Investment Fund Descriptions

June 19, 2017

RE: Changes to the DePaul University 403(b) Investment Options

Dear Eligible Plan Participant:

This notice outlines changes regarding the investment options under the DePaul University 403(b) Retirement Plan (the "Plan").

Vanguard has announced the following changes to the Vanguard Target Retirement Funds Investor Shares ("Vanguard Target Retirement Funds") to be effective in the month of July. These changes will occur in the fund line-up at both Fidelity and TIAA.

Fund Closure Vanguard Target Retirement 2010 Fund Investor Shares ("2010 fund") to combine with Vanguard Target Retirement Income Fund Investor Shares ("Income fund") on or about July 21, 2017.

The 2010 fund has reached a target asset allocation matching the Income fund and as described in the prospectus, the funds will combine. As a result of this fund action, the following will occur:

? The 2010 fund will be closed to new investments and future contributions, including loan payments, and such investment elections will be transferred to the Income fund on or about July 21, 2017.

? All existing balances in the 2010 fund will be mapped to the Income fund on or about July 21, 2017.

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.

New Investment Option Vanguard Target Retirement 2065 Fund Investor Shares ("2065 fund") to be added to the investment lineup.

DePaul is electing to add the 2065 fund to the Plan. Within the month of July, the 2065 fund will be added to the investment lineup. Please see the Investment Fund Descriptions section of this letter for more details.

These changes will occur in the fund line-up at both Fidelity and TIAA, and any existing investment fund balances will be mapped to the new investment as outlined below. The gross expense ratios and ticker symbols related to these funds are outlined below:

Expense

Current Fund

Ratio*

Vanguard Target Retirement

0.13 %

2010 Fund Investor Shares

* Expense Ratio as of May 25, 2017

Ticker Symbol VTENX

Replacement Fund

Vanguard Target Retirement

Income Fund Investor Shares

Expense Ratio* 0.13 %

Ticker Symbol VTINX

Expense

Ticker

New Fund Available**

Ratio*

Symbol

Vanguard Target Retirement

0.16%

VLXVX

2065 Fund Investor Shares

* Expense Ratio as of May 25, 2017

** New fund added to the Plan with this fund action

Mapping of Fund Balances and Addition of New Fund

Effective as of the market close (generally 4pm Eastern Time) on or about July 21, 2017, Fidelity and TIAA will automatically transfer any balances in the current fund outlined above, into the replacement fund outlined above, unless you make an affirmative investment election to the contrary, in the time and manner described below. Fidelity and TIAA will mail (or email, if you are set up for electronic communications related to your account(s)) statements to you, which include details about any transactional change to your retirement account under the Plan.

Effective as of the market close (generally 4pm Eastern Time) on or about July 24, 2017, the new fund outlined above (noted in the charts with "**") will be added as an investment option under the Plan for investing your retirement contributions at Fidelity and TIAA. After this date, you can change your contribution allocation election at any time by contacting Fidelity and/or TIAA directly. Contact information is listed below.

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.

No action is required by you to effect this change. However, if you do not want your current account balance in the impacted fund at Fidelity and/or TIAA transferred to the replacement fund, you may transfer the existing balance currently in that fund to another investment option available under the Plan, at any time prior to the close of the market (generally 4pm Eastern Time) on or about July 21, 2017. In addition, if you do not want your future contributions redirected to the replacement fund, you have the option to change your allocation instructions for future contributions prior to the close of the market (generally 4pm Eastern Time) on or about July 21, 2017, or at any time in the future. If you are currently using the Automatic Rebalance feature, you will need to update your rebalance elections given the changes to the fund line-up, if you wish to continue using Automatic Rebalance. Contact information to effectuate this change is listed below.

The Plan's Qualified Default Investment Fund is the Vanguard Target Retirement Date Fund Series. Any future contributions to your Plan account that you have not directed to a specific investment provider or to a specific investment option at Fidelity or TIAA will be invested in one of the Vanguard Target Retirement Date Funds -- Investor Class funds based on your date of birth, per the chart below. If you do not want this mapping to occur, you can change your contribution allocation election at any time by contacting Fidelity and/or TIAA directly, as described above.

