Pimco this week unveiled five target-date funds with allocations across various existing Pimco funds that have exposure to domestic and international securities, as well as assets such as treasury inflation-protected securities (TIPS), real estate and commodities.

The RealRetirement fund series is differentiated by target retirement dates for 2010, 2020, 2030, 2040, and 2050. Target-date funds automatically rebalance portfolios as they move toward the investor's expected retirement date, and have become increasingly popular among 401(k) plans because it's a no-fuss, no-muss way to provide built-in asset allocation.

Newport Beach, Calif.-based Pimco is one of the world's largest fixed-income managers with more than $746 billion assets under management. It is owned by Allianz Global Investors, a subsidiary of the Munich-based insurance company Allianz Group.