YOUR GUIDE TO GETTING STARTED

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1 University System of Georgia Board of Regents Retirement Plan No Online Enrollment Invest in your retirement and yourself today, with help from the Board of Regents Retirement Plan of the University System of Georgia and Fidelity. YOUR GUIDE TO GETTING STARTED

2 Invest some of what you earn today for what you plan to accomplish tomorrow. Your Employer offers outstanding convenience and a variety of investment options. Take a look and see what a difference enrolling in the Plan could make in achieving your goals. Benefit from: Online enrollment. Simply go to Fidelity NetBenefits at or call the Retirement Service Representatives at to enroll in the Plan. Employer contributions. University System of Georgia s contributions are an important part of your overall retirement savings. You are eligible to receive Employer contributions based on your position, which you decide how best to invest for your future goals. Tax-deferred savings opportunities. You pay no taxes on any earnings until you withdraw them from your account, enabling you to keep more of your money working for you now. Investment options. You have the flexibility to select from investment options that range from more conservative to more aggressive, making it easy for you to develop a well-diversified investment portfolio. Your plan offers you the option of having experienced professionals manage your account for you. Online beneficiary. With Fidelity s Online Beneficiaries Service, you can designate your beneficiaries, receive instant online confirmation, and check your beneficiary information virtually any time. To learn more about what your plan offers, see Frequently asked questions about your plan later in this guide. Sincerely, University System of Georgia Enroll in your plan and invest in yourself today.

3 Frequently asked questions about your plan. Here are answers to questions you may have about the key features, benefits, and rules of your plan. When can I enroll in the Plan? You are eligible to enroll in the Georgia Optional Retirement Plan during your first 60 days of employment. The Georgia Optional Retirement Plan is an alternative to the Teachers Retirement System of Georgia. You must enroll in one of the two plans. Your decision is irrevocable. How do I enroll in the Plan? Your enrollment is effective once you complete your institution s enrollment form, which may be obtained from your institution s benefits office. Once your enrollment is complete, you may view and manage your account by logging on to Fidelity NetBenefits at How much can I contribute? You must make a mandatory contribution of 6% of your eligible pay, up to the annual IRS dollar limits. What is the IRS contribution limit? The IRS contribution limit for 2017 is $18,000. When is my enrollment effective? Your enrollment becomes effective once you elect a deferral percentage, which initiates deduction of your contributions from your pay. You will generally begin to see your contributions deducted from your paycheck in the next pay period, or as soon as administratively possible. Does the Employer contribute to my account? The Board of Regents Retirement Plan of the University System of Georgia offers an Employer Discretionary Contribution of 9.24% into the 401(a) Plan with the University System of Georgia. Please contact your Human Resources department for more details. How do I designate my beneficiary? If you have not already selected your beneficiaries, or if you have experienced a lifechanging event such as a marriage, divorce, birth of a child, or a death in the family, it s time to consider your beneficiary designations. Fidelity s Online Beneficiaries Service, available through Fidelity NetBenefits, offers a straightforward, convenient process that takes just minutes. Simply log on to NetBenefits at and click on the Profile link, then select Beneficiaries and follow the online instructions. If you do not have access to the Internet or prefer to complete your beneficiary information by paper form, please call the Retirement Service Representatives at What are my investment options? To help you meet your investment goals, the Plan offers you a range of options. You can select a mix of investment options that best suits your goals, time horizon, and risk tolerance. The many investment options available through the Plan include conservative, moderately conservative, and aggressive funds. A complete description of the Plan s investment options and their performance, as well as planning tools to help FAQs For more information visit or call

