Income II Fund - Class K.


Fidelity® Equity-Income Fund - Class K

VRS Code: 02085

Fund Objective: Seeks reasonable income. The fund will also consider the potential for capital appreciation. The fund seeks ayield for its shareholders that exceeds the yield on the securities comprising the S&P 500 Index.

Fund Strategy: Normally investing at least 80% of assets in equity securities. Normally investing primarily in income-producingequity securities, which tends to lead to investments in large 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. Value stocks can perform differently from the market as a whole. Theycan remain undervalued by the market for long periods of time.


Footnotes:● A mutual fund registered under Fidelity Devonshire Trust, and managed by Fidelity Management Research Company




Fidelity® Europe Capital Appreciation Fund

VRS Code: 00341

Fund Objective: Seeks long-term capital appreciation.

Fund Strategy: Normally investing at least 80% of assets in securities of European issuers and other investments that are tiedeconomically to Europe. Normally investing primarily in common stocks.





Fidelity® Europe Fund

VRS Code: 00301


Fund Strategy: Normally investing at least 80% of assets in securities of European issuers and other investments that are tiedeconomically to Europe. Normally investing primarily in common stocks.

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Fidelity® Export and Multinational Fund - Class K

VRS Code: 02087


Fund Strategy: Normally investing primarily in common stocks. Normally investing primarily in securities of U.S. companiesthat are expected to benefit from exporting or selling their goods or services outside of the United States. 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 exchange rate,economic, and political risks. Export and multinational companies can be significantly affected by political, economic, andregulatory developments in foreign markets.





Fidelity® Floating Rate High Income Fund

VRS Code: 00814

Fund Objective: Seeks a high level of current income.

Fund Strategy: Normally investing at least 80% of assets in floating rate loans, which are often lower-quality debt securities,and other floating rate debt securities. Investing in companies in troubled or uncertain financial condition. Investing in moneymarket and investment grade debt securities, and repurchase agreements.

Fund Risk: Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Floating rateloans may not be fully collateralized and therefore may decline significantly in value. Fixed income investments entail interestrate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Foreignsecurities are subject to interest rate, currency exchange rate, economic, and political risks.


Footnotes:● A mutual fund registered under Fidelity Advisor Series I, and managed by Fidelity Management Research Company ("FMR").


Fidelity® Focused High Income Fund

VRS Code: 01366

Fund Objective: Seeks a high level of income. The fund may also seek capital appreciation.

Fund Strategy: Normally investing primarily in income producing debt securities, preferred stocks, and convertible securities,with an emphasis on lower-quality debt securities. Normally investing primarily in securities rated BB by S&P, Ba by Moody’s,comparably rated by at least one nationally recognized credit rating agency, or, if unrated, considered by FMR to be ofcomparable quality. Potentially investing in securities that have a higher or lower credit quality. Potentially investing in non-income producing securities, including defaulted securities and common stocks.

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Fund Risk: Interest rate increases can cause the price of a debt security to decrease. Stock markets, especially foreign markets,are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Foreign securities aresubject to interest rate, currency exchange rate, economic, and political risks.




Fidelity® Focused Stock Fund

VRS Code: 00333


Fund Strategy: Normally investing at least 80% of its assets in stocks. Normally investing in 30-80 stocks. Investing in either"growth" stocks or "value" stocks or both. 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. The fund may have additional volatility because it can invest a significant portion of assets insecurities of a small number of individual issuers.





Fidelity® Four-in-One Index Fund

VRS Code: 00355

Fund Objective: Seeks high total return.

Fund Strategy: Investing in a combination of four Fidelity stock and bond index funds (underlying Fidelity funds) using anasset allocation strategy designed for investors seeking a broadly diversified, index-based investment.

Fund Risk: Many factors affect Four-in-One Index’s performance. Four-in-One Index’s share price changes daily based on theperformance of the underlying Fidelity funds in which it invests. The ability of Four-in-One Index to meet its investmentobjective is directly related to its target asset allocation among the underlying Fidelity funds and the ability of those funds tomeet their investment objectives. The following factors can significantly affect Four-in-One Index’s performance: stock marketvolatility, interest rate change, foreign exposure including exposure to emerging markets, prepayment, issuer specific changes,and small cap investing.




Fidelity® Fund - Class K

VRS Code: 02088

Fund Objective: Seeks long-term capital growth.




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Fidelity® Global Balanced Fund

VRS Code: 00334


Fund Strategy: Investing in equity and debt securities, including lower-quality debt securities, issued anywhere in the world.Investing at least 25% of total assets in fixed-income senior securities (including debt securities and preferred stock).

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 ratesrise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Foreign securities are subject tointerest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds.




Fidelity® Global Commodity Stock Fund

VRS Code: 02120


Fund Strategy: Normally investing at least 80% of assets in stocks of companies principally engaged in the energy, metals, andagriculture group of industries. Investing in securities issued anywhere in the world. 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. Foreign securities are subject to interest rate, currency exchange rate,economic, and political risks. The commodities industries can be significantly affected by commodity prices, world events,import controls, worldwide competition, government regulations, and economic conditions. The fund may have additionalvolatility because it can invest a significant portion of assets in securities of a small number of individual issuers.




Fidelity® Global Strategies Fund

VRS Code: 01960

Fund Objective: Seeks to maximize total return.

Fund Strategy: Allocate the funds assets between stocks and bonds of all types, as well as non-traditional asset classes suchas commodity-related investments, based anywhere in the world by investing in Fidelity funds (underlying Fidelity funds) andunaffiliated exchange traded funds (ETFs), or through direct investments. Utilize a combination of economic research, technicalanalysis, quantitative analysis and fundamental research to arrive at allocation decisions. Adjust allocations among asset classesto take advantage of short-term market opportunities and strategic, longer-term opportunities.

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Fund Risk: The fund is subject to asset allocation risk and the risks of the underlying funds in which it invests. Those risksinclude the volatility of the financial markets in the U.S. and abroad as well as those risks associated with debt securities orbonds. Foreign markets may be more volatile than U.S. markets due to interest-rate, currency-exchange-rate, economic, andpolitical risks. 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.) The value ofcommodities and commodity-linked investments may be affected by the performance of the overall commodities markets aswell as weather, political, tax, and other regulatory and market developments. If the fund’s asset allocation strategy does notwork as intended, the fund may not achieve its objective.


Footnotes:● A mutual fund registered under Fidelity Salem Street Trust, and managed by FMR Co., Inc. This description is only intended

to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about the fund.

● As of June 1, 2011, this fund changed its name from Fidelity Dynamic Strategies Fund.

● Prior to June 1, 2011, the fund operated under certain different investment policies and compared its performance to adifferent benchmark. The fund’s historical performance may not represent its current investment policies.

Fidelity® GNMA Fund

VRS Code: 00015

Fund Objective: Seeks a high level of current income consistent with prudent investment risk. In seeking current income, thefund may also consider the potential for capital gain.

Fund Strategy: Normally investing at least 80% of assets in Ginnie Mae’s and repurchase agreements for Ginnie MaesInvesting in other U.S. Government securities and instruments related to U.S. Government securities. Engaging in transactionsthat have a leveraging effect on the fund.

Fund Risk: Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuerdefault, issuer credit risk and inflation risk. Leverage can increase market exposure and magnify investment risk.


Footnotes:● A mutual fund registered under Fidelity Income Fund, and managed by Fidelity Management Research Company ("FMR").


Fidelity® Government Income Fund

VRS Code: 00054

Fund Objective: Seeks a high level of current income, consistent with preservation of principal.

Fund Strategy: Normally investing at least 80% of assets in U.S. Government securities and repurchase agreements for thosesecurities. Investing in instruments related to U.S. Government securities. Engaging in transactions that have a leveragingeffect on the fund.

Fund Risk: Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuerdefault, issuer credit risk and inflation risk. Leverage can increase market exposure and magnify investment risk.




Fidelity® Government Money Market Fund

VRS Code: 00458

Fund Objective: Seeks as high a level of current income as is consistent with preservation of capital and liquidity.

Fund Strategy: Normally investing at least 80% of assets in U.S. Government securities and repurchase agreements for thosesecurities. Potentially entering into reverse repurchase agreements.

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Fund Risk: An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporationor any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it ispossible to lose money by investing in the fund. Interest rate increases can cause the price of money market securities todecrease.




Fidelity® Growth & Income Portfolio - Class K

VRS Code: 02089

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.





Fidelity® Growth Company Fund - Class K

VRS Code: 02090


Fund Strategy: Normally invests primarily in common stocks of domestic and foreign issuers that Fidelity Management &Research Company (FMR) believes offer the potential for above-average growth. Growth may be measured by factors such asearnings 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: 02091


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.

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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. 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: 02076


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.

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® High Income Fund

VRS Code: 00455

Fund Objective: Seeks a high level of current income. Growth of capital may also be considered.

Fund Strategy: Normally investing primarily in income-producing debt securities, preferred stocks, and convertible securities,with an emphasis on lower-quality debt securities. Investing in companies in troubled or uncertain financial condition.Potentially investing in non-income producing securities, including defaulted securities and common stocks.

Fund Risk: The fund’s yield and share price change daily and are based on changes in interest rates and market conditions,and in response to other economic, political, or financial developments. Foreign markets, particularly emerging markets can bemore volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economicdevelopments and can perform differently from the U.S. market. In general, bond prices rise when interest rates fall, and viceversa. This effect is usually more pronounced for longer-term securities. The fund may invest in lower-quality debt securitieswhich generally offer higher yields, and carry more risk. You may have a gain or loss when you sell your shares.



("FMR"). This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for moredetailed information.

Fidelity® Independence Fund - Class K

VRS Code: 02092



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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.





Fidelity® Inflation-Protected Bond Fund

VRS Code: 00794

Fund Objective: Seeks a total return that exceeds the rate of inflation over the long term.

Fund Strategy: Normally investing at least 80% of assets in inflation-protected debt securities of all types. Normally investingprimarily in U.S. dollar-denominated inflation-protected debt securities. Engaging in transactions that have a leveraging effecton the fund.

Fund Risk: Bond funds entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuercredit risk and inflation risk. Increases in real interest rates can cause the price of inflation-protected debt securities todecrease. Leverage can increase market exposure and magnify investment risk.


Footnotes:● A mutual fund registered under Fidelity Salem Street Trust, and managed by Fidelity Management Research Company


Fidelity® Intermediate Bond Fund

VRS Code: 00032


Fund Strategy: Normally investing at least 80% of assets in investment-grade debt securities (those of medium and highquality) of all types and repurchase agreements for those securities. Normally maintaining a dollar-weighted average maturitybetween three and 10 years. Engaging in transactions that have a leveraging effect on the fund.

Fund Risk: Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuerdefault, issuer credit risk and inflation risk. Foreign securities are subject to interest rate, currency exchange rate, economic,and political risks. Leverage can increase market exposure and magnify investment risk.




Fidelity® Intermediate Government Income Fund

VRS Code: 00452

Fund Objective: Seeks a high level of current income as is consistent with preservation of capital.

Fund Strategy: Normally investing at least 80% of assets in U.S. Government securities and repurchase agreements for thosesecurities. Investing in instruments related to U.S. Government securities. Normally maintaining a dollar-weighted averagematurity of three to 10 years. Engaging in transactions that have a leveraging effect on the fund.

Fund Risk: Interest rate increases can cause the price of a debt security to decrease. Leverage can increase market exposureand magnify investment risk.




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Fidelity® International Capital Appreciation Fund

VRS Code: 00335


Fund Strategy: Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets.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.




Fidelity® International Discovery Fund - Class K

VRS Code: 02093


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






Fidelity® International Enhanced Index Fund

VRS Code: 02010


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 stocks. Generally usingcomputer-aided, quantitative analysis to select stocks that may have the potential to provide a higher total return than that ofthe MSCI EAFE Index.

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. Although the fund seeks to beat the index, this is not guaranteed and the fund may trail theindex.


Footnotes:● A mutual fund registered under Fidelity Commonwealth Trust II, and managed by Strategic Advisers, Inc. This description is


● The Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index (net MA tax) is an unmanagedmarket capitalization-weighted index of equity securities of companies domiciled in various countries. The index isdesigned to represent performance of developed stock markets outside the United States and Canada and excludes certainmarket segments unavailable to U.S. based investors. The index returns for periods after 1/1/1997 are adjusted for taxwithholding rates applicable to U.S.-based mutual funds organized as Massachusetts business trusts.

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Fidelity® International Growth Fund

VRS Code: 01979


Fund Strategy: Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets.Normally investing in companies FMR believes have above-average growth potential (stocks of these companies are oftencalled "growth" stocks). Normally investing primarily in common stocks.






Fidelity® International Real Estate Fund

VRS Code: 01368


Fund Strategy: Normally investing primarily in non-U.S. securities. Normally investing at least 80% of assets in securities ofcompanies principally engaged in the real estate industry and other real estate related investments. Normally investingprimarily 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, all of which are magnified in emerging markets. Changes in real estate values or economicdownturns can have a significant negative effect on issuers in the real estate industry. The fund may have additional volatilitybecause it can invest a significant portion of assets in securities of a small number of individual issuers.


Footnotes:● A mutual fund registered under Select Portfolios, and managed by Fidelity Management Research Company ("FMR"). This



Fidelity® International Small Cap Fund

VRS Code: 00818


Fund Strategy: Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets.Normally investing at least 80% of assets in securities of companies with small market capitalizations (companies with marketcapitalizations of $5 billion or less). 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, all of which are magnified in emerging markets. The securities of smaller, less well-knowncompanies can be more volatile than those of larger companies.




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Fidelity® International Small Cap Opportunities Fund

VRS Code: 01504


Fund Strategy: Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets.Normally investing at least 80% of assets in securities of companies with small market capitalizations (companies with marketcapitalizations of $5 billion or less). 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. The securities of smaller, less well-known companies can be more volatile than those oflarger companies.





Fidelity® International Value Fund

VRS Code: 01597


Fund Strategy: Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets.Investing in securities of companies that FMR believes are undervalued in the marketplace in relation to factors such as assets,sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks ofthese 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, all of which are magnified in emerging markets. Value stocks can perform differently thanother types of stocks and can continue to be undervalued by the market for long periods of time.





Fidelity® Investment Grade Bond Fund

VRS Code: 00026


Fund Strategy: Normally investing at least 80% of assets in investment-grade debt securities (those of medium and highquality) of all types and repurchase agreements for those securities. Potentially investing in lower-quality debt securities.Engaging in transactions that have a leveraging effect on the fund.

Fund Risk: Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuerdefault, issuer credit risk and inflation risk. Foreign securities are subject to interest rate, currency exchange rate, economic,and political risks. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds.Leverage can increase market exposure and magnify investment risk.




