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									Duke University - 403(b) Retirement Plans
Vanguard - Investment Performance For Period Ending September 30, 2011

    As you review this update, please remember that the performance data stated represents past performance, which does not guarantee future results.
Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance
          may be higher or lower than the performance stated. To learn more or to obtain the most recent month-end performance, call Vanguard.
                                                                                                           AVERAGE ANNUAL RETURNS (%)              Expense
                          Fund Name                                            Asset Class
                                                                                                        1 Year     3 Year    5 Year    10 Year    Ratio (%)
Tier 1
TARGET RETIREMENT 2005                                        Target Date Funds                            3.92       5.83      4.02       N/A         0.17
TARGET RETIREMENT 2010                                        Target Date Funds                            2.68       5.28      3.17       N/A         0.17
TARGET RETIREMENT 2015                                        Target Date Funds                            1.40       4.59      2.43       N/A         0.16
TARGET RETIREMENT 2020                                        Target Date Funds                            0.53       3.91      1.76       N/A         0.17
TARGET RETIREMENT 2025                                        Target Date Funds                            -0.11      3.26      1.12       N/A         0.18
TARGET RETIREMENT 2030                                        Target Date Funds                            -0.83      2.62      0.44       N/A         0.18
TARGET RETIREMENT 2035                                        Target Date Funds                            -1.55      2.13     -0.02       N/A         0.19
TARGET RETIREMENT 2040                                        Target Date Funds                            -1.87      2.10     -0.04       N/A         0.19
TARGET RETIREMENT 2045                                        Target Date Funds                            -1.82      2.06     -0.05       N/A         0.19
TARGET RETIREMENT 2050                                        Target Date Funds                            -1.89      2.06     -0.06       N/A         0.19
TARGET RETIREMENT 2055                                        Target Date Funds                            -1.58       N/A       N/A       N/A         0.19
TARGET RETIREMENT INCOME                                      Target Date Funds                            3.70       6.15      4.61                   0.17
WELLINGTON FUND INV                                           Balanced Fund                                1.48       5.14      2.93       6.04        0.30
Tier 2
PRIME MONEY MKT FUND                                          Principal Protection                         0.06       0.42      1.95       2.06        0.23
PIMCO TOTAL RETURN INST                                       US Fixed Income                              0.96       9.83      7.81       6.59        0.46
TOTAL BOND MKT INDEX INV                                      US Fixed Income                              5.13       7.83      6.46       5.38        0.22
500 INDEX FUND INV                                            US Equity - Large Cap                        0.99       1.15     -1.26       2.71        0.17
T ROWE PRICE GROWTH STOCK                                     US Equity - Large Cap                        0.23       4.83      0.51       4.05        0.70
WINDSOR II FUND INV                                           US Equity - Large Cap                        -0.03      0.09     -2.47       3.52        0.35
MID-CAP GROWTH FUND                                           US Equity - Mid Cap                          3.20       5.99      2.89       6.26        0.51
MID-CAP INDEX FUND INV                                        US Equity - Mid Cap                          -0.79      4.55      0.35       7.15        0.26
SELECTED VALUE FUND                                           US Equity - Mid Cap                          -1.29      5.20      0.10       6.88        0.47
SMALL-CAP GROWTH INDEX                                        US Equity - Small Cap                        0.41       4.62      2.55       7.93        0.26
SMALL-CAP INDEX FUND INV                                      US Equity - Small Cap                        -2.36      2.51      0.60       7.13        0.31

TOTAL INTL STOCK IX INV                                       International Equity - Developed Market    -12.19      -0.55     -2.21       6.24        0.26
                                                              International Equity -
INTERNATIONAL GROWTH INV                                                                                 -12.69       0.80     -1.20       6.19        0.51
                                                              Developed Market
Tier 3
ADMIRAL TRSY MONEY MKT                                        MONEY MARKET                                 0.02       0.20      1.66       1.92        0.14
FEDERAL MONEY MKT FUND                                        MONEY MARKET                                 0.01       0.32      1.85       1.99        0.22
GNMA FUND INVESTOR SHARES                                     INCOME                                       6.87       7.62      6.90       5.66        0.23
HIGH-YIELD CORP FUND INV                                      INCOME                                       2.86      10.76      5.59       6.60        0.25
INFLATION-PROTECTED SECUR                                     INCOME                                       9.59       7.67      6.79       6.94        0.22
INTER-TERM BOND INDEX INV                                     INCOME                                       5.71      10.77      7.78       6.43        0.22
INTER-TERM INVESTMENT-GRADE FUND                              INCOME                                       3.82      11.07      6.78       5.97        0.22
INTER-TERM TREASURY INV                                       INCOME                                       5.77       7.44      7.59       6.06        0.22
LONG-TERM BOND INDEX                                          INCOME                                      12.94      14.86      9.46       8.19        0.22
LONG-TERM INVESTMENT-GRADE FUND                               INCOME                                      10.13      15.32      8.25       7.68        0.24
LONG-TERM TREASURY INV                                        INCOME                                      16.87      12.78     10.42       8.34        0.22
SHORT-TERM BOND INDEX INV                                     INCOME                                       1.91       4.84      4.88       4.00        0.22
SHORT-TERM FEDERAL INV                                        INCOME                                       1.75       4.12      4.76       4.00        0.22


