March 31, 2017 RE: Changes to the DePaul University 403(b) Investment Options Dear Eligible Plan Participant: This notice outlines a series of changes regarding the investment options under the DePaul University 403(b) Retirement Plan (the "Plan"). Recently, DePaul University ( DePaul ) completed an analysis of the current investment line-up within the Plan. Based on this review, DePaul is electing to make the following changes effective May 5, 2017. These changes will occur in the fund line-up at both Fidelity and TIAA: 1. Removing the Credit Suisse Commodity Return Strategy I fund ( Credit Suisse Commodity ) and mapping any existing investment fund balances to the age appropriate Vanguard Target Retirement Date fund in the Plan s current line-up. 2. Removing Invesco Real Estate R6 Fund ( Invesco Real Estate ), and mapping any existing investment fund balances to a new fund, Vanguard REIT Index Adm ( Vanguard REIT Index ). 3. Removing the Templeton Global Bond R6 Fund ( Templeton Global Bond ) and mapping any existing investment fund balances to an existing fund, Loomis Sayles Core Plus Bond N ( Loomis Sayles Core Bond ). The gross expense ratios and ticker symbols related to these funds are outlined below: Current Fund Credit Suisse Commodity Return Strategy Fund Invesco Real Estate Fund Class R6 Templeton Global Bond Fund Class R6 * Ratio as of February 27, 2017 ** New fund added to the Plan with this fund action Symbol Replacement Fund 0.86 % CRSOX Vanguard Target Retirement Series Fund (Based on participant s date of birth) 0.78 % IARFX Vanguard REIT Index Fund Adm Shares ** 0.56 % FBNRX Loomis Sayles Core Plus Bond Fund Class N Varies (see chart on page 2) Symbol Varies (see chart on page 2) 0.12 % VGSLX 0.39 % NERNX In addition, DePaul is electing to make the following share class changes effective May 5, 2017. These changes will occur in the fund line-up at both Fidelity and TIAA, and any existing investment fund balances will be mapped to the new share class as outlined below: Current Fund Symbol Replacement Fund Dreyfus/The Boston 0.79 % SDSCX Dreyfus/The Boston Company Company Small/Mid Cap Small/Mid Cap Growth Fund Growth Fund Class I Class Y ** Harbor Capital Appreciation 0.70 % HACAX Harbor Capital Appreciation Fund Institutional Class Fund Retirement Class ** Harbor International Fund 0.78 % HAINX Harbor International Fund Institutional Class Retirement Class ** Loomis Sayles Value Fund 0.69 % LSGIX Loomis Sayles Value Fund Class Class Y N ** Wells Fargo Emerging 1.53 % EMGYX Wells Fargo Emerging Markets Markets Equity Fund Adm Equity Fund Class R6 ** * Ratio as of February 27, 2017 ** New fund added to the Plan with this fund action Symbol 0.68 % DBMYX 0.65 % HNACX 0.73 % HNINX 0.57 % LSVNX 1.18 % EMGDX
Addition of New Funds and Mapping of Fund Balances Effective as of the market close (generally 4pm Eastern Time) on May 5, 2017, the new funds outlined above (noted in the charts with ** ) will be added as investment options under the Plan for investing your retirement contributions at Fidelity and TIAA. After this date, you can change your contribution allocation election at any time by contacting Fidelity and/or TIAA directly. Contact information is listed below. Effective as of the market close (generally 4pm Eastern Time) on May 5, 2017, Fidelity and TIAA will automatically transfer any balances in the current funds outlined above, into the replacement funds outlined above, unless you make an affirmative investment election to the contrary, in the time and manner described below. More information regarding these funds is listed below. Fidelity and TIAA will mail (or email, if you are set up for electronic communications related to your account(s)) statements to you, which include details about any transactional change to your retirement account under the Plan. No action is required by you to effect this change. However, if you do not want your current account balance in the impacted fund(s) at Fidelity and/or TIAA transferred to the replacement fund(s), you may transfer the existing balance currently in that fund to another investment option available under the Plan, at any time prior to the close of the market (generally 4pm Eastern Time) on May 5, 2017. In addition, if you do not want your future contributions redirected to the replacement fund(s), you have the option to change your allocation instructions for future contributions prior to the close of the market (generally 4pm Eastern Time) on May 5, 2017, or at any time in the future. If you are currently using the Automatic Rebalance feature, you will need to update your rebalance elections given the changes to the fund lineup, if you wish to continue using Automatic Rebalance. Contact information to effectuate this change is listed below. The Plan s Qualified Default Investment Fund is the Vanguard Target Retirement Date Fund Series. Any existing balances or investment elections impacted by the closure of the Credit Suisse Commodity Fund as outlined on page 1 will be mapped to the Vanguard Target Retirement Date fund based on your date of birth, per the chart below. If you do not want this mapping to occur, you can change your contribution allocation election at any time by contacting