UNIVERSITY SYSTEM OF GEORGIA BOARD OF REGENTS ORP INVESTMENT OPTIONS PERFORMANCE UPDATE

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1 UNIVERSITY SYSTEM OF GEORGIA BOARD OF REGENTS ORP INVESTMENT OPTIONS PERFORMANCE UPDATE UNDERSTANDING INVESTMENT PERFORMANCE As you review this update, please remember that the performance data stated represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. To learn more or to obtain the most recent month-end performance, call Fidelity at or visit (log in, choose plan, select "Investment Choices & Research," and then pick investment option). Month YTD 1 5 TARGET DATE FSNJX Fidelity Freedom Class K 1,75, /06/0 n/a 0.40 FSNKX Fidelity Freedom 20 - Class K 1,75, /17/96 n/a FSNLX Fidelity Freedom Class K 1,75, /06/0 n/a FSNOX Fidelity Freedom Class K 1,75, /17/96 n/a FSNPX Fidelity Freedom Class K 1,75, /06/0 n/a FSNQX Fidelity Freedom Class K 1,75, /17/96 n/a 0.6 FSNUX Fidelity Freedom Class K 1,75, /06/0 n/a FSNVX Fidelity Freedom Class K 1,75, /06/00 n/a FSNZX Fidelity Freedom Class K 1,75, /01/06 n/a FNSBX Fidelity Freedom Class K 1,75, /01/06 n/a FNSDX Fidelity Freedom Class K 1,75, n/a 8.6 6/01/11 n/a FNSFX Fidelity Freedom Class K 1,75, n/a n/a /05/14 n/a FNSHX Fidelity Freedom Income - Class K 1,75, /17/96 n/a TARGET ALLOCATION FASIX Fidelity Asset Manager 20% /01/92 n/a 0.50 FASMX Fidelity Asset Manager 50% /28/88 n/a FSANX Fidelity Asset Manager 60% /09/07 n/a 0.70 FASGX Fidelity Asset Manager 70% /0/91 n/a 0.70 FAMRX Fidelity Asset Manager 85% /24/99 n/a MONEY MARKET - GOVERNMENT FRGXX Fidelity Investments Money Market Government Portfolio - Institutional Class 2,,77 7-Day Yield % as of 06/0/2018: /25/85 n/a The current yield reflects the current earnings of the fund, while the total return refers to a specific past holding period. 1

2 BOND RCWGX Month YTD 1 5 American s Capital World Bond Class /04/87 n/a 0.50 R-6 4,78 SSTGX Deutsche High Conviction Global Bond - Class S /01/91 n/a 1.0 FNMIX Fidelity New Markets Income /04/9 n/a FBNRX Templeton Global Bond Class R6 5, /18/86 n/a 0.60 BOND - GOVERNMENT ABTIX American Century Government Bond R /16/80 n/a Class 6,78 SGINX Deutsche GNMA Class S 7, /14/00 n/a FGMNX Fidelity GNMA /08/85 n/a FGOVX Fidelity Government Income /04/79 n/a FSTGX Fidelity Intermediate Government Income /02/88 n/a FIBAX Fidelity Intermediate Treasury Bond Index - Premium Class /20/05 n/a FFXSX Fidelity Limited Term Government //86 n/a FLBAX Fidelity Long-Term Treasury Bond Index - Premium Class /20/05 n/a FSBAX Fidelity Treasury Bond Index - Premium Class /20/05 n/a VFIJX Vanguard GNMA Admiral Shares 8, /27/80 n/a 0.1 WGSDX Wells Fargo Government Securities - Class /1/99 n/a 0.8 Admin 9,78 BOND - DIVERSIFIED ADFIX American Century Diversified Bond Investor /01/9 n/a Class,78 FTHRX Fidelity Intermediate Bond /2/75 n/a FBNDX Fidelity Investment Grade Bond /06/71 n/a FMSFX Fidelity Mortgage Securities /1/84 n/a FSHBX Fidelity Bond /15/86 n/a FADMX Fidelity Strategic Income /1/94 n/a FTBFX Fidelity Total Bond /15/02 n/a FSITX Fidelity U.S. Bond Index - Premium Class 11, /08/90 n/a JAFIX Janus Henderson Flexible Bond Class T /07/87 n/a PTTRX PIMCO Total Return Institutional Class /11/87 n/a 0.5 VBLTX Vanguard Long-Term Bond Index Investor /01/94 n/a Shares 78 2

