As the target-date fund industry works to raise its standing with investors, a recent Vanguard survey finds that much of that work might already be done.

The study, “Investor Comprehension and Usage of Target-Date Funds: 2010 Survey,” released Wednesday, found that most investors understand basic design elements of the instruments. They also are aware of their attendant investment risks. Vanguard polled 4,700 investors in January for the study.

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