As the 76 million Baby Boomers begin to retire in the next five years - creating the biggest demographic wave in our country's history - they will hunger for "outcome-oriented" funds that mitigate risk and either generate income, protect principal or guarantee at least modest returns.

With the assets of these retirees and near-retirees making up two-thirds of all assets by 2010, the mutual fund industry will have no other choice but to heed these new demands, competing with insurance companies and investment banks, which are already adept at providing such products.

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