The principal value of the Retirement Funds is not guaranteed at any time, including at or after the target date, which is the approximate date when investors turn age 65. The funds invest in a broad range of underlying mutual funds that include stocks, bonds, and short-term investments and are subject to the risks of different areas of the market. The funds maintain a substantial allocation to equities both prior to and after the target date, which can result in greater volatility.
*Based on cumulative total return, 10 of 12 (83%), 12 of 12, 10 of 10, and 12 of 12 of the Retirement Funds for individual investors outperformed their Lipper average for the 1-, 3-, 5-, and since inception periods, respectively. The Retirement 2010, 2020, 2030, 2040, and income Funds began operations on 9/30/02; the 2005, 2015, 2025, and 2035 Funds began operations on 2/29/04; the 2045 Fund began operations on 5/31/05 (and thus does not have a 5-year performance history); and the 2050 and 2055 Funds began operations on 12/31/06 (and thus do not have a 5-year performance history). (Source for data: Lipper Inc.)
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