BOSTON (AP) — Vanguard is making its target-date retirement mutual funds more accessible to small investors by cutting the required minimum initial investment to $1,000 from $3,000.

The change announced Wednesday applies to 12 funds in the Target Retirement series of the nation's largest fund company. Vanguard is also cutting investment minimums for 15 other funds that aren't part of its target-date series. The minimums are dropping to $3,000 for those funds, down from as much as $25,000 in some cases.

The reductions are designed to attract young investors and others with little available cash as they start investing.

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