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Fidelity® Japan Fund

VRS Code: 00350


Fund Strategy: Normally investing at least 80% of assets in securities of Japanese issuers and other investments that are tiedeconomically to Japan. 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. The risks are particularly significant for funds that focus on a single country or region.





Fidelity® Japan Smaller Companies Fund

VRS Code: 00360


Fund Strategy: Normally investing at least 80% of assets in securities of Japanese issuers, and other investments that are tiedeconomically to Japan, with smaller market capitalization (companies with market capitalizations similar to companies in theRussell/Nomura Mid-Small Cap Index or the Japanese Association of Securities Dealers Automated Quotations Index).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. The risks are particularly significant for funds that focus on a single country or region. Thesecurities of smaller, less well-known companies can be more volatile than those of larger companies.




● The Russell/Nomura Mid-Small Cap Index™ is a market capitalization-weighted index of common stocks domiciled inJapan that measures the performance of small and medium-sized companies representing approximately the bottom 50% ofthe total market capitalization of the investable Japanese securities.

● JASDAQ Index is a market capitalization-weighted index of all stocks listed on the JASDAQ market in Japan, except for theBank of Japan. The JASDAQ market is geared to small and medium companies and excludes OTC Managed stocks.

Fidelity® Large Cap Core Enhanced Index Fund

VRS Code: 01827


Fund Strategy: Normally investing at least 80% of assets in common stocks included in the S&P 500 Index, which is a marketcapitalization-weighted index of companies with large market capitalizations. Generally using computer-aided, quantitativeanalysis to select stocks that may have the potential to provide a higher total return than that of the S&P 500 Index.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Although the fund seeks to beat the index, this is not guaranteed andthe fund may trail the index.





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Fidelity® Large Cap Growth Enhanced Index Fund

VRS Code: 01829


Fund Strategy: Normally investing at least 80% of assets in common stocks included in the Russell 1000 Growth Index, which isa market capitalization-weighted index of companies with large market capitalizations. Generally using computer-aided,quantitative analysis to select stocks that may have the potential to provide a higher total return than that of the Russell 1000Growth Index.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Growth stocks can perform differently from the market as a whole andother types of stocks and can be more volatile than other types of stocks. Although the fund seeks to beat the index, this is notguaranteed and the fund may trail the index.




● 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.

Fidelity® Large Cap Growth Fund

VRS Code: 00763

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

Fund Strategy: Normally investing at least 80% of assets in securities of companies with large market capitalizations (thosecompanies with market capitalizations similar to companies in the Russell 1000 Index or the Standard & Poor’s 500 Index (S&P500)). Investing in companies that FMR believes have above-average growth potential (stocks of these companies are oftencalled "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.






Fidelity® Large Cap Stock Fund

VRS Code: 00338


Fund Strategy: Normally investing at least 80% of assets in common stocks of companies with large market capitalizations(companies with market capitalizations similar to companies in the Russell 1000 Index or the S&P 500). 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


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Footnotes:● A mutual fund registered under Fidelity Commonwealth Trust, and managed by Fidelity Management Research Company




Fidelity® Large Cap Value Enhanced Index Fund

VRS Code: 01828


Fund Strategy: Normally investing at least 80% of assets in common stocks included in the Russell 1000 Value Index, which is amarket capitalization-weighted index of companies with large market capitalizations. Generally using computer-aided,quantitative analysis to select stocks that may have the potential to provide a higher total return than that of the Russell 1000Value Index.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Value stocks can perform differently than other types of stocks andcan continue to be undervalued by the market for long periods of time. Although the fund seeks to beat the index, this is notguaranteed and the fund may trail the index.




● The Russell 1000® Value Index is an unmanaged market capitalization-weighted index of value-oriented stocks of the largestU.S. domiciled companies that are included in the Russell 1000 Index. Value-oriented stocks tend to have lower price-to-bookratios and lower forecasted growth values.

Fidelity® Latin America Fund

VRS Code: 00349


Fund Strategy: Normally investing at least 80% of assets in securities of Latin American issuers and other investments that aretied economically to Latin America. Investing up to 35% of total assets in any industry that accounts for more than 20% of theLatin American market. 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. The risks are particularly significant for fundsthat focus on a single country or region. The fund may have additional volatility because it can invest a significant portion ofassets in securities of a small number of individual issuers.




Fidelity® Leveraged Company Stock Fund - Class K

VRS Code: 02094


Fund Strategy: Normally invests at least 80% of assets in common stocks of leveraged companies (companies that issue lower-quality debt and other companies with leveraged capital structures). The fund may invest in lower-quality debt securities.Invests in domestic and foreign issuers. Invests 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. 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. Leverage can magnify the impact of adverse issuer, political,regulatory, market, or economic developments on a company. In the event of bankruptcy, a company’s creditors takeprecedence over the company’s stockholders. Although the companies that the fund invests in may be highly leveraged, thefund itself does not use leverage as an investment strategy.





Fidelity® Low-Priced Stock Fund - Class K

VRS Code: 02095


Fund Strategy: Normally invests primarily in common stocks. Normally investing at least 80% of assets in low-priced stocks(those priced at or below $35 per share), which can lead to investments in small and medium-sized companies. Potentiallyinvesting in stocks not considered low-priced. Investing in domestic and foreign issuers. Investing in either ’growth’ or ’value’stocks or both.

Fund Risk: Stock values fluctuate in response to the activities of individual companies, and general market and economicconditions. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political,regulatory, market, or economic developments and can perform differently from the U.S. market. You may have a gain or losswhen you sell your shares. The securities of small, less well-known companies may be more volatile than those of largercompanies. Investments in foreign securities involve risks in addition to those of U.S. investments, including increased politicaland economic risk, as well as exposure to currency fluctuations.





Fidelity® Magellan® Fund - Class K

VRS Code: 02096



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.


Footnotes:● A mutual fund registered under Fidelity Magellan Fund, and managed by Fidelity Management Research Company ("FMR").



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Fidelity® Mega Cap Stock Fund

VRS Code: 00361

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

Fund Strategy: Normally investing at least 80% of assets in common stocks of companies with mega market capitalizations(companies with market capitalizations similar to companies in the Russell Top 200 Index or the S&P 100). Investing in either"growth" stocks or "value" stocks or both.





● The Russell Top 200® Index is an unmanaged index that measures the performance of the 200 largest companies in theRussell 1000® Index, which represents approximately 76% of the total market capitalization of the Russell 1000 Index.

● Standard & Poor’s 100 Index (S&P 100) is a market capitalization-weighted index composed of 100 leading U.S. stocks withexchange-listed options. The stocks in the S&P 100 are generally among the largest and most established companies in theS&P 500.


Fidelity® Mid Cap Enhanced Index Fund

VRS Code: 02012


Fund Strategy: Normally investing at least 80% of assets in common stocks included in the Russell MidCap Index, which is amarket capitalization-weighted index of companies with medium market capitalizations. Generally using computer-aided,quantitative analysis to select stocks that may have the potential to provide a higher total return than that of the RussellMidCap Index.

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. Although the fund seeks to beat the index, this is not guaranteed and the fund maytrail the index.





Fidelity® Mid Cap Value Fund

VRS Code: 00762

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

Fund Strategy: Normally investing at least 80% of assets in securities of companies with medium market capitalizations (thosecompanies with market capitalizations similar to companies in the Russell Midcap Index or the Standard & Poor’s MidCap 400Index (S&P MidCap 400)). Investing in securities of companies that FMR believes are undervalued in the marketplace in relationto factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in thesame industry (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. The securities of smaller, less well-known companies can be morevolatile than those of larger companies. Value stocks can perform differently from other types of stocks and can continue to beundervalued by the market for long periods of time.


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

Fidelity® Mid-Cap Stock Fund - Class K

VRS Code: 02097


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.

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


Fidelity® Money Market Fund

VRS Code: 00454

Fund Objective: Seeks as high a level of current income as is consistent with preservation of capital and liquidity.


Fund Risk: An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporationor any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it ispossible to lose money by investing in the fund. Interest rate increases can cause the price of a money market security todecrease.




Fidelity® Money Market Trust Retirement Government Money Market Portfolio

VRS Code: 00631



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Fund Risk: Interest rate increases can cause the price of money market securities to decrease. An investment in a moneymarket fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing inthe fund.


Footnotes:● A mutual fund registered under Fidelity Money Market Trust, and managed by Fidelity Management Research Company


Fidelity® Money Market Trust Retirement Money Market Portfolio

VRS Code: 00630

Fund Objective: Seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity.


Fund Risk: Interest rate increases can cause the price of a money market security to decrease. Foreign securities are subject tointerest rate, currency exchange rate, economic, and political risks. An investment in a money market fund is not insured orguaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks topreserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.


Footnotes:● A mutual fund registered under Fidelity Money Market Trust, and managed by Fidelity Management Research Company


Fidelity® Mortgage Securities Fund

VRS Code: 00040

Fund Objective: Seeks a high level of current income, consistent with prudent investment risk. In seeking current income, thefund may also consider the potential for capital gain.

Fund Strategy: Normally investing at least 80% of assets in investment-grade mortgage-related securities (those of mediumand high quality) and repurchase agreements for those securities. Engaging in transactions that have a leveraging effect on thefund.

Fund Risk: Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuerdefault, issuer credit risk and inflation risk. Mortgage securities are subject to prepayment risk, which can limit gains due todeclining interest rates, and increase losses due to rising rates. Leverage can increase market exposure and magnifyinvestment risk.


Footnotes:● A mutual fund registered under Fidelity Advisor Series II, and managed by Fidelity Management Research Company ("FMR").


Fidelity® Nasdaq® Composite Index Fund

VRS Code: 01282

Fund Objective: Seeks to provide investment returns that closely correspond to the price and yield performance of theNASDAQ Composite Index.

Fund Strategy: Normally investing at least 80% of assets in common stocks included in the Nasdaq Composite Index.

Fund Risk: Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, oreconomic developments. The performance of the fund and the Index may vary somewhat due to factors such as transactioncosts, sample selection, and timing differences associated with additions to and deletions from the Index.


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● The NASDAQ Composite® Index is an unmanaged market capitalization-weighted index of the National Market Systemwhich includes over 5,000 stocks traded only over-the-counter and not on an exchange.


Fidelity® New Markets Income Fund

VRS Code: 00331

Fund Objective: Seeks high current income. As a secondary objective, the fund seeks capital appreciation.

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 debt securities of issues in emerging markets.Potentially investing in other types of securities, including equity securities of emerging market issuers, debt securities of non-emerging market foreign issuers, and lower quality debt securities of U.S. issuers.

Fund Risk: Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuerdefault, issuer credit risk and inflation risk. Stock markets, especially foreign markets, are volatile and can decline significantlyin response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject tointerest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. The fund may have additionalvolatility because it can invest a significant portion of assets in securities of a small number of individual issuers.




Fidelity® New Millennium Fund

VRS Code: 00300


Fund Strategy: Identifying early signs of long-term changes in the marketplace and focusing on those companies that maybenefit from opportunities created by these changes by examining technological advances, product innovation, economicplans, demographics, social attitudes, and other factors, which can lead to investments in small and medium-sized companies.Investing in either "growth" stocks or "value" stocks or both. Normally investing primarily in common stocks.





Fidelity® Nordic Fund

VRS Code: 00342


Fund Strategy: Normally investing at least 80% of assets in securities of Danish, Finnish, Norwegian, and Swedish issuers andother investments that are tied economically to the Nordic region. Investing up to 35% of total assets in any industry thataccounts for more than 20% of the Nordic market. 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. The risks are particularly significant for funds that focus on a single country or region.


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Fidelity® OTC Portfolio - Class K

VRS Code: 02098


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: 02099


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






Fidelity® Pacific Basin Fund

VRS Code: 00302

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

Fund Strategy: Normally investing at least 80% of assets in securities of Pacific Basin issuers and other investments that aretied economically to the Pacific Basin. Normally investing primarily in common stocks.





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Fidelity® Puritan® Fund - Class K

VRS Code: 02100


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 Income Fund

VRS Code: 00833

Fund Objective: Seeks higher than average income. As a secondary objective, the fund also seeks capital growth.

Fund Strategy: Normally investing at least 80% of assets in securities of companies principally engaged in the real estateindustry and other real estate related investments. Normally investing primarily in preferred and common stocks of real estateinvestment trusts (REITs); debt securities of real estate entities; and commercial and other mortgage-backed securities, with anemphasis on lower-quality debt securities.

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. Changes in real estate values or economic downturns can have a significant negative effecton issuers in the real estate industry.




Fidelity® Real Estate Investment Portfolio

VRS Code: 00303

Fund Objective: Seeks above-average income and long-term capital growth, consistent with reasonable investment risk. Thefund seeks to provide a yield that exceeds the composite yield of the S&P 500 Index.

Fund Strategy: Normally investing at least 80% of assets in securities of companies principally engaged in the real estateindustry and other real estate related investments. 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. Real Estate is a cyclical industry that is sensitive to interest rates, economic conditions (bothnationally and locally), property tax rates, and other factors. The fund may have additional volatility because it can invest asignificant portion of assets in securities of a small number of individual issuers.


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Fidelity® Short-Term Bond Fund

VRS Code: 00450

Fund Objective: Seeks to obtain a high level of current income consistent with preservation of capital.

Fund Strategy: Normally investing at least 80% of assets in investment-grade debt securities (those of medium and highquality) of all types and repurchase agreements for those securities. Normally maintaining a dollar-weighted average maturitybetween three years or less. Engaging in transactions that have a leveraging effect on the fund.

Fund Risk: Bond funds entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuercredit risk and inflation risk. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks.Leverage can increase market exposure and magnify investment risk.




Fidelity® Small Cap Discovery Fund

VRS Code: 00384


Fund Strategy: Normally investing at least 80% of assets in securities of companies with small market capitalizations(companies with market capitalizations similar to the companies in the Russell 2000 Index or the S&P Small Cap 600). Investingin either "growth" stocks or "value" stocks or both. 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. 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 2000® Index is an unmanaged market capitalization-weighted index of 2,000 small company stocks of U.S.domiciled companies.

● The S&P Small Cap 600® Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed foruse by Fidelity Distributors Corporation and its affiliates. It is a market capitalization-weighted index of 600 small-capitalization stocks.

Fidelity® Small Cap Enhanced Index Fund

VRS Code: 02011


Fund Strategy: Normally investing at least 80% of assets in common stocks included in the Russell 2000 Index, which is amarket capitalization-weighted index of companies with small market capitalizations. Generally using computer-aided,quantitative analysis to select stocks that may have the potential to provide a higher total return than that of the Russell 2000Index.

