Fund Change TRANSITION GUIDE. This guide will help you better understand the upcoming Dartmouth College Retirement Plans investment option changes.

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1 Fund Change TRANSITION GUIDE This guide will help you better understand the upcoming Dartmouth College Plans investment option changes.

2 Dartmouth College Plans (the Plans) are an important part of your overall benefits package. To support the financial well-being of faculty and staff, we are pleased to provide a streamlined and simplified investment lineup to help you save and invest for your future. This guide provides details you need to better understand what is changing and when, what actions you may need to take based on your investment preferences, and where you can get additional help understanding your new investment choices. As the changes to the Dartmouth College Plans affect accounts you may have with TIAA, Calvert, and/or Fidelity Investments, you will find information about each of the providers in this guide. Please see the table of contents and review your corresponding investment provider section(s) for details. You will also have an opportunity to meet with a TIAA and/or Fidelity representative on campus during this transition. For confidential consultations with TIAA: Visit or call , week, 8 a.m. to 8 p.m. Eastern time. For confidential consultations with Fidelity Investments: Visit or call , week, 8 a.m. to midnight Eastern time. Please note: Dartmouth College Plans refer to all of the following plans: 403(b) Supplemental Account, 401(a) Defined Contribution Plan, 403(b) Defined Contribution Plan for Faculty & Staff, and Dartmouth College 457(b) Deferred Compensation Plan. 2

3 What Is Changing? Creation of a four-tier investment structure Dartmouth College s new investment lineup will offer a choice of four tiers of investments to help you attain your retirement goals. This new structure is designed to streamline the fund selection process and reduce investment expenses. Each tier provides you with the opportunity to manage risk by creating a diverse investment portfolio. You can choose funds in as many or as few tiers as you prefer. The new tiers are: Tier 1: Target Date Tier 2: Index Tier 3: Actively Managed Tier 4: Annuities You can find additional information about the new investment lineup in the first section of this guide. In an effort to reduce the total cost to individual plan participants and make plan fees more transparent, a new recordkeeping fee structure has been negotiated. For more information, please see the Fees and Expenses section for details. What Is Not Changing? This process does not involve any changes to the contributions that Dartmouth makes to your retirement plan. The current vesting schedule will also remain the same. In addition, your eligibility to make voluntary contributions is not changing. 3

4 Table of Contents Your New Investment Lineup 5 Fees and Expenses 10 What Do I Need to Do? 10 Key Dates 11 Roth Voluntary Contribution Option Coming Soon 13 Changing Your Plan Contribution or Investment Provider 13 For Employees with Accounts at TIAA 14 TIAA Fund Transfer Grid 17 For Employees with Accounts at Calvert 21 Calvert Fund Transfer Grid 22 For Employees with Accounts at Fidelity Investments 24 Fidelity Fund Transfer Grid 27 A message for former employees, retired employees, alternate payees, and plan beneficiaries: You are receiving this information because you have a balance in one or more of our retirement plans that will be affected by the new investment lineup, so please read this material carefully to fully understand how your existing balances will transfer if you do not make an active election. If you have questions regarding the information in this guide or distribution options available for your retirement plan balance, please contact your investment provider directly as listed below. TIAA: Visit or call , week, 8 a.m. to 10 p.m., or Saturday, 9 a.m. to 6 p.m. Eastern time. Fidelity: Visit or call , week, 8 a.m. to midnight Eastern time. 4

5 Your New Investment Lineup Effective April 17, 2017, Dartmouth College s new investment lineup will offer a choice of four tiers of investments to help you attain your retirement goals. This new structure is designed to streamline the fund selection process and reduce investment expenses. Each tier provides you with the opportunity to manage risk by creating a diverse investment portfolio that meets your goals. You can choose funds in as many or as few tiers as you prefer. If you have a balance in an investment option and do not see it reflected in this new investment lineup listed in these tiers, then that option is being removed from the Plans. Please see the TIAA, Calvert, and/or Fidelity Investments section(s) within this guide to determine next steps. Tier 1: Target Date (Available through both TIAA & Fidelity) Target date funds are mutual funds that automatically reset the asset mix of stocks, bonds, and cash equivalents in their portfolios based on an anticipated retirement date. Their returns are not guaranteed, but depend on how the market performs. are designed for investors expecting to retire around the year indicated in each fund s name. The funds are managed to gradually become more conservative over time as they approach the target date. The investment risk of each target date fund changes over time as its asset allocation changes. The funds are subject to the volatility of the financial markets, including that of equity and fixed-income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Simply find your date of birth range on the following page to determine into which Target Fund your contributions and existing balances could be directed. You may also want to consider other investment options available in the Dartmouth College Plans. You have the right under the Plans to direct the investment of your existing balances and future contributions to any of the available investment options listed in this guide. 5

6 FUND NAME BIRTH YEAR FROM BIRTH YEAR TO RATIO Target Income VITRX % Target 2015 VITVX % Target 2020 VITWX % Target 2025 VRIVX % Target 2030 VTTWX % Target 2035 VITFX % Target 2040 VIRSX % Target 2045 VITLX % Target 2050 VTRLX % Target 2055 VIVLX % Target 2060 VILVX % Date of birth ranges were selected by your Plan Sponsor. 6

7 Tier 2: Index (Available through both TIAA & Fidelity) Index funds seek to match their benchmark s performance, rather than beat their benchmark. Because the objective is simply to mirror the holdings and return of a particular index, less research is needed, transactions occur less frequently, and expenses tend to be lower than those of actively managed funds. Ultimately, index funds are designed to provide exposure to a broad selection of securities at a relatively low cost. While these funds typically perform very similarly to the index they track, you should be aware that index funds cannot be expected to meet or beat the index s performance. OPTION ASSET CLASS RATIO Total Bond Market VBTIX Bond 0.05% VINIX Domestic Equities 0.04% Growth VIGIX Domestic Equities 0.07% Value VIVIX Domestic Equities 0.07% Extended Market VIEIX Domestic Equities 0.07% Small-Cap Growth Admiral VSGAX Domestic Equities 0.08% Small-Cap Value Admiral VSIAX Domestic Equities 0.08% FTSE Social Index VFTSX Domestic Equities 0.22% Total Stock VTSNX /Global 0.10% 7

