Fidelity Investments The Vanguard Group, Inc. TIAA-CREF

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1 2014 THE UNIVERSITY OF NOTRE DAME maintains the UNIVERSITY OF NOTRE DAME 403(B) RETIREMENT PLAN (the "Plan"). This brochure contains important information that will help you become better informed about the Plan. Your Plan administrator has directed Fidelity Investments ("Fidelity"), one of the Plan's providers, to develop this consolidated brochure based upon information provided by each of the following investment providers : Fidelity Investments The Vanguard Group, Inc. TIAA-CREF To obtain more up-to-date investment performance or Plan information, please go to the website or call the telephone number shown in any of the providers sections, or go to (Password: 60300). Whether you have an account already or are eligible to participate in the Plan, the information in this brochure can help you make informed investment decisions regarding your participation in the Plan and your Plan account. Additional information is available as indicated in each investment provider s document. Sincerely, THE UNIVERSITY OF NOTRE DAME Please note that the investment providers above have supplied the information for their individual notices. Fidelity Investments is not responsible for other providers content. Fidelity Investments Institutional Operations Company, Inc., 82 Devonshire Street, Boston MA

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3 Fidelity Investments Disclosure Statement

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5 Participant Disclosure Notice University of Notre Dame 403(b) Retirement Plan IMPORTANT PLAN AND INVESTMENT-RELATED INFORMATION FOR PLAN ACCOUNTS ESTABLISHED WITH FIDELITY, INCLUDING THE PLAN S INVESTMENT OPTIONS, PERFORMANCE HISTORY, FEES AND EXPENSES

6 This Participant Disclosure Notice is being provided to you as required by federal law * because you are eligible to participate or have a balance in the University of Notre Dame 403(b) Retirement Plan (the "Plan") and have the right to direct investments. The Plan Administrator has directed Fidelity Investments ("Fidelity"), a Plan service provider, to collect, consolidate, and provide you with the information in this Notice. Inside, you will find the following: Information about managing your Plan account Certain Plan information including an explanation of the right to direct investments, any Plan restrictions, and a description of the types of fees and expenses associated with a Plan account Various details about the Plan's investment options, which may include historical rates of return, benchmark information, expense ratios, and other fees and restrictions that may be imposed Please review these materials carefully. Although no action is required at this time, please keep this information in mind when managing or monitoring any account you may have in the Plan. For more information about participating in the Plan, or if you already have an account with Fidelity in the University of Notre Dame 403(b) Retirement Plan and would like to make any changes, log on to What s Inside SECTION 1: Helping You Manage Your Plan Account... 2 Accessing your Plan account statement SECTION 2: Certain Plan Information for You to Review... 3 Understand the right to direct investments in the Plan Learn about restrictions applicable under the Plan Review the types of plan administrative and individual fees and expenses that may be deducted from your account SECTION 3: Evaluating the Plan s Investment Options... 6 Review information about the Plan s investment options, including historical or stated rates of return, fees and expenses, and restrictions across the available investment options Note: If this is your first time logging on to you will need to register and set up a username and password to access your account. If you already have a username and password for a Fidelity site (including NetBenefits from a previous employer), you do not need to register again. * Section 404(a) of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and Department of Labor (DOL) Regulation Section a-5. 1

7 SECTION 1: Helping You Manage Your Plan Account This Participant Disclosure Notice (the "Notice") includes important plan and investmentrelated information. Additional tools and other resources are available through your Plan's website. Your workplace savings plan is an important benefit, and you'll want to monitor your account periodically to help keep your savings plan on track. Accessing Your Plan Account Statement If you have a Plan account, one way to monitor your retirement savings is to periodically review your account statement. Your statement will also display any plan administrative or individual fees described in this Notice that have been deducted from your Plan account. Remember, on you may do the following: Access your online Fidelity statement, which is continuously available, by logging on to the website, selecting your Plan name, and clicking Online Statement in the View menu on your Plan's summary page. Print your Fidelity statement. Keep in mind you may obtain a paper version (free of charge) by calling your Plan's toll-free number. Change the way Fidelity statements are delivered to you by logging on to your account and visiting Mail Preferences. For additional assistance, log on to or call Visit (Password: 60300) for information and resources to help you make informed investment decisions, including more detailed information on the Plan s investment options. SECTION 2: Certain Plan Information for You to Review This Participant Disclosure Notice provides certain information about your Plan. Your rights under the Plan are subject to the terms of the Plan. This Notice describes only your Fidelity account within the Plan. Right to Direct Investments You have the right to direct your account balance and any future contributions among the Plan's investment options, subject to any restrictions summarized below. To access your Plan account with Fidelity, make any changes to your investment options, direct any future contributions, or seek additional information, log on to or call Investment Options The Plan offers a choice of investment options that allow you to create a diversified portfolio to help you meet your individual needs. The Plan s investment options, along with certain information about each of them, are listed in Section 3 of this Notice. There may be certain restrictions on how investment directions may be made in the Plan, summarized as follows: Exchanges into Fidelity Ultra-Short Bond Fund are not allowed. Investment elections for Fidelity Ultra-Short Bond Fund are not allowed. Investment elections for MetLife Fixed - Old Account are not allowed. Exchanges into MetLife Policy Credit Account are not allowed. Investment elections for MetLife Policy Credit Account are not allowed. Any frequent trading restrictions imposed by the Plan and/or by the Plan s investment options are listed in Section 3 of this Notice. Keep in mind that restrictions are subject to change. Exercising Voting, Tender, and Similar Rights You have the right to exercise voting, tender, and similar rights related to the following investments you may have in your Plan account. You will receive information regarding such rights and how to exercise them at the time of a vote, tender, or other event. Mutual Funds Fees and Expenses If you have an account in the Plan, it may be subject to the following types of fees and expenses: Asset-based fees Plan administrative fees and expenses Individual fees and expenses Asset-Based Fees Asset-based fees reflect an investment option's total annual operating expenses and include management and other fees. They are often the largest component of 2 3

8 retirement plan costs and are paid by all shareholders of the investment option. Typically, asset-based fees are reflected as a percentage of assets invested in the option and often are referred to as an "expense ratio." You may multiply the expense ratio by your balance in the investment option to estimate the annual expenses associated with your holdings. Refer to Section 3 of this Notice for information about the Plan's investment options, including their expense ratios (where applicable). options. Please see Section 3 for details regarding the specific fees that may apply to the investment options available under the Plan. If any individual fees are deducted directly from your account, they will be reflected on your Plan account statement. Asset-based fees are deducted from an investment option's assets, thereby reducing its investment return. Fee levels can vary widely among investment options, depending in part on the type of investment option, its management (including whether it is active or passive), and the risks and complexities of the option's strategy. In some instances, a plan's administrative services may be paid for through offsets and/or payments associated with a plan's investment options. There is not necessarily a correlation between fees and investment performance, and fees are just one component to consider when determining which investment options are right for you. Plan Administrative Fees and Expenses Plan administrative fees may include legal, accounting, trustee, recordkeeping, and other administrative fees and expenses associated with maintaining the plan. Some plans may deduct these fees and expenses from individual accounts in the plan. Based on the information and direction Fidelity had on file at the time this Notice was prepared, no plan administrative fees will be deducted from accounts in the Plan. However, the Plan's administrative services may be paid for through offsets and/or payments associated with one or more of the Plan s investment options. Please keep in mind that fees are subject to change. If any Plan administrative fees are deducted directly from your account, they will be reflected on your Plan account statement. Individual Fees and Expenses Individual fees and expenses include those associated with a service or transaction you may select, or an investment option you hold in your account. In some instances, they may be deducted from the accounts of those individuals who utilize the service or engage in the transaction. If you have an account in the Plan, and you select or execute the following service(s) or transaction(s), the fee(s) outlined below may be deducted from your account based on the information and direction Fidelity had on file at the time this Notice was prepared. As you review this information, please keep in mind that fees are subject to change and that certain individual fees may not be deducted in some circumstances. Type of Individual Fee Loan Maintenance Fee Overnight Mailing Fee Amount $15.00 per year per loan deducted quarterly $25.00 per transaction Also, please note that you may incur short-term redemption fees, commissions, and similar expenses in connection with transactions associated with your Plan s investment 4 5

9 SECTION 3: Evaluating the Plan s Investment Options This section provides information about the investment options in the Plan and reflects data recordkept as of May 13, 2014, except for performance data, which is as of December 31 of the prior year. Additional information about the Plan s investment options, including a glossary of investment terms to help you better understand the Plan s investment options, is available online at (Password: 60300). To request additional investment-related information, or a paper copy of certain information available online, free of charge, contact a Fidelity representative at Fidelity Investments, PO Box # , Cincinnati, OH or call As you review this information, you may want to think about whether an investment in a particular option, along with your other investments, will help you achieve your financial goals. Keep in mind that the cumulative effect of fees and expenses can substantially reduce the growth of your retirement savings, but is only one of many factors to consider when you decide to invest in an option. Visit the Department of Labor s website at for an example of the long-term effect of fees and expenses. Variable Return Investments The chart below lists the Plan s investment options that do not have a fixed or stated rate of return, and underneath each investment option is an applicable benchmark(s) for that option. A benchmark is a standard against which the performance of a security, mutual fund or investment manager can be measured. This Notice requires that a broad-based market index be listed on the chart for each investment option. Additional benchmarks for an investment option may be available online at (Password: 60300) along with benchmark index definitions. Please note that the benchmark used by the Plan sponsor to measure and monitor performance may be different from the benchmark displayed in the chart. Keep in mind that you cannot invest in a benchmark index. Understanding investment performance: As you review the following information, 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 and is available at (Password: 60300). Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Stocks Fidelity Emerging Markets Discovery Fund MSCI EM Sm Mid Cap (TR) 0.36% -0.65% 12.18% * 5.56% * 11/01/ % $15.70 Short term trading fees of 2% for shares held less than 90 days Fidelity Fifty 38.04% 20.77% 6.91% 09/17/ % $8.30 Fidelity Total Emerging Markets Fund MSCI Emerging Markets (G) 0.97% -2.27% 7.38% * 4.45% * 11/01/ % $15.60 Short term trading fees of 1.5% for shares held less than 90 days Fidelity Emerging Asia Fund MS AC Asia exjpn (Net MA) 3.80% 3.09% 12.45% 16.64% 10.84% 10.89% 04/19/ % $10.80 Short term trading fees of 1.5% for shares held less than 90 days 6 7

