Fund Change TRANSITION GUIDE - Dartmouth …hrs/pdfs/final_dartmouth_transition_guide...Fund Change...

This guide will help you better understand the upcoming Dartmouth College Retirement Plans’

investment option changes.

Fund Change

TRANSITION GUIDE

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Dartmouth College Retirement Plans (the Plans) are an

important part of your overall benefits package. To support

the financial well-being of faculty and staff, we are pleased

to provide a streamlined and simplified investment lineup

to help you save and invest for your future.

This guide provides details you need to better understand what is changing and when, what actions you may need to take based on your investment preferences, and where you can get additional help understanding your new investment choices.

As the changes to the Dartmouth College Retirement Plans affect accounts you may have with TIAA, Calvert, and/or Fidelity Investments, you will find information about each of the providers in this guide. Please see the table of contents and review your corresponding investment provider section(s) for details.

You will also have an opportunity to meet with a TIAA and/or Fidelity representative on campus during this transition.

For confidential consultations with TIAA: Visit www.tiaa.org/schedulenow or call 800-732-8353, weekdays, 8 a.m. to 8 p.m. Eastern time.

For confidential consultations with Fidelity Investments: Visit http://getguidance.fidelity.com or call 800-642-7131, weekdays, 8 a.m. to midnight Eastern time.

Please note: Dartmouth College Retirement Plans refer to all of the following plans: 403(b) Supplemental Retirement Account, 401(a) Defined Contribution Retirement Plan, 403(b) Defined Contribution Plan for Faculty & Staff, and Dartmouth College 457(b) Deferred Compensation Plan.

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What Is Changing?Creation of a four-tier investment structure

Dartmouth College’s new investment lineup will offer a choice of four tiers of investments to help you attain your retirement goals. This new structure is designed to streamline the fund selection process and reduce investment expenses. Each tier provides you with the opportunity to manage risk by creating a diverse investment portfolio. You can choose funds in as many or as few tiers as you prefer. The new tiers are:

Tier 1: Target Date Retirement Funds

Tier 2: Index Funds

Tier 3: Actively Managed Funds

Tier 4: Annuities

You can find additional information about the new investment lineup in the first section of this guide.

In an effort to reduce the total cost to individual plan participants and make plan fees more transparent, a new recordkeeping fee structure has been negotiated. For more information, please see the Fees and Expenses section for details.

What Is Not Changing?This process does not involve any changes to the contributions that Dartmouth makes to your retirement plan. The current vesting schedule will also remain the same.

In addition, your eligibility to make voluntary contributions is not changing.

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Your New Investment Lineup 5

Fees and Expenses 10

What Do I Need to Do? 10

Key Dates 11

Roth Voluntary Contribution Option Coming Soon 13

Changing Your Retirement Plan Contribution or Investment Provider 13

For Employees with Accounts at TIAA 14

TIAA Fund Transfer Grid 17

For Employees with Accounts at Calvert 21

Calvert Fund Transfer Grid 22

For Employees with Accounts at Fidelity Investments 24

Fidelity Fund Transfer Grid 27

A message for former employees, retired employees, alternate payees, and plan beneficiaries:

You are receiving this information because you have a balance in one or more of our retirement plans that will be affected by the new investment lineup, so please read this material carefully to fully understand how your existing balances will transfer if you do not make an active election.

If you have questions regarding the information in this guide or distribution options available for your retirement plan balance, please contact your investment provider directly as listed below.

TIAA: Visit www.tiaa.org/dartmouth or call 800-842-2252, weekdays, 8 a.m. to 10 p.m., or Saturday, 9 a.m. to 6 p.m. Eastern time.

Fidelity: Visit www.netbenefits.com/dartmouth or call 800-343-0860, weekdays, 8 a.m. to midnight Eastern time.

Table of Contents

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Your New Investment LineupEffective April 17, 2017, Dartmouth College’s new investment lineup will offer a choice of four tiers of investments to help you attain your retirement goals. This new structure is designed to streamline the fund selection process and reduce investment expenses. Each tier provides you with the opportunity to manage risk by creating a diverse investment portfolio that meets your goals. You can choose funds in as many or as few tiers as you prefer.

If you have a balance in an investment option and do not see it reflected in this new investment lineup listed in these tiers, then that option is being removed from the Plans. Please see the TIAA, Calvert, and/or Fidelity Investments section(s) within this guide to determine next steps.

Tier 1: Target Date Retirement Funds

(Available through both TIAA & Fidelity)

Target date funds are mutual funds that automatically reset the asset mix of stocks, bonds, and cash equivalents in their portfolios based on an anticipated retirement date. Their returns are not guaranteed, but depend on how the market performs.

Vanguard Target Retirement 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 the target date. The investment risk of each target date 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, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates.

Simply find your date of birth range on the following page to determine into which Vanguard Target Retirement Fund your contributions and existing balances could be directed.

You may also want to consider other investment options available in the Dartmouth College Retirement Plans. You have the right under the Plans to direct the investment of your existing balances and future contributions to any of the available investment options listed in this guide.

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FUND NAMETICKER SYMBOL

BIRTH YEAR FROM

BIRTH YEAR TO

EXPENSE RATIO

Vanguard Institutional Target Retirement Income Institutional VITRX 1900 1947 0.10%

Vanguard Institutional Target Retirement 2015 Institutional VITVX 1948 1952 0.10%

Vanguard Institutional Target Retirement 2020 Institutional VITWX 1953 1957 0.10%

Vanguard Institutional Target Retirement 2025 Institutional VRIVX 1958 1962 0.10%

Vanguard Institutional Target Retirement 2030 Institutional VTTWX 1963 1967 0.10%

Vanguard Institutional Target Retirement 2035 Institutional VITFX 1968 1972 0.10%

Vanguard Institutional Target Retirement 2040 Institutional VIRSX 1973 1977 0.10%

Vanguard Institutional Target Retirement 2045 Institutional VITLX 1978 1982 0.10%

Vanguard Institutional Target Retirement 2050 Institutional VTRLX 1983 1987 0.10%

Vanguard Institutional Target Retirement 2055 Institutional VIVLX 1988 1992 0.10%

Vanguard Institutional Target Retirement 2060 Institutional VILVX 1993 2099 0.10%

Date of birth ranges were selected by your Plan Sponsor.

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Tier 2: Index Funds


Index funds seek to match their benchmark’s performance, rather than beat their benchmark. Because the objective is simply to mirror the holdings and return of a particular index, less research is needed, transactions occur less frequently, and expenses tend to be lower than those of actively managed funds.

Ultimately, index funds are designed to provide exposure to a broad selection of securities at a relatively low cost. While these funds typically perform very similarly to the index they track, you should be aware that index funds cannot be expected to meet or beat the index’s performance.

INVESTMENT OPTIONTICKER SYMBOL ASSET CLASS

EXPENSE RATIO

Vanguard Total Bond Market Index Fund Institutional Shares VBTIX Bond 0.05%

Vanguard Institutional Index Fund Institutional Shares VINIX Domestic Equities 0.04%

Vanguard Growth Index Fund Institutional Shares VIGIX Domestic Equities 0.07%

Vanguard Value Index Fund Institutional Shares VIVIX Domestic Equities 0.07%

Vanguard Extended Market Index Fund Institutional Shares VIEIX Domestic Equities 0.07%

Vanguard Small-Cap Growth Index Fund Admiral Shares VSGAX Domestic Equities 0.08%

Vanguard Small-Cap Value Index Fund Admiral Shares VSIAX Domestic Equities 0.08%

Vanguard FTSE Social Index VFTSX Domestic Equities 0.22%

Vanguard Total International Stock Index Fund Institutional Shares VTSNX International/Global 0.10%

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Tier 3: Actively Managed Funds


Actively managed funds seek to exceed their benchmarks. Unlike index funds, the managers of actively managed funds do not attempt to mirror the holdings and performance of an index. These fund managers have flexibility to actively seek out investments that they believe will exceed the performance of a particular index. Since actively managed strategies often involve a great deal of research, transactions within these funds tend to occur more frequently and expenses tend to be higher than index funds.

