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Vanguard Makes It a Dozen

Firm expands target-date lineup, plus DoubleLine launches third fund, and more.

Morningstar Analysts, 06/07/2010

Vanguard said it will add a fund to its 11-fund target-date lineup in the third quarter of this year. Vanguard Target Retirement 2055 will be aimed at 18-22 year olds who hope to retire 45 years from now. The fund of Vanguard index funds will start with a somewhat conservative asset allocation of 90% equities and 10% Vanguard Total Bond Market Index VBMFX. Nearly 20% of the stock stake will be in foreign funds (8.7% Vanguard European Stock Index VEURX, 4.7% Vanguard Pacific Stock Index VPACX, and 4.5% Vanguard Emerging Markets Stock Index VEIEX) and the rest in Vanguard Total Stock Market Index VTSMX. The allocation will grow more conservative over time so that within seven years of 2055 the fund's asset allocation should resemble Analyst Pick Vanguard Target Retirement Income VTINX.

As of April 30, Vanguard's target-date series had $64 billion in net assets.

Vanguard GNMA, International Value Shuffle Managers
Wellington Management's Michael Garrett has rejoined the team running Analyst Pick Vanguard GNMA VFIIX. He'd managed the fund with Thomas Pappas from 2006-09 but left to run a Federal Reserve program to purchase mortgage-backed securities supported by FNMA, GNMA, and FHLMC when the Fed tapped Wellington for the job. A Vanguard spokeswoman said he's rejoining the GNMA fund now that his duties to that program are done.

Lazard Asset Management named Michael Fry and Michael Bennett comanagers of the firm's portion of Vanguard International Value VTRIX, with Michael Powers. Gabrielle Boyle, who worked on the fund with Powers since mid-2006, has left Lazard. Lazard currently manages about a fourth of the fund's assets.

DoubleLine Launches Core Bond Fund
DoubleLine Funds Trust is launching a new core bond fund, Core Fixed Income. Jeffrey Gundlach, CEO of DoubleLine Capital LP, will manage it.

The fund's investment universe will include Treasuries, agency and non-agency mortgage-backed securities, commercial MBS, global developed credit, and emerging-markets debt.

Core Fixed Income joins Total Return Bond DBLTX and Emerging Markets Fixed Income DBLEX on the DoubleLine fund roster.

Fidelity Manager Change and New Fund Names
Harley Lank will become sole portfolio manager of Fidelity Advisor High Income Advantage FAHYX on Aug. 31, 2010. He'd joined longtime manager Tom Soviero on the fund in September 2009. Stepping down from this fund clears Soviero's plate a little to run Fidelity Leveraged Company Stock FLVCX, Fidelity Convertible Securities FCVSX, and Fidelity Advisor Value Strategies FASPX and marks the departure of one of the few truly aggressive managers in the high-yield universe.

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