First American Funds is touting a new fund it launched in June as one that can meet the two greatest needs of retirees: current income and the opportunity to grow assets, The Wall Street Journal reports.

The First American Income Builder Fund, a fund-of-funds that invests in four underlying First American funds, combines conservative, income-generating funds with riskier investments. The underlying funds are the First American Large Cap Value Fund, First American Real Estate Securities Fund, First American High Income Bond Fund and First American U.S. Government Mortgage Fund.

"We're trying to combine income-oriented assets that also provide for growth over time," said David Cline, lead portfolio manager. "We know today that retirees really need to be planning for the growth of their income stream and keep up with retirement expenses."

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