LIFE-CYCLE FUND
A special and highly diversified mutual fund to make a proportionate representation of asset classes in a fund’s investment portfolio. This fund, also called age-based funds, automatically adjusts the fund during the fund’s time horizon. As the investor ages and/or nears retirement, the automatic portfolio adjustment goes from a higher risk position to one of lower risk. Sometimes, it has various life-cycle funds with several asset allocations in order to accommodate investors of different ages.
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