Target Dates Down but Still Beat Index

April 22, 2009 (PLANSPONSOR.com) - Ibbotson Associates reports that the first quarter of 2009 is the 6th quarter in a row that the average target maturity fund experienced a loss.

According to the Target Maturity Report, the average target maturity fund declined 7.4% during the first quarter, while the S&P 500 Index lost 11%. On an annual basis, the average target maturity fund lost 31.7%, while the S&P 500 Index lost 38.1%

Ibbotson noted that over the years as the number of fund families increased dramatically, equity exposure increased. For investors of equivalent ages above 39 years old, the average 2009 glide path has 4% more equity exposure than the average 2004 path, the report said.

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According to Ibbotson, the propensity of investors to focus on absolute return rather than risk-adjusted returns led some fund manufacturers to adopt more aggressive glide paths, but the firm advises investors, advisers, and plan sponsors to consider their unique risk preferences and risk capacity when establishing or selecting an appropriate glide path.

Beginning with this quarterly report, Ibbotson included performance information on the recently released Morningstar Lifetime Allocation Indexes as an aid in benchmarking.

More information is at www.ibbotson.com .

align="left">Quarterly Target Maturity Fund Performance (Q1 - 2009)

align="left"> Date            Max        Average     Min           # of Funds

align="left">Income    0.9%    -3.3%     -10.5%       24

align="left">2000       -1.9%    -3.3%      -4.7%        2

align="left">2005       -3.4%    -4.6%      -5.7%        7

align="left">2010      -0.5%     -4.7%      -7.5%       32

align="left">2015      -1.7%     -6.1%      -12.2%     30

align="left">2020      -2.7%     -6.7%      -9.8%       36

align="left">2025      -4.3%     -8.0%      -11.6%     27

align="left">2030      -4.4%     -8.4%      -11.2%     36

align="left">2035      -5.1%     -9.2%      -11.9%     26

align="left">2040      -4.6%     -9.3%      -11.9%     35

align="left">2045      -5.8%     -9.7%      -12.9%     22

align="left">2050      -3.8%     -9.4%      -12.3%     24

align="left">2055      -6.7%     -8.9%      -10.1%     3

align="left"> Total                                                                     304

align="left">Source: Ibbotson Associates

align="left"> Morningstar Lifetime Allocation Indexes

align="left"> (As of 3/31/09; multiyear periods annualized)1 Mo 3 Mo 1 Yr 3 Yr 5 Yr

align="left"> Income

align="left">Conservative Income 3.59 (0.54) (8.27) 2.23 3.23

align="left">Moderate Income 4.40 (2.37) (14.43) (0.39) 2.33

align="left">Aggressive Income 5.15 (4.04) (19.87) (2.82) 1.46

align="left"> 2000

align="left">Conservative 2000 3.63 (1.18) (8.97) 1.88 3.20

align="left">Moderate 2000 4.49 (3.01) (15.39) (0.85) 2.27

align="left">Aggressive 2000 5.31 (4.73) (21.21) (3.45) 1.34

align="left"> 2005

align="left">Conservative 2005 3.76 (1.96) (10.33) 1.26 3.07

align="left">Moderate 2005 4.68 (3.80) (17.06) (1.61) 2.10

align="left">Aggressive 2005 5.60 (5.59) (23.35) (4.45) 1.09

align="left"> 2010

align="left">Conservative 2010 3.96 (2.81) (12.20) 0.44 2.87

align="left">Moderate 2010 4.98 (4.71) (19.38) (2.66) 1.84

align="left">Aggressive 2010 6.04 (6.62) (26.36) (5.86) 0.67

align="left"> 2015

align="left">Conservative 2015 4.24 (3.71) (14.50) (0.56) 2.64

align="left">Moderate 2015 5.42 (5.77) (22.55) (4.09) 1.45

align="left">Aggressive 2015 6.62 (7.78) (30.14) (7.67) 0.01

align="left"> 2020

align="left">Conservative 2020 4.65 (4.74) (17.58) (1.89) 2.32

align="left">Moderate 2020 6.06 (7.01) (26.76) (6.02) 0.79

align="left">Aggressive 2020 7.26 (8.88) (34.04) (9.59) (0.79)

align="left"> 2025

align="left">Conservative 2025 5.27 (5.97) (21.88) (3.78) 1.74

align="left">Moderate 2025 6.77 (8.22) (31.23) (8.15) (0.07)

align="left">Aggressive 2025 7.78 (9.68) (37.08) (11.11) (1.48)

align="left"> 2030

align="left">Conservative 2030 6.01 (7.23) (26.71) (5.97) 0.91

align="left">Moderate 2030 7.37 (9.12) (34.78) (9.88) (0.85)

align="left">Aggressive 2030 8.07 (10.07) (38.70) (11.91) (1.84)

align="left"> 2035

align="left">Conservative 2035 6.66 (8.23) (30.77) (7.87) 0.08

align="left">Moderate 2035 7.71 (9.59) (36.77) (10.85) (1.29)

align="left">Aggressive 2035 8.16 (10.17) (39.24) (12.13) (1.89)

align="left"> 2040

align="left">Conservative 2040 7.05 (8.77) (33.09) (8.96) (0.40)

align="left">Moderate 2040 7.84 (9.74) (37.51) (11.17) (1.38)

align="left">Aggressive 2040 8.20 (10.17) (39.44) (12.16) (1.83)

align="left"> 2045

align="left">Conservative 2045 7.22 (8.97) (34.06) (9.38) (0.54)

align="left">Moderate 2045 7.90 (9.78) (37.82) (11.26) (1.35)

align="left">Aggressive 2045 8.22 (10.15) (39.57) (12.16) (1.74)

align="left"> 2050

align="left">Conservative 2050 7.30 (9.06) (34.54) (9.56) (0.56)

align="left">Moderate 2050 7.93 (9.78) (38.02) (11.29) (1.28)

align="left">Aggressive 2050 8.24 (10.13) (39.69) (12.15) (1.65)

align="left"> 2055

align="left">Conservative 2055 7.33 (9.04) (34.74) (9.61) (0.56)

align="left">Moderate 2055 7.95 (9.74) (38.13) (11.29) (1.25)

align="left">Aggressive 2055 8.26 (10.09) (39.81) (12.15) (1.62)

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