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Financial management

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).
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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 Policy

Vanguard Federal Money Market settlement fund

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

All other Vanguard funds

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 Policy

Vanguard Federal Money Market settlement fund

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.

All other Vanguard funds

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.

Please note: It's always safe, fast, and convenient to make fund exchanges online and to move money directly to and from your Vanguard funds by electronic bank transfer. You'll also have more control. When you submit your fund transaction online on a business day before the market closes (generally 4 p.m., Eastern time), you'll get that day's closing price. No more uncertainty or mailing delays!

All investing is subject to risk, including the possible loss of the money you invest.

You could lose money by investing in Vanguard Federal Money Market Fund. Although the fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.