GEORGE WASHINGTON UNIVERSITY 40(B) RETIREMENT PLAN INVESTMENT OPTIONS PERFORMANCE UPDATE UNDERSTANDING INVESTMENT PERFORMANCE As you review this update, please remember that the performance data stated represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. To learn more or to obtain the most recent month-end performance, call Fidelity at 1-800-4-0860 or visit www.mysavingsatwork.com (log in, choose plan, select "Investment Choices & Research," and then pick investment option). Month YTD 1 5 TARGET DATE FSNJX Fidelity Freedom 2005 - Class K 1,27,28 -.24-2.46-2.46 4.50.51 6.68 4.56 11/06/0 n/a 0.40 FSNKX Fidelity Freedom 20 - Class K 1,27,28-4.74 -.52 -.52 4.9.85 7.49 6.15 /17/96 n/a 0.460 FSNLX Fidelity Freedom 2015 - Class K 1,27,28-6.06-4.8-4.8 5.7 4.16 7.82 5.9 11/06/0 n/a 0.500 FSNOX Fidelity Freedom 2020 - Class K 1,27,28-7.20-5.16-5.16 5.58 4.4 8.4 6.9 /17/96 n/a 0.540 FSNPX Fidelity Freedom 2025 - Class K 1,27,28-8.14-5.81-5.81 5.76 4.52 9.01 5.86 11/06/0 n/a 0.570 FSNQX Fidelity Freedom 200 - Class K 1,27,28-9.84-6.92-6.92 6.45 4.94 9.42 6.47 /17/96 n/a 0.6 FSNUX Fidelity Freedom 205 - Class K 1,27,28-11.91-8.29-8.29 6.72 5.11 9.77 6.15 11/06/0 n/a 0.640 FSNVX Fidelity Freedom 2040 - Class K 1,27,28-12.65-8.89-8.89 6.59 5.0 9.81.52 9/06/00 n/a 0.650 FSNZX Fidelity Freedom 2045 - Class K 1,27,28-12.65-8.90-8.90 6.57 5.0 9.88 5.07 6/01/06 n/a 0.650 FNSBX Fidelity Freedom 2050 - Class K 1,27,28-12.62-8.85-8.85 6.60 5.0 9.92 4.92 6/01/06 n/a 0.650 FNSDX Fidelity Freedom 2055 - Class K 1,27,28-12.65-8.86-8.86 6.58 5.0 n/a 6.61 6/01/11 n/a 0.650 FNSFX Fidelity Freedom 2060 - Class K 1,27,28-12.61-8.8-8.8 6.56 n/a n/a 5.07 8/05/14 n/a 0.650 FNSHX Fidelity Freedom Income - Class K 1,27,28-2.00-1.74-1.74.77 2.95 5.07 4.59 /17/96 n/a 0.420 TARGET ALLOCATION FASIX Fidelity Asset Manager 20% 27-2.70-1.64-1.64.28 2.72 5.55 5.70 /01/92 n/a 0.50 FASMX Fidelity Asset Manager 50% 27-7.95-5.7-5.7 4.7.82 8.50 7.69 12/28/88 n/a 0.650 FASGX Fidelity Asset Manager 70% 27-11.4-7.66-7.66 5.48 4.27 9.8 7.7 12/0/91 n/a 0.7 FAMRX Fidelity Asset Manager 85% 27-1.77-9.22-9.22 6.02 4.64.70 5.4 9/24/99 n/a 0.70 MONEY MARKET - GOVERNMENT SPAXX Fidelity Government Money Market 2,29 7-Day Yield % as of 12/1/2018: 2.02 VMFXX BOND Vanguard Federal Money Market Investor Shares 0 7-Day Yield % as of 12/1/2018: 2.29 0.47 1.47 1.47 0.67 0.41 0.24 2.78 2/05/90 n/a 0.420 0.54 1.78 1.78 0.96 0.59 0.4 4.18 7/1/81 n/a 0.1 FNMIX Fidelity New Markets Income 1-2.8-7.78-7.78 5.22 4.0 9.01 9.9 5/04/9 n/a 0.820 The current yield reflects the current earnings of the fund, while the total return refers to a specific past holding period. 1
BOND - GOVERNMENT Month YTD 1 5 FGMNX Fidelity GNMA 1 1.70 0.61 0.61 1.2 2.27.6 5.99 11/08/85 n/a 0.450 FGOVX Fidelity Government Income 1 2.0 0.61 0.61 1.29 1.94 2.8 6.84 4/04/79 n/a 0.450 VFIJX Vanguard GNMA Admiral Shares,1 1.87 0.97 0.97 1.6 2.59.2 7.11 6/27/80 n/a 0.1 VFIUX VUSUX Vanguard Intermediate-Term Treasury 2.84 1. 1. 1.5 2.01 2.50 5.59 /28/91 n/a 0.0 Admiral Shares 4,1 Vanguard Long-Term Treasury Admiral 4.8-1.81-1.81 2.6 5.97 4.12 7.42 5/19/86 n/a 0.0 Shares 5,1 VFIRX Vanguard Treasury Admiral 1.9 1.45 1.45 1.01 0.88 1.18.96 /28/91 n/a 0.0 Shares 6,1 BOND - DIVERSIFIED FTHRX Fidelity Intermediate Bond 1 1.21 0.51 0.51 1.85 1.91 4.6 6.99 5/2/75 n/a 0.450 FBNDX Fidelity Investment Grade Bond 1 1.09-0.6-0.6 2.9 2.58 4.88 6.7 8/06/71 n/a 0.450 FSHBX Fidelity Bond 1 0.76 1.19 1.19 1.27 1.08 2.11 4.20 9/15/86 n/a 0.450 FADMX Fidelity Strategic Income 1-2.59-2.71-2.71 4.58.1 7.00 7.20 /1/94 n/a 0.680 FXNAX Fidelity U.S. Bond Index 7,8,1 1.71 0.0 0.0 2.00 2.51.48 5.81 /08/90 n/a 0.025 VWETX Vanguard Long-Term Investment-Grade -0.02-5.86-5.86 4.41 5.68 6.99 8.18 7/09/7 n/a 0.120 Admiral Shares 9,1 VFSUX Vanguard Investment-Grade 0.67 0.96 0.96 1.97 1.78.55 5.94 /29/82 n/a 0.0 Admiral Shares,1 BOND - INFLATION-PROTECTED FIPDX VAIPX Fidelity Inflation-Protected Bond Index 11,1-0.48-1.7-1.7 2.1 1.66 n/a 0.8 5/16/12 n/a 0.050 Vanguard Inflation-Protected Securities -0.50-1.9-1.9 2.02 1.65.52 4.99 6/29/00 n/a 0.0 Admiral Shares 12,1 BOND - HIGH YIELD VWEAX Vanguard High-Yield Corporate Admiral -4.6-2.87-2.87 5.02.66 9.19 8.19 12/27/78 n/a 0. Shares 1,1,2 BALANCED/HYBR FBAKX Fidelity Balanced - Class K 14,27 -.59 -.94 -.94 6.26 5.91.45 8.94 11/06/86 n/a 0.450 FPUKX Fidelity Puritan - Class K 14,27-11.26-4.1-4.1 6.2 6.2.50.78 4/16/47 n/a 0.450 VWIAX Vanguard Wellesley Income Admiral -2.74-2.49-2.49 5.16 4.97 8.02 9.58 7/01/70 n/a 0.150 Shares 15,27 VWENX Vanguard Wellington Admiral Shares 16,27 DOMESTIC EQUITIES - LARGE VALUE -6.75 -.5 -.5 7.2 6.29 9.96 8.17 7/01/29 n/a 0.170 VWNEX Vanguard Windsor Admiral Shares 17,27-15.02-12.6-12.6 5.57 4.96 12.07 11.0 /2/58 n/a 0.2 DOMESTIC EQUITIES - M VALUE FLPKX Fidelity Low-Priced Stock - Class K 14,27, -1.52 -.68 -.68 5.51 4.7 12.97 12.99 12/27/89 n/a 0.50 2