Birth Date Range

Vanguard Fund

On or before 12/31/1947 1/1/1948 ? 12/31/1952 1/1/1953 ? 12/31/1957 1/1/1958 ? 12/31/1962 1/1/1963 ? 12/31/1967 1/1/1968 ? 12/31/1972 1/1/1973 ? 12/31/1977 1/1/1978 ? 12/31/1982 1/1/1983 ? 12/31/1987 1/1/1988 ? 12/31/1992 1/1/1993 ? 12/31/1997 1/1/1998 and after

Vanguard Target Retirement Income Vanguard Target Retirement 2015 Vanguard Target Retirement 2020 Vanguard Target Retirement 2025 Vanguard Target Retirement 2030 Vanguard Target Retirement 2035 Vanguard Target Retirement 2040 Vanguard Target Retirement 2045 Vanguard Target Retirement 2050 Vanguard Target Retirement 2055 Vanguard Target Retirement 2060 Vanguard Target Retirement 2065

Expense Ratio (%)*

.13 .14 .14 .14 .15 .15 .16 .16 .16 .16 .16 .16

Ticker

VTINX VTXVX VTWNX VTTVX VTHRX VTTHX VFORX VTIVX VFIFX VFFVX VTTSX VLXVX

*Expense ratio data is as of May 25, 2017

Contact Information

Fidelity Investments:

DePaul

(800) 343-0860

Fidelity Service Representatives are available by phone Mon-Fri 7am-11pm CT.

TIAA:



(800) 842-2776

TIAA Representatives are available by phone Mon-Fri 7am-9pm CT, Sat 8am-5pm CT.

DePaul Human Resources: hr.depaul.edu

(312) 362-8500

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Contact the Benefits Department in DePaul's Office of Human Resources for general Plan questions, or to request a copy of this notice. Full details about the Plan are available at go.depaul.edu/403b.

About Your New Investment Options - Investment Fund Descriptions

Vanguard Target Retirement 2065 Fund Investor Shares

Ticker: Objective: Strategy:

Risk:

Short-term Redemption Fee: Who may want to invest: Footnotes:

VLXVX

The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2065 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available.

None

? Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets;

? Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.

This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund.

About Your Plan's Qualified Default Investment - Vanguard Target Retirement Funds

Fund Type:

Objective: Who may want to invest: Strategy:

Globally diversified set of funds designed to provide a simple investment solution through a portfolio whose asset mix becomes more conservative as the target date (typically retirement) approaches.

The funds seek to provide capital appreciation and current income.

Someone who is seeking a simple investment product solution for asset allocation and portfolio rebalancing.

The Fund invests in other Vanguard mutual funds according to a pre-determined allocation strategy. The strategy will change as the targeted retirement date approaches. The Vanguard Target Retirement funds provide a diversified mix of stocks and bonds for participants seeking a one-stop retirement investment product. The funds invest in a broadly diversified portfolio of stocks and bonds as determined by Vanguard. Fidelity and TIAA will automatically invest your contributions and any corresponding university match into an appropriate Vanguard Target Retirement fund based on your date-of-birth, as outlined in the following chart, unless you make an affirmative investment election to the contrary. Participants should review the information in this notice to determine whether such changes are consistent with their investment objectives.

Birth Date Range

Vanguard Fund

On or before 12/31/1947

Vanguard Target Retirement Income

1/1/1948 ? 12/31/1952

Vanguard Target Retirement 2015

1/1/1953 ? 12/31/1957

Vanguard Target Retirement 2020

1/1/1958 ? 12/31/1962

Vanguard Target Retirement 2025

1/1/1963 ? 12/31/1967

Vanguard Target Retirement 2030

1/1/1968 ? 12/31/1972

Vanguard Target Retirement 2035

1/1/1973 ? 12/31/1977

Vanguard Target Retirement 2040

1/1/1978 ? 12/31/1982 1/1/1983 ? 12/31/1987 1/1/1988 ? 12/31/1992

Vanguard Target Retirement 2045 Vanguard Target Retirement 2050 Vanguard Target Retirement 2055

1/1/1993 ? 12/31/1997

Vanguard Target Retirement 2060

1/1/1998 and after

Vanguard Target Retirement 2065

*Expense ratio data is as of May 25, 2017

Ticker

VTINX VTXVX VTWNX VTTVX VTHRX VTTHX VFORX VTIVX VFIFX VFFVX VTTSX VLXVX

Expense Ratio (%)*

.13 .14 .14 .14 .15 .15 .16 .16 .16 .16 .16 .16

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

For a mutual fund, the expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percentage of the fund's total net assets. Expense ratios change periodically and are drawn from the fund's prospectus. For more detailed fee information, see the fund prospectus or annual or semiannual reports. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 ? 2016 FMR LLC. All rights reserved. 806203.1.0

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