All funds listed below will be available through both TIAA and Fidelity, with the exception of one fund italicized below; the Walden Asset Management Fund is available only through Fidelity.

INVESTMENT OPTIONTICKER SYMBOL ASSET CLASS

EXPENSE RATIO

Vanguard Federal Money Market Fund Investor VMFXX Money Market 0.11%

Prudential Total Return Bond Fund Class Q PTRQX Bond 0.43%

Walden Asset Management Fund WSBFX Balanced/Hybrid 1.06%

T. Rowe Price Institutional Large Cap Core Growth Fund TPLGX Domestic Equities 0.57%

MFS Value Fund Class R6 MEIKX Domestic Equities 0.51%

American Funds EuroPacific Growth Fund® Class R-6 RERGX International/Global 0.50%

Vanguard Inflation-Protected Securities Fund Admiral Shares VAIPX Bond 0.10%

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Tier 4: Annuities

(Only available through TIAA)

Providing income is the primary reason you save for retirement. In fact, the goal of saving for retirement is to replace the income you were earning when you were working. An annuity account can be a valuable component of a well-diversified retirement portfolio. And unlike mutual funds, an annuity offers the opportunity to receive lifetime income in retirement. If you would like to invest in an annuity account, visit www.tiaa.org/dartmouth or contact TIAA directly by calling 800-842-2252.

INVESTMENT OPTIONTICKER SYMBOL

ASSET CATEGORY

GROSS EXPENSE

RATIO

TIAA Traditional Annuity1 N/A Guaranteed Annuity

N/A

CREF Money Market Account R3 (variable annuity) QCMMIX Money Market 0.27%

CREF Stock Account R3 (variable annuity) QCSTIX Equities 0.38%

TIAA Real Estate Account (variable annuity) QREARX Real Estate 0.89%

CREF Social Choice Account R3 (variable annuity) QCSCIX Multi-Asset 0.32%

1 TIAA Traditional Annuity is a guaranteed insurance contract and not an investment for federal securities law purposes. Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability.Investment products may be subject to market and other risk factors. See the applicable product literature, or visit tiaa.org/dartmouth for details.Annuity account options are available through annuity contracts issued by TIAA or CREF. These contracts are designed for retirement or other long-term goals, and offer a variety of income options, including lifetime income. Payments from the variable annuity accounts are not guaranteed and will rise or fall based on investment performance.

Information was provided by TIAA. Fidelity Investments is not responsible for its content.

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Fees and ExpensesEffective April 1, 2017, there will be a change in how the Plans’ recordkeeping fees are charged.

A fixed per-participant fee will be used to assess recordkeeping fees for the TIAA and Fidelity platforms going forward. On the Fidelity platform, a $68 per annum fee ($17 per quarter) will be charged per person to pay for associated recordkeeping costs. On the TIAA platform, a .042% per annum fee (or approximately $70 per participant on average) will be collected to pay for associated recordkeeping costs.

Please note: Recordkeeping fees for both TIAA and Fidelity are currently being collected today. This change in how fees are administered serves to increase transparency, and in a manner that charges participants similarly across investments. In addition to recordkeeping fees, investment fees—including expense ratio and other fund-specific fees, such as redemption fees—can be found at each of the provider websites.

TIAA: www.tiaa.org/dartmouth

Fidelity: www.netbenefits.com/dartmouth

What Do I Need to Do?Depending upon your personal situation and investment preferences, the answer may be “Nothing.” Read on to learn more about what will happen to existing balances and future contributions if you are currently invested in an investment option that will no longer be offered through the Dartmouth College Retirement Plans. Nevertheless, this is a great time to review your investment strategy to see if it is aligned with your financial goals.

If you would like to request changes to your account, please contact your investment provider (TIAA, Calvert, and/or Fidelity) directly. Please also see your corresponding investment provider section of this guide for important details regarding the upcoming investment option changes.

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Key DatesPlease review the calendar of events below. It can help you plan ahead for any actions you may want to take.

DATE PLAN ACTIVITY

Late March– May 2017

Workshops

To help Dartmouth employees learn about these changes, TIAA and Fidelity will conduct several days of live on-site educational meetings throughout March, April, and May. These sessions will provide an overview of the investment option changes and allow you to ask TIAA and Fidelity representatives your questions. Additional details regarding workshop dates, times, and locations will be coming soon.

Late March– May 2017

For confidential consultations with TIAA: Visit www.tiaa.org/schedulenow or call 800-732-8353, weekdays, 8 a.m. to 8 p.m. Eastern time.

For confidential consultations with Fidelity Investments: Visit http://getguidance.fidelity.com or call 800-642-7131, weekdays, 8 a.m. to midnight Eastern time.

April 17, 2017 New investment options will become available in the Dartmouth College Retirement Plans at TIAA and Fidelity Investments. For more information, please review the Your New Investment Lineup section of this guide.

May 23, 2017, at 4 p.m. Eastern time

If you have an account with Calvert:

At the market close (generally 4 p.m. Eastern time) on May 23, 2017, your account balances will be valued and liquidated from Calvert/USI and invested with Fidelity Investments on May 26, 2017, in a Vanguard Target Retirement Fund unless you change your investments to the new funds before May 18, 2017.

Please note: There will also be a blackout period beginning at 4 p.m. on May 18, 2017, and expected to end the week of June 12, 2017. Please see the Calvert section on page 21 for additional details.

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DATE PLAN ACTIVITY

May 25, 2017, at 4 p.m. Eastern time

At the market close (generally 4 p.m. Eastern time) on May 25, 2017, existing balances will be directed to the new investment lineup. All other funds will be closed to incoming assets. If you do not take action prior to market close on May 25, 2017, your balances will be transferred to the investment options shown in the TIAA and/or Fidelity Fund Transfer Grid sections of this guide.

If you have an account with TIAA: Certain balances will not transfer unless you choose to move them. See page 17 of this guide for details.

Payroll Dates to Consider:

April 19—Final date to make retirement plan changes for monthly paid employees for the May 1st paycheck.

May 10—Final date to make retirement plan changes for biweekly employees for the May 19th paycheck.

May 18—Final date to make retirement plan changes for monthly paid employees for the June 1st paycheck.

May 24—Final date to make retirement plan changes for biweekly paid employees for the June 2nd paycheck.

Contribution changes must be made in FlexOnline by the above dates in order to be effective for the correlating payroll date. You can access FlexOnline here: http://www.dartmouth.edu/~hrs/benefits/access/

The timing of the Plans’ changes and transition period described in this guide depends on the timing and accuracy of a variety of factors, including the transfer of data, receipt of instructions, and receipt of assets. Changes to any of these factors may result in changes to the dates and timing of the transition period, and/or the dates on which, and thus the prices at which, assets in your account are sold and/or reinvested.