DOMESTIC EQUITIES - LARGE BLEND Month YTD 1 5 FXAIX Fidelity 500 Index 7,18,27-1.5-4.40-4.40 9.25 8.48 1.11 9.88 2/17/88 n/a 0.015 FGIKX Fidelity Growth & Income Portfolio - Class K 14,27-15.0-8.85-8.85 7.4 6.0 11.88 9.5 12/0/85 n/a 0.5 VFTSX Vanguard FTSE Social Index Investor Shares 27-1.11 -.45 -.45 9.7 9.12 14.6 4.1 5/1/00 n/a 0.180 VGIAX VINIX Vanguard Growth and Income Admiral -14.22-4.61-4.61 8.91 8.52 12.92 9.85 12//86 n/a 0.20 Shares 19,27 Vanguard Institutional Index Institutional -1.5-4.42-4.42 9.22 8.46 1.11 9.9 7/1/90 n/a 0.05 Shares 27 VITSX Vanguard Total Stock Market Index -14.26-5.16-5.16 8.99 7.91 1.26 9.27 4/27/92 n/a 0.05 Institutional Shares 20,27 DOMESTIC EQUITIES - SMALL BLEND FSCRX Fidelity Small Cap Discovery 27,4-15.61-1.75-1.75.84 2.7 14.46 9.56 9/26/00 n/a 0.690 DOMESTIC EQUITIES - LARGE GROWTH FBGKX Fidelity Blue Chip Growth - Class K 14,27-15.99 1.16 1.16 11.91 11.4 16.97 11.9 12/1/87 n/a 0.620 FCNKX Fidelity Contrafund - Class K 14,27-16.24-2.07-2.07.28 9.40 14.02 12.29 5/17/67 n/a 0.650 FGCKX Fidelity Growth Company - Class K 14,27-20.84-4.46-4.46 11.55 11.41 17.06 1.07 1/17/8 n/a 0.750 FMGKX Fidelity Magellan - Class K 14,27-16.71-5.58-5.58 7.99 8.42 12.95 15.64 5/02/6 n/a 0.6 FOCKX Fidelity OTC Portfolio - Class K 14,27-19.85 -. -. 11.55 12.44 19.08 1.1 12/1/84 n/a 0.780 VMRAX Vanguard Morgan Growth Admiral -16.22-1.55-1.55 9.77 9.45 14.47.27 12/1/68 n/a 0.280 Shares 21,27 VWUAX Vanguard U.S. Growth Admiral Shares 22,27-15.0 0.75 0.75 9.68.16 14.64.5 1/06/59 n/a 0.00 DOMESTIC EQUITIES - M GROWTH FKMCX Fidelity Mid-Cap Stock - Class K 14,27, -1.95-6.6-6.6 8.59 5.90 14.56.88 /29/94 n/a 0.5 INTERNATIONAL/GLOBAL - DIVERSIFIED FOSKX Fidelity Overseas - Class K 14,27,5-14.77-14.60-14.60.08 2.76 7.48 9.40 12/04/84 n/a 0.860 VWILX Vanguard International Growth Admiral -14.76-12.58-12.58 8.42.68 9.67.17 9/0/81 n/a 0.20 Shares 2,27,5 VTRIX Vanguard International Value Investor Shares 27,5-12.01-14.52-14.52 4.54-0.05 6.0 8.4 5/16/8 n/a 0.400 VTIAX Vanguard Total International Stock Index -11.68-14.4-14.4 4.54 0.94 6.5 4.20 4/29/96 n/a 0.1 Admiral Shares 24,25,27,5 INTERNATIONAL/GLOBAL - REGIONAL FIEUX Fidelity Europe 27,5-15.19-17.09-17.09 0.6-0.42 6. 7.86 /01/86 n/a 0.960 FPBFX Fidelity Pacific Basin 27,5-12.2-17.95-17.95 5.76 4.76 12.98 6.72 /01/86 n/a 1.070 INTERNATIONAL/GLOBAL - EMERGING MARKETS FKEMX Fidelity Emerging Markets - Class K 14,27,5-9.02-17.91-17.91 7.88 2.86 8.59 4.78 11/01/90 n/a 0.820
Month YTD 1 5 SPECIALTY FRIFX Fidelity Real Estate Income 27,6,7 -.01-0.64-0.64 5.52 6. 11.76 7.22 2/04/0 n/a 0.750 VGSLX Vanguard Real Estate Index Admiral Shares 26,27,6,7-6.44-5.95-5.95 2.1 7.40 12.05 9.67 5/1/96 n/a 0.120 n/a = Not Applicable/None - - = Not Available MARKET INDICATORS Month YTD 1 5 For comparison purposes only. It is not possible to invest directly in these indicators. DJ Industrial Average -11.1 -.48 -.48 12.94 9.70 1.16 MSCI EAFE (Net MA) -12.52-1.60-1.60.09 0.72 6.48 S&P 500-1.52-4.8-4.8 9.26 8.49 1.12 Russell 2000-20.20-11.01-11.01 7.6 4.41 11.97 n/a = Not Applicable/None - - = Not Available Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. total returns are reported as of the period indicated. fund figures are reported as of the inception date to the period indicated. These figures do not include the effects of sales charges, if any, as these charges are waived for contributions made through your company s employee benefit plan. If sales charges were included, returns would have been lower. EXPENSE RATIO A mutual fund expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percent of the fund s total net assets. For other types of investments, the figure in the expense ratio field reflects similar