State of Michigan 401(k) and 457 Plans

State Street Target Retirement Income Fund - Class P

Manager: State Street

Category: Target Retirement Income fund

Objective: Provide current income from fixed income securities while maintaining some exposure to equity investments for capital appreciation.

Strategy: The fund invests in a combination of U.S. stocks, International stocks, bonds and cash. The fund emphasizes fixed income investment over stocks. The fixed income exposure emphasizes short-term bonds to reduce interest rate risk. The fund maintains a small allocation to US and non- US stocks to provide moderate capital appreciation and diversification.

The State Street Target Retirement Income Fund has an asset allocation target of 25% equities and 75% fixed income securities.

Fund fact sheet

Strategy Disclosure Document