Total Share of Target-Date Assets by Vehicle, 2019-2025

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Analyst Note: This exhibit includes target-date assets held in mutual funds, collective investment trusts (CIT), and separate accounts. Figures are for all client channels (i.e., 401(k), IRA, and others). Target-date assets held in separate accounts are only available for 2019 to 2025 when captured through proprietary Cerulli survey data. Some target-date assets are held in IRAs. Assets held in custom target-date funds are included. Note that assets in this exhibit will not match Exhibit 4.03, which represents 401(k) plan target-date assets only. 2023 data is restated from Simfund.

Source: Cerulli Associates, ISS Market Intelligence Simfund