3 BOND - DIVERSIFIED (continued) VBIRX Month YTD 1 5 Vanguard Bond Index Admiral /01/94 n/a Shares 12,78 STYAX Wells Fargo Core Plus Bond Class A /1/98 n/a BOND - INFLATION-PROTECTED ACITX American Century Inflation Adjusted Bond //97 n/a Investor Class 78 FINPX Fidelity Inflation-Protected Bond /26/02 n/a BOND - HIGH YIELD ABHIX American Century High-Yield Investor Class 78, /0/97 n/a FAGIX Fidelity Capital & Income 78, /01/77 n/a FFRHX Fidelity Floating Rate High Income 1,78, /16/00 n/a FHIFX Fidelity Focused High Income 78, /08/04 n/a SPHIX Fidelity High Income 78, /29/90 n/a JAHYX Janus Henderson High-Yield Class T 78, /29/95 n/a EKHAX Wells Fargo High Yield Bond - Class A 14,78,79 BALANCED/HYBR RLBGX /20/98 n/a American s American Balanced Class /25/75 n/a R-6 15,75 CBDYX Columbia Balanced Institutional Class 16, /01/91 n/a 0.6 FBAKX Fidelity Balanced - Class K 17, /06/86 n/a FFNOX Fidelity Four-in-One Index, /29/99 n/a 0. FPUKX Fidelity Puritan - Class K 17, /16/47 n/a FSDIX Fidelity Strategic Dividend & Income /2/0 n/a FSRRX Fidelity Strategic Real Return /07/05 n/a 0.80 JBALX Janus Henderson Balanced Class I 18, /01/92 n/a VWIAX Vanguard Wellesley Income Admiral /01/70 n/a Shares 19,75 VWENX Vanguard Wellington Admiral Shares 20,75 BALANCED/HYBR - CONVERTIBLES /01/29 n/a FCVSX Fidelity Convertible Securities /05/87 n/a 0.450

4 BALANCED/HYBR - INTERNATIONAL RIRGX Month YTD 1 5 American s Capital Income Builder Class /0/87 n/a R-6 21,22,75 MALOX BlackRock Global Allocation, Inc /0/89 n/a Institutional Shares 75 MBAAX Morgan Stanley Institutional Trust Global /1/92 n/a 1. Strategist Portfolio Class A 2,75 DOMESTIC EQUITIES - LARGE VALUE TWEIX American Century Equity Income Investor /01/94 n/a 0.90 Class 75 RWMGX American s Washington Mutual Investors /1/52 n/a Class R-6 24,75 MADVX BMCIX BlackRock Equity Dividend Institutional /29/88 n/a 0.70 Shares 25,75 BlackRock High Equity Income Institutional /01/98 n/a Shares 75 DCUSX Deutsche CROCI U.S. Class S n/a n/a //15 n/a EILVX Eaton Vance Large-Cap Value Class I 26, /2/1 n/a 0.8 FBCVX Fidelity Blue Chip Value /17/0 n/a FETKX Fidelity Equity Dividend Income - Class K 17, /21/90 n/a 0.6 FEIKX Fidelity Equity-Income - Class K 17, /16/66 n/a 0.50 FSLVX Fidelity Stock Selector Large Cap Value /15/01 n/a 0.70 FVDKX Fidelity Value Discovery - Class K 17, //02 n/a 0.60 FVSKX Fidelity Value Strategies - Class K 17, /1/8 n/a ICSFX Invesco Comstock Class R6 27, /07/68 n/a 0.4 ACGMX Invesco Growth and Income Class Y 28, /01/46 n/a PRFDX T. Rowe Price Equity Income /1/85 n/a VWNAX Vanguard Windsor II Admiral Shares 29, /24/85 n/a DOMESTIC EQUITIES - M VALUE ACMVX American Century Mid Cap Value Investor /1/04 n/a 1.0 Class 75,80 CMVYX Columbia Mid Cap Value Institutional Class 0,75, /20/01 n/a FLPKX Fidelity Low-Priced Stock - Class K 17,75, /27/89 n/a FSMVX Fidelity Mid Cap Value 75, /15/01 n/a FVLKX Fidelity Value - Class K 17,75, /01/78 n/a 0.5 MSAVX Invesco American Value Class A 75, /18/9 n/a 1.20 JMVAX Janus Henderson Mid Cap Value Class I 1,75, /12/98 n/a 0.6 4