10 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Stocks (cont'd) Fidelity Blue Chip Growth Fund - Class K 40.03% 22.88% 8.43% 12/31/ % $6.10 Russell 1000 Growth 33.48% 20.39% 7.83% Fidelity Blue Chip Value Fund 35.64% 14.83% 5.26% 06/17/ % $6.40 Russell 1000 Value 32.53% 16.67% 7.58% Fidelity Canada Fund S&P/TSX Composite Index 10.04% 5.89% 12.15% 15.33% 9.62% 10.11% 11/17/ % $8.70 Short term trading fees of 1.5% for shares held less than 90 days Fidelity Capital Appreciation Fund - Class K 36.11% 21.41% 8.44% 11/26/ % $6.60 Fidelity China Region Fund MSCI Golden Dragon 22.13% 7.25% 18.50% 15.31% 12.06% 9.61% 11/01/ % $10.20 Short term trading fees of 1.5% for shares held less than 90 days Fidelity Contrafund - Class K 34.30% 18.82% 10.29% 05/17/ % $5.60 Fidelity Disciplined Equity Fund - Class K 36.74% 15.33% 6.74% 12/28/ % $6.50 Fidelity Diversified International Fund - Class K MSCI EAFE (Net MA) 25.34% 22.92% 13.44% 12.58% 7.47% 7.07% 12/27/ % $8.10 Short term trading fees of 1% for shares held less than 30 days Fidelity Dividend Growth Fund - Class K 31.78% 21.41% 6.71% 04/27/ % $4.90 Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund MSCI EM Eur ME Africa (G) 1.37% -4.62% 16.00% 14.17% 0.17% * -2.32% * 05/08/ % $14.00 Short term trading fees of 1.5% for shares held less than 90 days Fidelity Emerging Markets Fund - Class K MSCI Emerging Markets (G) 4.10% -2.27% 14.63% 15.15% 10.30% 11.52% 11/01/ % $8.70 Short term trading fees of 1.5% for shares held less than 90 days 8 9

11 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Stocks (cont'd) Fidelity Equity Dividend Income Fund - Class K 29.22% 15.54% 5.32% 08/21/ % $5.30 Russell 3000 Value 32.69% 16.75% 7.66% Fidelity Equity-Income Fund - Class K 27.85% 16.49% 6.00% 05/16/ % $5.40 Russell 3000 Value 32.69% 16.75% 7.66% Fidelity Europe Fund MSCI Europe (Net MA) 26.31% 25.54% 13.53% 13.66% 8.89% 7.53% 10/01/ % $10.60 Short term trading fees of 1% for shares held less than 30 days Fidelity Export and Multinational Fund - Class K 26.30% 16.88% 7.31% 10/04/ % $6.50 Short term trading fees of Fidelity Focused Stock Fund 38.09% 20.25% 10.96% 11/12/ % $9.10 Fidelity Four-in-One Index Fund 24.53% 14.96% 7.09% 06/29/ % $2.40 Fidelity Fund - Class K 29.18% 16.52% 7.05% 04/30/ % $4.20 Fidelity Global Commodity Stock Fund MSCI AC World (Net MA) -3.19% 23.24% 8.69% * 18.17% * 03/25/ % $11.10 Short term trading fees of 1% for shares held less than 30 days Fidelity Global Equity Income Fund MSCI AC World (Net MA) 25.37% 23.24% 17.49% * 16.99% * 05/02/ % $12.80 Short term trading fees of 1% for shares held less than 30 days Fidelity Growth & Income Portfolio - Class K 33.60% 18.05% 3.55% 12/30/ % $5.40 Fidelity Growth Company Fund - Class K 37.76% 23.00% 10.78% 01/17/ % $7.10 Russell 3000 Growth 34.23% 20.56% 7.95% 10 11

12 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Stocks (cont'd) Fidelity Growth Discovery Fund - Class K 36.72% 20.55% 8.29% 03/31/ % $7.20 Russell 3000 Growth 34.23% 20.56% 7.95% Fidelity Growth Strategies Fund - Class K Russell Midcap Growth 38.18% 35.74% 20.05% 23.37% 6.92% 9.77% 12/28/ % $4.80 Short term trading fees of 1.5% for shares held less than 90 days Fidelity Independence Fund - Class K 40.38% 20.88% 9.19% 03/25/ % $5.10 Fidelity International Capital Appreciation Fund MSCI AC Wld xus (Net MA) 21.65% 15.42% 19.16% 12.96% 6.10% 7.72% 11/01/ % $11.70 Short term trading fees of 1% for shares held less than 30 days Fidelity International Discovery Fund - Class K MSCI EAFE (Net MA) 25.15% 22.92% 13.48% 12.58% 8.16% 7.07% 12/31/ % $8.50 Short term trading fees of 1% for shares held less than 30 days Fidelity International Enhanced Index Fund MSCI EAFE (Net MA) 23.01% 22.92% 11.75% 12.58% 0.22% * 0.99% * 12/20/ % $6.20 Short term trading fees of 1% for shares held less than 30 days Fidelity International Growth Fund MSCI EAFE Growth (Net MA) 22.18% 22.66% 16.29% 12.93% 2.92% * 0.27% * 11/01/ % $11.30 Short term trading fees of 1% for shares held less than 30 days Fidelity International Real Estate Fund MSCI EAFE (Net MA) 12.58% 22.92% 14.44% 12.58% 6.10% * 7.22% * 09/08/ % $11.60 Short term trading fees of 1.5% for shares held less than 90 days Fidelity International Small Cap Fund MSCI ACWI xus SmCp Net MA 35.11% 20.13% 19.88% 19.13% 11.11% 10.46% 09/18/ % $13.30 Short term trading fees of 2% for shares held less than 90 days Fidelity International Small Cap Opportunities Fund MSCI EAFE Sm Cap (Net MA) 24.87% 29.40% 20.27% 18.60% 6.51% * 6.72% * 08/02/ % $13.90 Short term trading fees of 2% for shares held less than 90 days 12 13

13 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Stocks (cont'd) Fidelity International Value Fund MSCI EAFE Val (Net MA) 22.45% 23.12% 11.87% 12.16% 1.81% * 05/18/ % $10.50 Short term trading fees of 1% 2.75% * for shares held less than 30 days Fidelity Japan Fund TOPIX 23.65% 27.03% 8.54% 7.74% 3.37% 4.20% 09/15/ % $9.30 Short term trading fees of 1.5% for shares held less than 90 days Fidelity Japan Smaller Companies Fund Russell/Nom Mid Small Cap 51.82% 26.13% 15.57% 8.48% 4.85% 4.85% 11/01/ % $10.10 Short term trading fees of 1.5% for shares held less than 90 days Fidelity Large Cap Core Enhanced Index Fund 34.29% 17.44% 5.88% * 04/19/ % $ % * Fidelity Large Cap Growth Enhanced Index Fund 35.07% 19.75% 7.29% * 04/19/ % $4.50 Russell 1000 Growth 33.48% 20.39% 7.82% * Fidelity Large Cap Stock Fund 39.24% 24.08% 8.48% 06/22/ % $8.50 Fidelity Large Cap Value Enhanced Index Fund 33.66% 16.02% 3.87% * 04/19/ % $4.70 Russell 1000 Value 32.53% 16.67% 4.04% * Fidelity Latin America Fund MSCI EM Latin America (G) % % 10.12% 12.40% 12.81% 14.78% 04/19/ % $10.40 Short term trading fees of 1.5% for shares held less than 90 days Fidelity Leveraged Company Stock Fund - Class K 35.26% 25.52% 11.14% 12/19/ % $6.90 Short term trading fees of 1.5% for shares held less than 90 days Fidelity Low-Priced Stock Fund - Class K Russell % 38.82% 21.87% 20.08% 10.73% 9.07% 12/27/ % $6.80 Short term trading fees of 1.5% for shares held less than 90 days Fidelity Magellan Fund - Class K 35.44% 17.66% 5.23% 05/02/ % $

14 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Stocks (cont'd) Fidelity Mega Cap Stock Fund 33.23% 19.09% 7.53% 12/28/ % $7.00 Fidelity Mid Cap Enhanced Index Fund Russell MidCap 39.88% 34.76% 21.96% 22.36% 8.77% * 8.27% * 12/20/ % $6.20 Short term trading fees of Fidelity Mid Cap Value Fund Russell Midcap Value 38.96% 33.46% 21.91% 21.16% 10.06% 10.25% 11/15/ % $8.00 Short term trading fees of Fidelity Mid-Cap Stock Fund - Class K S&P MidCap % 33.50% 23.93% 21.89% 9.54% 10.36% 03/29/ % $5.10 Short term trading fees of Fidelity Nasdaq Composite Index Fund NASDAQ Composite 39.75% 40.12% 22.63% 22.86% 8.39% 8.60% 09/25/ % $5.60 Short term trading fees of than 90 days Fidelity New Millennium Fund 37.19% 22.09% 9.43% 12/28/ % $9.10 Fidelity Nordic Fund FTSE Capped Nordic Index 49.09% 27.17% 21.93% 21.07% 12.14% 11.71% 11/01/ % $10.40 Short term trading fees of 1.5% for shares held less than 90 days Fidelity OTC Portfolio - Class K 46.70% 26.11% 10.86% 12/31/ % $6.20 NASDAQ Composite 40.12% 22.86% 8.60% Fidelity Overseas Fund - Class K MSCI EAFE (Net MA) 26.97% 22.92% 12.41% 12.58% 6.53% 7.07% 12/04/ % $9.30 Short term trading fees of 1% for shares held less than 30 days Fidelity Pacific Basin Fund MS AC Pac Fr (Net MA) 27.43% 12.60% 21.85% 12.25% 10.08% 7.24% 10/01/ % $12.30 Short term trading fees of 1.5% for shares held less than 90 days Fidelity Real Estate Income Fund 4.12% 17.71% 6.70% 02/04/ % $8.40 Short term trading fees of than 90 days 16 17

