(Bloomberg) -- The Vanguard Group had its first monthly redemptions in almost 20 years in June as investors sold bond funds in anticipation of the Federal Reserve scaling back its asset purchases.

Vanguard saw net withdrawals of $100 million from mutual funds and exchange-traded funds for the month, the first since December 1994, John Woerth, a spokesman for the Valley Forge, Pennsylvania-based firm, wrote in an e-mailed statement. Investors pulled $9.7 billion from the company’s bond offerings, while adding to stock funds and money-market products.

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