8 Tier 3: Actively Managed (Available through both TIAA & Fidelity) Actively managed funds seek to exceed their benchmarks. Unlike index funds, the managers of actively managed funds do not attempt to mirror the holdings and performance of an index. These fund managers have flexibility to actively seek out investments that they believe will exceed the performance of a particular index. Since actively managed strategies often involve a great deal of research, transactions within these funds tend to occur more frequently and expenses tend to be higher than index funds. All funds listed below will be available through both TIAA and Fidelity, with the exception of one fund italicized below; the Walden Asset Management Fund is available only through Fidelity. OPTION ASSET CLASS RATIO Federal Money Market Fund Investor VMFXX Money Market 0.11% Prudential Total Return Bond Fund Class Q PTRQX Bond 0.43% Walden Asset Management Fund WSBFX Balanced/Hybrid 1.06% T. Rowe Price Large Cap Core Growth Fund TPLGX Domestic Equities 0.57% MFS Value Fund Class R6 MEIKX Domestic Equities 0.51% American EuroPacific Growth Fund Class R-6 RERGX /Global 0.50% Inflation-Protected Securities Fund Admiral VAIPX Bond 0.10% 8

9 Tier 4: Annuities (Only available through TIAA) Providing income is the primary reason you save for retirement. In fact, the goal of saving for retirement is to replace the income you were earning when you were working. An annuity account can be a valuable component of a well-diversified retirement portfolio. And unlike mutual funds, an annuity offers the opportunity to receive lifetime income in retirement. If you would like to invest in an annuity account, visit or contact TIAA directly by calling OPTION ASSET CATEGORY GROSS RATIO TIAA Traditional Annuity 1 N/A Guaranteed Annuity N/A CREF Money Market Account R3 (variable annuity) QCMMIX Money Market 0.27% CREF Stock Account R3 (variable annuity) QCSTIX Equities 0.38% TIAA Real Estate Account (variable annuity) QREARX Real Estate 0.89% CREF Social Choice Account R3 (variable annuity) QCSCIX Multi-Asset 0.32% 1 TIAA Traditional Annuity is a guaranteed insurance contract and not an investment for federal securities law purposes. Any guarantees under annuities issued by TIAA are subject to TIAA s claims-paying ability. Investment products may be subject to market and other risk factors. See the applicable product literature, or visit tiaa.org/dartmouth for details. Annuity account options are available through annuity contracts issued by TIAA or CREF. These contracts are designed for retirement or other long-term goals, and offer a variety of income options, including lifetime income. Payments from the variable annuity accounts are not guaranteed and will rise or fall based on investment performance. Information was provided by TIAA. Fidelity Investments is not responsible for its content. 9

10 Fees and Expenses Effective April 1, 2017, there will be a change in how the Plans recordkeeping fees are charged. A fixed per-participant fee will be used to assess recordkeeping fees for the TIAA and Fidelity platforms going forward. On the Fidelity platform, a $68 per annum fee ($17 per quarter) will be charged per person to pay for associated recordkeeping costs. On the TIAA platform, a.042% per annum fee (or approximately $70 per participant on average) will be collected to pay for associated recordkeeping costs. Please note: Recordkeeping fees for both TIAA and Fidelity are currently being collected today. This change in how fees are administered serves to increase transparency, and in a manner that charges participants similarly across investments. In addition to recordkeeping fees, investment fees including expense ratio and other fund-specific fees, such as redemption fees can be found at each of the provider websites. TIAA: Fidelity: What Do I Need to Do? Depending upon your personal situation and investment preferences, the answer may be Nothing. Read on to learn more about what will happen to existing balances and future contributions if you are currently invested in an investment option that will no longer be offered through the Dartmouth College Plans. Nevertheless, this is a great time to review your investment strategy to see if it is aligned with your financial goals. If you would like to request changes to your account, please contact your investment provider (TIAA, Calvert, and/or Fidelity) directly. Please also see your corresponding investment provider section of this guide for important details regarding the upcoming investment option changes. 10

11 Key Dates Please review the calendar of events below. It can help you plan ahead for any actions you may want to take. DATE Late March May 2017 Late March May 2017 April 17, 2017 May 23, 2017, at 4 p.m. Eastern time PLAN ACTIVITY Workshops To help Dartmouth employees learn about these changes, TIAA and Fidelity will conduct several of live on-site educational meetings throughout March, April, and May. These sessions will provide an overview of the investment option changes and allow you to ask TIAA and Fidelity representatives your questions. Additional details regarding workshop dates, times, and locations will be coming soon. For confidential consultations with TIAA: Visit or call , week, 8 a.m. to 8 p.m. Eastern time. For confidential consultations with Fidelity Investments: Visit or call , week, 8 a.m. to midnight Eastern time. New investment options will become available in the Dartmouth College Plans at TIAA and Fidelity Investments. For more information, please review the Your New Investment Lineup section of this guide. If you have an account with Calvert: At the market close (generally 4 p.m. Eastern time) on May 23, 2017, your account balances will be valued and liquidated from Calvert/USI and invested with Fidelity Investments on May 26, 2017, in a Fund unless you change your investments to the new funds before May 18, Please note: There will also be a blackout period beginning at 4 p.m. on May 18, 2017, and expected to end the week of June 12, Please see the Calvert section on page 21 for additional details. 11

