The UNC ORP Fund Objectives

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Disclaimer

The descriptions of fund investment objectives and fund performance contained in the following tables are based upon information provided by the respective fund sponsors, and the University believes the information as presented here generally to be accurate. However, these tables are not official statements of the fund sponsors, and the University does not guarantee their accuracy. Official statements of fund objectives and performance may be obtained only from the current fund prospectus or other official publications of the fund sponsor.

Investment Category	Company	Investment Objective
Fixed Account
Guaranteed Fixed Interest Option	Lincoln Life	Seeks maximum safety of principal combined with crediting of a competitive current interest rate in order to provide highest return with lowest level of risk.
TIAA	TIAA-CREF	Guarantees principal and a specific interest rate, with opportunity for additional growth through dividends. Invests to achieve the highest possible rate of return within reasonable risk parameters.
Fixed Account Plus	VALIC	Provides safety and stability of principal while providing limited liquidity. Provides highly competitive current interest income and guaranteed fixed return.
Short-Term Fixed	VALIC	Provides a current interest rate similar to rates offered by bank certificates of deposit (CDs).
Aggressive Growth Fund
Baron Asset	Fidelity	Seeks to provide long-term capital appreciation. The Fund invests primarily in small and mid-cap companies with market values between $100 million and $2 billion. The Fund seeks to purchase, at attractive prices, companies with compelling investment characteristics before their growth prospects and assets have been properly valued by other investors. The Fund invests in businesses for the long term based on its assessment of a company's growth prospects and believes it can gain an investment advantage through its independent and exhaustive research of companies. Investment manager: BAMCO, Inc.
Fidelity Aggressive Growth	Fidelity	Seeks to increase the value of your investment over the long-term through capital appreciation. The Fund invests primarily in common stocks of domestic and foreign issuers. The Fund invests in companies it believes offer the potential for accelerated earnings or revenue growth. Focuses on investments in medium-sized companies, but may also invest substantially in larger or smaller companies. If you sell your shares after holding them for less than 90 days, the Fund will deduct a "short-term trading fee" from your account equal to 0.75% of the value of shares sold.
Aggressive Growth	Lincoln Life	Seeks to maximize capital appreciation. The Fund invests in stocks of smaller, lesser-known companies which have a chance to grow significantly in a short time.
Trend Series	Lincoln Life	Seeks long-term capital appreciation. Fund invests primarily in common stocks and securities convertible into common stocks of emerging and other growth-oriented companies that are responsive to changes within the marketplace and have the fundamental characteristics to support growth.
VIP II Contrafund	Lincoln Life	Seeks capital appreciation. Fund invests primarily in securities of common companies whose value the advisor believes is not fully recognized by the public. Investment manager: Fidelity Management & Research.
American Century Ultra	VALIC	Seeks capital growth. Fund invests primarily in common stocks that are considered to have better-than-average prospects for appreciation. Investment manager: Investor's Research Corp.
Ariel Fund	VALIC	The fund seeks long-term capital appreciation primarily through investment in small company stocks.
Small Cap Fund (Founders/T. Rower Price)	VALIC	The fund seeks to provide long-term capital growth by investing primarily in the stocks of small companies. It will invest at least 65% of its total assets in stocks of small companies.
Putnam New Opportunities	VALIC	Seeks long-term capital appreciation. Fund invests principally in common stocks of companies in sectors of the economy, which Putnam believes possess above average long-term growth potential. Current income is only an incidental consideration. Investment manager: Putnam Investments.
Putnam OTC Emerging Growth	VALIC	Seeks capital appreciation. Fund invests primarily in common stocks of small-to medium-sized emerging growth companies traded in the over-the-counter (OTC) market; designed for investors willing to assume above-average risk in return for above-average capital growth potential, and may trade securities for short-term profits. Investment manager: Putnam Investments.
Science & Technology Fund (T. Rowe Price)	VALIC	Seeks long-term growth of capital through investment primarily in common stocks and equity-related securities of companies expected to benefit from development, advancement, and use of science and technology. Sub-adviser: T. Rowe Price.
Sit Small Cap Growth Fund	VALIC	The fund seeks to maximize long-term capital appreciation. It invests at least 65% of its total assets in common stocks of small growth companies with capitalizations of $2 billion to $15 billion or less at the time of purchase.
Small Cap Index	VALIC	Seeks to provide growth of capital through investment primarily in a diversified portfolio of common stock; as a group, is expected to provide investment results closely corresponding to performance of the Russell 2000 Index. Sub-adviser: Bankers Trust.
Growth Fund
Ariel Fund	Fidelity	Seeks to increase the value of your investment over the long term through capital appreciation. Fund invests primarily in stocks of widely ignored, misunderstood, or under-followed companies which provide quality goods and/or services. These companies must have distinct market niches, excellent financial conditions, solid management teams, and established records. The Fund targets smaller companies (small-cap) with market capitalizations of $1.5 billion or less. Stocks of smaller companies may have more abrupt or erratic price movements than stocks of larger companies. Investment manager: Ariel Capital Management, Inc.
Ariel Appreciation	Fidelity	Seeks to increase the value of your investment over the long term through capital appreciation. Fund invests primarily in stocks of widely ignored, misunderstood, or under-followed companies which provide quality goods and/or services. These companies must have distinct market niches, excellent financial conditions, solid management teams, and established records. The Fund targets medium-sized companies (mid-cap) with market capitalizations under $5 billion. Stocks of medium-sized companies may have more abrupt or erratic price movements than stocks of larger companies. Investment manager: Ariel Capital Management, Inc.
Fidelity Blue-Chip Growth	Fidelity	Seeks to increase the value of your investment over the long term through capital growth. Fund invests primarily in common stocks of well-known and established companies. Normally, at least 65% of the fund's total assets are invested in the common stock of blue chip companies. May also invest in companies with strong earnings and future growth potential that the fund's manager believes are positioned to become the blue chips of the future.
Fidelity Capital Appreciation Fund	Fidelity	Seeks to provide capital appreciation. Normally invests primarily in common stocks. The fund may invest in securities of domestic and foreign issuers.
Fidelity Disciplined Equity Fund	Fidelity	Normally invests at least 65% of the fund's total assets in common stocks. The fund seeks to reduce the impact of industry weightings on the performance of the fund relative to the S&P 500?. The fund may invest in securities of domestic and foreign issuers.
