P.O.Box28003 Albuquerque,NM87125-8003 COVINGTONKY41015 ... · F idel ity F ree do m 2010 F un d T icke r: F F F C X G ros s E xpens e R at io: 0.5 2% N et E xpens e R at io: 0.52

4.FA9X12B-2208 / FA9X12B2208PRVW / 3.FUNDCH_LTR.100 287198342

4.FA9X12B-2208

Vicki Arner100 CROSBY PARKWAYCOVINGTON KY 41015

Dear Plan Participant,

Enclosed is important benefits information.

Sincerely,

Fidelity Investments

P.O. Box 28003Albuquerque, NM 87125-8003

December 2019

Announcing Changes to the Cowlitz County PUD Employee 401(k) Plan Investment Lineup Dear Plan Participant: Cowlitz County PUD is committed to periodically reviewing the Cowlitz County PUD Employee 401(k) Plan (the "Plan") to make sure it continues to help you meet your retirement and financial goals. Among the things considered are the range of investment options available through the Plan, investment option performance and value, and whether the Plan gives you access to services that complement your account. As a result of a recent review, Cowlitz County PUD has decided to make the following changes to the Plan's investment lineup. The changes described on the following pages will take place without any action required on your part. However, if you are not satisfied with how your current investment elections will be modified, you will have the opportunity to make changes. Go to the What Do I Need to Do? Sections to learn more. Your New Investment Options

Beginning January 24, 2020, the following investment options will be added to the investment lineup. Please see the Investment Option Descriptions section of this letter for more details.

• American Funds New World Fund® Class R-6 • BlackRock Advantage Small Cap Core Fund Class K • BlackRock EAFE Equity Index Fund Class 1 • BlackRock Equity Index Fund Class 1 • BlackRock U.S. Debt Index Fund Class 1 • DFA Enhanced U.S. Large Company Portfolio Institutional Class • Fidelity® Blue Chip Growth K6 Fund • Fidelity® Mid Cap Index Fund • flexPATH Index Aggressive 2025 Fund R1 • flexPATH Index Aggressive 2035 Fund R1 • flexPATH Index Aggressive 2045 Fund R1 • flexPATH Index Aggressive 2055 Fund R1 • flexPATH Index Aggressive Retirement Fund R1 • flexPATH Index Conservative 2025 Fund R1 • flexPATH Index Conservative 2035 Fund R1 • flexPATH Index Conservative 2045 Fund R1 • flexPATH Index Conservative 2055 Fund R1 • flexPATH Index Conservative Retirement Fund R1 • flexPATH Index Moderate 2025 Fund R1 • flexPATH Index Moderate 2035 Fund R1 • flexPATH Index Moderate 2045 Fund R1 • flexPATH Index Moderate 2055 Fund R1 • flexPATH Index Moderate Retirement Fund R1 • Vanguard Balanced Index Fund Admiral Shares • Vanguard Federal Money Market Fund Investor Shares • Vanguard International Growth Fund Admiral Shares • Vanguard LifeStrategy Growth Fund Investor Shares • Vanguard LifeStrategy Income Fund Investor Shares • Vanguard Mid-Cap Growth Index Fund Admiral Shares • Vanguard Mid-Cap Value Index Fund Admiral Shares

• Vanguard Small-Cap Index Fund Admiral Shares • Vanguard Value Index Fund Admiral Shares • Voya Intermediate Bond Fund Class R6

Investment Options Being Removed

When the market closes (generally 4 p.m. Eastern time) on January 24, 2020, several investment options offered through the Plan will no longer be available. As a result, all existing balances and future contributions will be transferred to the new and existing investment options. See the following chart for details. The transfer of balances will appear as an exchange on your account history and quarterly statement.

Old Investment Options New and Existing Investment Options

Fidelity® 500 Index Fund Ticker: FXAIX

Gross Expense Ratio: 0.015% Net Expense Ratio: 0.015%

BlackRock Equity Index Fund Class 1 Ticker: WBREOX CUSIP: 97183J632

Gross Expense Information: 0.02% Net Expense Ratio: 0.02%

Fidelity® Blue Chip Growth Fund Ticker: FBGRX


Fidelity® Blue Chip Growth K6 Fund Ticker: FBCGX


Fidelity® Diversified International Fund Ticker: FDIVX


Vanguard International Growth Fund Admiral Shares Ticker: VWILX


Fidelity® Dividend Growth Fund Ticker: FDGFX


DFA Enhanced U.S. Large Company Portfolio Institutional Class Ticker: DFELX


Fidelity® Extended Market Index Fund Ticker: FSMAX


Fidelity® Mid Cap Index Fund Ticker: FSMDX


Fidelity Freedom® 2005 Fund Ticker: FFFVX


flexPATH Index Moderate Retirement Fund R1 Ticker: WFIMRX CUSIP: 97182R700 Gross Expense Information: 0.128%

Net Expense Ratio: 0.128%

Fidelity Freedom® 2010 Fund Ticker: FFFCX




Fidelity Freedom® 2015 Fund Ticker: FFVFX




Fidelity Freedom® 2020 Fund Ticker: FFFDX




Fidelity Freedom® 2025 Fund Ticker: FFTWX


flexPATH Index Moderate 2025 Fund R1 Ticker: WFIMBX CUSIP: 97182R718 Gross Expense Information: 0.129%


