Vanguard's five tax-exempt bond funds are under new management today. Reid Smith will now manage the Vanguard Intermediate-Term Tax Exempt Fund, the Vanguard Long-Term Tax Exempt Fund, and the bond portion of the Vanguard Tax-Managed Balanced Fund. John Carbone will manage the Vanguard New York Long-Term Tax-Exempt Fund and the Vanguard Massachusetts Tax-Exempt Fund.

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The portfolio management responsibilities for five Vanguard® tax-exempt bond funds have been re-assigned to two veteran municipal bond managers in the Vanguard Fixed Income Group, as follows:

• Reid O. Smith has assumed portfolio management responsibilities for Vanguard Intermediate-Term Tax Exempt Fund, Vanguard Long-Term Tax Exempt Fund, and the bond portion of Vanguard Tax-Managed Balanced Fund.

• John M. Carbone has assumed responsibility for Vanguard New York Long-Term Tax-Exempt Fund and Vanguard Massachusetts Tax-Exempt Fund.

Vanguard Fixed Income Group oversees nearly $360 billion in assets, including almost $130 billion in municipal bond and money market funds. 

Edited by: Erin Kello


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