Vanguard Group has modified its policy on index-fund share exchanges to permit telephone and online exchanges. Limits remain and not all Vanguard funds are included but shareholders will have more flexibility than in the past.

Formerly, shareholders could only request exchanges in non-retirement accounts in writing. Now, they can request exchanges by phone or online, except between 2:30 p.m. and 4:00 p.m. Eastern time on business days. A limit of two such exchanges out of a fund in a rolling 12-month period will be in effect and written exchange requests may be denied if they are deemed excessive. There will be no limit on the number of exchanges into a fund, the company said in a statement.

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