Upgrades

Vanguard is planning to merge the $3.2 billion Vanguard Insured Long-Term Tax-Exempt Fund into the $2.8 billion Vanguard Long-Term Tax-Exempt Fund on December 12, 2008. In conjunction with the planned merger, Vanguard Insured Long-Term Tax-Exempt Fund has closed to new accounts. Reid Smith will remain as portfolio manager for the merged Vanguard Long-Term Tax Exempt Fund. Vanguard also reopened two mutual funds that were long closed to new investors: the International Explorer Fund, which closed in August 2004 and had $1.5 billion in assets as of October 31; and the Precious Metals and Mining Fund, which closed in February 2006 and has $3 billion in assets.

Rydex Investments announced that assets in its Managed Futures Strategy Fund, launched in March 2007, have surpassed the $1 billion mark. As of October 31, 2008, Rydex Managed Futures Strategy Fund H-share class returned 10.53% YTD compared to the S&P 500′s -32.84%. The fund allocates 50% to financial futures and 50% to commodity futures.