information, but may have been calculated differently than for mutual funds. Mutual fund data comes from the fund s prospectus. For non-mutual fund investment options, the information has been provided by the plan sponsor, the investment option s manager or the trustee. When no ratio is shown for these options it is because none was available. There may be fees and expenses associated with the investment option. information changes periodically. Please consult NetBenefits for updates. SPECIFIC FUNDS Morningstar, Inc., provided data on the non-fidelity mutual funds. Although the data is gathered from reliable sources, accuracy and completeness cannot be guaranteed by Morningstar. 1 On July 20, 2017, an initial offering of the Fidelity Freedom K class took place. Returns and expenses prior to that date are those of the Freedom (retail) class. Had K class expenses been reflected in the returns shown, total returns would have been higher. 2 Fidelity is voluntarily reimbursing a portion of the fund s expenses. If Fidelity had not, the returns would have been lower. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 02/12/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 06/27/1980, adjusted to reflect the fees and expenses of 4 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 02/12/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of /28/1991, adjusted to reflect the fees and expenses of 4
5 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 02/12/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 05/19/1986, adjusted to reflect the fees and expenses of 6 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 02/1/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of /28/1991, adjusted to reflect the fees and expenses of 7 Returns prior to May 4, 2011 are those of the Premium Class and reflect the Premium Class expense ratio. Had the Institutional Premium Class expense ratio been reflected, total returns would have been higher. 8 As of 11/05/2018, this fund changed its name from Fidelity U.S. Bond Index - Institutional Premium Class. 9 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 02/12/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/09/197, adjusted to reflect the fees and expenses of The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 02/12/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of /29/1982, adjusted to reflect the fees and expenses of 11 As of 11/05/2018, this fund changed its name from Fidelity Inflation-Protected Bond Index - Institutional Premium Class. 12 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 06//2005. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 06/29/2000, adjusted to reflect the fees and expenses of 1 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 11/12/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 12/27/1978, adjusted to reflect the fees and expenses of 14 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. 15 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/14/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/01/1970, adjusted to reflect the fees and expenses of 16 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/14/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 07/01/1929, adjusted to reflect the fees and expenses of 17 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 11/12/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of /2/1958, adjusted to reflect the fees and expenses of 18 As of 11/05/2018, this fund changed its name from Fidelity 500 Index - Institutional Premium Class. 19 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/14/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 12//1986, adjusted to reflect the fees and expenses of 5
