Target date funds may be getting a little cheaper. Meanwhile, some managers are beginning to add alternative asset classes in the wake of the recent market turmoil. Those two of the highlights in Morningstar's latest reports on 20 target date fund families.

According to Chicago-based fund research firm, the average target date fund expense ratio dipped from 91 basis points to 88 bps year-over-year.

As for alternatives, Morningstar noted that ING [see profile], OppenheimerFunds, Principal [see profile] and T. Rowe Price [see profile] have all added alternative assets to their target date funds, while AllianceBernstein [see profile] added a model to help anticipate when to shift to cash.

Morningstar also published reports on target date funds from other mutual fund firms, including: American Century [see profile], American Funds [see profile], DWS [see profile] , Fidelity [see profile], ICMA-RC [see profile], John Hancock [see profile], JPMorgan [see profile], MassMutual [see profile], MFS [see profile], Putnam [see profile], Schwab [see profile], TIAA-CREF [see profile], Vanguard [see profile] and Wells Fargo [see profile]. 

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