Vanguard Brokerage Services® commission and fee schedules

This commission schedule is effective May 4, 2010, and is subject to change.

Stocks and exchange-traded funds (ETFs) commissions

Assets invested in Vanguard funds and Vanguard ETFs®	Vanguard ETFs¹	Stocks and non-Vanguard ETFs
Less than $50,000 (Standard)²	Free	$7 for the first 25 trades³ $20 for subsequent trades
$50,000–$500,000 (Voyager Services®)	Free	All trades: $7
$500,000–$ 1 million (Voyager Select Services®)	Free	All trades: $2
$1 million plus (Flagship Services™)	Free	Free for first 25 trades³ $2 for subsequent trades

¹ If you buy and sell the same Vanguard ETF in a Vanguard Brokerage account more than 25 times in a 12-month period, you may be restricted from purchasing that Vanguard ETF through your Vanguard Brokerage account for 60 days.

² A $20 account service fee is charged annually. The fee is waived for Voyager, Voyager Select, and Flagship members.

³ The reduced commission or commission-free transactions will apply to the first 25 transactions in each calendar year to any combination of stocks and non-Vanguard ETFs. The number of these transactions is limited to 25 per client, as identified by the primary Social Security number on the account. Vanguard Brokerage reserves the right to end these offers at any time.

Options

Standard, Voyager Services, and Voyager Select Services	Flagship Services
$30 + $1.50 per options contract⁴	$8 + $1.50 per contract^{4, 5}

⁴ For Standard, Voyager, and Voyager Select Services, option exercises and assignments resulting in a stock trade will be subject to a $30 + $0.015 per-share commission. For Flagship Services, option exercises and assignments resulting in a stock trade will be subject to an $8 + $0.015 per-share commission. All option exercises and assignments resulting in a cash settlement are subject to an $8 + $1.50 per-contract commission.
⁵ For Flagship members, options transactions can be included in the offer of 25 commission-free transactions described in footnote 3. Subsequent transactions are at the rates shown in the options fee schedule above.

Note: Options involve risk and aren’t suitable for all investors. Before trading options, you must receive a copy of Characteristics and Risks of Standardized Options issued by The Options Clearing Corporation (OCC). Obtain copies from: your broker; any exchange on which options are traded; the OCC at One North Wacker Drive, Suite 500, Chicago, IL 60606; by calling 888-678-4667 (888-OPTIONS); or online at www.optionsclearing.com. The booklet, intended only for education, describes options, including exchange-traded options issued by the OCC, and no statement should be construed as advice or a recommendation. The Options Industry Council (OIC) also offers tools and balanced education to help you trade and learn about options. Contact them at 888-678-4667 (888-OPTIONS) or www.888options.com.

Bonds and CDs

Vanguard Brokerage Services may act as an agent, executing your order at cost plus a commission, or as a principal adding markups to purchase prices or subtracting markdowns from sales prices. When acting as a principal for a primary market issue, Vanguard Brokerage receives a fee concession from the issuer. If a concession is not available, Vanguard Brokerage reserves the right to charge a commission.⁶

Security type	New issues	Existing issues
U.S. Treasury securities	Online rate for auction orders: Standard : $10; all others: commission-free Associate assistance rate for auction orders: Standard: $25; Voyager and Voyager Select: $15; Flagship: commission-free	Online: Standard, Voyager, and Voyager Select: $0.75 per $1,000 face amount, $40 min.–$75 max.; Flagship: commission-free Associate assistance: Standard, Voyager, and Voyager Select: $1 per $1,000 face amount, $50 min.–$125 max.; Flagship: $20
U.S. government agency securities	Commission-free⁷	See table below.
Mortgage-backed securities	$50 per transaction; GNMA minimum purchase: $25,000	$50 per transaction; GNMA minimum purchase: $25,000
Corporate bonds	Commission-free⁷	Unlisted (over-the-counter): See table below.
Municipal bonds	$50 commission if a fee concession is not available; minimum purchase varies.	See table below.
Certificates of deposit (CDs)	Commission-free⁷	Purchase: See table below. Sale: $35 per transaction
Commercial paper	$50 per transaction; minimum purchase: $100,000	Not available.
Unit investment trusts	Not available.	Sale only: $35 per transaction

Commission per $1,000 face amount for existing issues, where applicable

	Standard, Voyager Services, and Voyager Select Services	Flagship Services
$1,000–$49,999	$5 per $1,000 Minimum: $50	$2 per $1,000 Minimum: $20 Maximum: $250
$50,000 or more	$3 per $1,000 Maximum: $500	$2 per $1,000 Minimum: $20 Maximum: $250

⁶ Bond and CD prices are available at www.vanguard.com and are price indications only. Online prices for all secondary-market bonds and CDs are before commissions.
⁷ Minimum purchase $10,000, subject to dealer minimum.

Mutual funds from other companies: FundAccess®

No-load funds

Security type	Fee type and amount
No-transaction-fee (NTF) funds	Transaction fee	None
	Minimum initial investment	For most funds, $3,000 for non-retirement accounts and $1,000 for IRAs⁹
	Minimum additional investment	$1,000 for any account type
	NTF redemption fee	1% of the proceeds ($50 minimum, $250 maximum), for shares held less than 180 days. The holding period begins on the settlement day—usually the next business day or three business days after the trade date. Whether the NTF redemption fee applies is determined on the trade date of the redemption. The fee is waived for shares transferred from another brokerage firm or financial institution.
	Dollar-cost-averaging transactions	No fee; minimum purchase $100; minimum two transactions
Transaction-fee (TF) funds	Transaction fee	Standard: $35; Voyager® and Voyager Select®: $20; Flagship®, $8⁸. Fees apply per trade—purchases, sales or exchanges—regardless of order size. Purchase fee is added to order cost. Sales fee is subtracted from order proceeds. If you exchange shares of a fund for another fund in the same fund family and share class, the transaction fee will be paid from your money market settlement fund.
	Initial and additional investments	$1,000⁹
	Dollar-cost-averaging transactions	$3 per transaction; minimum purchase $100; minimum two transactions.