12 DATE May 25, 2017, at 4 p.m. Eastern time PLAN ACTIVITY At the market close (generally 4 p.m. Eastern time) on May 25, 2017, existing balances will be directed to the new investment lineup. All other funds will be closed to incoming assets. If you do not take action prior to market close on May 25, 2017, your balances will be transferred to the investment options shown in the TIAA and/or Fidelity Fund Transfer Grid sections of this guide. If you have an account with TIAA: Certain balances will not transfer unless you choose to move them. See page 17 of this guide for details. Payroll Dates to Consider: April 19 Final date to make retirement plan changes for monthly paid employees for the May 1st paycheck. May 10 Final date to make retirement plan changes for biweekly employees for the May 19th paycheck. May 18 Final date to make retirement plan changes for monthly paid employees for the June 1st paycheck. May 24 Final date to make retirement plan changes for biweekly paid employees for the June 2nd paycheck. Contribution changes must be made in FlexOnline by the above dates in order to be effective for the correlating payroll date. You can access FlexOnline here: The timing of the Plans changes and transition period described in this guide depends on the timing and accuracy of a variety of factors, including the transfer of data, receipt of instructions, and receipt of assets. Changes to any of these factors may result in changes to the dates and timing of the transition period, and/or the dates on which, and thus the prices at which, assets in your account are sold and/or reinvested. 12

13 Roth Voluntary Contribution Option Coming Soon Later this fall, the Dartmouth College Plans will offer Roth after-tax contributions. Roth contributions may provide more flexibility in helping you meet your retirement goals. In addition to your current pretax contributions, you can designate some of your contributions as aftertax Roth contributions. And, if you satisfy certain program and tax law requirements, the Roth money you withdraw at retirement including earnings will not be taxable. Watch for additional information and consult your tax advisor to determine if the Roth feature is right for you. Changing Your Plan Contribution or Investment Provider FlexOnline is Dartmouth College s online benefit enrollment system. The enrollment system is designed specifically for making changes to your payroll contributions/deductions that affect your paycheck. If you wish to change your investment allocations, update your beneficiaries, or transfer monies to a different vendor, those changes/updates must be made directly with your investment provider(s) through the contact information provided within this guide. Please see the instructions below on how to make changes to your retirement plan payroll contributions via the FlexOnline benefit system. 1. Visit 2. Click Active Employee 3. Enter your NetID and password. For illustrative purposes. 4. At the Welcome page, click the light blue box on the right that reads Click Here to Update or Review Your Plan Elections for If you would like to set up a new election or change an existing one, click the applicable Plan. 6. Make your new election or changes and click Submit. 7. If you are electing a new investment company, be sure to click the applicable Plan again and click the application link to complete the new account application. On the company site, enter the Application Access Code and Plan ID for that Plan. 13

14 For Employees with Accounts at Investment option changes Effective April 17, 2017, Dartmouth College will be offering the following new investment options at TIAA. For more information about these options, visit There is also a brief description of each option in the Investment Option Descriptions brochure accompanying this Fund Change Transition Guide. In addition to the investment options shown below, the five annuity accounts in Tier 4 will continue to be available in the Plans. (See page 9 for details.) MONEY MARKET Federal Money Market Fund Investor VMFXX FIXED INCOME (BONDS) Prudential Total Return Bond Fund Q Inflation Protected Securities Fund Admiral Total Bond Market Index I PTRQX VAIPX VBTIX MULTI-ASSET Target 2015 Target 2020 Target 2025 Target 2030 Target 2035 Target 2040 Target 2045 Target 2050 Target 2055 Target 2060 Target Income VITVX VITWX VRIVX VTTWX VITFX VIRSX VITLX VTRLX VIVLX VILVX VITRX 14

15 EQUITIES (STOCKS) MFS Value Fund R6 Value MEIKX VIVIX VINIX T. Rowe Price Large Cap Core Growth Fund TPLGX Growth FTSE Social Index Extended Market Small Cap Value Admiral Small Cap Growth Admiral American Europacific Growth R6 Total Stock VIGIX VFTSX VIEIX VSIAX VSGAX RERGX VTSNX New default investment option At the market close (generally 4 p.m. Eastern time) on May 25, 2017, Dartmouth College will replace the current default investment option, the TIAA CREF Lifecycle, with the. If you have been invested by default in an age-based TIAA-CREF Lifecycle Fund (if you have not provided TIAA with instructions to invest your contributions), this change will apply to your existing balances and your future contributions. If you do not wish to have your future contributions and existing balances transferred to the new default investments, you can make your allocation choices prior to Plan changes. Or, you can change your allocations at any time after the changes to the retirement plans have been completed. See the chart on page 6 for more information about the. 15

16 What do I need to do? The new investments, carefully selected by Dartmouth College for its employees, may give you the ability to create a diversified retirement portfolio that matches your investment goals and preferences. We hope you will take this opportunity to find out how these changes may affect you, and how you can make the most of your retirement plans. Learn online: To learn more about your investment options, go to You can then enter the name or ticker symbol of the investment options in the search field. To learn more about your Plans and to update your retirement portfolio online, log in to the secure website at where you can change the direction of future contributions, transfer existing assets, and review your beneficiary election(s). Attend a workshop: Watch for more information about on-site educational meetings for answers to your questions about the upcoming changes. Where to get help Let us help you understand which investments can help you meet your financial goals. This service is available as part of your retirement plan at no additional cost to you. Schedule an individual consultation to discuss your unique financial situation with your TIAA Financial Consultant. To schedule an individual consultation, call week, 8 a.m. to 8 p.m. Eastern time, or go to Or call Melissa Prunier at or to schedule a meeting with a consultant at our local TIAA office at 2 Buck Road, Suite D, Hanover, NH To speak with a TIAA consultant by phone, call TIAA at , week, 8 a.m. to 10 p.m. or Saturday, 9 a.m. to 6 p.m. Eastern time. Chuck Doolittle Financial Consultant Melissa Prunier Senior Administrative Assistant 16

