There’s one answer that we don’t need to tell you: Vanguard is the best place for your money. The low fees, excellent returns and the variety of mutual funds available all make Vanguard a terrific hoice.
But there are some ins and outs, some hints, tips and secrets that will make your investing with Vanguard even better. That’s why we put together this list and why we continue to report on the best ways to invest at Vanguard through our monthly newsletter service, The Independent Adviser for Vanguard Investors, weekly hotline and on the website.
While this is organized loosely into sections, you may just want to briefly scan it to see what you can learn. In the back, there’s a list of telephone numbers and addresses that will prove invaluable.
Let’s get started…
Your first Vanguard fund should be a money market fund.
Always, always, always open a money market fund when you invest taxable money with Vanguard. (If all you hold is IRA accounts, this advice doesn’t apply to you.)
Having a money market fund with check-writing privileges is a great convenience and a time-saver. You’ll never have to write checks on a bond fund account, one of the biggest no-no’s in the business. You see, if you write a check on a bond fund, Vanguard must sell the precise number of shares to meet your redemption. These share sales are tax able to you at the end of the year. You have no control over which shares they sell, so you can’t use your tax-saving, specific identification accounting method to keep gains down, and your ledgers will begin to give you nightmares.
By owning a Vanguard money market, you have easy access to your money and can keep your accounting simple. Suppose, for instance, that you need to write a check for $4,500, but most of your money is tied up in a bond fund whose price per share is $10.23. If you wrote a check off of your bond fund, Vanguard would have to sell exactly 439.883 shares to meet your redemption. What a mess.
With a money market fund at your side, you would simply sell an even number of shares, say 440 or 450, from your bond fund and have the money transferred to your money market account. The bond fund sale is still a taxable transaction, but at least you’ve kept everything to rounded numbers. And you’ve saved yourself some time during tax season.
In response to regulations and rules the SEC introduced in 2016, Vanguard has made Federal Money Market the default redemption fund at Vanguard’s brokerage accounts. So, Vanguard has essentially made this decision for you by dictating that a money market fund be the default check-writing vehicle for its brokerage platform investors. While this avoids the no-no written above of writing checks on bond accounts, you’re going to have to fill out some forms if you want to store your "cash" elsewhere. If you’re like us and have a different preference in cash-like investment vehicles, when you’ll want to find and fill out the "VBA Vanguard Brokerage Account Checkwriting Form" on Vanguard’s website, which will allow Vanguard to enough money in from your other money market fund to cover checks you write on Federal Money Market.
Go for brokerage.
In mid-2014, Vanguard began pushing investors to consolidate their various mutual fund accounts under a single brokerage umbrella (with separate accounts for IRAs, taxable accounts, and so on). There are some potential potholes on the way, but overall it’s a good idea. One quick piece of advice: The one thing you don’t want to do is make changes during the month of December or any other time you are about to receive distributions. When you join The Independent Adviser for Vanguard Investors today, you’ll be able to access the September 2014 issue for more details about this.
Annoyed at Vanguard? Here’s how you get attention fast!
You may never have a problem with a Vanguard account. But the longer your stay with Vanguard—or any investment company—and the more you do business with them, the greater the chances that eventually you’ll run into some difficulty that can only be solved by one-on-one interaction with a senior Vanguard manager. Most times Vanguard’s vice presidents can solve your problems. But there’s nothing more frustrating than thinking you’ve reached a resolution and finding that, well, the problem remains.
In that case, take it right to the top. I suggest you drop Vanguard Chairman William McNabb a letter explaining what went wrong and how you’ve tried to get the problem The Answer Book for Vanguard Investors 3 resolved. Don’t worry, you won’t be wasting Mr. McNabb’s time. He has plenty of help standing by waiting to solve shareholder problems. Over the past few years, I’ve received dozens of letters from Independent Adviser members who have found a nasty problem resolved quickly by writing to the boss.
To get fast and prompt attention write to:
Chairman William McNabb
The Vanguard Group
P.O. Box 876
Valley Forge, PA 19482
Of course, as members of Independent Adviser, you should also bring your problems to our attention. Even though we’re completely independent of Vanguard, we’ve often helped our members straighten out their problems or told them where
they can best seek help. If my staff and I can help, we will.
Get your own Vanguard rep.
Have you ever heard about Vanguard’s Flagship services? Flagship is one of several tiers within Vanguard’s service department designed to provide a higher level of personal service to Vanguard’s wealthier clientele. It takes $1 million held at Vanguard to qualify, but you can add all your accounts together to reach the minimum—including those of family members who reside with you.
