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What happens to a target dated fund as it gets closer to the target date? It automatically re-allocates all assets into the S&P 500 Index.

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What happens to a target dated fund as it gets closer to the target date? It automatically re-allocates all assets into the S&P 500 Index. It gradually decreases statistical risk by increasing the allocation to bonds. It prepares to liquidate and turn all assets into an annuity. It gradually increases statistical risk by increasing the allocation to stocks

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