News release

Long-Tenured Vanguard Municipal Bond Fund Manager To Retire in February 2016

VALLEY FORGE, PA (January 7, 2016)—Vanguard today announced that Pamela Wisehaupt Tynan, a long-tenured municipal bond fund manager in Vanguard’s Fixed Income Group, will retire at the end of February 2016.

Ms. Tynan has managed the $17.3 billion Vanguard Tax-Exempt Money Market Fund and the $12.4 billion Vanguard Short-Term Tax-Exempt Fund since 1988 and 1996, respectively. As principal and head of the short-term municipal team within Vanguard Fixed Income Group, Ms. Tynan has oversight management responsibility for all six tax-exempt money market portfolios, municipal bond fund cash reserves, Vanguard Short-Term Tax-Exempt Fund, and Vanguard Municipal Cash Management Fund, representing approximately $52 billion in assets. She joined Vanguard in 1982 and has spent more than 25 years in fixed income management.

“Pam was a pioneer in building our municipal bond fund capabilities and the broader fixed income management function at Vanguard. She has not only successfully served as a fund manager for more than two decades, but she has also developed a deep and talented team of portfolio managers and traders to oversee Vanguard’s tax-exempt money market funds,” said Greg Davis, Global Head of Vanguard Fixed Income Group. “We are grateful to Pam for her service and dedication to our shareholders for the last 34 years.”

Upon Ms. Tynan’s retirement in February, Justin Schwartz will assume portfolio management responsibility for Vanguard Tax-Exempt Money Market Fund and Vanguard Short-Term Tax-Exempt Fund. The funds’ investment policies, objectives, and fundamental strategies will remain the same. In addition, Mr. Schwartz will assume oversight responsibility for the short-term municipal team.

Mr. Schwartz joined Vanguard in 2004 and currently manages the $2.2 billion Vanguard New York Tax-Exempt Money Market Fund and $2.1 billion Pennsylvania Tax-Exempt Money Market Fund. As a member of the tax-exempt municipal team, Mr. Schwartz has worked closely with Ms. Tynan since 2005. He graduated with a BS in finance and marketing from the University of Richmond’s Robins School of Business and is a CFA Charterholder.

Vanguard Fixed Income Group

Vanguard Fixed Income Group is one of the world’s largest fixed income managers, managing 80 bond funds and 9 money market funds globally with approximately $900 billion in assets, including $260 billion in actively managed bond funds, $450 billion in index funds, $180 billion in money market funds, and $125 billion in municipal bond funds.

Vanguard has continued to expand its fixed income offerings to provide investors with options to further diversify their bond portfolios. Within the past three years, Vanguard has introduced the $51.3 billion Vanguard Total International Bond Index Fund, the $675.5 million Vanguard Emerging Markets Government Bond Index Fund, the $472.5 million Vanguard Ultra-Short-Term Bond Fund, and the $116.6 Vanguard Tax-Exempt Bond Index Fund. In addition, Vanguard recently filed a registration statement with the Securities and Exchange Commission for Vanguard Core Bond Fund, expected to be available in the first quarter of 2016.

About Vanguard

Vanguard is one of the world’s largest investment management companies. As of November 30, Vanguard managed more than $3.4 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, offers more than 300 funds to its more than 20 million investors worldwide. For more information, visit

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All figures are as of November 30, 2015, unless otherwise noted.

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