15 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Stocks (cont'd) Fidelity Real Estate Investment Portfolio 1.53% 17.49% 8.34% 11/17/ % $8.10 Short term trading fees of than 90 days Fidelity Small Cap Discovery Fund Russell % 38.82% 27.97% 20.08% 12.76% 9.07% 09/26/ % $10.60 Short term trading fees of 1.5% for shares held less than 90 days Fidelity Small Cap Enhanced Index Fund Russell % 38.82% 20.61% 20.08% 9.06% * 8.67% * 12/20/ % $7.30 Short term trading fees of 1.5% for shares held less than 90 days Fidelity Small Cap Growth Fund Russell 2000 Growth 44.53% 43.30% 23.48% 22.58% 11.57% * 11/03/ % $9.00 Short term trading fees of 9.85% * 1.5% for shares held less than 90 days Fidelity Small Cap Stock Fund Russell % 38.82% 19.88% 20.08% 7.79% 9.07% 03/12/ % $7.20 Short term trading fees of 2% for shares held less than 90 days Fidelity Small Cap Value Fund Russell 2000 Value 37.08% 34.52% 22.07% 17.64% 12.33% * 11/03/ % $10.70 Short term trading fees of 8.11% * 1.5% for shares held less than 90 days Fidelity Stock Selector All Cap Fund - Class K 34.24% 18.33% 7.46% 09/28/ % $6.10 Fidelity Stock Selector Large Cap Value Fund 32.24% 14.15% 6.39% 11/15/ % $7.20 Russell 1000 Value 32.53% 16.67% 7.58% Fidelity Stock Selector Mid Cap Fund 31.17% 22.30% 7.55% 02/20/ % $7.20 S&P MidCap % 21.89% 10.36% Fidelity Stock Selector Small Cap Fund Russell % 38.82% 21.44% 20.08% 8.19% 9.07% 06/28/ % $9.40 Short term trading fees of 1.5% for shares held less than 90 days 18 19

16 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Stocks (cont'd) Fidelity Telecom and Utilities Fund 20.50% 14.10% 9.32% 11/27/ % $7.60 Fidelity Total International Equity Fund MSCI AC Wld exus (Net MA) 15.99% 15.42% 14.08% 12.96% -0.59% * -0.77% * 11/01/ % $10.90 Short term trading fees of 1% for shares held less than 30 days Fidelity Trend Fund 34.92% 22.42% 9.34% 06/16/ % $7.80 Russell 1000 Growth 33.48% 20.39% 7.83% Fidelity Value Discovery Fund - Class K 35.77% 18.18% 8.66% 12/10/ % $5.70 Russell 3000 Value 32.69% 16.75% 7.66% Fidelity Value Fund - Class K 37.22% 22.59% 9.22% 12/01/ % $5.40 Russell Midcap Value 33.46% 21.16% 10.25% Fidelity Value Strategies Fund - Class K 30.60% 25.02% 8.02% 12/31/ % $5.80 Russell Midcap Value 33.46% 21.16% 10.25% Fidelity Worldwide Fund MSCI World (Net MA) 31.55% 27.18% 17.00% 15.49% 8.80% 7.39% 05/30/ % $11.10 Short term trading fees of 1% for shares held less than 30 days Select Air Transportation Portfolio 50.65% 22.42% 11.97% 12/16/ % $8.70 Short term trading fees of Select Automotive Portfolio 46.67% 34.73% 7.47% 06/30/ % $8.40 Short term trading fees of Select Banking Portfolio 39.38% 13.54% 1.61% 06/30/ % $8.10 Short term trading fees of Select Biotechnology Portfolio 65.66% 26.98% 14.25% 12/16/ % $7.60 Short term trading fees of 20 21

17 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Stocks (cont'd) Select Brokerage and Investment Management Portfolio 48.87% 19.78% 8.30% 07/29/ % $14.20 Short term trading fees of Select Chemicals Portfolio 29.86% 29.62% 15.37% 07/29/ % $8.10 Short term trading fees of Select Communications Equipment Portfolio 28.16% 21.16% 6.18% 06/29/ % $9.20 Short term trading fees of Select Computers Portfolio 31.09% 26.53% 8.45% 07/29/ % $8.20 Short term trading fees of Select Construction and Housing Portfolio 21.25% 20.80% 9.34% 09/29/ % $8.10 Short term trading fees of Select Consumer Discretionary Portfolio 41.03% 24.94% 8.77% 06/29/ % $8.20 Short term trading fees of Select Consumer Finance Portfolio 32.57% 13.75% -5.34% 12/16/ % $8.50 Short term trading fees of Select Consumer Staples Portfolio 21.63% 16.31% 11.46% 07/29/ % $7.90 Short term trading fees of Select Defense and Aerospace Portfolio 48.14% 22.40% 12.66% 05/08/ % $8.10 Short term trading fees of Select Electronics Portfolio 39.18% 23.32% 4.59% 07/29/ % $8.20 Short term trading fees of Select Energy Portfolio 24.21% 16.70% 12.72% 07/14/ % $8.00 Short term trading fees of 22 23

18 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Stocks (cont'd) Select Energy Service Portfolio 27.48% 18.82% 11.83% 12/16/ % $8.00 Short term trading fees of Select Environment and Alternative Energy Portfolio 34.99% 12.20% 6.09% 06/29/ % $9.70 Short term trading fees of Select Financial Services Portfolio 33.67% 12.77% 0.92% 12/10/ % $8.60 Short term trading fees of Select Gold Portfolio % -7.85% 0.48% 12/16/ % $9.40 Short term trading fees of Select Health Care Portfolio 56.27% 25.88% 12.34% 07/14/ % $7.70 Short term trading fees of Select Industrial Equipment Portfolio 32.76% 22.42% 9.84% 09/29/ % $7.90 Short term trading fees of Select Industrials Portfolio 39.90% 23.71% 12.51% 03/03/ % $8.10 Short term trading fees of Select Insurance Portfolio 43.80% 19.02% 5.64% 12/16/ % $8.30 Short term trading fees of Select IT Services Portfolio 53.12% 28.73% 13.94% 02/04/ % $8.40 Short term trading fees of Select Leisure Portfolio 41.72% 23.41% 11.64% 05/08/ % $8.20 Short term trading fees of Select Materials Portfolio 21.90% 25.21% 12.40% 09/29/ % $8.20 Short term trading fees of 24 25

19 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Stocks (cont'd) Select Medical Delivery Portfolio 35.31% 23.17% 12.99% 06/30/ % $8.20 Short term trading fees of Select Medical Equipment and Systems Portfolio 41.30% 18.72% 10.83% 04/28/ % $8.00 Short term trading fees of Select Multimedia Portfolio 45.65% 31.06% 10.39% 06/30/ % $8.10 Short term trading fees of Select Natural Gas Portfolio 24.66% 14.43% 9.93% 04/21/ % $8.40 Short term trading fees of Select Natural Resources Portfolio 17.49% 15.53% 12.19% 03/03/ % $8.40 Short term trading fees of Select Pharmaceuticals Portfolio 41.36% 21.79% 11.60% 06/18/ % $8.20 Short term trading fees of Select Retailing Portfolio 43.93% 30.28% 13.29% 12/16/ % $8.30 Short term trading fees of Select Software and Computer Services Portfolio 51.12% 28.49% 12.94% 07/29/ % $7.90 Short term trading fees of Select Technology Portfolio 31.76% 27.47% 8.37% 07/14/ % $8.00 Short term trading fees of Select Telecommunications Portfolio 21.52% 19.88% 8.19% 07/29/ % $8.50 Short term trading fees of Select Transportation Portfolio 48.35% 22.15% 11.87% 09/29/ % $8.50 Short term trading fees of 26 27

20 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Stocks (cont'd) Select Utilities Portfolio 20.61% 13.13% 9.49% 12/10/ % $8.20 Short term trading fees of Select Wireless Portfolio 28.26% 22.03% 12.19% 09/21/ % $8.80 Short term trading fees of Spartan 500 Index Fund - Institutional Class 32.35% 17.93% 7.37% 02/17/ % $0.50 Spartan Emerging Markets Index Fund - Fidelity Advantage Class FTSE Emerging Index -4.70% -3.50% -0.04% * 1.23% * 09/08/ % $3.50 Short term trading fees of 1.5% for shares held less than 90 days Spartan Extended Market Index Fund - Fidelity Advantage Class DJ US Completion TSM 38.23% 38.05% 22.51% 22.59% 10.36% 10.30% 11/05/ % $0.70 Short term trading fees of than 90 days Spartan Global ex U.S. Index Fund - Fidelity Advantage Class MSCI AC Wld exus (Net MA) 14.18% 15.42% 11.39% * 11.67% * 09/08/ % $2.80 Short term trading fees of 1% for shares held less than 90 days Spartan International Index Fund - Fidelity Advantage Class MSCI EAFE (Net MA) 21.80% 22.92% 11.97% 12.58% 6.99% 7.07% 11/05/ % $1.70 Short term trading fees of 1% for shares held less than 90 days Spartan Mid Cap Index Fund - Fidelity Advantage Class Russell MidCap 34.64% 34.76% 24.05% * 24.21% * 09/08/ % $2.20 Short term trading fees of Spartan Real Estate Index Fund - Fidelity Advantage Class DJ US Sel Real Estate Sec 1.34% 1.31% 9.19% * 9.36% * 09/08/ % $1.90 Short term trading fees of than 90 days Spartan Small Cap Index Fund - Fidelity Advantage Class Russell % 38.82% 26.72% * 26.77% * 09/08/ % $3.30 Short term trading fees of 1.5% for shares held less than 90 days 28 29

21 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Stocks (cont'd) Spartan Total Market Index Fund - Fidelity Advantage Class DJ US Total Stk Mkt 33.39% 33.47% 18.78% 18.86% 8.04% 8.10% 11/05/ % $0.70 Short term trading fees of 0.5% for shares held less than 90 days Strategic Advisers Core Multi- Manager Fund 31.47% 22.55% * 11/16/ % $ % * Strategic Advisers Emerging Markets Fund of Funds MSCI Emerging Markets (G) -1.59% -2.27% 2.45% * 1.42% * 05/02/ % $23.80 Short term trading fees of 1.5% for shares held less than 90 days Strategic Advisers Growth Multi- Manager Fund 36.09% 21.95% * 11/16/ % $8.80 Russell 1000 Growth 33.48% 22.58% * Strategic Advisers International Multi-Manager Fund MSCI EAFE (Net MA) 22.22% 22.92% 18.53% * 19.06% * 05/02/ % $12.10 Short term trading fees of 1% for shares held less than 30 days Strategic Advisers Small-Mid Cap Multi-Manager Fund Russell % 36.80% 25.31% * 27.13% * 12/20/ % $13.00 Short term trading fees of 1.5% for shares held less than 90 days Strategic Advisers Value Multi- Manager Fund 32.52% 24.04% * 11/16/ % $13.20 Russell 1000 Value 32.53% 25.08% * Asset Class: Blended Investments Fidelity Asset Manager 20% 5.16% 8.46% 5.05% 10/01/ % $5.30 Barclays U.S. Agg Bond -2.02% 4.44% 4.55% Fidelity Asset Manager 30% Barclays U.S. Agg Bond 7.94% -2.02% 10.34% 4.44% 4.24% * 10/09/ % $5.70 Yes 4.91% * Fidelity Asset Manager 40% Barclays U.S. Agg Bond 11.09% -2.02% 11.69% 4.44% 4.38% * 10/09/ % $5.70 Yes 4.91% * Fidelity Asset Manager 50% 13.96% 13.39% 5.59% 12/28/ % $