17 TIAA Fund Transfer Grid Future contributions and existing balances If you are currently contributing to the investment options in the left-hand column below, your future contributions will be invested in the replacement investment options as shown on the right. If you have any balances in the investment options listed in the left-hand column, they will be transferred to the replacement investment options listed in the right-hand column, except for balances in certain investment options that will not transfer unless you choose to move them. CURRENT RATIO - CREF Bond Market Account R3 (variable annuity) 1 QCBMIX 0.35% N/A CREF Equity Index Account R3 (variable QCEQIX 0.26% N/A annuity) 1 CREF Global Equities Account R3 (variable QCGLIX 0.37% N/A annuity) 1 CREF Growth Account R3 (variable QCGRIX 0.31% N/A annuity) 1 CREF Inflation- Linked Bond Account QCILIX 0.28% N/A R3 (variable annuity) 1 CREF Money Market Account R3 (variable QCMMIX 0.27% N/A annuity) 2 Total Bond Market Index I Index I RATIO - VBTIX 0.05% N/A VINIX 0.04% N/A (various) 0.10% N/A Fund 3 Growth Inflation Protected Securities Fund Federal Money Market Fund Investor VIGIX 0.07% N/A VAIPX 0.10% N/A VMFXX 0.11% N/A 1 Important note: At the market close (generally 4 p.m. Eastern time) on May 25, 2017, these investment options will be closed to future contributions and transfers-in. Your existing balances in these options will not transfer automatically. They will remain in these accounts until you choose to move them, which you may do at any time. 2 Important note: By April 14, 2017, TIAA will end the expense waiver on the CREF Money Market Account. This means there is the potential for negative returns or losses, if interest rates don t rise sufficiently. Existing balances will not transfer until you choose to move them, which you may do at any time. Your CREF Money Market allocations will be transferred as shown in the chart on this page to avoid the potential for negative returns or losses, but the account will remain open. 17

18 CURRENT Calvert Bond Fund A TIAA-CREF Growth & Income TIAA-CREF Eq TIAA-CREF Mid-Cap Value TIAA-CREF Real Estate Securities TIAA-CREF Social Choice Eq TIAA-CREF Small-Cap Equity TIAA-CREF S&P 500 Index TIAA-CREF Large- Cap Value RATIO - CSIBX 0.88% N/A TIGRX 0.43% N/A TIIEX 0.49% N/A TIMVX 0.42% N/A TIREX 0.51% N/A TISCX 0.18% N/A TISEX 0.42% N/A TISPX 0.06% N/A TRLIX 0.42% N/A RATIO - (various) 0.10% N/A Fund 3 Index I Total Stock Extended Market Index I VINIX 0.04% N/A VTSNX 0.10% N/A VIEIX 0.07% N/A (various) 0.10% N/A Fund 3 FTSE Social Index Extended Market Index I Index I Value VFTSX 0.22% N/A VIEIX 0.07% N/A VINIX 0.04% N/A VIVIX 0.07% N/A 18

19 CURRENT TIAA-CREF Mid-Cap Growth TIAA-CREF Lifecycle Income TIAA-CREF Lifecycle 2010 TIAA-CREF Lifecycle 2015 TIAA-CREF Lifecycle 2020 TIAA-CREF Lifecycle 2025 TIAA-CREF Lifecycle 2030 TIAA-CREF Lifecycle 2035 TIAA-CREF Lifecycle 2040 TIAA-CREF Lifecycle 2045 RATIO - TRPWX 0.47% N/A TLRIX 0.52% N/A TCTIX 0.49% N/A TCNIX 0.05% N/A TCWIX 0.52% N/A TCYIX 0.53% N/A TCRIX 0.54% N/A TCIIX 0.55% N/A TCOIX 0.55% N/A TTFIX 0.57% N/A Extended Market Index I RATIO - VIEIX 0.07% N/A (various) 0.10% N/A Fund 3 Fund 3 (various) 0.10% N/A (various) 0.10% N/A Fund 3 (various) 0.10% N/A Fund 3 (various) 0.10% N/A Fund 3 (various) 0.10% N/A Fund 3 (various) 0.10% N/A Fund 3 (various) 0.10% N/A Fund 3 (various) 0.10% N/A Fund 3 19

20 CURRENT TIAA-CREF Lifecycle 2050 TIAA-CREF Lifecycle 2055 TIAA-CREF Lifecycle 2060 RATIO - TFTIX 0.58% N/A TTRIX 0.64% N/A TLXNX 1.60% N/A RATIO - Fund 3 (various) 0.10% N/A (various) 0.10% N/A Fund 3 (various) 0.10% N/A Fund 3 3 See the chart on page 6 for more information about the age-based Date. Important note: If you have a foreign mailing address on file, there may be restrictions due to international securities laws on investing in the new options. If you have a legitimate U.S. mailing address in Puerto Rico, or an Army Post Office (APO), Diplomatic Post Office (DPO), or Fleet Post Office (FPO) box, the restrictions may not apply to you. Please call TIAA for more information at , week, 8 a.m. to 8 p.m. or Satur, 9 a.m. to 6 p.m. Eastern time. Investment, insurance, and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Investment products may be subject to market and other risk factors. See the applicable product literature or visit TIAA.org/dartmouth for details. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call or go to TIAA.org/dartmouth for current product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing. TIAA-CREF Individual & Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations Teachers Insurance and Annuity Association of America College Equities Fund, 730 Third Avenue, New York, NY