4 you choose an appropriate mix, are available online at Fidelity NetBenefits. FAQs What if I don t make an investment election We encourage you to take an active role in the Board of Regents Retirement Plan of the University System of Georgia and choose investment options that best suit your goals, time horizon, and risk tolerance. If you do not select specific investment options in the Plan, your contributions will be invested in the the Fidelity Freedom K Fund with the target retirement date closest to the year you might retire, based on your current age and assuming a retirement age of 65, at the direction of Georgia ORP. Please refer to the chart in the Investment Options section for more detail. If no date of birth or an invalid date of birth is on file at Fidelity, your contributions may be invested in the Fidelity Freedom K Income Fund. For more information about the Fidelity Freedom K Fund options, log into When am I vested? You are immediately 100% vested in your contributions to the Board of Regents of the University System of Georgia 403(b) Deferred Compensation Plan, as well as you are always 100% vested in the University s contributions to the 401(a) Board of Regents Retirement Plan. Can I make withdrawals? Withdrawals from the Plan are generally permitted when you terminate your employment or retire, as defined by your Plan. 2

5 Investment Options The following is a list of investment options for the Board of Regents Retirement Plan of the University System of Georgia, organized by category. For up-to-date performance information and other fund specifics, go to Tier 1: Target Date Funds Placement of investment options within each risk spectrum is only in relation to the investment options within that specific spectrum. Placement does not reflect risk relative to the investment options shown in the other risk spectrums. Investment options to the left have potentially more inflation risk and less investment risk Risk Spectrum for Target Date The target date funds are designed for investors expecting to retire around the year indicated in each fund s name. Each fund is managed to gradually become more conservative over time as it approaches the target date. The investment risk of each target date fund changes over time as the fund s asset allocation changes. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked, and foreign securities. Principal invested is not guaranteed at any time, including at or after the funds target dates. The chart below lists the assigned fund the Board of Regents Retirement Plan of the University System of Georgia believes will best fit your diversification needs should you not select an investment option. Your Birth Date* Fund Name Target Retirement Years Before 1938 Fidelity Freedom K Income Fund Retired before 2002 January 1, 1938 December 31, 1942 Fidelity Freedom K 2005 Fund January 1, 1943 December 31, 1947 Fidelity Freedom K 2010 Fund January 1, 1948 December 31, 1952 Fidelity Freedom K 2015 Fund Investment options to the right have potentially less inflation risk and more investment risk Fidelity Freedom K Income Fund Fidelity Freedom K 2020 Fund Fidelity Freedom K 2040 Fund Fidelity Freedom K 2005 Fund Fidelity Freedom K 2025 Fund Fidelity Freedom K 2045 Fund Fidelity Freedom K 2010 Fund Fidelity Freedom K 2030 Fund Fidelity Freedom K 2050 Fund Fidelity Freedom K 2015 Fund Fidelity Freedom K 2035 Fund Fidelity Freedom K 2055 Fund Fidelity Freedom K 2060 Fund Investment Options For more information visit or call January 1, 1953 December 31, 1957 Fidelity Freedom K 2020 Fund January 1, 1958 December 31, 1962 Fidelity Freedom K 2025 Fund January 1, 1963 December 31, 1967 Fidelity Freedom K 2030 Fund January 1, 1968 December 31, 1972 Fidelity Freedom K 2035 Fund January 1, 1973 December 31, 1977 Fidelity Freedom K 2040 Fund January 1, 1978 December 31, 1982 Fidelity Freedom K 2045 Fund January 1, 1983 December 31, 1987 Fidelity Freedom K 2050 Fund January 1, 1988 December 31, 1992 Fidelity Freedom K 2055 Fund January 1, 1993, or later Fidelity Freedom K 2060 Fund 2058 and beyond *Dates selected by Plan Sponsor 3