Fidelity Dividend Growth	Fidelity	Seeks to increase the value of your investment over the long term through capital growth. Fund invests in stocks of companies that have the potential to increase the amount of their dividends or begin paying them if none are being paid now. Focuses on medium to large companies. It is important to note that the fund does not invest for income.
Fidelity Export and Multinational Fund	Fidelity	Normally invests in common stocks. Normally the fund invests at least 65% of total assets in securities of U.S. companies that are expected to benefit from exporting or selling their goods or services outside the United States. Export and multinational companies can be significantly affected by political, economic, and regulatory developments in foreign markets. In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. The fund may potentially invest in securities of foreign issuers and companies that are not export or multinational companies. This fund carries a short-term trading fee, which is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 30 days, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Fifty	Fidelity	Invests primarily in common stocks of companies the manager believes have the greatest potential for growth. The fund normally invests in 50 to 60 stocks of domestic and foreign issuers. This fund carries a short-term trading fee, which is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 30 days, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Growth Company Fund	Fidelity	Normally invests primarily in common stocks. The fund invests in companies that the fund manager believes have above-average growth potential. The fund also may invest in securities of domestic and foreign issuers.
Fidelity Independence Fund	Fidelity	Normally invests primarily in common stocks. The fund may invest in securities of domestic and foreign issuers. The fund may realize capital gains without considering the tax consequences to shareholders.
Fidelity Large Cap Stock Fund	Fidelity	Normally invests at least 65% of total assets in common stocks of companies with large market capitalizations (over $1 billion). The fund may invest in securities of domestic and foreign issuers.
Fidelity Mid-Cap Stock	Fidelity	Seeks to increase the value of your investment over the long term through capital growth. Fund normally invests at least 65% of total assets in common stocks of companies with medium market capitalizations (those with market capitalizations similar to companies in the S&P MidCap 400). Potentially invests in companies with smaller or larger market capitalizations. The fund may also invest in domestic and foreign issuers.
Fidelity OTC Portfolio	Fidelity	FidelityNormally invests primarily in common stocks. The fund normally invests at least 65% of total assets in securities principally traded on the over-the-counter (OTC) market, which has more small- and medium-sized companies than other markets. The fund may potentially invest in non-OTC securities. The fund will invest more than 25% of the fund's assets in the technology sector. In addition, the fund is considered to be non-diversified. It can invest a greater portion of assets in securities of individual issuers, which may cause greater share price fluctuation than a diversified fund. The fund may invest in securities of domestic and foreign issuers. Securities traded on the OTC market tend to be from smaller or newer companies which generally involve greater investment risk than investments in larger, well-known companies.
Fidelity Small Cap Independence	Fidelity	Seeks capital appreciation. Fund normally invests at least 65% of total assets in securities of companies with small market capitalizations (those with market capitalizations similar to companies in the Russell 2000 Index). The Fund will normally invest in common stock. The fund may also invest in domestic and foreign issuers. If you sell your shares after holding them for less than 90 days, the fund will deduct a "short-term trading fee" from your account equal to 1.5% of the value of the shares you sold.
Fidelity's Spartan 500 Index Fund	Fidelity	Normally invests at least 80% of assets in common stocks included in the S&P 500. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 0.50% of the value of the shares you sold.
Fidelity's Spartan Extended Market Index Fund	Fidelity	Normally invests at least 80% of assets in common stocks included in the Wilshire 4500* which represents the performance of stocks of mid- to small capitalization U.S. companies. Investments in smaller companies may involve more risk than those of larger, more well-known companies. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity's Spartan Total Market Index Fund	Fidelity	Normally invests at least 80% of assets in common stocks included in the Wilshire 5000* which represents the performance of a broad range of U.S. stocks. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 0.50% of the value of the shares you sold.
Fidelity Stock Selector	Fidelity	Normally invests at least 65% of total assets in common stocks. The fund may invest in securities of domestic and foreign issuers.
Fidelity TechnoQuant Growth Fund	Fidelity	Normally invests in common stocks of domestic and foreign issuers. In selecting stocks the fund uses computer-aided, quantitative analyses of technical factors such as price and volume information, as well as fundamental factors to select investments. This fund carries a short-term trading fee, which is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 30 days, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Trend Fund	Fidelity	Normally invests primarily in common stocks. The manager studies momentum in trends of individual companies, industries, and general market security prices and earnings. The fund invests in securities of domestic and foreign issuers.
Fidelity Value Fund	Fidelity	Normally invests primarily in common stocks. The fund invests in securities of companies that possess valuable fixed assets or that the manager believes are undervalued in the marketplace in relation to factors such as assets, earnings or growth potential. Such stocks can continue to be undervalued by the market for long periods of time and may not ever realize their full value. The fund may invest in securities of domestic and foreign issuers.
AFIS Growth	Lincoln Life	The fund seeks to make your investment grow by investing primarily in common stocks of companies that appear to offer superior opportunities for growth of capital. The fund is designed for investors seeking capital appreciation through stocks. Investors in the fund should have a long-term perspective and be able to tolerate potentially wide price fluctuations.
AMT Mid-Cap Growth	Lincoln Life	The fund seeks capital appreciation by investing primarily in common stocks of medium-capitalization companies, using a growth-oriented investment approach.
AMT Partners	Lincoln Life	Seeks capital growth through an investment approach that is designed to increase capital with reasonable risk. Fund invests mainly in common stocks of mid-to-large capitalization companies, using the value-oriented investment approach. Investment manager: Neuberger Berman Management.
Aspen Worldwide Growth	Lincoln Life	Seeks long-term capital growth in a manner consistent with the preservation of capital. Fund invests primarily in common stocks of foreign and domestic issuers and may at times invest in fewer than five countries or even a single country. Investment manager: Janus Capital Corporation.
Capital Appreciation	Lincoln Life	Maximizes long-term growth of capital in a manner consistent with preservation of capital. Fund primarily buys stocks in a large number of companies of all sizes if the companies are competing well and if their products or services are in high demand.
Special Opportunities	Lincoln Life	Maximizes capital appreciation. The Fund primarily invests in mid-size companies whose stocks have significant growth potential. Current income is a secondary consideration.
VIP Growth	Lincoln Life	Seeks capital appreciation. Fund normally purchases common stock. Investment manager: Fidelity Management & Research.
CREF Growth Account	TIAA-CREF	Seeks to achieve favorable long-term returns, mainly through capital appreciation, from a portfolio of stocks selected for exceptional growth potential.