21 For Employees with Accounts at If you are invested with Calvert, effective as of the market close (generally 4 p.m. Eastern time) on May 23, 2017, your account balances will be valued and liquidated from Calvert/USI and invested with Fidelity Investments on May 26, 2017, in a Fund unless you change your investments to the new funds before May 18, See the Calvert Fund Transfer Grid on the next page (as well as additional information on page 6) to see which Fund your Calvert balances will be directed to. Blackout period To ensure that all information is transferred accurately from your current plan account at Calvert to your plan account at Fidelity, there will be a period of time called a blackout period when you will be unable to direct or diversify investments in your individual accounts or obtain a distribution from the Plans. This blackout period begins at the market close (generally 4 p.m. Eastern time) on May 18, 2017, and is expected to end the week of June 12, During this time, you can determine whether the blackout period has started or ended by calling the Fidelity Service Center at During the blackout period, you will be unable to view, direct, or diversify your Calvert assets held in the Plan. For this reason, it is very important that you review and consider the appropriateness of your current investments. For your long-term retirement security, you should give careful consideration to the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income, and investments. Action to consider If you do not want your Calvert account balances and future contributions to be redirected to a Fund at Fidelity Investments, you must initiate a transfer into the new investment lineup at either TIAA or Fidelity prior to May 18, If you would like your Calvert account balances and future contributions to be redirected to TIAA or Fidelity prior to the blackout period, you must contact Calvert/USI at (plan code 272) to initiate a transfer into the new investment lineup at TIAA or Fidelity prior to May 15, No action is required if you have already changed your investments to the new investment lineup, or will do so by May 15, If you do not make an investment change, your contributions and account balances will be invested in a Fund at Fidelity. Contact TIAA at , Monday through Friday between 8 a.m. and 10 p.m., or Saturday from 9 a.m. to 6 p.m.; or call Fidelity Investments at , Monday through Friday (excluding New York Stock Exchange holi) between 8 a.m. and midnight Eastern time, to speak with a customer service representative. 21

22 Calvert Fund Transfer Grid At the market close (generally 4 p.m. Eastern time) on May 26, 2017, all existing balances in the investment options listed below under Current Investment Options will be transferred to the New Investment Options. CURRENT Calvert Balanced A Calvert Income A CSIFX 0.94% N/A CFICX 1.02% N/A Calvert Capital Accumulation A CCAFX 1.32% N/A Calvert Bond A Calvert Equity A Calvert Short Duration Income A Calvert Equity A Calvert Long- Term Income Fund A Calvert U.S. Large Cap Core Responsible Index Calvert Small Cap A CSIBX 0.88% N/A CSIEX 1.09% N/A CSDAX 0.91% N/A CWVGX 1.55% N/A CLDAX 1.10% N/A CSXAX 0.70% N/A CCVAX 1.36% N/A 22

23 CURRENT Calvert Conservative Allocation A Calvert Moderate Allocation A Calvert Aggressive Allocation A CCLAX 1.05% N/A CMAAX 1.11% N/A CAAAX 1.15% N/A Calvert Ultra- Short Income A CVLAX 0.82% N/A Calvert Global Energy Solutions A Calvert Opportunities A Calvert Global Water A Calvert High Yield Bond A Calvert Emerging Markets Equity Fund Calvert Green Bond A CGAEX 1.81% N/A CIOAX 1.43% N/A CFWAX 1.47% N/A CYBAX 1.18% N/A CVMAX 1.81% N/A CGAFX 1.10% N/A 23

24 For Employees with Accounts at Investment option changes Before investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity directly for a prospectus or, if available, a summary prospectus containing this information. Read it carefully. Effective April 17, 2017, Dartmouth College will be offering the following investment options at Fidelity. There is a brief description of each option in the Investment Option Descriptions brochure accompanying this Fund Change Transition Guide. MONEY MARKET Federal Money Market Fund Investor VMFXX BALANCED/HYBRID Walden Asset Management Fund WSBFX BOND Prudential Total Return Bond Fund Class Q Inflation-Protected Securities Fund Admiral Total Bond Market PTRQX VAIPX VBTIX DOMESTIC EQUITIES FTSE Social Investor VFTSX VINIX T. Rowe Price Large Cap Core Growth Fund TPLGX Growth MFS Value Fund Class R6 Value Extended Market Small-Cap Growth Admiral Small-Cap Value Admiral VIGIX MEIKX VIVIX VIEIX VSGAX VSIAX 24

25 INTERNATIONAL/GLOBAL Total Stock American EuroPacific Growth Fund Class R-6 VTSNX RERGX TARGET DATE Target Income Fund Target 2015 Fund Target 2020 Fund Target 2025 Fund Target 2030 Fund Target 2035 Fund Target 2040 Fund Target 2045 Fund Target 2050 Fund Target 2055 Fund Target 2060 Fund VITRX VITVX VITWX VRIVX VTTWX VITFX VIRSX VITLX VTRLX VIVLX VILVX Investment option changes (continued) At the market close (generally 4 p.m. Eastern time) on May 25, 2017, all future contributions and remaining balances in investment options being removed from the Plans will be transferred from the old investment options to the new investment options, as indicated in the Fidelity Fund Transfer Grid section of this guide. The transfer of balances will appear as an exchange on your account history and quarterly statement. You may also receive a prospectus as a result of this transaction. New default investment option At the market close (generally 4 p.m. Eastern time) on May 25, 2017, Dartmouth will be replacing the Fidelity Freedom K with the as the new designated default fund option. A default investment option applies when a participant does not choose an investment option for his or her Plans. Many of the Dartmouth College investment options will be mapping to this new series of target date funds, as indicated in the Fidelity Fund Transfer Grid. You can learn more about the by visiting the section entitled Your New Investment Lineup. 25

26 What do I need to do? First Review your current fund holdings by logging on to your Fidelity NetBenefits account online at or call Fidelity at to review your portfolio. Second Find your current investment options in the Fidelity Fund Transfer Grid to determine where your funds will be transferred. are listed in alphabetical order for your convenience. If you would like your balances or future contributions directed as shown in the Fidelity Fund Transfer Grid, then no action is required of you at this time. However, if you do not want these changes to take place, you must contact Fidelity prior to 4 p.m. on May 25, 2017, and complete a change of investments. You can log in to Fidelity NetBenefits at or call , week, from 8 a.m. to midnight Eastern time. Third For additional help, you can schedule an appointment for a confidential consultation. Details are below. Where to get help As a higher education professional, you know firsthand the power of learning something new. At Fidelity, we are here to help you discover new ways of thinking about your financial future. Paul Bolles and Nick Liguori are your dedicated Fidelity Planners and are ready to help you: Manage your retirement savings goals Choose investments in the Dartmouth College Plans Build a plan that is easy to put into action Schedule a complimentary confidential consultation by visiting or calling , week, from 8 a.m. to midnight Eastern time. For general questions regarding your Dartmouth College Plans, please visit or call , week, from 8 a.m. to midnight Eastern time. Paul Bolles Director, Planner Nick Liguori Planner 26