         Duke University 403(b) Retirement Plans - Vanguard                                                                                                    Page 1
                                                                                                AVERAGE ANNUAL RETURNS (%)               Expense
                        Fund Name                                       Asset Class
                                                                                             1 Year     3 Year    5 Year      10 Year   Ratio (%)
SHORT-TERM INVESTMENT-GRADE FUND                            INCOME                               1.36      5.92       4.45       3.98        0.22
SHORT-TERM TREASURY INV                                     INCOME                               1.39      2.92       4.25       3.72        0.22
ASSET ALLOCATION FUND INV                                   ASSET ALLOCATION                    -1.35     -0.17       -1.84      2.96        0.27
BALANCED INDEX FUND INV                                     ASSET ALLOCATION                     2.94      4.74       2.59       4.80        0.26
LIFESTRATEGY CONSRV GRWTH                                   ASSET ALLOCATION                     0.93      4.41       2.56       4.62        0.19
LIFESTRATEGY GROWTH FUND                                    ASSET ALLOCATION                    -1.82      1.61       -0.36      4.26        0.20
LIFESTRATEGY INCOME FUND                                    ASSET ALLOCATION                     2.39      5.54       3.95       4.71        0.18
LIFESTRATEGY MOD GROWTH                                     ASSET ALLOCATION                     0.03      3.36       1.41       4.68        0.19
STAR FUND                                                   ASSET ALLOCATION                     0.07      4.89       2.04       5.26        0.34
WELLESLEY INCOME FUND INV                                   ASSET ALLOCATION                     4.86      8.73       5.53       6.15        0.28
WELLINGTON FUND INV                                         ASSET ALLOCATION                    -3.53      1.71       -3.60      2.71        0.33
CAPITAL VALUE FUND                                          GROWTH&INCOME                      -10.00      9.36       -2.11       N/A        0.44
CONVERTIBLE SECURITIES                                      GROWTH&INCOME                       -3.35      7.79       3.77       6.81        0.68
DEVELOPED MARKETS INDEX                                     GROWTH&INCOME                      -10.23     -1.94       -3.55      4.92        0.22
DIVIDEND GROWTH FUND                                        GROWTH&INCOME                        5.66      3.22       2.52       3.96        0.34
EQUITY INCOME FUND INV                                      GROWTH&INCOME                        6.00      2.37       0.23       4.21        0.31
EUROPEAN STOCK INDEX INV                                    GROWTH&INCOME                      -12.39     -3.31       -4.16      4.79        0.26
GLOBAL EQUITY FUND                                          GROWTH&INCOME                       -7.31      0.02       -2.95      6.89        0.44
GROWTH AND INCOME INV                                       GROWTH&INCOME                        1.28     -0.62       -2.64      2.18        0.34
INTERNATIONAL VALUE FUND                                    GROWTH&INCOME                      -13.31     -2.47       -3.37      6.58        0.39
REIT INDEX FUND INV                                         GROWTH&INCOME                        1.14     -1.08       -2.13      9.14        0.26
TOTAL STOCK MKT IDX INV                                     GROWTH&INCOME                        0.59      1.61       -0.71      3.77        0.18
U.S. VALUE FUND                                             GROWTH&INCOME                        0.89     -2.30       -3.94      2.68        0.29
VALUE INDEX FUND INV                                        GROWTH&INCOME                       -1.05     -0.79       -3.24      2.96        0.26
CAPITAL OPPORTUNITY INV                                     GROWTH                              -4.45      2.24       0.17       6.59        0.48
EMERGING MKTS STOCK INDEX                                   GROWTH                             -18.24      4.73       4.10      15.21        0.35
ENERGY FUND INVESTOR                                        GROWTH                              -0.24     -1.42       2.92      13.95        0.34
EXPLORER FUND INVESTOR                                      GROWTH                              -0.53      3.51       0.16       5.74        0.49
EXTENDED MKT INDEX INV                                      GROWTH                              -2.15      2.91       0.62       7.15        0.30
FTSE SOCIAL INDEX FUND                                      GROWTH                               0.22      0.71       -3.52      1.22        0.29
GROWTH EQUITY FUND                                          GROWTH                               2.35      2.46       -0.64      2.22        0.51
GROWTH INDEX FUND INV                                       GROWTH                               2.74      3.63       1.45       3.07        0.26
HEALTH CARE FUND INV                                        GROWTH                               8.91      6.80       2.88       6.27        0.35
INTERNATIONAL EXPLORER FUND                                 GROWTH                             -11.45      4.29       -1.85      9.64        0.39
MORGAN GROWTH FUND INV                                      GROWTH                               0.66      2.82       0.11       4.03        0.44
PACIFIC STOCK INDEX INV                                     GROWTH                              -5.84      0.91       -2.35      5.17        0.26
PRECIOUS METALS FUND                                        GROWTH                              -5.23      6.38       5.24      18.30        0.27
PRIMECAP FUND INVESTOR                                      GROWTH                              -1.23      1.52       1.18       6.14        0.45
SMALL-CAP VALUE INDEX                                       GROWTH                              -5.19      0.25       -1.49      6.68        0.37
STRATEGIC EQUITY FUND                                       GROWTH                               1.23      1.31       -2.46      5.86        0.31
U.S. GROWTH FUND INVESTOR                                   GROWTH                               2.39      2.20       -0.57      0.92        0.48


Before you invest in any fund, please consider the investment objectives, risks, charges and expenses. For this and
other information, contact Vanguard for a free prospectus - read it carefully before you invest.




       Duke University 403(b) Retirement Plans - Vanguard                                                                                           Page 2
Duke University - 403(b) Retirement Plans
Fidelity Investments - Investment Performance For Period Ending September 30, 2011

 As you review this update, please remember that the performance data stated represents past performance, which does not guarantee future results. Investment return and
   principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the
                              performance stated. To learn more or to obtain the most recent month-end performance, call Fidelity Investments.
                                                                                                CUMULATIVE RETURNS          AVERAGE ANNUAL RETURNS (%)
                                                               VRS                                     (%)                                                          Expense
                           Fund Name:                                         Asset Class
                                                               Code                                                                                                Ratio (%)
                                                                                                3 Month       YTD         1 Year    3 Year    5 Year    10 Year
Tier 1
Fidelity Freedom K® 2000 Fund                                 2172    Target Date Funds             -3.31        -0.48       2.25       N/A       N/A       N/A         0.41
Fidelity Freedom K® 2005 Fund                                 2173    Target Date Funds             -6.85        -3.56       1.34       N/A       N/A       N/A         0.49
Fidelity Freedom K® 2010 Fund                                 2174    Target Date Funds             -8.39        -4.79       0.85       N/A       N/A       N/A         0.52
Fidelity Freedom K® 2015 Fund                                 2175    Target Date Funds             -8.59        -4.97       0.88       N/A       N/A       N/A         0.52
Fidelity Freedom K® 2020 Fund                                 2176    Target Date Funds            -10.27        -6.48       0.33       N/A       N/A       N/A         0.56
Fidelity Freedom K® 2025 Fund                                 2177    Target Date Funds            -12.15        -8.35      -0.79       N/A       N/A       N/A         0.59
Fidelity Freedom K® 2030 Fund                                 2178    Target Date Funds            -12.91        -9.14      -1.24       N/A       N/A       N/A         0.61
Fidelity Freedom K® 2035 Fund                                 2179    Target Date Funds            -14.73      -11.02       -2.51       N/A       N/A       N/A         0.63
Fidelity Freedom K® 2040 Fund                                 2180    Target Date Funds            -15.07      -11.32       -2.66       N/A       N/A       N/A         0.63
Fidelity Freedom K® 2045 Fund                                 2181    Target Date Funds             -15.5      -11.76       -3.02       N/A       N/A       N/A         0.64
Fidelity Freedom K® 2050 Fund                                 2182    Target Date Funds            -16.19      -12.45       -3.37       N/A       N/A       N/A         0.65
Fidelity Freedom K® Income Fund                               2171    Target Date Funds             -3.22        -0.42       2.04       N/A       N/A       N/A         0.41
Tier 2
Fidelity® Money Market Fund                                   454     Principal Protection              0        0.01        0.02      0.44      1.97       2.04        0.42
PIMCO Total Return Fund Institutional Class                   99622   US Fixed Income                N/A            N/A       N/A       N/A       N/A       N/A         0.46
Spartan® U.S. Bond Index Fund - Institutional Class           2325    US Fixed Income                3.95        6.66        5.18       7.7      5.94       5.42        0.07
MFS Value Fund Class R4                                       42993   US Equity - Large Cap          N/A            N/A       N/A       N/A       N/A       N/A         0.73
Spartan® Total Market Index Fund - Investor Class             397     US Equity - Large Cap        -15.23        -9.91       0.59      1.55      -0.7       3.79         0.1
Fidelity® Contrafund® - Class K                               2080    US Equity - Large Cap        -11.61        -7.69       1.08      3.66      2.33       6.85        0.79
RidgeWorth Mid-Cap Value Equity Fund Class I                  18118   US Equity - Mid Cap            N/A            N/A       N/A       N/A       N/A       N/A         1.04

Spartan® Extended Market Index Fund - Investor Class          398     US Equity - Mid Cap          -20.75      -15.11       -1.93      3.19      1.07       7.34         0.1

Prudential Jennison Mid Cap Growth Fund Class Z               76753   US Equity - Mid Cap            N/A            N/A       N/A       N/A       N/A       N/A         0.82
Heartland Value Plus Fund Class Institutional                 18700   US Equity - Small Cap          N/A            N/A       N/A       N/A       N/A       N/A         0.86
                                                                      International Equity -
Harbor International Fund Institutional Class                 94357                                  N/A            N/A       N/A       N/A       N/A       N/A          0.8
                                                                      Developed Markets
                                                                      International Equity -
Spartan® International Index Fund - Investor Class            399                                  -19.75      -15.39       -9.82     -1.78     -3.47       4.91         0.2
                                                                      Developed Markets
                                                                      International Equity -
Oppenheimer Developing Markets Fund Class Y                   40666                                  N/A            N/A       N/A       N/A       N/A       N/A         1.04
                                                                      Emerging Markets
Tier 3
                                                                      Money Market
Fidelity® Cash Reserves                                       55                                        0        0.01        0.02      0.43      1.96       2.04        0.37
                                                                      (or Short Term)
                                                                      Money Market
Fidelity® Government Money Market Fund                        458                                       0        0.01        0.01      0.24      1.75        1.9        0.42
                                                                      (or Short Term)
                                                                      Money Market
Fidelity® Money Market Fund                                   454                                       0        0.01        0.02      0.44      1.97       2.04        0.42
                                                                      (or Short Term)