5 DOMESTIC EQUITIES - M VALUE (continued) Month YTD 1 5 TRMCX T. Rowe Price Mid-Cap Value 75, /28/96 n/a CBMAX Wells Fargo C&B Mid Cap Value - Class A 2,75, /26/04 n/a 1. WFPRX Wells Fargo Special Mid Cap Value - Class /08/05 n/a R6,75,80 DOMESTIC EQUITIES - SMALL VALUE CSCZX Columbia Small Cap Value I Institutional /25/86 n/a 1. Class 4,75,81 FCPVX Fidelity Small Cap Value 75, /0/04 n/a JSCOX Janus Henderson Small Cap Value Class I 5,75, /14/85 n/a 1.00 NOSGX Northern Small Cap Value 75, /1/94 n/a VISVX Vanguard Small Capitalization Value Index /21/98 n/a Investor Shares 75,81 DOMESTIC EQUITIES - LARGE BLEND AFDIX American Century Sustainable Equity /0/04 n/a Investor Class 6,75 RFNGX RICGX American s amental Investors Class /01/78 n/a 0.00 R-6 7,75 American s Investment Company of /02/4 n/a 0.00 America Class R-6 8,75 SCDGX Deutsche Core Equity Class S /1/29 n/a FXSIX Fidelity 500 Index - Institutional Class 9, /17/88 n/a 0.00 FDEKX Fidelity Disciplined Equity - Class K 17, /28/88 n/a FDGKX Fidelity Dividend Growth - Class K 17, /27/9 n/a 0.4 FEXKX Fidelity Export and Multinational - Class K 17, /04/94 n/a FGIKX Fidelity Growth & Income Portfolio - Class K 17, /0/85 n/a FGRTX Fidelity Mega Cap Stock /28/98 n/a FMILX Fidelity New Millennium /28/92 n/a FSTVX Fidelity Total Market Index - Premium Class 40, /05/97 n/a 0.05 JAGIX Janus Henderson Growth And Income Class /15/91 n/a T 75 PRDGX T. Rowe Price Dividend Growth /0/92 n/a VDIGX Vanguard Dividend Growth Investor Shares /15/92 n/a