Ariel Appreciation	VALIC	The fund seeks long-term capital appreciation by investing in small and medium sized companies with market capitalizations from $200 million to $5 billion, with an emphasis on medium capitalization stocks.
Evergreen Special Equity	VALIC	The fund seeks capital growth. It invests primarily in equity securities of U.S. companies with small market capitalization.
Founders Growth	VALIC	Seeks long-term capital growth. The fund invests primarily in common stocks of well-established, high-quality growth companies. Investment manager: Founders Asset Management.
Growth	VALIC	Seeks to provide long-term growth of capital through investment primarily in common stocks of U. S. growth companies engaged in service-related activities. Sub-adviser: T. Rowe Price.
INVESCO Growth	VALIC	The fund tries to buy securities that will increase in value over the long-term; current income is a secondary goal. The fund invests primarily in common stocks of large companies with market capitalization's of more than $10 billion and that have a history of consistent earnings growth regardless of business cycles.
Janus	VALIC	The fund seeks long-term growth of capital in a manner consistent with the preservation of capital. It invests primarily in common stocks selected for their growth potential. Although the Fund can invest in companies of any size, it generally invests in larger, more established companies.
MS Institutional Fund Trust Mid Cap Growth Portfolio	VALIC	The portfolio seeks long-term capital growth. It invests primarily in common stocks of companies with capitalizations in the range of companies included in the S&P MidCap 400 Index.
Midcap Index	VALIC	Seeks to provide growth of capital through investment primarily in a diversified portfolio of common stock; as a group, expected to provide investment results closely corresponding to performance of S&P MidCap 400 Index. Sub-adviser: Bankers Trust.
Large Cap Growth Fund (SunAmerica)	VALIC	The fund seeks long-term growth of capital. The fund normally will invest at least 65% of its total assets in common stocks of well-established, high-quality growth companies.
Sit Mid Cap Growth	VALIC	The fund seeks to maximize long-term capital appreciation. It invests at least 65% of its total assets in the common stocks of growth companies with capitalizations of $2 billion to $15 billion at the time of purchase.
Growth & Income Fund
Fidelity Balanced Fund	Fidelity	Seeks to provide income and capital growth consistent with reasonable risk. Normally invests approximately 60% of assets in stocks and other equity securities and the remainder in bonds and other debt securities, including lower-quality debt securities, when its outlook is neutral. Investments in lower-rated securities involve greater risk than other debt securities, including the risk of default. The fund will invest at least 25% of total assets in fixed-income senior securities (including debt securities and preferred stocks). The fund may invest in securities of domestic and foreign issuers.
Fidelity Convertible Securities Fund	Fidelity	Seeks to provide high total return through a combination of current income and capital appreciation. Normally invests at least 65% of total assets in convertible securities, which are often lower-quality debt securities. Convertible securities perform more like a stock when the underlying share price is high and more like a bond when the underlying share price is low. Investments in lower-rated securities involve greater risk than other debt securities, including the risk of default. The fund may potentially invest in other types of securities including common stocks. The fund may invest in securities of domestic and foreign issuers.
Fidelity Equity-Income II	Fidelity	Seeks to provide reasonable income while considering the potential for capital appreciation and to provide a yield that exceeds the yield of the securities in the Standard & Poor's 500 Index (S&P 500). Fund normally invests at least 65% of total assets in income-producing equity securities, which tend to lead to investments in large cap stocks. The Fund potentially invests in other types of equity and debt securities, including lower-quality debt securities. The Fund may invest in securities of domestic and foreign issuers.
Fidelity Fund	Fidelity	Seeks to provide long-term capital growth and in selecting investments, it also pursues current income. Fund invests primarily in common stock and securities convertible into common stock. Also may invest a portion of its assets in a broad range of domestic and foreign equity and debt securities.
Fidelity Real Estate Investment Portfolio	Fidelity	Seeks to provide above average income and long term capital growth, consistent with reasonable investment risk, and provide a yield that exceeds the composite yield of the Standard & Poor's 500 IndexSM (S&P 500?). Normally invests at least 65% of total assets in equity securities of companies engaged principally in the real estate industry. The fund invests more than 25% of total assets in the real estate industry. The fund may invest in securities of domestic and foreign issuers. Due to their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies. This fund carries a short-term trading fee, which is a charge to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold. The S&P 500? is a registered service mark of the McGraw-Hill Companies, Inc., which has been licensed for use by Fidelity Distributors Corporation and its affiliates. It is a widely recognized, unmanaged index of 500 U.S. common stocks.
Fidelity Spartan U.S. Equity Index	Fidelity	Seeks to match the total return of the Standard & Poor's 500 Index (S&P 500). Fund invests primarily in the 500 companies that make up the S&P 500 and in other securities that are based on the value of the Index. The fund's manager focuses on duplicating the composition and performance of the index, as opposed to a strategy of selecting attractive stocks.
Fidelity Utilities Fund	Fidelity	Seeks to provide high total return through a combination of current income and capital appreciation. Normally invests primarily in common stocks. Normally invests at least 65% of total assets in securities of utility companies. The fund may invest in securities of domestic and foreign issuers. Due to their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Equity-Income Fund	Lincoln Life	Seeks to achieve above average and growing income along with superior long-term returns through the use of active management of high dividend-paying equity securities. Managed by Fidelity Management Trust Co.
Growth & Income	Lincoln Life	Maximizes long-term capital appreciation. The Fund buys stocks of established companies.
Decatur Return Series	Lincoln Life	Seeks to achieve long-term growth by investing primarily in securities that provide the potential for income and capital appreciation without undue risk to principal. Series seeks to provide shareholders with a current return while allowing them to participate in the capital gains potential associated with equity investments.
CREF Equity Index Account	TIAA-CREF	Seeks to achieve favorable long-term returns from a diversified portfolio of publicly traded U. S. stocks, as represented by a broad stock market index.
CREF Stock	TIAA-CREF	Achieves favorable long-term returns through capital appreciation and current income. Broad diversification of this account attempts to temper risks from adverse developments in any one sector of the market.
Growth & Income (SunAmerica)	VALIC	Seeks to provide long-term growth of capital and, secondarily, current income through investment in common stocks and equity-related securities. Sub-adviser: Value Line.
Neuberger&Berman Guardian Trust	VALIC	Seeks capital appreciation and, secondarily, current income. The fund invests, through its portfolio, primarily in a large number of common stocks of long-established, high-quality companies. Investment manager: Neuberger&Berman Management Inc.
