Littleton (Colo.) Public Schools added Vanguard Selected Value Fund to the lineup of its 403(b) and 457 plans, said a letter to participants on the school district's website.
Vanguard Group's midcap value equity fund replaces the BlackRock (BLK) Mid Cap Dividend Fund, effective Jan. 5. The letter to participants said an overhaul of the strategy's investment approach and investment team by BlackRock was the reason for the fund change. The fund's performance has also struggled recently, the letter said.
A BlackRock spokesman could not immediately be reached for comment.
Investment consultant Innovest Portfolio Solutions assisted with the change.
A human resources official could not immediately be reached for additional information, including the plans' asset sizes.