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Tuesday, January 27, 2009

Vanguard Closes Two Funds to More Investors

Reported by Neil Anderson, Managing Editor

Two more money market funds are closing. In an SEC filing, Vanguard revealed that it closed the Admiral Treasury Money Market and Treasury Money Market funds on Monday to new individual investors.

A spokesperson for Vanguard could not immediately be reached for comment on the move.

For those on the retirement side, the closings may not come as a surprise, as our sister publication reported last month that the Valley Forge, Pennsylvania-based asset manager was closing the same two new funds to new institutional investors like 401(k)s (see The 401kWire, 12/16/2008). At the time, a company spokeswoman told The 401kWire that Vanguard wanted to avoid "the potential negative impact of large transactions" on the two funds.

In the new filing, Vanguard stresses that current shareholders can still purchase new shares and that "participants in certain qualified retirement plans" (i.e. those already offering the funds) can still buy more, too.




Supplement to the Prospectus

Important Changes to Vanguard Admiral Treasury Money Market Fund and Vanguard Treasury Money Market Fund

As of the close of business on January 26, 2009, Vanguard Admiral Treasury Money Market Fund and Vanguard Treasury Money Market Fund (the "Funds") will no longer open new accounts for individual investors. There is no specific time frame for when the Funds will reopen.

Please note that these changes do not apply to participants in certain qualified retirement plans that offer the Funds.

During the Funds' closed period, current shareholders may continue to purchase, exchange, or redeem shares of the Funds online, by telephone, or by mail.

The Funds may modify these transaction policies at any time without prior notice to shareholders. You may call Vanguard for more detailed information about the Funds' transaction policies. Investors in nonretirement accounts and IRAs may call Vanguard's Investor Information Department at 800-662-7447. 

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