investment options table at&t retirement security · pdf file · 2014-09-291...

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INVESTMENT OPTIONS TABLE AT&T RETIREMENT SECURITY PLAN (ARSP)

Investment Option for

Future Contributions On and Before Closing Date and ARSP Account on and Before Account Transfer Date

Investment Option for Future Contributions After Closing Date and ARSP Account After Account Transfer Date

Fund Name AT&T Age-Based Asset Allocation Fund 2005 Fidelity Freedom K® 2005 Fund

Fund Code 43348 02173

Ticker N/A FFKVX Category Lifecycle Fund Lifecycle Fund Objective Seeks to provide an asset allocation investment strategy that becomes more

conservative over time. Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation.

Strategy Each fund invests in a series of commingled pools of the Pyramis Group Trust for employee benefit plans and is managed by Pyramis Global Advisors, a Fidelity Investments Company. Each commingled pool consists of securities from different asset classes, market capitalizations and geographic regions, and may invest in the following instruments: domestic and foreign issuers of common stock, preferred stock and convertible securities; exchange-traded funds; real estate investment trusts (REITs); debt obligations issued by U.S. government, U.S. local city and state governments, U.S. government agencies, U.S. government-sponsored corporations, foreign governmental issuers, supranational(s), U.S. corporations, and foreign corporations; mortgage-backed securities; asset-backed securities; private placements and other securities not represented in the fixed-income benchmarks, including zero coupon bonds, floating-rate debt and Treasury Inflation Protected Securities (TIPS); short-term fixed-income investments; derivatives instruments including options, futures, forwards and swaps; commingled funds that invest in these securities. You select the fund that best matches your retirement strategy. Individual commingled pools are primarily benchmarked to the following indices: U.S. equity (R3000), International Equity (MSCI ACWI ex US Index), Fixed Income (Barclays Agg Index), High Yield (High Yield Index) and Short-Term Investments (Three-Month T-Bills). Target allocations for the AT&T Age-Based Asset Allocation 2000-2055 funds as of September 30, 2012 were: U.S. Equity: 26.42%, International Equity: 9.63%, Fixed Income: 28.81%, High Yield: 5.12%, Short-Term: 30.03%.

Investing in a combination of underlying Fidelity domestic equity funds, international equity funds, bond funds, and short-term funds. Allocating assets among underlying Fidelity funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 17% in domestic equity funds, 7% in international equity funds, 46% in bond funds, and 30% in short-term funds (approximately 10 to 19 years after the target year). Ultimately, the fund will merge with Fidelity Freedom K Income Fund. Strategic Advisers may continue to seek high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

Risk 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

The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in

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Investment Option for Future Contributions On and Before Closing Date and ARSP Account on and Before Account Transfer Date


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.

high-yield, small-cap, commodity-linked, and foreign securities. Principal invested is not guaranteed at any time, including at or after the funds' target dates.

Short-term Redemption Fee

None None

Expense Ratio* 0.24% 0.50% Footnotes The unmanaged R3000 Index (Russell 3000 Index) consists of most small,

medium and large U.S. companies with readily available price data. The index is considered a good measure of the entire U.S. stock market and consists of approximately 3,000 common stocks. The unmanaged MSCI All Country World Index excluding US (MSCI ACWI ex U.S. Index) consists of foreign stocks across 22 developed markets and 25 emerging markets, representing approximately 85% of the world's total market capitalization outside of the U.S. The unmanaged Barclays Agg Index (Barclays Capital U.S. Aggregate Bond Index) represents the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC registered securities including Treasuries, government-related and corporate securities, mortgage-backed securities, pass-through securities, asset-backed securities and commercial mortgage-based securities, having at least one year to final maturity. The unmanaged High Yield Index (Merrill Lynch U.S. High Yield Master II Constrained Index) represents all domestic and Yankee high-yield bonds, including deferred-interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. The 3-Month Treasury Bill Index is an unmanaged weighted average of rates on brokered trades of fixed-rate obligations of the U.S. Treasury with maturities of 3 months. It excludes zero coupon strips. These funds are designed to become more conservative over time both to the point of expected retirement and for a period of approximately 15-20 years thereafter. The investment risks of the funds change over time as its asset allocation changes. These are broadly diversified funds and can include a mix of U.S. and non-U.S. stocks, bonds and/or money market instruments. In general, investment values fluctuate in response to adverse issuer, political, regulatory, market, interest rate or economic developments in the U.S. and abroad. They may be subject to additional risks of the underlying

A mutual fund registered under Fidelity Aberdeen Street Trust, and managed by Strategic Advisers, Inc. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

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investments, such as risks associated with investing in high yield, small-cap and/or foreign securities. Unit price and return will vary. In addition, there can be no assurance that these funds will achieve their stated goal. Additional risks may include, but are not limited to, the following: the performance of the underlying commingled pools; the manager's ability to select among the available commingled pools; the manager's ability to develop, select and implement an allocation strategy with a long-term horizon and the impact of any future changes to this strategy. Principal invested is not guaranteed at any time, including at or after these fund's target dates. In addition, there can be no assurance that the fund will achieve its stated goal. This investment option is not a SEC-registered 40 Act fund.


Fund Code 43349 02174

Ticker N/A FFKCX

Category Lifecycle Fund Lifecycle Fund

Objective Seeks to provide an asset allocation investment strategy that becomes more conservative over time.

Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation.

Strategy Each fund invests in a series of commingled pools of the Pyramis Group Trust for employee benefit plans and is managed by Pyramis Global Advisors, a Fidelity Investments Company. Each commingled pool consists of securities from different asset classes, market capitalizations and geographic regions, and may invest in the following instruments: domestic and foreign issuers of common stock, preferred stock and convertible securities; exchange-traded funds; real estate investment trusts (REITs); debt obligations issued by U.S. government, U.S. local city and state governments, U.S. government agencies, U.S. government-sponsored corporations, foreign governmental issuers, supranational(s), U.S. corporations, and foreign corporations; mortgage-backed securities; asset-backed securities; private placements and other securities not represented in the fixed-income benchmarks, including zero coupon bonds, floating-rate debt and Treasury Inflation Protected Securities (TIPS); short-term fixed-income investments; derivatives instruments including options, futures, forwards and swaps; commingled funds that invest in these securities. You select the fund that best matches your retirement strategy. Individual commingled pools are primarily benchmarked to the following


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indices: U.S. equity (R3000), International Equity (MSCI ACWI ex US Index), Fixed Income (Barclays Agg Index), High Yield (High Yield Index) and Short-Term Investments (Three-Month T-Bills). Target allocations for the AT&T Age-Based Asset Allocation 2000-2055 funds as of March 31, 2013 were: U.S. Equity: 36.01%, International Equity: 13.12%, Fixed Income: 33.31%, High Yield: 5.06%, Short-Term: 12.51%.

Risk 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.

The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked, and foreign securities. Principal invested is not guaranteed at any time, including at or after the funds' target dates.

Expense Ratio* 0.24% 0.53% Short-term Redemption

Fee None None

Footnotes The unmanaged R3000 Index (Russell 3000 Index) consists of most small, medium and large U.S. companies with readily available price data. The index is considered a good measure of the entire U.S. stock market and consists of approximately 3,000 common stocks. The unmanaged MSCI All Country World Index excluding US (MSCI ACWI ex U.S. Index) consists of foreign stocks across 22 developed markets and 25 emerging markets, representing approximately 85% of the world's total market capitalization outside of the U.S. The unmanaged Barclays Agg Index (Barclays Capital U.S. Aggregate Bond Index) represents the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC registered securities including Treasuries, government-related and corporate securities, mortgage-backed securities, pass-through securities, asset-backed securities and commercial mortgage-based securities, having at least one year to final maturity. The unmanaged High Yield Index (Merrill Lynch U.S. High Yield Master II Constrained Index) represents all domestic and Yankee high-yield bonds, including deferred-interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default.


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The 3-Month Treasury Bill Index is an unmanaged weighted average of rates on brokered trades of fixed-rate obligations of the U.S. Treasury with maturities of 3 months. It excludes zero coupon strips. These funds are designed to become more conservative over time both to the point of expected retirement and for a period of approximately 15-20 years thereafter. The investment risks of the funds change over time as its asset allocation changes. These are broadly diversified funds and can include a mix of U.S. and non-U.S. stocks, bonds and/or money market instruments. In general, investment values fluctuate in response to adverse issuer, political, regulatory, market, interest rate or economic developments in the U.S. and abroad. They may be subject to additional risks of the underlying investments, such as risks associated with investing in high yield, small-cap and/or foreign securities. Unit price and return will vary. In addition, there can be no assurance that these funds will achieve their stated goal. Additional risks may include, but are not limited to, the following: the performance of the underlying commingled pools; the manager's ability to select among the available commingled pools; the manager's ability to develop, select and implement an allocation strategy with a long-term horizon and the impact of any future changes to this strategy. Principal invested is not guaranteed at any time, including at or after these fund's target dates. . In addition, there can be no assurance that the fund will achieve its stated goal. This investment option is not a SEC-registered 40 Act fund.

Fund Name AT&T Age-Based Asset Allocation Fund 2015 Fidelity Freedom K® 2015 Fund Fund Code 43350 02175

Ticker N/A FKVFX Category Lifecycle Fund Lifecycle Fund Objective Seeks to provide an asset allocation investment strategy that becomes more


Strategy Each fund invests in a series of commingled pools of the Pyramis Group Trust for employee benefit plans and is managed by Pyramis Global Advisors, a Fidelity Investments Company. Each commingled pool consists of securities from different asset classes, market capitalizations and geographic regions, and may invest in the following instruments: domestic and foreign issuers of common stock, preferred stock and convertible securities; exchange-traded funds; real estate investment trusts (REITs); debt obligations issued by U.S. government, U.S. local city and state governments, U.S. government agencies, U.S. government-sponsored corporations, foreign governmental issuers, supranational(s), U.S. corporations, and foreign corporations; mortgage-backed securities; asset-backed securities; private


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placements and other securities not represented in the fixed-income benchmarks, including zero coupon bonds, floating-rate debt and Treasury Inflation Protected Securities (TIPS); short-term fixed-income investments; derivatives instruments including options, futures, forwards and swaps; commingled funds that invest in these securities. You select the fund that best matches your retirement strategy. Individual commingled pools are primarily benchmarked to the following indices: U.S. equity (R3000), International Equity (MSCI ACWI ex US Index), Fixed Income (Barclays Agg Index), High Yield (High Yield Index) and Short-Term Investments (Three-Month T-Bills). Target allocations for the AT&T Age-Based Asset Allocation 2000-2055 funds as of March 31, 2013 were: U.S. Equity: 37.52%, International Equity: 13.58%, Fixed Income: 34.27%, High Yield: 5.00%, Short-Term: 9.64%.

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.