Income & Growth (American Century)	VALIC	The fund seeks dividend growth, current income and capital appreciation by investing in common stocks. Current income is a secondary consideration.
Scudder Growth and Income	VALIC	Seeks long-term growth of capital, current income and growth of income. The fund invests primarily in common stocks, preferred stocks, and securities convertible into common stocks of companies which offer the prospect for growth of capital while paying current income. Investment manager: Scudder, Stevens & Clark, Inc.
Stock Index	VALIC	Seeks long-term capital growth through investment in common stocks that, as a group, is expected to provide investment results closely corresponding to the performance of the S&P's 500 Composite Stock Price Index.
Vanguard Windsor II	VALIC	Seeks to provide long-term growth of capital and income by investing primarily in common stocks. Fund's secondary objective is to provide current income. Investment managers: Barrow, Hanley, Mewhinney & Strauss; Equinox Capital Management, Inc.; Tukman Capital Management, Inc.; and the Vanguard Group.
Asset Allocation
Fidelity Asset Manager	Fidelity	Allocates the fund's assets among stock, bonds, and short-term and money market instruments. Maintains a neutral mix over time of 50% of assets in stocks, 40% of assets in bonds, and 10% of assets in short-term/money market instruments. Adjusts allocation among asset classes gradually within the following ranges: stock class 30% to 70%, bond class 20% to 60%, and short-term/money market class 0% to 50%. The fund may invest in securities of domestic and foreign issuers.
Fidelity Asset Manager: Growth	Fidelity	Allocates the fund's assets among stocks, bonds, and short-term and money market instruments. Maintains a neutral mix over time of 70% of assets in stocks, 25% of assets in bonds, and 5% of assets in short-term/money market instruments. Adjusts allocation among asset classes gradually within the following ranges: stock class 50% to 100%, bond class 0% to 50%, and short-term/money market class 0% to 50%. The fund may invest in securities of domestic and foreign issuers.
Fidelity Asset Manager: Income	Fidelity	Allocates the fund's assets among stocks, bonds, and short-term and money market instruments. Maintains a neutral mix over time of 20% of assets in stocks, 50% of assets in bonds, and 30% of assets in short-term/money market instruments. Adjusts allocation among asset classes gradually within the following ranges: stock class 10% to 30%, bond class 40% to 60%, and short-term/money market class 10% to 50%. The fund may invest in securities of domestic and foreign issuers.
Balanced Account
Fidelity Puritan	Fidelity	Seeks to provide as much income as possible with preservation of capital and also considers the potential for capital growth. Fund invests in high-yielding U.S. and foreign securities and common and preferred stocks, and bonds of any quality or maturity.
Managed	Lincoln Life	Maximizes long-term total return (capital gains plus income) consistent with prudent investment strategy. The Fund invests in a mix of stocks, bonds, and money market securities, as determined by an investment committee.
CREF Social Choice	TIAA-CREF	Provides returns that reflect the performance of a broadly diversified portfolio of stocks, bonds, and money market instruments while giving special consideration to certain social criteria.
Templeton Asset Strategy	VALIC	Seeks a high total return with a flexible policy of investing in stocks of companies of any nation, debt obligations of companies and governments of any nation, and in money market instruments.
Timed Opportunity	VALIC	Seeks maximum aggregate rate of return over the long term through controlled investment risk by adjusting fund investment mix among equity instruments, long-term debt securities, and short-term money market instruments.
Vanguard/Wellington	VALIC	Seeks conservation of principal, a reasonable income return, and profits without undue risk: 60-70% in equities and 30-40% in fixed-income securities. Investment manager: Wellington Management Co.
Bond Fund
Fidelity Capital and Income	Fidelity	Seeks to provide a combination of current income and capital growth. Fund invests in equity and debt securities, including defaulted securities, with an emphasis on lower-quality debt securities. The Fund invests in companies in troubled or uncertain financial condition. The Fund may also invest in securities of domestic and foreign issuers. If you sell your shares after holding them for less than 365 days, the fund will deduct a short-term trading fee from your account equal to 1.5% of the value of the shares you sold.
Fidelity Ginnie Mae Fund	Fidelity	Normally invests at least 65% of total assets in Ginnie Maes. The fund also may invest in other U.S. government securities and instruments related to U.S. government securities. The fund is managed to have similar overall interest rate risk to an index, which as of July 31, 2000 was the Lehman Brothers GNMA Index. Investments in the fund are not guaranteed or insured by the FDIC or any other government agency. Mortgage securities are subject to prepayment risk and generally offer less potential for gains as interest rates fall. The Lehman Brothers GNMA Index is a market-value weighted index of fixed-rate securities that represent interests in pools of mortgage loans with original terms of 15 and 30 years and are issued by the Government National Mortgage Association.
Fidelity Government Income Fund	Fidelity	Normally invests at least 65% of total assets in U.S. government securities. The fund invests in instruments related to U.S. government securities. The fund is managed to have similar overall interest rate risk to an index, which as of July 31, 2000, was the Lehman Brothers Government Bond Index. The fund may invest in securities with any maturity. As a result, it has the potential for higher yields than a money market fund but also carries a higher degree of investment risk. Investments in the fund are not guaranteed or insured by the FDIC or any other government agency. The Lehman Brothers Government Bond Index is a market-value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more.
Fidelity High Income Fund	Fidelity	Normally invests at least 65% of total assets in income-producing debt securities, preferred stocks, and convertible securities with an emphasis on lower-quality debt securities. Investments in lower-rated securities involve greater risk than other debt securities, including the risk of default. The fund may potentially invest in non-income producing securities, including defaulted securities and common stocks. The fund may invest in companies in troubled or uncertain financial condition. The fund may invest in securities of domestic and foreign issuers. This fund carries a short-term trading fee, which is charged to discourage buying and selling of fund shares. If you sell your shares after holding them for less than 270 days, the fund will deduct a redemption fee from your account equal to 1.00% of the value of the shares you sold.
Fidelity Intermediate Bond	Fidelity	Seeks to provide high current income. Fund normally invests in U.S. dollar-denominated investment-grade bonds (those of medium and high quality). The fund is managed to have similar overall interest rate risk to the Lehman Brothers Intermediate Government/Corporate Bond Index. The Fund will normally maintain a dollar-weighted average maturity between three and 10 years. Assets are allocated across different market sectors and maturities.