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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. Although the fund seeks to beat the index, this is not guaranteed and the fund maytrail the index.





Fidelity® Small Cap Growth Fund

VRS Code: 01388


Fund Strategy: Normally investing at least 80% of assets in securities of companies with small market capitalizations(companies with market capitalizations similar to companies in the Russell 2000 Index or the Standard & Poor’s Small Cap 600Index). Investing in companies that FMR believes have above-average growth potential (stocks of these companies are oftencalled ’growth’ stocks). Normally investing primarily in common stocks.







Fidelity® Small Cap Stock Fund

VRS Code: 00340


Fund Strategy: Normally investing at least 80% of assets in common stocks of companies with small market capitalization(companies with market capitalization similar to companies in the Russell 2000 Index or the S&P SmallCap 600). Investing ineither "growth" stocks or "value" stocks or both.







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Fidelity® Small Cap Value Fund

VRS Code: 01389


Fund Strategy: Normally investing at least 80% of assets in securities of companies with small market capitalizations(companies with market capitalizations similar to companies in the Russell 2000 Index or the Standard & Poor’s Small Cap 600Index). Investing in securities of companies that FMR believes are undervalued in the marketplace in relation to factors such asassets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry(stocks of those 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 exchange rate,economic, and political risks. The securities of smaller, less well-known companies can be more volatile than those of largercompanies. Value stocks can perform differently than other types of stocks and can continue to be undervalued by the marketfor long periods of time.






Fidelity® Stock Selector All Cap Fund - Class K

VRS Code: 02101


Fund Strategy: Normally investing at least 80% of assets in stocks. Investing in either "growth" or "value" stocks or both.Normally investing primarily in common stocks.






● As of July 1, 2010, this fund changed its name from Fidelity Stock Selector - Class K

Fidelity® Stock Selector Large Cap Value Fund

VRS Code: 00708


Fund Strategy: Normally investing at least 80% of assets in stocks of companies with large market capitalizations (thosecompanies with market capitalizations similar to companies in the Russell 1000 Index or the S&P 500 Index). Investing insecurities of companies that FMR believes are undervalued in the marketplace in relation to factors such as assets, sales,earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of thesecompanies are often called "value" stocks). Investing in domestic and foreign issuers. Allocating the fund’s assets acrossdifferent market sectors (at present, consumer discretionary, consumer staples, energy, financials, health care, industrials,information technology, materials, telecom services, and utilities), using different Fidelity managers.

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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. Value stocks can perform differently from other types of stocks andcan continueto be undervalued by the market for long periods of time. Foreign securities are subject to interest rate, currencyexchange rate, economic, and political risks.






● As of August 31, 2011, this fund changed its name from Fidelity Large Cap Value Fund.

Fidelity® Stock Selector Mid Cap Fund

VRS Code: 02412


Fund Strategy: Normally investing at least 80% of assets in stocks of companies with medium market capitalizations(companies with market capitalizations similar to companies in the Russell Midcap Index or the Standard & Poor’s MidCap 400Index). Potentially investing in companies with smaller or larger market capitalizations. Investing in domestic and foreignissuers. Allocating the fund’s assets across different market sectors (at present, consumer discretionary, consumer staples,energy, financials, health care, industrials, information technology, materials, telecom services, and utilities), using differentFidelity managers. Investing in either "growth" stocks or "value" stocks or both.





● The Russell MidCap 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.

● The Standard & Poor’s Midcap 400 Index is an unmanaged market capitalization-weighted index of 400 medium-capitalization domestic stocks chosen for market size, liquidity, and industry group representation.

● Initial offering of the Fidelity Stock Selector Mid Cap Retail Class took place on June 12, 2012. Returns prior to that date arethose of the Fidelity Advisor Stock Selector Mid Cap - Class I and reflect the Class I’s expense ratio. Had the Fidelity StockSelector Mid Cap Retail Class expense ratio been reflected, total returns would have been lower.

Fidelity® Stock Selector Small Cap Fund

VRS Code: 00336


Fund Strategy: Normally investing at least 80% of assets in securities of companies with small market capitalizations(companies with market capitalizations similar to companies in the Russell 2000 Index or the S&P SmallCap 600). Investing ineither "growth" stocks or "value" stocks or both. Normally investing primarily in common stocks.



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● As of September 1, 2010, this fund changed its name from Fidelity Small Cap Independence Fund.

Fidelity® Strategic Dividend & Income® Fund

VRS Code: 01329

Fund Objective: Seeks reasonable income. The fund will also consider the potential for capital appreciation.

Fund Strategy: Normally investing at least 80% of assets in equity securities. Using a neutral mix of approximately 50%common stocks, 15% REITs and other real estate related investments, 15% convertible securities, and 20% preferred stocks.Investing the fund’s assets with a focus on equity securities that pay current dividends and show potential for capitalappreciation, which tends to lead to investments in "value" stocks in the common stock category.

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. Changes in real estate values or economic downturns can have asignificant negative effect on issuers in the real estate industry. Lower-quality bonds can be more volatile and have greater riskof default 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.




Fidelity® Strategic Income Fund

VRS Code: 00368

Fund Objective: Seeks a high level of current income. The fund may also seek capital appreciation.

Fund Strategy: Investing primarily in debt securities by allocating assets among four general investment categories: high yieldsecurities, U.S. Government and investment-grade securities, emerging market securities, and foreign developed marketsecurities. The fund uses a neutral mix of approximately 40% high yield, 30% U.S. Government and investment-grade, 15%emerging markets, and 15% foreign developed markets. Engaging in transactions that have a leveraging effect 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 ratesrise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Foreign securities are subject tointerest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Leverage can increase marketexposure and magnify investment risk.


Footnotes:● A mutual fund registered under Fidelity School Street Trust, and managed by Fidelity Management Research Company


Fidelity® Strategic Real Return Fund

VRS Code: 01505

Fund Objective: Seeks real return consistent with reasonable investment risk.

Fund Strategy: Allocating the fund’s assets among four general investment categories, using a neutral mix of approximately30% inflation-protected debt securities, 25% floating-rate loans, 25% commodity-linked notes and related investments, and20% REITs and other real estate related investments. Engaging in transactions that have a leveraging effect on the fund.

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Fund Risk: Stock markets, particularly foreign markets, are volatile and can be affected by adverse issuer, political, regulatory,market, or economic developments. Floating rate loans may not be fully collateralized and therefore may decline significantlyin value. A floating rate loan may not be fully collateralized which may cause the loan to decline significantly in value. A floatingrate loan is generally subject to restrictions on resale. Difficulty in selling a floating rate loan may result in a loss. Interest rateincreases can cause the price of a debt security to decrease. Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Foreign securities are subject to interest rate, currency exchange rate, economic, andpolitical risks. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the realestate industry. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds.Commodity-linked investments can be more volatile and less liquid than the underlying instruments or measures and theirvalue may be affected by the performance of the overall commodities baskets as well as weather, tax, and other regulatorydevelopments. Leverage can increase market exposure and magnify investment risks.




Fidelity® Telecom and Utilities Fund

VRS Code: 00311

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

Fund Strategy: Normally investing at least 80% of assets in securities of utility companies. Normally investing 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 utilities industries can be significantly affected by governmentregulation, financing difficulties, supply and demand of services or fuel, and natural resource conservation. Non-diversifiedfunds that focus on a relatively small number of stocks tend to be more volatile than diversified funds and the market as awhole.




Fidelity® Total Bond Fund

VRS Code: 00820


Fund Strategy: Normally investing at least 80% of assets in debt securities of all types and repurchase agreements for thosesecurities. Investing up to 20% of assets in high yield and emerging market debt securities. Engaging in transactions that havea leveraging effect on the fund.

Fund Risk: Bond funds entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuercredit risk and inflation risk. Lower-quality bonds can be more volatile and have greater risk of default than higher-qualitybonds. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Leverage canincrease market exposure and magnify investment risk.




Fidelity® Total International Equity Fund

VRS Code: 01978


Fund Strategy: Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets.Normally investing at least 80% of assets in equity 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. Value stocks can perform differently than othertypes of stocks and can continue to be undervalued by the market for long periods of time. The securities of smaller, less well-known companies can be more volatile than those of larger companies.





Fidelity® Trend Fund

VRS Code: 00005

Fund Objective: Seeks growth of capital.

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. Growth stocks can perform differently from the market as a whole andcan be more volatile than other types of stocks.


Footnotes:● A mutual fund registered under Fidelity Trend Fund, and managed by Fidelity Management Research Company ("FMR"). This


● Prior to February 1, 2007, Trend Fund operated under certain different investment policies and compared its performance toa different index. The fund’s historical performance may not represent its current investment policies.

Fidelity® U.S. Government Reserves

VRS Code: 00050



Fund Risk: An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to losemoney by investing in the fund. Interest rate increases can cause the price of money market securities to decrease.


Footnotes:● A mutual fund registered under Fidelity Phillips Street Trust, and managed by Fidelity Management Research Company


Fidelity® Ultra-Short Bond Fund

VRS Code: 00812

Fund Objective: Seeks to obtain a high level of current income consistent with the preservation of capital.

Fund Strategy: Normally investing at least 80% of assets in investment-grade debt securities (those of medium and highquality) of all types, and repurchase agreements for those securities. Normally investing in U.S. dollar-denominated moneymarket and investment-gradedebt securities and repurchase agreements. Managing the fund to have similar overall interestrate risk to the Barclays 6 Month Swap Index. Normally maintaining a dollar-weighted average maturity of two years or less.Allocating assets across different market sectors and maturities. Investing more than 25% of total assets in the financial servicesindustries. Investing in domestic and foreign issuers. Analyzing the credit quality of the issuer, security-specific features, currentand potential future valuation, and trading opportunities to select investments. 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 - andforward-settling securities, to adjust the fund’s risk exposure.

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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. Changes ingovernment regulation and interest rates and economic downturns can have a significant negative effect on issuers in thefinancial servicessector. The fund can invest in securities that may have a leveraging effect (such as derivatives andforwardsettling securities) that may increase market exposure, magnify investment risks, and cause losses to be realized morequickly.




● The Barclays Capital 6 Month Swap Index is an unmanaged index that measures the total return of investing in six-month parswaps over time.

Fidelity® Value Discovery Fund - Class K

VRS Code: 02103


Fund Strategy: Normally investing primarily in common stocks. Investing in securities of companies that it believes areundervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or inrelation to securities of other companies in the same industry (stocks of these companies are often called ’value’ stocks).Investing in domestic and foreign issuers.

Fund Risk: Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, oreconomic developments. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer,political, regulatory, market, or economic developments and can perform differently from the U.S. market. The value of anindividual security or particular type of security can be more volatile than the market as a whole and can perform differentlyfrom the value of the market as a whole. ’Value’ stocks can perform differently from the market as a whole and other types ofstocks and can continue to be undervalued by the market for long periods of time. In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result,changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a morediversified fund.





Fidelity® Value Fund - Class K

VRS Code: 02102


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.


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Fidelity® Value Strategies Fund - Class K

VRS Code: 02104


Fund Strategy: Investing in securities of companies that FMR believes are undervalued in the marketplace in relation to factorssuch as assets, sales, earnings, or growth potential (stocks of these companies are often called "value" stocks). Normallyinvesting primarily in common stocks. Focusing investments in medium-sized companies, but also may invest substantially inlarger or smaller 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. Foreign securities are subject to interest rate, currency exchange rate,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® Worldwide Fund

VRS Code: 00318

Fund Objective: Seeks growth of capital.

Fund Strategy: Investing in securities issued anywhere in the world. Normally investing primarily in common stocks.





Franklin Small-Mid Cap Growth Fund Class Advisor

VRS Code: 22711


Fund Strategy: The fund invests at least 80% of its net assets in the equity securities of small-capitalization (small-cap) andmid-capitalization (mid-cap) companies. For this fund, small-cap companies are companies within the market capitalizationrange of companies in the Russell 2500™ Index and mid-cap companies are companies within the market capitalizationrange of companies in the Russell Midcap® Index. It may have significant positions in particular sectors such as technology(including health care technology, technology services and electronic technology).



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Footnotes:● A mutual fund registered under Franklin Strategic Series, and managed by Franklin Advisers, Inc. This description is only


● The Russell 2500™ Index is an unmanaged market capitalization-weighted index measuring the performance of the 2,500smallest companies in the Russell 3000 Index.


Hartford Growth Fund Class Y

VRS Code: 48555


Fund Strategy: The fund normally invests at least 65% of total assets in equity securities of growth companies. It may invest incompanies with a broad range of market capitalizations, but tends to focus on large capitalization companies with marketcapitalizations similar to those of companies in the Russell 1000 Growth Index. The fund may invest up to 20% of its total assetsin securities of foreign issuers and non-dollar securities.



Footnotes:● A mutual fund registered under Hartford Mutual Funds II Inc, and managed by Hartford Funds Management Company, LLC.



Hartford International Growth Fund Class Y

VRS Code: 48557


Fund Strategy: The fund normally invests at least 65% of its assets in equity securities, including non-dollar securities, offoreign issuers. It may invest in a broad range of market capitalizations generally greater than $1 billion, but tends to focus onmid to large capitalization companies. The fund may invest up to 25% of its total assets in securities of companies that conducttheir principal business activities in emerging markets or whose securities are traded principally on exchanges 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.


Footnotes:● A mutual fund registered under Hartford Mutual Funds Inc, and managed by Hartford Funds Management Company, LLC.


Hartford Small Cap Growth Fund Class Y

VRS Code: 48559


Fund Strategy: The fund invests at least 80% of assets in common stocks of small capitalization companies. It defines smallcapitalization companies as companies with market capitalizations within the collective range of the Russell 2000 and S&PSmallCap 600 Indices. The fund employs a multi-portfolio manager structure whereby portions of its cash flows are allocatedamong different portfolio management teams who employ distinct investment styles intended to complement one another. Itmay invest up to 20% of total assets in securities of foreign issuers and non-dollar securities, and may trade securities actively.

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Footnotes:● A mutual fund registered under Hartford Mutual Funds II Inc, and managed by Hartford Funds Management Company, LLC.




Invesco Comstock Fund Class R6

VRS Code: 89385

Fund Objective: The investment seeks capital growth and income.

Fund Strategy: Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings forinvestment purposes) in common stocks at the time of investment. It may invest in issuers of small-, medium- or large-sizedcompanies. The fund may invest up to 25% of its total assets in securities of foreign issuers. It may invest up to 10% of its totalassets in real estate investment trusts (REITs).



Footnotes:● A mutual fund registered under Aim Sector Funds, and managed by Invesco Advisers, Inc. This description is only intended to

provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about the fund.