27 Fidelity Fund Transfer Grid This section includes a comprehensive list of your current investment options and how they will transfer to the new Dartmouth College investment lineup. The funds are listed in alphabetical order to make it easy for you to identify funds that you currently own in your investment portfolio and how they will transfer to the new investment lineup. At the market close (generally 4 p.m. Eastern time) on May 25, 2017, all future contributions and existing balances in the investment options listed below under Current Investment Options will be transferred to the New Investment Options. Participants may choose any other investment options available in the Plans by visiting or by calling to request a change. CURRENT Calvert Bond Class A CSIBX 0.89% N/A 500 Premium Class FUSVX 0.045% N/A VINIX 0.04% N/A Fidelity Asset Manager 20% FASIX 0.53% N/A Fidelity Asset Manager 30% FTANX 0.54% N/A Fidelity Asset Manager 40% FFANX 0.55% N/A Fidelity Asset Manager 50% FASMX 0.66% N/A Fidelity Asset Manager 60% FSANX 0.72% N/A 27

28 CURRENT Fidelity Asset Manager 70% FASGX 0.73% N/A Fidelity Asset Manager 85% FAMRX 0.76% N/A Balanced Fund Class K FBAKX 0.46% N/A Blue Chip Growth Fund Class K FBGKX 0.7% N/A Growth VIGIX 0.07% N/A Blue Chip Value Fund FBCVX 0.88% N/A Value VIVIX 0.07% N/A Canada Fund FICDX 1.17% 1.5% / 90 Capital & Income Fund FAGIX 0.75% 1% / 90 Capital Appreciation Fund Class K FCAKX 0.5% N/A Growth VIGIX 0.07% N/A China Region Fund FHKCX 1.02% 1.5% / 90 Conservative Income Bond Fund FCONX 0.4% N/A 28

29 CURRENT Contrafund Class K FCNKX 0.61% N/A Growth VIGIX 0.07% N/A Convertible Securities Fund FCVSX 0.45% N/A Corporate Bond Fund FCBFX 0.45% N/A Disciplined Equity Fund Class K FDEKX 0.57% N/A VINIX 0.04% N/A Diversified Fund Class K FDIKX 0.92% N/A Total Stock VTSNX 0.10% N/A Dividend Growth Fund Class K FDGKX 0.5% N/A VINIX 0.04% N/A Emerging Asia Fund FSEAX 1.16% 1.5% / 90 Emerging Europe, Middle East, Africa (EMEA) Fund FEMEX 1.46% 1.5% / 90 Emerging Markets Discovery Fund FEDDX 1.55% 2% / 90 29

30 CURRENT Emerging Markets Fund Class K FKEMX 0.84% 1.5% / 90 Emerging Markets Premium Class FPMAX 0.14% 1.5% / 90 Equity Dividend Income Fund Class K FETKX 0.61% N/A Value VIVIX 0.07% N/A Equity- Income Fund Class K FEIKX 0.59% N/A Value VIVIX 0.07% N/A Europe Fund FIEUX 1.07% N/A Export and Multinational Fund Class K FEXKX 0.64% N/A Growth VIGIX 0.07% N/A Extended Market Premium Class FSEVX 0.07% N/A Extended Market VIEIX 0.07% N/A Floating Rate High Income Fund FFRHX 0.71% 1% / 60 Focused High Income Fund FHIFX 0.85% 1% / 90 Focused Stock Fund FTQGX 0.62% N/A Growth VIGIX 0.07% N/A 30

31 CURRENT Four in-one FFNOX 0.13% N/A Fidelity Freedom K 2005 Fund FFKVX 0.49% N/A Fidelity Freedom K 2010 Fund FFKCX 0.53% N/A Fidelity Freedom K 2015 Fund FKVFX 0.56% N/A Fidelity Freedom K 2020 Fund FFKDX 0.58% N/A Fidelity Freedom K 2025 Fund FKTWX 0.61% N/A Fidelity Freedom K 2030 Fund FFKEX 0.65% N/A Fidelity Freedom K 2035 Fund FKTHX 0.67% N/A Fidelity Freedom K 2040 Fund FFKFX 0.67% N/A Fidelity Freedom K 2045 Fund FFKGX 0.67% N/A Fidelity Freedom K 2050 Fund FFKHX 0.67% N/A 31

32 CURRENT Fidelity Freedom K 2055 Fund FDENX 0.67% N/A Fidelity Freedom K 2060 Fund FDKNX 0.67% N/A Fidelity Freedom K Income Fund FFKAX 0.44% N/A Fund Class K FFDKX 0.41% N/A Growth VIGIX 0.07% N/A Global Balanced Fund FGBLX 1.02% N/A Global Bond Fund FGBFX 1.09% N/A Global Commodity Stock Fund FFGCX 1.13% 1% / 30 Global Equity Income Fund FGILX 1.18% 1% / 30 Global ex U.S. Premium Class FSGDX 0.11% N/A Total Stock VTSNX 0.10% N/A Global High Income Fund FGHNX 1.2% 1% / 90 32

33 CURRENT Global Strategies Fund FDYSX 1.21% N/A GNMA Fund FGMNX 0.45% N/A Government Cash Reserves FDRXX 0.37% N/A Government Income Fund FGOVX 0.45% N/A Government Money Market Fund SPAXX 0.42% N/A Government Money Market Fund Premium Class FZCXX 0.38% N/A Growth & Income Class K FGIKX 0.53% N/A VINIX 0.04% N/A Growth Company Fund Class K FGCKX 0.66% N/A Growth VIGIX 0.07% N/A Growth Discovery Fund Class K FGDKX 0.66% N/A Growth VIGIX 0.07% N/A 33