6 DOMESTIC EQUITIES - M BLEND FSEVX Month YTD 1 5 Fidelity Extended Market Index - Premium /05/97 n/a Class 40,75,80 FLCKX Fidelity Leveraged Company Stock - Class /19/00 n/a K 17,75,80 GTAFX Invesco Mid Cap Core Equity Class R6 41,75, /09/87 n/a JVMIX John Hancock s Disciplined Value Mid Cap /02/97 n/a Class I 75,80 VIMAX Vanguard Mid-Cap Index Admiral Shares 42,75, /21/98 n/a SCSRX Wells Fargo Common Stock - Class R6 4,75,80 DOMESTIC EQUITIES - SMALL BLEND SMCEX /0/00 n/a 0.80 Columbia Disciplined Small Core /14/92 n/a Institutional Class 75,81 SSLCX Deutsche Small Cap Core Class S 75, /14/00 n/a FSCRX Fidelity Small Cap Discovery 75, /26/00 n/a FSLCX Fidelity Small Cap Stock 75, /12/98 n/a FDSCX Fidelity Stock Selector Small Cap 75, /28/9 n/a PASVX T. Rowe Price Small-Cap Value Advisor Class 44,75, /0/88 1/ WFSVX Wells Fargo Small Cap Value - Class Inst 45,75,81 DOMESTIC EQUITIES - LARGE GROWTH /0/00 n/a TWGIX American Century Growth I Class 46, /0/71 n/a RAFGX American s AMCAP Class R-6 47, /01/67 n/a 0.60 RGAGX American s The Growth of America Class R-6 48, /0/7 n/a 0.0 SCGSX Deutsche Capital Growth Class S /14/00 n/a 0.7 SCQGX Deutsche Large Cap Focus Growth Class S /15/91 n/a FBGKX Fidelity Blue Chip Growth - Class K 17, /1/87 n/a FCAKX Fidelity Capital Appreciation - Class K 17, /26/86 n/a 0.4 FCNKX Fidelity Contrafund - Class K 17, /17/67 n/a FTQGX Fidelity Focused Stock /12/96 n/a FFDKX Fidelity - Class K 17, /0/0 n/a 0.4 FGCKX Fidelity Growth Company - Class K 17, /17/8 n/a FGDKX Fidelity Growth Discovery - Class K 17, /1/98 n/a FDFKX Fidelity Independence - Class K 17, /25/8 n/a

7 DOMESTIC EQUITIES - LARGE GROWTH (continued) Month YTD 1 5 FMGKX Fidelity Magellan - Class K 17, /02/6 n/a 0.6 FNCMX Fidelity Nasdaq Composite Index, /25/0 n/a FOCKX Fidelity OTC Portfolio - Class K 17, /1/84 n/a FSSKX Fidelity Stock Selector All Cap - Class K 17, /28/90 n/a FTRNX Fidelity Trend 49, /16/58 n/a JAMRX Janus Henderson Research Class T /0/9 n/a 0.80 MSEGX Morgan Stanley Institutional, Inc. Growth /02/91 n/a Portfolio Class A 50,75 NGUAX Neuberger Berman Guardian Class Investor /01/50 n/a TRBCX T. Rowe Price Blue Chip Growth /0/9 n/a TRSAX T. Rowe Price Growth Stock Advisor Class 51, /11/50 n/a SGRNX Wells Fargo Growth - Class Inst 52, /24/00 n/a STFFX Wells Fargo Large Cap Growth - Class R6 5, /0/ n/a 0.70 WOFDX Wells Fargo Opportunity - Class Admin 54, /24/00 n/a 1. DOMESTIC EQUITIES - M GROWTH TWHIX American Century Heritage Investor Class 75, //87 n/a 1.0 BGRIX Baron Growth Institutional Shares 55,75, /0/94 n/a CRBYX Columbia Acorn Institutional Class 56,75, //70 n/a ACTWX Columbia Acorn Select Institutional Class 75, /2/98 n/a FAGKX Fidelity Growth Strategies - Class K 17,75, /28/90 n/a 0.60 FKMCX Fidelity Mid-Cap Stock - Class K 17,75, /29/94 n/a 0.5 FSSMX Fidelity Stock Selector Mid Cap 57,75, /20/96 n/a MPEGX Morgan Stanley Institutional Trust Mid Cap /0/90 n/a Growth Portfolio Class I 75,80 RPMGX T. Rowe Price Mid-Cap Growth 75, /0/92 n/a WFDRX Wells Fargo Discovery - Class R6,75, /08/05 n/a DOMESTIC EQUITIES - SMALL GROWTH ANOIX American Century Small Cap Growth /01/01 n/a 1.60 Investor Class 75,81 PSGIX BlackRock Advantage Small Cap Growth /14/9 n/a Institutional Shares 75,81 AUSAX Columbia Acorn USA Institutional Class 75, /04/96 n/a