Invesco Constellation Fund R5 Class

VRS Code: 45419


Fund Strategy: The fund invests primarily in equity securities of issuers of all market capitalizations. The principal type ofequity securities in which the fund invests is common stock. The fund invests primarily in securities that are considered by thefund’s portfolio managers to have potential for earnings or revenue growth. It may invest up to 25% of its net assets in foreignsecurities.



Footnotes:● A mutual fund registered under AIM Equity Funds, and managed by Invesco Advisers, Inc. This description is only intended to


● As of September 24, 2012, this fund changed its share classification from Institutional Class.

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Invesco Equity and Income Fund Class R6

VRS Code: 89386

Fund Objective: The investment seeks the highest possible income consistent with safety of principal. Long-term growth ofcapital is an important secondary investment objective.

Fund Strategy: Under normal circumstances, the fund invests at least 80% of its assets in equity and income securities at thetime of investment. It invests primarily in income-producing equity securities (including common stocks, preferred stocks andconvertible securities) and investment grade quality debt securities. The fund may invest up to 25% of its total assets insecurities of foreign issuers. It may invest up to 15% of its total assets in real estate investment trusts (REITs).



Footnotes:● A mutual fund registered under AIM Counselor Series Trust, and managed by Invesco Advisers, Inc. This description is only


Invesco Global Small & Mid Cap Growth Fund R5 Class

VRS Code: 18516


Fund Strategy: The fund invests at least 80% of its assets in securities of small- and/or mid-capitalization issuers, and inderivatives and other instruments that have economic characteristics similar to such securities. It invests primarily in equitysecurities and depositary receipts of domestic and foreign issuers. The fund invests in securities of issuers located in at leastthree different countries, including the U.S. It may also invest up to 35% of its net assets in securities of issuers located inemerging markets countries.



Footnotes:● A mutual fund registered under Aim International Mutual Funds, and managed by Invesco Advisers, Inc. This description is



Invesco Growth and Income Fund Class R6

VRS Code: 89355

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

Fund Strategy: Under normal market conditions, Invesco Advisers, Inc. (the Adviser), the fund’s investment adviser, seeks toachieve the fund’s investment objective by investing primarily in a portfolio of income-producing equity securities (althoughinvestments are also made in non-convertible preferred stocks and debt securities). It focuses primarily on the security’spotential for income and capital growth. The Adviser may invest to a larger degree in larger capitalization (or large cap)companies which it believes possess characteristics for improved valuation.



Footnotes:● A mutual fund registered under AIM Counselor Series Trust, and managed by Invesco Advisers, Inc. This description is only


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Invesco Mid Cap Core Equity Fund R5 Class

VRS Code: 48400


Fund Strategy: The fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings forinvestment purposes) in equity securities of mid-capitalization companies. The adviser considers a company to be a mid-capitalization company if it has a market capitalization, at the time of purchase, within the range of the largest and smallestcapitalized companies included in the Russell Midcap® Index. The fund may invest up to 25% of its total assets in foreignsecurities.

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.


Footnotes:● A mutual fund registered under AIM Growth Series, and managed by Invesco Advisers, Inc. This description is only intended

to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about the fund.



Invesco Value Opportunities Fund R5 Shares

VRS Code: 78360

Fund Objective: The investment seeks capital growth and income.

Fund Strategy: The fund invests primarily in a portfolio of common stocks, convertible preferred stocks and preferred stocks ofvalue companies across the capitalization spectrum. It may invest in companies of any size. The fund may invest up to 25% ofits total assets in securities of foreign issuers and may invest up to 10% of its total assets in real estate investment trusts (REITs).



Footnotes:● A mutual fund registered under Aim Sector Funds, and managed by Invesco Advisers, Inc. This description is only intended to


● As of September 24, 2012, this fund changed its name from Invesco Van Kampen Value Opportunities Fund.

Janus Balanced Fund Class I

VRS Code: 85082

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. Fixed-income securities may include corporate debt securities, U.S. government obligations,mortgage-backed securities and other mortgage-related products, and short-term securities.



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Footnotes:● A mutual fund registered under Janus Investment Fund, and managed by Janus Capital Management LLC. This description is


Janus Enterprise Fund Class I

VRS Code: 76342


Fund Strategy: The fund pursues its investment objective by investing primarily in common stocks selected for their growthpotential, and normally invests at least 50% of its equity assets in medium-sized companies. Medium-sized companies arethose whose market capitalization falls within the range of companies in the Russell Midcap® Growth Index. Marketcapitalization is a commonly used measure of the size and value of a company. It may also invest in foreign equity and debtsecurities, which may include investments in emerging markets.






Janus Flexible Bond Fund Class I

VRS Code: 85091

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

Fund Strategy: The fund normally invests at least 80% of its net assets in bonds. Bonds include, but are not limited to,government notes and bonds, corporate bonds, convertible bonds, mortgage-backed securities, and zero-coupon bonds. Itwill invest at least 65% of its assets in investment grade debt securities. The fund will limit its investment in high-yield/high-riskbonds, also known as "junk bonds," to 35% or less of its net assets. It generates total return from a combination of currentincome and capital appreciation, but income is usually the dominant portion.





Janus Forty Fund Class I

VRS Code: 85009


Fund Strategy: The fund pursues its investment objective by normally investing primarily in a core group of 20-40 commonstocks selected for their growth potential. It may invest in companies of any size, from larger, well-established companies tosmaller, emerging growth companies. The fund may also invest in foreign equity and debt securities, which may includeinvestments in emerging markets. The portfolio manager applies a "bottom up" approach in choosing investments. The fundis non-diversified.

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Janus Fund Class I

VRS Code: 85541


Fund Strategy: The fund pursues its investment objective by investing primarily in common stocks selected for their growthpotential. Although the fund may invest in companies of any size, it generally invests in larger, more established companies.The fund may invest in foreign equity and debt securities, which may include investments in emerging markets. The portfoliomanagers apply a "bottom up" approach in choosing investments. In other words, the portfolio managers look at companiesone at a time to determine if a company is an attractive investment opportunity and if it is consistent with the fund’s investmentpolicies.





Janus Fund Class S

VRS Code: 85104


Fund Strategy: The fund pursues its investment objective by investing primarily in common stocks selected for their growthpotential. Although the fund may invest in companies of any size, it generally invests in larger, more established companies.The fund may invest in foreign equity and debt securities, which may include investments in emerging markets. The portfoliomanagers apply a "bottom up" approach in choosing investments. In other words, the portfolio managers look at companiesone at a time to determine if a company is an attractive investment opportunity and if it is consistent with the fund’s investmentpolicies.





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Janus Overseas Fund Class I

VRS Code: 85097


Fund Strategy: The fund pursues its investment objective by investing, under normal circumstances, at least 80% of its netassets in securities of issuers from countries outside of the United States. It normally invests in securities of issuers from severaldifferent countries, excluding the United States. Although the fund typically invests 80% or more of its assets in issuers locatedoutside the United States, it also may normally invest up to 20% of its assets, measured at the time of purchase, in U.S. issuers,and it may, under unusual circumstances, invest all or substantially all of its assets in a single country.

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.




John Hancock III Small Company Fund Class I

VRS Code: 18802

Fund Objective: The investment seeks maximum long-term total return.

Fund Strategy: The fund normally invests at least 80% of its net assets in common stocks of domestic companies that aresmaller or less established in terms of revenues and have market capitalizations that are less than $2.5 billion at the time ofinitial purchase. It invests mainly in common stocks, but it may also invest in exchange-traded funds to a limited extent. Thesubadviser employs a relative value philosophy to analyze and select investments that have attractive valuations as well aspotential catalysts that are expected to lead to accelerated earnings and cash flow growth.

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.


Footnotes:● A mutual fund registered under John Hancock Funds III, and managed by John Hancock Investment Mgt Svcs, LLC. This


Legg Mason Capital Management Value Trust Class I

VRS Code: 93732


Fund Strategy: The fund invests primarily in equity securities that, in the portfolio managers’ opinion, offer the potential forcapital growth. It generally invests in companies with market capitalizations greater than $5 billion, but may invest in companiesof any size. The fund may also invest in debt securities. It may invest up to 25% of its total assets in long-term debt securities.Up to 10% of its total assets may be invested in debt securities rated below investment grade (i.e., below BBB/Baa), commonlyknown as "junk bonds," and unrated securities judged by the adviser to be below investment grade.



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Footnotes:● A mutual fund registered under Legg Mason Global Asset Management Trust, and managed by Legg Mason Capital

Management LLC. This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus formore detailed information about the fund.

Loomis Sayles Growth Fund Class Y

VRS Code: 40464


Fund Strategy: Under normal market conditions, the fund will invest primarily in equity securities, including common stocks,convertible securities and warrants. It focuses on stocks of large capitalization companies, but the fund may invest incompanies of any size. It normally invests across a wide range of sectors and industries.



Footnotes:● A mutual fund registered under Loomis Sayles Funds II (Natixis), and managed by Loomis Sayles & Company L.P. This


Loomis Sayles Small Capital Value Fund Institutional Class

VRS Code: 47962


Fund Strategy: The fund normally invests at least 80% of its net assets in the equity securities of "small-cap companies,"including preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in anentity. It may invest the rest of its assets in companies of any size, including large-capitalization companies. The fund may investup to 20% of its assets in securities of foreign issuers, including emerging markets securities. It may also invest in real estateinvestment trusts ("REITs"), Rule 144A securities.



Footnotes:● A mutual fund registered under Loomis Sayles Funds I, and managed by Loomis Sayles & Company L.P. This description is


Lord Abbett Affiliated Fund Class I

VRS Code: 47746

Fund Objective: The investment seeks long-term growth of capital and income without excessive fluctuations in market value.

Fund Strategy: To pursue its objective, the fund will invest, under normal market conditions, at least 80% of its net assets inequity securities of large companies. It invests principally in large, established U.S. and multinational companies that theportfolio manager believes are undervalued. The fund may invest in U.S. and foreign (which may include emerging market)companies. Foreign companies may be traded on U.S. or non-U.S. securities exchanges, may be denominated in the U.S.dollar or other currencies, and may include American Depositary Receipts ("ADRs").



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Footnotes:● A mutual fund registered under Lord Abbett Affiliated Fund Inc, and managed by Lord, Abbett & Co LLC. This description is


Lord Abbett Mid Cap Stock Fund Class I

VRS Code: 44399

Fund Objective: The investment seeks capital appreciation through investments, primarily in equity securities, which arebelieved to be undervalued in the marketplace.

Fund Strategy: The fund normally invests at least 80% of its net assets in equity securities of mid-sized companies with amarket capitalization at the time of purchase that falls within the market capitalization range of companies in the RussellMidcap® Index. It may invest in U.S. and foreign (which may include emerging market) companies. Foreign companies may betraded on U.S. or non-U.S. securities exchanges and may include American Depositary Receipts ("ADRs").



Footnotes:● A mutual fund registered under Lord Abbett Mid Cap Value Fund Inc, and managed by Lord, Abbett & Co LLC. This



● As of 3/31/12, this fund changed it’s name from Lord Abbett Mid Cap Value Fund Class I.

Managed Income Portfolio II Class 1

VRS Code: 00633

Fund Objective: The fund seeks to preserve your principal investment while earning a level of interest income that isconsistent with principal preservation. The fund seeks to maintain a stable net asset value (NAV) of $1 per share, but it cannotguarantee that it will be able to do so. The yield of the fund will fluctuate.

Fund Strategy: The fund invests in benefit-responsive investment contracts issued by insurance companies and other financialinstitutions ("Contracts"), fixed income securities, and money market funds. Under the terms of the Contracts, the assets of thefund are invested in fixed income securities (which may include, but are not limited to, U.S. Treasury and agency bonds,corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, and collectiveinvestment vehicles and shares of investment companies that invest primarily in fixed income securities) and shares of moneymarket funds. The fund may also invest in futures contracts, option contracts, and swap agreements. Fidelity ManagementTrust Company, as investment manager and trustee of the Fidelity Group Trust for Employee Benefit Plans, has claimed anexemption from registration under the Commodity Exchange Act and is not subject to registration or regulation under the Act.At the time of purchase, all Contracts and securities purchased for the fund must satisfy the credit quality standards specified inthe Declaration of Separate Fund

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Fund Risk: The Contracts and securities purchased for the fund are backed solely by the financial resources of the issuers ofsuch Contracts and securities. An investment in the fund is not insured or guaranteed by the manager(s), the plan sponsor, thetrustee, the FDIC, or any other government agency. The Contracts purchased by the fund permit the fund to account for thefixed income securities at book value (principal plus interest accrued to date). Through the use of book value accounting, thereis no immediate recognition of investment gains and losses on the fund’s securities. Instead, gains and losses are recognizedover time by periodically adjusting the interest rate credited to the fund under the Contracts. However, while the fund seeks topreserve your principal investment, it is possible to lose money by investing in this fund. The Contracts provide for the paymentof certain withdrawals and exchanges at book value during the terms of the Contracts. In order to maintain the Contractissuers’ promise to pay such withdrawals and exchanges at book value, the Contracts subject the fund and its participants tocertain restrictions. For example, withdrawals prompted by certain events (e.g., layoffs, early retirement windows, spin-offs, saleof a division, facility closings, plan terminations, partial plan terminations, changes in laws or regulations) may be paid at themarket value of the fund’s securities, which may be less than your book value balance.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.

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 stability of price.

Footnotes:● The investment option is a stable value fund. It is managed by Fidelity Management Trust Company. This description is only

intended to provide a brief overview of the fund.

● This fund is a commingled pool of the Fidelity Group Trust for Employee Benefit Plans. Only qualified, participant-directed,defined contribution plans may invest in the fund.

● This investment option is not a mutual fund.

Managers Bond Fund Service Class

VRS Code: 20269

Fund Objective: The investment seeks to achieve a high level of current income.

Fund Strategy: The fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investmentpurposes, in bonds (debt securities). Under normal market conditions, it invests at least 65% of its total assets in investmentgrade corporate bonds, mortgage-related and other asset-backed securities and securities issued or guaranteed by the U.S.government, its agencies or instrumentalities. Up to 10% of the total assets of the fund may be invested in non-U.S. dollar-denominated instruments.



Footnotes:● A mutual fund registered under Managers Funds, and managed by Managers Investment Group LLC. This description is only


Managers Cadence Capital Appreciation Fund Institutional Class

VRS Code: 93597

Fund Objective: The investment seeks growth of capital.

Fund Strategy: The fund normally invests at least 65% of net assets in common stocks with market capitalizations of $3 billionor more that have improving fundamentals and whose stock is reasonably valued by the market. It primarily invests in commonstocks of large capitalization companies. The fund may invest a portion of its assets in real estate investment trusts (REITs). Itmay hold between approximately 70-95 securities.