None None


medium and large U.S. companies with readily available price data. The index is considered a good measure of the entire U.S. stock market and consists of approximately 3,000 common stocks. The unmanaged MSCI All Country World Index excluding US (MSCI ACWI ex U.S. Index) consists of foreign stocks across 22 developed markets and 25 emerging markets, representing approximately 85% of the world's total market capitalization outside of the U.S. The unmanaged Barclays Agg Index (Barclays Capital U. S. Aggregate Bond Index) represents the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC registered securities including Treasuries, government-related and corporate securities, mortgage-backed securities, pass-through securities, asset-backed securities and commercial mortgage-


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based securities, having at least one year to final maturity. The unmanaged High Yield Index (Merrill Lynch U.S. High Yield Master II Constrained Index) represents all domestic and Yankee high-yield bonds, including deferred-interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. The 3-Month Treasury Bill Index is an unmanaged weighted average of rates on brokered trades of fixed-rate obligations of the U.S. Treasury with maturities of 3 months. It excludes zero coupon strips. These funds are designed to become more conservative over time both to the point of expected retirement and for a period of approximately 15-20 years thereafter. The investment risks of the funds change over time as its asset allocation changes. These are broadly diversified funds and can include a mix of U.S. and non-U.S. stocks, bonds and/or money market instruments. In general, investment values fluctuate in response to adverse issuer, political, regulatory, market, interest rate or economic developments in the U.S. and abroad. They may be subject to additional risks of the underlying investments, such as risks associated with investing in high yield, small-cap and/or foreign securities. Unit price and return will vary. In addition, there can be no assurance that these funds will achieve their stated goal. Additional risks may include, but are not limited to, the following: the performance of the underlying commingled pools; the manager's ability to select among the available commingled pools; the manager's ability to develop, select and implement an allocation strategy with a long-term horizon and the impact of any future changes to this strategy. Principal invested is not guaranteed at any time, including at or after these fund's target dates. In addition, there can be no assurance that the fund will achieve its stated goal. This investment option is not a SEC-registered 40 Act fund.


Fund Code 43351 02176

Ticker N/A FFKDX

Category Lifecycle Fund Lifecycle Fund

Objective Seeks to provide an asset allocation investment strategy that becomes more conservative over time.

Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation.

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Strategy Each fund invests in a series of commingled pools of the Pyramis Group Trust for employee benefit plans and is managed by Pyramis Global Advisors, a Fidelity Investments Company. Each commingled pool consists of securities from different asset classes, market capitalizations and geographic regions, and may invest in the following instruments: domestic and foreign issuers of common stock, preferred stock and convertible securities; exchange-traded funds; real estate investment trusts (REITs); debt obligations issued by U.S. government, U.S. local city and state governments, U.S. government agencies, U.S. government-sponsored corporations, foreign governmental issuers, supranational(s), U.S. corporations, and foreign corporations; mortgage-backed securities; asset-backed securities; private placements and other securities not represented in the fixed-income benchmarks, including zero coupon bonds, floating-rate debt and Treasury Inflation Protected Securities (TIPS); short-term fixed-income investments; derivatives instruments including options, futures, forwards and swaps; commingled funds that invest in these securities. You select the fund that best matches your retirement strategy. Individual commingled pools are primarily benchmarked to the following indices: U.S. equity (R3000), International Equity (MSCI ACWI ex US Index), Fixed Income (Barclays Agg Index), High Yield (High Yield index) and Short-Term Investments (Three-Month T-Bills). Target allocations for the AT&T Age-Based Asset Allocation 2000-2055 funds as of March 31, 2013 were: U.S. Equity: 41.02%, International Equity: 14.88%, Fixed Income: 31.73%, High Yield: 5.83%, Short-Term: 6.54.





None None

Expense Ratio* 0.24% 0.57%

Footnotes The unmanaged R3000 Index (Russell 3000 Index) consists of most small, medium and large U.S. companies with readily available price data. The index is considered a good measure of the entire U.S. stock market and

A mutual fund registered under Fidelity Aberdeen Street Trust, and managed by Strategic Advisers, Inc. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed

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consists of approximately 3,000 common stocks. The unmanaged MSCI All Country World Index excluding US (MSCI ACWI ex U.S. Index) consists of foreign stocks across 22 developed markets and 25 emerging markets, representing approximately 85% of the world's total market capitalization outside of the U.S. The unmanaged Barclays Agg Index (Barclays Capital U.S. Aggregate Bond Index) represents the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC registered securities including Treasuries, government-related and corporate securities, mortgage-backed securities, pass-through securities, asset-backed securities and commercial mortgage-based securities, having at least one year to final maturity. The unmanaged High Yield Index (Merrill Lynch U.S. High Yield Master II Constrained Index) represents all domestic and Yankee high-yield bonds, including deferred-interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. The 3-Month Treasury Bill Index is an unmanaged weighted average of rates on brokered trades of fixed-rate obligations of the U.S. Treasury with maturities of 3 months. It excludes zero coupon strips. These funds are designed to become more conservative over time both to the point of expected retirement and for a period of approximately 15-20 years thereafter. The investment risks of the funds change over time as its asset allocation changes. These are broadly diversified funds and can include a mix of U.S. and non-U.S. stocks, bonds and/or money market instruments. In general, investment values fluctuate in response to adverse issuer, political, regulatory, market, interest rate or economic developments in the U.S. and abroad. They may be subject to additional risks of the underlying investments, such as risks associated with investing in high yield, small-cap and/or foreign securities. Unit price and return will vary. In addition, there can be no assurance that these funds will achieve their stated goal. Additional risks may include, but are not limited to, the following: the performance of the underlying commingled pools; the manager's ability to select among the available commingled pools; the manager's ability to develop, select and implement an allocation strategy with a long-term horizon and the impact of any future changes to this strategy. Principal invested is not guaranteed at any time, including at or after these fund's target dates. In addition, there can be no assurance that the fund will achieve its stated goal.

information about the fund.

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This investment option is not a SEC-registered 40 Act fund.


Ticker N/A FKTWX Category Lifecycle Fund Lifecycle Fund Objective Seeks to provide an asset allocation investment strategy that becomes more


Strategy Each fund invests in a series of commingled pools of the Pyramis Group Trust for employee benefit plans and is managed by Pyramis Global Advisors, a Fidelity Investments Company. Each commingled pool consists of securities from different asset classes, market capitalizations and geographic regions, and may invest in the following instruments: domestic and foreign issuers of common stock, preferred stock and convertible securities; exchange-traded funds; real estate investment trusts (REITs); debt obligations issued by U.S. government, U.S. local city and state governments, U.S. government agencies, U.S. government-sponsored corporations, foreign governmental issuers, supranational(s), U.S. corporations, and foreign corporations; mortgage-backed securities; asset-backed securities; private placements and other securities not represented in the fixed-income benchmarks, including zero coupon bonds, floating-rate debt and Treasury Inflation Protected Securities (TIPS); short-term fixed-income investments; derivatives instruments including options, futures, forwards and swaps; commingled funds that invest in these securities. You select the fund that best matches your retirement strategy. Individual commingled pools are primarily benchmarked to the following indices: U.S. equity (R3000), International Equity (MSCI ACWI ex US Index), Fixed Income (Barclays Agg Index), High Yield (High Yield index) and Short-Term Investments (Three-Month T-Bills). Target allocations for the AT&T Age-Based Asset Allocation 2000-2055 funds as of March 31, 2013 were: U.S. Equity: 50.01%, International Equity: 17.87%, Fixed Income: 24.24%, High Yield: 7.20%, Short-Term: 0.69%.


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,

The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked, and foreign securities. Principal invested is not guaranteed at any time, including at or after the funds' target

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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.

dates.


None None


medium and large U.S. companies with readily available price data. The index is considered a good measure of the entire U.S. stock market and consists of approximately 3,000 common stocks. The unmanaged MSCI All Country World Index excluding US (MSCI ACWI ex U.S. Index) consists of foreign stocks across 22 developed markets and 25 emerging markets, representing approximately 85% of the world's total market capitalization outside of the U.S. The unmanaged Barclays Agg Index (Barclays Capital U.S. Aggregate Bond Index) represents the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC registered securities including Treasuries, government-related and corporate securities, mortgage-backed securities, pass-through securities, asset-backed securities and commercial mortgage-based securities, having at least one year to final maturity. The unmanaged High Yield Index (Merrill Lynch U.S. High Yield Master II Constrained Index) represents all domestic and Yankee high-yield bonds, including deferred-interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. The 3-Month Treasury Bill Index is an unmanaged weighted average of rates on brokered trades of fixed-rate obligations of the U.S. Treasury with maturities of 3 months. It excludes zero coupon strips. These funds are designed to become more conservative over time both to the point of expected retirement and for a period of approximately 15-20 years thereafter. The investment risks of the funds change over time as its asset allocation changes. These are broadly diversified funds and can include a mix of U.S. and non-U.S. stocks, bonds and/or money market instruments. In general, investment values fluctuate in response to adverse issuer, political, regulatory, market, interest rate or economic developments in the U.S. and abroad. They may be subject to additional risks of the underlying investments, such as risks associated with investing in high yield, small-cap and/or foreign securities. Unit price and return will vary. In addition, there


12



can be no assurance that these funds will achieve their stated goal. Additional risks may include, but are not limited to, the following: the performance of the underlying commingled pools; the manager's ability to select among the available commingled pools; the manager's ability to develop, select and implement an allocation strategy with a long-term horizon and the impact of any future changes to this strategy. Principal invested is not guaranteed at any time, including at or after these fund's target dates. In addition, there can be no assurance that the fund will achieve its stated goal. This investment option is not a SEC-registered 40 Act fund.


Ticker N/A FFKEX Category Lifecycle Fund Lifecycle Fund Objective Seeks to provide an asset allocation investment strategy that becomes more


Strategy Each fund invests in a series of commingled pools of the Pyramis Group Trust for employee benefit plans and is managed by Pyramis Global Advisors, a Fidelity Investments Company. Each commingled pool consists of securities from different asset classes, market capitalizations and geographic regions, and may invest in the following instruments: domestic and foreign issuers of common stock, preferred stock and convertible securities; exchange-traded funds; real estate investment trusts (REITs); debt obligations issued by U.S. government, U.S. local city and state governments, U.S. government agencies, U.S. government-sponsored corporations, foreign governmental issuers, supranational(s), U.S. corporations, and foreign corporations; mortgage-backed securities; asset-backed securities; private placements and other securities not represented in the fixed-income benchmarks, including zero coupon bonds, floating-rate debt and Treasury Inflation Protected Securities (TIPS); short-term fixed-income investments; derivatives instruments including options, futures, forwards and swaps; commingled funds that invest in these securities. You select the fund that best matches your retirement strategy. Individual commingled pools are primarily benchmarked to the following indices: U.S. equity (R3000), International Equity (MSCI ACWI ex US Index), Fixed Income (Barclays Agg Index), High Yield (High Yield Index) and Short-Term Investments (Three-Month T-Bills). Target allocations for the AT&T Age-Based Asset Allocation 2000-2055 funds as of March 31, 2013 were:


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U.S. Equity: 52.52%, International Equity: 18.70%, Fixed Income: 21.48%, High Yield: 7.31%, Short-Term: 0.00%.