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Roth Voluntary Contribution Option Coming SoonLater this fall, the Dartmouth College Retirement Plans will offer Roth after-tax contributions. Roth contributions may provide more flexibility in helping you meet your retirement goals. In addition to your current pretax contributions, you can designate some of your contributions as after-tax Roth contributions. And, if you satisfy certain program and tax law requirements, the Roth money you withdraw at retirement—including earnings—will not be taxable. Watch for additional information and consult your tax advisor to determine if the Roth feature is right for you.

Changing Your Retirement Plan Contribution or Investment ProviderFlexOnline is Dartmouth College’s online benefit enrollment system. The enrollment system is designed specifically for making changes to your payroll contributions/deductions that affect your paycheck. If you wish to change your investment allocations, update your beneficiaries, or transfer monies to a different vendor, those changes/updates must be made directly with your investment provider(s) through the contact information provided within this guide. Please see the instructions below on how to make changes to your retirement plan payroll contributions via the FlexOnline benefit system.

1. Visit http://benefits.dartmouth.edu

2. Click Active Employee

3. Enter your NetID and password.

4. At the Welcome page, click the light blue box on the right that reads “Click Here to Update or Review Your Retirement Plan Elections for 2017.”

5. If you would like to set up a new election or change an existing one, click the applicable Plan.

6. Make your new election or changes and click Submit.

7. If you are electing a new investment company, be sure to click the applicable Plan again and click the application link to complete the new account application. On the company site, enter the Application Access Code and Plan ID for that Plan.

For illustrative purposes.

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For Employees with Accounts at Investment option changes

Effective April 17, 2017, Dartmouth College will be offering the following new investment options at TIAA. For more information about these options, visit www.tiaa.org/dartmouth.

There is also a brief description of each option in the Investment Option Descriptions brochure accompanying this Fund Change Transition Guide. In addition to the investment options shown below, the five annuity accounts in Tier 4 will continue to be available in the Plans. (See page 9 for details.)

MONEY MARKET

Vanguard Federal Money Market Fund Investor VMFXX

FIXED INCOME (BONDS)

Prudential Total Return Bond Fund Q PTRQX

Vanguard Inflation Protected Securities Fund Admiral Shares VAIPX

Vanguard Total Bond Market Index I VBTIX

MULTI-ASSET

Vanguard Institutional Target Retirement 2015 Institutional VITVX

Vanguard Institutional Target Retirement 2020 Institutional VITWX

Vanguard Institutional Target Retirement 2025 Institutional VRIVX

Vanguard Institutional Target Retirement 2030 Institutional VTTWX

Vanguard Institutional Target Retirement 2035 Institutional VITFX

Vanguard Institutional Target Retirement 2040 Institutional VIRSX

Vanguard Institutional Target Retirement 2045 Institutional VITLX

Vanguard Institutional Target Retirement 2050 Institutional VTRLX

Vanguard Institutional Target Retirement 2055 Institutional VIVLX

Vanguard Institutional Target Retirement 2060 Institutional VILVX

Vanguard Institutional Target Retirement Income Institutional VITRX

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EQUITIES (STOCKS)

MFS Value Fund R6 MEIKX

Vanguard Value Index Fund Institutional VIVIX

Vanguard Institutional Index Fund Institutional VINIX

T. Rowe Price Institutional Large Cap Core Growth Fund TPLGX

Vanguard Growth Index Fund Institutional VIGIX

Vanguard FTSE Social Index VFTSX

Vanguard Extended Market Index Fund Institutional VIEIX

Vanguard Small Cap Value Index Fund Admiral Shares VSIAX

Vanguard Small Cap Growth Index Fund Admiral Shares VSGAX

American Funds Europacific Growth R6 RERGX

Vanguard Total International Stock Index Fund Institutional VTSNX

New default investment option

At the market close (generally 4 p.m. Eastern time) on May 25, 2017, Dartmouth College will replace the current default investment option, the TIAA-CREF Lifecycle Funds, with the Vanguard Target Retirement Funds.

If you have been invested by default in an age-based TIAA-CREF Lifecycle Fund (if you have not provided TIAA with instructions to invest your contributions), this change will apply to your existing balances and your future contributions.

If you do not wish to have your future contributions and existing balances transferred to the new default investments, you can make your allocation choices prior to Plan changes. Or, you can change your allocations at any time after the changes to the retirement plans have been completed. See the chart on page 6 for more information about the Vanguard Target Retirement Funds.

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What do I need to do?

The new investments, carefully selected by Dartmouth College for its employees, may give you the ability to create a diversified retirement portfolio that matches your investment goals and preferences. We hope you will take this opportunity to find out how these changes may affect you, and how you can make the most of your retirement plans.

Learn online:To learn more about your investment options, go to www.tiaa.org. You can then enter the name or ticker symbol of the investment options in the search field.

To learn more about your Plans and to update your retirement portfolio online, log in to the secure website at www.tiaa.org/dartmouth, where you can change the direction of future contributions, transfer existing assets, and review your beneficiary election(s).

Attend a workshop:Watch for more information about on-site educational meetings for answers to your questions about the upcoming changes.

Where to get help

Let us help you understand which investments can help you meet your financial goals. This service is available as part of your retirement plan at no additional cost to you.

Schedule an individual consultation to discuss your unique financial situation with your TIAA Financial Consultant.

To schedule an individual consultation, call 800-732-8353 weekdays, 8 a.m. to 8 p.m. Eastern time, or go to www.tiaa.org/schedulenow.

Or call Melissa Prunier at 603-653-5140 or 866-904-7801 to schedule a meeting with a consultant at our local TIAA office at 2 Buck Road, Suite D, Hanover, NH 03755.

To speak with a TIAA consultant by phone, call TIAA at 800-842-2252, weekdays, 8 a.m. to 10 p.m. or Saturday, 9 a.m. to 6 p.m. Eastern time.

Chuck Doolittle Financial Consultant

Melissa Prunier Senior Administrative Assistant

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TIAA Fund Transfer GridFuture contributions and existing balances

If you are currently contributing to the investment options in the left-hand column below, your future contributions will be invested in the replacement investment options as shown on the right.

If you have any balances in the investment options listed in the left-hand column, they will be transferred to the replacement investment options listed in the right-hand column, except for balances in certain investment options that will not transfer unless you choose to move them.

CURRENT INVESTMENT OPTIONS

TICKER SYMBOL

EXPENSE RATIO

SHORT-TERM

TRADING FEE

}

NEW INVESTMENT OPTIONS EFFECTIVE 4 P.M. ON MAY 25, 2017

TICKER SYMBOL

EXPENSE RATIO

SHORT-TERM

TRADING FEE

CREF Bond Market Account R3 (variable annuity)1

QCBMIX 0.35% N/A }Vanguard Total Bond Market Index I

VBTIX 0.05% N/A

CREF Equity Index Account R3 (variable annuity)1

QCEQIX 0.26% N/A }Vanguard Institutional Index I

VINIX 0.04% N/A

CREF Global Equities Account R3 (variable annuity)1

QCGLIX 0.37% N/A }Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A

CREF Growth Account R3 (variable annuity)1

QCGRIX 0.31% N/A }Vanguard Growth Index Fund Institutional

VIGIX 0.07% N/A

CREF Inflation-Linked Bond Account R3 (variable annuity)1

QCILIX 0.28% N/A }

Vanguard Inflation Protected Securities Fund

VAIPX 0.10% N/A

CREF Money Market Account R3 (variable annuity)2

QCMMIX 0.27% N/A }Vanguard Federal Money Market Fund Investor

VMFXX 0.11% N/A

1 Important note: At the market close (generally 4 p.m. Eastern time) on May 25, 2017, these investment options will be closed to future contributions and transfers-in. Your existing balances in these options will not transfer automatically. They will remain in these accounts until you choose to move them, which you may do at any time. 2Important note: By April 14, 2017, TIAA will end the expense waiver on the CREF Money Market Account. This means there is the potential for negative returns or losses, if interest rates don’t rise sufficiently. Existing balances will not transfer until you choose to move them, which you may do at any time. Your CREF Money Market allocations will be transferred as shown in the chart on this page to avoid the potential for negative returns or losses, but the account will remain open.