22 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Blended Investments (cont'd) Fidelity Asset Manager 60% 16.89% 14.35% 4.55% * 10/09/ % $7.50 Yes 4.99% * Fidelity Asset Manager 70% 20.12% 15.69% 5.79% 12/30/ % $7.50 Fidelity Asset Manager 85% 25.16% 17.11% 6.94% 09/24/ % $7.80 Fidelity Freedom K 2000 Fund 4.56% 6.99% * 07/02/ % $4.50 Barclays U.S. Agg Bond -2.02% 4.44% * FID FF 2000 Comp Idx 4.94% 5.89% * Fidelity Freedom K 2005 Fund 8.15% 9.67% * 07/02/ % $5.00 Barclays U.S. Agg Bond -2.02% 4.44% * FID FF 2005 Comp Idx 9.16% 9.26% * Fidelity Freedom K 2010 Fund 11.20% 11.07% * 07/02/ % $5.40 Barclays U.S. Agg Bond -2.02% 4.44% * FID FF 2010 Comp Idx 12.89% 11.07% * Fidelity Freedom K 2015 Fund 11.96% 11.46% * 07/02/ % $ % * FID FF 2015 Comp Idx 13.80% 11.50% * Fidelity Freedom K 2020 Fund 13.35% 12.61% * 07/02/ % $ % * FID FF 2020 Comp Idx 15.25% 12.87% * Fidelity Freedom K 2025 Fund 16.65% 13.76% * 07/02/ % $ % * FID FF 2025 Comp Idx 19.18% 14.41% * Fidelity Freedom K 2030 Fund 18.21% 14.38% * 07/02/ % $ % * FID FF 2030 Comp Idx 20.82% 15.22% * 32 33

23 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Blended Investments (cont'd) Fidelity Freedom K 2035 Fund 20.86% 15.07% * 07/02/ % $ % * FID FF 2035 Comp Idx 24.13% 16.29% * Fidelity Freedom K 2040 Fund 21.25% 15.26% * 07/02/ % $ % * FID FF 2040 Comp Idx 24.66% 16.55% * Fidelity Freedom K 2045 Fund 21.84% 15.49% * 07/02/ % $ % * FID FF 2045 Comp Idx 25.31% 16.76% * Fidelity Freedom K 2050 Fund 22.08% 15.58% * 07/02/ % $ % * FID FF 2050 Comp Idx 25.61% 17.05% * Fidelity Freedom K Income Fund 4.60% 6.85% * 07/02/ % $4.50 Barclays U.S. Agg Bond -2.02% 4.44% * FID FF Income Comp Idx 4.94% 5.76% * Fidelity Balanced Fund - Class K 20.64% 15.19% 7.62% 11/06/ % $4.70 Fidelity Convertible Securities Fund 24.06% 21.64% 8.07% 01/05/ % $7.30 BofA ML All US Convt 24.92% 18.85% 7.13% Fidelity Global Balanced Fund MSCI World (Net MA) 15.51% 27.18% 11.70% 15.49% 7.90% 7.39% 02/01/ % $10.20 Short term trading fees of 1% for shares held less than 30 days Fidelity Global Strategies Fund MSCI AC World (Net MA) 8.96% 23.24% 11.42% 15.33% 2.94% * 10/31/ % $9.30 Yes 1.86% * Fidelity Puritan Fund - Class K 20.48% 14.93% 7.07% 04/16/ % $

24 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Blended Investments (cont'd) Fidelity Strategic Dividend & Income Fund 17.80% 17.82% 7.06% 12/23/ % $7.70 Fidelity Strategic Real Return Fund Barclays US TIPS -2.15% -8.61% 9.51% 5.63% 3.49% * 4.52% * 09/07/ % $7.70 Short term trading fees of than 60 days Asset Class: Bonds Fidelity Capital & Income Fund BofA ML US HY/HY Const Bl 9.71% 20.36% 18.70% 9.09% 8.46% 11/01/ % $7.30 Short term trading fees of 1% for shares held less than 90 days Fidelity Conservative Income Bond Fund 0.62% 0.72% * 03/03/ % $4.00 Barclays 3-6 Mo Tsy 0.12% 0.15% * Fidelity Corporate Bond Fund Barclays Credit Bond -1.68% -2.01% 6.71% * 05/04/ % $4.50 Yes 5.32% * Fidelity Floating Rate High Income Fund S&P/LSTA Lev Perf Loan 3.92% 5.41% 9.42% 14.61% 4.53% 5.38% 08/16/ % $7.00 Short term trading fees of 1% for shares held less than 60 days Fidelity Focused High Income Fund BofA ML BB US HY Const 4.44% 5.15% 13.32% 16.07% 6.36% * 7.96% * 09/08/ % $8.10 Short term trading fees of 1% for shares held less than 90 days Fidelity Global High Income Fund BofA ML Glb HY & Emrg Mkt 5.63% 5.29% 6.38% * 05/11/ % $9.60 Short term trading fees of 1% 8.13% * for shares held less than 90 days Fidelity GNMA Fund -2.17% 4.46% 4.71% 11/08/ % $4.50 Barclays GNMA -2.12% 3.99% 4.69% Fidelity Government Income Fund -2.58% 2.82% 4.22% 04/04/ % $4.50 Barclays Government Bond -2.60% 2.26% 4.14% Fidelity High Income Fund BofA ML US HY/HY Const Bl 6.68% 16.90% 18.70% 7.92% 8.46% 08/29/ % $7.20 Short term trading fees of 1% for shares held less than 90 days 36 37

25 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Bonds (cont'd) Fidelity Inflation-Protected Bond Fund -9.06% 4.91% 4.14% 06/26/ % $4.50 Barclays US TIPS -8.61% 5.63% 4.85% Fidelity Intermediate Bond Fund -0.64% 6.88% 4.10% 05/23/ % $4.50 Barclays Int Govt/Cr Bond -0.86% 3.96% 4.09% Fidelity Intermediate Government Income Fund -1.26% 2.38% 3.70% 05/02/ % $4.50 Barclays Int Gov bond -1.25% 2.20% 3.74% Fidelity Investment Grade Bond Fund -1.74% 7.22% 4.28% 08/06/ % $4.50 Barclays U.S. Agg Bond -2.02% 4.44% 4.55% Fidelity Limited Term Government Fund -0.31% 1.73% 2.99% 11/10/ % $4.50 Barclays 1-5 Yr Govt -0.12% 1.71% 3.15% Fidelity Mortgage Securities Fund -1.80% 5.08% 3.79% 12/31/ % $4.50 Barclays MBS -1.41% 3.69% 4.61% Fidelity New Markets Income Fund JPM EMBI Global -6.41% -6.58% 14.23% 11.52% 8.92% 8.30% 05/04/ % $8.60 Short term trading fees of 1% for shares held less than 90 days Fidelity Short-Term Bond Fund 0.57% 3.15% 2.21% 09/15/ % $4.50 Barclays 1-3 Gov/Cred 0.64% 2.02% 2.91% Fidelity Strategic Income Fund 0.38% 11.03% 6.77% 05/01/ % $6.90 BofA ML US HY/HY Const Bl 18.70% 8.46% Fidelity Total Bond Fund -0.92% 8.07% 5.12% 10/15/ % $4.50 Barclays U.S. Agg Bond -2.02% 4.44% 4.55% Fidelity Ultra-Short Bond Fund 0.42% 0.83% -0.02% 08/29/ % $4.50 Barclays 6M SWAP 0.21% 0.57% 2.15% Fidelity Global Bond Fund Barclays Glb Agg GDP Wtd -3.53% -1.77% -0.33% * 05/22/ % $9.90 Yes 1.99% * 38 39

26 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Bonds (cont'd) Fidelity International Bond Fund Barclays GlbAgxUSD GDP Wt -3.41% -1.29% 0.47% * 05/22/ % $10.70 Yes 3.11% * Spartan Inflation-Protected Bond Index Fund - Fidelity Advantage Class -8.67% -3.49% * 05/16/ % $1.00 Barclays US TIPS -8.61% -3.39% * Spartan Intermediate Treasury Bond Index Fund - Fidelity Advantage Class -4.70% 2.83% 5.38% * 12/20/ % $1.00 Barclays 5-10 TSY -4.68% 2.97% 5.52% * Spartan Long-Term Treasury Bond Index Fund - Fidelity Advantage Class % 2.04% 5.63% * 12/20/ % $1.00 BC US LT Treasury Index % 2.28% 5.80% * Spartan Short-Term Treasury Bond Index Fund - Fidelity Advantage Class -0.26% 1.47% 3.44% * 12/20/ % $1.00 Barclays 1-5 TSY -0.14% 1.60% 3.56% * Spartan U.S. Bond Index Fund - Fidelity Advantage Class -2.24% 4.41% 4.21% 03/08/ % $1.70 Barclays U.S. Agg Bond -2.02% 4.44% 4.55% Strategic Advisers Core Income Multi-Manager Fund -1.78% 1.06% * 06/19/ % $10.40 Barclays U.S. Agg Bond -2.02% -0.13% * Strategic Advisers Income Opportunities Fund of Funds BofA ML US HY Const 8.22% 11.07% * 10.84% * 06/19/ % $50.20 Short term trading fees of 1% for shares held less than 90 days 40 41