Fidelity Freedom® 2030 Fund Ticker: FFFEX


flexPATH Index Moderate 2025 Fund R1 Ticker: WFIMBX CUSIP: 97182R718 Gross Expense Information: 0.129%


Fidelity Freedom® 2035 Fund Ticker: FFTHX


flexPATH Index Moderate 2035 Fund R1 Ticker: WFIMCX CUSIP: 97182R510


Fidelity Freedom® 2040 Fund Ticker: FFFFX


flexPATH Index Moderate 2035 Fund R1 Ticker: WFIMCX CUSIP: 97182R510


Fidelity Freedom® 2045 Fund Ticker: FFFGX


flexPATH Index Moderate 2045 Fund R1 Ticker: WFIMDX CUSIP: 97182R312


Fidelity Freedom® 2050 Fund Ticker: FFFHX


flexPATH Index Moderate 2045 Fund R1 Ticker: WFIMDX CUSIP: 97182R312


Fidelity Freedom® 2055 Fund Ticker: FDEEX


flexPATH Index Moderate 2055 Fund R1 Ticker: WFIMEX CUSIP: 97182T102


Fidelity Freedom® 2060 Fund Ticker: FDKVX


flexPATH Index Moderate 2055 Fund R1 Ticker: WFIMEX CUSIP: 97182T102


Fidelity Freedom® Income Fund Ticker: FFFAX




Fidelity® Government Money Market Fund Ticker: SPAXX


Vanguard Federal Money Market Fund Investor Shares Ticker: VMFXX


Fidelity® Intermediate Bond Fund Ticker: FTHRX


Voya Intermediate Bond Fund Class R6 Ticker: IIBZX


Fidelity® International Index Fund Ticker: FSPSX


BlackRock EAFE Equity Index Fund Class 1 Ticker: WBRELX CUSIP: 97183J616


Fidelity® Mid-Cap Stock Fund Ticker: FMCSX


Vanguard Mid-Cap Growth Index Fund Admiral Shares Ticker: VMGMX


Fidelity® Puritan® Fund Ticker: FPURX


Vanguard LifeStrategy Growth Fund Investor Shares Ticker: VASGX


Fidelity® Small Cap Index Fund Ticker: FSSNX


Vanguard Small-Cap Index Fund Admiral Shares Ticker: VSMAX


Fidelity® U.S. Bond Index Fund Ticker: FXNAX


BlackRock U.S. Debt Index Fund Class 1 Ticker: WBRUOX CUSIP: 97183J624 Gross Expense Information: 0.04%


Glenmede Small Cap Equity Portfolio Class Advisor Ticker: GTCSX


BlackRock Advantage Small Cap Core Fund Class K Ticker: BDSKX


Invesco Developing Markets Fund Class A Ticker: GTDDX


American Funds New World Fund® Class R-6 Ticker: RNWGX


Invesco Diversified Dividend Fund Investor Class Ticker: LCEIX


Vanguard Value Index Fund Admiral Shares Ticker: VVIAX


Virtus Ceredex Mid-Cap Value Equity Fund Class I Ticker: SMVTX


Vanguard Mid-Cap Value Index Fund Admiral Shares Ticker: VMVAX


Gross and Net Expense ratios and information as of December 10, 2019.

Important Information 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. 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 30% of its total assets because of market conditions or other factors.

Fidelity BrokerageLink® Beginning January 24, 2020, Fidelity BrokerageLink® will be eliminated as an investment account in the Plan and your future contributions will be redirected to the flexPATH Index Moderate Retirement R1 based on your date of birth. If there is a remaining balance in BrokerageLink on January 27, 2020, all investments will be liquidated and the proceeds will be automatically removed from the BrokerageLink account and transferred to the BrokerageLink default fund within the plan, Fidelity® Government Money Market Fund. On or around, February 3, 2020, those participants, who had assets moved to the BrokerageLink default fund and have a balance in the Fidelity® Government Money Market Fund, will be reallocated to the age appropriate flexPATH Index Moderate Retirement R1 based on your date of birth. See the Cowlitz County PUD Default Fund for more details.

Cowlitz County PUD Default Fund

If you have not already made an investment election decision, we encourage you to review the investment options available to you. However, if no elections are made, Cowlitz County PUD has directed Fidelity to invest your future contributions in a flexPATH Index Moderate Retirement R1 based on your current Age and assuming a retirement Age of 65. Simply find your date of birth range in the following chart to determine which flexPATH Index Moderate Retirement R1 your contributions will be directed to.

Date of Birth Fund Name Retirement Date

Range

Gross Expense

Ratio

Net Expense

Ratio

1954 and before or missing/invalid date of birth

flexPATH Index Moderate Retirement Fund R1 2019 and before 0.128% 0.128%

1955 - 1964 flexPATH Index Moderate 2025 Fund R1 2020 - 2029 0.129% 0.129%



1985 and later flexPATH Index Moderate 2055 Fund R1 2050 and later 0.13% 0.13%

Gross and Net Expense ratios as of December 10, 2019. Date of birth ranges were selected by your Plan Sponsor.

What Do I Need to Do?