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TICKER SYMBOL

EXPENSE RATIO

SHORT-TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO

SHORT-TERM

TRADING FEE

Calvert Bond Fund A CSIBX 0.88% N/A }

Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A

TIAA-CREF Growth & Income Institutional

TIGRX 0.43% N/A }Vanguard Institutional Index I

VINIX 0.04% N/A

TIAA-CREF International Eq Institutional

TIIEX 0.49% N/A }

Vanguard Total International Stock Index Fund Institutional

VTSNX 0.10% N/A

TIAA-CREF Mid-Cap Value Institutional

TIMVX 0.42% N/A }Vanguard Extended Market Index I

VIEIX 0.07% N/A

TIAA-CREF Real Estate Securities Institutional

TIREX 0.51% N/A }Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A

TIAA-CREF Social Choice Eq Institutional

TISCX 0.18% N/A } Vanguard FTSE Social Index VFTSX 0.22% N/A

TIAA-CREF Small-Cap Equity Institutional

TISEX 0.42% N/A }Vanguard Extended Market Index I

VIEIX 0.07% N/A

TIAA-CREF S&P 500 Index Institutional

TISPX 0.06% N/A }Vanguard Institutional Index I

VINIX 0.04% N/A

TIAA-CREF Large-Cap Value Institutional

TRLIX 0.42% N/A }

Vanguard Value Index Fund Institutional Shares

VIVIX 0.07% N/A

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TICKER SYMBOL

EXPENSE RATIO

SHORT-TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO

SHORT-TERM

TRADING FEE

TIAA-CREF Mid-Cap Growth Institutional

TRPWX 0.47% N/A }Vanguard Extended Market Index I

VIEIX 0.07% N/A

TIAA-CREF Lifecycle Retirement Income Institutional

TLRIX 0.52% N/A }Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A

TIAA-CREF Lifecycle 2010 Institutional

TCTIX 0.49% N/A }Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A


TCNIX 0.05% N/A }Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A


TCWIX 0.52% N/A }Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A


TCYIX 0.53% N/A }Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A


TCRIX 0.54% N/A }Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A


TCIIX 0.55% N/A }Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A


TCOIX 0.55% N/A }Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A


TTFIX 0.57% N/A }Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A

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TICKER SYMBOL

EXPENSE RATIO

SHORT-TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO

SHORT-TERM

TRADING FEE


TFTIX 0.58% N/A }Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A


TTRIX 0.64% N/A }Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A


TLXNX 1.60% N/A }Age-based Vanguard Target Retirement Fund3

(various) 0.10% N/A

3See the chart on page 6 for more information about the age-based Vanguard Target Date Funds.

Important note: If you have a foreign mailing address on file, there may be restrictions due to international securities laws on investing in the new options. If you have a legitimate U.S. mailing address in Puerto Rico, or an Army Post Office (APO), Diplomatic Post Office (DPO), or Fleet Post Office (FPO) box, the restrictions may not apply to you. Please call TIAA for more information at 800-842-2252, weekdays, 8 a.m. to 8 p.m. or Saturdays, 9 a.m. to 6 p.m. Eastern time.

Investment, insurance, and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

Investment products may be subject to market and other risk factors. See the applicable product literature or visit TIAA.org/dartmouth for details.

You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 or go to TIAA.org/dartmouth for current product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

105016© 2017 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

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For Employees with Accounts atIf you are invested with Calvert, effective as of the market close (generally 4 p.m. Eastern time) on May 23, 2017, your account balances will be valued and liquidated from Calvert/USI and invested with Fidelity Investments on May 26, 2017, in a Vanguard Target Retirement Fund unless you change your investments to the new funds before May 18, 2017. See the Calvert Fund Transfer Grid on the next page (as well as additional information on page 6) to see which Vanguard Target Retirement Fund your Calvert balances will be directed to.

Blackout period

To ensure that all information is transferred accurately from your current plan account at Calvert to your plan account at Fidelity, there will be a period of time—called a “blackout period”—when you will be unable to direct or diversify investments in your individual accounts or obtain a distribution from the Plans. This blackout period begins at the market close (generally 4 p.m. Eastern time) on May 18, 2017, and is expected to end the week of June 12, 2017. During this time, you can determine whether the blackout period has started or ended by calling the Fidelity Retirement Service Center at 800-343-0860.

During the blackout period, you will be unable to view, direct, or diversify your Calvert assets held in the Plan. For this reason, it is very important that you review and consider the appropriateness of your current investments. For your long-term retirement security, you should give careful consideration to the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income, and investments.

Action to consider

If you do not want your Calvert account balances and future contributions to be redirected to a Vanguard Target Retirement Fund at Fidelity Investments, you must initiate a transfer into the new investment lineup at either TIAA or Fidelity prior to May 18, 2017.

If you would like your Calvert account balances and future contributions to be redirected to TIAA or Fidelity prior to the blackout period, you must contact Calvert/USI at 866.305.8846 (plan code 272) to initiate a transfer into the new investment lineup at TIAA or Fidelity prior to May 15, 2017.

No action is required if you have already changed your investments to the new investment lineup, or will do so by May 15, 2017. If you do not make an investment change, your contributions and account balances will be invested in a Vanguard Target Retirement Fund at Fidelity.

Contact TIAA at 800-842-2252, Monday through Friday between 8 a.m. and 10 p.m., or Saturday from 9 a.m. to 6 p.m.; or call Fidelity Investments at 800-343-0860, Monday through Friday (excluding New York Stock Exchange holidays) between 8 a.m. and midnight Eastern time, to speak with a customer service representative.

22

Calvert Fund Transfer GridAt the market close (generally 4 p.m. Eastern time) on May 26, 2017, all existing balances in the investment options listed below under Current Investment Options will be transferred to the New Investment Options.


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Calvert Balanced Portfolio A

CSIFX 0.94% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert Income A

CFICX 1.02% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert Capital Accumulation A

CCAFX 1.32% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert Bond Portfolio A

CSIBX 0.88% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert Equity Portfolio A

CSIEX 1.09% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert Short Duration Income A

CSDAX 0.91% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert International Equity A

CWVGX 1.55% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert Long-Term Income Fund A

CLDAX 1.10% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert U.S. Large Cap Core Responsible Index

CSXAX 0.70% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert Small Cap A

CCVAX 1.36% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

23


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Calvert Conservative Allocation A

CCLAX 1.05% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert Moderate Allocation A

CMAAX 1.11% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert Aggressive Allocation A

CAAAX 1.15% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert Ultra-Short Income A

CVLAX 0.82% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert Global Energy Solutions A

CGAEX 1.81% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert International Opportunities A

CIOAX 1.43% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert Global Water A

CFWAX 1.47% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert High Yield Bond A

CYBAX 1.18% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert Emerging Markets Equity Fund

CVMAX 1.81% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Calvert Green Bond A

CGAFX 1.10% N/A }Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

24

For Employees with Accounts at Investment option changes

Before investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity directly for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Effective April 17, 2017, Dartmouth College will be offering the following investment options at Fidelity.

