Investment of Fund Assets

Default Option

If you choose not to direct the investment of all or any portion of the money in your Individual Account, and do not wish to take advantage of the PAS-W program, the balance of your account that you do not self-direct will be invested in the option selected by the Trustees for all Individual Accounts for which no direction is received. This is the Plan’s “Default Option.” The Trustees have selected the age-appropriate Fidelity Freedom Fund as the Plan’s Default Option.

The Fidelity Freedom Funds are “lifecycle funds” which are each comprised of a diversified set of mutual funds. As lifecycle funds, the Fidelity Freedom Funds have an asset allocation mix that is more aggressive when you are younger and becomes more conservative as you near retirement. Generally, the Fidelity Freedom Funds are invested in a combination of Fidelity domestic equity funds, international equity funds (developed and emerging markets), bond funds, and short-term funds; Fidelity Freedom Funds may also make active asset allocations within other asset classes, including commodities, high yield debt, floating rate debt, real estate debt, inflation-protected debt, and emerging markets debt. In general, as an individual gradually approaches retirement, the asset allocation of his age-appropriate Fidelity Freedom Fund will adjust— incrementally rolling out of equities and into fixed income investments.

FREDOM FUND    

DESCRIPTION

Fidelity Freedom Income

The Fidelity Freedom Income Fund is an asset allocation fund, targeted for individuals in or near retirement, investing in other Fidelity funds, and emphasizing money market and fixed income allocations.

Fidelity Freedom 2020

The Freedom 2020 Fund is an asset allocation fund, targeted for individuals expected to retire around the year 2020. It invests in other Fidelity funds and emphasizes an allocation towards equities. As the year 2020 approaches, the fund’s allocation will gradually shift its allocation towards money market and fixed income instruments.

Fidelity Freedom 2030

The Freedom 2030 Fund is an asset allocation fund, targeted for individuals expected to retire around the year 2030. It invests in other Fidelity funds and emphasizes an allocation towards equities. As the year 2030 approaches, the fund’s allocation will gradually shift its allocation towards money market and fixed income instruments.

Fidelity Freedom 2040

The Freedom 2040 Fund is an asset allocation fund, targeted for individuals expected to retire around the year 2040. It invests in other Fidelity funds and emphasizes an allocation towards equities. As the year 2040 approaches, the fund’s allocation will gradually shift its allocation towards money market and fixed income instruments.

Fidelity Freedom 2050

The Freedom 2050 Fund is an asset allocation fund, targeted for individuals expected to retire around the year 2050. It invests in other Fidelity funds and emphasizes an allocation towards equities. As the year 2050 approaches, the fund’s allocation will gradually shift its allocation towards money market and fixed income instruments.

Fidelity Freedom 2060

The Freedom 2060 Fund is an asset allocation fund, targeted for individuals expected to retire around the year 2060. It invests in other Fidelity funds and emphasizes an allocation towards equities. As the year 2060 approaches, the fund’s allocation will gradually shift its allocation towards money market and fixed income instruments.