Fidelity Intermediate Government Income Fund	Fidelity	Normally invests at least 65% of total assets in U.S. government securities. The fund also may invest in instruments related to U.S. government securities. The fund is managed to have similar overall interest rate risk to an index, which as of July 31, 2000, was the Lehman Brothers Intermediate Government Bond Index. A dollar-weighted average maturity between three and ten years is normally maintained. The fund can invest in securities with any maturity. Investments in the fund are not guaranteed or insured by the FDIC or any other government agency.
Fidelity International Bond Fund	Fidelity	Normally invests at least 65% of total assets in foreign debt securities. The fund may invest up to 35% of its assets in emerging markets issuers, which are often lower-quality debt securities. Foreign investments, especially those in emerging markets, involve greater risks and may offer greater potential returns than U.S. investments. These risks include political and economic uncertainties of foreign countries and currency fluctuations. Investments in lower-rated debt securities also involve greater risk than other debt securities, including the risk of default. This fund's share price is expected to have more fluctuations than that of an intermediate bond fund and may behave quite differently from a domestic bond fund at any given time.
Fidelity Investment Grade Bond Fund	Fidelity	Normally invests in U.S. dollar-denominated investment-grade bonds (those of medium and high quality). The fund is managed to have an overall interest rate risk similar to the Lehman Brothers Aggregate Bond Index. Assets are allocated across different market sectors and maturities.
Fidelity New Markets Income Fund	Fidelity	Normally invests at least 65% of total assets in debt securities of issuers in emerging markets. The fund may potentially invest in other types of securities, including equity securities of emerging market issuers, debt securities of non-emerging market foreign issuers, and lower-quality debt securities of U.S. issuers. The fund may invest up to 35% of total assets in these securities, but does not anticipate that these investments will exceed 20% of total assets. Investments in lower-rated securities involve greater risk than other debt securities, including the risk of default. The fund normally diversifies investments across different emerging market countries. However, the fund is non-diversified as to issuer and may invest a significant percentage of the fund's assets in a single issuer. Foreign investments, especially those in emerging markets, involve greater risks and may offer greater potential returns than U.S. investments. These risks include political and economic uncertainties of foreign countries as well as the risk of currency fluctuations. There are additional risks involved with investing in one geographic location. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 180 days, the fund will deduct a short-term trading fee from your account equal to 1.00% of the value of the shares you sold.
Fidelity Short-Term Bond Fund	Fidelity	Normally invests in U.S. dollar-denominated investment-grade bonds (those of medium and high quality). The fund is managed to have similar overall interest rate risk to the Lehman Brothers 1 to 3 Year Government/Credit Bond Index. The fund will normally maintain a dollar-weighted average maturity of three years or less. Assets are allocated across different market sectors and maturities. The Lehman Brothers 1 to 3 Year Government/Credit Bond Index is a market value-weighted index of government and investment-grade corporate fixed-rate debt issues with maturities between one and three years.
Fidelity U.S. Bond Index	Fidelity	Seeks to provide investment results that correspond to the total return of the bonds in the Lehman Brothers Aggregate Bond Index (the Aggregate Bond Index). The Fund invests at least 85% of fund assets in bonds included in Lehman Brothers Aggregate Bond Index. The index is comprised of U.S. dollar denominated, fixed-rate debt issues, including government, corporate, asset-backed and mortgage backed securities.
PIMCO Total Return (Administrative Class)	Fidelity	Seeks high total return that exceeds general bond market indices. Invests in all types of bonds, including U.S. government, corporate, mortgage and foreign. While the Fund maintains average portfolio duration of 3 to 6 years (approximately equal to an average maturity of 5 to 12 years), investments may also include short and long maturity bonds. Investment manager: Pacific Investment Management Company ("PIMCO").
Spartan Investment Grade Bond Fund	Fidelity	Seeks to provide a high level of current income. Normally invests in U.S. dollar-denominated investment-grade bonds (those of medium and high quality). The fund is managed to have similar overall interest rate risk to the Lehman Brothers Aggregate Bond Index. An investment in this portfolio is not guaranteed or insured by the FDIC or any other government agency.
Bond	Lincoln Life	Maximizes current income consistent with prudent investment strategy. The Fund invests primarily in medium and long-term corporate and government bonds.
CREF Bond Market	TIAA-CREF	Seeks to achieve favorable long-term returns through high current income and capital preservation. Account primarily holds investment grade fixed-income securities, including U.S. government & corporate bonds, mortgage and other asset-backed securities.
CREF Inflation-Linked Bond	TIAA-CREF	Seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds - fixed-income securities whose returns are specifically designed to track a specified inflation index over the life of the bond.
Capital Conservation	VALIC	Seeks highest possible total return consistent with preservation of capital through current income and capital gains on investments in intermediate and long-term debt instruments and other income producing securities.
Dreyfus Basic GNMA	VALIC	The fund seeks a high level of current income as is consistent with the preservation of capital. To pursue this goal, the fund normally invests at least 65% of its net assets in GNMA certificates (popularly called "Ginnie Maes"), which are guaranteed as to timely payment of principal and interest by the Government National Mortgage Association.
Government Securities	VALIC	Seeks high current income and protection of capital through investments in intermediate and long-term U.S. Government debt securities.
International Government Bond	VALIC	Seeks high current income through investment primarily in high-quality debt securities issued or guaranteed by foreign governments.
Vanguard Long-Term Corporate Portfolio	VALIC	Seeks high level of current income consistent with the maintenance of principal and liquidity; fund invests in a diversified portfolio of investment grade corporate and government bonds. Investment manager: Wellington Management Co.
Vanguard Long-Term U.S. Treasury Portfolio	VALIC	Seeks high level of current income consistent with the maintenance of principal and liquidity by investing mainly in U.S. Treasury bonds; fund invests at least 85% of its assets in long-term securities backed by the full faith and credit of the U.S. Government. Also, at least 65% of fund assets will be invested in U.S. Treasury bills, notes and bonds. Investment manager: The Vanguard Group.
Money Market Fund
Fidelity Cash Reserves	Fidelity	Normally invests in U.S. dollar-denominated money market securities including U.S. government securities and repurchase agreements and enters into reverse repurchase agreements. The fund invests more than 25% of total assets in the financial services industry. An investment in this portfolio is not guaranteed or insured by the FDIC or any other government agency. Although the money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this fund.
Fidelity Money Market	Fidelity	Seeks to provide a high a level of current income that is consistent with the preservation of capital and liquidity. Invests in U.S. dollar-denominated money market securities and repurchase agreements for those securities, and may also enter into reverse repurchase agreements. The fund will invest at least 25% of its total assets in the financial services industry. An investment in this portfolio is not guaranteed or insured by the FDIC or any other government agency. Although the money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this fund.