None None

Expense Ratio* 0.24% 0.65% Footnotes The investment option is a unitized collective investment trust. This

description is only intended to provide a brief overview of the fund. The unmanaged MSCI All Country World Index excluding US (MSCI ACWI ex U.S. Index) consists of foreign stocks across 22 developed markets and 25 emerging markets, representing approximately 85% of the world's total market capitalization outside of the U.S. The unmanaged Barclays Agg Index (Barclays Capital U.S. Aggregate Bond Index) represents the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC registered securities including Treasuries, government-related and corporate securities, mortgage-backed securities, pass-through securities, asset-backed securities and commercial mortgage-based securities, having at least one year to final maturity. The unmanaged High Yield Index (Merrill Lynch U.S. High Yield Master II Constrained Index) represents all domestic and Yankee high-yield bonds, including deferred-interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. The 3-Month Treasury Bill Index is an unmanaged weighted average of rates on brokered trades of fixed-rate obligations of the U.S. Treasury with maturities of 3 months. It excludes zero coupon strips. These funds are designed to become more conservative over time both to the point of expected retirement and for a period of approximately 15-20 years thereafter. The investment risks of the funds change over time as its asset allocation changes. These are broadly diversified funds and can include a mix


14



of U.S. and non-U.S. stocks, bonds and/or money market instruments. In general, investment values fluctuate in response to adverse issuer, political, regulatory, market, interest rate or economic developments in the U.S. and abroad. They may be subject to additional risks of the underlying investments, such as risks associated with investing in high yield, small-cap and/or foreign securities. Unit price and return will vary. In addition, there can be no assurance that these funds will achieve their stated goal. Additional risks may include, but are not limited to, the following: the performance of the underlying commingled pools; the manager's ability to select among the available commingled pools; the manager's ability to develop, select and implement an allocation strategy with a long-term horizon and the impact of any future changes to this strategy. Principal invested is not guaranteed at any time, including at or after these funds target dates. In addition, there can be no assurance that the fund will achieve its stated goal. This investment option is not a SEC-registered 40 Act fund.


Ticker N/A FKTHX Category Lifecycle Fund Lifecycle Fund Objective Seeks to provide an asset allocation investment strategy that becomes more


Strategy Each fund invests in a series of commingled pools of the Pyramis Group Trust for employee benefit plans and is managed by Pyramis Global Advisors, a Fidelity Investments Company. Each commingled pool consists of securities from different asset classes, market capitalizations and geographic regions, and may invest in the following instruments: domestic and foreign issuers of common stock, preferred stock and convertible securities; exchange-traded funds; real estate investment trusts (REITs); debt obligations issued by U.S. government, U.S. local city and state governments, U.S. government agencies, U.S. government-sponsored corporations, foreign governmental issuers, supranational(s), U.S. corporations, and foreign corporations; mortgage-backed securities; asset-backed securities; private placements and other securities not represented in the fixed-income benchmarks, including zero coupon bonds, floating-rate debt and Treasury Inflation Protected Securities (TIPS); short-term fixed-income investments; derivatives instruments including options, futures, forwards and swaps; commingled funds that invest in these securities. You select the fund that best matches your retirement strategy. Individual commingled pools are primarily benchmarked to the following


15



indices: U.S. equity (R3000), International Equity (MSCI ACWI ex US Index), Fixed Income (Barclays Agg Index), High Yield (High Yield Index) and Short-Term Investments (Three-Month T-Bills). Target allocations for the AT&T Age-Based Asset Allocation 2000-2055 funds as of 2012March 31, 2013 were: U.S. Equity: 60.40%, International Equity: 21.34%, Fixed Income: 11.06%, High Yield: 7.20%, Short-Term: 0.00%.




None None


medium and large U.S. companies with readily available price data. The index is considered a good measure of the entire U.S. stock market and consists of approximately 3,000 common stocks. The unmanaged MSCI All Country World Index excluding US (MSCI ACWI ex U.S. Index) consists of foreign stocks across 22 developed markets and 25 emerging markets, representing approximately 85% of the world's total market capitalization outside of the U.S. The unmanaged Barclays Agg Index (Barclays Capital U.S. Aggregate Bond Index) represents the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC registered securities including Treasuries, government-related and corporate securities, mortgage-backed securities, pass-through securities, asset-backed securities and commercial mortgage-based securities, having at least one year to final maturity. The unmanaged High Yield Index (Merrill Lynch U.S. High Yield Master II Constrained Index) represents all domestic and Yankee high-yield bonds, including deferred-interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default.


16



The 3-Month Treasury Bill Index is an unmanaged weighted average of rates on brokered trades of fixed-rate obligations of the U.S. Treasury with maturities of 3 months. It excludes zero coupon strips. These funds are designed to become more conservative over time both to the point of expected retirement and for a period of approximately 15-20 years thereafter. The investment risks of the funds change over time as its asset allocation changes. These are broadly diversified funds and can include a mix of U.S. and non-U.S. stocks, bonds and/or money market instruments. In general, investment values fluctuate in response to adverse issuer, political, regulatory, market, interest rate or economic developments in the U.S. and abroad. They may be subject to additional risks of the underlying investments, such as risks associated with investing in high yield, small-cap and/or foreign securities. Unit price and return will vary. In addition, there can be no assurance that these funds will achieve their stated goal. Additional risks may include, but are not limited to, the following: the performance of the underlying commingled pools; the manager's ability to select among the available commingled pools; the manager's ability to develop, select and implement an allocation strategy with a long-term horizon and the impact of any future changes to this strategy. Principal invested is not guaranteed at any time, including at or after these fund's target dates. In addition, there can be no assurance that the fund will achieve its stated goal. This investment option is not a SEC-registered 40 Act fund.


Ticker N/A FFKFX Category Lifecycle Fund Lifecycle Fund Objective Seeks to provide an asset allocation investment strategy that becomes more


Strategy Each fund invests in a series of commingled pools of the Pyramis Group Trust for employee benefit plans and is managed by Pyramis Global Advisors, a Fidelity Investments Company. Each commingled pool consists of securities from different asset classes, market capitalizations and geographic regions, and may invest in the following instruments: domestic and foreign issuers of common stock, preferred stock and convertible securities; exchange-traded funds; real estate investment trusts (REITs); debt obligations issued by U.S. government, U.S. local city and state governments, U.S. government agencies, U.S. government-sponsored corporations, foreign governmental issuers, supranational(s), U.S. corporations, and foreign corporations; mortgage-backed securities; asset-backed securities; private


17



placements and other securities not represented in the fixed-income benchmarks, including zero coupon bonds, floating-rate debt and Treasury Inflation Protected Securities (TIPS); short-term fixed-income investments; derivatives instruments including options, futures, forwards and swaps; commingled funds that invest in these securities. You select the fund that best matches your retirement strategy. Individual commingled pools are primarily benchmarked to the following indices: U.S. equity (R3000), International Equity (MSCI ACWI ex US Index), Fixed Income (Barclays Agg Index), High Yield (High Yield Index) and Short-Term Investments (Three-Month T-Bills). Target allocations for the AT&T Age-Based Asset Allocation 2000-2055 funds as of March 31, 2013 were: U.S. Equity: 61.41%, International Equity: 21.66%, Fixed Income: 9.53%, High Yield: 7.40%, Short-Term: 0.00%.




None None


medium and large U.S. companies with readily available price data. The index is considered a good measure of the entire U.S. stock market and consists of approximately 3,000 common stocks. The unmanaged MSCI All Country World Index excluding US (MSCI ACWI ex U.S. Index) consists of foreign stocks across 22 developed markets and 25 emerging markets, representing approximately 85% of the world's total market capitalization outside of the U.S. The unmanaged Barclays Agg Index (Barclays Capital U.S. Aggregate Bond Index) represents the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC registered securities including Treasuries, government-related and corporate securities, mortgage-backed securities, pass-through securities, asset-backed securities and commercial mortgage-


18



based securities, having at least one year to final maturity. The unmanaged High Yield Index (Merrill Lynch U.S. High Yield Master II Constrained Index) represents all domestic and Yankee high-yield bonds, including deferred-interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. The 3-Month Treasury Bill Index is an unmanaged weighted average of rates on brokered trades of fixed-rate obligations of the U.S. Treasury with maturities of 3 months. It excludes zero coupon strips. These funds are designed to become more conservative over time both to the point of expected retirement and for a period of approximately 15-20 years thereafter. The investment risks of the funds change over time as its asset allocation changes. These are broadly diversified funds and can include a mix of U.S. and non-U.S. stocks, bonds and/or money market instruments. In general, investment values fluctuate in response to adverse issuer, political, regulatory, market, interest rate or economic developments in the U.S. and abroad. They may be subject to additional risks of the underlying investments, such as risks associated with investing in high yield, small-cap and/or foreign securities. Unit price and return will vary. In addition, there can be no assurance that these funds will achieve their stated goal. Additional risks may include, but are not limited to, the following: the performance of the underlying commingled pools; the manager's ability to select among the available commingled pools; the manager's ability to develop, select and implement an allocation strategy with a long-term horizon and the impact of any future changes to this strategy. Principal invested is not guaranteed at any time, including at or after these fund's target dates. In addition, there can be no assurance that the fund will achieve its stated goal. This investment option is not a SEC-registered 40 Act fund.


Ticker N/A FFKGX Category Lifecycle Fund Lifecycle Fund Objective Seeks to provide an asset allocation investment strategy that becomes more


Strategy Each fund invests in a series of commingled pools of the Pyramis Group Trust for employee benefit plans and is managed by Pyramis Global

Investing in a combination of underlying Fidelity domestic equity funds, international equity funds, bond funds, and short-term funds. Allocating

19



Advisors, a Fidelity Investments Company. Each commingled pool consists of securities from different asset classes, market capitalizations and geographic regions, and may invest in the following instruments: domestic and foreign issuers of common stock, preferred stock and convertible securities; exchange-traded funds; real estate investment trusts (REITs); debt obligations issued by U.S. government, U.S. local city and state governments, U.S. government agencies, U.S. government-sponsored corporations, foreign governmental issuers, supranational(s), U.S. corporations, and foreign corporations; mortgage-backed securities; asset-backed securities; private placements and other securities not represented in the fixed-income benchmarks, including zero coupon bonds, floating-rate debt and Treasury Inflation Protected Securities (TIPS); short-term fixed-income investments; derivatives instruments including options, futures, forwards and swaps; commingled funds that invest in these securities. You select the fund that best matches your retirement strategy. Individual commingled pools are primarily benchmarked to the following indices: U.S. equity (R3000), International Equity (MSCI ACWI ex US Index), Fixed Income (Barclays Agg Index), High Yield (High Yield Index) and Short-Term Investments (Three-Month T-Bills). Target allocations for the AT&T Age Based 2000-2055 funds as of March 31, 2013 were: U.S. Equity: 62.95%, International Equity: 22.16%, Fixed Income: 5.37%, High Yield: 9.52%, Short-Term: 0.00%.

assets among underlying Fidelity funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 17% in domestic equity funds, 7% in international equity funds, 46% in bond funds, and 30% in short-term funds (approximately 10 to 19 years after the target year). Ultimately, the fund will merge with Fidelity Freedom K Income Fund. Strategic Advisers may continue to seek high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.




