This document is about a study conducted by Deloitte Financial Advisory Services LLP and Advanced Analytical Consulting Group Inc. on the historical volatility and return profiles of target date funds. It provides an in-depth analysis of the universe of life cycle/target date funds, evaluates the volatility and returns within and across funds, and explores the recent performance of 2010 target date funds. The study aims to understand the impact of the recent economic crisis on these funds and the relationship between fund performance and equity exposure.