There is a brief description of each option in the Investment Option Descriptions brochure accompanying this Fund Change Transition Guide.

MONEY MARKET

Vanguard Federal Money Market Fund Investor VMFXX

BALANCED/HYBRID

Walden Asset Management Fund WSBFX

BOND

Prudential Total Return Bond Fund Class Q PTRQX

Vanguard Inflation-Protected Securities Fund Admiral Shares VAIPX

Vanguard Total Bond Market Index Fund Institutional Shares VBTIX

DOMESTIC EQUITIES

Vanguard FTSE Social Index Fund Investor Shares VFTSX

Vanguard Institutional Index Fund Institutional Shares VINIX

T. Rowe Price Institutional Large Cap Core Growth Fund TPLGX

Vanguard Growth Index Fund Institutional Shares VIGIX

MFS Value Fund Class R6 MEIKX

Vanguard Value Index Fund Institutional Shares VIVIX

Vanguard Extended Market Index Fund Institutional Shares VIEIX

Vanguard Small-Cap Growth Index Fund Admiral Shares VSGAX

Vanguard Small-Cap Value Index Fund Admiral Shares VSIAX

25

INTERNATIONAL/GLOBAL

Vanguard Total International Stock Index Fund Institutional Shares VTSNX

American Funds EuroPacific Growth Fund® Class R-6 RERGX

TARGET DATE

Vanguard Institutional Target Retirement Income Fund Institutional Shares VITRX

Vanguard Institutional Target Retirement 2015 Fund Institutional Shares VITVX

Vanguard Institutional Target Retirement 2020 Fund Institutional Shares VITWX

Vanguard Institutional Target Retirement 2025 Fund Institutional Shares VRIVX

Vanguard Institutional Target Retirement 2030 Fund Institutional Shares VTTWX

Vanguard Institutional Target Retirement 2035 Fund Institutional Shares VITFX

Vanguard Institutional Target Retirement 2040 Fund Institutional Shares VIRSX

Vanguard Institutional Target Retirement 2045 Fund Institutional Shares VITLX

Vanguard Institutional Target Retirement 2050 Fund Institutional Shares VTRLX

Vanguard Institutional Target Retirement 2055 Fund Institutional Shares VIVLX

Vanguard Institutional Target Retirement 2060 Fund Institutional Shares VILVX

Investment option changes (continued)

At the market close (generally 4 p.m. Eastern time) on May 25, 2017, all future contributions and remaining balances in investment options being removed from the Plans will be transferred from the old investment options to the new investment options, as indicated in the Fidelity Fund Transfer Grid section of this guide. The transfer of balances will appear as an exchange on your account history and quarterly statement. You may also receive a prospectus as a result of this transaction.

New default investment option

At the market close (generally 4 p.m. Eastern time) on May 25, 2017, Dartmouth will be replacing the Fidelity Freedom K® Funds with the Vanguard Target Retirement Funds as the new designated default fund option. A default investment option applies when a participant does not choose an investment option for his or her Retirement Plans. Many of the Dartmouth College investment options will be mapping to this new series of target date funds, as indicated in the Fidelity Fund Transfer Grid. You can learn more about the Vanguard Target Retirement Funds by visiting the section entitled Your New Investment Lineup.

26

What do I need to do?

First — Review your current fund holdings by logging on to your Fidelity NetBenefits® account online at www.netbenefits.com/dartmouth or call Fidelity at 800-343-0860 to review your portfolio.

Second — Find your current investment options in the Fidelity Fund Transfer Grid to determine where your funds will be transferred. Funds are listed in alphabetical order for your convenience. If you would like your balances or future contributions directed as shown in the Fidelity Fund Transfer Grid, then no action is required of you at this time.

However, if you do not want these changes to take place, you must contact Fidelity prior to 4 p.m. on May 25, 2017, and complete a change of investments. You can log in to Fidelity NetBenefits® at www.netbenefits.com/dartmouth or call 800-343-0860, weekdays, from 8 a.m. to midnight Eastern time.

Third — For additional help, you can schedule an appointment for a confidential consultation. Details are below.

Where to get help

As a higher education professional, you know firsthand the power of learning something new. At Fidelity, we are here to help you discover new ways of thinking about your financial future.

Paul Bolles and Nick Liguori are your dedicated Fidelity Retirement Planners and are ready to help you:

• Manage your retirement savings goals• Choose investments in the Dartmouth College Retirement Plans• Build a plan that is easy to put into action

Schedule a complimentary confidential consultation by visiting http://getguidance.fidelity.com or calling 800-642-7131, weekdays, from 8 a.m. to midnight Eastern time.

For general questions regarding your Dartmouth College Retirement Plans, please visit www.netbenefits.com/dartmouth or call 800-343-0860, weekdays, from 8 a.m. to midnight Eastern time.

Paul Bolles Director, Retirement Planner

Nick Liguori Retirement Planner

27

Fidelity Fund Transfer GridThis section includes a comprehensive list of your current investment options and how they will transfer to the new Dartmouth College investment lineup. The funds are listed in alphabetical order to make it easy for you to identify funds that you currently own in your investment portfolio and how they will transfer to the new investment lineup.

At the market close (generally 4 p.m. Eastern time) on May 25, 2017, all future contributions and existing balances in the investment options listed below under Current Investment Options will be transferred to the New Investment Options.

Participants may choose any other investment options available in the Plans by visiting www.netbenefits.com/dartmouth or by calling 800-343-0860 to request a change.


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Calvert Bond Portfolio Class A

CSIBX 0.89% N/A }

Age-based Vanguard Target Retirement Funds

N/A 0.10% N/A

Fidelity® 500 Index Fund—Premium Class

FUSVX 0.045% N/A }

Vanguard Institutional Index Fund Institutional Shares

VINIX 0.04% N/A

Fidelity Asset Manager® 20% FASIX 0.53% N/A }


N/A 0.10% N/A

Fidelity Asset Manager® 30% FTANX 0.54% N/A }


N/A 0.10% N/A

Fidelity Asset Manager® 40% FFANX 0.55% N/A }


N/A 0.10% N/A

Fidelity Asset Manager® 50% FASMX 0.66% N/A }


N/A 0.10% N/A

Fidelity Asset Manager® 60% FSANX 0.72% N/A }


N/A 0.10% N/A

28


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity Asset Manager® 70% FASGX 0.73% N/A }