27 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Short-Term Fidelity Treasury Only Money Market Fund 0.01% 0.02% 1.38% 01/05/ % $ Day Yield % as of 12/31/2013: Day Restated Yield as of 12/31/2013: CG 3-Month Treasury Bill 0.05% 0.10% 1.59% Fidelity Cash Reserves 0.01% 0.14% 1.72% 05/10/ % $ Day Yield % as of 12/31/2013: Day Restated Yield as of 12/31/2013: CG 3-Month Treasury Bill 0.05% 0.10% 1.59% Fidelity Government Money Market Fund 0.01% 0.07% 1.60% 02/05/ % $ Day Yield % as of 12/31/2013: Day Restated Yield as of 12/31/2013: CG 3-Month Treasury Bill 0.05% 0.10% 1.59% Fidelity Money Market Fund 0.01% 0.14% 1.73% 01/23/ % $ Day Yield % as of 12/31/2013: Day Restated Yield as of 12/31/2013: CG 3-Month Treasury Bill 0.05% 0.10% 1.59% Fidelity Money Market Trust Retirement Government Money Market Portfolio 0.01% 0.07% 1.61% 12/16/ % $ Day Yield % as of 12/31/2013: Day Restated Yield as of 12/31/2013: CG 3-Month Treasury Bill 0.05% 0.10% 1.59% 42 43

28 Investment Name Benchmark(s) Average Annual Total Return as of 12/31/ Year (if less, Inception 1 Year 5 Year since Inception*) Date Annual Gross Expense Ratio As a % Per $1,000 Fees and Expenses Shareholder Fees^ Excessive Trading Other Asset Class: Short-Term (cont'd) Fidelity Money Market Trust Retirement Money Market Portfolio 0.01% 0.13% 1.74% 12/02/ % $ Day Yield % as of 12/31/2013: Day Restated Yield as of 12/31/2013: CG 3-Month Treasury Bill 0.05% 0.10% 1.59% Fidelity U.S. Government Reserves 0.01% 0.08% 1.65% 11/03/ % $ Day Yield % as of 12/31/2013: Day Restated Yield as of 12/31/2013: CG 3-Month Treasury Bill 0.05% 0.10% 1.59% Select Money Market Portfolio 0.01% 0.19% 1.78% 08/30/ % $ Day Yield % as of 12/31/2013: Day Restated Yield as of 12/31/2013: CG 3-Month Treasury Bill 0.05% 0.10% 1.59% = Not Applicable/None -- = Not Available ^ Some outside investment and vendor information may not be available to Fidelity. When "" does not appear and no shareholder fee is shown it is due to the fact that our recordkeeping system does not have a shareholder fee(s) on file. Nevertheless, there may be shareholder fees associated with the investment option. If a shareholder fee is shown, please keep in mind there may be other fees associated with the investment that our recordkeeping system does not have on file. More information may be found in the prospectus and/or other investment-related information, as well as by contacting the outside investment manager or vendor directly. Investment Closed to new investments including contributions and exchanges. Excessive trading in this investment option and/or other investment options subject to such restrictions will result in the limitation or prohibition of additional purchases (other than contributions and loan repayments) for 85 calendar days; additional excessive trading will result in a limitation of one exchange day per calendar quarter for a 12-month period. Additional Investment Information * Performance provided is Life of Fund, which is since the inception date noted, when the investment option has been in existence for less than 10 years. Life of fund figures are from the inception date to the period shown. For unitized funds, the inception date shown may be that of the fund's underlying investment option. For non-mutual fund pools and trusts whose strategies may be offered to multiple clients and whose returns may be based on a composite, the inception date shown may be the beginning date of the composite's returns. Total returns are historical and include change in share price and reinvestment of dividends and capital gains, if any. These figures do not include the effect of sales charges, if any, as these fees are waived for contributions made through your retirement plan. If sales charges were included, returns would have been lower

29 The current yield reflects the current earnings of the fund, while the total return refers to a specific past holding period. The 7-Day Yield is based on a calculation prescribed by the SEC. It is the average income return over the previous seven days, assuming the rate stays the same for one year and that dividends are reinvested. It is the Fund s total income net of expenses, divided by the total number of outstanding shares. This yield does not allow for the inclusion of capital gains or losses. A portion of the fund's expenses was voluntarily reimbursed and/or waived. "Restated Yield" is the 7-Day Yield without applicable waivers or reimbursements. Expense Ratio Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a dollar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return, and are required to be disclosed on the chart as a gross amount. For a mutual fund, the gross expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund. Where the investment option is not a mutual fund, the figure displayed in the expense ratio field is intended to reflect similar information, but may have been calculated using methodologies that differ from those used for mutual funds. Mutual fund data has been drawn from the most recent prospectus and has been provided by FMR LLC for Fidelity mutual funds and Morningstar, LLC for non-fidelity mutual funds. For non-mutual fund investment options, the information has been provided by Morningstar, LLC, the product s investment manager or trustee, the plan sponsor or other third party. foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. 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. An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds seek to preserve the value of your investment at $1 per share, it is possible to lose money by investing in these funds. In certain instances, there may be fee waivers and/or expense reimbursements which could result in a temporary reduction to the gross expense ratios listed in the chart. More information is available online at (Password: 60300). Investment Risk Additional information regarding an investment option s risks, as well as its strategy and objectives, including a prospectus or fact sheet if available, can be obtained at (Password: 60300). Please consider all investment information prior to directing your Plan account. 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. Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. Because of their narrow focus, sector funds may be more volatile than funds that diversify across many sectors. 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. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. Investments in smaller companies may involve greater risk than those in larger, more well known companies. Fidelity Freedom Funds are designed for investors expecting to retire around the year indicated in each fund's name. Except for the Freedom Income Fund, 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 Fund. The investment risks of each Fidelity Freedom Fund 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, 46 47

30 Fixed Return Investments The following chart lists the Plan's investment options that have a fixed or stated rate of return. Investment Name Fixed Rate Term Rate Subject to Adjustment? Minimum Guaranteed Rate Fees^ /Other Asset Class: Bonds MetLife Fixed - New Account 3.00% Start Date: 04/01/2014 No 3.00% Surrender Charge Limit: 20% Surrender Charge Penalty: 4% End Date: 03/31/2015 MetLife Fixed - Old Account 3.00% Start Date: 04/01/2014 No 3.00% Surrender Charge Limit: 20% Surrender Charge Penalty: 4% End Date: 03/31/2015 MetLife Policy Credit Account 3.00% Start Date: 04/01/2014 End Date: 03/31/ % = Not Applicable/None -- = Not Available ^ Some outside investment and vendor information may not be available to Fidelity. When "" does not appear and no shareholder fee is shown it is due to the fact that our recordkeeping system does not have a shareholder fee(s) on file. Nevertheless, there may be shareholder fees associated with the investment option. If a shareholder fee is shown, please keep in mind there may be other fees associated with the investment that our recordkeeping system does not have on file. More information may be found in the prospectus and/or other investment-related information, as well as by contacting the outside investment manager or vendor directly. Investment Closed to new investments including contributions and exchanges. Investment Risk A fixed return annuity contract is an annuity contract issued by an insurance company. It is not a mutual fund. The amount invested in the contract is guaranteed by the issuing insurance company. Guarantees of an insurance company are subject to its long-term financial strength and claimspaying ability and are solely its responsibility. Information about the fixed return annuity contract was furnished by the issuing insurance company, which is not affiliated with any Fidelity Investments company

31 Additional Performance Information Generally, data on Fidelity mutual funds is provided by FMR LLC, data on non-fidelity mutual funds is provided by Morningstar, LLC, and data on non-mutual fund products is provided by Morningstar, LLC, the product s investment manager or trustee, the plan sponsor whose plan is offering the product to participants, or other third party. Although Fidelity believes data gathered from these third-party sources is reliable, it does not review such information and cannot warrant it to be accurate, complete, or timely. Fidelity is not responsible for any damages or losses arising from any use of this third-party information. Fidelity Emerging Markets Discovery Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity Total Emerging Markets Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity Emerging Asia Fund: Prior to December 1, 2010, Fidelity Emerging Asia Fund 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. Fidelity Blue Chip Growth Fund - Class K: 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. Fidelity Capital Appreciation Fund - Class K: 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. Fidelity Contrafund - Class K: 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. Fidelity Disciplined Equity Fund - Class K: 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. Fidelity Diversified International Fund - Class K: 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. Fidelity Dividend Growth Fund - Class K: 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. Fidelity Emerging Markets Fund - Class K: 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. Fidelity Equity Dividend Income Fund - Class K: 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. Fidelity Equity-Income Fund - Class K: 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. Fidelity Europe Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity Export and Multinational Fund - Class K: 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. Fidelity Focused Stock Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity Four-in-One Index Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity Fund - Class K: 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. Fidelity Growth & Income Portfolio - Class K: 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. Fidelity Growth Company Fund - Class K: 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. Fidelity Growth Discovery Fund - Class K: 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. Fidelity Growth Strategies Fund - Class K: 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. Fidelity Independence Fund - Class K: 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. Fidelity International Discovery Fund - Class K: 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. Fidelity International Growth Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity International Real Estate Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity International Value Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower

32 Fidelity Japan Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity Leveraged Company Stock Fund - Class K: 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. Fidelity Low-Priced Stock Fund - Class K: 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. Fidelity Magellan Fund - Class K: 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. Fidelity Mid-Cap Stock Fund - Class K: 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. Fidelity Nasdaq Composite Index Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity OTC Portfolio - Class K: 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. Fidelity Overseas Fund - Class K: 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. Fidelity Stock Selector All Cap Fund - Class K: 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. Fidelity Stock Selector Large Cap Value Fund: As of August 31, 2011, this fund changed its name from Fidelity Large Cap Value Fund. Fidelity Stock Selector Mid Cap Fund: Initial offering of the Fidelity Stock Selector Mid Cap Retail Class took place on June 12, 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. Fidelity Stock Selector Small Cap Fund: As of September 1, 2010, this fund changed its name from Fidelity Small Cap Independence Fund. Fidelity Total International Equity Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity Trend Fund: Prior to February 1, 2007, Trend Fund 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. Fidelity Value Discovery Fund - Class K: 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. Fidelity Value Fund - Class K: 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. Fidelity Value Strategies Fund - Class K: 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. Select Communications Equipment Portfolio: Prior to October 1, 2006, Fidelity Select IT Services, Select Consumer Discretionary, Select Industrials, Select Communications Equipment, Select Consumer Staples, Select Materials, and Select Utilities Growth Portfolios operated under different investment policies, and compared their performance to different benchmarks. The fund's historical performance might not represent its current investment policies. Select Consumer Discretionary Portfolio: Prior to October 1, 2006, Fidelity Select IT Services, Select Consumer Discretionary, Select Industrials, Select Communications Equipment, Select Consumer Staples, Select Materials, and Select Utilities Growth Portfolios operated under different investment policies, and compared their performance to different benchmarks. The fund's historical performance might not represent its current investment policies. Select Consumer Finance Portfolio: Prior to December 1, 2010, Select Consumer Finance Portfolio operated under certain different investment policies and compared its performance to a different additional benchmark. The fund's historical performance may not represent its current investment policies. Select Consumer Staples Portfolio: Prior to October 1, 2006, Fidelity Select IT Services, Select Consumer Discretionary, Select Industrials, Select Communications Equipment, Select Consumer Staples, Select Materials, and Select Utilities Growth Portfolios operated under different investment policies, and compared their performance to different benchmarks. The fund's historical performance might not represent its current investment policies. Select Environment and Alternative Energy Portfolio: Prior to July 1, 2010, the fund was named Fidelity Select Environmental Portfolio, 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. Select Industrials Portfolio: Prior to October 1, 2006, Fidelity Select IT Services, Select Consumer Discretionary, Select Industrials, Select Communications Equipment, Select Consumer Staples, Select Materials, and Select Utilities Growth Portfolios operated under different investment policies, and compared their performance to different benchmarks. The fund's historical performance might not represent its current investment policies. Select IT Services Portfolio: Prior to October 1, 2006, Fidelity Select IT Services, Select Consumer Discretionary, Select Industrials, Select Communications Equipment, Select Consumer Staples, Select Materials, and Select Utilities Growth Portfolios operated under different investment policies, and compared their performance to different benchmarks. The fund's historical performance might not represent its current investment policies. Select Materials Portfolio: Prior to October 1, 2006, Fidelity Select IT Services, Select Consumer Discretionary, Select Industrials, Select Communications Equipment, Select Consumer Staples, Select Materials, and Select Utilities Growth Portfolios operated under different investment policies, and compared their performance to different benchmarks. The fund's historical performance might not represent its current investment policies. Select Utilities Portfolio: Prior to October 1, 2006, Fidelity Select IT Services, Select Consumer Discretionary, Select Industrials, Select Communications Equipment, Select Consumer Staples, Select Materials, and Select Utilities Growth Portfolios operated under different investment policies, and compared their performance to different benchmarks. The fund's historical performance might not represent its current investment policies

33 Spartan 500 Index Fund - Institutional Class: Initial offering of the Institutional Share Class took place on May 4, Returns prior to that date are those of the Fidelity Advantage Class and reflect the Fidelity Advantage Class' expense ratio. Had the Institutional Class' expense ratio been reflected, total returns would have been higher. Spartan 500 Index Fund - Institutional Class: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Spartan Emerging Markets Index Fund - Fidelity Advantage Class: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Spartan Extended Market Index Fund - Fidelity Advantage Class: On October 17, 2005, an initial offering of the Fidelity Advantage Share Class took place. Returns prior to that date are those of the Investor Class and reflect the Investors Class' expense ratio. Had the Fidelity Advantage Class' expense ratio been reflected, total returns would have been higher. Spartan Global ex U.S. Index Fund - Fidelity Advantage Class: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Spartan International Index Fund - Fidelity Advantage Class: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Spartan Mid Cap Index Fund - Fidelity Advantage Class: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Spartan Real Estate Index Fund - Fidelity Advantage Class: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Spartan Small Cap Index Fund - Fidelity Advantage Class: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Spartan Total Market Index Fund - Fidelity Advantage Class: On October 17, 2005, an initial offering of the Fidelity Advantage Share Class took place. Returns prior to that date are those of the Investor Class and reflect the Investors Class' expense ratio. Had the Fidelity Advantage Class' expense ratio been reflected, total returns would have been higher. Spartan Total Market Index Fund - Fidelity Advantage Class: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Strategic Advisers Core Multi-Manager Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Strategic Advisers Emerging Markets Fund of Funds: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Strategic Advisers International Multi-Manager Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Strategic Advisers Value Multi-Manager Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity Asset Manager 30%: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity Asset Manager 40%: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity Balanced Fund - Class K: 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. Fidelity Global Strategies Fund: Prior to June 1, 2011, the fund 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. Fidelity Puritan Fund - Class K: 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. Fidelity Conservative Income Bond Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity Global High Income Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity Limited Term Government Fund: As of August 1, 2013, this fund changed its name from Fidelity Institutional Short-Intermediate Government Fund. Fidelity Global Bond Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Fidelity International Bond Fund: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. MetLife Fixed - New Account: This investment option is not a mutual fund. MetLife Fixed - Old Account: This investment option is not a mutual fund. MetLife Policy Credit Account: This investment option is not a mutual fund. Spartan U.S. Bond Index Fund - Fidelity Advantage Class: On May 10, 2011, an initial offering of the Fidelity Advantage Share Class took place. Returns prior to that date are those of the Investor Class and reflect the Investors Class' expense ratio. Had the Fidelity Advantage Class' expense ratio been reflected, total returns would have been higher. Spartan U.S. Bond Index Fund - Fidelity Advantage Class: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Strategic Advisers Income Opportunities Fund of Funds: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower. Benchmarks Benchmark indices are unmanaged, and you cannot invest directly in an index. More information on benchmarks for the investment options available through Fidelity are available online at (Password: 60300). Fidelity Investments Institutional Operations Company, Inc., 82 Devonshire Street, Boston MA FMR LLC. All rights reserved Fidelity Asset Manager 60%: Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower

34 56 57

35 The Vanguard Group Disclosure Statement

36

37 UNIVERSITY OF NOTRE DAME 403(B) RETIREMENT PLAN Plan Number Plan Information as of 05/06/2014 This legally required notice includes important information to help you compare the investment options under your retirement plan. You should also review additional information about your investment options, which is available on your plan s website at by contacting Vanguard Participant Services at or writing to Vanguard at P.O. Box 2900, Valley Forge, PA You can obtain a free paper copy of the information on the website by calling Vanguard at No specific action is required on your part as a result of this notice. It takes just a few minutes to sign up for e-delivery: If you haven t already signed up to receive plan communications electronically, you can do so by logging on to your Vanguard retirement plan account at vanguard.com. Click My profile, select Mailing preferences, and follow the prompts. Summary This document has two parts. Part I consists of general plan information, including how you may direct investments in your plan account, whether you have voting rights associated with any plan investments and any restrictions that may apply to that investment direction. Part I also describes the fees and expenses you will pay for plan administration and individual transactions. Part II consists of performance information for plan investment options. This part shows you how well the investments have performed in the past. Part II also shows you the fees and expenses you will pay if you invest in an option. Part I. General plan information A. How to direct your plan investments Your plan gives you the right to direct some or all of your plan investments. You can direct your plan investments using any of the three convenient methods listed below. For a list of the designated investment alternatives offered in your plan and any designated investment managers, please refer to the complete investment fee and performance chart contained in this notice. Online. Log on to your account at vanguard.com anytime. If you have not signed up for secure online account access, visit vanguard.com/register and follow the prompts. You will need your plan number: By phone. Call the 24-hour interactive VOICE Network at You will need a personal identification number (PIN) to use VOICE. To create a PIN, follow the prompts. With personal assistance. Vanguard Participant Services associates are available at Monday through Friday from 8:30 a.m. to 9 p.m., Eastern time. If calling from outside the United States contact Vanguard at You also can access current and previous account statements at any time through our secure website, using the online access instructions above. Your plan statements are published electronically on a periodic basis, at least quarterly. You have the right to request and obtain, free of charge, a paper version of your account statements. You can print it right off Vanguard s website, or contact Vanguard at to request that one be mailed. You can also get Vanguard statements by mail automatically. To review or update your mailing preferences, simply log on to your account at vanguard.com,gotomy Profile, and select Mailing Preferences.

38 Transaction requests (for example, a contribution, exchange or redemption) must be in good order. "Good order" means that Vanguard has determined that (1) your transaction request includes complete information and (2) appropriate assets are already in your account or new assets have been received. Vanguard, as your plan s record keeper, will determine the necessary processing time for your transaction request before submission to the fund(s). Your transaction will then be based on the next-determined net asset value (NAV) of the investment s shares. If your transaction request is received by Vanguard in good order on a business day before the close of regular trading on the New York Stock Exchange (NYSE) (generally 4 p.m., Eastern time), you will receive that day s NAV and trade date. If your transaction request is received in good order while the NYSE is closed, you will receive the next business day s NAV and trade date. If your transaction involves one or more investments with an early cutoff time for processing or another trading restriction, your entire transaction will be subject to that cutoff time when the trade date for your transaction is determined. If an early cutoff time applies to an investment available in your plan, please review the next section for additional information. You may not cancel any transaction request once processing has begun. Please be careful when placing a transaction request. Proxy voting The plan administrator or other named fiduciary for the plan exercises voting, tender and similar rights with respect to the mutual funds in the plan. B. Limitations on your ability to direct investments Frequent trading policy Because excessive transactions can disrupt the management of an investment and increase its transaction costs, limits are placed on exchanges and other transactions. If you move money out of an investment (other than money market funds, short-term bond funds, stable value investments, and employer securities), you cannot move money back into the same investment for 60 days. This policy applies regardless of the dollar amount. Please note that the 60-day clock restarts after every exchange out of the investment. The frequent trading policy does not apply to the following: exchange requests submitted by mail to Vanguard (exchange requests submitted by fax, if otherwise permitted, are not mail requests and are subject to the policy); exchanges of shares purchased with participant payroll or employer contributions or loan payments; exchanges of shares purchased with reinvested dividend or capital gains distributions; distributions, loans, and in-service withdrawals from a plan; redemptions of shares as part of a plan termination or at the direction of the plan; redemptions of shares to pay fund or account fees; share or asset transfers or rollovers; re-registrations of shares within the same investment; conversions of shares from one share class to another in the same investment; and automated transactions executed during the first six months of enrollment in the Vanguard Managed Account Program. Note that your plan and the issuers of your plan s investments reserve the right to revise or terminate the exchange privilege (your ability to move money between investments), limit the amount of any exchange, or reject any exchange at any time, without notice. Investment fees charged to your account Investments in your plan may carry additional fees, including administrative charges, commissions, sales loads, sales charges, deferred sales charges, redemption fees, surrender charges, exchange fees, account fees, and purchase fees. Please review the complete investment fee and performance chart contained in this notice to determine whether these fees may be charged for an investment option, and review your account statement for a detailed disclosure of the dollar amount actually charged to your account each quarter that is attributable to these fees.