If you are satisfied with how your current investment elections will be modified, as shown previously, no action is required on your part. However, if you do not want these changes to take place, you must contact Fidelity and complete a change of investments. Log on to Fidelity NetBenefits® at www.netbenefits.com/atwork or call 800-343-0860, Monday through Friday, between 8:30 a.m., and 8 p.m. Eastern time. Additional Information

The dates shown are based on the timing and accuracy of a variety of factors, including the transfer of data, receipt of instructions, and receipt of assets. Changes in any of these factors may result in changes to the dates and timing, including the dates on which, and thus the prices at which, assets in your account are sold and/or reinvested.

For a mutual fund, the gross expense 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. Where the investment option is not a mutual fund, the figure displayed in the gross expense information field is intended to reflect similar information. However, it may have been calculated using methodologies that differ from those used for mutual funds. Mutual fund data has been drawn from the fund’s prospectus. For non–mutual fund investment options, the expense information has been provided by the plan sponsor or investment option’s manager or the trustee. When no ratio/information is shown for these options, it is because none was available. There may be fees and expenses associated with the investment option. Expense information changes periodically. Please consult Fidelity NetBenefits® for updates.

A mutual fund net expense ratio is the total annual operating expense from the fund's most recent prospectus after any fee waiver and/or expense reimbursements that will reduce any fund operating expenses for no less than one year from the effective date of the fund's registration statement (this number does not include any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees during the one-year period). For other types of investments, the figure in the net expense information is intended to reflect 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 or investment option’s manager or the trustee. When no ratio is shown for these options, it is because none was available. There may be fees and expenses associated with the investment option. Expense information changes periodically. Please consult NetBenefits.com for updates. Important Note if You Use Rebalance Notification

If you are currently using the Rebalance Notification feature offered through your Plan, you may need to adjust your rebalance elections given the changes to the Plan lineup on January 24, 2020. If you have a current investment option that will no longer be offered under the Plan, you will no longer be notified if your account's investment mix strays from the original specification. If you have questions or need assistance with the Rebalance feature, log on to Fidelity NetBenefits® at www.netbenefits.com/atwork or call 800-343-0860.

Go Paperless

Tired of mailbox clutter? You can significantly reduce paper mail by providing us your email address and updating your mail preferences to electronic delivery.

Log on to Fidelity NetBenefits® at www.netbenefits.com/atwork and go to Your Profile.

Investment Option Descriptions

American Funds New World Fund® Class R-6 FPRS code: OUFP Ticker: RNWGX Gross expense ratio: 0.62% as of 01/01/2019 Net expense ratio: 0.62% as of 01/01/2019 Objective: The investment seeks long-term capital appreciation. Strategy: The fund invests primarily in common stocks of companies with significant exposure to countries with developing economies and/or markets. Under normal market conditions, the fund will invest at least 35% of its assets in equity and debt securities of issuers primarily based in qualified countries that have developing economies and/or markets. 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. Short-term redemption fee: None Who may want to invest: Someone who is willing to accept the higher degree of risk associated with investing in emerging markets; Someone who is seeking to complement a portfolio of domestic investments and/or international investments in developed countries with investments in developing countries, which can behave differently. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund. BlackRock Advantage Small Cap Core Fund Class K FPRS code: OQ2B Ticker: BDSKX Gross expense ratio: 0.59% as of 09/27/2019 Net expense ratio: 0.45% as of 09/27/2019 Objective: The investment seeks capital appreciation over the long term. Strategy: Under normal circumstances, the fund seeks to invest at least 80% of its net assets plus any borrowings for investment purposes in equity securities or other financial instruments that are components of, or have market capitalizations similar to, the securities included in the Russell 2000® Index. It primarily seeks to buy common stock and may also invest in preferred stock and convertible securities. From time to time the fund may invest in shares of companies through "new issues" or initial public offerings ("IPOs"). Risk: The securities of smaller, less well-known companies can be more volatile than those of larger companies. 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. Short-term redemption fee: None Who may want to invest: 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 generally greater volatility of investments in smaller companies. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund. The Russell 2000 Index is an unmanaged market capitalization-weighted index of 2,000 small company stocks of U.S. domiciled companies. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 03/28/2016. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 03/14/2013, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) Please refer to a fund's prospectus for information regarding fees and expenses. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