N/A 0.10% N/A

Fidelity Asset Manager® 85% FAMRX 0.76% N/A }


N/A 0.10% N/A

Fidelity® Balanced Fund—Class K

FBAKX 0.46% N/A }


N/A 0.10% N/A

Fidelity® Blue Chip Growth Fund—Class K

FBGKX 0.7% N/A }

Vanguard Growth Index Fund Institutional Shares

VIGIX 0.07% N/A

Fidelity® Blue Chip Value Fund

FBCVX 0.88% N/A }


VIVIX 0.07% N/A

Fidelity® Canada Fund FICDX 1.17% 1.5% / 90

days }


N/A 0.10% N/A

Fidelity® Capital & Income Fund FAGIX 0.75% 1% / 90

days }


N/A 0.10% N/A

Fidelity® Capital Appreciation Fund—Class K

FCAKX 0.5% N/A }


VIGIX 0.07% N/A

Fidelity® China Region Fund FHKCX 1.02% 1.5% / 90

days }


N/A 0.10% N/A

Fidelity® Conservative Income Bond Fund

FCONX 0.4% N/A }


N/A 0.10% N/A

29


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Contrafund®—Class K

FCNKX 0.61% N/A }


VIGIX 0.07% N/A

Fidelity® Convertible Securities Fund

FCVSX 0.45% N/A }


N/A 0.10% N/A

Fidelity® Corporate Bond Fund

FCBFX 0.45% N/A }


N/A 0.10% N/A

Fidelity® Disciplined Equity Fund—Class K

FDEKX 0.57% N/A }


VINIX 0.04% N/A

Fidelity® Diversified International Fund—Class K

FDIKX 0.92% N/A }

Vanguard Total International Stock Index Fund Institutional Shares

VTSNX 0.10% N/A

Fidelity® Dividend Growth Fund—Class K

FDGKX 0.5% N/A }


VINIX 0.04% N/A

Fidelity® Emerging Asia Fund

FSEAX 1.16% 1.5% / 90 days }


N/A 0.10% N/A

Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund

FEMEX 1.46% 1.5% / 90 days }


N/A 0.10% N/A

Fidelity® Emerging Markets Discovery Fund

FEDDX 1.55% 2% / 90 days }


N/A 0.10% N/A

30


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Emerging Markets Fund—Class K

FKEMX 0.84% 1.5% / 90 days }


N/A 0.10% N/A

Fidelity® Emerging Markets Index Fund—Premium Class

FPMAX 0.14% 1.5% / 90 days }


N/A 0.10% N/A

Fidelity® Equity Dividend Income Fund—Class K

FETKX 0.61% N/A }


VIVIX 0.07% N/A

Fidelity® Equity-Income Fund—Class K

FEIKX 0.59% N/A }


VIVIX 0.07% N/A

Fidelity® Europe Fund FIEUX 1.07% N/A }


N/A 0.10% N/A

Fidelity® Export and Multinational Fund—Class K

FEXKX 0.64% N/A }


VIGIX 0.07% N/A

Fidelity® Extended Market Index Fund—Premium Class

FSEVX 0.07% N/A }

Vanguard Extended Market Index Fund Institutional Shares

VIEIX 0.07% N/A

Fidelity® Floating Rate High Income Fund

FFRHX 0.71% 1% / 60 days }


N/A 0.10% N/A

Fidelity® Focused High Income Fund

FHIFX 0.85% 1% / 90 days }


N/A 0.10% N/A

Fidelity® Focused Stock Fund

FTQGX 0.62% N/A }


VIGIX 0.07% N/A

31


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Four-in-One Index Fund

FFNOX 0.13% N/A }


N/A 0.10% N/A

Fidelity Freedom K® 2005 Fund

FFKVX 0.49% N/A }


N/A 0.10% N/A


FFKCX 0.53% N/A }


N/A 0.10% N/A


FKVFX 0.56% N/A }


N/A 0.10% N/A


FFKDX 0.58% N/A }


N/A 0.10% N/A


FKTWX 0.61% N/A }


N/A 0.10% N/A


FFKEX 0.65% N/A }


N/A 0.10% N/A


FKTHX 0.67% N/A }


N/A 0.10% N/A


FFKFX 0.67% N/A }


N/A 0.10% N/A


FFKGX 0.67% N/A }


N/A 0.10% N/A


FFKHX 0.67% N/A }


N/A 0.10% N/A

32


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE


FDENX 0.67% N/A }


N/A 0.10% N/A


FDKNX 0.67% N/A }


N/A 0.10% N/A

Fidelity Freedom K® Income Fund

FFKAX 0.44% N/A }


N/A 0.10% N/A

Fidelity® Fund—Class K FFDKX 0.41% N/A }


VIGIX 0.07% N/A

Fidelity® Global Balanced Fund FGBLX 1.02% N/A }


N/A 0.10% N/A

Fidelity® Global Bond Fund FGBFX 1.09% N/A }


N/A 0.10% N/A

Fidelity® Global Commodity Stock Fund

FFGCX 1.13% 1% / 30 days }


N/A 0.10% N/A

Fidelity® Global Equity Income Fund

FGILX 1.18% 1% / 30 days }


N/A 0.10% N/A

Fidelity® Global ex U.S. Index Fund—Premium Class

FSGDX 0.11% N/A }


VTSNX 0.10% N/A

Fidelity® Global High Income Fund

FGHNX 1.2% 1% / 90 days }


N/A 0.10% N/A

33


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Global Strategies Fund FDYSX 1.21% N/A }


N/A 0.10% N/A

Fidelity® GNMA Fund FGMNX 0.45% N/A }


N/A 0.10% N/A

Fidelity® Government Cash Reserves

FDRXX 0.37% N/A }


N/A 0.10% N/A

Fidelity® Government Income Fund

FGOVX 0.45% N/A }


N/A 0.10% N/A

Fidelity® Government Money Market Fund

SPAXX 0.42% N/A }


N/A 0.10% N/A

Fidelity® Government Money Market Fund—Premium Class

FZCXX 0.38% N/A }


N/A 0.10% N/A

Fidelity® Growth & Income Portfolio—Class K

FGIKX 0.53% N/A }


VINIX 0.04% N/A

Fidelity® Growth Company Fund—Class K

FGCKX 0.66% N/A }


VIGIX 0.07% N/A

Fidelity® Growth Discovery Fund—Class K

FGDKX 0.66% N/A }


VIGIX 0.07% N/A

34


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Growth Strategies Fund—Class K

FAGKX 0.73% N/A }


VIEIX 0.07% N/A

Fidelity® High Income Fund SPHIX 0.73% 1% / 90

days }


N/A 0.10% N/A

Fidelity® Independence Fund—Class K

FDFKX 0.45% N/A }


VIGIX 0.07% N/A

Fidelity® Inflation-Protected Bond Fund

FINPX 0.45% N/A }

Vanguard Inflation Protected Securities

VAIPX 0.10% N/A

Fidelity® Inflation-Protected Bond Index Fund—Premium Class

FSIYX 0.09% N/A }

Vanguard Inflation Protected Securities

VAIPX 0.10% N/A

Fidelity® Intermediate Bond Fund

FTHRX 0.45% N/A }

Vanguard Total Bond Market Index Fund Institutional Shares

VBTIX 0.05% N/A

Fidelity® Intermediate Government Income Fund

FSTGX 0.45% N/A }


N/A 0.10% N/A

Fidelity® Intermediate Treasury Bond Index Fund—Premium Class

FIBAX 0.09% N/A }


N/A 0.10% N/A

Fidelity® International Bond Fund

FINUX 1.11% N/A }


N/A 0.10% N/A

35


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® International Capital Appreciation Fund

