August 11, 2003

Muni Bond Fund Manager Leaves Vanguard

Aug. 5, 2003 -- Vanguard Group said Daniel Solender, who ran three of its municipal bond funds, has left the company and has been replaced by two of its other municipal bond fund managers.

Chris Ryon has taken over the Vanguard MA TE (VMATX), and Reid Smith has begun running Vanguard CA Long Term Tax Exempt/Inv (VCITX) and Vanguard CA Intm Term Tax Exempt/Admrl (VCADX).

Ryon runs two national municipal bond funds that invest in intermediate and long-term bonds, and also manages Vanguard NY Long Term Tax Exempt/Inv (VNYTX).

Smith continues to oversee two funds that invest in Florida and Pennsylvania municipal bonds. He also pilots Vanguard Insrd Long Term TE (VILPX) and Vanguard High Yield TE (VWAHX).

A Vanguard spokesman declined to comment on Solender's future plans.

Separately, Vanguard announced that it plans to offer six funds that will invest in its stock, bond and money market funds that will be aimed at people saving for retirement.

Vanguard said the new Target Retirement funds will not carry management charges but each will pay a share of the expenses of the funds they invest in. Expense ratios for the six funds, which are expected to be offered in the fourth quarter this year, will range from 0.21% to 0.23%, Vanguard said.

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