So pleased is Vanguard with its target date funds, it's almost doubled their number. Five new products -- funds-of-funds with maturity dates representing the ten-year intervals from 2010 to 2050 -- were announced Wednesday. These flesh out the existing line-up of funds, which included an income fund and those with target dates ranging from 2005 to 2045. Minimum investments for the newest five stand at $3,000, with expense ratios between 20 and 21 basis points.

In other Valley Forge news, the company has elected University of Pennsylvania president Amy Gutmann, Ph.D., to its board of directors; she will be the eighth trustee to each of its funds. 

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