Morningstar isn't impressed with the state of target-date fund disclosure.

"The disclosures from the fund companies are lousy," Morningstar editor Laura Lutton told Reuters. "Nobody blew us away in terms of information they were presenting to investors," added Lutton, who co-authored a report on target funds that was released Wednesday.

Morningstar evaluated the 20 largest target-date fund providers, and Vanguard emerged as the top-rated provider based on criteria including management, fees and performance. On the other end of the spectrum, OppenheimerFunds garnered the lowest rating. 

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