Total assets under management for target maturity funds reached a record high in the first quarter of 2012, or $429 billion, according to a report released by Morningstar.

The report, titled the Ibbotson Target Maturity Report 1Q 2012, also stated that the average return for target maturity funds during the quarter was nearly 9%, more than 3.5% below the S&P 500 Index but more than 8.5% better than the BarCap U.S. Aggregate Bond Index. Performance in the asset class was boosted by improved returns in the equities markets.

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