As a Flagship investor, you’ll get a personal service representative who is guaranteed to be one of Vanguard’s besttrained, most-senior account specialists to help you with all your Vanguard needs. You’ll also get perks like waived or discounted commissions on trades at Vanguard Brokerage, special online features, and access to closed Vanguard funds. And Flagship clients with $10 million or more, called Flagship Select, get even more freebies.
Another level of service called Voyager does not include personal representatives, but does lift you above the fray— for accounts greater than $50,000. And Voyager Select offers some extra perks for accounts between $500,000 and $1 million. (Note that for both Flagship and Voyager, the dollar amount is subject to change, as are the perks.)
If you think you qualify, call Flagship at 800-345-1344 or Voyager at 800-284-7245. What have you got to lose?
Avoiding an annoying fee.
Vanguard charges a $20 annual maintenance fee for each fund with less than a $10,000 balance. That can add up. But you can avoid it if you qualify for Voyager or Flagship services, or if you choose electronic delivery for all paperwork.
Getting the most from your 401(k).
Smartest fund to own today.
Vanguard’s Health Care fund should be a part of most anyone’s portfolio and is particularly appealing to young investors, including children. My kids own it and plan to keep it for a long while. The fund has earned its keep with a market-beating return since inception. I’m convinced that investing in the health care industry is one of the smartest moves you can make if you are interested in long-term growth.
Growth with mid-caps.
I’ve said this before to Independent Adviser members, and I’ll say it again: If you are looking for a true mid-cap index fund, skip Extended Market Index. MidCap Index, which is a purer
play, is absolutely your best bet.
The indexing fairy tale.
“Once upon a time, the markets went up and up, and investors said index funds were the way to go. And Vanguard Index funds grew very fast, and everyone lived happily ever
I’ll cut the story short here because although indexing has been very beneficial to investors at times, the strategy is not a sure thing and is not as easy to do as it appears. Ever since they came on the scene, I’ve been a vocal champion of some index funds, and Vanguard has some of the best. Unfortunately, many investors are making mistakes when trying to choose the right ones. Indexers are buying funds that they think will totally diversify their portfolio (they don’t), buying index funds with high risks in the belief that all index funds are inherently safe, and buying funds that are not efficiently designed. At The Independent Adviser, our goal is to stop this tale from becoming a nightmare and get back to what indexing—and Vanguard—was meant to be about: making a few good decisions that ensure above-average returns, safety and minimal out-of-pocket expense.
Taxable accounts: Save on taxes by NOT reinvesting your distributions automatically.
Generally, the advice that investors automatically reinvest their income and capital gains distributions is sound, and simple. The trouble is that in taxable accounts, it can lead to a higher tax bill if you’re the kind of investor who also rebalances his portfolio from time to time.
For instance, suppose you had simply reinvested all your distributions in a fund you decided needed to be pared down in size. You’d then have to sell some shares, incurring an additional tax bite. And if you were selling shares out of one of Vanguard’s funds that imposes a back-end load (and there are many of them), you’d pay that penalty, as well.
So, save yourself the taxes and the penalties. Ask Vanguard to have all of your distributions sent directly into your money market fund (you can do this with a phone call, and it’s a free service provided by Vanguard). Of course, you still pay taxes on your distributions whether they’re going into your money market or being reinvested. But now you have the flexibility of moving that extra cash into the funds you’d like to “beef up.”
The other benefit to this little trick is that it will force you, at least once a year, to consider how your money is allocated, and will give you the freedom to make changes as your needs and objectives change.
Traveling? No problem.
No matter what the markets are doing, you can stay on top of my view on investments by checking my weekly Hotline, updated every Thursday on my website. You can have it emailed to you as well. So, no matter where you are, you’re never in the dark on your investments. And don’t forget about the annual Independent Guide to the Vanguard Funds, which gives you all the data on your favorite funds. Best of all, this guide is portable. When you sign up today for two years, the 2019 version (valued at $89.95) is yours free.
Think carefully before you put personal information on the web. During the 1999 and 2000 tax seasons, Intuit’s TurboTax product, accessible for free through Vanguard’s Account Access website, had some glitches. As a result, some investors had access to other people’s accounts. My advice: Use the web to check your portfolio, but be cautious about putting your tax information online. And I’d be equally cautious with services like HelloWallet, which Vanguard started offering to 401(k) participants in 2014. HelloWallet is a competitor to Mint.com, and like Mint it requires that you provide a lot of personal financial information to the company. Personally, I wouldn’t want my data on income, age, and the like tied to my email address. As recent events make abundantly clear, it’s a pretty dangerous world out there on the web.