         Duke University 403(b) Retirement Plans - Fidelity                                                                                                   Page 3
                                                                                                 CUMULATIVE RETURNS        AVERAGE ANNUAL RETURNS (%)
                                                              VRS                                       (%)                                                        Expense
                          Fund Name:                                         Asset Class
                                                              Code                                                                                                Ratio (%)
                                                                                                 3 Month    YTD          1 Year    3 Year    5 Year    10 Year
Fidelity® Money Market Trust Retirement Government                   Money Market
                                                             631                                       0       0.01         0.01      0.24      1.76       1.91        0.42
Money Market Portfolio                                               (or Short Term)
                                                                     Money Market
Fidelity® U.S. Government Reserves                           50                                        0       0.01         0.02      0.27       1.8       1.96        0.32
                                                                     (or Short Term)
                                                                     Money Market
Fidelity® U.S. Treasury Money Market Fund                    415                                       0       0.01         0.01      0.07      1.41       1.66        0.42
                                                                     (or Short Term)
                                                                     Money Market
Select Money Market Portfolio                                85                                      0.01      0.05         0.08      0.49      2.03       2.08        0.31
                                                                     (or Short Term)
Fidelity® GNMA Fund                                          15      Bond-Government                 3.17      6.74          6.9       8.2      7.23       5.61        0.45
Fidelity® Government Income Fund                             54      Bond-Government                 4.71      7.07         5.05      6.77      6.62       5.38        0.45

Fidelity® Institutional Short-Intermediate Government Fund   662     Bond-Government                 1.18      2.59         1.82      4.01      4.71        3.9        0.45

Fidelity® Intermediate Government Income Fund                452     Bond-Government                 3.05         5.1       3.32      5.57      5.88       4.75        0.45
Fidelity® Intermediate Bond Fund                             32      Bond-Diversified                2.23      5.17         3.91      8.87      5.57         5         0.45
Fidelity® Investment Grade Bond Fund                         26      Bond-Diversified                3.14      6.62         6.11      9.02       5.3       5.15        0.45
Fidelity® Mortgage Securities Fund                           40      Bond-Diversified                 2.5      5.58         5.94      7.84      4.89       4.74        0.45
Fidelity® Short-Term Bond Fund                               450     Bond-Diversified                0.22      1.55         1.51      3.37      2.31       2.94        0.45
Fidelity® Strategic Income Fund                              368     Bond-Diversified               -2.57         1.7       2.36     10.63      7.17       8.39        0.71
Fidelity® Total Bond Fund                                    820     Bond-Diversified                2.16      5.52         5.23      9.94      6.49       N/A         0.45
Fidelity® Ultra-Short Bond Fund                              812     Bond-Diversified               -0.41      0.09         0.31      0.46     -1.98       N/A         0.45
Spartan® U.S. Bond Index Fund - Institutional Class          2325    Bond-Diversified                3.95      6.66         5.18       7.7      5.94       5.42        0.07
Fidelity® Inflation-Protected Bond Fund                      794     Bond-Inflation-Protected        4.62     10.22         9.43       7.6      6.13       N/A         0.45
Fidelity® Capital & Income Fund                              38      Bond-High Yield               -10.84      -6.48       -0.48      13.2      7.03     10.01         0.76
Fidelity® Floating Rate High Income Fund                     814     Bond-High Yield                -2.83      -1.36        1.36      6.08      3.68       4.15        0.73
Fidelity® High Income Fund                                   455     Bond-High Yield                -6.81      -2.81        0.58     11.07      6.37       8.37        0.75
Fidelity® New Markets Income Fund                            331     Bond-International/Global      -2.08      2.37          0.9     12.82      8.07     11.84         0.89
Fidelity® Balanced Fund - Class K                            2077    Balanced/Hybrid                -8.44      -4.29        2.47      5.59      1.98       6.08        0.48
Fidelity® Four-in-One Index Fund                             355     Balanced/Hybrid               -13.74      -9.03       -1.37      1.77     -0.26        4.2        0.23
Fidelity® Puritan® Fund - Class K                            2100    Balanced/Hybrid                -9.68         -5.2      2.18      5.13      1.77       4.94        0.48
                                                                     Balanced/Hybrid-
Fidelity® Convertible Securities Fund                        308                                     -17      -12.38       -2.58      7.68      2.66       6.27        0.59
                                                                     Convertibles
                                                                     Balanced/Hybrid-
Fidelity® Global Balanced Fund                               334                                   -10.62      -6.01       -0.35      5.25      3.75       7.76        1.11
                                                                     International/Global
Fidelity Asset Manager® 20%                                  328     Asset Allocation               -2.65      0.03         2.52      6.28      3.69       5.26        0.57
Fidelity Asset Manager® 30%                                  1957    Asset Allocation               -4.55      -1.67        1.98      6.42       N/A       N/A          0.7
Fidelity Asset Manager® 40%                                  1958    Asset Allocation               -6.63         -3.5      1.17      6.08       N/A       N/A         0.76
Fidelity Asset Manager® 50%                                  314     Asset Allocation               -8.73      -5.38        0.41      6.24      2.36       4.07        0.73
Fidelity Asset Manager® 60%                                  1959    Asset Allocation              -10.84      -7.37       -0.79      5.85       N/A       N/A         0.93
Fidelity Asset Manager® 70%                                  321     Asset Allocation              -12.94      -9.37       -1.59      4.94      0.87        3.3        0.81
Fidelity Asset Manager® 85%                                  347     Asset Allocation              -16.11     -12.54       -3.51      3.78     -0.11       3.37        0.88
Fidelity® Blue Chip Value Fund                               1271    US Equity - Large Value       -20.55     -16.36        -8.3     -4.15     -6.14       N/A         0.75
Fidelity® Equity-Income Fund - Class K                       2085    US Equity - Large Value       -19.12      -15.2       -5.46     -0.91     -4.18       2.24        0.53
Fidelity® Equity-Income II Fund - Class K                    2086    US Equity - Large Value       -19.29     -15.25        -5.8     -2.16     -4.33       2.01        0.54
Fidelity® Large Cap Value Enhanced Index Fund                1828    US Equity - Large Value       -15.41      -8.96        0.62     -1.81       N/A       N/A         0.45

        Duke University 403(b) Retirement Plans - Fidelity                                                                                                   Page 4
                                                                                                     CUMULATIVE RETURNS        AVERAGE ANNUAL RETURNS (%)
                                                                 VRS                                        (%)                                                        Expense
                          Fund Name:                                             Asset Class
                                                                 Code                                                                                                 Ratio (%)
                                                                                                     3 Month    YTD          1 Year    3 Year    5 Year    10 Year