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Footnotes:● A mutual fund registered under Allianz Funds, and managed by Managers Investment Group LLC. This description is only


● As of 9/24/10, this fund changed its name from Allianz CCM Capital Appreciation Fund.

Managers Cadence Mid-Cap Fund Institutional Class

VRS Code: 93600


Fund Strategy: The fund primarily invests at least 80% of its net assets (plus borrowings made for investment purposes) incommon stocks of U.S. companies with medium market capitalizations. It currently defines medium market capitalizationcompanies as those with a market capitalization within the market capitalization range of the companies represented in theRussell Midcap® Index. The fund primarily invests in common stocks of mid-capitalization companies. It also invests a portionof its assets in real estate investment trusts (REITs). The fund generally holds between approximately 70-95 securities.



Footnotes:● A mutual fund registered under Allianz Funds, and managed by Managers Investment Group LLC. This description is only


● The Russell Midcap 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.

● As of 9/24/10, this fund changed its name from Allianz CCM Mid-Cap Fund.

Managers Special Equity Fund Class Institutional

VRS Code: 47312

Fund Objective: The investment seeks long-term capital appreciation by investing in a diversified portfolio of equity securitiesof small- and medium-sized companies.

Fund Strategy: The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes,in equity securities (generally, common and preferred stocks). It invests in companies with capitalizations that are within therange of capitalizations of companies in the Russell 2000® Growth Index. The fund may purchase securities, or retain securitiesthat it already has purchased, even if the securities are outside the fund’s typical capitalization range.



Footnotes:● A mutual fund registered under Managers Funds, and managed by Managers Investment Group LLC. This description is only


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

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Morgan Stanley Institutional Active International Allocation Fund Class I

VRS Code: 49407

Fund Objective: The investment seeks long-term capital appreciation by investing primarily, in accordance with country andsector weightings determined by the Adviser, Morgan Stanley Investment Management Inc., in equity securities of non-U.S.issuers which, in the aggregate, replicate broad market indices.

Fund Strategy: The fund seeks to maintain a diversified portfolio of international equity securities based on a top-downapproach that emphasizes region, country, sector and industry selection and weighting rather than individual stock selection. Itmay invest in emerging market or developing countries.


Fund short term trading fees: This fund has a Short-term Redemption Fee of 2% for shares held less than 30 days.

Footnotes:● A mutual fund registered under Morgan Stanley Institutional Fund Inc, and managed by Morgan Stanley Investment

Management Inc. This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus formore detailed information about the fund.

● The Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index is an unmanaged marketcapitalization-weighted index of equity securities of companies domiciled in various countries. The index is designed torepresent performance of developed stock markets outside the United States and Canada and excludes certain marketsegments unavailable to U.S. based investors.

Morgan Stanley Institutional Core Plus Fixed Income Portfolio Class Institutional

VRS Code: 93118

Fund Objective: The investment seeks above-average total return over a market cycle of three to five years.

Fund Strategy: The fund normally invests 80% of its assets in fixed income securities. It invests primarily in a diversified mix ofU.S. dollar-denominated investment grade fixed income securities, particularly U.S. government, corporate, municipal,mortgage- and asset-backed securities and will ordinarily seek to maintain an average weighted maturity between five and tenyears. The fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, riskmanagement, portfolio management or to earn income.



Footnotes:● A mutual fund registered under Morgan Stanley Institutional Fund Trust, and managed by Morgan Stanley Investment


● 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.

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Morgan Stanley Institutional Emerging Markets Fund Class I

VRS Code: 99471

Fund Objective: The investment seeks long-term capital appreciation by investing primarily in growth-oriented equitysecurities of issuers in emerging market countries.

Fund Strategy: The fund normally invests at least 80% of assets in equity securities of issuers located in emerging marketcountries. Its equity investments may include convertible securities. The fund may, but it is not required to, use derivativeinstruments for a variety of purposes. It may utilize foreign currency forward exchange contracts, which are also derivatives, inconnection with its investments in foreign securities.





Morgan Stanley Institutional Growth Portfolio Class I

VRS Code: 93115

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 the Portfolio’s net assets in foreignsecurities. The fund may utilize foreign currency forward exchange contracts, which are derivatives, in connection with itsinvestments in foreign securities.






● As of April 29, 2011, this fund changed its name from Morgan Stanley Institutional Fund Capital Growth Portfolio.

Morgan Stanley Institutional International Equity Fund Class I

VRS Code: 99966

Fund Objective: The investment seeks long-term capital appreciation by investing primarily in equity securities of non-U.S.issuers.

Fund Strategy: The fund seeks to maintain a diversified portfolio of equity securities of non-U.S. issuers based on individualstock selection. It focuses on developed markets, but they may invest in emerging markets. Under normal circumstances, atleast 80% of the fund’s assets will be invested in equity securities. Its equity investments may include convertible securities. Thefund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management,portfolio management or to earn income.

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Morgan Stanley Institutional Mid Cap Growth Fund Class P

VRS Code: 99942


Fund Strategy: The fund normally invests at least 80% of assets in common stocks of mid cap companies. It seeks to invest inhigh quality companies it believes have sustainable competitive advantages and the ability to redeploy capital at high rates ofreturn. The fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emergingmarket or developing countries. It may invest in privately placed securities. In addition, the Portfolio may invest in convertiblesecurities. It may utilize foreign currency forward exchange contracts.



Footnotes:● A mutual fund registered under Morgan Stanley Institutional Fund Trust, and managed by Morgan Stanley Investment



Morgan Stanley Institutional Small Company Growth Portfolio Class I

VRS Code: 45667

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

Fund Strategy: The fund invests primarily in established and emerging companies from a universe comprised of smallcapitalization companies, most with market capitalizations of generally less than $4 billion. It normally invests at least 80% ofassets in equity securities of small capitalization companies. The fund may invest up to 25% of the Portfolio’s net assets inforeign securities.





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Mutual Global Discovery Fund Class Z

VRS Code: 45740


Fund Strategy: The fund invests primarily in equity securities (including securities convertible into, or that the investmentmanager expects to be exchanged for, common or preferred stock) of U.S. and foreign companies that the investmentmanager believes are available at market prices less than their value based on certain recognized or objective criteria (intrinsicvalue). It invests primarily in undervalued securities (securities trading at a discount to intrinsic value). The fund expects toinvest substantially and potentially up to 100% of its assets in foreign securities.



Footnotes:● A mutual fund registered under Franklin Mutual Series Funds, and managed by Franklin Mutual Advisers, LLC. This


Mutual Shares Fund Class Z

VRS Code: 93079

Fund Objective: The investment seeks capital appreciation, which may occasionally be short term; income is a secondaryconsideration.

Fund Strategy: The fund invests primarily in equity securities (including securities convertible into, or that the investmentmanager expects to be exchanged for, common or preferred stock) of U.S. and foreign companies that the investmentmanager believes are available at market prices less than their value based on certain recognized or objective criteria. It alsoinvests in merger arbitrage securities and the debt and equity of distressed companies. The fund expects to invest a significantportion (up to 35%) of its assets in foreign securities.



Footnotes:● A mutual fund registered under Franklin Mutual Series Funds, and managed by Franklin Mutual Advisers, LLC. This


Neuberger Berman Core Bond Fund Institutional Class

VRS Code: 26879

Fund Objective: The investment seeks to maximize total return consistent with capital preservation.

Fund Strategy: The fund normally invests primarily in a diversified mix of fixed rate and floating rate debt securities. All of thedebt securities in which the fund invests normally are investment grade. The fund normally seeks to maintain its target averageduration within one year, and generally seeks to maintain its target average duration within a maximum of two years, of theaverage duration of the bonds in the Barclays Capital U.S. Aggregate Index. It normally will not invest more than 15% of itstotal assets in non-U.S. dollar denominated securities.



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Footnotes:● A mutual fund registered under Neuberger Berman Income Funds, and managed by Neuberger Berman Management LLC.


● Duration estimates how much a bond fund’s price will change with a change in comparable interest rates. If rates rise 1%, forexample, a fund with a 5-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund’sperformance and share price. Accordingly, a bond fund’s actual performance may differ from this example.

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

Neuberger Berman Focus Fund Institutional Class

VRS Code: 78321


Fund Strategy: The fund invests in a concentrated portfolio, consisting mainly of common stocks of companies of any size thatare selected using a fundamental, research driven approach. It typically holds a limited number of stocks. Because of this, thefund may at times be substantially over- and under- weighted in certain economic sectors.



Footnotes:● A mutual fund registered under Neuberger Berman Equity Funds, and managed by Neuberger Berman Management LLC.


Neuberger Berman Genesis Fund Institutional Class

VRS Code: 45418


Fund Strategy: The fund invests mainly in common stocks of small-capitalization companies, which it defines as those with atotal market value of no more than $2 billion at the time the fund first invests in them. It may continue to hold or add to aposition in a stock after the company’s market value has grown beyond $2 billion. The fund seeks to reduce risk by diversifyingamong many companies and industries.





Neuberger Berman Guardian Fund Institutional Class

VRS Code: 78688

Fund Objective: The investment seeks long-term growth of capital; current income is a secondary goal.

Fund Strategy: The fund invests primarily in common stocks of mid- to large-capitalization companies. It seeks to reduce riskby investing across many different industries. The Portfolio Managers employ a research driven and valuation sensitiveapproach to stock selection, with a long term perspective. Although the fund invests primarily in domestic stocks, it may alsoinvest in stocks of foreign companies.

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Neuberger Berman High Income Bond Fund Institutional Class

VRS Code: 85600

Fund Objective: The investment seeks high total return consistent with capital preservation.

Fund Strategy: The fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investmentpurposes, in High-Yield Bonds. It normally expects to have a weighted averaged maturity between five and ten years. The funddoes not normally invest in or continue to hold securities that are in default or have defaulted with respect to the payment ofinterest or repayment of principal, but may do so depending on market conditions. It may invest in securities whose ratingsimply an imminent risk of default with respect to such payments.



Footnotes:● A mutual fund registered under Neuberger Berman Income Funds, and managed by Neuberger Berman Management LLC.


Neuberger Berman Large Cap Value Fund Institutional Class

VRS Code: 42796


Fund Strategy: The fund normally invests at least 80% of its net assets in equity securities of large-capitalization companies,which it defines as those with a market capitalization within the market capitalization range of the Russell 1000 Value Index atthe time of purchase. The Portfolio Manager looks for what he believes to be well-managed companies whose stock prices areundervalued. The Portfolio Manager seeks to identify companies with catalysts that he believes have the potential to improvethe companies’ earnings from depressed levels. The fund may also invest in stocks of foreign companies.





● The Russell 1000® Value Index is an unmanaged market capitalization-weighted index of value-oriented stocks of the largestU.S. domiciled companies that are included in the Russell 1000 Index. Value-oriented stocks tend to have lower price-to-bookratios and lower forecasted growth values.

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Neuberger Berman Socially Responsive Fund Institutional Class

VRS Code: 43822

Fund Objective: The investment seeks long-term growth of capital by investing primarily in securities of companies that meetthe fund’s financial criteria and social policy.

Fund Strategy: The fund invests primarily in common stocks of mid- to large-capitalization companies that meet the fund’ssocial policy. It seeks to reduce risk by investing across many different industries. The Portfolio Managers employ a researchdriven and valuation sensitive approach to stock selection, with a long term perspective. Although the fund invests primarily indomestic stocks, it may also invest in stocks of foreign companies.





Oakmark Equity And Income Fund Class I

VRS Code: 92779

Fund Objective: The investment seeks income and preservation and growth of capital.

Fund Strategy: The fund invests primarily in a diversified portfolio of U.S. equity and debt securities (although the fund mayinvest up to 35% of its total assets in equity and debt securities of non-U.S. issuers). It is intended to present a balancedinvestment program between growth and income by investing approximately 40-75% of its total assets in common stock,including securities convertible into common stock, and up to 60% of its assets in U.S. government securities and debtsecurities, including inflation-indexed securities, rated at time of purchase within the two highest grades.



Footnotes:● A mutual fund registered under Harris Associates Investment Trust, and managed by Harris Associates L.P. This description is


Oakmark Fund Class I

VRS Code: 93542


Fund Strategy: The fund invests primarily in a diversified portfolio of common stocks of U.S. companies. The fund generallyinvests in the securities of larger capitalization companies. It uses a value investment philosophy in selecting equity securities.This investment philosophy is based upon the belief that, over time, a company’s stock price converges with the company’sintrinsic or true business value.



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Oakmark Select Fund Class I

VRS Code: 92778


Fund Strategy: The fund invests primarily in common stocks of U.S. companies. It could own as few as twelve securities, butgenerally will have approximately twenty securities in its portfolio and as a result, a higher percentage of the fund’s total assetsmay also be invested in a particular sector or industry. It generally invests in the securities of large- and mid-capitalizationcompanies. The fund uses a value investment philosophy in selecting equity securities. It is non-diversified.





Perkins Mid Cap Value Fund Class I

VRS Code: 85101


Fund Strategy: The fund primarily invests in the common stocks of mid-sized companies whose stock prices the portfoliomanagers believe to be undervalued. It invests at least 80% of its net assets in equity securities of companies whose marketcapitalization falls, at the time of purchase, within the 12-month average of the capitalization range of the Russell Midcap® Value Index. This average is updated monthly. The fund may invest, under normal circumstances, up to 20% of its net assets insecurities of companies having market capitalizations outside of the aforementioned market capitalization ranges.





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

PIMCO Global Bond (Unhedged) Fund Institutional Class

VRS Code: 93599

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 Fixed Income Instruments that are economically tied to atleast three countries (one of which may be the United States), which may be represented by forwards or derivatives such asoptions, future contracts or swap agreements. It may invest, without limitation, in derivative instruments, such as options,futures contracts or swap agreements, or in mortgage- or asset-backed securities. 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. The fund may invest in lower-quality debt securities that involve greater risk of defaultor price changes due to potential changes in the credit quality of the issuer. In general the bond market is volatile, and fixedincome 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.


Footnotes:● A mutual fund registered under PIMCO Funds, and managed by Pacific Investment Management Co LLC. This description is


PIMCO High Yield Fund Institutional Class

VRS Code: 93596


Fund Strategy: The fund invests at least 80% of its assets in a diversified portfolio of high yield securities ("junk bonds"), whichmay be represented by forwards or derivatives such as options, futures contracts or swap agreements, rated below investmentgrade. It may invest up to 20% of its total assets in securities rated Caa or below by Moody’s, or equivalently rated by S&P orFitch, or, if unrated, determined by PIMCO to be of comparable quality. The fund may invest, without limitation, in derivativeinstruments.