6 Tier 2: Core Investment Options Investment Options Investment options to the left have potentially more inflation risk and less investment risk CONSERVATIVE SHORT-TERM INVESTMENT BONDS Investment options to the right have potentially less inflation risk and more investment risk STOCKS AGGRESSIVE Money Market Bond Domestic Equity International/ Global Equity Fidelity Money Market Trust Retirement Government Money Market Portfolio Diversified PIMCO Total Return Fund Institutional Class Vanguard Long-Term Bond Index Fund Investor Shares Vanguard Short-Term Bond Index Fund Admiral Shares International/Global Fidelity New Markets Income Fund Templeton Global Bond Fund Class R6 Large Value Eaton Vance Large-Cap Value Fund Class I Mid Value John Hancock Funds Disciplined Value Mid Cap Fund Class I Small Value Northern Small Cap Value Fund Large Blend Spartan 500 Index Fund Institutional Class Mid Blend Spartan Extended Market Index Fund Fidelity Advantage Class Large Growth Fidelity Contrafund Class K Neuberger Berman Guardian Fund Class Investor Mid Growth Baron Growth Fund Institutional Shares Wells Fargo Discovery Fund Class R6 Small Growth Loomis Sayles Small Cap Growth Fund Institutional Class Diversified Morgan Stanley Institutional Fund, Inc. International Equity Portfolio Class IS Spartan Global ex U.S. Index Fund Fidelity Advantage Class Emerging Markets DFA Emerging Markets Portfolio Institutional Class 4 This spectrum, with the exception of the Domestic Equity category, is based on Fidelity s analysis of the characteristics of the general investment categories of the investment options and not on the actual security holdings, which can change frequently. Investment options in the Domestic Equity category are based on the options Morningstar categories as of 03/31/2017. Morningstar categories are based on a fund s style as measured by its underlying portfolio holdings over the past three years and may change at any time. These style calculations do not represent the investment options objectives and do not predict the investment options future styles. Investment options are listed in alphabetical order within each investment category. Risk associated with the investment options can vary significantly within each particular investment category, and the relative risk of categories may change under certain economic conditions. For a more complete discussion of risk associated with the mutual fund options, please read the prospectuses before making your investment decision. The spectrum does not represent actual or implied performance.

7 Tier 3: Fidelity BrokerageLink Fidelity BrokerageLink combines the convenience of your workplace retirement plan with the additional flexibility of a brokerage account. It gives you expanded investment choices to manage your retirement contributions. BrokerageLink includes investments beyond those in your plan s lineup. The plan fiduciary neither evaluates nor monitors the investments available through BrokerageLink. It is your responsibility to ensure that the investments you select are suitable for your situation, including your goals, time horizon, and risk tolerance. See the fact sheet and commission schedule for applicable fees and risks. Investment Options For more information visit or call

8 Investment Options 6

9 Investment Options Before investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity for a mutual fund prospectus or, if available, a summary prospectus containing this information. Read it carefully. American Century Government Bond Fund R5 Class VRS Code: Fund Objective: The investment seeks high current income. Fund Strategy: Under normal market conditions, the fund invests at least 80% of its net assets in U.S. government debt securities, including U.S. Treasury securities and other securities issued or guaranteed by the U.S. government and its agencies and instrumentalities. Fund Risk: In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking a fund that invests primarily in securities issued by the U.S. government and its agencies or instrumentalities. Someone who is seeking to diversify an equity portfolio with a more conservative investment option. inception of 03/01/2010. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 05/16/1980, adjusted to reflect the fees and expenses of this share class (when this share class s fees and As of April 10, 2017, this fund changed the name of its share class from Institutional Class. American Century Growth Fund Institutional Class VRS Code: Fund Objective: The investment seeks long-term capital growth. Fund Strategy: The fund invests in stocks of companies that the adviser believes will increase in value over time. The portfolio managers use a variety of analytical research tools and techniques to identify the stocks of larger-sized companies that meet their investment criteria. Normally, the fund s portfolio will primarily consist of securities of companies demonstrating business improvement. Although the portfolio managers intend to invest the fund s assets primarily in U.S. securities, the fund may invest in securities of foreign companies when these securities meet the portfolio managers standards of selection. Fund Risk: Growth stocks can perform differently from the market as a whole and can be more volatile than other types of stocks. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking the potential for long-term share-price appreciation. Someone who is willing to accept the generally greater price volatility associated with growth-oriented stocks. Investment Options For more information visit or call

