Vanguard Makes It a Dozen

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.

In other Fidelity news, a few funds will change their names Sept. 1, 2010.  Fidelity Small Cap Independence (FDSCX) and  Fidelity Advisor Dynamic Capital Appreciation  will become Stock Selector Small Cap and Stock Selector All Cap, respectively. Both of these funds recently adopted the multimanager format. The name changes will ideally help investors avoid confusion; for example, Dynamic Capital Appreciation, run until recently by Fergus Shiel, should be further distinguished from Shiel's similarly named retail charge,  Fidelity Capital Appreciation (FDCAX).

Calamos Brings Out Equity Fund
Calamos has launched a new offering: Calamos Discovery Growth. The fund will focus on small- and mid-cap domestic equities, with the potential to invest up to 25% in foreign securities. The expense ratio for the fund's A shares will be 1.50%.

New Lead Manager Takes Over American Century's Livestrong Lineup
American Century recently named Rich Weiss senior vice president and senior portfolio manager of asset-allocation portfolios. He will serve as the lead manager of the Livestrong lineup of target-date funds, replacing Scott Wittman. Weiss joins Enrique Chang, Irina Torelli, and Wittman on the teams that manage American Century's asset-allocation and target-date funds.

Wittman's duties have expanded recently. He currently serves as American Century's chief investment officer for asset allocation and quantitative equity. He replaced the retiring Jeff Tyler as head of asset allocation in mid-2009 and took over the quantitative equity role earlier this year when John Schniedwind retired.

The Hartford Launches New Funds
The Hartford introduced three new funds this week. Global Real Asset will be managed by a team led by Scott Elliott of Wellington and including Brian Garvey, Jay Bhutani, and Lindsey Thrift Politi. The fund seeks to hedge against inflation by investing in global mix of inflation-sensitive equities (40%-70% of assets) and bonds (20%-50%), as well as commodities (up to 25%). The managers will have the freedom to rotate across asset classes based on their economic outlooks. The expense ratio for the A shares is expected to be 1.05%.

Global All-Asset is also led by Wellington's Elliott and includes Garvey and Stephen Gorman. The managers can invest in any country, sector, or asset class, including currencies and derivatives. The allocation range is stocks (40%-80%), bonds (20%-60%), commodities (up to 25%), and cash (up to 40%). The expense ratio for the A shares is expected to be 1.05%.

International Value will be managed by Wellington's Toby Jayne and will invest at least 65% of assets in mostly large-cap foreign stocks. The expense ratio for the A shares is estimated at 1.40%.

Etc.
Columbia will close  Columbia Small Cap Value I (CSMIX) to new investors June 30, 2010. Current shareholders will still be able to make additional share purchases.

Following the SEC's implementation of new rules for money market funds, many of the funds filed prospectus changes. The rule changes relate to how concentrated a money market fund can be in a single issuer and specific securities, and there are also new limits on average portfolio maturity and the use of repurchase agreements.

DWS Disciplined Long/Short Growth  and DWS LifeCompass Protect 2017  will liquidate all assets by July 27, 2010. The LifeCompass fund was intended to mature in 2017 and was one of the few principal protected funds with a warranty protecting shareholders' principal should the fund lose money.

CRM 130/30 Value Investor  will liquidate all assets by June 28, 2010.

Tetsuya Hirano replaced Shuhei Abe as comanager of Hennessy Select SPARX Japan (SPARX).

Thomas Pence and Michael Smith replaced Aziz Hamzaogullari as comanagers of ING Wells Fargo Omega Growth (IEOPX).

Huntington Funds will no longer offer B Shares. All outstanding B Shares will be converted to A Shares.

Vanguard changed the index for its  International Value (VTRIX) and  International Growth (VWIGX) funds. As of June 1, both are benchmarked against the MSCI ACWI (All Country World) ex-USA Index, which includes both developed and emerging markets.

Mutual fund analyst David Falkof contributed to this report.