Fidelity® Strategic Dividend & Income® Fund                  1329       US Equity - Large Value        -10.25      -2.14        3.83      4.94     -0.32       N/A         0.86
Fidelity® Disciplined Equity Fund - Class K                  2081       US Equity - Large Blend        -18.37     -13.37       -5.33     -4.13     -3.97       2.05        0.52
Fidelity® Dividend Growth Fund - Class K                     2083       US Equity - Large Blend         -20.9     -17.56       -5.25      3.56     -1.53       1.87        0.78
Fidelity® Fund - Class K                                     2088       US Equity - Large Blend        -15.04      -9.13        2.67      0.83     -0.44         3         0.43
Fidelity® Growth & Income Portfolio - Class K                2089       US Equity - Large Blend        -13.89     -10.01        1.51     -3.21     -7.58      -1.98        0.54
Fidelity® Large Cap Stock Fund                               338        US Equity - Large Blend          -16      -12.45       -0.83      4.43     -0.21       2.51        0.94
Fidelity® Mega Cap Stock Fund                                361        US Equity - Large Blend        -13.12         -9.3      1.52      1.64     -1.03        2.6        0.79
Fidelity® Value Discovery Fund - Class K                     2103       US Equity - Large Blend          -18      -13.41       -2.82     -1.36     -2.89       N/A         0.61
Spartan® 500 Index - Institutional Class                     2327       US Equity - Large Blend        -13.86      -8.69        1.12      1.22     -1.19       2.76        0.05
Fidelity Fifty®                                              500        US Equity - Large Growth       -15.01      -8.55        1.47      2.27     -1.77       3.35        0.71
Fidelity® Blue Chip Growth Fund - Class K                    2078       US Equity - Large Growth        -14.7      -9.24        3.33      5.96       2.5       2.96        0.77
Fidelity® Capital Appreciation Fund - Class K                2079       US Equity - Large Growth       -15.02     -10.33       -0.45      5.17     -0.17       5.63         0.7
Fidelity® Export and Multinational Fund - Class K            2087       US Equity - Large Growth       -14.87     -11.43       -1.77      0.96     -1.17       4.72        0.66
Fidelity® Focused Stock Fund                                 333        US Equity - Large Growth       -15.53      -7.55        6.68      4.35      3.24       3.13        1.11
Fidelity® Growth Company Fund - Class K                      2090       US Equity - Large Growth       -15.17      -6.46        4.49      6.96      4.22       6.19        0.72
Fidelity® Growth Discovery Fund - Class K                    2091       US Equity - Large Growth       -15.48          -8        4.7      2.68      1.04       3.54        0.44
Fidelity® Independence Fund - Class K                        2092       US Equity - Large Growth       -22.36     -18.05       -5.98      0.23       0.2       4.57        0.78
Fidelity® Large Cap Growth Fund                              763        US Equity - Large Growth       -14.41      -7.29        4.88      2.41     -1.27       N/A         0.87
Fidelity® Magellan® Fund - Class K                           2096       US Equity - Large Growth       -19.62     -18.07       -8.18     -1.65     -3.79        0.2        0.46
Fidelity® Nasdaq® Composite Index Fund                       1282       US Equity - Large Growth       -12.63      -8.44        2.78      5.76      2.09       N/A         0.58
Fidelity® New Millennium Fund                                300        US Equity - Large Growth       -12.33      -6.28        4.38      6.33       3.3       7.46        1.04
Fidelity® OTC Portfolio - Class K                            2098       US Equity - Large Growth       -13.85      -6.25        6.59     11.64       6.2       8.12         0.8
Fidelity® Stock Selector All Cap Fund - Class K              2101       US Equity - Large Growth       -17.73     -13.57       -2.33      0.26     -1.67       2.75        0.68
Fidelity® Trend Fund                                         5          US Equity - Large Growth       -14.39      -7.38        4.78      7.17      2.33       4.94        0.83
Fidelity® Mid Cap Value Fund                                 762        US Equity - Mid Value          -20.01      -15.3       -4.57      2.66     -1.29       N/A         0.91
Fidelity® Value Fund - Class K                               2102       US Equity - Mid Value          -20.75     -16.72       -5.56      0.23     -2.89       5.98        0.47
Fidelity® Leveraged Company Stock Fund - Class K             2094       US Equity - Mid Blend          -26.59     -22.25       -7.43     -0.89     -2.04     12.91         0.69
Fidelity® Low-Priced Stock Fund - Class K                    2095       US Equity - Mid Blend          -15.78      -8.54        1.49      6.88      2.19       9.35        0.71
Fidelity® Small Cap Stock Fund                               340        US Equity - Mid Blend            -28      -25.19      -13.45      2.63     -0.35       6.63        1.13
Fidelity® Value Strategies Fund - Class K                    2104       US Equity - Mid Blend           -24.1      -19.3       -7.51      2.64     -1.64       6.05        0.58

Spartan® Extended Market Index Fund - Investor Class         398        US Equity - Mid Blend          -20.75     -15.11       -1.93      3.19      1.07       7.34         0.1

Fidelity® Growth Strategies Fund - Class K                   2076       US Equity - Mid Growth         -20.99     -16.72       -4.84      3.53     -0.53       1.62        0.52
Fidelity® Mid Cap Growth Fund                                793        US Equity - Mid Growth         -20.55      -16.4       -4.67      1.86     -2.85       N/A         0.79
Fidelity® Mid-Cap Stock Fund - Class K                       2097       US Equity - Mid Growth         -16.03      -10.4        2.94       7.1      0.55       5.28        0.43
Fidelity® Small Cap Discovery Fund                           384        US Equity - Small Blend        -21.61     -15.82       -1.26      7.98      4.74       7.19        1.08
Fidelity® Stock Selector Small Cap Fund                      336        US Equity - Small Blend        -21.78     -15.61        0.63      2.41     -1.03       4.49        0.73
Fidelity® Canada Fund                                        309        Int'l/Global - Diversified     -19.27     -17.01        -6.3      -0.6      2.75     12.26         0.94
Fidelity® Diversified International Fund - Class K           2082       Int'l/Global - Diversified     -20.33     -17.66      -10.82     -2.88     -3.54       6.31        0.79
Fidelity® International Discovery Fund - Class K             2093       Int'l/Global - Diversified     -20.08     -18.02      -10.86      -1.6     -2.57       7.13        0.84
Fidelity® International Small Cap Fund                       818        Int'l/Global - Diversified     -19.08     -14.82       -4.98      6.19      0.54       N/A         1.44
Fidelity® Overseas Fund - Class K                            2099       Int'l/Global - Diversified     -24.22     -20.53      -12.98     -5.93     -5.41       3.64        0.69

        Duke University 403(b) Retirement Plans - Fidelity                                                                                                       Page 5
                                                                                                  CUMULATIVE RETURNS       AVERAGE ANNUAL RETURNS (%)
                                                              VRS                                        (%)                                                          Expense
                           Fund Name:                                         Asset Class
                                                              Code                                                                                                   Ratio (%)
                                                                                                  3 Month    YTD         1 Year    3 Year    5 Year       10 Year