FIVFX 1.14% N/A }


VTSNX 0.10% N/A

Fidelity® International Discovery Fund—Class K

FIDKX 0.86% N/A }


VTSNX 0.10% N/A

Fidelity® International Enhanced Index Fund

FIENX 0.63% 1% / 30 days }


VTSNX 0.10% N/A

Fidelity® International Growth Fund

FIGFX 0.99% N/A }


VTSNX 0.10% N/A

Fidelity® International Index Fund—Premium Class

FSIVX 0.08% N/A }


VTSNX 0.10% N/A

Fidelity® International Real Estate Fund

FIREX 1.13% 1.5% / 90 days }


N/A 0.10% N/A

Fidelity® International Small Cap Fund

FISMX 1.34% 2% / 90 days }


N/A 0.10% N/A

Fidelity® International Small Cap Opportunities Fund

FSCOX 1.17% 2% / 90 days }


N/A 0.10% N/A

36


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® International Value Fund

FIVLX 1.03% 1% / 30 days }


VTSNX 0.10% N/A

Fidelity® Investment Grade Bond Fund

FBNDX 0.45% N/A }


VBTIX 0.05% N/A

Fidelity® Investments Money Market—Money Market Portfolio—Class I

FMPXX 0.21% N/A }


N/A 0.10% N/A

Fidelity® Japan Fund FJPNX 0.78% 1.5% / 90

days }


N/A 0.10% N/A

Fidelity® Japan Smaller Companies Fund

FJSCX 0.96% 1.5% / 90 days }


N/A 0.10% N/A

Fidelity® Large Cap Core Enhanced Index Fund

FLCEX 0.45% N/A }


VINIX 0.04% N/A

Fidelity® Large Cap Growth Enhanced Index Fund

FLGEX 0.45% N/A }


VIGIX 0.07% N/A

Fidelity® Large Cap Stock Fund FLCSX 0.78% N/A }


VINIX 0.04% N/A

Fidelity® Large Cap Value Enhanced Index Fund

FLVEX 0.45% N/A }


VIVIX 0.07% N/A

37


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Latin America Fund FLATX 1.14% 1.5% / 90

days }


N/A 0.10% N/A

Fidelity® Leveraged Company Stock Fund—Class K

FLCKX 0.68% N/A }


VIEIX 0.07% N/A

Fidelity® Limited Term Government Fund

FFXSX 0.45% N/A }


N/A 0.10% N/A

Fidelity® Long-Term Treasury Bond Index Fund—Premium Class

FLBAX 0.09% N/A }


N/A 0.10% N/A

Fidelity® Low-Priced Stock Fund—Class K

FLPKX 0.78% N/A }


VIEIX 0.07% N/A

Fidelity® Magellan® Fund—Class K

FMGKX 0.75% N/A }


VIGIX 0.07% N/A

Fidelity® Mega Cap Stock Fund FGRTX 0.69% N/A }


VINIX 0.04% N/A

Fidelity® Mid Cap Enhanced Index Fund

FMEIX 0.6% N/A }


VIEIX 0.07% N/A

38


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Mid Cap Index Fund—Premium Class

FSCKX 0.07% N/A }


VIEIX 0.07% N/A

Fidelity® Mid-Cap Stock Fund—Class K

FKMCX 0.61% N/A }


VIEIX 0.07% N/A

Fidelity® Mid Cap Value Fund FSMVX 0.86% N/A }


VIEIX 0.07% N/A

Fidelity® Money Market Fund SPRXX 0.42% N/A }


N/A 0.10% N/A

Fidelity® Money Market Fund—Premium Class

FZDXX 0.37% N/A }


N/A 0.10% N/A

Fidelity® Money Market Trust Retirement Government Money Market Portfolio

FGMXX 0.42% N/A }


N/A 0.10% N/A

Fidelity® Money Market Trust Retirement Government Money Market II Portfolio

FRTXX 0.42% N/A }


N/A 0.10% N/A

Fidelity® Mortgage Securities Fund

FMSFX 0.45% N/A }


N/A 0.10% N/A

39


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Nasdaq® Composite Index Fund

FNCMX 0.43% N/A }


VIGIX 0.07% N/A

Fidelity® New Markets Income Fund

FNMIX 0.86% 1% / 90 days }


N/A 0.10% N/A

Fidelity® New Millennium Fund

FMILX 0.54% N/A }


VIGIX 0.07% N/A

Fidelity® Nordic Fund FNORX 0.99% 1.5% / 90

days }


N/A 0.10% N/A

Fidelity® OTC Portfolio—Class K

FOCKX 0.79% N/A }


VIGIX 0.07% N/A

Fidelity® Overseas Fund—Class K

FOSKX 0.91% N/A }


VTSNX 0.10% N/A

Fidelity® Pacific Basin Fund FPBFX 1.19% 1.5% / 90

days }


N/A 0.10% N/A

Fidelity® Puritan® Fund—Class K

FPUKX 0.46% N/A }


N/A 0.10% N/A

Fidelity® Real Estate Income Fund

FRIFX 0.82% 0.75% / 90 days }


N/A 0.10% N/A

Fidelity® Real Estate Index Fund—Premium Class

FSRVX 0.09% 0.75% / 90 days }


N/A 0.10% N/A

40


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Real Estate Investment Portfolio

FRESX 0.78% N/A }


N/A 0.10% N/A

Fidelity® Select Air Transportation Portfolio

FSAIX 0.83% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select Automotive Portfolio

FSAVX 0.87% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select Banking Portfolio

FSRBX 0.79% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select Biotechnology Portfolio

FBIOX 0.73% N/A }


N/A 0.10% N/A

Fidelity® Select Brokerage and Investment Management Portfolio

FSLBX 0.79% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select Chemicals Portfolio

FSCHX 0.8% N/A }


N/A 0.10% N/A

Fidelity® Select Communications Equipment Portfolio

FSDCX 0.9% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select Computers Portfolio

FDCPX 0.8% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select Construction and Housing Portfolio

FSHOX 0.81% 0.75% / 30 days }


N/A 0.10% N/A

41


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Select Consumer Discretionary Portfolio

FSCPX 0.77% N/A }


N/A 0.10% N/A

Fidelity® Select Consumer Finance Portfolio

FSVLX 0.9% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select Consumer Staples Portfolio

FDFAX 0.77% N/A }


N/A 0.10% N/A

Fidelity® Select Defense and Aerospace Portfolio

FSDAX 0.8% N/A }


N/A 0.10% N/A

Fidelity® Select Energy Portfolio FSENX 0.8% N/A }


N/A 0.10% N/A

Fidelity® Select Energy Service Portfolio

FSESX 0.85% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select Environment and Alternative Energy Portfolio

FSLEX 0.95% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select Financial Services Portfolio

FIDSX 0.76% N/A }


N/A 0.10% N/A

Fidelity® Select Gold Portfolio FSAGX 0.97% N/A }


N/A 0.10% N/A

Fidelity® Select Health Care Portfolio

FSPHX 0.73% N/A }


N/A 0.10% N/A

Fidelity® Select Health Care Services Portfolio

FSHCX 0.77% 0.75% / 30 days }


N/A 0.10% N/A

42


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Select Industrial Equipment Portfolio

FSCGX 0.83% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select Industrials Portfolio

FCYIX 0.77% N/A }


N/A 0.10% N/A

Fidelity® Select Insurance Portfolio

FSPCX 0.8% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select IT Services Portfolio

FBSOX 0.81% N/A }


N/A 0.10% N/A

Fidelity® Select Leisure Portfolio FDLSX 0.79% 0.75% /

30 days }


N/A 0.10% N/A

Fidelity® Select Materials Portfolio

FSDPX 0.81% N/A }


N/A 0.10% N/A

Fidelity® Select Medical Equipment and Systems Portfolio

FSMEX 0.76% N/A }


N/A 0.10% N/A

Fidelity® Select Multimedia Portfolio

FBMPX 0.81% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select Natural Gas Portfolio

FSNGX 0.89% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select Natural Resources Portfolio

FNARX 0.86% 0.75% / 30 days }


N/A 0.10% N/A

43


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Select Pharmaceuticals Portfolio