8 DOMESTIC EQUITIES - SMALL GROWTH (continued) Month YTD 1 5 FCPGX Fidelity Small Cap Growth 75, /0/04 n/a JATTX Janus Henderson Triton Class T 75, /25/05 n/a LSSIX NBGIX Loomis Sayles Small Cap Growth /1/96 n/a Institutional Class 75,81 Neuberger Berman Genesis Institutional /27/88 n/a Class 58,75,81 PASSX T. Rowe Price Small-Cap Stock Advisor Class 59,75, /01/56 n/a VISGX Vanguard Small Capitalization Growth Index /21/98 n/a Investor Shares 75,81 INTERNATIONAL/GLOBAL - DIVERSIFIED REREX American s EuroPacific Growth Class /16/84 n/a 0.80 R-4 60,75,82 RNPGX American s New Perspective Class R-6 61,75, /1/7 n/a MAGCX BISIX BlackRock Advantage Global, Inc /05/94 n/a 1.0 Institutional Shares 62,6,75,82 BlackRock International Dividend /26/97 n/a Institutional Shares 75,82 CCYIX Columbia Acorn International Institutional Class 64,75, /2/92 n/a ACFFX Columbia Acorn International Select /2/98 n/a Institutional Class 75,82 COSZX Columbia Overseas Value Institutional Class 75, /1/08 n/a 1.1 SGSCX Deutsche Global Small Cap Class S 75, //91 n/a SCOBX FDIKX Deutsche International Growth - Class S 75,82 Fidelity Diversified International - Class K 17,75, /2/86 n/a /27/91 n/a FSGDX Fidelity Global ex U.S. Index - Premium n/a /08/11 n/a 0.0 Class 75,82 FKX FSIVX Fidelity International Discovery - Class K 17,75,82 Fidelity International Index - Premium Class 40,75, /1/86 n/a /05/97 n/a FISMX Fidelity International Small Cap 75, /18/02 n/a FIVLX Fidelity International Value 75, /18/06 n/a FOSKX Fidelity Overseas - Class K 17,75, /04/84 n/a FWWFX Fidelity Worldwide 75, /0/90 n/a 0.8 JORNX Janus Henderson Global Select Class T 75, /0/00 n/a

9 INTERNATIONAL/GLOBAL - DIVERSIFIED (continued) Month YTD 1 5 JDINX Janus Henderson Overseas Class N 65,75, /02/94 n/a MSIBX MIQPX VWILX Morgan Stanley Institutional, Inc. Active /17/92 2/ International Allocation Portfolio Class A 66,75,82 Morgan Stanley Institutional, Inc /04/89 2/0 0.9 International Equity Portfolio Class IS 67,75,82 Vanguard International Growth Admiral /0/81 n/a 0.20 Shares 68,75,82 VTRIX Vanguard International Value Investor Shares 75, /16/8 n/a VTIAX Vanguard Total International Stock Index /29/96 n/a 0.1 Admiral Shares 69,70,75,82 INTERNATIONAL/GLOBAL - REGIONAL FICDX Fidelity Canada 75, /17/87 n/a FHKCX Fidelity China Region 75, /01/95 n/a FSEAX Fidelity Emerging Asia 71,75, /19/9 n/a 1.0 FIEUX Fidelity Europe 75, /01/86 n/a FJPNX Fidelity Japan 75, /15/92 n/a FLATX Fidelity Latin America 75, /19/9 n/a FPBFX Fidelity Pacific Basin 75, /01/86 n/a 1.1 INTERNATIONAL/GLOBAL - EMERGING MARKETS DFEMX DFA Emerging Markets Portfolio Institutional /25/94 n/a Class 75,82 FEMEX Fidelity Emerging Europe, Middle East, Africa /08/08 n/a 1.90 (EMEA) 75,82 FKEMX Fidelity Emerging Markets - Class K 17,75, /01/90 n/a 0.80 MGEMX Morgan Stanley Institutional, Inc. Emerging /25/92 2/ Markets Portfolio Class I 75,82 RSENX SPECIALTY Victory Sophus Emerging Markets Class Y 72,75, /01/97 n/a 1.0 FFGCX Fidelity Global Commodity Stock 75, n/a 4.81 /25/09 n/a 1.0 FRIFX Fidelity Real Estate Income 75,8, /04/0 n/a FRESX Fidelity Real Estate Investment Portfolio 75,8, /17/86 n/a FIUIX Fidelity Telecom and Utilities 75, /27/87 n/a