Fidelity® Worldwide Fund                                     318     Int'l/Global - Diversified     -16.78     -11.79      -1.48      1.62      0.53          6.09        1.15
Fidelity® China Region Fund                                  352     Int'l/Global - Regional        -22.82     -24.27     -19.13      7.31      5.95        11.51         1.06
Fidelity® Europe Capital Appreciation Fund                   341     Int'l/Global - Regional        -24.91     -21.17     -14.56     -4.11     -4.86          5.18        1.03
Fidelity® Europe Fund                                        301     Int'l/Global - Regional        -24.87     -21.01     -14.31     -3.03     -4.07           6.4        1.12
Fidelity® Japan Fund                                         350     Int'l/Global - Regional         -8.48     -14.13      -3.32     -1.83     -6.27          2.78        0.93
Fidelity® Japan Smaller Companies Fund                       360     Int'l/Global - Regional         -6.21      -6.31       5.42      3.26     -6.74          4.28        1.09
Fidelity® Latin America Fund                                 349     Int'l/Global - Regional        -23.07     -23.21     -17.53      3.54      6.02        18.84         1.03
Fidelity® Nordic Fund                                        342     Int'l/Global - Regional        -25.63     -23.03     -15.35      0.71     -1.57          7.97        1.12
Fidelity® Pacific Basin Fund                                 302     Int'l/Global - Regional        -18.86      -18.3      -8.11      9.48      1.39          8.99        1.07
                                                                     Int'l/Global - Emerging
Fidelity® Emerging Markets Fund - Class K                    2084                                   -24.01      -24.1     -18.14       1.5      1.23        14.09          0.9
                                                                     Markets
Fidelity® Real Estate Income Fund                            833     Specialty                       -5.91      -1.24       3.21      9.78      2.93          N/A         0.92
Fidelity® Real Estate Investment Portfolio                   303     Specialty                       -15.3      -6.82       0.96       0.2     -3.09          8.88        0.85
Fidelity® Telecom and Utilities Fund                         311     Specialty                       -5.97      3.12         8.9      6.51      1.27          4.09        0.66
Select Air Transportation Portfolio                          34      Specialty                      -15.88     -14.03       -6.9     12.21       0.8          6.76        0.92
Select Automotive Portfolio                                  502     Specialty                      -31.64     -31.75      -14.3      7.06     -1.02          5.74        0.91
Select Banking Portfolio                                     507     Specialty                      -22.08      -26.2     -14.63      -8.8    -13.57          -2.7        0.89
Select Biotechnology Portfolio                               42      Specialty                      -12.74         3.4     10.45       4.7      4.42          3.22        0.87

Select Brokerage and Investment Management Portfolio         68      Specialty                      -23.45     -28.85     -20.06     -5.78     -8.44          3.97        0.88

Select Chemicals Portfolio                                   69      Specialty                      -24.12     -14.76        2.7      7.85      7.95        12.04          0.9
Select Communications Equipment Portfolio                    518     Specialty                      -25.14     -22.37     -13.78      7.61      0.46          1.58        0.91
Select Computers Portfolio                                   7       Specialty                      -16.81     -12.35      -0.44     12.27      6.33          6.15        0.89
Select Construction and Housing Portfolio                    511     Specialty                      -19.41     -17.46      -5.13     -0.06     -2.72          6.83        0.98
Select Consumer Discretionary Portfolio                      517     Specialty                      -14.58         -11      1.24      7.71      0.35          3.32        0.96
Select Consumer Finance Portfolio                            98      Specialty                      -14.71      -8.59       -2.4     -6.92    -23.21         -8.52        1.01
Select Consumer Staples Portfolio                            9       Specialty                       -6.05      0.15        7.21       6.7      6.69          7.84        0.86
Select Defense and Aerospace Portfolio                       67      Specialty                      -15.79      -4.74       4.76       5.7      2.35          9.61        0.88
Select Electronics Portfolio                                 8       Specialty                      -16.86     -13.65       4.65     11.21      0.31          2.53        0.86
Select Energy Portfolio                                      60      Specialty                      -25.89     -18.05       1.97     -2.94            1       9.88        0.85
Select Energy Service Portfolio                              43      Specialty                      -32.71     -25.28      -5.46     -8.62     -0.81        11.51         0.85
Select Environment and Alternative Energy Portfolio          516     Specialty                      -25.92     -19.36     -12.76     -3.26     -2.25          3.26        1.08
Select Financial Services Portfolio                          66      Specialty                      -23.01      -27.1     -20.25    -10.91    -14.81         -3.07        0.92
Select Gold Portfolio                                        41      Specialty                       -2.71     -10.92      -2.92     19.17     13.17        19.72         0.91
Select Health Care Portfolio                                 63      Specialty                      -14.65      -1.65       9.78      7.57      3.31          4.08        0.82
Select Industrial Equipment Portfolio                        510     Specialty                      -24.14     -20.43      -6.14      1.88      0.83          6.43        0.89
Select Industrials Portfolio                                 515     Specialty                      -22.42     -16.98      -4.42      4.18      2.57          8.51         0.9
Select Insurance Portfolio                                   45      Specialty                       -17.6     -16.57      -9.73      0.42     -7.99          1.08        0.93
Select IT Services Portfolio                                 353     Specialty                      -14.97      -7.41       2.12      9.96      7.69          7.71        0.94
Select Leisure Portfolio                                     62      Specialty                      -14.08      -8.47       3.69     11.61      5.36          8.11         0.9
Select Materials Portfolio                                   509     Specialty                       -25.3     -21.22      -4.76      7.99      6.38        12.79         0.88
Select Medical Delivery Portfolio                            505     Specialty                      -17.91      -1.37      11.36       9.7      2.46          8.68        0.89

        Duke University 403(b) Retirement Plans - Fidelity                                                                                                      Page 6
                                                                                            CUMULATIVE RETURNS        AVERAGE ANNUAL RETURNS (%)
                                                               VRS                                 (%)                                                           Expense
                             Fund Name:                                       Asset Class
                                                               Code                                                                                             Ratio (%)
                                                                                            3 Month    YTD          1 Year       3 Year    5 Year    10 Year

Select Medical Equipment and Systems Portfolio                354     Specialty               -14.68      -3.57         8.2         2.38      6.32       8.84        0.86
Select Multimedia Portfolio                                   503     Specialty               -20.43     -10.46              0      9.55      1.53       5.74        0.94
Select Natural Gas Portfolio                                  513     Specialty                -22.5     -19.48       -7.04        -6.93      -2.4       7.92        0.89
Select Natural Resources Portfolio                            514     Specialty               -25.64     -20.06       -0.27        -0.65      3.57     11.06         0.88
Select Pharmaceuticals Portfolio                              580     Specialty               -10.69         2.3       9.09        10.67      5.78        4.1        0.94
Select Retailing Portfolio                                    46      Specialty                 -7.9         -1.4     10.48        16.88      6.25        8.7        0.93
Select Software and Computer Services Portfolio               28      Specialty                -12.9      -7.31        4.94        12.16      6.78     10.56         0.84
Select Technology Portfolio                                   64      Specialty               -16.46     -13.97       -2.27        14.46      5.46       6.58        0.85
Select Telecommunications Portfolio                           96      Specialty               -16.97      -9.75       -3.58         8.08     -0.36       2.65        0.92
Select Transportation Portfolio                               512     Specialty               -21.74     -18.47       -8.76         4.61      1.79        8.5         0.9
Select Utilities Portfolio                                    65      Specialty                -3.15      5.68         9.71         6.28      2.03       4.31         0.9
Select Wireless Portfolio                                     963     Specialty                -12.1      -6.62       -1.36          8.8      3.25        4.9        0.92


Before you invest in any fund, please consider the investment objectives, risks, charges and expenses. For this and
other information, contact Fidelity Investments for a free prospectus - read it carefully before you invest.