None None


medium and large U.S. companies with readily available price data. The index is considered a good measure of the entire U.S. stock market and consists of approximately 3,000 common stocks. The unmanaged MSCI All Country World Index excluding US (MSCI ACWI ex U.S. Index) consists of foreign stocks across 22 developed markets and 25

A mutual fund registered under Fidelity Aberdeen Street Trust, and managed by Strategic Advisers, Inc. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund

20



emerging markets, representing approximately 85% of the world's total market capitalization outside of the U.S. The unmanaged Barclays Agg Index (Barclays Capital U.S. Aggregate Bond Index) represents the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC registered securities including Treasuries, government-related and corporate securities, mortgage-backed securities, pass-through securities, asset-backed securities and commercial mortgage-based securities, having at least one year to final maturity. The unmanaged High Yield Index (Merrill Lynch U.S. High Yield Master II Constrained Index) represents all domestic and Yankee high-yield bonds, including deferred-interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. The 3-Month Treasury Bill Index is an unmanaged weighted average of rates on brokered trades of fixed-rate obligations of the U.S. Treasury with maturities of 3 months. It excludes zero coupon strips. These funds are designed to become more conservative over time both to the point of expected retirement and for a period of approximately 15-20 years thereafter. The investment risks of the funds change over time as its asset allocation changes. These are broadly diversified funds and can include a mix of U.S. and non-U.S. stocks, bonds and/or money market instruments. In general, investment values fluctuate in response to adverse issuer, political, regulatory, market, interest rate or economic developments in the U.S. and abroad. They may be subject to additional risks of the underlying investments, such as risks associated with investing in high yield, small-cap and/or foreign securities. Unit price and return will vary. In addition, there can be no assurance that these funds will achieve their stated goal. Additional risks may include, but are not limited to, the following: the performance of the underlying commingled pools; the manager's ability to select among the available commingled pools; the manager's ability to develop, select and implement an allocation strategy with a long-term horizon and the impact of any future changes to this strategy. Principal invested is not guaranteed at any time, including at or after these fund's target dates. . In addition, there can be no assurance that the fund will achieve its stated goal. This investment option is not a SEC-registered 40 Act fund.


21



Ticker N/A FFKHX Category Lifecycle Fund Lifecycle Fund Objective Seeks to provide an asset allocation investment strategy that becomes more


Strategy Each fund invests in a series of commingled pools of the Pyramis Group Trust for employee benefit plans and is managed by Pyramis Global Advisors, a Fidelity Investments Company. Each commingled pool consists of securities from different asset classes, market capitalizations and geographic regions, and may invest in the following instruments: domestic and foreign issuers of common stock, preferred stock and convertible securities; exchange-traded funds; real estate investment trusts (REITs); debt obligations issued by U.S. government, U.S. local city and state governments, U.S. government agencies, U.S. government-sponsored corporations, foreign governmental issuers, supranational(s), U.S. corporations, and foreign corporations; mortgage-backed securities; asset-backed securities; private placements and other securities not represented in the fixed-income benchmarks, including zero coupon bonds, floating-rate debt and Treasury Inflation Protected Securities (TIPS); short-term fixed-income investments; derivatives instruments including options, futures, forwards and swaps; commingled funds that invest in these securities. You select the fund that best matches your retirement strategy. Individual commingled pools are primarily benchmarked to the following indices: U.S. equity (R3000), International Equity (MSCI ACWI ex US Index), Fixed Income (Barclays Agg Index), High Yield (High Yield Index) and Short-Term Investments (Three-Month T-Bills). Target allocations for the AT&T Age-Based Asset Allocation 2000-2055 funds as of March 31, 2013 were: U.S. Equity: 63.81%, International Equity: 22.49%, Fixed Income: 4.03%, High Yield: 9.67%, Short-Term: 0.00%.





None None

22




medium and large U.S. companies with readily available price data. The index is considered a good measure of the entire U.S. stock market and consists of approximately 3,000 common stocks. The unmanaged MSCI All Country World Index excluding US (MSCI ACWI ex U.S. Index) consists of foreign stocks across 22 developed markets and 25 emerging markets, representing approximately 85% of the world's total market capitalization outside of the U.S. The unmanaged Barclays Agg Index (Barclays Capital U.S. Aggregate Bond Index) represents the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC registered securities including Treasuries, government-related and corporate securities, mortgage-backed securities, pass-through securities, asset-backed securities and commercial mortgage-based securities, having at least one year to final maturity. The unmanaged High Yield Index (Merrill Lynch U.S. High Yield Master II Constrained Index) represents all domestic and Yankee high-yield bonds, including deferred-interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. The 3-Month Treasury Bill Index is an unmanaged weighted average of rates on brokered trades of fixed-rate obligations of the U.S. Treasury with maturities of 3 months. It excludes zero coupon strips. These funds are designed to become more conservative over time both to the point of expected retirement and for a period of approximately 15-20 years thereafter. The investment risks of the funds change over time as its asset allocation changes. These are broadly diversified funds and can include a mix of U.S. and non-U.S. stocks, bonds and/or money market instruments. In general, investment values fluctuate in response to adverse issuer, political, regulatory, market, interest rate or economic developments in the U.S. and abroad. They may be subject to additional risks of the underlying investments, such as risks associated with investing in high yield, small-cap and/or foreign securities. Unit price and return will vary. In addition, there can be no assurance that these funds will achieve their stated goal. Additional risks may include, but are not limited to, the following: the performance of the underlying commingled pools; the manager's ability to select among the available commingled pools; the manager's ability to develop, select and implement an allocation strategy with a long-term horizon and the impact of


23



any future changes to this strategy. Principal invested is not guaranteed at any time, including at or after these fund's target dates. . In addition, there can be no assurance that the fund will achieve its stated goal. This investment option is not a SEC-registered 40 Act fund.


Ticker N/A FDENX Category Lifecycle Fund Lifecycle Fund Objective Seeks to provide an asset allocation investment strategy that becomes more

conservative over time. Seeks high total return until its target retirement date. Thereafter the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation.

Strategy Each fund invests in a series of commingled pools of the Pyramis Group Trust for employee benefit plans and is managed by Pyramis Global Advisors, a Fidelity Investments Company. Each commingled pool consists of securities from different asset classes, market capitalizations and geographic regions, and may invest in the following instruments: domestic and foreign issuers of common stock, preferred stock and convertible securities; exchange-traded funds; real estate investment trusts (REITs); debt obligations issued by U.S. government, U.S. local city and state governments, U.S. government agencies, U.S. government-sponsored corporations, foreign governmental issuers, supranational(s), U.S. corporations, and foreign corporations; mortgage-backed securities; asset-backed securities; private placements and other securities not represented in the fixed-income benchmarks, including zero coupon bonds, floating-rate debt and Treasury Inflation Protected Securities (TIPS); short-term fixed-income investments; derivatives instruments including options, futures, forwards and swaps; commingled funds that invest in these securities. You select the fund that best matches your retirement strategy. Individual commingled pools are primarily benchmarked to the following indices: U.S. Equity (R3000), International Equity (MSCI ACWI ex US Index), Fixed Income (Barclays Agg Index), High Yield (High Yield Index) and Short-Term Investments (Three-Month T-Bills). Target allocations for the AT&T Age-Based Asset Allocation 2000-2055 funds as of March 31, 2013 were: U.S. Equity: 66.39%, International Equity: 23.43%, Fixed Income: 0.39%, High Yield 9.79%, Short Term 0.00%.


Risk 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

The investment risks of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in

24



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.

the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked and foreign securities. Principal invested is not guaranteed at any time, including at or after the funds' target dates.


None None


medium and large U.S. companies with readily available price data. The index is considered a good measure of the entire U.S. stock market and consists of approximately 3,000 common stocks. The unmanaged MSCI All Country World Index excluding US (MSCI ACWI ex U.S. Index) consists of foreign stocks across 22 developed markets and 25 emerging markets, representing approximately 85% of the world's total market capitalization outside of the U.S. The unmanaged Barclays Agg Index (Barclays Capital U.S. Aggregate Bond Index) represents the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC registered securities including Treasuries, government-related and corporate securities, mortgage-backed securities, pass-through securities, asset-backed securities and commercial mortgage-based securities, having at least one year to final maturity. The unmanaged High Yield Index (Merrill Lynch U.S. High Yield Master II Constrained Index) represents all domestic and Yankee high-yield bonds, including deferred-interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. The 3-Month Treasury Bill Index is an unmanaged weighted average of rates on brokered trades of fixed-rate obligations of the U.S. Treasury with maturities of 3 months. It excludes zero coupon strips. This investment option is not a SEC-registered 40 Act fund.


Fund Name AT&T Age-Based Asset Allocation Retirement Fund Fidelity Freedom K® Income Fund Fund Code 43347 02171

Ticker N/A FFKAX Category Lifecycle Fund Lifecycle Fund

25



Objective Seeks to provide high current income and as a secondary objective, capital appreciation.

Seeks high current income and, as a secondary objective, capital appreciation.

Strategy Each fund invests in a series of commingled pools of the Pyramis Group Trust for employee benefit plans and is managed by Pyramis Global Advisors, a Fidelity Investments Company. Each commingled pool consists of securities from different asset classes, market capitalizations and geographic regions,and may invest in the following instruments: domestic and foreign issuers of common stock, preferred stock and convertible securities; exchange-traded funds; real estate investment trusts (REITs); debt obligations issued by U.S. government, U.S. local city and state governments, U.S. government agencies, U.S. government-sponsored corporations, foreign governmental issuers, supranational(s), U.S. corporations, and foreign corporations; mortgage-backed securities; asset-backed securities; private placements and other securities not represented in the fixed-income benchmarks, including zero coupon bonds, floating-rate debt and Treasury Inflation Protected Securities (TIPS); short-term fixed income investments; derivatives instruments including options, futures, forwards and swaps; commingled funds that invest in these securities. You select the fund that best matches your retirement strategy. Individual commingled pools are primarily benchmarked to the following indices: U.S. equity (R3000), International Equity (MSCI ACWI ex US Index), Fixed Income(Barclays Agg Index), and Short-Term Investments (Three Month T-Bills). Target allocations for the AT&T Age-Based Asset Allocation Retirement Fund as of December 31, 2013 were: U.S. Equity: 16.74%, International Equity: 7.17%, Fixed Income: 46.09%, Short-Term: 30.00%.

Investing in a combination of underlying Fidelity domestic equity funds, international equity funds, bond funds, and short-term funds. Allocating assets among underlying Fidelity funds according to a stable target asset allocation of approximately 17% in domestic equity funds, 7% in international equity funds, 46% in bond funds, and 30% in short-term funds.

Risk This fund is designed for investors already in retirement. The fund is 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 retirement.

