Fund Description

The fund invests in a mix of underlying mutual funds using an asset allocation strategy for investors planning to retire and leave the workforce in or within a few years of 2035 and withdraw account value over many years after the target year. Its allocation becomes more conservative over time, decreasing stocks and increasing bonds and other fixed income. Within seven years after 2035, the fund's 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, while indirect fixed income includes diversified U.S. government, agency, and investment-grade corporate bonds; mortgage- and asset-backed securities; and investment-grade foreign bonds hedged to minimize currency exposure. Asset allocation may vary and may not total 100% due to rounding and/or small other holdings.