         Duke University 403(b) Retirement Plans - Fidelity                                                                                                Page 7
Duke University - 403(b) Retirement Plans
TIAA-CREF - Investment Performance For Period Ending September 30, 2011

As you review this update, please remember that the performance data stated represents past performance, which does not guarantee future results. Investment return and principal value
of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. To learn more
                                                           or to obtain the most recent month-end performance, call TIAA-CREF.
                                                                                                                   CUMULATIVE RETURNS
                                                                                                                                              AVERAGE ANNUAL RETURNS (%)
                                                                                                                          (%)                                                              Expense
                         Fund Name                             Ticker Symbol                 Asset Class
                                                                                                                                                                                          Ratio (%)
                                                                                                                   3 Month    YTD          1 Year       3 Year    5 Year       10 Year
Tier 1
TIAA-CREF Lifecycle Fund 2010                                  TCTIX            Target Date Funds                     -7.93      -3.69        1.08         4.67       N/A          N/A         0.39
TIAA-CREF Lifecycle Fund 2015                                  TCNIX            Target Date Funds                      -9.5      -5.18        0.47         4.18       N/A          N/A         0.41
TIAA-CREF Lifecycle Fund 2020                                  TCWIX            Target Date Funds                    -11.14         -6.7     -0.24          3.6       N/A          N/A         0.42
TIAA-CREF Lifecycle Fund 2025                                  TCYIX            Target Date Funds                    -12.89      -8.25       -1.13         2.89       N/A          N/A         0.43
TIAA-CREF Lifecycle Fund 2030                                  TCRIX            Target Date Funds                    -14.56         -9.8     -1.88         2.12       N/A          N/A         0.44
TIAA-CREF Lifecycle Fund 2035                                  TCIIX            Target Date Funds                    -16.08      -11.2       -2.56         1.67       N/A          N/A         0.45
TIAA-CREF Lifecycle Fund 2040                                  TCOIX            Target Date Funds                    -16.37     -11.54       -2.74          1.6       N/A          N/A         0.45
TIAA-CREF Lifecycle Fund 2045                                  TTFIX            Target Date Funds                    -16.46     -11.64       -2.92          N/A       N/A          N/A         0.46
TIAA-CREF Lifecycle Fund 2050                                  TFTIX            Target Date Funds                    -16.42     -11.58       -2.91          N/A       N/A          N/A         0.46
TIAA-CREF Lifecycle Retirement Income                          TLRIX            Target Date Funds                     -6.12      -2.05        1.57          N/A       N/A          N/A         0.38
                                                               CREF SOCIAL
CREF SOCIAL CHOICE                                                              Balanced Fund                          -8.4      -3.91        0.83         4.29      1.89          4.29        0.43
                                                               CHOICE
Tier 2
CREF MONEY MARKET                                              TCIXX            Principal Protection                     0            0             0      0.25      1.73          N/A         0.42

                                                               TIAA Traditional
TIAA Traditional Annuity-RA                                                     Principal Protection                   0.99         2.5       3.35         4.76      4.62          5.53        N/A
                                                               Annuity-RA

                                                               TIAA Traditional
TIAA Traditional Annuity-SRA                                                    Principal Protection                   0.81      2.24               3      3.78      3.87          4.91        N/A
                                                               Annuity-SRA

CREF BOND MARKET                                               TIBDX            US Fixed Income                        2.71      4.85         4.17         7.26      5.51          N/A         0.44
CREF-Inflation Linked Bond                                     TIILX            US Fixed Income                        4.65     10.42         9.31         7.59      6.61          6.72        0.44
EATON VANCE LARGE CAP VALUE INSTITUTIONAL                      EILVX            US Equity - Large Cap                -16.31     -13.99       -5.25        -4.31     -2.89          N/A         0.73
PRUDENTIAL JENNISON GROWTH Z                                   PJFZX            US Equity - Large Cap                -13.59         -6.3      4.46         5.69      1.66          3.34        0.81
TIAA-CREF S&P 500 INDEX                                        TISPX            US Equity - Large Cap                -13.86      -8.72        1.04         1.17     -1.22          N/A         0.08
TIAA-CREF MID-CAP GROWTH                                       TRPWX            US Equity - Mid Cap                  -22.05     -14.04       -2.26         5.01      1.96          N/A         0.52
TIAA-CREF MID-CAP VALUE                                        TIMVX            US Equity - Mid Cap                   -19.2      -12.9       -2.24         1.94     -0.01          N/A         0.49
LORD ABBETT DEVELOPING GROWTH I                                LADYX            US Equity - Small Cap                -20.78      -11.2        4.59         8.66      7.44          8.07        0.79
TIAA-CREF SMALL-CAP BLEND INDEX                                TISBX            US Equity - Small Cap                -21.86     -17.04       -3.59        -0.51     -1.01          N/A         0.17
                                                                                International Equity - Developed
AMERICAN FUNDS EUROPAC GROWTH R6                               RERGX                                                 -20.81     -17.11      -12.34          N/A       N/A          N/A          0.5
                                                                                Markets
                                                                                International Equity - Emerging
DFA EMERGING MARKETS VALUE I                                   DFEMX                                                 -26.91     -28.17      -22.16         6.42      6.08         19.91         0.6
                                                                                Markets
Tier 3
WESTERN ASSET CORE PLUS BOND PORTFOLIO                         WACPX            INCOME                                 1.61      5.09         4.87        12.65            7       N/A         0.45
SOCIAL CHOICE EQUITY                                           TISCX            SOCIALLY CONSCIOUS                   -15.19      -10.7       -0.61         1.45     -0.57          N/A          0.2
GROWTH & INCOME                                                TIGRX            GROWTH&INCOME                         -14.2         -7.4      2.61         2.12      2.16          N/A         0.48
AMERICAN FUNDS WASH. MUTUAL INVESTORS                          RWMFX            GROWTH                               -11.26      -3.95        4.34         1.32     -0.63          N/A         0.36
                                                               CREF Equity
CREF Equity Index                                                               GROWTH                               -15.32     -10.11        0.17         3.34     -6.28          3.07        0.42
                                                               Index

         Duke University 403(b) Retirement Plans - TIAA-CREF                                                                                                                        Page 8
                                                                                                       CUMULATIVE RETURNS
                                                                                                                                 AVERAGE ANNUAL RETURNS (%)
                                                                                                              (%)                                                       Expense
                        Fund Name                             Ticker Symbol              Asset Class
                                                                                                                                                                       Ratio (%)
                                                                                                       3 Month    YTD         1 Year    3 Year    5 Year    10 Year

EQUITY INDEX                                                  TIEIX           GROWTH                     -15.29       -9.96       0.4      1.44     -0.91       N/A         0.08
                                                              CREF Global
GLOBAL EQUITIES                                                               GROWTH                     -17.96     -13.96       -6.2     -0.43     -2.41       3.26        0.49
                                                              Equities
GROWTH                                                        CREF Growth     GROWTH                     -13.92       -8.49      1.95     10.79       6.6       2.13        0.45
INTERNATIONAL EQUITY                                          TIIEX           GROWTH                     -26.49     -25.23      -16.5     -3.08     -4.61       N/A         0.53
INTERNATIONAL EQUITY INDEX                                    TCIEX           GROWTH                     -19.99     -15.47     -10.06      -1.9     -3.54       N/A          0.1
LARGE-CAP GROWTH INDEX                                        TILIX           GROWTH                     -13.14       -7.18      3.74      4.66      1.54       N/A         0.09
LARGE-CAP VALUE                                               TRLIX           GROWTH                     -19.41     -16.14      -6.18      0.09     -3.21       N/A         0.49
LARGE-CAP VALUE INDEX                                         TILVX           GROWTH                     -16.13     -11.22      -1.86     -1.51     -3.55       N/A         0.09
REAL ESTATE SECURITIES                                        TIREX           GROWTH                     -15.63       -7.31      0.59     -1.83     -3.13       N/A         0.57
SMALL-CAP EQUITY                                              TISEX           GROWTH                     -23.08     -17.01      -4.12      0.33      -166       N/A         0.57
STOCK                                                         CREF Stock      GROWTH                     -17.69     -12.82       -4.1      0.72     -1.44        3.6        0.47

REAL ESTATE                                                   TIAA Real Estate REAL ESTATE                 2.32       10.18     16.44     -7.78     -2.07       3.77        1.01




Before you invest in any fund, please consider the investment objectives, risks, charges and expenses. For this and
other information, contact TIAA-CREF for a free prospectus - read it carefully before you invest.