The fund is subject to the volatility of the financial markets, including that of equity and fixed income investments. Fixed income investments entail 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.


None None

Expense Ratio* 0.24% 0.44% Footnotes As of June 6, 2014, this pool changed its name from AT&T Age-Based Asset

Allocation Fund 2000. The unmanaged R3000 Index (Russell 3000 Index) consists of most small, medium and large U.S.companies with readily available price data. The index is considered a good measure of the entire U.S. stock market and consists of approximately 3,000 common stocks.


26



The unmanaged MSCI All Country World Index excluding US (MSCI ACWI ex U.S. Index) consists of foreign stocks across 22 developed markets and 25 emerging markets, representing approximately 85% of the world's total market capitalization outside of the U.S. The unmanaged Barclays Agg Index (Barclays Capital U.S. Aggregate Bond Index) represents the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC registered securitiesincluding Treasuries, government-related and corporate securities, mortgage-backed securities, pass through securities, asset-backed securities and commercial mortgage-based securities, having at least one year to final maturity. The 3-Month Treasury Bill Index is an unmanaged weighted average of rates on brokered trades of fixed-rate obligations of the U.S. Treasury with maturities of 3 months. It excludes zero coupon strips. This is a broadly diversified fund and can include a mix of U.S. and non-U.S. stocks, bonds and/or money market instruments. In general, investment values fluctuate in response to adverse issuer, political, regulatory, market, interest rate or economic developments in the U.S. and abroad. They may be subject to additional risks of the underlying investments, such as risks associated with investing in high yield, small-cap and/or foreign securities. Unit price and return will vary. In addition, there can be no assurance that this fund will achieve its stated goal. Additional risks may include, but are not limited to, the following: the performance of the underlying commingled pools; the manager's ability to select among the available commingled pools; the manager's ability to develop, select and implement an allocation strategy with a long-term horizon and the impact of any future changes to this strategy. Principal invested is not guaranteed at any time, including at or after retirement. In addition, there can be no assurance that the fund will achieve its stated goal. This investment option is not a SEC-registered 40 Act fund.

Fund Name AT&T International Stock Fund American Funds EuroPacific Growth Fund Class R-4 Fund Code 43362 45638

Ticker N/A REREX Category International/Global Equity International/Global Equity Objective Seeks to provide returns in excess of international markets as represented by

the Morgan Stanley Capital International All Country World Index excluding US (MSCI ACWI ex U.S. Index).

The investment seeks long-term growth of capital.

Strategy Using both active and passive investment managers, the fund invests The fund invests primarily in common stocks of issuers in Europe and the

27



primarily in common stocks issued by foreign businesses. It invests in mature markets such as Western Europe, Japan, Australia, Hong Kong, Singapore and Canada with a portion in emerging markets such as Latin America, Africa, Eastern Europe and the Pacific Basin. The fund invests primarily in common stocks, but may also invest in securities convertible into common stocks, stock index futures contracts, short-term fixed income investments and commingled funds that invest in these securities. The fund may also invest in derivatives on currencies including options, futures, forwards and swaps. This fund is currently managed by Artisan Partners, Baillie Gifford, BlackRock, Capital Guardian Trust Company, Dimensional Fund Advisors, Highclere International Investors, Marathon Asset Management, Morgan Stanley, State Street Corporation and Silchester International Investors. The target allocations for the fund are shown below. These figures are subject to change at any time and without further notification based on market fluctuations, manager selection and cash flow distribution. Type of Account: Passive Equity Accounts; Target Allocation: 35%; Allocation Range: 0-50% Type of Account: Active Equity Accounts; Target Allocation: 65%; Allocation Range: 50-100%.

Pacific Basin that the investment adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the potential for above-average capital appreciation. It normally invests at least 80% of net assets in securities of issuers in Europe and the Pacific Basin. The fund may invest a portion of its assets in common stocks and other securities of companies in countries with developing economies and/or markets.

Risk Unit price and return will vary. 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. In addition, there can be no assurance that the fund will achieve its stated objective.

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.


This fund has a Short-term Redemption Fee of 1.50% for shares held less than 30 days.

None

Expense Ratio* 0.39% 0.84% Footnotes The investment option is a custom strategy fund.

The unmanaged MSCI All Country World Index excluding US (MSCI ACWI ex U.S. Index) consists of foreign stocks across 22 developed markets and 25 emerging markets, representing approximately 85% of the world's total market capitalization outside of the U.S. If you sell (including transfers, loans, withdrawals and distributions) your units after holding them for less than 30 days, the fund will deduct a short-term trading fee from your account equal to 1.5percent of the value of the

A mutual fund registered under Europacific Growth Fund, and managed by Capital Research and Management Company. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

28



units sold. This investment option is not a SEC-registered 40 Act fund.

Fund Name AT&T Shares Fund AT&T Shares Fund

This fund is closed to new investments after the Closing Date or exchanges after the Account Transfer Date. Future contributions that are directed to the AT&T Shares Fund after the Closing Date will be invested in the Plan Designated Default Fund (see enclosed Default Fund Notification).

Fund Code 49085 72627 Ticker N/A N/A

Category Company Stock Company Stock Objective Seeks to approximate the performance of AT&T Shares. Benchmark applied

is the Standard & Poor's 500® Composite Stock Price Index (S&P 500® Index).

Seeks to increase the value of your investment over the long term by investing in the stock of AT&T or its affiliate.

Strategy The fund invests in AT&T Shares exclusively, except for cash or other short-term investments necessary to facilitate participant transactions. Evercore Trust Company, N.A. is the Investment Manager and Independent Fiduciary of the AT&T Shares Fund. The amount of short-term investments is based upon a target established by the Independent Fiduciary, but the actual amount of short-term investments on any given Business Day will vary with the amount of cash awaiting investment and with participant activity in the fund (Contributions, redemptions, exchanges, withdrawals, etc.). The Investment Manager and Independent Fiduciary is Evercore Trust Company, N.A. The Independent Fiduciary has no authority or responsibility for voting AT&T Shares.

Invests in the stock of AT&T. Performance is directly tied to the performance of the company, as well as to that of the stock market as a whole. When you exchange out of this stock, your transaction is generally processed on a real-time basis. Other sale requests such as distributions or other transactions, are aggregated and stock orders are typically sent to market on the following business day. These transactions, which may take multiple days to complete in some circumstances, are based on the volume-weighted average trade price. Industry-standard settlement periods apply to sales of stock. Commissions and other transaction fees will apply to transactions involving this investment.

Risk The fund is neither a mutual fund nor a diversified or managed investment option - it is a non-diversified, single stock fund with a small amount of short-term investments (cash equivalents), as described above.If you invest a significant portion of your retirement savings in any one company or industry, your savings may not be properly diversified. Although diversification is not a guarantee against loss, it can be an effective strategy to help you manage investment risk. This is neither a mutual fund nor a diversified or managed investment option. Investing in a non-diversified single stock fund involves more risk than investing in a diversified fund. On days of unexpectedly heavy outflows, the fund may not have enough short-term investments for liquidity. If that happens, requests to sell units received by Fidelity before the market close on a Business Day may not be processed on that day. In that case, requested sales of units will be suspended and, as liquidity is restored, suspended transactions will be processed, generally on a first-in-first-out

If you invest a significant portion of your retirement savings in any one company or industry, your savings may not be properly diversified. Although diversification is not a guarantee against loss, it can be an effective strategy to help you manage investment risk. This is neither a mutual fund nor a diversified or managed investment option. Investing in a non-diversified, unmanaged single stock inherently involves more investment risk than investing in a diversified fund. As with any stock, the value of your investment may go up or down depending on how the company's stock performs in the market. Share price and return will vary.

29



basis, at the closing price for the processing date. In unusual circumstances, the fund may be closed to purchases or sales. As with any stock, the value of your investment may go up or down depending on how the company's stock performs in the market. Unit price and return will vary. AT&T Shares fluctuate in market value, and the value of Units in the fund will likewise fluctuate. Investing in this fund is riskier than investing in the other Plan investment options because this fund invests in only one company. Industry conditions, general economic conditions and financial results of AT&T will have a large impact on the return of the fund. The return and value of your investment will vary depending on the short-term investments held by the fund, less any expenses accrued against the fund.


None None

Expense Ratio* 0.01% N/A Footnotes A fund that pools your money with that of other employees to buy AT&T

Shares and an amount of short-term investments (cash equivalents) designed to allow you to buy or sell without the usual trade settlement period for individual stock transactions. The fund is "unitized", meaning your ownership interest in the fund is measured in units of the fund instead of individual shares of stock. As such, the value of one fund unit is not equivalent to the price of a single AT&T share. This fund is an Employee Stock Ownership Plan. When AT&T declares a dividend, only participants who have a balance in the AT&T Shares Fund at the end of the trading day preceding the ex-dividend date will receive a dividend on their shares. Note: The fund will be invested exclusively in AT&T Shares (except to the extent necessary to facilitate participant transactions) unless the Independent Fiduciary determines in its sole discretion, that it is required by ERISA to disregard the terms of the Plan. In addition, there can be no assurance that the fund will achieve its stated objective. You may not make an exchange into the AT&T Shares Fund during the two Business Days prior to an ex-dividend date. To help achieve long-term retirement security, you should give careful consideration to the benefits of a well-balanced and diversified investment portfolio. Spreading your assets among different types of investments can help you achieve a favorable rate of return, while minimizing your overall risk of losing money. This is because market or other economic conditions that cause one category of assets, or one particular security, to perform very well often cause another asset category, or other particular security to perform poorly. If you invest more than 20% of your retirement savings in any one

This investment option is a real-time traded company stock fund. This description is only intended to provide a brief overview of the fund. To help achieve long-term retirement security, you should give careful consideration to the benefits of a well-balanced and diversified investment portfolio. Spreading your assets among different types of investments can help you achieve a favorable rate of return, while minimizing your overall risk of losing money. This is because market or other economic conditions that cause one category of assets, or one particular security, to perform very well often cause another asset category, or other particular security to perform poorly. If you invest more than 20% of your retirement savings in any one company or industry, your savings may not be properly diversified. Although diversification is not a guarantee against loss, it is an effective strategy to help manage your investment risk. You have the right to direct Fidelity Management Trust Company ("The Trustee") concerning shareholder rights, such as the right to vote or tender, for all shares of AT&T Shares Fund credited to your account. The Trustee will hold your decision with respect to the exercise of shareholder rights in confidence, except to the extent required by law. In addition, Frontier Communications will not review information concerning any individual participant's purchase, holding or sale of AT&T Shares Fund, unless required to fulfill its fiduciary obligations, or by applicable law. The plan fiduciary responsible for monitoring compliance with the confidentiality procedures is: Frontier Communications, 3 High Ridge Park, Stamford, CT 06905, Telephone: 203 614-5600. This investment option is not a mutual fund.

30



company or industry, your savings may not be properly diversified. Although diversification is not a guarantee against loss, it is an effective strategy to help manage your investment risk. Information regarding investment strategy and objective provided by AT&T. This investment option is not a SEC-registered 40 Act fund.

