Gold rated. Low cost. No catch.

LifePath® Index Target Date Funds offer retirement savers an all-in-one solution that delivers the industry’s most time-tested glidepath with bottom quartile fees.1 What’s more, our mutual fund K share class is available to any employer-sponsored retirement plan with no minimum investment.

Morningstart

Best in class. Again

LifePath Index is one of only three target date fund series awarded the Morningstar Analyst Gold rating.2

Lower expenses

In a head-to-head comparison,3 LifePath Index Funds mutual funds have lower net expense ratios than their Vanguard counterparts for plans with less than $100M in target date assets.

Fund Prospectus

Vanguard Target Retirement
Investor Share Class
Fund Name Net Exp. Ratio Gross Exp. Ratio
Vanguard Target Retirement Income 0.13 0.13
Vanguard Target Retirement 2020 0.13 0.13
Vanguard Target Retirement 2025 0.14 0.14
Vanguard Target Retirement 2030 0.14 0.14
Vanguard Target Retirement 2035 0.14 0.14
Vanguard Target Retirement 2040 0.15 0.15
Vanguard Target Retirement 2045 0.15 0.15
Vanguard Target Retirement 2050 0.15 0.15
Vanguard Target Retirement 2055 0.15 0.15
Vanguard Target Retirement 2060 0.15 0.15

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  • 1 Average Class K Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements (including investment related expenses) across Vintages AUM: Sum of all vintages, all share classes. Morningstar 2017 Target Date landscape report.
  • 2 Latest as of 1/30/18. The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, Negative. A lifepath-prospectusMorningstar Analyst Rating of Gold, Silver, or Bronze reflect an Analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please click here.

    The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected.
  • 3 Investment comparisons are for illustrative purposes only. This comparison is based upon and limited to the net expense ratios of the selected funds. To better understand the similarities and differences between investments, including investment objectives, risks, fees and expenses, it is important to read the products' prospectuses.
  • 4 Includes investment dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses. Contractual waivers terminable upon 90 days notice by the fund’s independent trustees or majority vote of outstanding fund securities. BlackRock has agreed contractually to waive or reimburse certain fees and expenses until April 30, 2019.

The LifePath Funds may be offered as mutual funds. You should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. The prospectuses and, if available, the summary prospectuses contain this and other information about the funds, and are available, along with information on other BlackRock funds, by calling 800-882-0052 or from your financial professional. The prospectuses and, if available, the summary prospectuses should be read carefully before investing.

Each LifePath Portfolio mutual fund invests all of its assets in a separate mutual fund, called a LifePath Master portfolio, that has a substantially identical investment objective as the LifePath Portfolio. Each master portfolio, in turn, invests in a combination of equity funds, fixed income funds, and money market funds ("Underlying Funds") in proportions based on its own comprehensive investment strategy. BlackRock Fund Advisors is the investment adviser to the Master Portfolios and each of the Underlying Funds.

The LifePath Portfolio mutual funds are distributed by BlackRock Investments, LLC ("BRIL"), member FINRA. BlackRock Fund Advisors ("BFA") serves as the investment adviser to LifePath Portfolio mutual funds, and the Master Portfolios, in which each LifePath Portfolio invests all of its assets and to the Underlying Funds in which the Master Portfolios invest.

The principal value of the fund(s) is not guaranteed at any time, including at the target date. The target date in the name of the fund is the approximate date when an investor plans to start withdrawing money. Each LifePath Portfolio has a different level of risk.

An investment in the LifePath Portfolios is subject to stock market risk, which means the price of the stocks in which the Underlying Funds invest may fluctuate or fall in response to economic events or trends. The prices of bonds in which the Underlying Funds invest may fall because of a rise in interest rates. Investments in foreign securities by the Underlying Funds are subject to certain special risks and considerations, including potentially less liquidity and greater price volatility than securities traded in the U.S. markets.

The allocation of each LifePath Portfolio's assets is managed using a quantitative model that has been developed based on a number of factors. There is no assurance that the recommended asset allocation will either maximize returns or minimize risk or be the appropriate allocation in all circumstances for every investor with a particular time horizon. The LifePath Portfolios must maintain cash balances to meet redemption requests, which may lower overall portfolio performance.

The LifePath products are covered by U.S. patents 5,812,987 and 6,336,102.

©2018 BlackRock, Inc. All rights reserved. *BLACKROCK *and *LIFEPATH *are registered trademarks of BlackRock, Inc. All other trademarks are those of their respective owners.

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