        Duke University 403(b) Retirement Plans - TIAA-CREF                                                                                                      Page 9
Duke University - 403(b) Retirement Plans
DWS Invetments - Investment Performance For Period Ending September 30, 2011


 As you review this update, please remember that the performance data stated represents past performance, which does not guarantee future results. Investment return
 and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than
                            the performance stated. To learn more or to obtain the most recent month-end performance, call DWS Investments.

                                                                                                      CUMULATIVE
                                                                                                                          AVERAGE ANNUAL RETURNS (%)
                                                                  Ticker                              RETURNS (%)                                                 Expense
                        Fund Name:                                                  Asset Class
                                                                 Symbol                                                                                          Ratio (%)
                                                                                                    3 Month    YTD      1 Year    3 Year    5 Year    10 Year
Tier 1
T. Rowe Price Retirement Income Fund                             TRRIX     Target Date Fund            -7.43    -3.63      0.39      5.24      3.16       N/A             0.59
T. Rowe Price Retirement 2010 Fund                               TRRAX     Target Date Fund            -9.60    -5.48      0.01      5.12      2.39       N/A             0.64
T. Rowe Price Retirement 2020 Fund                               TRRBX     Target Date Fund           -12.69    -8.33     -1.12      4.44      1.34       N/A             0.71
T. Rowe Price Retirement 2030 Fund                               TRRCX     Target Date Fund           -15.05   -10.53     -2.16      3.68      0.43       N/A             0.76
T. Rowe Price Retirement 2040 Fund                               TRRDX     Target Date Fund           -16.18   -11.65     -2.78      3.32      0.08       N/A             0.77
JHancock Balanced R5                                             JBAVX     Balanced Fund              -11.55    -9.84     -4.27      3.02      4.01      5.01             0.77
Tier 2

DWS Money Market Prime Series - DWS Money Market Fund            KMMXX     Principal Protection        0.00     0.01       0.02      0.30      1.86      1.94             0.45

DWS US Bond Index Fund - Class INST                              BTUSX     US Fixed Income             3.84     6.47       4.96      7.55      6.33      5.48             0.39
PIMCO Total Return Fund - Class Admin                            PTRAX     US Fixed Income             -1.14    1.71       0.69      9.59      7.56      6.33             0.71
DWS Equity 500 Index Fund - Class INST                           BTIIX     US Equity - Large Cap      -13.91    -8.81      0.97      1.17     -1.24      2.74             0.23
DWS Large Cap Value Fund - Class S                               KDCSX     US Equity - Large Cap      -14.54    -8.99     -2.35     -0.41     -0.67       N/A             0.70
Wells Fargo Advantage Growth I                                   SGRNX     US Equity - Large Cap      -14.05    -1.43     11.91     12.66      8.70      7.85         -0.64
Nuveen Mid Cap Index Fund - Class I                              FIMEX     US Equity - Mid Cap        -19.87   -13.07     -1.48      3.79      1.99      7.13             0.59
American Century Mid Cap Value Inv                               ACMVX     US Equity - Mid Cap        -14.55   -11.28     -1.48      3.85      2.09       N/A             1.01
Dreyfus Small Cap Stock Index Fund                               DISSX     US Equity - Small Cap      -19.96   -14.00     -0.13      0.68      0.13      7.12             0.51
DWS Dreman Small Cap Value Fund - Class INST                     KDSIX     US Equity - Small Cap      -22.80   -20.79    -10.18     -0.51     -0.03       N/A             0.88
Lord Abbett Developing Growth Fund - Class I                     LADYX     US Equity - Small Cap      -20.78   -11.20      4.59      8.66      7.44      8.07             0.79
                                                                           International Equity -
American Funds EuroPacific Growth Fund - Class R5                RERFX                                -20.84   -17.14    -12.38      0.81     -0.39      7.32             0.55
                                                                           Developed Market
                                                                           International Equity -
DWS EAFE Equity Index - Class INST                               BTAEX                                -20.16   -15.71    -10.45     -2.14     -3.83      4.44             0.51
                                                                           Developed Market
Tier 3

Treasury Portfolio - DWS US Treasury Money Fund - Class S        IUSXX     MONEY MARKET                0.00     0.01       0.01      0.05      1.49      1.71             0.32

DWS Core Fixed Income Fund - Class S                             SFXSX     INCOME                      2.71     5.55       4.35      3.55      2.09      3.38             0.80
DWS Core Plus Income Fund - Class S                     SCSBX              INCOME                      1.46     4.86       4.37      2.94      1.49      3.07             0.81
DWS Enhanced Emerging Markets Fixed Income Fund - Class
                                                        SCEMX              INCOME                      -7.50    -6.63     -8.71      4.60      3.18     10.07             0.99
S
DWS Enhanced Global Bond Fund - Class S                 SSTGX              INCOME                      -3.78    -2.12     -2.82      5.60      5.23      5.78             0.90
DWS GNMA Fund - Class S                                          SGINX     INCOME                      1.63     5.73       5.84      7.06      6.47      5.13             0.54
DWS High Income Plus Fund - Class S                              SGHSX     INCOME                      -6.56    -2.40      1.36      9.82      4.84      7.71             0.98
DWS Short Duration Plus Fund - Class S                           DBPIX     INCOME                      -2.22    -0.56     -0.31      3.60      3.17      3.95             0.71
DWS Strategic Government Securities Fund - Class S               KUSMX     INCOME                      1.58     5.29       5.61      7.27      6.41       N/A             0.62

     Duke University 403(b) Retirement Plans - DWS Investments                                                                                                  Page 10
                                                                                                 CUMULATIVE
                                                                                                                     AVERAGE ANNUAL RETURNS (%)
                                                                  Ticker                         RETURNS (%)                                                 Expense
                        Fund Name:                                               Asset Class
                                                                 Symbol                                                                                     Ratio (%)
                                                                                               3 Month    YTD      1 Year    3 Year    5 Year    10 Year