10 Investment Options inception of 06/16/1997. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 06/30/1971, adjusted to reflect the fees and expenses of this share class (when this share class s fees and American Funds AMCAP Fund Class R-6 VRS Code: Fund Objective: The investment seeks long-term growth of capital. Fund Strategy: The fund invests primarily in common stocks of U.S. companies that have solid long-term growth records and the potential for good future growth. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. Fund Risk: Growth stocks can perform differently from the market as a whole and can be more volatile than other types of stocks. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking the potential for long-term share-price appreciation. Someone who is willing to accept the generally greater price volatility associated with growth-oriented stocks. inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 05/01/1967, adjusted to reflect the fees and expenses of this share class (when this share class s fees and American Funds American Balanced Fund Class R-6 VRS Code: Fund Objective: The investment seeks conservation of capital, current income and long-term growth of capital and income. Fund Strategy: The fund uses a balanced approach to invest in a broad range of securities, including common stocks and investment-grade bonds. It also invests in securities issued and guaranteed by the U.S. government and by federal agencies and instrumentalities. In addition, the fund may invest a portion of its assets in common stocks, most of which have a history of paying dividends, bonds and other securities of issuers domiciled outside the United States. Fund Risk: Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking to invest in a fund that invests in both stocks and bonds. Someone who is seeking the potential both for income and for long-term share-price appreciation and who is willing to accept the volatility of the bond and stock markets. 8

11 inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/25/1975, adjusted to reflect the fees and expenses of this share class (when this share class s fees and American Funds Capital Income Builder Class R-6 VRS Code: Fund Objective: The investment seeks a level of current income and a growing stream of income over years; growth of capital is the secondary objective. Fund Strategy: The fund normally will invest at least 90% of its assets in income-producing securities (with at least 50% of its assets in common stocks and other equity securities). It invests primarily in a broad range of income-producing securities, including common stocks and bonds. In seeking to provide the investors with a level of current income that exceeds the average yield on U.S. stocks, the fund generally looks to the average yield on stocks of companies listed on the S&P 500 Index. Fund Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking to invest in a fund that invests in both domestic and international stocks and bonds. Someone who is seeking the potential both for income and for long-term share-price appreciation and who is willing to accept the potentially greater volatility of the foreign bond and stock markets. inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/30/1987, adjusted to reflect the fees and expenses of this share class (when this share class s fees and S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. American Funds Capital World Bond Fund Class R-6 VRS Code: Fund Objective: The investment seeks to provide a high level of total return. Fund Strategy: The fund will invest at least 80% of its assets in bonds and other debt securities. It invests primarily in debt securities, including asset-backed and mortgage-backed securities and securities of governmental, supranational and corporate issuers denominated in various currencies, including U.S. dollars. The fund may invest substantially in securities of issuers domiciled outside the United States, including issuers domiciled in developing countries. Normally, it will invest substantially in investment-grade bonds. The fund is non-diversified. Investment Options For more information visit or call

12 Investment Options Fund Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. The fund may invest in lower-quality debt securities that 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 fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking potential returns primarily in the form of interest dividends rather than through an increase in share price. Someone who is seeking to complement his or her core bond holdings with international bond investments and who can tolerate the greater risks associated with foreign investments. inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 08/04/1987, adjusted to reflect the fees and expenses of this share class (when this share class s fees and American Funds Fundamental Investors Class R-6 VRS Code: Fund Objective: The investment seeks long-term growth of capital and income. Fund Strategy: The fund invests primarily in common stocks of companies that appear to offer superior opportunities for capital growth and most of which have a history of paying dividends. It may invest significantly in securities of issuers domiciled outside the United States. The investment adviser uses a system of multiple portfolio managers in managing the fund s assets. Fund Risk: Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income. Someone who is seeking both growth- and value-style investments and who is willing to accept the volatility associated with investing in the stock market. inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 08/01/1978, adjusted to reflect the fees and expenses of this share class (when this share class s fees and American Funds Investment Company of America Class R-6 VRS Code: Fund Objective: The investment seeks long-term growth of capital and income. Fund Strategy: The fund invests primarily in common stocks, most of which have a history of paying dividends. It may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the United States. Although the fund focuses on investments in medium to larger capitalization companies, the fund s investments are not limited to a particular capitalization size. 10

