Fund Description

The fund invests in a mix of underlying mutual funds through an asset allocation strategy designed for investors planning to retire in or within a few years of 2055 and withdraw account value over many years after the target year. Its allocation becomes more conservative over time, decreasing stocks while increasing bonds and other fixed income; within seven years after 2055, its asset allocation should become similar to that of a target retirement income fund. Indirect stock holdings include diversified U.S. and foreign large-, mid-, and small-cap stocks. Indirect fixed income includes U.S. government, agency, and investment-grade corporate bonds, mortgage- and asset-backed securities, and hedged investment-grade foreign bonds.