Peas in a pod.
I’m often asked, when I speak at conferences or even when one-on-one with subscribers, about portfolio diversification. Are there ways to be sure you’re diversified? Is there an optimal diversification? And what about all that data that gets thrown around tying statistics like correlation to diversification of portfolios or funds?
One measure of diversification is correlation, or the degree to which a fund moves in sync with the stock market or another fund. You can find this with our Funds Correlation Tool, available on my website. A high correlation, or r-squared, between funds may mean that your portfolio of funds is not as diverse as you might want it to be. While other tools may compare funds only to the S&P 500 (or 500 Index fund), you can use this tool to determine how closely the performance of one Vanguard stock fund tracks that of any other Vanguard stock fund. (The r-squared defines the percentage of one fund’s performance that is correlated
with the other fund’s performance.)
But correlations are imperfect, because when markets are oving in sync, as they seem to have done in recent years, correlations rise, and it appears that diversification has failed or at least lost its effectiveness. Remember, high correlation doesn’t necessarily mean funds are similar. It means that they are all moving in the same general direction at the same time. So on its own, correlation is not such a great measure of diversification.
What’s the alternative? It’s in the portfolios that we can begin to discern diversification of thought and execution between managers. Even if portfolios may look similar on the surface, their actual portfolio makeup may in fact be very different. For example, the correlation between Capital Opportunity, Selected Value and Dividend Growth, three funds that primarily invest in U.S. companies, is almost guaranteed to be over 90%, yet the funds’ portfolios have been very different, from the size of the median company to the average price-to-earnings ratio or even the industry allocations. A combination of excellent active management, diversification of investment styles and asset classes is what I look for in constructing my Model Portfolios.
And it’s worked: Since their inception in 1991, the Growth, Conservative Growth, and Income Model Portfolios have exhibited high correlation with the stock market. Yet all three have also been less volatile, or risky, than the stock market. And the three have generated strong returns—8.9% per annum for the Income Model to 10.5% for the Conservative Growth Model to 12.2% for the Growth Model, versus the 9.9% annualized gain for 500 Index.
A plan for your heirs.
Did you know that Vanguard offers a free service called Transfer on Death (TOD) Plan? (The service was formerly called the Directed Beneficiary Plan, or DBP.) The plan is worth considering as a sensible way to transfer your mutual fund shares to your heirs at the time of death without establishing a living trust. However, that doesn’t mean living trusts are unnecessary. The plan allows investors to transfer their securities to named beneficiaries—instead of having to go through probate court, which would require more time and money. Note: Shareholders in retirement accounts have always had the privilege of skipping probate court.
Don’t buy just prior to distribution date.
Every quarter I warn investors with taxable accounts to avoid buying a fund just prior to its distribution date. (This does not apply to IRAs.) It’s particularly important in December, given the large distributions many funds make at year-end. Avoid this situation because you don’t want to simply receive your capital back in the form of a taxable distribution that doesn’t increase your wealth. It’s best not to get the distribution now because any money you don’t pay taxes on now will compound with further gains into the future.
Gazing at the stars.
Don’t get caught doing this. Remember that funds rated as “Five-Star” funds right now won’t necessarily be ranked as high five years from now. And some “Two-Star” funds will be rated higher later. For example, Morningstar generously rated Capital Opportunity a “Two-Star” fund at a time when the former manager was under scrutiny for allegedly lying to the SEC. But new management had recently come in, and I upgraded the fund to a Buy rating. It took Morningstar almost 22 months to figure out the change and adjust their ratings. In that time, the fund gained 129.8%.
Hot, hot, hot.
Longtime Independent Adviser members know that our Hot Hands strategy has made us quite a bit of money over the years. “Hot Hands” refers to the idea that if you buy the previous year’s best diversified Vanguard equity fund and hold it for a year, you will beat the market. (Note: There are two distinct Hot Hands strategies we track. One is based on the calendar year ending December 31, and the other is based on the year ending October 31.) For instance, 2016’s calendar-year Hot Hands pick, Capital Value, gained 43.9%—outpacing Total Stock Market Index at 33.3%. Our 2017 pick put up solid numbers, as well, although it didn’t outperform 2017’s gains-every-month market.
