Any investor transferring money out of a given fund may not transfer money back into that same fund for 30 days. Fund purchases made through payroll contributions, loan payments or rollovers, or by any other means besides an exchange will not fall under this restriction. Money market funds, short-term bond funds, and Vanguard Retirement Savings Trust are also exempt from the exchange policy. The new policy does apply to exchanges executed as part of rebalancing or reallocation.
The policy also applies to non-Vanguard funds offered in employer-sponsored plans. If a plan sponsor offers a company stock fund, the sponsor will decide whether to apply the exchange policy to that fund.
The purchase restriction does not apply to purchase requests mailed to Vanguard during the 30-day waiting period.