FPHAX 0.78% N/A }


N/A 0.10% N/A

Fidelity® Select Retailing Portfolio

FSRPX 0.81% N/A }


N/A 0.10% N/A

Fidelity® Select Semiconductors Portfolio

FSELX 0.77% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select Software and IT Services Portfolio

FSCSX 0.77% N/A }


N/A 0.10% N/A

Fidelity® Select Technology Portfolio

FSPTX 0.78% N/A }


N/A 0.10% N/A

Fidelity® Select Telecom-munications Portfolio

FSTCX 0.82% N/A }


N/A 0.10% N/A

Fidelity® Select Transportation Portfolio

FSRFX 0.81% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Select Utilities Portfolio

FSUTX 0.8% N/A }


N/A 0.10% N/A

Fidelity® Select Wireless Portfolio

FWRLX 0.86% 0.75% / 30 days }


N/A 0.10% N/A

Fidelity® Short-Term Bond Fund

FSHBX 0.45% N/A }


N/A 0.10% N/A

44


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Short-Term Treasury Bond Index Fund—Premium Class

FSBAX 0.09% N/A }


N/A 0.10% N/A

Fidelity® Small Cap Discovery Fund

FSCRX 1.01% 1.5% / 90 days }


VIEIX 0.07% N/A

Fidelity® Small Cap Enhanced Index Fund

FCPEX 0.68% N/A }


VIEIX 0.07% N/A

Fidelity® Small Cap Growth Fund

FCPGX 1.13% 1.5% / 90 days }

Vanguard Small-Cap Growth Index Fund Admiral Shares

VSGAX 0.08% N/A

Fidelity® Small Cap Index Fund—Premium Class

FSSVX 0.07% N/A }


VIEIX 0.07% N/A

Fidelity® Small Cap Stock Fund FSLCX 1% 2% / 90

days }


VIEIX 0.07% N/A

Fidelity® Small Cap Value Fund FCPVX 1.22% 1.5% / 90

days }

Vanguard Small-Cap Value Index Fund Admiral Shares

VSIAX 0.08% N/A

Fidelity® Stock Selector All Cap Fund—Class K

FSSKX 0.54% N/A }


VIGIX 0.07% N/A

Fidelity® Stock Selector Large Cap Value Fund

FSLVX 0.81% N/A }


VIVIX 0.07% N/A

45


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Stock Selector Mid Cap Fund

FSSMX 0.64% N/A }


VIEIX 0.07% N/A

Fidelity® Stock Selector Small Cap Fund

FDSCX 0.89% 1.5% / 90 days }


VIEIX 0.07% N/A

Fidelity® Strategic Dividend & Income® Fund

FSDIX 0.78% N/A }


N/A 0.10% N/A

Fidelity® Strategic Income Fund

FSICX 0.71% N/A }


N/A 0.10% N/A

Fidelity® Strategic Real Return Fund

FSRRX 0.82% N/A }


N/A 0.10% N/A

Fidelity® Telecom and Utilities Fund

FIUIX 0.76% N/A }


N/A 0.10% N/A

Fidelity® Total Bond Fund FTBFX 0.45% N/A }


VBTIX 0.05% N/A

Fidelity® Total Emerging Markets Fund

FTEMX 1.62% 1.5% / 90 days }


N/A 0.10% N/A

Fidelity® Total International Equity Fund

FTIEX 1.11% 1% / 30 days }


VTSNX 0.10% N/A

46


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Total Market Index Fund—Premium Class

FSTVX 0.045% N/A }


VINIX 0.04% N/A

Fidelity® Treasury Only Money Market Fund

FDLXX 0.42% N/A }


N/A 0.10% N/A

Fidelity® Trend Fund FTRNX 0.77% N/A }


VIGIX 0.07% N/A

Fidelity® U.S. Bond Index Fund—Premium Class

FSITX 0.05% N/A }


VBTIX 0.05% N/A

Fidelity® U.S. Equity Index Commingled Pool Class 1

N/A 0.04% N/A }


VINIX 0.04% N/A

Fidelity® U.S. Equity Index Commingled Pool Class 2

N/A 0.02% N/A }


VINIX 0.04% N/A

Fidelity® Value Discovery Fund—Class K

FVDKX 0.7% N/A }


VINIX 0.04% N/A

Fidelity® Value Fund—Class K FVLKX 0.55% N/A }


VIEIX 0.07% N/A

Fidelity® Value Strategies Fund—Class K

FVSKX 0.44% N/A }


VIEIX 0.07% N/A

47


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Fidelity® Worldwide Fund

FWWFX 0.91% N/A }


N/A 0.10% N/A

Managed Income Portfolio Class 1

N/A 0.77% N/A }


N/A 0.10% N/A

Managed Income Portfolio II Class 1

N/A 0.57% N/A }


N/A 0.10% N/A


N/A 0.47% N/A }


N/A 0.10% N/A


N/A 0.32% N/A }


N/A 0.10% N/A

PIMCO Total Return ESG Fund Institutional Class

PTSAX 0.55% N/A }


N/A 0.10% N/A

Strategic Advisers® Core Income Multi-Manager Fund

FWHBX 1% N/A }


N/A 0.10% N/A

Strategic Advisers® Core Multi-Manager Fund

FLAUX 1.20% N/A }


VINIX 0.04% N/A

Strategic Advisers® Emerging Markets Fund of Funds

FLILX 2.24% 1.5% / 90 days }


N/A 0.10% N/A

Strategic Advisers® Growth Multi-Manager Fund

FMELX 0.86% N/A }


VIGIX 0.07% N/A

48


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

}


TICKER SYMBOL

EXPENSE RATIO*

SHORT TERM

TRADING FEE

Strategic Advisers® Income Opportunities Fund of Funds

FSADX 2.22% 1% / 90 days }


N/A 0.10% N/A

Strategic Advisers® International Multi-Manager Fund

FMJDX 1.11% 1% / 30 days }


VTSNX 0.10% N/A

Strategic Advisers® Small-Mid Cap Multi-Manager Fund

FNAPX 1.43% 1.5% / 90 days }


VIEIX 0.07% N/A

Strategic Advisers® Value Multi-Manager Fund

FKMOX 1.32% N/A }


VIVIX 0.07% N/A

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

49

Notes

This information is intended to be educational and is not tailored to the investment needs of any specific investor.Investing involves risk, including risk of loss.

*A mutual fund expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percentage of the fund's total net assets. For other types of investments, the figure in the expense ratio field reflects similar information, but may have been calculated differently than for mutual funds. Mutual fund data comes from the fund's prospectus. For non–mutual fund investment options, the information has been provided by the Plan Sponsor, the investment option's manager, or the trustee. When no ratio is shown for these options, it is because none was available. There may be fees and expenses associated with the investment option. Expense information changes periodically. Please consult www.netbenefits.com for updates.Although this booklet was prepared for Dartmouth College by Fidelity Investments for the convenience of Plan participants, certain pages in it were supplied by non‑Fidelity investment providers. Each provider offering products and services to the Plan or its participants is solely responsible for the content in its applicable pages and Fidelity does not assume any responsibility or liability for the content supplied by any other provider.This document provides only a summary of the main features of the Dartmouth College Retirement Plans, and the Plan documents will govern in the event of any discrepancies.Calvert, TIAA and Fidelity Investments are independent entities and are not legally affiliated.The trademarks and service marks appearing herein are the property of their respective owners.Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917.© 2017 FMR LLC. All rights reserved.

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