34 CURRENT Growth Strategies Fund Class K FAGKX 0.73% N/A Extended Market VIEIX 0.07% N/A High Income Fund SPHIX 0.73% 1% / 90 Independence Fund Class K FDFKX 0.45% N/A Growth VIGIX 0.07% N/A Inflation- Protected Bond Fund FINPX 0.45% N/A Inflation Protected Securities VAIPX 0.10% N/A Inflation- Protected Bond Premium Class FSIYX 0.09% N/A Inflation Protected Securities VAIPX 0.10% N/A Intermediate Bond Fund FTHRX 0.45% N/A Total Bond Market VBTIX 0.05% N/A Intermediate Government Income Fund FSTGX 0.45% N/A Intermediate Treasury Bond Premium Class FIBAX 0.09% N/A Bond Fund FINUX 1.11% N/A 34

35 CURRENT Capital Appreciation Fund FIVFX 1.14% N/A Total Stock VTSNX 0.10% N/A Discovery Fund Class K FIDKX 0.86% N/A Total Stock VTSNX 0.10% N/A Enhanced FIENX 0.63% 1% / 30 Total Stock VTSNX 0.10% N/A Growth Fund FIGFX 0.99% N/A Total Stock VTSNX 0.10% N/A Premium Class FSIVX 0.08% N/A Total Stock VTSNX 0.10% N/A Real Estate Fund FIREX 1.13% 1.5% / 90 Small Cap Fund FISMX 1.34% 2% / 90 Small Cap Opportunities Fund FSCOX 1.17% 2% / 90 35

36 CURRENT Value Fund FIVLX 1.03% 1% / 30 Total Stock VTSNX 0.10% N/A Investment Grade Bond Fund FBNDX 0.45% N/A Total Bond Market VBTIX 0.05% N/A Investments Money Market Money Market Class I FMPXX 0.21% N/A Japan Fund FJPNX 0.78% 1.5% / 90 Japan Smaller Companies Fund FJSCX 0.96% 1.5% / 90 Large Cap Core Enhanced FLCEX 0.45% N/A VINIX 0.04% N/A Large Cap Growth Enhanced FLGEX 0.45% N/A Growth VIGIX 0.07% N/A Large Cap Stock Fund FLCSX 0.78% N/A VINIX 0.04% N/A Large Cap Value Enhanced FLVEX 0.45% N/A Value VIVIX 0.07% N/A 36

37 CURRENT Latin America Fund FLATX 1.14% 1.5% / 90 Leveraged Company Stock Fund Class K FLCKX 0.68% N/A Extended Market VIEIX 0.07% N/A Limited Term Government Fund FFXSX 0.45% N/A Long-Term Treasury Bond Premium Class FLBAX 0.09% N/A Low- Priced Stock Fund Class K FLPKX 0.78% N/A Extended Market VIEIX 0.07% N/A Magellan Fund Class K FMGKX 0.75% N/A Growth VIGIX 0.07% N/A Mega Cap Stock Fund FGRTX 0.69% N/A VINIX 0.04% N/A Mid Cap Enhanced FMEIX 0.6% N/A Extended Market VIEIX 0.07% N/A 37

38 CURRENT Mid Cap Premium Class FSCKX 0.07% N/A Extended Market VIEIX 0.07% N/A Mid Cap Stock Fund Class K FKMCX 0.61% N/A Extended Market VIEIX 0.07% N/A Mid Cap Value Fund FSMVX 0.86% N/A Extended Market VIEIX 0.07% N/A Money Market Fund SPRXX 0.42% N/A Money Market Fund Premium Class FZDXX 0.37% N/A Money Market Trust Government Money Market FGMXX 0.42% N/A Money Market Trust Government Money Market II FRTXX 0.42% N/A Mortgage Securities Fund FMSFX 0.45% N/A 38

39 CURRENT Nasdaq Composite FNCMX 0.43% N/A Growth VIGIX 0.07% N/A New Markets Income Fund FNMIX 0.86% 1% / 90 New Millennium Fund FMILX 0.54% N/A Growth VIGIX 0.07% N/A Nordic Fund FNORX 0.99% 1.5% / 90 OTC Class K FOCKX 0.79% N/A Growth VIGIX 0.07% N/A Overseas Fund Class K FOSKX 0.91% N/A Total Stock VTSNX 0.10% N/A Pacific Basin Fund FPBFX 1.19% 1.5% / 90 Puritan Fund Class K FPUKX 0.46% N/A Real Estate Income Fund FRIFX 0.82% 0.75% / 90 Real Estate Premium Class FSRVX 0.09% 0.75% / 90 39

40 CURRENT Real Estate Investment FRESX 0.78% N/A Select Air Transportation FSAIX 0.83% 0.75% / 30 Select Automotive FSAVX 0.87% 0.75% / 30 Select Banking FSRBX 0.79% 0.75% / 30 Select Biotechnology FBIOX 0.73% N/A Select Brokerage and Investment Management FSLBX 0.79% 0.75% / 30 Select Chemicals FSCHX 0.8% N/A Select Communications Equipment FSDCX 0.9% 0.75% / 30 Select Computers FDCPX 0.8% 0.75% / 30 Select Construction and Housing FSHOX 0.81% 0.75% / 30 40

41 CURRENT Select Consumer Discretionary FSCPX 0.77% N/A Select Consumer Finance FSVLX 0.9% 0.75% / 30 Select Consumer Staples FDFAX 0.77% N/A Select Defense and Aerospace FSDAX 0.8% N/A Select Energy FSENX 0.8% N/A Select Energy Service FSESX 0.85% 0.75% / 30 Select Environment and Alternative Energy FSLEX 0.95% 0.75% / 30 Select Financial Services FIDSX 0.76% N/A Select Gold FSAGX 0.97% N/A Select Health Care FSPHX 0.73% N/A Select Health Care Services FSHCX 0.77% 0.75% / 30 41

42 CURRENT Select Industrial Equipment FSCGX 0.83% 0.75% / 30 Select Industrials FCYIX 0.77% N/A Select Insurance FSPCX 0.8% 0.75% / 30 Select IT Services FBSOX 0.81% N/A Select Leisure FDLSX 0.79% 0.75% / 30 Select Materials FSDPX 0.81% N/A Select Medical Equipment and Systems FSMEX 0.76% N/A Select Multimedia FBMPX 0.81% 0.75% / 30 Select Natural Gas FSNGX 0.89% 0.75% / 30 Select Natural Resources FNARX 0.86% 0.75% / 30 42

