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As a client who's sent us written transactions, please note our upcoming policy change

In an effort to reduce our costs so that you can continue to benefit from some of the lowest expense ratios in the industry, we're adjusting our policy for written transaction requests (such as mailing a check).

Effective February 2018, you'll no longer be able to buy, sell, or exchange Vanguard funds―other than Vanguard Federal Money Market Fund (your settlement fund)―within your Vanguard Brokerage Account by writing to us.

You can still buy, sell, or exchange Vanguard funds online or by phone.

Written requests policy effective February 2018


PURCHASES

Vanguard Federal Money Market settlement fund

POLICY

Purchases can be made directly into your settlement fund online, by phone, or in writing (by mail, email, or fax).


PURCHASES

All other Vanguard funds

POLICY

All requests to buy Vanguard funds in your brokerage account (other than your Vanguard Federal Money Market settlement fund) can only be made online or by phone.

All written requests (by mail, email, or fax) to buy Vanguard funds in your brokerage account will instead be applied to your settlement fund. Once the money is in your settlement fund, you'll be able to make exchanges online or by phone to any Vanguard fund, or use the money to trade stocks, bonds, and other securities, if you wish.


EXCHANGES AND REDEMPTIONS

Vanguard Federal Money Market settlement fund

POLICY

Redemptions can be made directly from your settlement fund online, by phone, or in writing (by mail, email, or fax).

Exchanges can be made directly from your settlement fund online or by phone.


EXCHANGES AND REDEMPTIONS

All other Vanguard funds

POLICY

All requests to directly sell or exchange Vanguard funds in your brokerage account need to be made online or by phone.

All written requests to withdraw from your brokerage account need to be made from your Vanguard Federal Money Market settlement fund.