Fidelity Retirement Money Market	Fidelity	Seeks to preserve your investment, maintain a stable price, and provide current income. Fund invests in high-quality, short-term U.S. dollar denominated money market securities of domestic and foreign issuers. Investments include short-term corporate obligations, U.S. government obligations, and certificates of deposit. An investment in this portfolio is not guaranteed or insured by the FDIC or any other government agency. Although the money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this fund.
Fidelity Retirement Government Money Market Portfolio	Fidelity	Invests in U.S. government securities and repurchase agreements for those securities, and enters into reverse repurchase agreements. An investment in this portfolio is not guaranteed or insured by the FDIC or any other government agency. Although the money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this fund.
Fidelity Select Money Market Portfolio	Fidelity	Normally invests in U.S. dollar-denominated money market securities and repurchase agreements, and may also enter into reverse repurchase agreements. The fund will normally invest at least 80% of assets in money market instruments, while investing more than 25% of total assets in the financial services industry. An investment in this portfolio is not guaranteed or insured by the FDIC or any other government agency. Although the money market portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this fund.
Spartan U.S. Government Income Fund	Fidelity	Seeks to provide a high level of current income. Normally invests at least 65% of total assets in U.S. Government securities. The fund also may invest in instruments related to U.S. Government securities. The fund is managed to have similar overall interest rate risk to the Lehman Brothers Government Bond Index. The fund may invest in securities with different maturities. Investments in the fund are not guaranteed or insured by the FDIC or any other government agency.
Spartan U.S. Government Money Market Fund	Fidelity	Seeks to provide a high level of current income that is consistent with the preservation of principal and liquidity. Invests in U.S. government securities and repurchase agreements for those securities, and may enter into reverse repurchase agreements. An investment in this portfolio is not guaranteed or insured by the FDIC or any other government agency. Although the money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this fund.
Spartan U.S. Treasury Money Market Fund	Fidelity	Seeks to provide a high level of current income that is consistent with the preservation of principal and liquidity. Invests in U.S. Treasury securities and repurchase agreements for those securities, and may enter into reverse repurchase agreements. Normally invests the funds assets in securities whose interest is exempt from most state and local income taxes. An investment in this portfolio is not guaranteed or insured by the FDIC or any other government agency. Although the money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this fund.
Fidelity U.S. Government Reserves	Fidelity	Invests in U.S. government securities and repurchase agreements for those securities, and enters into reverse repurchase agreements. An investment in this portfolio is not guaranteed or insured by the FDIC or any other government agency. Although the money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this fund.
Money Market	Lincoln Life	Maximizes current income consistent with the preservation of capital. The Fund invests in short-term obligations issued by U.S. corporations, the U.S. Government, and federally chartered banks and U.S. branches of foreign banks.
CREF Money Market	TIAA-CREF	Realizes high current income consistent with liquidity and capital preservation.
Money Market	VALIC	Seeks liquidity, protection of capital and high current income through investments in short-term money market instruments.
Social Criteria Fund
Domini Social Equity Fund	Fidelity	Seeks to provide long-term capital appreciation and dividend income. The Fund is an index fund, and holds all the stocks that make up the Domini 400 Social Index SM in approximately the same proportions as they are represented in the Index. The Fund includes companies with positive records in community involvement, the environment, employee relations, and hiring practices. It avoids companies with significant revenues from alcohol, tobacco, gambling, nuclear power and weapons contracting. Investment manager: Mellon Equity Associates; Domini Social Investments, LLC is an Adviser.
Social Awareness	Lincoln Life	Maximizes long-term appreciation. The Fund buys stocks of established companies which adhere to certain specific social criteria.
Social Awareness	VALIC	Obtains growth of capital through investment, primarily in common stocks, in companies which meet social criteria established for the Fund.
International/Global Fund
Fidelity Aggressive International Fund	Fidelity	Seeks to provide long-term growth of capital. Normally invests at least 65% of the fund's assets in foreign securities, including securities of issuers located in emerging markets. The fund normally invests primarily in common stocks. It is anticipated that the fund will be invested aggressively to meet its objective of long-term capital growth. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 30 days, the fund will deduct a short-term trading fee from your account equal to 1.00% of the value of the shares you sold.
Fidelity Canada Fund	Fidelity	Normally invests at least 65% of total assets in securities of issuers that have their principal activities in Canada or are registered in Canadian markets. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 1.50% of the value of the shares you sold.
Fidelity China Region Fund	Fidelity	Normally invests at least 65% of total assets in securities of Hong Kong, Taiwanese, and Chinese issuers. The fund normally invests primarily in common stocks. The fund invests mostly in securities of Hong Kong issuers. The fund invests up to 35% of total assets in any industry that accounts for more than 20% of the Hong Kong and Chinese markets. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 1.50% of the value of the shares you sold.
Fidelity Diversified International	Fidelity	Seeks to increase the value of your investment over the long-term through capital growth. Fund normally invests at least 65% of total assets in foreign securities. In selecting securities the fund employs computer-aided quantitative analysis supported by fundamental research.
Fidelity Emerging Markets Fund	Fidelity	Normally invests at least 65% of total assets in securities of issuers in emerging markets. The fund normally invests primarily in common stocks. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 1.50% of the value of the shares you sold.
Fidelity Europe Fund	Fidelity	Normally invests at least 65% of total assets in securities of issuers that have their principal activities in Europe. The fund normally invests primarily in common stocks. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 30 days, the fund will deduct a short-term trading fee from your account equal to 1.00% of the value of the shares you sold.
Fidelity Europe Capital Appreciation Fund	Fidelity	Normally invests at least 65% of total assets in European issuers. The fund normally invests primarily in common stocks. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 30 days, the fund will deduct a short-term trading fee from your account equal to 1.00% of the value of the shares you sold.
Fidelity Global Balanced Fund	Fidelity	Invests in equity and debt securities, including lower-quality debt securities issued anywhere in the world. Invests at least 25% of the fund's total assets in fixed income senior securities (including debt securities and preferred stock). Investments in lower-rated securities involve greater risk than other debt securities, including the risk of default. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 30 days, the fund will deduct a short-term trading fee from your account equal to 1.00% of the value of the shares you sold.