Contractual Management Fee Waiver of 0.14 subject to Expiration Date of 09/30/2021. Management Fee Waiver is the amount that the fund company waives or assumes of the management fees borne by the fund, until the expiration date, in order to lower the fund's actual management fees. After the expiration date, the management fee waiver may be terminated or revised, which may lower the fund's yield and return. BlackRock EAFE Equity Index Fund Class 1 FPRS code: OGDY Ticker: WBRELX CUSIP: 97183J616 Gross expense ratio: 0.06% as of 11/30/2019 Net expense ratio: 0.06% as of 11/30/2019 Objective: The fund seeks to achieve investment results that are similar to the price and yield performance, before fees and expenses of the MSCI EAFE Index. Strategy: The Fund uses a replication indexing strategy to manage the underlying fund by investing in substantially all of the securities of the Index in approximately the same proportions as the Index. 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. Short-term redemption fee: None Who may want to invest: 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. The investment option is a collective investment trust. It is managed by Wilmington Trust, N.A. This description is only intended to provide a brief overview of the fund. The MSCI Europe, Australasia and Far East Index is an unmanaged market capitalization-weighted index designed to represent the performance of developed stock markets outside the United States and Canada. This investment option is not a mutual fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 08/14/2017. The returns are provided by Morningstar and reflect the historical performance of the oldest, eligible share class of the Pool with reported expenses and an inception date of 02/27/2006, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) The adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the Pool itself. Please refer to a Pool's offering materials for information regarding its' fees and expenses. BlackRock Equity Index Fund Class 1 FPRS code: OGE0 Ticker: WBREOX CUSIP: 97183J632 Gross expense ratio: 0.02% as of 11/30/2019 Net expense ratio: 0.02% as of 11/30/2019 Objective: The fund seeks to achieve investment results that are similar to the price and yield performance, before fees and expenses, of the S&P 500 Index. Strategy: The fund uses a replication indexing strategy to manage the underlying fund by investing in substantially all of the securities of the Index in approximately the same proportions as the Index. 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. Short-term redemption fee: None Who may want to invest: 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. The investment option is a collective investment trust. It is managed by Wilmington Trust, N.A. This description is only intended to provide a brief overview of the fund. 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. This investment option is not a mutual fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 07/24/2017. The returns are provided by Morningstar and reflect the historical performance of the oldest, eligible share class of the Pool with reported expenses and an inception date of 06/26/2006, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) The adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the Pool itself. Please refer to a Pool's offering materials for information regarding its' fees and expenses. BlackRock U.S. Debt Index Fund Class 1 FPRS code: OGDZ Ticker: WBRUOX CUSIP: 97183J624 Gross expense ratio: 0.04% as of 11/30/2019 Net expense ratio: 0.04% as of 11/30/2019 Objective: The fund seeks to achieve investment results that are similar to the price and yield performance, before fees and expenses, of the Bloomberg Barclays U.S. Aggregate Bond Index. Strategy: The fund uses a representative sampling indexing strategy to manage the underlying 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. Short-term redemption fee: None Who may want to invest: 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 diversify an equity portfolio with a more conservative investment option. The investment option is a collective investment trust. It is managed by Wilmington Trust, N.A. This description is only intended to provide a brief overview of the fund. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index for U.S. dollar denominated investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year. This investment option is not a mutual fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 08/14/2017. The returns are provided by Morningstar and reflect the historical performance of the oldest, eligible share class of the Pool with reported expenses and an inception date of 04/10/2006, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) The adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the Pool itself. Please refer to a Pool's offering materials for information regarding its' fees and expenses. DFA Enhanced U.S. Large Company Portfolio Institutional Class FPRS code: OYO2 Ticker: DFELX Gross expense ratio: 0.23% as of 02/28/2019 Net expense ratio: 0.15% as of 02/28/2019

Objective: The investment seeks to achieve a total return which exceeds the total return performance of the S&P 500® Index. Strategy: The fund seeks to outperform the S&P 500® Index primarily through investment in S&P 500® Index futures and short-term fixed income obligations. Under normal circumstances, it will invest at least 80% of its net assets in short-term fixed income obligations that are overlaid by futures, swaps and other derivatives of the S&P 500® Index to create exposure to the performance of large U.S. companies or in securities of large U.S. companies directly. 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. Short-term redemption fee: None Who may want to invest: 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. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund. 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. Contractual Expense Ratio Waiver of 0.08 subject to Expiration Date of 02/28/2020. Expense Waiver is the amount that the fund company waives or assumes of the expenses borne by the fund, until the expiration date, in order to lower the fund's actual expenses. After the expiration date, the expense waiver may be terminated or revised, which may lower the fund's yield and return. Fidelity® Blue Chip Growth K6 Fund FPRS code: 2945 Ticker: FBCGX Gross expense ratio: 0.45% as of 09/28/2019 Net expense ratio: 0.45% as of 09/28/2019 Objective: Seeks growth of capital over the long term. Strategy: Normally investing primarily in common stocks of well-known and established companies. Normally investing at least 80% of assets in blue chip companies (companies whose stock is included in the S&P 500 Index or the Dow Jones Industrial Average (DJIASM), and companies with market capitalizations of at least $1 billion if not included in either index). Investing in companies that Fidelity Management & Research Company (FMR) believes have above-average growth potential (stocks of these companies are often called "growth" stocks). Investing in securities of domestic and foreign issuers. Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Short-term redemption fee: None Who may want to invest: 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. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund. The S&P 500® Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use by Fidelity Distributors Corporation and its affiliates. It is an unmanaged index of the common stock prices of 500 widely held U.S. stocks that includes the reinvestment of dividends. 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 30 major companies chosen from sectors of the economy most representative of our country's economic condition. Fidelity® Mid Cap Index Fund FPRS code: 2352 Ticker: FSMDX Gross expense ratio: 0.025% as of 06/29/2019 Net expense ratio: 0.025% as of 06/29/2019 Objective: The fund seeks to provide investment results that correspond to the total return of stocks of mid-capitalization United States companies. Strategy: Normally investing at least 80% of assets in securities included in the Russell Midcap Index. Lending securities to earn income for the fund. Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Investments in smaller companies may involve greater risks than those in larger,more well known companies. Short-term redemption fee: None Who may want to invest: 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 generally greater volatility of investments in smaller companies. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund. The Russell Mid Cap Index is an unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. flexPATH Index Aggressive 2025 Fund R1 FPRS code: OO6O Ticker: WFIABX CUSIP: 97182R775 Gross expense ratio: 0.129% as of 11/30/2019 Net expense ratio: 0.129% as of 11/30/2019 Objective: The objective of the flexPATH Index Aggressive Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with an aggressive risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time. The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. This investment option is not a mutual fund.

