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Vanguard announced it will add a new fund to its Target Retirement Funds in 2012. It also plans to merge its Vanguard Target Retirement 2005 Fund and its Vanguard Target Retirement Income Fund, since their asset allocations have become nearly identical. The Target Retirement Funds are designed to reach an allocation of 65 percent bonds, 30 percent stocks and 5 percent short-term reserves within seven years after their target date. The 2005 Fund will be closed to new investors, effective immediately.

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