10 Month YTD 1 5 SPECIALTY (continued) TRREX T. Rowe Price Real Estate 75,8, /1/97 1/ VGSLX Vanguard Real Estate Index Admiral Shares 7,74,75,8, /1/96 n/a n/a = Not Applicable/None - - = Not Available Fidelity BrokerageLink A listing of all available mutual funds through Fidelity BrokerageLink may be found on at the Research tab, under Mutual s. This brokerage account within your retirement plan 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. BrokerageLink includes investments beyond those in your plan s lineup. The plan fiduciary neither evaluates nor monitors the investments available through BrokerageLink. It is your responsibility to ensure that the investments you select are suitable for your situation, including your goals, time horizon, and risk tolerance. See the fact sheet and commission schedule for applicable fees and risks. MARKET INDICATORS Month YTD 1 5 For comparison purposes only. It is not possible to invest directly in these indicators. DJ Industrial Average MSCI EAFE (Net MA) S&P Russell n/a = Not Applicable/None - - = Not Available Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. total returns are reported as of the period indicated. fund figures are reported as of the inception date to the period indicated. These figures do not include the effects of sales charges, if any, as these charges are waived for contributions made through your company s employee benefit plan. If sales charges were included, returns would have been lower. EXPENSE RATIO A mutual fund expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percent of the fund s total net assets. For other types of investments, the figure in the expense ratio field reflects similar information, but may have been calculated differently than for mutual funds. Mutual fund data comes from the fund s prospectus. For non-mutual fund investment options, the information has been provided by the plan sponsor, the investment option s manager or the trustee. When no ratio is shown for these options it is because none was available. There may be fees and expenses associated with the investment option. information changes periodically. Please consult NetBenefits for updates. SPECIFIC FUNDS Morningstar, Inc., provided data on the non-fidelity mutual funds. Although the data is gathered from reliable sources, accuracy and completeness cannot be guaranteed by Morningstar. 1 On July 20, 2017, an initial offering of the Fidelity Freedom K class took place. Returns and expenses prior to that date are those of the Freedom (retail) class. Had K class expenses been reflected in the returns shown, total returns would have been higher.

11 2 Initial offering of the Fidelity Institutional Money Market Government Portfolio - Institutional Class took place on May 14, Returns and expenses prior to that date are those of the Fidelity Institutional Money Market Government Portfolio - Class I. Had Fidelity Institutional Money Market Government Portfolio - Institutional Class expenses been reflected in the returns shown, total returns would have been higher. Fidelity is voluntarily reimbursing a portion of the fund s expenses. If Fidelity had not, the returns would have been lower. 4 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 08/04/1987, adjusted to reflect the fees and expenses of 5 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/01/201. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 09/18/1986, adjusted to reflect the fees and expenses of 6 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 0/01/20. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 05/16/1980, adjusted to reflect the fees and expenses of 7 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 07/14/2000. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/14/2000, adjusted to reflect the fees and expenses of 8 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 02/12/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 06/27/1980, adjusted to reflect the fees and expenses of 9 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 04/08/2005. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 08/1/1999, adjusted to reflect the fees and expenses of The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 12/0/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 04/01/199, adjusted to reflect the fees and expenses of 11 Returns prior to May 4, 2011 are those of the Investor Class and reflect the Investor Class expense ratio. Had the Premium Class expense ratio been reflected, total returns would have been higher. 12 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 11/12/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 0/01/1994, adjusted to reflect the fees and expenses of 1 Initial offering of the Fidelity Floating Rate High Income took place on September 19, Returns and expenses prior to that date are those of the Fidelity Advisor Floating Rate High Income - Institutional Class. Had Fidelity Floating Rate High Income expenses been reflected in the returns shown, total returns would have been higher. 14 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 01/20/1998. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 01/20/1998, adjusted to reflect the fees and expenses of 15 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/25/1975, adjusted to reflect the fees and expenses of 11