13 Fund Risk: Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income. Someone who is seeking both growth- and value-style investments and who is willing to accept the volatility associated with investing in the stock market. inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 01/02/1934, adjusted to reflect the fees and expenses of this share class (when this share class s fees and American Funds New Perspective Fund Class R-6 VRS Code: Fund Objective: The investment seeks long-term growth of capital; future income is a secondary objective. Fund Strategy: The fund seeks to take advantage of investment opportunities generated by changes in international trade patterns and economic and political relationships by investing in common stocks of companies located around the world. In pursuing its primary investment objective, it invests primarily in common stocks that the investment adviser believes have the potential for growth. In pursuing its secondary objective, the fund invests in common stocks of companies with the potential to pay dividends in the future. Fund Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking an investment that invests in both domestic and international markets. Someone who is willing to accept the volatility of the markets and the generally higher degree of risk associated with international investments. inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 03/13/1973, adjusted to reflect the fees and expenses of this share class (when this share class s fees and Investment Options For more information visit or call American Funds The Growth Fund of America Class R-6 VRS Code: Fund Objective: The investment seeks growth of capital. Fund Strategy: The fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. It may invest up to 25% of its assets in securities of issuers domiciled outside the United States. The investment adviser uses a system of multiple portfolio managers in managing the fund s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested. 11

14 Investment Options Fund Risk: Growth stocks can perform differently from the market as a whole and can be more volatile than other types of stocks. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking the potential for long-term share-price appreciation. Someone who is willing to accept the generally greater price volatility associated with growth-oriented stocks. inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 11/30/1973, adjusted to reflect the fees and expenses of this share class (when this share class s fees and American Funds Washington Mutual Investors Fund Class R-6 VRS Code: Fund Objective: The investment seeks to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing. Fund Strategy: The fund invests primarily in common stocks of established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends. Its advisor strives to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks. Fund Risk: Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income. Someone who is comfortable with the volatility of large-cap stocks and value-style investments. inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/31/1952, adjusted to reflect the fees and expenses of this share class (when this share class s fees and Baron Growth Fund Institutional Shares VRS Code: Fund Objective: The investment seeks capital appreciation through long-term investments primarily in securities of small-sized growth companies. Fund Strategy: The fund invests for the long term primarily in equity securities in the form of common stock of small-sized growth companies. BAMCO, Inc. ("BAMCO" or the "Adviser") defines small-sized companies as those, at the time of purchase, with market capitalizations up to the largest market cap stock in the Russell 2000 Growth Index at reconstitution, or companies with market capitalizations up to $2.5 billion, whichever is larger. 12

15 Fund Risk: Growth stocks can perform differently from the market as a whole and can be more volatile than other types of stocks. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking the potential for long-term share-price appreciation. Someone who is willing to accept the generally greater price volatility associated both with growth-oriented stocks and with smaller companies. The Russell 2000 Growth Index is an unmanaged market capitalization-weighted index of growth-oriented stocks of U.S. domiciled companies that are included in the Russell 2000 Index. Growth-oriented stocks tend to have higher price-to-book ratios and higher forecasted growth values. inception of 05/29/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 12/30/1994, adjusted to reflect the fees and expenses of this share class (when this share class s fees and BlackRock Advantage Small Cap Growth Fund Institutional Shares VRS Code: Fund Objective: The investment seeks long-term capital growth. Fund Strategy: The fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small cap companies and at least 80% of its net assets (plus any borrowings for investment purposes) in securities or instruments of issuers located in the United States. The advisor defines these companies as those with market capitalizations, at the time of the fund s investment, comparable in size to the companies in the Russell 2000 Index. From time to time it may invest in shares of companies through "new issues" or initial public offerings ("IPOs"). Fund Risk: The securities of smaller, less well-known companies can be more volatile than those of larger companies. Growth stocks can perform differently from the market as a whole and can be more volatile than other types of stocks. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking the potential for long-term share-price appreciation. Someone who is willing to accept the generally greater price volatility associated both with growth-oriented stocks and with smaller companies. The Russell 2000 Growth Index is an unmanaged market capitalization-weighted index of growth-oriented stocks of U.S. domiciled companies that are included in the Russell 2000 Index. Growth-oriented stocks tend to have higher price-to-book ratios and higher forecasted growth values. As of February 15, 2017, this fund changed its name from BlackRock Small Cap Growth Equity Portfolio. Investment Options For more information visit or call BlackRock Equity Dividend Fund Institutional Shares VRS Code: Fund Objective: The investment seeks long-term total return and current income. Fund Strategy: The fund seeks to achieve its objective by investing primarily in a diversified portfolio of equity securities. Under normal circumstances, it will invest at least 80% of its assets in equity securities and at least 80% of its assets in dividend paying securities. The fund may invest in securities of companies with any market capitalization, but will generally focus on large cap securities. It may also invest in convertible securities and non-convertible preferred stock. The fund may invest up to 25% of its total assets in securities of foreign issuers. 13

