Vanguard has switched up the managers for five of its money-market and bond funds. The changes, which took effect today, are part of the regular rotation of portfolio managers to new roles, Vanguard executives said.
Company Press Release
Vanguard has reassigned portfolio management responsibilities for five internally managed Vanguard® tax-exempt fixed-income funds, effective March 28. The management changes are as follows:
· Marlin G. Brown has assumed responsibility for the $2.4 billion Vanguard Pennsylvania Long-Term Tax-Exempt Fund (VPAIX), the $723 million Vanguard Ohio Long-Term Tax-Exempt Fund (VOHIX), and the $685 million Vanguard Massachusetts Tax-Exempt Fund (VMATX). He also manages the $7 billion Vanguard Limited-Term Tax-Exempt Fund (VMLTX).
Mr. Brown replaces John M. Carbone, who will continue to oversee the $3.2 billion Vanguard Insured Long-Term Tax-Exempt Fund (VILPX) and the $1.8 billion Vanguard New Jersey Long-Term Tax-Exempt Fund (VNJTX).
· Kathryn T. Allen now manages the $3.4 billion Vanguard New Jersey Tax-Exempt Money Market Fund (VNJXX), taking over from Mr. Brown. Ms. Allen continues to manage the $8.4 billion Vanguard California Tax-Exempt Money Market Fund (VCTXX), the $5.2 billion Vanguard New York Tax-Exempt Money Market Fund (VYFXX), and the $4.1 billion Pennsylvania Tax-Exempt Money Market Fund (VPTXX).
· Pamela W. Tynan is now manager of the $1.1 billion Vanguard Ohio Tax-Exempt Money Market Fund (VOHXX), replacing Mr. Brown. Ms. Tynan also manages the $22 billion Vanguard Tax Exempt Money Market Fund (VMSXX) and the $4.2 billion Vanguard Short-Term Tax-Exempt Fund (VWSTX).
These changes are part of Vanguard’s occasional rotation of long-time members of the portfolio management team into new roles, and the offering of additional responsibilities to other experienced members of the team. The rotations are designed to further broaden the experience of individual portfolio managers and strengthen the depth of the management team. The portfolio reassignments will not have any impact on the funds' investment objectives or strategies, or on other portfolio management activities.
Vanguard, headquartered in Valley Forge, Pennsylvania, is one of the world’s largest investment management companies and a leading provider of company-sponsored retirement plan services. Vanguard manages nearly $1.25 trillion in U.S. mutual fund assets, including more than $485 billion in employer-sponsored retirement plans. Vanguard offers more than 150 funds to U.S. investors and more than 40 additional funds in foreign markets.
Vanguard Fixed Income Group oversees about $430 billion in assets, including nearly $240 billion in bond funds and more than $190 billion in money market funds.
All asset figures are as of February 29, 2008, unless otherwise noted.
For more information, visit www.vanguard.com, or call 800-662-7447 to obtain a fund prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in
such a fund.
Investments are subject to risk. Investments in bonds are subject to interest rate, credit, and inflation risk.