Again, this has been a great strategy over the years, but it is not guaranteed to beat the market every year, nor should you put your entire stash into this year’s fund. We announce the calendar-year Hot Hands fund at the beginning of January, and the October Hot Hands fund at the beginning of November. Join today to make sure you find out what the 2019 pick is.
Safety in bonds.
My favorite fund at the short end of the yield curve is Short-Term Investment-Grade (formerly Short-Term Corporate). It’s safe, it produces steady returns, and it offers some diversification. Rather than investing only in Treasury and other government securities, the fund invests in high quality corporate bonds and investment-grade fixed-income securities. The fund also has the option to invest in higher yield, lower-quality bonds, preferreds or convertibles. These “alternative” securities respond to rising or falling interest rates less rapidly than Treasurys, meaning that they rise a bit slower when rates drop and fall a bit less when rates rise, since their excess yields protect investors and prices. Over time, a primarily corporate fund will outperform a Treasury fund, and this one has.
Keep some cash on hand.
Every investor should own a money market fund. Why? First, Vanguard’s money markets are safe, and they simply don’t lose money. Second, you can use one as an alternative to bank savings and checking accounts. Third, money market funds are useful if you use dollar-cost averaging or some other type of systematic investment plan. Your money continues to earn interest, remains safe and can be easily moved into another fund with one phone call to Vanguard. Plus, at distribution time, you can have Vanguard automatically deposit your income and capital gains distributions in your money market fund, allowing you to reallocate the money without having to sell some fund shares to buy others.
The truth about loads.
Contrary to what Vanguard may call them, the front-end and back-end “fees” on investments in some of their funds are indeed loads. How much does a front-end fee cost the typical investor? Consider a $10,000 investment in a fund with a 0.50% front-end load (or “purchase fee”). After the 0.50% fee, your original $10,000 becomes a $9,950 investment. If the fund produces a 9% return over the next 12 months, your account will be worth $10,846. That’s an 8.5% return on your original investment. If the fund earns 9% in the next 12 months, you’ll have $11,822 for a two-year 18.2% return. A third year of 9% gains, and your account is now worth $12,886, for a 28.9% three-year gain. Not bad. But consider that without the front-end load, your account would be worth $12,950, a 29.5% gain. The $65 difference on a $10,000 investment is worth 0.7% over just three years. As Vanguard likes to say, that can really add up over time. Moral of the story: Fees, front-end loads or sales charges–whatever you call them–have the same impact when it comes to your investments.
There’s no such thing as minimum additional investments.
They’re gone. In late December 2014, without any fanfare, Vanguard officially lowered the minimum additional investment on all their funds to $1. So if you’ve wanted to use a systematic investment plan such as dollar-cost averaging or value averaging, there’s now nothing to stop you. Of course, the secret my subscribers knew for years was that even before the official change, you could mail an endorsed check of any size to Vanguard and they’d deposit it.
Tips on getting into a closed fund.
If you are familiar with Vanguard and its funds, you probably know that Vanguard has been known to close some of its funds to new investors without any warning, most notably those run by PRIMECAP Management. Of course, these have been among Vanguard’s top-performing funds for years. While Vanguard could reopen a fund—after months or years—this could mean missing out on huge profits for those new investors who didn’t get in while a fund was open. My members know that there are ways to get into a fund closed to new investors.
First, if you are a Flagship investor, you can open a new account in some closed Vanguard funds. Second, if you know an existing shareholder in a closed fund, he or she may be able to transfer shares into your name. (This can only be done to open taxable accounts, however; IRAs need not apply.) Due to the success of this technique, Vanguard has tried to limit transfers by requiring that you transfer shares totaling at least the minimum investment amount ($3,000 in most cases) before they’ll open an account. No big deal. Hand your friendly shareholder a check for this amount and ask them to invest it in their account. Then they can simply transfer the money (in shares of the closed fund) to you. All you need is to fill out a Change of Ownership form, available directly from Vanguard. Another way into a closed fund: If you’ve ever owned the fund, you may still have an account active in Vanguard’s computer system. Just call and ask. While the account may have a zero balance, if it’s in the system, Vanguard may allow you to move money back into it.
Finally, you may hold the closed fund in your IRA but not in your taxable account. Wouldn’t it be nice to be able to add more into this fund than the annual limit imposed on your IRA? Well, Vanguard might extend the courtesy of opening a taxable account in the fund if you’re already a taxfree investor in the fund. Simply write to:
Office of the Chairman
The Vanguard Group
P.O. Box 876
Valley Forge, PA 19482
Do you know how much your fund could drop?