Fidelity and/or TIAA directly, as described above. Birth Date Range Vanguard Fund Ratio (%)* On or before 12/31/1941 Vanguard Target Retirement Income.14 VTINX 1/1/1942 12/31/1947 Vanguard Target Retirement 2010.14 VTENX 1/1/1948 12/31/1952 Vanguard Target Retirement 2015.14 VTXVX 1/1/1953 12/31/1957 Vanguard Target Retirement 2020.14 VTWNX 1/1/1958 12/31/1962 Vanguard Target Retirement 2025.15 VTTVX 1/1/1963 12/31/1967 Vanguard Target Retirement 2030.15 VTHRX 1/1/1968 12/31/1972 Vanguard Target Retirement 2035.15 VTTHX 1/1/1973 12/31/1977 Vanguard Target Retirement 2040.16 VFORX 1/1/1978 12/31/1982 Vanguard Target Retirement 2045.16 VTIVX 1/1/1983 12/31/1987 Vanguard Target Retirement 2050.16 VFIFX 1/1/1988 12/31/1992 Vanguard Target Retirement 2055.16 VFFVX 1/1/1993 and after Vanguard Target Retirement 2060.16 VTTSX * ratio data is as of October 7, 2016 Contact Information Fidelity Investments: www.netbenefits.com/depaul (800) 343-0860 Fidelity Service Representatives are available by phone Mon-Fri 7am-11pm CT. TIAA: www.tiaa.org (800) 842-2776 TIAA Representatives are available by phone Mon-Fri 7am-9pm CT, Sat 8am-5pm CT. DePaul Human Resources: hr.depaul.edu (312) 362-8500 Contact the Benefits Department in DePaul s Office of Human Resources for general Plan questions, or to request a copy of this notice. Full details about the Plan are available at go.depaul.edu/403b. Page 2
About Your New Investment Options - Investment Fund Descriptions Dreyfus/The Boston Company Small/Mid Cap Growth Fund Class Y DBMYX The investment seeks long-term growth of capital. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap and mid-cap U.S. companies. The adviser currently considers small-cap and mid-cap companies to be those with total market capitalizations that are equal to or less than the total market capitalization of the largest company included in the Russell 2500TM Growth Index (the index), the fund's benchmark index. The fund is non-diversified. 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. -term share-price appreciation; -oriented stocks and with smaller companies. The Russell 2500 Growth Index is an unmanaged market capitalization-weighted index measuring the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. class's actual inception of 07/01/2013. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 08/31/1990, adjusted to reflect the fees and expenses of this Harbor Capital Appreciation Fund Retirement Class HNACX The investment seeks long-term growth of capital. The fund invests primarily in equity securities, principally common and preferred stocks, of U.S. companies with market capitalizations of at least $1 billion at the time of purchase and that the Subadviser considers to have above average prospects for growth. The stocks of mid and large cap companies in the fund's portfolio are those the Subadviser expects to maintain or achieve above average earnings growth. The fund may invest up to 20% of its total assets in the securities of foreign issuers, including issuers located or doing business in emerging markets. 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. -term share-price appreciation; -oriented stocks. class's actual inception of 03/01/2016. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 12/29/1987, adjusted to reflect the fees and expenses of this Page 3
Harbor International Fund Retirement Class HNINX The investment seeks long-term total return, principally from growth of capital. The fund invests normally in a minimum of ten countries throughout the world, focusing on companies located in Europe, the Pacific Basin and emerging industrialized countries whose economies and political regimes appear stable. It invests primarily (no less than 65% of its total assets) in common and preferred stocks of foreign companies, including those located in emerging market countries. Companies in the fund's portfolio generally have market capitalizations in excess of $1 billion at the time of purchase. 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. which can behave differently; g overseas. class's actual inception of 03/01/2016. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 12/29/1987, adjusted to reflect the fees and expenses of this Loomis Sayles Value Fund Class N LSVNX The investment seeks long-term growth of capital and income. Under normal market conditions, the fund will invest primarily in equity securities, including common stocks, convertible securities and warrants. It may also invest up to 20% of its assets in foreign securities, including emerging market securities. The fund may also invest in options for hedging and investment purposes, real estate investment trusts ("REITs") and securities issued pursuant to Rule 144A under the Securities Act of 1933 ("Rule 144A securities"). 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. -term share-price appreciation and, secondarily, dividend income; -cap stocks and value-style investments. class's actual inception of 02/01/2013. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 05/13/1991, adjusted to reflect the fees and expenses of this Page 4
