Page 75 - MayDefComp

Annual Fund reflect material lower than gradually after retirement. Each of losses near, at, or after the target

Disclosures Expense Ratio is the percentage of fund assets paid for operating expenses and management fees as per a fund’s most recent prospectus. The expense ratio typically includes the following types of fees: accounting, administrator, advisor, auditor, board of directors, custodial, distribution (12b-1), legal, organizational, professional, registration, shareholder reporting, sub-advisor, and transfer agency. The expense ratio does not reflect the fund’s brokerage costs or any investor sales charges. Gross Expense Ratio does not reflect any fee waivers in effect during the time period, in co