39 Part II. Investment performance and fee information The table below focuses on the performance of investment options that do not have a fixed or stated rate of return. This table shows how these options have performed over time and allows you to compare them with an appropriate benchmark for the same time periods. Past performance does not guarantee how the investment option will perform in the future. Your investment in these options could lose money. Information about an option s principal risks is available on your plan's website. This table also shows fee and expense information for the investment options listed below, including the total annual operating expenses of each investment option listed below. Total annual operating expenses are expenses that reduce the rate of return of the investment option. This table also shows shareholder-type fees. These fees are in addition to total annual operating expenses. The table also shows any restrictions or limitations that may apply to purchases, transfers, or withdrawals of the investment. Please note, each benchmark provided in the chart is a broad-based securities market index, as required by Department of Labor regulation. When reviewing performance of a blended fund (a fund that invests in a mix of stocks, bonds and/or money market instruments, like a Target Date Fund or balanced fund), it may also be useful to compare fund returns to composite benchmarks comprised of multiple broad-based indices based on the fund's composition, goals and objectives. Composite benchmarks are available in the fund prospectuses and at vanguard.com. If you have questions or need help finding additional information, contact Vanguard Participant Services at Investment performance and expenses The table below provides important information about your investment options (as of December 31, 2013) The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. International Equity Vanguard Developed Markets Index Fund (Inv) Benchmark: FTSE Developed ex North America NR Index Annual expense ratio As a % Per $ % $2.00 Average Annual Return 1 year 5 year 10 year Since funds inception* 3.40% 3.19% Fund inception date 12/19/2013 Vanguard Emerging Markets Stock Index Fund (Inv) Benchmark: FTSE Emerging NR Index 0.33% $ % -3.79% 13.83% 14.78% 10.44% 11.53% 05/04/1994 Vanguard European Stock Index Fund (Inv) Benchmark: MSCI World NR Index 0.26% $ % 26.68% 13.01% 15.02% 7.40% 6.98% 06/18/1990 Vanguard Global Equity Fund (Inv) Benchmark: MSCI All Country World NR Index 0.61% $ % 22.80% 16.49% 14.92% 7.80% 7.17% 08/14/1995 Vanguard International Explorer Fund (Inv) Benchmark: S&P EPAC SmallCap Index 0.43% $ % 28.40% 17.32% 17.47% 9.95% 10.01% 11/04/1996

40 International Equity Vanguard International Growth Fund (Inv) Benchmark: MSCI All Country World Ex-USA NR Index Annual expense ratio As a % Per $ % $ % 15.29% Average Annual Return 1 year 5 year 10 year Since funds inception* 15.84% 12.81% 8.66% 7.57% Fund inception date 09/30/1981 Vanguard International Value Fund (Inv) Benchmark: MSCI All Country World Ex-USA NR Index 0.41% $ % 15.29% 12.47% 12.81% 7.83% 7.57% 05/16/1983 Vanguard Pacific Stock Index Fund (Inv) Benchmark: MSCI World NR Index 0.26% $ % 26.68% 10.34% 15.02% 6.26% 6.98% 06/18/1990 Vanguard Total International Stock Index Fund (Inv) Benchmark: FTSE Global All Cap ex US Index 0.22% $ % 15.90% 12.02% 14.05% 7.26% 8.57% 04/29/1996 Risk: Foreign investing involves additional risks including currency fluctuations and political uncertainty. Stocks of companies in emerging markets are generally more risky than stocks of companies in developed countries. Domestic Equity Vanguard 500 Index Fund (Inv) Benchmark: Index Annual expense ratio As a % Per $ % $ % Average Annual Return 1 year 5 year 10 year Since funds inception* 17.81% 7.29% Fund inception date 08/31/1976 Vanguard Capital Opportunity Fund (Inv) Benchmark: Russell Mid Cap Growth Index 0.48% $ % 35.74% 21.25% 23.37% 10.50% 9.77% 08/14/1995 Vanguard Capital Value Fund (Inv) Benchmark: Russell 3000 Value Index 0.41% $ % 32.69% 26.99% 16.75% 8.35% 7.66% 12/17/2001 Vanguard Dividend Growth Fund (Inv) Benchmark: Russell 1000 Index 0.29% $ % 33.11% 16.60% 18.59% 9.03% 7.78% 05/15/1992 Vanguard Equity Income Fund (Inv) Benchmark: Russell 1000 Value Index 0.30% $ % 32.53% 17.04% 16.67% 8.56% 7.58% 03/21/1988

41 Domestic Equity Vanguard Explorer Fund (Inv) Benchmark: Russell 2500 Growth Index Annual expense ratio As a % Per $ % $ % 40.65% Average Annual Return 1 year 5 year 10 year Since funds inception* 23.08% 24.03% 9.20% 10.11% Fund inception date 12/11/1967 Vanguard Extended Market Index Fund (Inv) Benchmark: S&P MidCap 400 Index 0.28% $ % 33.50% 22.47% 21.89% 10.17% 10.36% 12/21/1987 Vanguard FTSE Social Index Fund (Inv) Benchmark: Dow Jones U.S. Total Stock Market Float Adjusted Index 0.28% $ % 33.47% 19.86% 18.86% 5.90% 8.09% 05/31/2000 Vanguard Growth & Income Fund (Inv) Benchmark: Index 0.36% $ % 17.37% 6.68% 12/10/1986 Vanguard Growth Index Fund (Inv) Benchmark: CRSP US Large Cap Growth Index 0.24% $ % 31.75% 20.16% 19.16% 7.88% 7.91% 11/02/1992 Vanguard Mid Cap Growth Fund (Inv) Benchmark: Russell Mid Cap Growth Index 0.54% $ % 35.74% 21.72% 23.37% 9.75% 9.77% 12/31/1997 Vanguard Mid-Cap Index Fund (Inv) Benchmark: CRSP US Mid Cap Index 0.24% $ % 35.27% 21.90% 21.77% 9.97% 10.11% 05/21/1998 Vanguard Morgan Growth Fund (Inv) Benchmark: Russell 3000 Growth Index 0.39% $ % 34.23% 19.55% 20.56% 7.85% 7.95% 12/31/1968 Vanguard PRIMECAP Fund (Inv) Benchmark: Index 0.45% $ % 19.13% 10.06% 11/01/1984 Vanguard REIT Index Fund (Inv) Benchmark: MSCI U.S. REIT GR Index 0.24% $ % 2.47% 16.74% 16.73% 8.46% 8.40% 05/13/1996 Vanguard Selected Value Fund (Inv) Benchmark: Russell Mid Cap Value Index 0.38% $ % 33.46% 21.85% 21.16% 10.62% 10.25% 02/15/1996

42 Domestic Equity Vanguard Small-Cap Growth Index Fund (Inv) Benchmark: CRSP US Small Cap Growth Index Annual expense ratio As a % Per $ % $ % 38.44% Average Annual Return 1 year 5 year 10 year Since funds inception* 24.23% 23.25% 10.63% 10.80% Fund inception date 05/21/1998 Vanguard Small-Cap Index Fund (Inv) Benchmark: CRSP US Small Cap Index 0.24% $ % 38.48% 22.38% 23.65% 10.21% 10.92% 10/03/1960 Vanguard Small-Cap Value Index Fund (Inv) Benchmark: CRSP US Small Cap Value Index 0.24% $ % 38.47% 20.32% 23.94% 9.54% 11.16% 05/21/1998 Vanguard Strategic Equity Fund (Inv) Benchmark: Dow Jones U.S. Total Stock Market Float Adjusted Index 0.29% $ % 33.47% 22.24% 18.86% 8.94% 8.09% 08/14/1995 Vanguard Total Stock Market Index Fund (Inv) Benchmark: CRSP US Total Market Index 0.17% $ % 33.64% 18.72% 18.90% 7.99% 8.17% 04/27/1992 Vanguard U.S. Growth Fund (Inv) Benchmark: Russell 1000 Growth Index 0.45% $ % 33.48% 19.12% 20.39% 7.12% 7.83% 01/06/1959 Vanguard US Value Fund (Inv) Benchmark: Russell 3000 Value Index 0.30% $ % 32.69% 16.67% 16.75% 6.80% 7.66% 06/29/2000 Vanguard Value Index Fund (Inv) Benchmark: CRSP US Large Cap Value Index 0.24% $ % 33.34% 16.09% 16.75% 7.38% 7.45% 11/02/1992 Vanguard Windsor Fund (Inv) Benchmark: Russell 1000 Value Index 0.41% $ % 32.53% 19.53% 16.67% 7.04% 7.58% 10/23/1958 Vanguard Windsor II Fund (Inv) Benchmark: Russell 1000 Value Index 0.35% $ % 32.53% 17.10% 16.67% 7.87% 7.58% 06/24/1985 Risk: Prices of mid- and small-cap stocks often fluctuate more than those of large-company stocks. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility.