All funds have a run of bad luck now and then. But most shareholders have no idea just how much they could lose if their fund drops. My simple, easy-to-understand measurement called “maximum cumulative loss,” or MCL for short, tells you just how much risk you could be exposed to in each fund. It measures the largest total loss that a longterm investor would have experienced, how long the fund stayed in its “trough,” and how quickly it reached the loss. Just as important, I also tell you how long it took the fund to recover from its loss and get to breakeven. (By the way, these statistics are printed in my annual Independent Guide to the Vanguard Funds, and I talk about them often in my monthly newsletter as well.)
Armed with these figures, you can tell how much risk you’re taking on by investing in a fund: the greater the loss and the shorter amount of time to reach the loss, the more volatile the fund. That doesn’t mean you should always avoid “risky” funds. Just recognize that they are risky. Sometimes the riskier funds have the greater returns—but you have to know what you’re getting yourself into.
Beware of these risky funds.
Tax strategies for the future.
Investors who’d like to make a New Year’s resolution and put their fund accounting practices onto a low-tax track can make some timely changes before the new year rolls around, and December is often a good time to do it. But this strategy is not for everyone. It does involve some paperwork, and it will probably involve paying some taxes for the current year. On the other hand, once you’ve cleaned up your accounting practices, you’ll be able to minimize your taxes in the years ahead. This strategy is particularly timely for investors who aren’t already sitting on big capital gains in their funds. To wipe the slate clean for next year and beyond, sell your shares in December, then buy shares in another fund similar to the one you were in, or wait 31 days to avoid the wash-sale rule and repurchase the same fund all over again. But you may not want to sell out of a fund if it means incurring huge taxable gains. Only you can decide if the trade-off between paying taxes this year is worth the prospect of lower taxable gains in the future.
If you do bite the bullet this year and pay whatever taxes you owe, you can free yourself up to strategically reduce your taxes in the years ahead through the Specific Identification accounting method. This will pay off particularly nicely for investors who plan to keep at least some money in a fund for many years to come, but who may be adding or withdrawing a portion of their assets from time to time. For instance, you may identify a perfect fund to use as a long-term core holding in your portfolio. You’ll continue to put money into the fund. But from time to time you may need to take some money out of the fund — for instance, to pay for a new car or a new kitchen. Or you may want to shift some money into another fund to diversify. Each time you sell some shares, you’ll incur a tax liability. But through Specific Identification, you’ll be able to reduce your taxes on those sales, leaving more money in the fund to compound out into the future.
Don’t get double taxed.
If you’ve funded your IRA with tax-deductible contributions, when it’s time for you to begin withdrawing, you’ll owe taxes on whatever you take out. But don’t do the same with your annuity! Remember, your annuity is funded with after-tax dollars. Since you’ve already paid taxes on the principal in your annuity, your earnings are the only part of your withdrawal that is taxable. When you begin taking payments, look for the “exclusion ratio.” It will tell you how much of your distribution is principal and how much is earnings. For example, if you have contributed $200,000 to an annuity that is now worth $600,000, you will be responsible for paying taxes on the $400,000 earnings but not on your $200,000 investment. If you are receiving $60,000 every year, and the exclusion ratio tells you that $20,000 is principal, you will only be responsible for paying taxes on $40,000. That’s a big difference.
The simple switch.
Let’s assume you aren’t so thrilled with the fund you currently own. Select a new fund for your money. Then wait. On the day after the newly chosen fund pays out its annual capital gains and/or income distribution (Vanguard reps will have the exact dates each year in November), sell your old fund and buy the new one. That way you’re never out of the market. Of course, subscribers to The Independent Adviser for Vanguard Investors know which funds are the best to own, since they have access to our ratings on every fund under the Vanguard umbrella.
Costly trap for tax-conscious investors.
I’ve said for years that with tax-efficient ETFs available, Vanguard’s high-minimum Tax-Managed funds were redundant. And Vanguard is finally catching up. In the spring of 2014, Tax-Managed Growth and Income folded into 500 Index and Tax-Managed International merged with Developed Markets Index. Now, the remaining Tax-Managed funds’ days appear to be numbered. The only question remaining is: Which funds will they combine with?