16 Investment Options Fund Risk: Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income. Someone who is comfortable with the volatility of large-cap stocks and value-style investments. inception of 11/29/1988. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 11/25/1987, adjusted to reflect the fees and expenses of this share class (when this share class s fees and BlackRock Global Allocation Fund, Inc. Institutional Shares VRS Code: Fund Objective: The investment seeks to provide high total investment return. Fund Strategy: The fund invests in a portfolio of equity, debt and money market securities. Generally, the fund s portfolio will include both equity and debt securities. It may invest up to 35% of its total assets in "junk bonds," corporate loans and distressed securities. The fund may also invest in Real Estate Investment Trusts ("REITs") and securities related to real assets (like real estate- or precious metals-related securities) such as stock, bonds or convertible bonds issued by REITs or companies that mine precious metals. Fund Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking to invest in a fund that invests in both domestic and international stocks and bonds. Someone who is seeking the potential both for income and for long-term share-price appreciation and who is willing to accept the potentially greater volatility of the foreign bond and stock markets. BlackRock International Opportunities Portfolio Institutional Shares VRS Code: Fund Objective: The investment seeks long-term capital appreciation. Fund Strategy: The fund normally invests at least 80% of its net assets in equity securities issued by foreign companies of any market capitalization. It may invest up to 40% of its net assets in stocks of issuers in emerging market countries. The fund primarily invests in common stock but can also invest in preferred stock and convertible securities. From time to time it may invest in shares of companies through initial public offerings ("IPOs"). 14

17 Fund Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking to complement a portfolio of domestic investments with international investments, which can behave differently. Someone who is willing to accept the higher degree of risk associated with investing overseas. BlackRock U.S. Opportunities Portfolio Institutional Shares VRS Code: Fund Objective: The investment seeks to provide long-term capital appreciation. Fund Strategy: The fund invests at least 80% of its net assets in equity securities issued by U.S. emerging capitalization companies with relatively attractive earnings growth potential and valuation. The advisor generally defines these companies, at the time of the fund s investment, as those with market capitalizations comparable in size to those within the universe of Russell Midcap Index stocks. It may also invest in real estate investment trusts ("REITs"). Fund Risk: Growth stocks can perform differently from the market as a whole and can be more volatile than other types of stocks. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking the potential for long-term share-price appreciation. Someone who is willing to accept the generally greater price volatility associated both with growth-oriented stocks and with smaller companies. The Russell Midcap Index is an unmanaged market capitalization-weighted index of 800 medium-capitalization stocks. The stocks are also members of the Russell 1000 index. Columbia Acorn Fund Class Y Shares VRS Code: Fund Objective: The investment seeks long-term capital appreciation. Fund Strategy: The fund invests a majority of its net assets in the common stock of small- and mid-sized companies with market capitalizations under $5 billion at the time of initial investment and (ii) may also invest in companies with market capitalizations above $5 billion, provided that immediately after that investment a majority of the fund s net assets would be invested in Focus Stocks. It invests the majority of its assets in U.S. companies, but also may invest up to 33% of its total assets in foreign companies in developed markets (for example, Japan, Canada and the United Kingdom) and in emerging markets. Fund Risk: Growth stocks can perform differently from the market as a whole and can be more volatile than other types of stocks. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking the potential for long-term share-price appreciation. Someone who is willing to accept the generally greater price volatility associated both with growth-oriented stocks and with smaller companies. Investment Options For more information visit or call