● BofA Merrill Lynch U.S.High Yield, BB-B Rated, Constrained Index tracks the performance of BB-B Rated U.S. Dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Qualifying bonds are capitalization-weightedprovided the total allocation to an individual issuer (defined by Bloomberg tickers) does not exceed 2%. Issuers that exceedthe limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis

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

VRS Code: 93598


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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PIMCO Low Duration Fund Institutional Class

VRS Code: 93687


Fund Strategy: The fund invests at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varyingmaturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. Itinvests primarily in investment grade debt securities, but may invest up to 10% of its total assets in high yield securities ("junkbonds") rated B or higher by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be ofcomparable quality.





PIMCO Real Return Fund Institutional Class

VRS Code: 96095

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

Fund Strategy: The fund normally invests at least 80% of its net assets in inflation-indexed bonds of varying maturities issuedby the U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations, which may be represented byforwards or derivatives such as options, futures contracts or swap agreements. It invests primarily in investment gradesecurities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher. The fund is non-diversified.

Fund Risk: The interest payments of TIPS are variable, they generally rise with inflation and fall with deflation. In general thebond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, andvice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation riskand credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have amaturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. Additional riskinformation for this product may be found in the prospectus or other product materials, if available.




PIMCO Total Return Fund Institutional Class

VRS Code: 99622


Fund Strategy: The fund normally invests at least 65% of its total assets in a diversified portfolio of Fixed Income Instrumentsof varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swapagreements. It invests primarily in investment-grade debt securities, but may invest up to 10% of its total assets in high yieldsecurities ("junk bonds") rated B or higher by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined byPIMCO to be of comparable quality.

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Rainier Small/Mid Cap Equity Fund Institutional Shares

VRS Code: 47380

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

Fund Strategy: The fund invests at least 80% of its assets in the common stock of small- and mid-capitalization companiestraded in the U.S. It will invest in approximately 100 to 150 companies. The Investment Adviser defines small- and mid-capcompanies as companies that are members of, or fall within, the capitalization range inclusive of the Russell 2000® Index.Although the fund does not expect to maintain significant positions in such securities on a normal basis, it may invest up to25% of its assets in foreign securities.



Footnotes:● A mutual fund registered under Rainier Investment Mgt Mutual Funds, and managed by Rainier Investment Management, Inc.



RidgeWorth Mid-Cap Value Equity Fund Class I

VRS Code: 18118

Fund Objective: The investment seeks to provide capital appreciation; current income is as a secondary objective.

Fund Strategy: The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S.-tradedequity securities of mid-capitalization companies. The subadviser considers mid-capitalization companies to be companieswith market capitalizations similar to those of companies in the Russell Midcap® Value Index.



Footnotes:● A mutual fund registered under RidgeWorth Funds, and managed by RidgeWorth Investments. This description is only


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

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Royce Opportunity Fund Institutional Class

VRS Code: 42482


Fund Strategy: The fund invests primarily in the equity securities of small- and micro-cap companies, those with marketcapitalizations up to $2.5 billion. Although the fund normally focuses on the securities of companies with market capitalizationsup to $2.5 billion, it may, in certain market environments, invest an equal or greater percentage of its assets in securities oflarger-cap companies and may invest up to 10% of its assets in foreign securities. Normally, the fund invests at least 65% of itsnet assets in equity securities.

Fund Risk: The securities of smaller, less well-known companies can be more volatile than those of larger companies. Valuestocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods oftime. 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.


Footnotes:● A mutual fund registered under Royce Fund, and managed by Royce & Associates, LLC. This description is only intended to


Royce Total Return Fund Institutional Class

VRS Code: 49470

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

Fund Strategy: The fund invests primarily in dividend-paying securities of small-cap and micro-cap companies that the Advisorbelieves are trading significantly below its estimate of their current worth, basing this assessment chiefly on balance sheetquality and cash flow levels. It invests at least 65% of its net assets in equity securities. At least 90% of these securities willproduce dividend or interest income to the fund, and at least 65% will be issued by companies with stock marketcapitalizations up to $2.5 billion at the time of investment.





Royce Value Plus Fund Institutional Class

VRS Code: 41929


Fund Strategy: The fund invests at least 80% of its net assets in the equity securities of micro-cap, small-cap and/or mid-capcompanies with market capitalizations up to $5 billion that it believes are trading significantly below its estimate of their currentworth, basing this assessment chiefly on balance sheet quality and cash flow levels. Although the fund normally focuses on thesecurities of U.S. companies, it may invest up to 25% of its net assets in foreign securities.





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RS Partners Fund Class Y

VRS Code: 43117


Fund Strategy: The fund invests principally in equity securities of small-capitalization companies. It typically invests most of itsassets in securities of U.S. companies but may also invest any portion of its assets in foreign securities. The fund’s investmentteam currently expects that it typically will hold between 25 and 50 securities positions. It is non-diversified.



Footnotes:● A mutual fund registered under RS Investment Trust, and managed by RS Investment Management Co. LLC. This description

is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about thefund.

RS Small Cap Growth Fund Class Y

VRS Code: 85177


Fund Strategy: The fund normally invests at least 80% of its net assets in small-capitalization companies. Its investment teamcurrently considers a company to be a small-capitalization company if its market capitalization (at the time of purchase) is eitherup to $3 billion or 120% of the market capitalization of the largest company included in the Russell 2000® Index. The fundtypically invests most of its assets in securities of U.S. companies but may also invest a portion of its assets in foreign securities.



Footnotes:● A mutual fund registered under RS Investment Trust, and managed by RS Investment Management Co. LLC. This description

is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about thefund.


Select Air Transportation Portfolio

VRS Code: 00034


Fund Strategy: Investing primarily in companies engaged in the regional, national, and international movement of passengers,mail, and freight via aircraft. Normally investing at least 80% of assets in securities of companies principally engaged in theseactivities. Normally investing primarily in common stocks.

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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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The air transportation industry can be significantly affected by competition within theindustry, domestic and foreign economies, government regulation, labor relations, and the price of fuel.


Footnotes:● A mutual fund registered under Fidelity Select Portfolios, and managed by Fidelity Management Research Company


Select Automotive Portfolio

VRS Code: 00502


Fund Strategy: Investing primarily in companies engaged in the manufacture, marketing or sale of automobiles, trucks,specialty vehicles, parts, tires, and related services. Normally investing at least 80% of assets in securities of companiesprincipally engaged in these activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The automotive industry is highly cyclical and can be significantly affected by laborrelations and fluctuating component prices.




Select Banking Portfolio

VRS Code: 00507


Fund Strategy: Investing primarily in companies engaged in banking. Normally investing at least 80% of assets in securities ofcompanies principally engaged in these activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The banking industry can be significantly affected by legislation that has reduced the separation between commercialand investment banking businesses, changed the laws governing capitalization requirements and the savings and loan industry,and increased competition. In addition, the banking industry can be significantly affected by changes in general economicconditions and interest rates.


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Select Biotechnology Portfolio

VRS Code: 00042


Fund Strategy: Investing primarily in companies engaged in the research, development, manufacture, and distribution ofvarious biotechnological products, services, and processes and companies that benefit significantly from scientific andtechnological advances in biotechnology. Normally investing at least 80% of assets in securities of companies principallyengaged in these activities. 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. Focus funds can be more volatile because of their narrow concentration in a specificindustry. The biotechnology industry can be significantly affected by patent considerations, intense competition, rapidtechnological change and obsolescence, and government regulation. The fund may have additional volatility because it caninvest a significant portion of assets in securities of a small number of individual issuers.




Select Brokerage and Investment Management Portfolio

VRS Code: 00068


Fund Strategy: Investing primarily in companies engaged in stock brokerage, commodity brokerage, investment banking, tax-advantaged investment or investment sales, investment management, or related investment advisory services. Normallyinvesting at least 80% of assets in securities of companies principally engaged in these activities. Normally investing primarily incommon 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The brokerage and investment management industry can be significantly affected bystock and bond market activity, changes in regulations, brokerage commission structure, and a competitive environmentcombined with the high operating leverage inherent in companies in this industry.




Select Chemicals Portfolio

VRS Code: 00069


Fund Strategy: Investing primarily in companies engaged in the research, development, manufacture or marketing ofproducts or services related to the chemical process industries. Normally investing at least 80% of assets in securities ofcompanies principally engaged in these activities. Normally investing primarily in common stocks.

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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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The chemical industry can be significantly affected by intense competition, productobsolescence, raw materials prices, and government regulation, and can be subject to risks associated with the production,handling, and disposal of hazardous components.




Select Communications Equipment Portfolio

VRS Code: 00518


Fund Strategy: Investing primarily in companies engaged in the development, manufacture, or sale of communicationsequipment. Normally investing at least 80% of assets in securities of companies principally engaged in these activities.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. Focus funds can be more volatile because of their narrow concentration in a specificindustry. The communications equipment industry can be significantly affected by failure to obtain, or delays in obtaining,financing or regulatory approval, intense competition, product compatibility, consumer preferences, corporate capitalexpenditures, and rapid obsolescence. The fund may have additional volatility because it can invest a significant portion ofassets in securities of a small number of individual issuers.




● Prior to October 1, 2006, Fidelity Select IT Services, Select Consumer Discretionary, Select Industrials, Select CommunicationsEquipment, Select Consumer Staples, Select Materials, and Select Utilities Growth Portfolios operated under differentinvestment policies, and compared their performance to different benchmarks. The fund’s historical performance might notrepresent its current investment policies.

Select Computers Portfolio

VRS Code: 00007


Fund Strategy: Investing primarily in companies engaged in research, design, development, manufacture or distribution ofproducts, processes, or services that relate to currently available or experimental hardware technology within the computerindustry. Normally investing at least 80% of assets in securities of companies principally engaged in these activities. Normallyinvesting primarily in common stocks.

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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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The computer industry can be significantly affected by competitive pressures,changing domestic and international demand, research and development costs, availability and price of components, andproduct obsolescence.




Select Construction and Housing Portfolio

VRS Code: 00511


Fund Strategy: Investing primarily in companies engaged in the design and construction of residential, commercial, industrialand public works facilities, as well as companies engaged in the manufacture, supply, distribution, or sale of construction andhousing products or services. Normally investing at least 80% of assets in securities of companies principally engaged in theseactivities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The construction and housing industry can be significantly affected by changes ingovernment spending, interest rates, consumer confidence and spending, taxation, demographic patterns, housing starts, andthe level of new and existing home sales.




Select Consumer Discretionary Portfolio

VRS Code: 00517


Fund Strategy: Investing primarily in companies engaged in the manufacture and distribution of consumer discretionaryproducts and services. Normally investing at least 80% of assets in securities of companies principally engaged in theseactivities. Normally investing primarily in common stocks.

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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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The consumer discretionary industries can be significantly affected by the performanceof the overall economy, interest rates, competition, consumer confidence and spending, and changes in demographics andconsumer tastes.





Select Consumer Finance Portfolio

VRS Code: 00098


Fund Strategy: Investing primarily in companies providing products and services associated with consumer finance. Normallyinvesting at least 80% of assets in securities of companies principally engaged these activities. Normally investing primarily incommon stocks. Investing in domestic and foreign issuers.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Sector funds can be more volatile because of their narrowconcentration in a specific industry. Foreign securities are subject to interest-rate, currency-exchange-rate, economic, andpolitical risks. The home finance industry can be significantly affected by regulatory changes, interest rate movements, homemortgage demand, refinancing activity, and residential delinquency trends. The fund may have additional volatility because itcan invest a significant portion of assets in securities of a small number of individual issuers.




● As of 12/1/10, this fund changed its name from Fidelity Select Portfolios: Home Finance Portfolio.

● Prior to December 1, 2010, Select Consumer Finance Portfolio operated under certain different investment policies andcompared its performance to a different additional benchmark. The fund’s historical performance may not represent itscurrent investment policies.

Select Consumer Staples Portfolio

VRS Code: 00009


Fund Strategy: Investing primarily in companies engaged in the manufacture, sale, or distribution of consumer staples.Normally invest at least 80% of assets in securities of companies principally engaged in these activities. Normally investingprimarily in common stocks.

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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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The consumer staples industries can be significantly affected by demographic andproduct trends, competitive pricing, food fads, marketing campaigns, environmental factors, and government regulation, theperformance of overall economy, interest rates, and consumer confidence.





Select Defense and Aerospace Portfolio

VRS Code: 00067


Fund Strategy: Investing primarily in companies engaged in the research, manufacture or sale of products or services relatedto the defense or aerospace industries. Normally investing at least 80% of assets in securities of companies principally engagedin these activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The defense and aerospace industry can be significantly affected by governmentdefense and aerospace regulation and spending policies.




Select Electronics Portfolio

VRS Code: 00008


Fund Strategy: Investing primarily in companies engaged in the design, manufacture, or sale of electronic components(semiconductors, connectors, printed circuit boards and other components); equipment vendors to electronic componentmanufacturers; electronic component distributors; and electronic instruments and electronic systems vendors. Normallyinvesting at least 80% of assets in securities of companies principally engaged in these activities. Normally investing primarily incommon stocks.

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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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The electronics industry can be significantly affected by rapid obsolescence, intensecompetition, and global demand.




Select Energy Portfolio

VRS Code: 00060


Fund Strategy: Investing primarily in companies in the energy field, including the conventional areas of oil, gas, electricity andcoal, and newer sources of energy such as nuclear, geothermal, oil shale and solar power. Normally investing at least 80% ofassets in securities of companies principally engaged in these activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The energy industries can be significantly affected by fluctuations in energy prices andsupply and demand of energy fuels, energy conservation, the success of exploration projects, and tax and other governmentregulations.




Select Energy Service Portfolio

VRS Code: 00043


Fund Strategy: Investing primarily in companies in the energy service field, including those that provide services andequipment to the conventional areas of oil, gas, electricity and coal, and newer sources of energy such as nuclear, geothermal,oil shale, and solar power. Normally investing at least 80% of assets in securities of companies principally engaged in theseactivities. Normally investing primarily in common stocks.

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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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The energy service industry can be significantly affected by the supply of and demandfor specific products or services, the supply of and demand for oil and gas, the price of oil and gas, exploration and productionspending, government regulation, world events, and economic conditions.




Select Environment and Alternative Energy Portfolio

VRS Code: 00516


Fund Strategy: Investing primarily in companies engaged in business activities related to alternative and renewable energy,energy efficiency, pollution control, water infrastructure, waste and recycling technologies, or other environmental supportservices. Normally investing at least 80% of assets in securities of companies principally engaged in these activities. Normallyinvesting primarily in common stocks. Investing in domestic and foreign issuers.