Fund Name AT&T Stable Value Fund Managed Income Portfolio II - Class 4 Fund Code 43399 03703

Ticker N/A N/A Category Managed Income (or Stable Value) Managed Income (or Stable Value) Objective Seeks to preserve principal value, provide a relatively stable current rate of

interest income and earn incremental returns above the return of the Barclays U.S. 3-Month Treasury Bellwether Index.

The fund seeks to preserve your principal investment while earning a level of interest income that is consistent with principal preservation. The fund seeks to maintain a stable net asset value (NAV) of $1 per share, but it cannot guarantee that it will be able to do so. The yield of the fund will fluctuate.

Strategy The fund invests primarily in stable value investment contracts issued by banks, insurance companies and other financial institutions, typically held in combination with portfolios of a variety of fixed income investments including securities issued by the U.S. Treasury, U.S. Government agencies or enterprises, other municipal, sovereign (including non-U.S.) or supranational issuers, residential and commercial mortgage-backed securities, asset-backed securities and corporate securities. Stable value contracts are negotiated over-the-counter contracts intended to help the fund maintain stable principal valuation in most circumstances and typically require the fund to pay periodic fees to the contract issuers. Some stable value contracts issued by insurance companies may require that the fixed income portfolios are held by the insurance company instead of being held by the fund. The fund may also invest in commingled funds with fixed income investments that are similar to those described above. The fund may invest in derivatives on fixed income securities and currencies including options, futures, forwards and swaps, and in short-term fixed income investment funds and money market funds to help meet daily liquidity requirements. The average credit quality of the fund's investments is generally expected to be AA- (or its equivalent) or higher, although individual securities or contracts purchased for the fund will have a credit quality rating lower than AA-. The average duration (a measure of price sensitivity to changes in interest rates) for investments in the fund is typically expected to be in a range of two to four years. In general, prices of fixed income investments fall when interest rates rise, and vice versa. The fund invests in stable value contracts to help offset price fluctuations. The terms of each stable value contract obligate the contract's issuer to keep a separate record for the contract's value known

The fund invests in benefit-responsive investment contracts issued by insurance companies and other financial institutions ("Contracts"), fixed income securities, and money market funds. Under the terms of the Contracts, the assets of the fund are invested in fixed income securities (which may include, but are not limited to, U.S. Treasury and agency bonds, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, and collective investment vehicles and shares of investment companies that invest primarily in fixed income securities) and shares of money market funds. The fund may also invest in futures contracts, option contracts, and swap agreements. Fidelity Management Trust Company, as investment manager and trustee of the Fidelity Group Trust for Employee Benefit Plans, has claimed an exemption from registration under the Commodity Exchange Act and is not subject to registration or regulation under the Act. At the time of purchase, all Contracts and securities purchased for the fund must satisfy the credit quality standards specified in the Declaration of Separate Fund.

31



as the "book value", which under most circumstances approximates the value of invested principal plus accrued interest, adjusted for deposits, withdrawals and fees. The fund's Net Asset Value (NAV) is normally expected to be calculated using the book value of the stable value contracts, regardless of the fluctuations in the market value of the fixed income portfolios. Stable value contracts provide that realized and unrealized gains and losses on the underlying fixed income investments are typically not reflected immediately in the net assets of the fund, but rather are amortized, over the duration of the underlying fixed income investments or other agreed upon period, through adjustments to the future interest crediting rates. The terms of each stable value contract provide for certain qualified withdrawals allowed under the Plan, such as exchanges, withdrawals, distributions and benefits to be paid at book value, although terms vary from contract to contract and certain withdrawals may not be permitted at book value. GSAM Stable Value, LLC is the overall stable value manager for the fund. GSAM Stable Value, LLC, Brown Brothers Harriman & Company, Standish Mellon Asset Management Company, BlackRock, PIMCO, Jennison Associates and Prudential Investment Management manage fixed income portfolios for the fund. AT&T may retain additional fixed income portfolio managers, which will manage portfolios of fixed income securities.

Risk Investing in the fund involves certain risks, some of which are explained here, and there is no assurance that the fund will achieve its objective. An investment in the fund is not insured or guaranteed by the manager(s), the Plan Sponsor, the Trustee, the FDIC, any other government agency or any other entity. The fund is typically expected to maintain a [relatively] stable NAV; however, in some circumstances the fund's NAV may fluctuate up or down without advance notice, so it is possible to lose money in the fund. The stable value contracts and securities purchased for the fund are backed solely by the financial resources of the issuers of such contracts and securities. Those issuers may experience a credit failure or otherwise fail to meet their financial obligations, which could result in a loss. The stable value contracts purchased by the fund are normally expected to be accounted for at book value as described above, although in some circumstances an adjustment to the book value may be made that may result in a loss. Stable value contracts provide for the payment of certain withdrawals and exchanges at book value subject to the terms of the contracts. In order to maintain the contract issuers' obligation to pay such withdrawals and exchanges at book value, the contracts subject the fund and its participants to certain restrictions. For example, withdrawals prompted by certain events (e.g., layoffs, early retirement windows, spin-offs, sale of a division, facility closings, employer bankruptcy, partial or complete Plan termination, changes

The Contracts and securities purchased for the fund are backed solely by the financial resources of the issuers of such Contracts and securities. An investment in the fund is not insured or guaranteed by the manager(s), the plan sponsor, the trustee, the FDIC, or any other government agency. The Contracts purchased by the fund permit the fund to account for the fixed income securities at book value (principal plus interest accrued to date). Through the use of book value accounting, there is no immediate recognition of investment gains and losses on the fund's securities. Instead, gains and losses are recognized over time by periodically adjusting the interest rate credited to the fund under the Contracts. However, while the fund seeks to preserve your principal investment, it is possible to lose money by investing in this fund. The Contracts provide for the payment of certain withdrawals and exchanges at book value during the terms of the Contracts. In order to maintain the Contract issuers' promise to pay such withdrawals and exchanges at book value, the Contracts subject the fund and its participants to certain restrictions. For example, withdrawals prompted by certain events (e.g., layoffs, early retirement windows, spin-offs, sale of a division, facility closings, plan terminations, partial plan terminations, changes in laws or regulations) may be paid at the market value of the fund's securities, which may be less than your book value balance. Certain investment options offered by your plan (e.g., money market funds, short term bond funds, certain asset allocation/lifecycle funds and brokerage window) may be deemed by the

32



in laws, accounting procedures or regulatory changes, Plan amendments or changes to the Plan's investment options) may be paid at the market value of the fund's securities, which may be less than book value balance and therefore result in a loss. Stable value contracts contain terms including events of default and provisions under which the contract issuer may terminate the contract, which if triggered could obligate the fund's managers to alter the investment strategy and wind down the contracts over a period of several years, or could potentially cause loss of coverage under the contracts. Certain events or conditions, including but not limited to, changes to the Plan's investment funds, changes to the rules or administration of the Plan or fund, employer restructuring or layoffs, corporate mergers or divestitures, employer bankruptcy, partial or complete Plan termination, changes in law, accounting procedures or regulatory changes, could result in the termination of a stable value contract and result in withdrawals from the stable value contracts being made at market value instead of book value, which could result in a reduction of the fund's NAV. Issuers of stable value contracts may decide to exit the market or otherwise elect to terminate or wind down their contracts. There is no assurance that the fund's manager will be able to negotiate a sufficient amount of replacement contract coverage for all of the assets in the fund, and therefore some of the fund's fixed income assets may not be subject to contract coverage, causing the NAV to fluctuate. The fund's yield and return will vary over time. The fund's yield is intended to follow the general trends in interest rates, although with a potentially significant time lag. The fund's yield and return will also be affected by cash flows into and out of the fund, including contributions, withdrawals and exchanges from other participants invested in the fund. The returns of the fund may not keep pace with inflation or the cost of living. The fund's yield and income could at times be reduced to a rate lower than that offered on other conservative investments, such as certificates of deposit or money market funds. In addition, there can be no assurance that the fund will achieve its stated objective. The value of the fund's fixed income investments held in combination with the stable value contracts may fluctuate, sometimes rapidly or unpredictably, due to a number of factors, including changes in interest rates or inflation, adverse economic conditions, reduced market liquidity, poor manager performance or other factors affecting the securities markets. The creditworthiness of the issuer or guarantor of fixed income securities or stable value contracts, or the counterparty to a derivatives contract, may deteriorate, or the issuer may default or become unable or unwilling to make timely

Contract issuers to "compete" with this fund. The terms of the Contracts prohibit you from making a direct exchange from this fund to such competing funds. Instead, you must first exchange to a non-competing fund for 90 days. While these requirements may seem restrictive, they are imposed by the Contract issuers as a condition for the issuer's promise to pay certain withdrawals and exchanges at book value.

33



principal payments, interest payments or to otherwise honor its obligations, which may impact the fund's performance or cause a reduction in the fund's NAV. The fund may invest in derivatives, which are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index. Investing in derivatives involves certain risks, including the risk of leverage, which could increase the fund's exposure to the market and magnify losses to the fund. In addition, some stable value contracts provide for an adjustment to contract value if a security that is part of the underlying fixed income assets defaults or otherwise becomes impaired as defined in the stable value contract. In the event of an impairment, generally contract value is decreased by the amortized cost of the impaired security and, if such security is subsequently sold, contract value is increased by the amount of such sales proceeds. BrokerageLink: You may not exchange funds from the AT&T Stable Value Fund directly into a Fidelity BrokerageLink® account. Any funds exchanged out of the AT&T Stable Value Fund must remain invested in another fund outside of Fidelity BrokerageLink® for a period of at least 90 days before the funds can be exchanged into a Fidelity BrokerageLink® account. Certain investment options (e.g., money market funds, short-term bond funds and brokerage window) may be deemed by stable value contract issuers to "compete" with this fund. The terms of these contracts prohibit you from making a direct exchange from this fund to such competing funds. Instead, you must first exchange to a noncompeting fund for 90 days. While these requirements may seem restrictive, they are imposed by the contract issuers as a condition for the issuers' obligation to pay certain withdrawals and exchanges at book value.


None None

Expense Ratio* 0.39% 0.37% Footnotes The investment option is a custom strategy fund.

Barclays U.S. 3 Month Treasury Bellwether Index is a market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of 3 months, excluding zero coupon strips. This investment option is not a SEC-registered 40 Act fund.

The investment option is a stable value fund. It is managed by Fidelity Management Trust Company. This description is only intended to provide a brief overview of the fund. This fund is a commingled pool of the Fidelity Group Trust for Employee Benefit Plans. Only qualified, participant-directed, defined contribution plans may invest in the fund. This investment option is not a mutual fund.

Fund Name AT&T Total Return Bond Fund PIMCO Total Return Fund Institutional Class Fund Code 43359 99622

34



Ticker N/A PTTRX Category Bond Bond Objective Seeks to realize a total return that exceeds the return of the Barclays U.S.