Fidelity International Growth & Income Fund	Fidelity	Normally invests at least 65% of total assets in foreign securities. The fund normally invests a majority of the fund's assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation. The fund may potentially invest in debt securities including lower-quality debt securities. Investments in lower-rated securities involve greater risk than other debt securities, including the risk of default. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 30 days, the fund will deduct a short-term trading fee from your account equal to 1.00% of the value of the shares you sold.
Fidelity Japan Fund	Fidelity	Normally invests at least 65% of total assets in securities of Japanese issuers. The fund normally invests primarily in common stocks. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 1.50% of the value of the shares you sold.
Fidelity Japan Smaller Companies Fund	Fidelity	Normally invests at least 65% of total assets in securities of Japanese issuers with smaller market capitalization. The fund may potentially invest in securities of Japanese issuers with larger market capitalizations and non-Japanese issuers. Normally invests primarily in common stocks. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 1.50% of the value of the shares you sold.
Fidelity Latin America Fund	Fidelity	Normally invests at least 65% of total assets in securities of Latin American issuers. Normally invests primarily in common stocks. The fund invests up to 35% of total assets in any industry that accounts for more than 20% of the Latin American market. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 1.50% of the value of the shares you sold.
Fidelity Nordic Fund	Fidelity	Normally invests at least 65% of total assets in securities of Danish, Finnish, Norwegian, and Swedish issuers. The fund normally invests primarily in common stocks. The fund invests up to 35% of total assets in any industry that accounts for more than 20% of the Nordic market. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 1.50% of the value of the shares you sold.
Fidelity Overseas Fund	Fidelity	Seeks to increase the value of your investment over the long-term through capital growth. Fund normally invests at least 65% of total assets in foreign securities. Invests primarily in common stocks.
Fidelity Pacific Basin Fund	Fidelity	Normally invests at least 65% of total assets in securities of issuers that have their principal activities in the Pacific Basin. The fund normally invests primarily in common stocks. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 1.50% of the value of the shares you sold.
Fidelity's Spartan? International Index Fund	Fidelity	Normally invests at least 80% of assets in common stocks included in the Morgan Stanley Capital International Europe, Australasia, Far East (EAFE) Index* which represents the performance of foreign stock markets. The fund may lend securities to earn income. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 1.00% of the value of the shares you sold.
Fidelity Southeast Asia Fund	Fidelity	Normally invests at least 65% of total assets in securities of Southeast Asian issuers. The fund normally invests primarily in common stocks. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 1.50% of the value of the shares you sold.
Fidelity Worldwide Fund	Fidelity	Invests in securities issued anywhere in the world. The fund normally invests primarily in common stocks. This fund carries a short-term trading fee that is charged to discourage short-term buying and selling of fund shares. If you sell your shares after holding them for less than 30 days, the fund will deduct a short-term trading fee from your account equal to 1.00% of the value of the shares you sold.
Templeton World I (Class A)	Fidelity	Seeks to increase the value of your investment over the long-term through capital growth. Fund invests primarily in common stocks and it can purchase securities in any foreign country, developed or developing, and in the U.S. Foreign investments involve greater risks and may offer greater potential returns than U.S. investments. Investment manager: Templeton Global Advisors Limited.
AFIS International	Lincoln Life	The fund seeks to make investment grow over time by investing primarily in common stocks of companies located outside of the United States. The fund is designed for investors seeking capital appreciation through stocks. Investors in the fund should have a long-term perspective and be able to tolerate potentially wide price fluctuations.
International	Lincoln Life	Maximizes long-term capital appreciation. The Fund trades in securities issued outside the U.S. -- mostly stocks, with an occasional bond or money market security.
Global Asset Allocation	Lincoln Life	Maximizes long-term total return consistent with preservation of capital. The Fund allocates its assets among several categories of equity and fixed-income securities, both of U.S. and foreign issuers.
CREF Global Equities	TIAA-CREF	Seeks favorable long-term returns through capital appreciation and current income from a broadly diversified portfolio that consists primarily of foreign and domestic common stocks.
International Equities	VALIC	Tracks the performance of the EAFE Index long-term growth of capital through investment primarily of equity and equity-related securities of foreign companies.
Janus Adviser Worldwide	VALIC	The fund seeks long-term growth of capital in a manner consistent with the preservation of capital. It invests primarily in common stocks of companies of any size throughout the world.
International Growth I Fund (American Century)	VALIC	The fund seeks capital growth through investments primarily in equity securities of issuers in developed foreign countries.
Putnam Global Growth	VALIC	Seeks capital appreciation. Current income only an incidental consideration in selecting investments for the fund; designed for investors seeking above-average capital growth potential through a globally diversified portfolio of common stocks. Dividend and interest income only an incidental consideration. Investment manager: Putnam Investments.
Templeton Foreign	VALIC	Seeks long-term capital growth through investing in stocks of companies outside the U.S. Fund designed for investors seeking the growth potential and benefits of diversification from investing in international stocks. Any income realized will be incidental. Investment manager: Templeton.
Templeton International	VALIC	Seeks long-term capital growth through a flexible policy of investing in stocks and debt obligations of companies and governments outside the U.S.
Real Estate Fund
Real Estate	TIAA-CREF	Seeks favorable long-term rate of return through rental income and capital appreciation from a diversified portfolio of commercial real estate. Adding diversification to a retirement portfolio, this account can serve as an effective inflation hedge in many economic environments.
Life-Cycle Fund
Fidelity Freedom Funds	Fidelity	Seek to provide high current income and, secondarily, capital appreciation. The four Freedom Funds with target retirement dates seek high total returns. Each Freedom Fund invests in a combination of underlying Fidelity stock, bond, and money market mutual funds. Fidelity Freedom 2030, with the longest time horizon, invests primarily in stock mutual funds to take advantage of potentially greater growth opportunities; it will gradually become more conservative over time. Fidelity Freedom Income Fund, designed for those already retired, is invested more conservatively in bond and money market funds and has a smaller percentage of equity mutual funds. The fund managers must invest in specified underlying funds according to percentages found in the prospectus and will aim for the projected target percentage announced in the fund's annual report.
Fidelity Freedom Income Fund	Fidelity	Approximately 20% in Fidelity stock mutual funds. Approximately 40% in Fidelity bond mutual funds. Approximately 40% in Fidelity money market mutual funds.
Fidelity Freedom 2000 Fund	Fidelity	Approximately 38% in Fidelity stock mutual funds. Approximately 43% in Fidelity bond mutual funds. Approximately 19% in Fidelity money market mutual funds. The mix of underlying funds will gradually become more conservative over time.