43 Balanced Vanguard Balanced Index Fund (Inv) Benchmark: CRSP US Total Market Index Annual expense ratio As a % Per $ % $ % 33.64% Average Annual Return 1 year 5 year 10 year Since funds inception* 13.17% 18.90% 6.89% 8.17% Fund inception date 11/09/1992 Vanguard Convertible Securities Fund (Inv) Benchmark: BofAML All Qualities Convertible Bonds Index 0.52% $ % 26.60% 16.39% 18.46% 7.91% 7.56% 06/17/1986 Vanguard LifeStrategy Conservative Growth Fund (Inv) Benchmark: Barclays U.S. Aggregate Bond Index 0.15% $ % -2.02% 9.53% 4.44% 5.42% 4.55% 09/30/1994 Vanguard LifeStrategy Growth Fund (Inv) Benchmark: Dow Jones U.S. Total Stock Market Float Adjusted Index 0.17% $ % 33.47% 14.27% 18.86% 6.74% 8.09% 09/30/1994 Vanguard LifeStrategy Income Fund (Inv) Benchmark: Barclays U.S. Aggregate Bond Index 0.14% $ % -2.02% 6.95% 4.44% 4.67% 4.55% 09/30/1994 Vanguard LifeStrategy Moderate Growth Fund (Inv) Benchmark: Barclays U.S. Aggregate Bond Index 0.16% $ % -2.02% 11.94% 4.44% 6.27% 4.55% 09/30/1994 Vanguard STAR Fund (Inv) Benchmark: Dow Jones U.S. Total Stock Market Float Adjusted Index 0.34% $ % 33.47% 13.50% 18.86% 7.25% 8.09% 03/29/1985 Vanguard Target Retirement 2010 Fund (Inv) Benchmark: MSCI U.S. Broad Market Index 0.16% $ % 30.97% 10.55% 16.48% 5.99% 8.02% 06/07/2006 Vanguard Target Retirement 2015 Fund (Inv) Benchmark: MSCI U.S. Broad Market Index 0.16% $ % 30.97% 11.79% 16.48% 6.16% 6.06% 10/27/2003 Vanguard Target Retirement 2020 Fund (Inv) Benchmark: MSCI U.S. Broad Market Index 0.16% $ % 30.97% 12.77% 16.48% 6.43% 8.02% 06/07/2006 Vanguard Target Retirement 2025 Fund (Inv) Benchmark: MSCI U.S. Broad Market Index 0.17% $ % 30.97% 13.63% 16.48% 6.49% 6.06% 10/27/2003

44 Balanced Vanguard Target Retirement 2030 Fund (Inv) Benchmark: MSCI U.S. Broad Market Index Annual expense ratio As a % Per $ % $ % 30.97% Average Annual Return 1 year 5 year 10 year Since funds inception* 14.53% 16.48% 6.54% 8.02% Fund inception date 06/07/2006 Vanguard Target Retirement 2035 Fund (Inv) Benchmark: MSCI U.S. Broad Market Index 0.18% $ % 30.97% 15.33% 16.48% 6.99% 6.06% 10/27/2003 Vanguard Target Retirement 2040 Fund (Inv) Benchmark: MSCI U.S. Broad Market Index 0.18% $ % 30.97% 15.66% 16.48% 6.83% 8.02% 06/07/2006 Vanguard Target Retirement 2045 Fund (Inv) Benchmark: MSCI U.S. Broad Market Index 0.18% $ % 30.97% 15.65% 16.48% 7.37% 6.06% 10/27/2003 Vanguard Target Retirement 2050 Fund (Inv) Benchmark: MSCI U.S. Broad Market Index 0.18% $ % 30.97% 15.67% 16.48% 6.89% 8.02% 06/07/2006 Vanguard Target Retirement 2055 Fund (Inv) Benchmark: MSCI U.S. Broad Market Index 0.18% $ % 30.97% 15.29% 19.95% 08/18/2010 Vanguard Target Retirement 2060 Fund (Inv) Benchmark: MSCI U.S. Broad Market Index 0.18% $ % 30.97% 17.80% 22.39% 01/19/2012 Vanguard Target Retirement Income Fund (Inv) Benchmark: Barclays U.S. Aggregate Bond Index 0.16% $ % -2.02% 8.56% 4.44% 5.48% 4.55% 10/27/2003 Vanguard Wellesley Income Fund (Inv) Benchmark: Barclays U.S. Aggregate Bond Index 0.25% $ % -2.02% 11.08% 4.44% 7.15% 4.55% 07/01/1970 Vanguard Wellington Fund (Inv) Benchmark: Index 0.25% $ % 13.65% 8.10% 07/01/1929 Risk: All investing is subject to risk. Investments in target date funds are subject to the risks of their underlying funds. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in a target-date fund is not guaranteed at any time, includingonor after the target date.

45 Bond Vanguard GNMA Fund (Inv) Benchmark: Barclays GNMA Index Annual expense ratio As a % Per $ % $ % -2.12% Average Annual Return 1 year 5 year 10 year Since funds inception* 3.94% 3.99% 4.57% 4.69% Fund inception date 06/27/1980 Vanguard High-Yield Corporate Fund (Inv) Benchmark: Barclays U.S. Corporate High Yield Index 0.23% $ % 7.44% 14.89% 18.93% 6.86% 8.62% 12/27/1978 Vanguard Inflation Protected Securities Fund (Inv) Benchmark: Barclays U.S. Treasury TIPS Index 0.20% $ % -8.61% 5.31% 5.63% 4.59% 4.85% 06/29/2000 Vanguard Intermediate Term Investment Grade Fund (Inv) Benchmark: Barclays U.S. Credit 5-10 Year Index 0.20% $ % -2.05% 8.52% 9.17% 5.27% 5.71% 11/01/1993 Vanguard Intermediate Term Treasury Fund (Inv) Benchmark: Barclays U.S. Government Index 0.20% $ % -2.60% 2.89% 2.26% 4.60% 4.14% 10/28/1991 Vanguard Intermediate-Term Bond Index Fund (Inv) Benchmark: Barclays Government/Credit 5-10 Year Index 0.20% $ % -3.37% 5.90% 5.99% 5.28% 5.34% 03/01/1994 Vanguard Long-Term Bond Index Fund (Inv) Benchmark: Barclays U.S. Government/Credit Long Index 0.20% $ % -8.83% 6.19% 6.40% 6.24% 6.36% 03/01/1994 Vanguard Long-Term Investment Grade Fund (Inv) Benchmark: Barclays U.S. Credit A+ Long Index 0.22% $ % -6.79% 8.20% 8.13% 6.37% 6.01% 07/09/1973 Vanguard Long-Term Treasury Fund (Inv) Benchmark: Barclays U.S. Treasury Long Index 0.20% $ % % 2.19% 2.28% 5.65% 5.94% 05/19/1986 Vanguard Short-Term Bond Index Fund (Inv) Benchmark: Barclays Government/Credit 1-5 Year Index 0.20% $ % 0.28% 2.62% 2.86% 3.27% 3.41% 03/01/1994 Vanguard Short-Term Federal Fund (Inv) Benchmark: Barclays Government 1-5 Year Index 0.20% $ % -0.12% 1.96% 1.71% 3.15% 3.15% 12/31/1987

46 Bond Vanguard Short-Term Investment Grade Fund (Inv) Benchmark: Barclays Credit 1-5 Year Index Annual expense ratio As a % Per $ % $ % 1.24% Average Annual Return 1 year 5 year 10 year Since funds inception* 5.23% 5.67% 3.61% 4.15% Fund inception date 10/29/1982 Vanguard Short-Term Treasury Fund (Inv) Benchmark: Barclays Government 1-5 Year Index 0.20% $ % -0.12% 1.38% 1.71% 2.78% 3.15% 10/28/1991 Vanguard Total Bond Market Index Fund (Inv) Benchmark: Barclays U.S. Aggregate Bond Index 0.20% $ % -2.02% 4.28% 4.44% 4.42% 4.55% 12/11/1986 Risk: Investments in bond funds are subject to interest rate, credit, and inflation risk. While U.S. Treasury or government agency securities provide substantial protection against credit risk, they do not protect investors against price changes due to changing interest rates. Although the market values of government securities are not guaranteed and may fluctuate, these securities are guaranteed as to the timely payment of principal and interest. Short-Term Reserves Vanguard Admiral Treasury Money Market Fund (Inv) Benchmark: U.S. T-Bill Auction - 3-Month Average Fund closed to new investments Annual expense ratio As a % Per $ % $ % 0.06% Average Annual Return 1 year 5 year 10 year Since funds inception* 0.06% 0.10% 1.58% 1.64% Fund inception date 12/14/1992 Vanguard Federal Money Market Fund (Inv) Benchmark: Citigroup 3-Month T-Bill Index Fund closed to new investments 0.14% $ % 0.05% 0.09% 0.10% 1.67% 1.59% 07/13/1981 Vanguard Prime Money Market Fund (Inv) Benchmark: Citigroup 3-Month T-Bill Index 0.17% $ % 0.05% 0.14% 0.10% 1.74% 1.59% 06/04/1975 Risk: An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such a fund. *Performance data is since inception date of the fund, if less than 10 years of performance is available. Fee information The cumulative effect of fees and expenses can substantially reduce the growth of your retirement savings. Visit the Department of Labor s website for an example showing the long-term effect of fees and expenses at Fees and expenses are only one of many factors to consider when you decide to invest in an option. You may also want to think about whether an investment in a particular option, along with your other investments, will help you achieve your financial goals.

47 Please visit for updated fee and performance information for each of these investment alternatives, along with additional information regarding the investment s issuer, objectives and goals, principal strategies and risks and portfolio turnover rate. To better understand your investment options, please also visit for a glossary of terms. Fee/expense definitions Total annual operating expense (gross expense ratio) The investment fund s annual operating expenses, often expressed as a percentage of average net assets. The total annual operating expense does not reflect any fee waivers or reimbursements that may be in effect. Sales charge A charge deducted from the amount invested when shares of a fund are initially purchased. The amount is generally relative to the amount of the investment, so that larger investments incur smaller rates of charge. Redemption fee The redemption fee is an amount charged when shareholders redeem shares of a fund within a specified number of days following the purchase of those shares. The redemption fee is intended to allow funds to recoup some of the costs incurred as a result of short-term trading strategies, such as market timing. Deferred sales charge This charge is imposed when investors redeem shares. The percentage charged generally declines the longer shares are held. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. This information was prepared by Newkirk Products, Inc. and is intended for distribution to retirement plans, HSAs, and HRAs. Copyright 2014 Morningstar, Inc. and Newkirk Products, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers or to Newkirk; (2) may not be copied or distributed (except to intended retirement plan sponsors, participants, or beneficiaries); and (3) is not warranted to be accurate, complete or timely. Neither Newkirk nor Morningstar and its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE 2013 The Vanguard Group, Inc. All rights reserved.

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49 TIAA-CREF Financial Services Disclosure Statement

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51 UNIVERSITY OF NOTRE DAME 403(B) RETIREMENT PLAN Investment Options Comparative Chart Your plan allows you to direct how your contributions are invested. When making investment decisions, you should keep in mind how long you have until retirement, your tolerance for risk, how this retirement plan fits into your overall financial picture, and the impact of fees. The information on the following pages will help you compare investments that align with your retirement goals. For information and resources to help you make informed decisions, visit Part I consists of performance and fee information for plan investment options. This part shows you how well the investments have performed in the past as well as any fees and expenses you will pay if you invest in an option. Part II contains information about the annuity options available within your employer's retirement plan. For more information on the impact of fees and expenses to your plan, refer to the Summary of Plan Services and Costs or visit the DOL's website at dol.gov/ebsa/publications/401k_employee.html. Fees are only one of many factors to consider when making an investment decision.