The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 05/02/2016. The returns are provided by Morningstar and reflect the historical performance of the oldest, eligible share class of the Pool with reported expenses and an inception date of 12/21/2015, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) The adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the Pool itself. Please refer to a Pool's offering materials for information regarding its' fees and expenses. flexPATH Index Aggressive 2035 Fund R1 FPRS code: OO6R Ticker: WTLRAX CUSIP: 97182R577 Gross expense ratio: 0.13% as of 11/30/2019 Net expense ratio: 0.13% as of 11/30/2019 Objective: The objective of the flexPATH Index Aggressive Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with an aggressive risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time. The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. This investment option is not a mutual fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 05/02/2016. The returns are provided by Morningstar and reflect the historical performance of the oldest, eligible share class of the Pool with reported expenses and an inception date of 12/21/2015, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) The adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the Pool itself. Please refer to a Pool's offering materials for information regarding its' fees and expenses. flexPATH Index Aggressive 2045 Fund R1 FPRS code: OO6U Ticker: WFIADX CUSIP: 97182R379 Gross expense ratio: 0.13% as of 11/30/2019 Net expense ratio: 0.13% as of 11/30/2019 Objective: The objective of the flexPATH Index Aggressive Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with an aggressive risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy

designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time. The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. This investment option is not a mutual fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 05/02/2016. The returns are provided by Morningstar and reflect the historical performance of the oldest, eligible share class of the Pool with reported expenses and an inception date of 12/21/2015, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) The adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the Pool itself. Please refer to a Pool's offering materials for information regarding its' fees and expenses. flexPATH Index Aggressive 2055 Fund R1 FPRS code: OO6X Ticker: WFIAEX CUSIP: 97182R171 Gross expense ratio: 0.13% as of 11/30/2019 Net expense ratio: 0.13% as of 11/30/2019 Objective: The objective of the flexPATH Index Aggressive Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with an aggressive risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.

The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. This investment option is not a mutual fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 05/02/2016. The returns are provided by Morningstar and reflect the historical performance of the oldest, eligible share class of the Pool with reported expenses and an inception date of 12/21/2015, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) The adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the Pool itself. Please refer to a Pool's offering materials for information regarding its' fees and expenses. flexPATH Index Aggressive Retirement Fund R1 FPRS code: OO6L Ticker: WFIARX CUSIP: 97182R106 Gross expense ratio: 0.129% as of 11/30/2019 Net expense ratio: 0.129% as of 11/30/2019 Objective: The objective of the flexPATH Index Aggressive Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with an aggressive risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The fund is subject to the volatility of the financial markets, including that of equity and fixed income investments. Fixed income investments carry issuer default and credit risk, inflation risk, and interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Principal invested is not guaranteed at any time, including at or after retirement. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who is seeking an investment option intended for people in retirement and who is willing to accept the volatility of diversified investments in the market; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option and looking primarily for the potential for income and, secondarily, for share-price appreciation. The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. This investment option is not a mutual fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 05/02/2016. The returns are provided by Morningstar and reflect the historical performance of the oldest, eligible share class of the Pool with reported expenses and an inception date of 12/21/2015, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) The adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the Pool itself. Please refer to a Pool's offering materials for information regarding its' fees and expenses. flexPATH Index Conservative 2025 Fund R1 FPRS code: OO6Q Ticker: WFICBX CUSIP: 97182R643 Gross expense ratio: 0.131% as of 11/30/2019 Net expense ratio: 0.131% as of 11/30/2019

Objective: The objective of the flexPATH Index Conservative Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with a conservative risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time. The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. This investment option is not a mutual fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 05/02/2016. The returns are provided by Morningstar and reflect the historical performance of the oldest, eligible share class of the Pool with reported expenses and an inception date of 10/09/2015, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) The adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the Pool itself. Please refer to a Pool's offering materials for information regarding its' fees and expenses. flexPATH Index Conservative 2035 Fund R1 FPRS code: OO6T Ticker: WFICCX CUSIP: 97182R445 Gross expense ratio: 0.132% as of 11/30/2019 Net expense ratio: 0.132% as of 11/30/2019 Objective: The objective of the flexPATH Index Conservative Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with a conservative risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None

Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time. The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. This investment option is not a mutual fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 05/02/2016. The returns are provided by Morningstar and reflect the historical performance of the oldest, eligible share class of the Pool with reported expenses and an inception date of 10/09/2015, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) The adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the Pool itself. Please refer to a Pool's offering materials for information regarding its' fees and expenses. flexPATH Index Conservative 2045 Fund R1 FPRS code: OO6W Ticker: WFICDX CUSIP: 97182R247 Gross expense ratio: 0.134% as of 11/30/2019 Net expense ratio: 0.134% as of 11/30/2019 Objective: The objective of the flexPATH Index Conservative Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with a conservative risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time. The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. This investment option is not a mutual fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 05/02/2016. The returns are provided by Morningstar and reflect the historical performance of the oldest, eligible share class of the Pool with reported expenses and an inception date of 10/09/2015, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) The adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the Pool itself. Please refer to a Pool's offering materials for information regarding its' fees and expenses.

flexPATH Index Conservative 2055 Fund R1 FPRS code: OO6Z Ticker: WFICEX CUSIP: 97182T706 Gross expense ratio: 0.135% as of 11/30/2019 Net expense ratio: 0.135% as of 11/30/2019 Objective: The objective of the flexPATH Index Conservative Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with a conservative risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time. The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. This investment option is not a mutual fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 05/02/2016. The returns are provided by Morningstar and reflect the historical performance of the oldest, eligible share class of the Pool with reported expenses and an inception date of 10/09/2015, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) The adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the Pool itself. Please refer to a Pool's offering materials for information regarding its' fees and expenses. flexPATH Index Conservative Retirement Fund R1 FPRS code: OO6N Ticker: WFICRX CUSIP: 97182R841 Gross expense ratio: 0.132% as of 11/30/2019 Net expense ratio: 0.132% as of 11/30/2019 Objective: The objective of the flexPATH Index Conservative Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with a conservative risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The fund is subject to the volatility of the financial markets, including that of equity and fixed income investments. Fixed income investments carry issuer default and credit risk, inflation risk, and interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term

securities.) Principal invested is not guaranteed at any time, including at or after retirement. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who is seeking an investment option intended for people in retirement and who is willing to accept the volatility of diversified investments in the market; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option and looking primarily for the potential for income and, secondarily, for share-price appreciation. The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. This investment option is not a mutual fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 05/02/2016. The returns are provided by Morningstar and reflect the historical performance of the oldest, eligible share class of the Pool with reported expenses and an inception date of 10/09/2015, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) The adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the Pool itself. Please refer to a Pool's offering materials for information regarding its' fees and expenses. flexPATH Index Moderate 2025 Fund R1 FPRS code: OO6P Ticker: WFIMBX CUSIP: 97182R718 Gross expense ratio: 0.129% as of 11/30/2019 Net expense ratio: 0.129% as of 11/30/2019 Objective: The objective of the flexPATH Index Moderate Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with a moderate risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time. The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. Wilmington Trust Retirement and Institutional Services Company (the "Trustee") serves as the Trustee of the Fund and maintains ultimate fiduciary authority over the management of, and investments made, in the Fund. The Fund is part of the Wilmington Trust Retirement and Institutional Services Company Collective Investment Trust (the "Trust") operated by the Trustee. This investment option is not a mutual fund.

flexPATH Index Moderate 2035 Fund R1 FPRS code: OO6S Ticker: WFIMCX CUSIP: 97182R510 Gross expense ratio: 0.13% as of 11/30/2019 Net expense ratio: 0.13% as of 11/30/2019 Objective: The objective of the flexPATH Index Moderate Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with a moderate risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time. The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. Wilmington Trust Retirement and Institutional Services Company (the "Trustee") serves as the Trustee of the Fund and maintains ultimate fiduciary authority over the management of, and investments made, in the Fund. The Fund is part of the Wilmington Trust Retirement and Institutional Services Company Collective Investment Trust (the "Trust") operated by the Trustee. This investment option is not a mutual fund. flexPATH Index Moderate 2045 Fund R1 FPRS code: OO6V Ticker: WFIMDX CUSIP: 97182R312 Gross expense ratio: 0.13% as of 11/30/2019 Net expense ratio: 0.13% as of 11/30/2019 Objective: The objective of the flexPATH Index Moderate Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with a moderate risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities.

Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time. The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. Wilmington Trust Retirement and Institutional Services Company (the "Trustee") serves as the Trustee of the Fund and maintains ultimate fiduciary authority over the management of, and investments made, in the Fund. The Fund is part of the Wilmington Trust Retirement and Institutional Services Company Collective Investment Trust (the "Trust") operated by the Trustee. This investment option is not a mutual fund. flexPATH Index Moderate 2055 Fund R1 FPRS code: OO6Y Ticker: WFIMEX CUSIP: 97182T102 Gross expense ratio: 0.13% as of 11/30/2019 Net expense ratio: 0.13% as of 11/30/2019 Objective: The objective of the flexPATH Index Moderate Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with a moderate risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time. The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. Wilmington Trust Retirement and Institutional Services Company (the "Trustee") serves as the Trustee of the Fund and maintains ultimate fiduciary authority over the management of, and investments made, in the Fund. The Fund is part of the Wilmington Trust Retirement and Institutional Services Company Collective Investment Trust (the "Trust") operated by the Trustee. This investment option is not a mutual fund. flexPATH Index Moderate Retirement Fund R1 FPRS code: OO6M Ticker: WFIMRX CUSIP: 97182R700