Fidelity Freedom 2010 Fund	Fidelity	Approximately 60% in Fidelity stock mutual funds. Approximately 36% in Fidelity bond mutual funds. Approximately 4% in Fidelity money market mutual funds. The mix of underlying funds will gradually become more conservative over time.
Fidelity Freedom 2020 Fund	Fidelity	Approximately 77% in Fidelity stock mutual funds. Approximately 23% in Fidelity bond mutual funds. The mix of underlying funds will gradually become more conservative over time.
Fidelity Freedom 2030 Fund	Fidelity	Approximately 84% in Fidelity stock mutual funds. Approximately 16% in Fidelity bond mutual funds. The mix of underlying funds will gradually become more conservative over time.
Sector Funds
Fidelity Select Portfolio: Air Transportation Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the regional, national, and international movement of passengers, mail, and freight via aircraft. The fund may invest in securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Automotive Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the manufacture, marketing or sale of automobiles, trucks, specialty vehicles, parts, tires, and related services. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Banking Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in accepting deposits, making commercial loans and mainly non-mortgage consumer loans. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Biotechnology Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the research, development, and manufacture of various biotechnological products, services, and processes. The fund may potentially invest in securities of companies that distribute biotechnological and biomedical products. The fund may potentially invest in securities of companies that benefit significantly from scientific and technological advances in biotechnology. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Brokerage and Investment Management Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in stock brokerage, commodity brokerage, investment banking, tax-advantaged investment or investment sales, investment management, or related investment advisory services. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Business Services and Outsourcing Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in providing business-related services to companies and other organizations. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Chemicals Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the research, development, manufacture or marketing of products or services related to the chemical process industries. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Computers Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in research, design, development, manufacture, or distribution of products, processes, or services that relate to currently available or experimental hardware technology within the computer industry. The fund may invest in the securities of domestic or foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Construction and Housing Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the design and construction of residential, commercial, industrial, and public works facilities, as well as companies engaged in the manufacture, supply, distribution, or sale of products or services to these construction industries. The fund may invest in the securities of domestic or foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Consumer Industries Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the manufacture and distribution of goods to consumers both domestically and internationally. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Cyclical Industries Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the research, development, manufacture, distribution, supply, or sale of materials, equipment, products, or services related to cyclical industries. The fund may invest in the securities of domestic or foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Defense and Aerospace Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the research, manufacture, or sale of products or services related to the defense or aerospace industries. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Developing Communications Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the development, manufacture, or sale of emerging communications services or equipment such as cellular, paging, personal communications networks, facsimile, fiber optic transmission, voice mail, video conferencing, microwave, satellite, local and wide area networking and other transmission electronics. The fund may invest in the securities of domestic or foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Electronics Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the design, manufacture, or sale of electronic components; equipment vendors to electronic component manufacturers; electronic component distributors; and electronic instruments and electronic systems vendors. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Energy Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the energy field including the conventional areas of oil, gas, electricity, and coal, and newer sources of energy such as nuclear, geothermal, oil shale, and solar power. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Energy Service Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the energy service field including those that provide services and equipment to the conventional areas of oil, gas, electricity, and coal, and newer sources of energy such as nuclear, geothermal, oil shale, and solar power. They may also include companies that provide products and services to these companies. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Environmental Services Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the research, development, manufacture, or distribution of products, processes, or services related to waste management or pollution control. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Financial Services Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in providing financial services to consumers and industry. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Food and Agriculture Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the manufacture, sale, or distribution of food and beverage products, agricultural products, and products related to the development of new food technologies. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Gold Portfolio	Fidelity	Invests primarily in common stocks and in certain precious metals. Normally invests at least 80% of assets in the common stocks of companies engaged principally in ?gold-related activities, and in gold bullion or coins. Investing mostly in companies engaged in exploration, mining, processing, or dealing in gold, or to a lesser degree, in silver, platinum, diamonds, or other precious metals and minerals. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Health Care Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the design, manufacture, or sale of products or services used for or in connection with health care or medicine. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Home Finance Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in investing in real estate, usually through mortgages and other consumer-related loans. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Industrial Equipment Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the manufacture, distribution, or service of products and equipment for the industrial sector, including integrated producers of capital equipment, parts, suppliers, and subcontractors. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Industrial Materials Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the manufacture, mining, processing, or distribution of raw materials and intermediate goods used in the industrial sector. These materials and goods may include, for example, chemicals, metals, textiles, wood products, cement, and gypsum. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Insurance Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in underwriting, reinsuring, selling, distributing, or placing of property and casualty, life, or health insurance. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Leisure Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the design, production, or distribution of goods or services in the leisure industries. The fund may invest in the securities of domestic or foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Medical Delivery Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the ownership or management of hospitals, nursing homes, health maintenance organizations, and other companies specializing in the delivery of health care services. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Medical Equipment and Systems Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in research, development, manufacture, distribution, supply, or sale of medical equipment and devices and related technologies. The fund may invest in the securities of domestic or foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Multimedia Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the development, production, sale, and distribution of goods or services used in the broadcast and media industries. The fund may invest in the securities of domestic or foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Natural Gas Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the production, transmission, and distribution of natural gas, and involved in the exploration of potential natural gas sources, as well as those companies that provide services and equipment to natural gas producers, refineries, cogeneration facilities, converters, and distributors. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Natural Resources Portfolio	Fidelity	Invests primarily in common stocks and in certain precious metals. The fund normally invests at least 80% of assets in the common stocks of companies engaged principally in owning or developing natural resources, or supplying goods and services to such companies, and in precious metals. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Networking and Infrastructure Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the development, manufacture, sale, or distribution of products, services, or technologies that support the flow of electronic information, including voice, data, images, and commercial transactions. The fund may invest in domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Paper and Forest Products Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in the manufacture, research, sale, or distribution of paper products, packaging products, building materials, and other products related to the paper and forest products industry. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Retailing Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in merchandising finished goods and services primarily to individual consumers. The fund may invest in the securities of domestic and foreign issuers. Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.
Fidelity Select Portfolio: Software and Computer Services Portfolio	Fidelity	Normally invests at least 80% of assets in the common stocks of companies engaged principally in research, design, production, or distribution of products or processes that relate to software or information-based services. The fund may invest in the securities of domestic and foreign issuers Sector funds may be more volatile than funds that diversify across many industry sectors and companies. If you sell your shares after holding them for 29 days or less, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares you sold.</