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March 15 (Bloomberg) — Target-date funds did better than balanced mutual funds in retirement plans and continue to attract investments, Morningstar, the Chicago-based equity- market researcher, said today.

Target-date retirement funds, also known as lifecycle funds, move money from riskier investments such as stocks to more conservative alternatives like bonds as an investor approaches retirement. They attracted $45 billion last year as the “default investment of choice” in employer-sponsored 401(k) retirement plans, the firm said in a statement.

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