Gross expense ratio: 0.128% as of 11/30/2019 Net expense ratio: 0.128% as of 11/30/2019 Objective: The objective of the flexPATH Index Moderate Series of Funds is to provide long-term investors with an asset allocation strategy designed to maximize their retirement savings consistent with the risk that investors with a moderate risk tolerance may be willing to accept given their investment time horizon. Strategy: The flexPath funds ("Funds") seek to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated to each fund. To pursue its investment objective, the Fund is designed to be a comprehensive investment option and is diversified across a variety of asset classes that may include, but is not limited to, domestic equity, international equity, global real estate (REITs), commodities, intermediate-term bond, and inflation-protected bond (U.S. TIPS). The Fund uses passively managed sub-advised strategies to gain exposure to various market capitalizations and asset classes. Risk: The fund is subject to the volatility of the financial markets, including that of equity and fixed income investments. Fixed income investments carry issuer default and credit risk, inflation risk, and interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Principal invested is not guaranteed at any time, including at or after retirement. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who is seeking an investment option intended for people in retirement and who is willing to accept the volatility of diversified investments in the market; Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option and looking primarily for the potential for income and, secondarily, for share-price appreciation. The investment option is a collective investment trust. It is managed by Wilmington Trust RISC. This description is only intended to provide a brief overview of the fund. Wilmington Trust Retirement and Institutional Services Company (the "Trustee") serves as the Trustee of the Fund and maintains ultimate fiduciary authority over the management of, and investments made, in the Fund. The Fund is part of the Wilmington Trust Retirement and Institutional Services Company Collective Investment Trust (the "Trust") operated by the Trustee. This investment option is not a mutual fund. Vanguard Balanced Index Fund Admiral Shares FPRS code: OQNC Ticker: VBIAX Gross expense ratio: 0.07% as of 04/26/2019 Net expense ratio: 0.07% as of 04/26/2019 Objective: The investment seeks to track the performance of a benchmark index that measures the investment return of the overall U.S. stock market with 60% of its assets; the fund seeks to track the performance of a broad, market-weighted bond index with 40% of its assets. Strategy: The fund employs an indexing investment approach designed to track the performance of two benchmark indexes. With approximately 60% of its assets, the fund seeks to track the investment performance of the CRSP US Total Market Index. With approximately 40% of its assets, the fund seeks to track the investment performance of the Bloomberg Barclays U.S. Aggregate Float Adjusted Index. 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. Short-term redemption fee: None Who may want to invest: 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. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund.

The CRSP US Total Market Index is comprised of nearly 4,000 constituents across mega, large, small and micro capitalizations, representing nearly 100% of the U.S. investable equity market. The Bloomberg Barclays U.S. Aggregate Float Adjusted Index measures the total universe of public, investment-grade, taxable, fixed income securities in the United States-including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities-all with maturities of more than 1 year. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 11/13/2000. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 11/09/1992, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) Please refer to a fund's prospectus for information regarding fees and expenses. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself. Vanguard Federal Money Market Fund Investor Shares FPRS code: OQQL Ticker: VMFXX Gross expense ratio: 0.11% as of 12/20/2018 Net expense ratio: 0.11% as of 12/20/2018 Objective: The investment seeks to provide current income while maintaining liquidity and a stable share price of $1. Strategy: The fund invests primarily in high-quality, short-term money market instruments. Under normal circumstances, at least 80% of the fund's assets are invested in securities issued by the U.S. government and its agencies and instrumentalities. It maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The fund generally invests 100% of its assets in government securities and therefore will satisfy the 99.5% requirement for designation as a government money market fund. Risk: 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. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: Someone who has a low tolerance for investment risk and who wishes to keep the value of his or her investment relatively stable; Someone who is seeking to complement his or her bond and stock fund holdings in order to reach a particular asset allocation. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund. Vanguard International Growth Fund Admiral Shares FPRS code: OQFO Ticker: VWILX Gross expense ratio: 0.32% as of 12/03/2018 Net expense ratio: 0.32% as of 12/03/2018 Objective: The investment seeks to provide long-term capital appreciation. Strategy: The fund invests predominantly in the stocks of companies located outside the United States and is expected to diversify its assets in countries across developed and emerging markets. In selecting stocks, the fund's advisors evaluate foreign markets around the world and choose large-, mid-, and small-capitalization companies considered to have above-average growth potential. The fund uses multiple investment advisors. 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. 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. Short-term redemption fee: None Who may want to invest: 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. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 08/13/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 09/30/1981, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) Please refer to a fund's prospectus for information regarding fees and expenses. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself. Vanguard LifeStrategy Growth Fund Investor Shares FPRS code: OMCJ Ticker: VASGX Gross expense ratio: 0.14% as of 02/26/2019 Net expense ratio: 0.14% as of 02/26/2019 Objective: The investment seeks capital appreciation and some current income. Strategy: The fund invests in other Vanguard mutual funds according to a fixed formula that reflects an allocation of approximately 80% of the fund's assets to common stocks and 20% to bonds. Its indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize foreign currency exposure). 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. Short-term redemption fee: None Who may want to invest: 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. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund. Vanguard LifeStrategy Income Fund Investor Shares FPRS code: OMCK Ticker: VASIX Gross expense ratio: 0.11% as of 02/26/2019 Net expense ratio: 0.11% as of 02/26/2019 Objective: The investment seeks current income and some capital appreciation. Strategy: The fund invests in other Vanguard mutual funds according to a fixed formula that reflects an allocation of approximately 80% of the fund's assets to bonds and 20% to common stocks. Its indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize foreign currency exposure). 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. 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. Short-term redemption fee: None