For Tax-Managed Capital Appreciation, the first thought would be Russell 1000 ETF, as they both track the same index. The other alternative would be to merge with LargeCap Index. For Tax-Managed SmallCap, the obvious choices would be S&P Small Cap 600 ETF, which tracks the same index, or SmallCap Index. Tax-Managed Balanced could hang on for some time, as its municipal bond holdings make it a bit unique in Vanguard’s lineup. But you can replicate that yourself using Intermediate-Term Tax-Exempt and a stock fund or ETF (e.g., the Russell 1000 ETF).
See for yourself.
Members more than double their profits over ordinary Vanguard investors because I tell them what Vanguard won’t.
The time to join us is today, right now — so you stay out of the losing funds… avoid the not-so-hot managers… keep your money growing at a pace that can set you up for life.
As it stands now, billions of dollars are wasting away in Vanguard funds that don’t stand a snowball’s chance in hell of ever fulfilling their promises. You might own a few yourself. Ever wonder why?
All those doomed dollars makes me wonder why any investor would put money in Vanguard’s worst funds. But, sad to say, people do just that.
Not knowing any better, investors are gobbling up sub-par ETFs as well as doomed mutual funds. It’s almost criminal, but there’s no law against what Vanguard’s doing, or not doing.
I can’t afford to make this generous offer to every investor. So I will pass it along to another if you don’t want it. In addition to the $119 in extra profit per day you get as a member, you also get:
Monthly issues of our members-only advisory, The Independent Adviser for Vanguard Investors, including:
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Lucky you for joining today…
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Don’t expect to read this one in a single seating. It’s a whopper.
Instead, keep it at your side whenever you read my weekly email bulletins — or my more in-depth monthly newsletters.
It’ll fill in any blanks I neglect to include, or clear up any confusion you may have. (Although folks like my easy-to-understand, conversational writing style.)
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Remember, if you have Vanguard as one of your retirement plan options, I am promising to triple your retirement plan returns. And I am promising to do so with a fraction of the investment risk you might be taking now. If I don’t deliver on these promises, then please, take me up on this guarantee.
And please, be sure to enroll before this exceptional introductory offer expires. It may never be presented to you again.
Daniel P. Wiener,
Editor, The Independent Adviser for Vanguard Investors
P.S. Here are some important phone numbers and addresses you’ll want to hang on to:
Fund Family Shareholder Association
9201 Corporate Blvd., Suite 200
Rockville, MD 20850
For changes of address, letters for our special columns or
any correspondence concerning membership in the Fund
Family Shareholder Association.
Vanguard Investor and Client Information
800-662-SHIP (800-662-7447) or
For fund prices, yields, prospectuses, annual reports and
Vanguard Web Technical Support
For help with Vanguard’s website.
Vanguard Retirement Resource Center
800-205-6189 or 800-414-1321
For all information concerning individual retirement
Vanguard Tele-Account Service
For account and fund information by phone.
Vanguard Annuity and Insurance Services
800-522-5555 (new clients)
800-462-2391 (existing clients)
Vanguard Brokerage Services
Vanguard Brokerage Bond Desk
For investors with more than $1,000,000 invested with
Vanguard. Available 8 am to 5 pm ET, Monday through
Friday, and 9 am to 1 pm on Saturday.
For investors with $50,000 to $1,000,000 invested at
Vanguard Telecommunication Device for the Deaf (TDD)
800-749-7273 (Client Services)
800-952-3335 (Investor Information)
800-523-8004 (For 401(k) or 403(b)(7) plans)
Non U.S. callers
Call this number collect if you cannot access a toll-free
800 or 888 number.
The Vanguard Group
P.O. Box 1110
Valley Forge, PA 19482-1110
For correspondence concerning your account, including
questions and requests for adding or deleting account
options or services. Also, for deposits into your account
without using an Invest-By-Mail form, requests to transfer
ownership of your Vanguard account or to transfer
shares in a fund.
The Vanguard Group
P.O. Box 1106
Valley Forge, PA 19482-1106
For transactions and correspondence relating to small
business retirement plans such as SIMPLE IRAs, 403(b)(7)
plans and profit-sharing and money purchase pension
Vanguard Financial Center
455 Devon Park Drive
Wayne, PA 19087-1815
For all correspondence sent by overnight or registered
mail. Most overnight services will not deliver to a Post
Office box, so use this address.
William McNabb — Chairman
The Vanguard Group
P.O. Box 876
Valley Forge, PA 19482
For all correspondence concerning questions, problems
or other issues related to your Vanguard investments.
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