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Fund Changes - May-17
 Fund Changes
 Weeklies History:

Fund Changes Weekly


Week 20: 5/15/2017-5/19/2017

Anatoly Shtekhman will leave the portfolio management teams of the Vanguard Windsor II, Vanguard Morgan Growth, and Vanguard U.S. Value funds, and Michael R. Roach will no longer serve as a portfolio manager to several Vanguard funds, including the Vanguard Equity Income, Vanguard Energy, Vanguard Growth and Income, and Vanguard Strategic Equity funds, among others...Wells Fargo registers seven index funds, including three bond funds: the Wells Fargo Emerging Markets Bond, Wells Fargo High Yield Corporate Bond, and Wells Fargo U.S. Core Bond funds, and also files four Wells Fargo Factor Enhanced funds, which will track indexes constructed to provide exposure to factors commonly tied to a stock's potential for enhanced risk-adjusted returns relative to the market...BlackRock files five iShares ETFs, including the iShares Russell 1000 Pure U.S. Revenue ETF, which will track an index composed of U.S. companies exhibiting higher domestic sales as a proportion of the companyís total sales relative to other large- and mid-cap U.S. equities...T. Rowe Price registers the T. Rowe Price International Bond (USD Hedged) fund, which will invest 80% in non-U.S. dollar-denominated bonds and will use forward currency exchange contracts to hedge the fundís foreign currency exposure back to the U.S. dollar...American Century registers the American Century High Income fund, which will be sub-advised by Nomura Corporate Research and Asset Management, an investment management firm that specializes in the below investment grade credit market...Marcus L. Smith has retired from MFS and will no longer serve on the portfolio management team of the USAA International fund (MFS will continue to sub-advise the fund along with Lazard and Wellington)...Effective July 31, 2017, the Wells Fargo Small Company Growth fund will close to most new investors...ClariVest Asset Management will serve as an additional sub-advisor to the USAA Small Cap Stock fund...The Dreyfus Strategic Value fund will reduce its management fee from 0.75% to 0.60%...   MORE>>


Week 19: 5/8/2017-5/12/2017

Marlin G. Brown has joined BlackRock, leaving Vanguard where he previously managed the Vanguard Limited-Term Tax-Exempt ($24.1 B), Vanguard Massachusetts Tax-Exempt ($1.6 B), and Vanguard Ohio Long-Term Tax-Exempt ($1.2 B) funds. Adam M. Ferguson, Mathew M. Kiselak, and James M. DíArcy will replace Brown as portfolio manager to each of the funds, respectively...Stephan J. Klaffke will no longer help manage the USAA Income Stock fund...Legg Mason registers the Legg Mason Solution Series ETFs, a target-risk series which will be actively managed by QS Investors using both strategic and dynamic asset allocation programs...The Invesco Developing Markets fund will close to new investors effective June 8, 2017...The Oppenheimer Main Street Select fund will change its name to the Oppenheimer Main Street All Cap fund, and will invest primarily in common stock of U.S. companies of any market capitalization size, whereas previously it invested in 35 or fewer issuers and mainly focused on larger cap issuers...Gerard Fitzpatrick will join Albert Jalso to co-manage the Russell Tax-Exempt Bond fund, replacing Kevin Lo...The MainStay Epoch U.S. Equity Yield fund will modify its advisory fee breakpoint schedule, further reducing the fee on assets over $500 million...Brown Advisory and Ivy Investment Management Company will leave the sub-advisory team of the SEI Institutional Investments Trust Large Cap fund...   MORE>>


Week 18: 5/1/2017-5/5/2017

Scott Smith will join the portfolio management team of the Principal LifeTime and Principal LifeTime Hybrid target date funds, while Jeffrey R. Tyler will leave the team in March 2018...Henry Gray of Dimensional Fund Advisors will leave the portfolio management team of the Columbia Multi-Manager Value Strategies fund (DFA will continue to help manage the fund along with Diamond Hill Capital Management)...First Trust files the actively managed First Trust Institutional Preferred Securities and Income ETF, investing at least 80% in institutional preferred securities and income-producing debt securities (institutional preferred securities are preferred securities that are targeted to institutional, rather than retail, investors). The fund will be sub-advised by Stonebridge Advisors, a specialist in the management of preferred and hybrid securities that also sub-advises the First Trust Preferred Securities and Income ETF ($2 B AUM)...Fidelity registers the Fidelity Series International Credit fund, which will invest in non-U.S. dollar-denominated debt securities of all types (allocating across different market sectors, countries, and regions) and repurchase agreements for those securities. The fund will invest primarily in investment-grade debt securities (with up to 20% in lower-quality debt) and will hedge the fund's foreign currency exposures utilizing forward foreign currency exchange contracts...Cambria has high hopes for the actively managed Cambria Marijuana Industry ETF, which it registered this week along with four ETFs that will track indexes based on proprietary algorithms of Cambria Indices, LLC...Yacov Arnopolin and Francesc Balcells will join Michael Gomez to co-manage the PIMCO Emerging Markets Bond fund...Ding Liu and Nelson Yu will manage the AB Wealth Appreciation Strategy and AB Tax-Managed Wealth Appreciation Strategy funds, replacing Daniel J. Loewy, Christopher H. Nikolich, and Vadim Zlotnikov...The AMG Managers Skyline Special Equities fund will reopen to new investors, effective May 3, 2017...Redwood Investments will serve as an additional sub-advisor to the Dreyfus Select Managers Small Cap Growth fund, and Advisory Research and Riverbridge Partners will no longer sub-advise a portion of the fundís assets. Lombardia Capital Partners will leave the sub-advisory team of the Dreyfus Select Managers Small Cap Value fund...State Street Global updates its securities lending policy to allow each fund, other than the SSGA S&P 500 Index fund, to lend portfolio securities with a value of up to 40% of its net assets (previously, up to 25%)...The Driehaus Emerging Markets Growth fund will lower its management fee to 1.05%, pending board approval...   MORE>>


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