⁸ For Flagship members, TF fund transactions can be included in the offer of 25 commission-free transactions described in footnote 3. Subsequent transactions are at the rates shown on the fee schedule for TF funds above.

Load funds

Class A shares	Front-end load (purchase fee): Varies by fund or fund family and may be as high as 5.75%. Discounts (breakpoints): May be available if you make a large purchase, already hold other mutual funds offered by the same fund family (individually or combined with a spouse or other qualifying person), or commit to regularly purchasing the fund’s shares.
Class B shares	Back-end load or contingent deferred sales charge (redemption fee): Decreases to zero over a period of years.
Class C shares	Back-end load or contingent deferred sales charge (redemption fee): Smaller than a Class B redemption fee, it decreases to zero after one year.
All share classes	Sales charges and minimum purchases: The schedule for a specific load fund may vary, perhaps significantly, from the general description shown here. Check a fund’s prospectus for the details. Initial and additional investments $1,000.⁹ Fees: Vanguard Brokerage does not charge additional fees for a purchase, sale, or exchange of any load fund offered through FundAccess. Dollar-cost-averaging transactions: Vanguard Brokerage does not charge a fee, but sales charges imposed by the fund still apply. Minimum transaction $100; minimum two transactions.

⁹ NTF, TF, and load funds are subject to the greater of the FundAccess minimum investment requirements or those identified in the fund's prospectus. Vanguard Brokerage Services may negotiate fund minimum investment requirements that are greater than or less than the program standards noted above.

Note: Individual fund families may impose additional minimums, fees, or charges. For complete information, read the fund prospectus carefully before investing. The offering conditions of the various funds included in the FundAccess program are subject to change at any time, including, but not limited to, fee classification (NTF, TF, or load) and transfer eligibility.

Fees for other services

Fee type	Amount
VanguardAdvantage® Account	Offered to members of Voyager Select ($30, charged annually) and Flagship (free). Insufficient funds: $20. Stop payment: $15. Checkbook reorder: Voyager Select, $9.95; Flagship, free. VanguardAdvantage Billpay® service: Voyager Select, $4.95 per month; Flagship, free. Possible fees at automated teller machines not affiliated with PNC Bank.
Foreign securities transactions	$50 processing fee for non-DTC eligible securities (not applicable to American Depositary Receipts) plus commission. If a trade executes over multiple days, the fee plus commission will be charged for each day on which an execution occurs. Additional fees may apply for trades executed directly on local markets.
American Depositary Receipt (ADR) fees	Banks that custody ADRs are permitted to charge ADR holders certain fees, which are detailed in the ADR prospectuses. "Pass through" ADR fees are collected from Vanguard Brokerage Services by the Depository Trust Company (DTC) and will be automatically deducted from your brokerage account and shown on your account statement. Other fees, including dividend processing fees, may be withheld by the DTC from the amount paid by the issuer.
Wire transfers	Vanguard does not charge a fee to wire money to your bank. However, your bank may charge for receiving wires from your brokerage account or settlement fund.
Miscellaneous fees	Other securities transactions or maintenance fees may apply. Call us for additional information.

You may receive a discount from standard commissions and fees if you are an enrolled member in Vanguard Voyager®, Voyager Select®, or Flagship® Services.* Other discounts and fee waivers from standard commissions may be available. A separate commission schedule may apply to certain Vanguard Flagship Services members.

Invest now

: Open a brokerage account online
: Transfer securities to Vanguard

Have questions?

: Call us at
800-992-8327.
: Brokerage FAQs
: E-mail us

* Membership is based on total household assets held at Vanguard, with a minimum of $50,000 to qualify for Vanguard Voyager Services, $500,000 for Vanguard Voyager Select Services, and $1 million for Vanguard Flagship Services. We determine membership by aggregating assets of all eligible accounts held by the investor and his or her immediate family members who reside at the same address, including investments in Vanguard mutual funds, Vanguard ETFs®, annuities through Vanguard, The Vanguard 529 Plan, and certain small-business accounts. Assets in employer-sponsored retirement plans for which Vanguard provides recordkeeping services may be included in determining eligibility if the investor also has a personal account holding Vanguard mutual funds. Note that assets held in a Vanguard Brokerage Services account (other than Vanguard ETFs) aren't included when determining a household's eligibility.

Note: We can't accept written instructions for trades. A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions. In addition, a separate commission is charged for each order placed for the same security on the same side of the market (buying or selling) on the same day. Orders that are changed by the client and execute in multiple trades on the same day are charged separate commissions.

You must buy and sell Vanguard ETF Shares through a broker like Vanguard Brokerage Services (we offer them commission free) or through another broker (you may incur commissions). Vanguard ETFs are not redeemable directly with an applicant fund other than in creation unit aggregations. Like stocks, ETFs are subject to market volatility, so you could pay more than net asset value when buying and receive less than net asset value when selling any ETF.

For more information about Vanguard funds and funds from other companies offered through Vanguard Brokerage Services, visit www.vanguard.com, or call 800-992-8327, to obtain a prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

All investments are subject to risk.

Investments in bond funds are subject to interest rate, credit, and inflation risk.

Note on account protection: Securities in your brokerage account are held in custody by Vanguard Brokerages Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC. Account protection information.


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