Fund Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,political, regulatory, market, or economic developments. Sector funds can be more volatile because of their narrowconcentration in a specific industry. The environment and alternative energy industries can be significantly affected bygovernment regulations and subsidies, changing supply and demand for traditional energy sources, and availability of fundingfor remedial cleanup efforts or development of new technologies, and can be subject to risks associated with hazardousmaterials. Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks. The fund mayhave additional volatility because it can invest a significant portion of assets in securities of a small number of individual issuers.




● Prior to July 1, 2010, the fund was named Fidelity Select Environmental Portfolio, operated under certain different investmentpolicies, and compared its performance to a different benchmark. The fund’s historical performance may not represent itscurrent investment policies.

Select Financial Services Portfolio

VRS Code: 00066


Fund Strategy: Investing primarily in companies that provide financial services to consumers and industry. Normally investingat least 80% of assets in securities of companies principally engaged in these activities. Normally investing primarily commonstocks.

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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The financials industries are subject to extensive government regulation, can be subject to relatively rapid change dueto increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost ofcapital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition.


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Select Gold Portfolio

VRS Code: 00041


Fund Strategy: Investing primarily in companies engaged in exploration, mining, processing, or dealing in gold, or to a lesserdegree, in silver, platinum, diamonds, or other precious metals and minerals. Normally investing at least 80% of assets insecurities of companies principally engaged in gold-related activities, and in gold bullion or coins. Potentially investing in otherprecious metals, instruments whose value is linked to the price of precious metals, and securities of companies thatmanufacture and distribute precious metal and mineral products (such as jewelry, watches, and metal foil and leaf) andcompanies that invest in other companies engaged in gold and other precious metal and mineral-related activities. Normallyinvesting 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The gold industry can be significantly affected by international monetary and politicaldevelopments such as currency devaluations or revaluations, central bank movements, economic and social conditions within acountry, trade imbalances, or trade or currency restrictions between countries.




Select Health Care Portfolio

VRS Code: 00063


Fund Strategy: Investing primarily in companies engaged in the design, manufacture, or sale of products or services used foror in connection with health care or medicine. Normally investing at least 80% of assets in securities of companies principallyengaged in these activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The health care industries are subject to government regulation and reimbursementrates, as well as government approval of products and services, which could have a significant effect on price and availability,and can be significantly affected by rapid obsolescence and patent expirations.




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Select Industrial Equipment Portfolio

VRS Code: 00510


Fund Strategy: Investing primarily in companies engaged in the manufacture, distribution or service of products andequipment for the industrial sector, including integrated producers of capital equipment (such as general industrial machinery,farm equipment, and computers), parts suppliers and subcontractors. Normally investing at least 80% of assets in securities ofcompanies principally engaged in these activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in amore diversified fund. The industrial equipment industry can be significantly affected by overall capitalspending levels, economic cycles, technical obsolescence, labor relations, and government regulations.




Select Industrials Portfolio

VRS Code: 00515


Fund Strategy: Investing primarily in companies engaged in the research, development, manufacture, distribution, supply, orsale of industrial products, services, or equipment. Normally investing at least 80% of assets in securities of companiesprincipally engaged in these activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The industrials industries can be significantly affected by general economic trends,changes in consumer sentiment and spending, commodity prices, legislation, government regulation and spending, importcontrols, and worldwide competition, and can be subject to liability for environmental damage, depletion of resources, andmandated expenditures for safety and pollution control.





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Select Insurance Portfolio

VRS Code: 00045


Fund Strategy: Investing primarily in companies engaged in underwriting, reinsuring, selling, distributing, or placing ofproperty and casualty, life, or health insurance. Normally investing at least 80% of assets in securities of companies principallyengaged in these activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The insurance industry is subject to extensive government regulation and can besignificantly affected by interest rates, general economic conditions, and price and marketing competition. Different segmentsof the industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental clean-up.




Select IT Services Portfolio

VRS Code: 00353


Fund Strategy: Investing primarily in companies engaged in providing information technology services. Normally investing atleast 80% of assets in securities of companies principally engaged in these activities. Normally investing primarily in commonstocks.

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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The IT services industry can be significantly affected by competitive pressures, such astechnological developments, fixed-rate pricing, and the ability to attract and retain skilled employees, and the success ofcompanies in the industry is subject to continued demand for IT services.





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Select Leisure Portfolio

VRS Code: 00062


Fund Strategy: Investing primarily in companies engaged in the design, production, or distribution of goods or services in theleisure industries. Normally investing at least 80% of assets in securities of companies principally engaged in these activities.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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The leisure industry can be significantly affected by the performance of the overalleconomy, changing consumer tastes, intense competition, technological developments, and government regulation.




Select Materials Portfolio

VRS Code: 00509


Fund Strategy: Investing primarily in companies engaged in the manufacture, mining, processing, or distribution of rawmaterials and intermediate goods. Normally investing at least 80% of assets in securities of companies principally engaged inthese activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The materials industries can be significantly affected by the level and volatility ofcommodity prices, the exchange value of the dollar, import controls, worldwide competition, liability for environmentaldamage, depletion of resources, and mandated expenditures for safety and pollution control.





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Select Medical Delivery Portfolio

VRS Code: 00505


Fund Strategy: Investing primarily in companies engaged in the ownership or management of hospitals, nursing homes,health maintenance organizations, and other companies specializing in the delivery of health care services. Normally investingat least 80% of assets in securities of companies principally engaged in these activities. Normally investing primarily in commonstocks.

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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The medical delivery industry is subject to extensive government regulation and canbe significantly affected by government reimbursement for medical expenses, rising costs of medical products and services,pricing pressure, and an increased emphasis on outpatient services.




Select Medical Equipment and Systems Portfolio

VRS Code: 00354


Fund Strategy: Investing primarily in companies engaged in research, development, manufacture, distribution, supply or saleof medical equipment and devices and related technologies. Normally investing at least 80% of assets in securities ofcompanies principally engaged in these activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The medical equipment and systems industry can be significantly affected by patentconsiderations, rapid technological change and obsolescence, government regulation, and government reimbursement formedical expenses.




Select Money Market Portfolio

VRS Code: 00085

Fund Objective: Seeks to provide high current income, consistent with preservation of capital and liquidity.

Fund Strategy: Invests in U.S. dollar-denominated money market securities of domestic and foreign issuers and repurchaseagreements, and also may enter into reverse repurchase agreements for the fund. Invests more than 25% of total assets in thefinancial services industries. Investing in compliance with industry-standard requirements for money market funds for thequality, maturity, and diversification of investments.

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Fund Risk: An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to losemoney by investing in the fund. The rate of income will vary from day to day, based on changes in interest rates and marketconditions. Since most money market funds are sold without a sales charge, it is not recommended that you invest in thismoney market fund unless you intend to use it for exchanges among the Select equity portfolios. Changes in governmentregulation and interest rates and economic downturns can have a significant negative effect on issuers in the financial servicessector. Investments in foreign securities involve risks in addition to those of U.S. investments, including increased political andeconomic risk, as well as exposure to currency fluctuations. A decline in the credit quality of an issuer or the provider of creditsupport or a maturity-shortening structure for a security can cause the price of a money market security to decrease.




Select Multimedia Portfolio

VRS Code: 00503


Fund Strategy: Investing primarily in companies engaged in the development, production, sale and distribution of goods orservices used in the broadcast and media industries. Normally investing at least 80% of assets in securities of companiesprincipally engaged in these activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The multimedia industry can be significantly affected by the federal deregulation ofcable and broadcasting, competitive pressures, and government regulation.




Select Natural Gas Portfolio

VRS Code: 00513


Fund Strategy: Investing primarily in companies engaged in the production, transmission, and distribution of natural gas, andinvolved in the exploration of potential natural gas sources, as well as those companies that provide services and equipment tonatural gas producers, refineries, cogeneration facilities, converters, and distributors. Normally investing at least 80% of assetsin securities of companies principally engaged in these activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The natural gas industry is subject to changes in price and supply of energy sourcesand can be significantly affected by events relating to international politics, energy conservation, the success of energy sourceexploration projects, and tax and other government regulations.


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Select Natural Resources Portfolio

VRS Code: 00514


Fund Strategy: Investing primarily in companies that own or develop natural resources, or supply goods and services to suchcompanies. Normally investing at least 80% of assets in securities of companies principally engaged in these activities.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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The natural resources industries can be significantly affected by events relating to international political and economicdevelopments, energy conservation, the success of exploration projects, commodity prices, and tax and other governmentregulations.




Select Pharmaceuticals Portfolio

VRS Code: 00580


Fund Strategy: Investing primarily in companies engaged in the research, development, manufacture, sale, or distribution ofpharmaceuticals and drugs of all types. Normally investing at least 80% of assets in companies engaged in these activities.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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The pharmaceuticals industry can be significantly affected by government approval ofproducts and services, government regulation and reimbursement rates, patent expirations, and intense competition.




Select Retailing Portfolio

VRS Code: 00046


Fund Strategy: Investing primarily in companies engaged in merchandising finished goods and services primarily to individualconsumers. Normally investing at least 80% of assets in securities of companies principally engaged in these activities.Normally investing primarily in common stocks.

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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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The retail industry can be significantly affected by consumer confidence and spending,intense competition, and changing consumer tastes.




Select Software and Computer Services Portfolio

VRS Code: 00028


Fund Strategy: Investing primarily in companies engaged in research, design, production or distribution of products orprocesses that relate to software or information-based services. Normally investing at least 80% of assets in securities ofcompanies principally engaged in these activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The software and computer services industry can be significantly affected by intensecompetition, aggressive pricing, technological innovations, and product obsolescence.




Select Technology Portfolio

VRS Code: 00064


Fund Strategy: Investing primarily in companies which FMR believes have, or will develop, products, processes or services thatwill provide or will benefit significantly from technological advances and improvements. Normally investing at least 80% ofassets in securities of companies principally engaged in these activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The technology industries can be significantly affected by obsolescence of existingtechnology, short product cycles, falling prices and profits, competition from new market entrants, and general economicconditions.


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Select Telecommunications Portfolio

VRS Code: 00096


Fund Strategy: Investing primarily in companies engaged in the development, manufacture, or sale of communicationsservices or communications equipment. Normally investing at least 80% of assets in securities of companies principallyengaged in these activities, generally emphasizing communications services companies and not communications equipmentcompanies. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The telecom services industries are subject to government regulation of rates of returnand services that may be offered and can be significantly affected by intense competition.




Select Transportation Portfolio

VRS Code: 00512


Fund Strategy: Investing primarily in companies engaged in providing transportation services or companies engaged in thedesign, manufacture, distribution, or sale of transportation equipment. Normally investing at least 80% of assets in securities ofcompanies principally engaged in these activities. 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The transportation industry can be significantly affected by changes in the economy,fuel prices, labor relations, insurance costs, and government regulation.




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Select Utilities Portfolio

VRS Code: 00065


Fund Strategy: Investing primarily in companies in the utilities industry and companies deriving a majority of their revenuesfrom their utility operations. Normally investing at least 80% of assets in securities of companies principally engaged in theseactivities, generally emphasizing power and gas utilities and not telephone companies and telecommunications utilities.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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The utilities industries can be significantly affected by government regulation,financing difficulties, supply and demand of services or fuel, and natural resource conservation.





Select Wireless Portfolio

VRS Code: 00963


Fund Strategy: Investing primarily in companies engaged in activities relating to wireless communications services orproducts. Normally investing at least 80% assets in securities of companies principally engaged in these activities. Normallyinvesting 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 issuer, political, regulatory, market, or economic developments. You may have a gain orloss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in additionto those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations.Because FMR concentrates the fund’s investments in a particular industry, the fund’s performance could depend heavily on theperformance of that industry and could be more volatile than the performance of less concentrated funds and the market as awhole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than adiversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price thanwould occur in a more diversified fund. The wireless industry can be significantly affected by failure or delays in obtainingfinancing or regulatory approval, intense competition, product incompatibility, changing consumer preferences, rapidobsolescence, significant capital expenditures, and heavy debt burdens.




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Spartan® 500 Index Fund - Institutional Class

VRS Code: 02327

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.


Footnotes:● A mutual fund registered under Fidelity Concord Street Trust, and managed by Fidelity Management Research Company



● Initial offering of the Institutional Share Class took place on May 4, 2011. Returns prior to that date are those of the FidelityAdvantage Class and reflect the Fidelity Advantage Class’ expense ratio. Had the Institutional Class’ expense ratio beenreflected, total returns would have been higher.

Spartan® Extended Market Index Fund - Fidelity Advantage Class

VRS Code: 01521

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.




● 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.

● On October 17, 2005, an initial offering of the Fidelity Advantage Share Class took place. Returns prior to that date are thoseof the Investor Class and reflect the Investors Class’ expense ratio. Had the Fidelity Advantage Class’ expense ratio beenreflected, total returns would have been higher.

Spartan® Intermediate Treasury Bond Index Fund - Fidelity Advantage Class

VRS Code: 01564


Fund Strategy: Normally investing at least 80% of assets in securities included in the Barclays 5-10 Year U.S. Treasury Index.Normally maintaining a dollar-weighted average maturity of 3 to 10 years. Engaging in transactions that have a leveragingeffect on the fund.

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.


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● The Barclays Capital 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.

Spartan® International Index Fund - Fidelity Advantage Class

VRS Code: 01522

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.





● The Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index (net MA tax) is an unmanagedmarket capitalization-weighted index of equity securities of companies domiciled in various countries. The index isdesigned to represent performance of developed stock markets outside the United States and Canada and excludes certainmarket segments unavailable to U.S. based investors. The index returns for periods after 1/1/1997 are adjusted for taxwithholding rates applicable to U.S.-based mutual funds organized as Massachusetts business trusts.


Spartan® Long-Term Treasury Bond Index Fund - Fidelity Advantage Class

VRS Code: 01565


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





● The Barclays Capital 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.

Spartan® Short-Term Treasury Bond Index Fund - Fidelity Advantage Class

VRS Code: 01563

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 Barclays 1-5 Year U.S. Treasury Index.Normally maintaining a dollar-weighted average maturity of three years or less. Engaging in transaction that have a leveragingeffect on the fund.



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● The Barclays Capital 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.

Spartan® Total Market Index Fund - Fidelity Advantage Class

VRS Code: 01520

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.

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.

● On October 17, 2005, an initial offering of the Fidelity Advantage Share Class took place. Returns prior to that date are thoseof the Investor Class and reflect the Investors Class’ expense ratio. Had the Fidelity Advantage Class’ expense ratio beenreflected, total returns would have been higher.