20 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 07/07/1997. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 04/27/1992, adjusted to reflect the fees and expenses of 21 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 05/14/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 12/1/1968, adjusted to reflect the fees and expenses of 22 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 08/1/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 01/06/1959, adjusted to reflect the fees and expenses of 2 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 08/1/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 09/0/1981, adjusted to reflect the fees and expenses of 24 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 11/29/20. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 04/29/1996, adjusted to reflect the fees and expenses of 25 The FTSE Global All Cap ex US Index is part of a range of indices designed to help US investors benchmark their international investments. The index comprises large, mid and small cap stocks globally excluding the US. 26 The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class s actual inception of 11/12/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 05/1/1996, adjusted to reflect the fees and expenses of INVESTMENT RISK 27 Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. 28 Fidelity Freedom s are designed for investors expecting to retire around the year indicated in each fund s name. Except for the Freedom Income, the funds asset allocation strategy becomes increasingly conservative as it approaches the target date and beyond. Ultimately, they are expected to merge with the Freedom Income. The investment risks of each Fidelity Freedom change over time as its asset allocation changes. They are subject to the volatility of the financial markets, including equity and fixed income investments in the U.S. and abroad and may be subject to risks associated with investing in high yield, small cap and, commodity-related, foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. 29 Fidelity Government Mutual Money Market: You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fidelity Investments and its affiliates, the fund s sponsor, have no legal obligation to provide financial support to money market funds and you should not expect that the sponsor will provide financial support to the fund at any time. Fidelity s government and U.S. Treasury money market funds will not impose a fee upon the sale of your shares, nor temporarily suspend your ability to sell shares if the fund s weekly liquid assets fall below 0% of its total assets because of market conditions or other factors. 0 Non-Fidelity Government Mutual Money Market: You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund s sponsor has no legal obligation to provide financial support to money market funds and you should not expect that the sponsor will provide financial support to the fund at any time. 1 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. 2 Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. 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. 6
4 Investments in smaller companies may involve greater risk than those in larger, more well known companies. 5 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. 6 Because of their narrow focus, sector funds may be more volatile than funds that diversify across many sectors. 7 Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. MARKET INDICATORS Indices are unmanaged and you cannot invest directly in an index DJ Industrial Average The Dow Jones Industrial Average (DJIA) is an unmanaged price-weighted index and is the most widely used indicator of how the country s industrial leaders are performing. Also known as "the Dow," this is a formula based on the stock prices of 0 major companies chosen from sectors of the economy most representative of our country s economic condition. MSCI EAFE (Net MA) The MSCI Europe, Australasia and Far East Index (net MA tax) is an unmanaged market capitalization-weighted index of equity securities of companies domiciled in various countries. The index is designed to represent performance of developed stock markets outside the United States and Canada and excludes certain market segments unavailable to U.S. based investors. The index returns for periods after 1/1/1997 are adjusted for tax withholding rates applicable to U.S.-based mutual funds organized as Massachusetts business trusts. S&P 500 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. Russell 2000 The Russell 2000 Index is an unmanaged market capitalization-weighted index of 2,000 small company stocks of U.S. domiciled companies. 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. Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917 2019 FMR LLC, All rights reserved. 6718.2.0 7