Fund Description

The fund allocates and reallocates assets among equity and bond index funds and money market funds, primarily affiliated open-end index funds and affiliated ETFs, based on a comprehensive strategy. It seeks retirement outcomes based on quantitatively measured risk, using proprietary tools that analyze historical and forward-looking market data, correlations and expected returns. Under normal circumstances, it invests at least 80% of assets in securities or instruments tied to its custom benchmark and uses a passive approach to track it. Allocation shifts over time along a predetermined glide path to become more conservative as the target date approaches, with limited adjustments as warranted. Certain underlying funds may use REITs, foreign and emerging-market securities, below-investment-grade bonds, infrastructure, commodities and derivatives. The fund and certain underlying funds may lend securities up to 33 1/3% of total assets, backed by cash or securities issued or guaranteed by the U.S. Government as collateral.