Spartan® U.S. Bond Index Fund - Fidelity Advantage Class

VRS Code: 02324

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

Fund Strategy: Normally investing at least 80% of the fund’s assets in bonds included in the Barclays U.S. Aggregate BondIndex. Using statistical sampling techniques based on duration, maturity, interest rate sensitivity, security structure, and creditquality to attempt to replicate the returns of the Index using a smaller number of securities. Engaging in transactions that havea leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and creditdefault) and futures contracts - and forward-settling securities, to adjust the fund’s risk exposure. Investing in Fidelity’s centralfunds (specialized investment vehicles used by Fidelity funds to invest in particular security types or investment disciplines).

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.




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

● On May 10, 2011, an initial offering of the Fidelity Advantage Share Class took place. Returns prior to that date are those ofthe Investor Class and reflect the Investors Class’ expense ratio. Had the Fidelity Advantage Class’ expense ratio beenreflected, total returns would have been higher.

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TCW Select Equities Fund Class I

VRS Code: 23604


Fund Strategy: The fund invests (except when maintaining a temporary defensive position) 80% of the value of its net assets inequity securities. It invests primarily in equity securities of mid and large capitalization companies. Equity securities includecommon and preferred stock; rights or warrants to purchase common or preferred stock; securities convertible into common orpreferred stock such as convertible preferred stock, bonds or debentures; American Depository Receipts (ADRs); and othersecurities with equity characteristics.



Footnotes:● A mutual fund registered under Tcw Funds Inc, and managed by TCW Investment Management, Co. This description is only


Templeton Developing Markets Trust Class Advisor

VRS Code: 49415


Fund Strategy: The fund invests at least 80% of its net assets in securities of companies located or operating in "developingmarket countries." It invests primarily in the equity securities of developing market companies, principally common andpreferred stocks. The fund’s investments in equity securities may include investments in the securities of companies of anycapitalization, including smaller or mid-size companies. It also invests in American, Global, and European Depositary Receipts.The fund may invest up to 20% of its net assets in the securities of issuers in developed market countries.



Footnotes:● A mutual fund registered under Templeton Developing Markets Trust, and managed by Templeton Asset Management Ltd.


Templeton Foreign Fund Class Advisor

VRS Code: 47339


Fund Strategy: The fund normally invests at least 80% of its net assets in foreign securities, which may include emergingmarkets. Under normal market conditions, it invests predominantly in the equity securities of such foreign companies locatedoutside the U.S. The equity securities in which the fund invests are predominantly common stock. Although the investmentmanager will search for investments across a large number of countries and sectors, from time to time, based on economicconditions, it may have significant positions in particular countries or sectors.

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.


Footnotes:● A mutual fund registered under Templeton Funds, and managed by Templeton Global Advisors Limited. This description is


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Templeton Foreign Smaller Companies Fund Class Advisor

VRS Code: 45942


Fund Strategy: The fund invests at least 80% of its net assets in investments of smaller companies located outside the U.S.,including emerging markets. The fund invests principally in equity securities, primarily common stocks. The fund may alsoinvest a portion of its assets in the equity securities of larger foreign companies and more than 25% of its assets in thesecurities of issuers located in any one country.

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. The securities of smaller, less well-known companies can be more volatilethan those of larger companies. 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.


Footnotes:● A mutual fund registered under Franklin Templeton International Trust, and managed by Franklin Templeton Investments

Corp. This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailedinformation about the fund.

Templeton Global Bond Fund Advisor Class

VRS Code: 44563

Fund Objective: The investment seeks current income with capital appreciation and growth of income.

Fund Strategy: Under normal market conditions, the fund invests at least 80% of its net assets in "bonds." Bonds include debtsecurities of any maturity, such as bonds, notes, bills and debentures. It invests predominantly in bonds issued by governmentsand government agencies located around the world. The fund may invest up to 25% of its total assets in bonds that are ratedbelow investment grade. It regularly uses various currency related transactions involving derivative instruments. The fund isnon-diversified.

Fund Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of whichmay be magnified in emerging markets. The fund may invest in lower-quality debt securities that involve greater risk of defaultor price changes due to potential changes in the credit quality of the issuer. In general the bond market is volatile, and fixedincome 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.


Footnotes:● A mutual fund registered under Templeton Income Trust, and managed by Franklin Advisers, Inc. This description is only


Templeton Growth Fund Class Advisor

VRS Code: 94584


Fund Strategy: The fund invests primarily in the equity securities of companies located anywhere in the world, includingemerging markets. The equity securities in which the fund primarily invests are common stock. Although it seeks investmentsacross a number of countries and sectors, from time to time, based on economic conditions, the fund may have significantpositions in particular countries or sectors.



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Footnotes:● A mutual fund registered under Templeton Growth Fund Inc, and managed by Templeton Global Advisors Limited. This


Templeton World Fund Class Advisor

VRS Code: 42508


Fund Strategy: The fund invests primarily in the equity securities of companies located anywhere in the world, includingemerging markets. Under normal circumstances, it will invest in issuers located in at least three different countries (includingthe U.S.). The equity securities in which the fund invests are primarily common stock, and may include smaller and midsizecompanies. Although the investment manager will search for investments across a large number of countries and sectors, fromtime to time, based on economic conditions, it may have significant positions in particular countries or sectors.



Footnotes:● A mutual fund registered under Templeton Funds, and managed by Templeton Global Advisors Limited. This description is


Touchstone Sands Capital Select Growth Fund Class Y

VRS Code: 48528


Fund Strategy: The fund invests, under normal market conditions, at least 80% of its assets in common stocks of U.S.companies that the sub-advisor believes have above-average potential for revenue or earnings growth. It emphasizesinvestments in large capitalization growth companies. The weighted-average market capitalization of these companies isgenerally in excess of $25 billion, and the fund generally does not invest in companies that have a market capitalization of lessthan $2 billion. The fund will typically own between 25 and 30 stocks. It is non-diversified.



Footnotes:● A mutual fund registered under Touchstone Funds Group Trust, and managed by Touchstone Advisors Inc. This description is


Virtus Mid-Cap Value Fund Class I

VRS Code: 19258


Fund Strategy: The fund invests at least 80% of its assets in securities of medium capitalization companies. As of the date ofthis Prospectus, the fund’s subadviser considers medium capitalization companies for this purpose to be those companies that,at the time of initial purchase, have market capitalizations within the range of companies included in the Russell Midcap® Index. Using a contrarian investment approach, the subadviser searches for successful business segments buried in distressedor restructuring companies.



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Footnotes:● A mutual fund registered under Virtus Equity Trust, and managed by Virtus Investment Advisors (VIA). This description is only



Virtus Small-Cap Core Fund Class I

VRS Code: 48543

Fund Objective: The investment seeks long-term capital appreciation, with dividend income as a secondary consideration.

Fund Strategy: The fund pursues long-term capital appreciation in the small capitalization sector while seeking to provide therisk characteristics of the less volatile large capitalization S&P 500® Index. It invests at least 80% of its assets in common stocksof small capitalization companies. The fund’s subadviser considers small capitalization companies for this purpose to be thosecompanies that, at the time of initial purchase, have market capitalizations within the range of companies included in theRussell 2000® Index.



Footnotes:● A mutual fund registered under Virtus Equity Trust, and managed by Virtus Investment Advisors (VIA). This description is only




Wells Fargo Advantage C&B Mid Cap Value Fund Institutional Class

VRS Code: 48106

Fund Objective: The investment seeks maximum long-term total return consistent with minimizing risk to principal.

Fund Strategy: The fund normally invests at least 80% of net assets in equity securities of mid-capitalization companies. Itmanages a relatively focused portfolio of 30 to 50 companies that enables the advisor to provide adequate diversification whileallowing the composition and performance of the portfolio to behave differently than the market. The fund may sell a portfolioholding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, oradvisors have identified a more attractive investment opportunity.



Footnotes:● A mutual fund registered under Wells Fargo Funds Trust, and managed by Wells Fargo Funds Management LLC. This


Wells Fargo Advantage Discovery Fund Institutional Class

VRS Code: 42795


Fund Strategy: The fund normally invests at least 80% of its net assets in equity securities of small- and medium-capitalizationcompanies and up to 25% of the fund’s total assets in equity securities of foreign issuers through ADRs and similar investments.It may invest in any sector, and at times the fund may emphasize one or more particular sectors. The fund may choose to sell aholding when it no longer offers favorable growth prospects or to take advantage of a better investment opportunity.

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Wells Fargo Advantage Government Securities Fund Institutional Class

VRS Code: 49391

Fund Objective: The investment seeks current income.

Fund Strategy: The fund invests at least 80% of its net assets in U.S. government obligations and repurchase agreementscollateralized by U.S. government obligations; and up to 20% of the fund’s net assets in non-government investment-gradedebt securities. It invests principally in U.S. government obligations, including debt securities issued or guaranteed by the U.S.Treasury, U.S. government agencies or government-sponsored entities.





Wells Fargo Advantage Opportunity Fund Institutional Class

VRS Code: 78680


Fund Strategy: Under normal circumstances, the fund invests at least 80% of its total assets in equity securities and up to 25%of the fund’s total assets in equity securities of foreign issuers, including ADRs and similar investments. It invests principally inequity securities of companies of all market capitalizations. The fund invests in equity securities of companies that the advisorsbelieve are underpriced yet have attractive growth prospects.





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Wells Fargo Advantage Small Cap Value Fund Institutional Class

VRS Code: 42927


Fund Strategy: The fund invests at least 80% of its net assets in equity securities of small-capitalization companies and up to30% of the fund’s total assets in equity securities of foreign issuers, including ADRs and similar investments. It invests principallyin equity securities of small-capitalization companies, which the fund defines as companies with market capitalizations withinthe range of the Russell 2500TM Index at the time of purchase. It may also invest in equity securities of foreign issuers includingADRs and similar investments.





● The Russell 2500™ Index is an unmanaged market capitalization-weighted index measuring the performance of the 2,500smallest companies in the Russell 3000 Index.

Wells Fargo Advantage Special Mid Cap Value Fund Institutional Class

VRS Code: 42268


Fund Strategy: The fund normally invests at least 80% of its net assets in equity securities of medium-capitalization companies.It invests principally in equity securities of medium-capitalization companies, which advisors define as securities of companieswith market capitalizations within the range of the Russell Midcap® Index. The fund may sell a portfolio holding when a stock’sprice nears its intrinsic value appreciation target, the macro environment becomes unfavorable, short-term downside risksincrease, the company’s fundamentals have deteriorated or advisors identify a more attractive investment opportunity.






● As of July 16, 2010, this fund changed its name from Wells Fargo Advantage Mid Cap Disciplined Fund.

Wells Fargo Advantage Ultra Short Income Fund Institutional Class

VRS Code: 49394

Fund Objective: The investment seeks current income consistent with capital preservation.

Fund Strategy: The fund invests at least 80% of its net assets in income-producing debt securities. It invests up to 25% of thefund’s total assets in U.S. dollar-denominated debt securities of foreign issuers and up to 15% of its total assets in belowinvestment-grade debt securities. The portfolio holdings may include U.S. government obligations, corporate debt securities,bank loans and mortgage- and asset-backed debt securities.

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Western Asset Core Bond Fund Class FI

VRS Code: 45352

Fund Objective: The investment seeks to maximize total return.

Fund Strategy: The fund invests in a portfolio of fixed income securities of various maturities and, under normal marketconditions, will invest at least 80% of its net assets in debt and fixed income securities. Although the fund may invest in debtand fixed income securities of any maturity, under normal market conditions the target dollar-weighted average effectiveduration for the fund is expected to range within 20% of the average duration of the domestic bond market as a whole asestimated by the fund’s subadviser.



Footnotes:● A mutual fund registered under Western Asset Funds Inc, and managed by Legg Mason Partners Fund Advisor, LLC. This


● Duration estimates how much a bond fund’s price will change with a change in comparable interest rates. If rates rise 1%, forexample, a fund with a 5-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund’sperformance and share price. Accordingly, a bond fund’s actual performance may differ from this example.

You are not permitted to make a direct exchange from the Managed Income Portfolio II—Class 1 to these funds (considered"competing funds"): Fidelity® Cash Reserves, Fidelity® Government Money Market Fund, Fidelity® Money Market Fund,Fidelity® Money Market Trust Retirement Government Money Market Portfolio, Fidelity® Money Market Trust RetirementMoney Market Portfolio, Select Money Market Portfolio, Fidelity® Short-Term Bond Fund, Fidelity® U.S. Treasury Money MarketFund, Fidelity® Ultra-Short Bond Fund, Fidelity® U.S. Government Reserves, Spartan® Short-Term Treasury Bond Index Fund -Fidelity Advantage Class and Wells Fargo Advantage Ultra Short Income Fund Institutional Class. Before exchanging from theManaged Income Portfolio II—Class 1, you must first exchange to a "noncompeting" fund for 90 days. While theserequirements may seem restrictive, they are typically imposed by issuers such as insurance companies, banks, or otherapproved financial institutions, as a condition for issuing investment contracts to retirement plans.

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Fidelity Portfolio Advisory Service at Work is a service of Strategic Advisers, Inc., a registered investment adviser and a FidelityInvestments company. This service provides discretionary money management for a fee.

The investment options available through the Plan reserve the right to modify or withdraw the exchange privilege.

This document provides only a summary of the main features of the Ventura County 401(k) Plan and the Plan Document will govern inthe event of discrepancies.

Hardship distributions are not considered eligible rollover distributions and are not subject to 20% federal withholding. They aretaxed as ordinary income and may be subject to a penalty when you file your income taxes. Please consult your tax adviser regardingyour own tax situation.

Any assets distributed from your 401(k) or governmental 457(b) plan will be taxed as ordinary income in the year withdrawn; if you areunder age 59 1/2 at the time of the distribution, a 10% early withdrawal penalty may apply to any amounts which were rolled into theplan from an IRA or a plan other than another governmental 457(b) plan. If the distribution is eligible to be rolled over, but is notdirectly rolled over to an eligible plan or IRA, 20% mandatory withholding of federal income tax applies. Federal income tax will notbe withheld from governmental 457(b) plan assets if an eligible plan-to-plan transfer is made to another employer’s 457(b) plan thataccepts the transfer. Be sure you understand the federal and state tax consequences of any distribution before you initiate one. Youmay want to consult your tax adviser about your situation.

© 2013 FMR LLC

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Ventura County 401(k) Planvcportal.ventura.org/CEO/benefits/def-comp/docs/... · He has about 25...

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Transcript of Ventura County 401(k) Planvcportal.ventura.org/CEO/benefits/def-comp/docs/... · He has about 25...