12 16 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 11/08/2012. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of /01/1991, adjusted to reflect the fees and expenses of 17 On May 9, 2008, an initial offering of the retirement (K) class took place. Returns and expenses prior to that date are those of the non-k, non-advisor class. Had K class expenses been reflected in the returns shown, total returns would have been higher. 18 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 07/06/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 09/01/1992, adjusted to reflect the fees and expenses of 19 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/14/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/01/1970, adjusted to reflect the fees and expenses of 20 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/14/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/01/1929, adjusted to reflect the fees and expenses of 21 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/0/1987, adjusted to reflect the fees and expenses of 22 S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. 2 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 11/01/1996. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 12/1/1992, adjusted to reflect the fees and expenses of 24 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/1/1952, adjusted to reflect the fees and expenses of 25 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 11/29/1988. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 11/29/1988, adjusted to reflect the fees and expenses of 26 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 12/28/2004. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 09/2/191, adjusted to reflect the fees and expenses of 27 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 09/24/2012. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of /07/1968, adjusted to reflect the fees and expenses of 28 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of /19/2004. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 08/01/1946, adjusted to reflect the fees and expenses of 12

13 29 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/14/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 06/24/1985, adjusted to reflect the fees and expenses of 0 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 07/15/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 11/20/2001, adjusted to reflect the fees and expenses of 1 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 07/06/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 08/12/1998, adjusted to reflect the fees and expenses of 2 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 07/26/2004. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/26/2004, adjusted to reflect the fees and expenses of The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 06/28/201. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 04/08/2005, adjusted to reflect the fees and expenses of 4 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 07/1/1995. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/25/1986, adjusted to reflect the fees and expenses of 5 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 07/06/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 02/14/1985, adjusted to reflect the fees and expenses of 6 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 07/29/2005. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 11/0/2004, adjusted to reflect the fees and expenses of 7 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 08/01/1978, adjusted to reflect the fees and expenses of 8 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 01/02/194, adjusted to reflect the fees and expenses of 9 Returns prior to May 4, 2011 are those of the Premium Class and reflect the Premium Class expense ratio. Had the Institutional Class expense ratio been reflected, total returns would have been higher. 40 Returns prior to October 14, 2005 are those of the Investor Class and reflect the Investor Class expense ratio. Had the Premium Class expense ratio been reflected, total returns would have been higher. 41 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 09/24/2012. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 06/09/1987, adjusted to reflect the fees and expenses of 1

14 42 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 11/12/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 05/21/1998, adjusted to reflect the fees and expenses of 4 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 06/28/201. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 11/0/2000, adjusted to reflect the fees and expenses of 44 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 0/1/2000. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 06/0/1988, adjusted to reflect the fees and expenses of 45 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 07/1/2007. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 11/0/2000, adjusted to reflect the fees and expenses of 46 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 06/16/1997. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 06/0/1971, adjusted to reflect the fees and expenses of 47 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 05/01/1967, adjusted to reflect the fees and expenses of 48 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 11/0/197, adjusted to reflect the fees and expenses of 49 Prior to February 1, 2007, Trend operated under certain different investment policies and compared its performance to a different index. The fund s historical performance may not represent its current investment policies. 50 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 01/02/1996. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 04/02/1991, adjusted to reflect the fees and expenses of 51 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 12/1/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 04/11/1950, adjusted to reflect the fees and expenses of 52 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 02/24/2000. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 02/24/2000, adjusted to reflect the fees and expenses of 5 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 11/0/2012. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/0/20, adjusted to reflect the fees and expenses of 54 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 08/0/2002. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 02/24/2000, adjusted to reflect the fees and expenses of 14

