Vanguard recently published a piece entitled, "The buck stops here: Vanguard money market funds". It says, "There's been a good deal of discussion about money market funds among policymakers, pundits, and investors during the past several years, and the Securities and Exchange Commission has been considering additional changes to its money market regulations since 2010. However, on August 22, it was reported that the SEC is unlikely to move forward with those proposals at the current time. Regardless of any possible regulatory changes, Vanguard is fully confident in the stability and liquidity of our money market funds. In this commentary, we outline the principles underlying the management of Vanguard money market funds and explain why our confidence in these funds is undiminished.... Low expense ratios, high standards for managing credit, expert credit analysis, conservative fund management, and guarding against disruptive redemption activity are central to Vanguard's approach to money market funds. The SEC's amendments in 2010 to Rule 2a-7 are consistent with how Vanguard has managed its money market funds for many years. Our practices enhanced our ability to manage our taxable and tax-exempt money market funds during the financial crisis. We believe our consistent focus on maintaining these core principles continues to make Vanguard money market funds a high-quality and liquid investment for our clients."

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