Vanguard REIT Index Fund Admiral Shares VGSLX The investment seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs. The fund employs an indexing investment approach designed to track the performance of the MSCI US REIT Index. The index is composed of stocks of publicly traded equity real estate investment trusts (known as REITs). The adviser attempts to replicate the index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. Real Estate is a cyclical industry that is sensitive to interest rates, economic conditions (both nationally and locally), property tax rates, and other factors. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. 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. Sector funds can be more volatile because of their narrow concentration in a specific industry. 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. investing in a particular industry or sector; tion and higher risks associated with particular sector or industry. The MSCI US REIT Index is a free float-adjusted market capitalization weighted index that is comprised of equity REITs that are included in the MSCI US Investable Market 2500 Index, with the exception of specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. The index represents approximately 85% of the US REIT universe. 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 05/13/1996, adjusted to reflect the fees and expenses of this Wells Fargo Emerging Markets Equity Fund - Class R6 EMGDX The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its net assets in emerging market equity securities. It invests principally in equity or other listed securities of emerging market companies. The fund's managers consider emerging market companies to include companies that are traded in, have their primary operations in, are domiciled in or derive a majority of their revenue from emerging market countries as defined by the MSCI Emerging Markets Index. It may have exposure to stocks across any capitalizations and styles and will be diversified across countries and sectors. 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. investments in developed countries with investments in developing countries, which can behave differently. Page 5
The MSCI Emerging Markets Index is an unmanaged market capitalization weighted index of equity securities of companies in various countries. This index is designed to represent the performance of emerging stock markets throughout the world excluding certain market segments unavailable to U.S. based investors. class's actual inception of 06/28/2013. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 09/06/1994, adjusted to reflect the fees and expenses of this About Your Plan s Qualified Default Investment - Vanguard Target Retirement Funds Fund Type: Globally diversified set of funds designed to provide a simple investment solution through a portfolio whose asset mix becomes more conservative as the target date (typically retirement) approaches. The funds seek to provide capital appreciation and current income. Someone who is seeking a simple investment product solution for asset allocation and portfolio rebalancing. The Fund invests in other Vanguard mutual funds according to a pre-determined allocation strategy. The strategy will change as the targeted retirement date approaches. The Vanguard Target Retirement funds provide a diversified mix of stocks and bonds for participants seeking a one-stop retirement investment product. The funds invest in a broadly diversified portfolio of stocks and bonds as determined by Vanguard. Fidelity and TIAA will automatically invest your contributions and any corresponding university match into an appropriate Vanguard Target Retirement fund based on your date-of-birth, as outlined in the following chart, unless you make an affirmative investment election to the contrary. Participants should review the information in this notice to determine whether such changes are consistent with their investment objectives. Birth Date Range Vanguard Fund Ratio (%)* On or before 12/31/1941 Vanguard Target Retirement Income VTINX.14 1/1/1942 12/31/1947 Vanguard Target Retirement 2010 VTENX.14 1/1/1948 12/31/1952 Vanguard Target Retirement 2015 VTXVX.14 1/1/1953 12/31/1957 Vanguard Target Retirement 2020 VTWNX.14 1/1/1958 12/31/1962 Vanguard Target Retirement 2025 VTTVX.15 1/1/1963 12/31/1967 Vanguard Target Retirement 2030 VTHRX.15 1/1/1968 12/31/1972 Vanguard Target Retirement 2035 VTTHX.15 1/1/1973 12/31/1977 Vanguard Target Retirement 2040 VFORX.16 1/1/1978 12/31/1982 Vanguard Target Retirement 2045 VTIVX.16 1/1/1983 12/31/1987 Vanguard Target Retirement 2050 VFIFX.16 1/1/1988 12/31/1992 Vanguard Target Retirement 2055 VFFVX.16 1/1/1993 and after Vanguard Target Retirement 2060 VTTSX.16 * ratio data is as of October 7, 2016 You should consider the investment objectives, risks, charges and expenses carefully before investing. Please contact your account service provider for a current prospectus that contains this and other information. Please read the prospectus carefully before investing. For a mutual fund, the expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percentage of the fund's total net assets. ratios change periodically and are drawn from the fund s prospectus. For more detailed fee information, see the fund prospectus or annual or semiannual reports. Page 6