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Vanguard to Liquidate Two Money Market Funds

The fund giant cited is closing the funds because there aren’t enough “munis” markets in the MMFs’ targeted states.

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Vanguard investor homepage on a phone screen (Photo: Shutterstock)

Vanguard has closed two money market funds to new investors and plans to liquidate these funds in November, citing “changing market dynamics.” Specifically, the limited supply of some short-term municipal securities makes it “no longer possible to meet the investment objectives and maintain the diversification and risk profile” of these two funds, the firm said Friday.

The affected products are the $1.8 billion Vanguard Pennsylvania Municipal Money Market Fund and the $1.2 billion Vanguard New Jersey Municipal Money Market Fund.

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