AllianceBernstein Manager for Vanguard Growth Offerings Replaced

Vanguard appointed new portfolio managers to the AllianceBernstein L.P. portions of the $4.8 billion Vanguard U.S. Growth Fund and the $314 million Growth Portfolio of the Vanguard Variable Insurance Fund.

AllianceBernstein Executive Vice President James G. Reilly and Senior Vice President P. Scott Wallace assumed portfolio management responsibilities for AllianceBernstein’s portion of the funds. They replace former manager and Senior Vice President Alan E. Levi who is transitioning toward retirement, an announcement said.

Reilly joined AllianceBernstein in 1985. He has served on the firm’s large-cap growth team since 1988, and was named the head of the team in 2003. He was appointed executive vice president in 1999.

Wallace joined AllianceBernstein in 2001 as a senior vice president, and has been a member of the large-cap growth team since arriving at the firm.

AllianceBernstein has advised the funds since 2001 and manages approximately two-thirds of the funds’ assets.