Who may want to invest: 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. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund. Vanguard Mid-Cap Growth Index Fund Admiral Shares FPRS code: OU6T Ticker: VMGMX Gross expense ratio: 0.07% as of 04/26/2019 Net expense ratio: 0.07% as of 04/26/2019 Objective: The investment seeks to track the performance of the CRSP US Mid Cap Growth Index that measures the investment return of mid-capitalization growth stocks. Strategy: The fund employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Growth Index, a broadly diversified index of growth stocks of mid-size U.S. companies. The advisor attempts to replicate the target 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. 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. Short-term redemption fee: None Who may want to invest: 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. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund. The CRSP US Mid Cap Growth Index targets inclusion of the U.S. companies that fall between the top 70%-85% of investable market capitalization. CRSP classifies growth securities using the following factors: future long-term growth in earnings per share (EPS), future short-term growth in EPS, 3-year historical growth in EPS, 3-year historical growth in sales per share, current investment-to-assets ratio, and return on assets. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 09/27/2011. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 08/17/2006, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) Please refer to a fund's prospectus for information regarding fees and expenses. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself. Vanguard Mid-Cap Value Index Fund Admiral Shares FPRS code: OYY1 Ticker: VMVAX Gross expense ratio: 0.07% as of 04/26/2019 Net expense ratio: 0.07% as of 04/26/2019 Objective: The investment seeks to track the performance of the CRSP US Mid Cap Value Index that measures the investment return of mid-capitalization value stocks. Strategy: The fund employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Value Index, a broadly diversified index of value stocks of mid-size U.S. companies. The advisor attempts to replicate the target 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. 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.

Short-term redemption fee: None Who may want to invest: 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. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund. The CRSP US Mid Cap Value Index targets inclusion of the U.S. companies that fall between the top 70%-85% of investable market capitalization. CRSP classifies value securities using the following factors: book to price, forward earnings to price, historic earnings to price, dividend-to-price ratio and sales-to-price ratio. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 09/27/2011. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 08/17/2006, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) Please refer to a fund's prospectus for information regarding fees and expenses. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself. Vanguard Small-Cap Index Fund Admiral Shares FPRS code: OQFP Ticker: VSMAX Gross expense ratio: 0.05% as of 04/26/2019 Net expense ratio: 0.05% as of 04/26/2019 Objective: The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. Strategy: The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Index, a broadly diversified index of stocks of small U.S. companies. The advisor attempts to replicate the target 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. Risk: The securities of smaller, less well-known companies can be more volatile than those of larger companies. 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. Short-term redemption fee: None Who may want to invest: 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 generally greater volatility of investments in smaller companies. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund. The CRSP US Small Cap Index includes U.S. companies that fall between the bottom 2%-15% of the investable market capitalization. There is no lower limit in market capitalization, other than what is specified by investability screens. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 11/13/2000. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 10/03/1960, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) Please refer to a fund's prospectus for information regarding fees and expenses. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself. Vanguard Value Index Fund Admiral Shares FPRS code: OMSV Ticker: VVIAX Gross expense ratio: 0.05% as of 04/26/2019

Net expense ratio: 0.05% as of 04/26/2019 Objective: The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization value stocks. Strategy: The fund employs an indexing investment approach designed to track the performance of the CRSP US Large Cap Value Index, a broadly diversified index predominantly made up of value stocks of large U.S. companies. The advisor attempts to replicate the target 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. 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. Short-term redemption fee: None Who may want to invest: 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. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund. The CRSP US Large Cap Value Index includes U.S. companies that comprise the top 85% of investable market capitalization. It includes both Mid and Mega capitalization. CRSP classifies value securities using the following factors: book to price, forward earnings to price, historic earnings to price, dividend-to-price ratio and sales-to-price ratio. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 11/13/2000. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 11/02/1992, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) Please refer to a fund's prospectus for information regarding fees and expenses. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself. Voya Intermediate Bond Fund Class R6 FPRS code: OV38 Ticker: IIBZX Gross expense ratio: 0.31% as of 07/31/2019 Net expense ratio: 0.31% as of 07/31/2019 Objective: The investment seeks to maximize total return through income and capital appreciation. Strategy: Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of bonds, including but not limited to corporate, government and mortgage bonds, which, at the time of purchase, are rated investment-grade (e.g., rated at least BBB- by S&P Global Ratings or Baa3 by Moody's Investors Service, Inc.) or have an equivalent rating by a nationally recognized statistical rating organization ("NRSRO"), or are of comparable quality if unrated. 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. 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. Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term redemption fee: None Who may want to invest: 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 diversify an equity portfolio with a more conservative investment option. This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for

more detailed information about the fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class's actual inception of 05/31/2013. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 12/15/1998, adjusted to reflect the fees and expenses of this share class (when this share class's fees and expenses are higher.) Please refer to a fund's prospectus for information regarding fees and expenses. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself. Before investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity for a 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. 894752.2.0

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