Because of their composition, asset-allocation funds offer one-stop shopping.

Others - often called asset-allocation and global, rather than international, funds - have the authority to balance foreign holdings with investments in the United States.

By contrast, some of the asset-allocation funds are free to shift nearly their entire portfolio into stocks or bonds, even into cash.

In terms of standard measures of risk, the balanced and asset-allocation funds are nearly identical.

Who should look into asset-allocation funds?

The fund returned 9.3 percent for the year that ended on March 31, compared with 8.5 percent for the average asset-allocation fund.

Although they dominate utility funds, these stocks frequently appear in income-oriented and asset-allocation funds as well.

Last year, nearly two-thirds of 401(k) plans offered asset-allocation funds as investment options.

Balanced funds showed a return of 7.2 percent and asset-allocation funds had a 7.5 percent return.

As to plan options, Ms. Ruhlin suggested putting the entire amount into the moderately aggressive asset-allocation fund.