OREANDA-NEWS. January 11, 2016. Vanguard announced today that Pamela Wisehaupt Tynan, principal and head of the short-term municipal team within Vanguard 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 since 1988 and the \\$12.4 billion Vanguard Short-Term Tax-Exempt Fund since 1996. She oversees all six Vanguard tax-exempt money market portfolios, Vanguard Municipal Cash Management Fund, and municipal bond fund cash reserves, as well as the Short-Term Tax-Exempt Fund, representing approximately \\$52 billion in assets. She joined Vanguard in 1982 and has spent more than 25 years in fixed income management.

"Pam 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 A. Schwartz, CFA, will assume portfolio management responsibility for the Short-Term Tax-Exempt and Tax-Exempt Money Market Funds and 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 Vanguard Pennsylvania Tax-Exempt Money Market Fund.

Mr. Schwartz has worked closely with Ms. Tynan since 2005 as a member of the tax-exempt municipal team. The funds' investment policies, objectives, and fundamental strategies will remain the same.

Notes:

  • All asset figures are as of November 30, 2015, unless otherwise noted.
  • 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.
  • All investing is subject to risk, including the possible loss of the money you invest.