Aggregate Bond Index (Barclays Agg Index). The investment seeks maximum total return, consistent with preservation of capital and prudent investment management.

Strategy The fund may invest in all types of bonds, including U.S. Government and agency securities, corporate securities, residential and commercial mortgage-backed securities, asset-backed securities and international bonds as well as commingled funds investing in fixed income securities. The fund may also invest in below-investment-grade securities, non-U.S. bonds and emerging market debt. The fund may also invest in derivatives on fixed income securities and currencies including options, futures, forwards and swaps. Duration (a measure of price sensitivity to changes in interest rates) is typically expected to be in the range of three to six years. The fund is currently managed by PIMCO, Western Asset Management Company and BlackRock. The fund may also invest in separate accounts or other commingled funds offered by these managers. AT&T may also retrain additional fixed income portfolio managers to manage a portion of the fund.

The fund normally invests at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. It invests primarily in investment-grade debt securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality

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. Unit value, yield and returns will fluctuate based on these risks and could have a negative return. To the extent the fund does not invest in federally-insured obligations, fund investments are subject to the risk that an issuer will fail to make timely payments of interest or principal, which may result in a loss to the overall market value of the fund. Securities that are based on the collective value of a group of assets or mortgages will change in value as the value of the underlying assets or mortgages change. The fund value and return are expected to vary more than the Barclays Agg Index. Foreign securities are subject to interest-rate, currency-exchange-rate, economic and political risks, all of which are magnified in emerging markets. In addition, there can be no assurance that the fund will achieve its stated objective.

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.


None None

Expense Ratio* 0.45% 0.46% Footnotes A diversified fixed income fund. This is not an SEC-registered 40 Act fund.

However, the fund may invest in SEC-registered 40 Act funds, including the following: Western Asset Core Plus Bond Fund - Institutional Class; PIMCO Total Return Bond Fund - Institutional Class; and BlackRock Core Bond Portfolio - BlackRock Shares. These underlying funds each have a separate

A mutual fund registered under PIMCO Funds, and managed by Pacific Investment Management Co LLC. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

35



prospectus that contains important information about that fund. Contact the Fidelity Service Center to request a copy of any of these prospectuses. The unmanaged Barclays Capital Aggregate Bond Index (Barclays Agg Index) represents the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC registered securities including Treasuries, government-related and corporate securities, mortgage-backed securities, pass-through securities, asset-backed securities and commercial mortgage-based securities, having at least one year to final maturity. This investment option is not a SEC-registered 40 Act fund.

Fund Name AT&T U.S. Stock Fund Vanguard Institutional Index Fund Institutional Shares Fund Code 43361 93556

Ticker N/A VINIX Category Domestic Equity Domestic Equity Objective Seeks to provide returns in excess of the total U.S. equity market as

represented by the Russell 3000 Index (R3000 Index). The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks.

Strategy Using both active and passive investment managers, the fund provides broad coverage of the U.S. equity market by investing in companies across the capitalization spectrum (large capitalization, mid-capitalization and small-capitalization), as well as the style spectrum (growth, blend and value). The fund invests primarily in common stocks, but may also invest in securities convertible into common stocks, stock index futures contracts, short-term fixed income investments and commingled funds that invest in these securities. This fund is currently managed by Barrow Hanley, BlackRock, Ceredex Value Advisors LLC, Columbus Circle Investors, Dimensional Fund Advisors, Dodge & Cox, Inc., Guggenheim Investments, Lazard Asset Management, Morgan Stanley, Polen Capital Management, Sands Capital Management, Southeastern Asset Management, State Street Corporation, Wellington Management Company, LLP and William Blair & Company. The target allocations for the fund are shown below. However, these figures are subject to change at any time without further notification based on market fluctuations, manager selection and cash flow distribution. Type of Account: Passive Equity Accounts; Target Allocation: 50%; Allocation Range: 30-70%. Type of Account: Active Equity Accounts; Target Allocation: 50%; Allocation Range: 30-70%.

The fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. It 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 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

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

36



volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. As is the case with all stock portfolios, the general level of volatility and risk-along with the potential investment returns-associated with this fund is higher than with fixed-income funds. The securities of smaller, less well-known companies can be more volatile than those of larger companies. The fund value and return are expected to vary more than the R3000 Index. Unit price and return will vary. In addition, there can be no assurance that the fund will achieve its stated goal.

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.


none None


medium and large U.S. companies with readily available price data. The index is considered a good measure of the entire U.S. stock market and consists of approximately 3,000 common stocks. This investment option is not a SEC-registered 40 Act fund.

A mutual fund registered under Vanguard Institutional Index Funds, and managed by Vanguard Group, Inc. This description is only intended to provide a brief overview of the 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.

Fund Name International Stock Index Fund Spartan® International Index Fund - Institutional Class Fund Code 43401 02362

Ticker N/A FSPNX Category International/Global Equity International/Global Equity Objective Seeks to match the performance of the MSCI All Country World excluding

the U.S. Net Dividend Return IndexSM (MSCI ACWI ex-U.S.Net Dividend Return IndexSM).

Seeks to provide investment results that correspond to the total return of foreign stock markets.

Strategy The fund is an "index fund" that seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of a particular index (its "Underlying Index"). The fund is a collective investment trust maintained and managed by BlackRock Institutional Trust Company, N.A. ("BTC"). The fund shall be invested and reinvested primarily in a portfolio of international equity securities with the objective of approximating as closely as practicable the capitalization weighted total rates of return of the markets in certain countries for publicly traded equity securities. The benchmark for the fund shall be the MSCI ACWI ex-U.S.Net Dividend Return IndexSM. The primary criterion for selection of investments shall be the relative market capitalization weight of the constituent markets in the MSCI ACWI ex-U.S. Net Dividend Return IndexSM. In addition to, or in lieu

Normally investing at least 80% of assets in common stocks included in the Morgan Stanley Capital International Europe, Australasia, Far East Index, which represents the performance of foreign stock markets.

37



of investing in international equity securities, BTC may invest assets in depository receipts, registered investment companies, and other structured transactions utilizing foreign stocks, bonds, currencies and money market instruments, futures, options, forward contracts and swaps. BTC uses a "passive" or indexing approach to try to achieve the fund's investment objective. Unlike many funds, the fund does not try to outperform the index it seeks to track and does not seek temporary defensive positions when markets decline or appear overvalued. BTC uses a representative sampling indexing strategy to manage the fund. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the fund's underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the underlying index. The Fund may or may not hold all of the securities that are included in the underlying index. When deemed appropriate by BTC and unless otherwise provided in the fund's investment strategies, BTC may invest all or any portion of the fund in one or more futures contracts, forward contracts or other similar assets for the purpose of acting as a temporary substitute for investment in securities. The fund may invest through one or a series of collective investment trusts maintained and managed by BTC. If the fund manager determines that developments between the close of foreign markets and the close of the Business Day for the fund will, in its judgment, materially affect the value of some or all of the fund's securities, the manager reserves the right to adjust the previous closing prices, based on a third-party pricing model, as of the close of the fund's Business Day. Please consult the prospectus and/or fund fact sheet for additional risk information specific to this fund. In addition, there can be no assurance that the fund will achieve its stated objective.

Risk Any of the principal risks summarized below may adversely affect the fund's net asset value, performance, and ability to meet its investment objective. An investment in the fund is not a bank deposit, is not guaranteed by BlackRock, Inc. or any of its affiliates, and is not insured by the Federal Deposit Insurance Corporation or any other agency of the U.S. government. Underlying Fund Risk: The investment objective and strategies of a collective investment trust in which the fund invests ("underlying fund") may differ from the fund, and there is no assurance that an underlying fund will achieve its objective. Equity Investment Risk: The price of an equity security fluctuates based on

Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets.

38



changes in the issuer's financial condition and overall market and economic conditions. Equity securities are subject to changes in value that may be more volatile than other asset classes. Foreign Investment Risk: The fund may suffer losses due to political, legal, economic and geographic events affecting a non-U.S. issuer or market. The prices of non-U.S. securities may be more volatile than those of securities issued by U.S. corporations or other U.S. entities. Securities of non-U.S. issuers denominated in non-U.S. currencies will expose the fund to fluctuations in foreign currency exchange prices. Emerging Markets Risk: Investments in emerging markets are subject to a greater risk of loss than investments in developed markets due to the potential for greater market volatility, lower trading volume, inflation, currency devaluations, limitations on foreign investment, and political and/or economic instability. In addition, settlement, registration and custody may be less reliable as compared to developed markets. Risks traditionally associated with investments in emerging markets, including economic, political, liquidity and currency risks, may be more pronounced with respect to investments in frontier markets. Securities Lending Risk: The fund may engage in securities lending, which involves borrower credit risk, settlement risk, and cash collateral-related risks, such as the risk that the return on the cash collateral is insufficient to cover the fees the fund is committed to pay and the risk that cash collateral may be invested in securities or other instruments that suffer losses or become illiquid. Derivatives Risk: Investments in derivatives (such as futures contracts, forward contracts, swaps and options) may reduce the fund's returns and/or increase volatility. Fluctuations in the values of derivatives may not correlate perfectly with the overall securities markets. The other party in the transaction may not fulfill its contractual obligation. The possible lack of a liquid secondary market for derivatives could expose the fund to losses. Unit price and return will vary. In addition, there can be no assurance that the fund will achieve its stated objective. Please consult the prospectus and/or fund fact sheet for additional risk information specific to this fund. If you sell (including transfers, loans, withdrawals and distributions) your shares after holding them for less than 30 days, the fund will deduct a short-term trading fee from your account equal to 1.5 percent of the value of the shares sold.

39




This fund has a Short-term Redemption Fee of 1.50% for shares held less than 30 days.

This fund has a Short-term Redemption Fee of 1.00% for fee eligible shares held less than 90 days.

Expense Ratio* 0.02% 0.095% Footnotes The unmanaged MSCI All Country World Index excluding US (MSCI ACWI

ex U.S. Index) consists of foreign stocks across 22 developed markets and 25 emerging markets, representing approximately 85% of the world's total market capitalization outside of the U.S. If you sell (including transfers, loans, withdrawals and distributions) your shares after holding them for less than 30 days, the fund will deduct a short-term trading fee from your account equal to 1.5% of the value of the shares sold. This investment option is not a SEC-registered 40 Act fund.

A mutual fund registered under Fidelity Concord Street Trust, and managed by Fidelity Management & Research Company. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund. The MSCI Europe, Australasia and Far East Index (net MA tax) is an unmanaged market capitalization-weighted index of equity securities of companies domiciled in various countries. The index is designed to represent performance of developed stock markets outside the United States and Canada and excludes certain market segments unavailable to U.S. based investors. The index returns for periods after 1/1/1997 are adjusted for tax withholding rates applicable to U.S.-based mutual funds organized as Massachusetts business trusts. On September 8, 2011, an initial offering of the Fidelity Institutional Share Class took place. Returns prior to that date are those of the Fidelity Advantage Class and reflect the Fidelity Advantage expense ratio. Had the Fidelity Institutional Class expense ratio been reflected, total returns would have been higher. Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower.