15 55 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/29/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 12/0/1994, adjusted to reflect the fees and expenses of 56 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 11/08/2012. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 06//1970, adjusted to reflect the fees and expenses of 57 Initial offering of the Fidelity Stock Selector Mid Cap Retail Class took place on June 6, Returns prior to that date are those of the Fidelity Advisor Stock Selector Mid Cap - Class I and reflect the Class I s expense ratio. Had the Fidelity Stock Selector Mid Cap Retail Class expense ratio been reflected, total returns would have been lower. 58 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 07/01/1999. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 09/27/1988, adjusted to reflect the fees and expenses of 59 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 0/1/2000. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 06/01/1956, adjusted to reflect the fees and expenses of 60 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 06/07/2002. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 04/16/1984, adjusted to reflect the fees and expenses of 61 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 0/1/197, adjusted to reflect the fees and expenses of 62 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of /21/1994. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 08/05/1994, adjusted to reflect the fees and expenses of 6 As of 01/0/2018, Fidelity was notified this fund changed its name from BlackRock Advantage Global Institutional Shares. See the fund s prospectus for any additional details. 64 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 11/08/2012. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 09/2/1992, adjusted to reflect the fees and expenses of 65 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/1/2012. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 05/02/1994, adjusted to reflect the fees and expenses of 66 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 01/02/1996. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 01/17/1992, adjusted to reflect the fees and expenses of 67 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 09/1/201. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 08/04/1989, adjusted to reflect the fees and expenses of 15

16 68 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 08/1/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 09/0/1981, adjusted to reflect the fees and expenses of 69 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 11/29/20. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 04/29/1996, adjusted to reflect the fees and expenses of 70 The FTSE Global All Cap ex US Index is part of a range of indices designed to help US investors benchmark their international investments. The index comprises large, mid and small cap stocks globally excluding the US. 71 Prior to December 1, 20, Fidelity Emerging Asia operated under certain different investment policies and compared its performance to a different benchmark. The fund s historical performance may not represent its current investment policies. 72 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 0//2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 05/01/1997, adjusted to reflect the fees and expenses of 7 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 11/12/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 05/1/1996, adjusted to reflect the fees and expenses of 74 As of 02/08/2018, Fidelity was notified this fund changed its name from Vanguard REIT Index Admiral Shares. See the fund s prospectus for any additional details. INVESTMENT RISK 75 Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. 76 Fidelity Freedom s are designed for investors expecting to retire around the year indicated in each fund s name. Except for the Freedom Income, the funds asset allocation strategy becomes increasingly conservative as it approaches the target date and beyond. Ultimately, they are expected to merge with the Freedom Income. The investment risks of each Fidelity Freedom change over time as its asset allocation changes. They are subject to the volatility of the financial markets, including 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, commodity-related, foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. 77 Fidelity Government Mutual Money Market: You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fidelity Investments and its affiliates, the fund s sponsor, have no legal obligation to provide financial support to money market funds and you should not expect that the sponsor will provide financial support to the fund at any time. Fidelity s government and U.S. Treasury money market funds will not impose a fee upon the sale of your shares, nor temporarily suspend your ability to sell shares if the fund s weekly liquid assets fall below 0% of its total assets because of market conditions or other factors. 78 In general the bond market is volatile and bonds entail interest rate risk (as interest rates rise bond prices usually fall and vice versa). This effect is usually pronounced for longer-term securities. Bonds also entail the risk of issuer default, issuer credit risk and inflation risk. 79 Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. 80 Investments in mid-sized companies may involve greater risk than those of larger, more well known companies, but may be less volatile than investments in smaller companies. 81 Investments in smaller companies may involve greater risk than those in larger, more well known companies. 82 Foreign investments, especially those in emerging markets, involve greater risk and may offer greater potential returns than U.S. investments. This risk includes political and economic uncertainties of foreign countries, as well as the risk of currency fluctuation. 8 Because of their narrow focus, sector funds may be more volatile than funds that diversify across many sectors. 84 Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. MARKET INDICATORS Indices are unmanaged and you cannot invest directly in an index 16