43 CURRENT Select Pharmaceuticals FPHAX 0.78% N/A Select Retailing FSRPX 0.81% N/A Select Semiconductors FSELX 0.77% 0.75% / 30 Select Software and IT Services FSCSX 0.77% N/A Select Technology FSPTX 0.78% N/A Select Telecommunications FSTCX 0.82% N/A Select Transportation FSRFX 0.81% 0.75% / 30 Select Utilities FSUTX 0.8% N/A Select Wireless FWRLX 0.86% 0.75% / 30 Short- Term Bond Fund FSHBX 0.45% N/A 43

44 CURRENT Short-Term Treasury Bond Premium Class FSBAX 0.09% N/A Small Cap Discovery Fund FSCRX 1.01% 1.5% / 90 Extended Market VIEIX 0.07% N/A Small Cap Enhanced FCPEX 0.68% N/A Extended Market VIEIX 0.07% N/A Small Cap Growth Fund FCPGX 1.13% 1.5% / 90 Small- Cap Growth Admiral VSGAX 0.08% N/A Small Cap Premium Class FSSVX 0.07% N/A Extended Market VIEIX 0.07% N/A Small Cap Stock Fund FSLCX 1% 2% / 90 Extended Market VIEIX 0.07% N/A Small Cap Value Fund FCPVX 1.22% 1.5% / 90 Small- Cap Value Index Fund Admiral VSIAX 0.08% N/A Stock Selector All Cap Fund Class K FSSKX 0.54% N/A Growth VIGIX 0.07% N/A Stock Selector Large Cap Value Fund FSLVX 0.81% N/A Value VIVIX 0.07% N/A 44

45 CURRENT Stock Selector Mid Cap Fund FSSMX 0.64% N/A Extended Market VIEIX 0.07% N/A Stock Selector Small Cap Fund FDSCX 0.89% 1.5% / 90 Extended Market VIEIX 0.07% N/A Strategic Dividend & Income Fund FSDIX 0.78% N/A Strategic Income Fund FSICX 0.71% N/A Strategic Real Return Fund FSRRX 0.82% N/A Telecom and Utilities Fund FIUIX 0.76% N/A Total Bond Fund FTBFX 0.45% N/A Total Bond Market VBTIX 0.05% N/A Total Emerging Markets Fund FTEMX 1.62% 1.5% / 90 Total Equity Fund FTIEX 1.11% 1% / 30 Total Stock VTSNX 0.10% N/A 45

46 CURRENT Total Market Premium Class FSTVX 0.045% N/A VINIX 0.04% N/A Treasury Only Money Market Fund FDLXX 0.42% N/A Trend Fund FTRNX 0.77% N/A Growth VIGIX 0.07% N/A U.S. Bond Premium Class FSITX 0.05% N/A Total Bond Market VBTIX 0.05% N/A U.S. Equity Index Commingled Pool Class 1 N/A 0.04% N/A VINIX 0.04% N/A U.S. Equity Index Commingled Pool Class 2 N/A 0.02% N/A VINIX 0.04% N/A Value Discovery Fund Class K FVDKX 0.7% N/A VINIX 0.04% N/A Value Fund Class K FVLKX 0.55% N/A Extended Market VIEIX 0.07% N/A Value Strategies Fund Class K FVSKX 0.44% N/A Extended Market VIEIX 0.07% N/A 46

47 CURRENT Worldwide Fund FWWFX 0.91% N/A Managed Income Class 1 N/A 0.77% N/A Managed Income II Class 1 N/A 0.57% N/A Managed Income II Class 2 N/A 0.47% N/A Managed Income II Class 3 N/A 0.32% N/A PIMCO Total Return ESG Fund Class PTSAX 0.55% N/A Strategic Advisers Core Income Multi- Manager Fund FWHBX 1% N/A Strategic Advisers Core Multi-Manager Fund FLAUX 1.20% N/A VINIX 0.04% N/A Strategic Advisers Emerging Markets Fund of FLILX 2.24% 1.5% / 90 Strategic Advisers Growth Multi- Manager Fund FMELX 0.86% N/A Growth VIGIX 0.07% N/A 47

48 CURRENT Strategic Advisers Income Opportunities Fund of FSADX 2.22% 1% / 90 Strategic Advisers Multi-Manager Fund FMJDX 1.11% 1% / 30 Total Stock VTSNX 0.10% N/A Strategic Advisers Small- Mid Cap Multi- Manager Fund FNAPX 1.43% 1.5% / 90 Extended Market VIEIX 0.07% N/A Strategic Advisers Value Multi-Manager Fund FKMOX 1.32% N/A Value VIVIX 0.07% N/A The dates shown are based on the timing and accuracy of a variety of factors, including the transfer of data, receipt of instructions, and receipt of assets. Changes in any of these factors may result in changes to the dates and timing, including the dates on which, and thus the prices at which, assets in your account are sold and/or reinvested. 48

49 Notes 49

50

51

52 This information is intended to be educational and is not tailored to the investment needs of any specific investor. Investing involves risk, including risk of loss. *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 percentage 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. Expense information changes periodically. Please consult for updates. Although this booklet was prepared for Dartmouth College by Fidelity Investments for the convenience of Plan participants, certain pages in it were supplied by non Fidelity investment providers. Each provider offering products and services to the Plan or its participants is solely responsible for the content in its applicable pages and Fidelity does not assume any responsibility or liability for the content supplied by any other provider. This document provides only a summary of the main features of the Dartmouth College Plans, and the Plan documents will govern in the event of any discrepancies. Calvert, TIAA and Fidelity Investments are independent entities and are not legally affiliated. The trademarks and service marks appearing herein are the property of their respective owners. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI FMR LLC. All rights reserved