Fund Name Large Cap U.S. Stock Index Fund Vanguard Institutional Index Fund Institutional Shares Fund Code 49083 93556

Ticker N/A VINIX Category Domestic Equity Domestic Equity Objective Seeks to match the performance of the Standard & Poor's 500 ® Composite

Stock Price Index (S&P 500 ® Index). The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks.

Strategy The fund is an "index fund" that seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of a particular index (its "underlying index"). The fund is a collective investment trust maintained and managed by BlackRock Institutional Trust Company, N.A. ("BTC"). The fund shall be invested and reinvested in a portfolio of equity securities with the objective of approximating as closely as practicable the capitalization weighted total rate of return of that segment of the United States market for publicly traded equity securities represented by the larger capitalized companies. The criterion for selection of investments shall be the S&P 500 Index. BTC uses a "passive" or indexing approach to try to achieve the fund's investment objective. Unlike many funds, the fund does not try to


40



outperform the index it seeks to track and does not seek temporary defensive positions when markets decline or appear overvalued. BTC uses a replication indexing strategy to manage the fund. "Replication" is an indexing strategy in which the fund generally invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. When deemed appropriate by BTC and unless otherwise provided in the fund's investment strategies, BTC may invest all or any portion of the fund in one or more futures contracts, forward contracts or other similar assets for the purpose of acting as a temporary substitute for investment in securities. The fund may invest through one or a series of collective investment trusts maintained and managed by BTC.

Risk Any of the principal risks summarized below may adversely affect the fund's net asset value, performance, and ability to meet its investment objective. An investment in the fund is not a bank deposit, is not guaranteed by BlackRock, Inc. or any of its affiliates, and is not insured by the Federal Deposit Insurance Corporation or any other agency of the U.S. government. Underlying Fund Risk: The investment objective and strategies of a collective investment trust in which the fund invests ("underlying fund") may differ from the fund, and there is no assurance that an underlying fund will achieve its objective. Equity Investment Risk: The price of an equity security fluctuates based on changes in the issuer's financial condition and overall market and economic conditions. Equity securities are subject to changes in value that may be more volatile than other asset classes. Securities Lending Risk: The fund may engage in securities lending, which involves borrower credit risk, settlement risk, and cash collateral-related risks, such as the risk that the return on the cash collateral is insufficient to cover the fees the fund is committed to pay and the risk that cash collateral may be invested in securities or other instruments that suffer losses or become illiquid. Derivatives Risk: Investments in derivatives (such as futures contracts, forward contracts, swaps and options) may reduce the fund's returns and/or increase volatility. Fluctuations in the values of derivatives may not correlate perfectly with the overall securities markets. The other party in the transaction may not fulfill its contractual obligation. The possible lack of a liquid secondary market for derivatives could expose the fund to losses. Unit price and return will vary. In addition, there can be no assurance that the fund will achieve its stated objective.

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.

41



Please consult the prospectus and/or fund fact sheet for additional risk information specific to this fund.


None None

Expense Ratio* 0.01% 0.04% Footnotes 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 unmanaged S&P 500 ® Index consists of a sample of large U.S. companies in leading industries. Stocks in the S&P 500 ® represent approximately 75% of the market value of all publicly traded stocks in the U.S. This investment option is not a SEC-registered 40 Act fund.

A mutual fund registered under Vanguard Institutional Index Funds, and managed by Vanguard Group, Inc. This description is only intended to provide a brief overview of the 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.

Fund Name Small and Mid-Sized U.S. Stock Index Fund Vanguard Mid-Cap Index Fund Institutional Shares Fund Code 49084 21348

Ticker N/A VMCIX Category Domestic Equity Domestic Equity Objective Seeks to match the performance of the Dow Jones U.S. Completion Total

Stock Market Index. The investment seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks.

Strategy The fund is an "index fund" that seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of a particular index (its "underlying index"). The fund is a collective investment trust maintained and managed by BlackRock Institutional Trust Company, N.A. ("BTC"). The fund shall be invested and reinvested primarily in a portfolio of equity securities with the objective of approximating as closely as practicable the capitalization weighted total rate of return of the segment of the United States market for publicly traded equity securities. The criterion for selection of investments shall be the Dow Jones U.S. Completion Total Stock Market Index. BTC uses a "passive" or indexing approach to try to achieve the fund's investment objective. Unlike many funds, the fund does not try to outperform the index it seeks to track and does not seek temporary defensive positions when markets decline or appear overvalued. BTC uses a representative sampling indexing strategy to manage fund. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the fund's Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market

The fund employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Index, a broadly diversified index of stocks of mid-size U.S. companies. It 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.

42



capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the underlying index. The fund may or may not hold all of the securities that are included in the underlying index. When deemed appropriate by BTC and unless otherwise provided in the fund's investment strategies, BTC may invest all or any portion of the fund in one or more futures contracts, forward contracts or other similar assets for the purpose of acting as a temporary substitute for investment in securities. The fund may invest through one or a series of collective investment trusts maintained and managed by BTC.

Risk Any of the principal risks summarized below may adversely affect the fund's net asset value, performance, and ability to meet its investment objective. An investment in the fund is not a bank deposit, is not guaranteed by BlackRock, Inc. or any of its affiliates, and is not insured by the Federal Deposit Insurance Corporation or any other agency of the U.S. government. Underlying Fund Risk: The investment objective and strategies of a collective investment trust in which the fund invests ("underlying fund") may differ from the fund, and there is no assurance that an underlying fund will achieve its objective. Equity Investment Risk: The price of an equity security fluctuates based on changes in the issuer's financial condition and overall market and economic conditions. Equity securities are subject to changes in value that may be more volatile than other asset classes. Securities Lending Risk: The fund may engage in securities lending, which involves borrower credit risk, settlement risk, and cash collateral-related risks, such as the risk that the return on the cash collateral is insufficient to cover the fees the fund is committed to pay and the risk that cash collateral may be invested in securities or other instruments that suffer losses or become illiquid. Derivatives Risk: Investments in derivatives (such as futures contracts, forward contracts, swaps and options) may reduce the fund's returns and/or increase volatility. Fluctuations in the values of derivatives may not correlate perfectly with the overall securities markets. The other party in the transaction may not fulfill its contractual obligation. The possible lack of a liquid secondary market for derivatives could expose the Fund to losses. Small-Capitalization Companies Risk: Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid.

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. 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.

43



Mid-Capitalization Companies Risk: Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid. Unit price and return will vary. In addition, there can be no assurance that the fund will achieve its stated objective. Please consult the prospectus and/or fund fact sheet for additional risk information specific to this fund.


None None

Expense Ratio* 0.02% 0.08% Footnotes An equity index investment fund.

The Dow Jones U.S. Completion Total Stock Market Index is an unmanaged index that represents all U.S. equity issues with readily available prices, excluding components of the S&P 500. The unmanaged Dow Jones U.S. Completion Total Stock Market Index consists of all small and medium publicly traded U.S. common stocks, excluding those in the S&P 500®. Stocks in this index represent approximately 25% of the market value of all publicly traded stocks in the U.S. Information regarding investment strategy and objective provided by AT&T. This investment option is not a SEC-registered 40 Act fund.

A mutual fund registered under Vanguard Index Funds, and managed by Vanguard Group, Inc. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund. The CRSP US Mid Cap Index targets inclusion of the U.S. companies that fall between the top 70%-85% of investable market capitalization.

Fund Name Total U.S. Stock Market Index Fund Vanguard Institutional Index Fund Institutional Shares Fund Code 43360 93556

Ticker N/A VINIX Category Domestic Equity Domestic Equity Objective Seeks to match the performance of the Dow Jones U.S. Total Stock Market

Index. The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks.

Strategy The fund is an "index fund" that seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of a particular index (its "Underlying Index"). The fund is a collective investment trust maintained and managed by BlackRock Institutional Trust Company, N.A. ("BTC"). The fund shall be invested and reinvested primarily in equity securities with the objective of approximating as closely as practicable the capitalization weighted total rate of return of the entire United States market


44



for publicly traded equity securities. The criterion for selection of investments shall be the Dow Jones U.S. Total Stock Market Index. BTC uses a "passive" or indexing approach to try to achieve the fund's investment objective. Unlike many funds, the fund does not try to outperform the index it seeks to track and does not seek temporary defensive positions when markets decline or appear overvalued. BTC uses a representative sampling indexing strategy to manage the fund. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the fund's underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the underlying index. The fund may or may not hold all of the securities that are included in the underlying index. When deemed appropriate by BTC and unless otherwise provided in the fund's investment strategies, BTC may invest all or any portion of the fund in one or more futures contracts, forward contracts or other similar assets for the purpose of acting as a temporary substitute for investment in securities.. The fund may invest through one or a series of collective investment trusts maintained and managed by BTC.

Risk Any of the principal risks summarized below may adversely affect the fund's net asset value, performance, and ability to meet its investment objective. An investment in the fund is not a bank deposit, is not guaranteed by BlackRock, Inc. or any of its affiliates, and is not insured by the Federal Deposit Insurance Corporation or any other agency of the U.S. government. Underlying Fund Risk: The investment objective and strategies of a collective investment trust in which the fund invests ("underlying fund") may differ from the fund, and there is no assurance that an underlying fund will achieve its objective. Equity Investment Risk: The price of an equity security fluctuates based on changes in the issuer's financial condition and overall market and economic conditions. Equity securities are subject to changes in value that may be more volatile than other asset classes. Securities Lending Risk: The fund may engage in securities lending, which involves borrower credit risk, settlement risk, and cash collateral-related risks, such as the risk that the return on the cash collateral is insufficient to cover the fees the fund is committed to pay and the risk that cash collateral may be invested in securities or other instruments that suffer losses or become illiquid.


45



Derivatives Risk: Investments in derivatives (such as futures contracts, forward contracts, swaps and options) may reduce the fund's returns and/or increase volatility. Fluctuations in the values of derivatives may not correlate perfectly with the overall securities markets. The other party in the transaction may not fulfill its contractual obligation. The possible lack of a liquid secondary market for derivatives could expose the fund to losses. Small-Capitalization Companies Risk: Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid. Mid-Capitalization Companies Risk: Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid. Unit price and return will vary. In addition, there can be no assurance that the fund will achieve its stated objective. Please consult the prospectus and/or fund fact sheet for additional risk information specific to this fund.


None None

Expense Ratio* 0.01% 0.04% Footnotes The unmanaged Dow Jones Wilshire U.S. Total Stock Market Index consists

of all U.S. equity securities with readily available price data. The index is considered a good measure of the entire U.S. stock market and consists of approximately 6,000 common stocks. Information regarding investment strategy and objective provided by AT&T. This investment option is not a SEC-registered 40 Act fund.


Before investing in any investment option, 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.

*For a mutual fund, the expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percentage of the fund’s total net assets. Where the investment option is not a mutual fund, the figure displayed in the expense ratio 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 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 such investment options. Expense information changes periodically. Please consult NetBenefits for updates.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 698135.1.0

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