18 Investment Options inception of 11/08/2012. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 06/10/1970, adjusted to reflect the fees and expenses of this share class (when this share class s fees and Columbia Acorn International Fund Class Y Shares VRS Code: Fund Objective: The investment seeks long-term capital appreciation. Fund Strategy: The fund invests at least 75% of its net assets in foreign companies in developed markets (for example, Japan, Canada and the United Kingdom) and in emerging markets (for example, China, India and Brazil). It invests a majority of its net assets in the common stock of small- and mid-sized companies with market capitalizations under $10 billion at the time of initial investment and (ii) may also invest in companies with market capitalizations above $10 billion, provided that immediately after that investment a majority of the fund s net assets would be invested in Focus Stocks. Fund Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Growth stocks can perform differently from the market as a whole and can be more volatile than other types of stocks. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking to complement a portfolio of domestic investments with international investments in smaller companies, which can behave differently. Someone who is willing to accept the higher degree of risk associated both with investing overseas and with investing in smaller companies. inception of 11/08/2012. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 09/23/1992, adjusted to reflect the fees and expenses of this share class (when this share class s fees and Columbia Balanced Fund Class Y Shares VRS Code: Fund Objective: The investment seeks high total return by investing in common stocks and debt securities. Fund Strategy: Under normal circumstances, the fund invests in a mix of equity and debt securities. Its assets are allocated among equity and debt securities (which include cash and cash equivalents) based on an assessment of the relative risks and returns of each asset class. The fund generally will invest between 35% and 65% of its net assets in each asset class, and in any event will invest at least 25% and no more than 75% of its net assets in each asset class under normal circumstances. Fund Risk: Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking to invest in a fund that invests in both stocks and bonds. Someone who is seeking the potential both for income and for long-term share-price appreciation and who is willing to accept the volatility of the bond and stock markets. 16

19 inception of 11/08/2012. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 10/01/1991, adjusted to reflect the fees and expenses of this share class (when this share class s fees and Columbia Mid Cap Value Fund Class Y VRS Code: Fund Objective: The investment seeks long-term capital appreciation. Fund Strategy: Under normal circumstances, the fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in equity securities of companies that have market capitalizations in the range of the companies in the Russell Midcap Value Index (the index) at the time of purchase that the fund s investment manager believes are undervalued and have the potential for long-term growth. It may invest up to 20% of its total assets in foreign securities. The fund normally invests in common stocks and also may invest in real estate investment trusts. Fund Risk: Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available. Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income. Someone who is comfortable with value-style investments and the potentially greater volatility of investments in smaller companies. The Russell Midcap Value Index is an unmanaged market capitalization-weighted index of medium-capitalization valueoriented stocks of U.S. domiciled companies that are included in the Russell Midcap Index. Value-oriented stocks tend to have lower price-to-book ratios and lower forecasted growth values. inception of 07/15/2009. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 11/20/2001, adjusted to reflect the fees and expenses of this share class (when this share class s fees and Columbia Overseas Value Fund Class Z VRS Code: Fund Objective: The investment seeks long-term capital appreciation. Fund Strategy: Under normal circumstances, the fund invests at least 80% of total assets (including the amount of any borrowings for investment purposes) in equity securities of foreign companies that have market capitalizations of more than $1 billion at the time of purchase. It typically invests in foreign companies in at least three countries, other than the United States, at any one time and may invest in emerging markets. The fund may invest directly in foreign securities or indirectly through closed-end investment companies and depositary receipts. Investment Options For more information visit or call