DWS Alternative Asset Allocation Plus Fund - Class S             AAASX     ASSET ALLOCATION       -8.33    -6.20     -2.75      3.54       N/A       N/A             1.96
DWS Balanced Fund - Class S                                      KTRSX     ASSET ALLOCATION      -10.42    -7.19     -1.91      2.54      0.10       N/A             0.79
DWS LifeCompass 2015 Fund - Class S                              SPBAX     ASSET ALLOCATION      -10.17    -6.49     -1.36      1.84     -0.43      2.91             1.01
DWS LifeCompass 2020 Fund - Class S                              SPGRX     ASSET ALLOCATION      -11.89    -8.02     -1.91      1.43     -0.80      2.91             1.07
DWS LifeCompass 2030 Fund - Class S                              PPLSX     ASSET ALLOCATION      -15.59   -11.56     -3.71      0.63     -1.84       N/A             1.26
DWS LifeCompass 2040 Fund - Class S                              TGTSX     ASSET ALLOCATION      -16.92   -12.91     -4.71     -0.43       N/A       N/A             1.67
DWS LifeCompass Retirement Fund - Class S                        SCPCX     ASSET ALLOCATION       -6.36    -3.08      0.09      2.80      0.85      3.27             1.00
DWS Growth & Income Fund - Class S                               SCDGX     GROWTH&INCOME         -17.31   -10.19     -0.68      2.43     -1.89      1.91             0.66
DWS Capital Growth Fund - Class S                                SCGSX     GROWTH                -16.57   -13.69     -2.43     -0.19      0.05      2.09             0.80
DWS Climate Change Fund - Class S                                WRMSX     GROWTH                -25.00   -26.72    -22.46    -12.92       N/A       N/A             2.24
DWS Diversified International Equity Fund - Class S              DBIVX     GROWTH                -19.57   -15.85    -10.67     -2.97     -3.97      4.21             1.46
DWS Dreman International Value Fund - Class S                    DNVSX     GROWTH                -20.68   -16.37     -9.68     -4.07     -4.19       N/A             1.71
DWS Dreman Mid Cap Value Fund - Class S                          MIDTX     GROWTH                -19.52   -14.44     -4.81      2.73     -0.75       N/A             1.13
DWS Emerging Markets Equity Fund - Class S                       SEMGX     GROWTH                -25.81   -26.44    -22.25     -2.18     -0.84     12.53             1.55
DWS Global Small Cap Growth Fund - Class S                       SGSCX     GROWTH                -18.54   -14.43     -4.52      4.76     -0.37      8.06             1.30
DWS Global Thematic Fund - Class S                               SCOBX     GROWTH                -22.52   -19.63    -11.87     -0.32     -4.02      4.58             1.23
DWS International Fund - Class S                                 SCINX     GROWTH                -22.24   -20.23    -15.62     -6.11     -6.31      2.12             0.96
DWS Large Cap Focus Growth Fund - Class S                        SCQGX     GROWTH                -16.53   -13.71     -2.51      0.11      0.31      1.31             1.11
DWS Latin America Equity Fund - Class S                          SLAFX     GROWTH                -24.56   -28.77    -23.60     -0.97      3.47     15.64             1.43
DWS Mid Cap Growth Fund - Class S                                SMCSX     GROWTH                -20.58   -12.44      0.99      3.04     -0.88      3.51             1.09
DWS S&P 500 Index Fund - Class S                                 SCPIX     GROWTH                -13.93    -8.93      0.83      0.97     -1.48      2.45             0.42
DWS S&P 500 Plus Fund - Class S                                  SSFFX     GROWTH                -13.98   -10.71      0.25      1.41     -0.46      2.83             0.18
DWS Small Cap Core Fund - Class S                                SSLCX     GROWTH                -23.04   -16.31     -3.85     -1.85     -4.69      4.47             1.31
DWS Small Cap Growth Fund - Class S                              SSDSX     GROWTH                -19.67    -9.53      5.59      3.66     -1.48       N/A             1.19
DWS Strategic Value Fund - Class S                               KDHSX     GROWTH                -16.02   -12.47     -3.43     -2.16     -6.82       N/A             1.02
DWS World Dividend Fund - Class S                                SCGEX     GROWTH                -13.52    -5.56     -2.18     -0.88     -4.68      3.20             1.21
DWS Gold & Precious Metals Fund - Class S                        SCGDX     SPECIALTY              -5.53   -17.23     -9.86     14.80      9.32     19.86             1.15
DWS Health Care Fund - Class S                                   SCHLX     SPECIALTY             -13.46    -1.23      5.30      2.59      2.74      4.23             1.25
DWS Technology Fund - Class S                                    KTCSX     SPECIALTY             -12.85   -10.14      1.18      7.95      1.61       N/A             1.06


Before you invest in any fund, please consider the investment objectives, risks, charges and expenses. For this and
other information, contact DWS Investments for a free prospectus - read it carefully before you invest.




     Duke University 403(b) Retirement Plans - DWS Investments                                                                                             Page 11
Duke University - 403(b) Retirement Plans
VALIC - Investment Performance For Period Ending September 30, 2011

   As you review this update, please remember that the performance data stated represents past performance, which does not guarantee future results. Investment
  return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or
                          lower than the performance stated. To learn more or to obtain the most recent month-end performance, call VALIC.
                                                                                          CUMULATIVE RETURNS
                                                                                                                      AVERAGE ANNUAL RETURNS (%)               Expense
                            Fund Name                                 Asset Class                (%)
                                                                                                                                                              Ratio (%)
                                                                                          3 Month       YTD        1 Year     3 Year    5 Year     10 Year
Tier 1
T. Rowe Price Retirement 2005                                  Target Date Funds              -8.11        -4.06      0.53       5.44      3.01         NA         0.58
T. Rowe Price Retirement 2010                                  Target Date Funds              -9.60        -5.48      0.01       5.12      2.39         NA         0.61
T. Rowe Price Retirement 2015                                  Target Date Funds             -11.23        -6.90      -0.49      4.84      1.93         NA         0.65
T. Rowe Price Retirement 2020                                  Target Date Funds             -12.69        -8.33      -1.12      4.44      1.34         NA         0.69
T. Rowe Price Retirement 2025                                  Target Date Funds             -13.90        -9.47      -1.67      4.04      0.85         NA         0.72
T. Rowe Price Retirement 2030                                  Target Date Funds             -15.05       -10.53      -2.16      3.68      0.43         NA         0.74
T. Rowe Price Retirement 2035                                  Target Date Funds             -15.89       -11.28      -2.46      3.40      0.13         NA         0.76
T. Rowe Price Retirement 2040                                  Target Date Funds             -16.18       -11.65      -2.78      3.32      0.08         NA         0.76
T. Rowe Price Retirement 2045                                  Target Date Funds             -16.03       -11.54      -2.68      3.34      0.10         NA         0.76
T. Rowe Price Retirement 2050                                  Target Date Funds             -16.07       -11.50      -2.71      3.33        NA         NA         0.76
T. Rowe Price Retirement 2055                                  Target Date Funds             -15.96       -11.42      -2.58      3.33        NA         NA         0.76
T. Rowe Price Retirement Income                                Target Date Funds              -7.31        -3.51      0.52       5.29      3.19         NA         0.56
Columbia Balanced Z                                            Balanced Fund                  -9.64        -5.73      1.85       5.45      3.93        4.69        0.77

Tier 2
Fixed Interest Option                                          Principal Protection            0.81         2.49      3.33       3.57      3.64        3.97         N/A
PIMCO Total Return Inst                                        US Fixed Income                -1.06         1.90      0.96       9.83      7.81        6.59        0.46
Dreyfus Bond Market Index Basic                                US Fixed Income                 3.81         6.48      5.05       7.60      6.31        5.45        0.15
American Century Inflation-Adjusted Bond Instl                 US Fixed Income                 4.74        10.32      9.21       8.14      7.04        6.87        0.28
American Funds Amcap R4                                        US Equity - Large Cap         -14.08        -8.76      1.47       3.92      0.42        3.93        0.74
Vanguard 500 Index Signal                                      US Equity - Large Cap         -13.87        -8.70      1.11       1.27      -1.16       2.76        0.06
RidgeWorth Large Cap Value Equity I                            US Equity - Large Cap         -16.98       -13.08      -2.31      1.27      -0.65       4.09        0.83
Vanguard Mid Capitalization Index Signal                       US Equity - Mid Cap           -19.12       -12.57      -0.70      4.69      0.47        7.28        0.12
American Century Mid Cap Value (Inst)                          US Equity - Mid Cap           -14.50       -11.14      -1.37      4.06      2.27         NA         0.81
Janus Triton T                                                 US Equity - Small Cap         -17.82        -9.56      3.05      10.75      7.38         NA         0.96
Dreyfus Small Cap Stock Index                                  US Equity - Small Cap         -19.96       -14.00      -0.13      0.68      0.13        7.12        0.50
Heartland Value Plus (Inst)                                    US Equity - Small Cap         -22.81       -18.46      -4.32      0.97      5.01      10.50         0.86
                                                               International Equity -
American Funds EuroPacific Growth R4                                                         -20.91       -17.35    -12.67       0.50      -0.69       7.01        0.85
                                                               Developed Market



Before you invest in any fund, please consider the investment objectives, risks, charges and expenses. For this and
other information, contact VALIC for a free prospectus - read it carefully before you invest.



   Duke University 403(b) Retirement Plans - VALIC                                                                                                            Page 12

								
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