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Vanguard - How to use your Vanguard accounts
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Does diversification lower my risk?

Diversification—investing in stocks, bonds, and short-term reserves—can lower your risk because you're spreading your money across the three asset classes.

The returns from these three types of investments usually don't rise or fall at the same time. When returns for one asset class fall, those of another may rise.

So by diversifying your investments, you're taking advantage of one of the basic principles of investing—simply by not putting all your eggs in one basket.

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What are Vanguard Admiral™ Shares?

Admiral Shares are a separate share class of Vanguard mutual funds that were created to recognize and encourage the cost savings that result from large investment accounts. Those savings are then passed on to the shareholders who own them.

On average, Admiral Shares expense ratios are 20% lower than our standard Investor Share class and 86% lower than the industry average.* Over time, these savings could be significant.

More than 60 Vanguard funds offer Admiral Shares. To qualify, you must meet a minimum investment of:

$10,000 or more in an index fund that offers Admiral Shares.
$50,000 or more in an actively managed fund that offers Admiral Shares.
$100,000 or more in certain sector index funds and tax-managed funds that offer Admiral Shares.

*Vanguard Admiral Shares fund expense ratio 0.15%, industry average 1.11% as of December 31, 2012. Sources: Lipper, a Thomson Reuters Company, and Vanguard.

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How do mutual fund investors make money?

When you invest in stock and bond mutual funds, you can make money in three ways:

Income returns. A fund must pay its investors the net bond interest or stock dividends the fund receives.
Capital gains. When a fund’s profits from selling stocks or bonds are greater than its losses from selling securities, it must distribute the net profits to investors.
Capital gains when you sell fund shares. A fund’s share price fluctuates with changes in the value of the stocks or bonds held by the fund. You can make money by selling fund shares for a higher price than you paid for them.

Money market funds provide dividends. Because they seek to maintain a stable net asset value of $1 a share, they shouldn't have capital gains or losses.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such a fund.

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Load/No-load fund

Load funds charge a sales fee, or load. No-load funds, such as Vanguard funds, don't charge a sales fee.

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Index/Active fund

Index funds seek to track the performance of a target market index by buying and holding all, or a representative sample, of the securities in the index. Active funds try to outperform similar funds or market benchmarks. Active fund managers use research, forecasts, and their own experience to buy and sell securities.

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Total return

Total return is the percentage increase or decrease in the value of an investment over a specific period of time. It includes investment income and changes in the investment's market value. Calculations of total return assume that income and capital gains distributions are reinvested in the fund.

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How can I check the status of my trade?

For trades executed that day, open orders, or pending orders

Log on to your account at vanguard.com, and follow any of these instructions:

From the My Accounts dropdown, select Order status and then choose an account, if you have more than one. Your orders will display in the "Status" column.
From the My Accounts Overview, select an account and then Order status under the account name.
From the My Accounts dropdown, select Balances & holdings, and then scroll to an account name and choose Order status.

For executed orders

Log on to your account at vanguard.com, and follow any of these instructions:

From the My Accounts dropdown, select Transaction history and then choose an account, if you have more than one. Your executed orders will display in the "Transaction type" column.
From the My Accounts Overview, select an account and then Transaction history under the account name. Your executed orders will display in the "Transaction type" column.
From the My Accounts dropdown, select Balances & holdings, scroll to an account and choose Transaction history.
From the My Accounts dropdown, select any of the links in the second grouping and then select the Confirmations tab.

You can also view images of executed orders in the confirmations area. From the My Accounts dropdown, select any of the links in the second grouping and then the Confirmations tab.

For expired orders

Log on to your account at vanguard.com, and follow any of the instructions under "Executed orders" above. Your expired orders will appear after 4:15 p.m., Eastern time.

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How do I pay for or get paid for my trades?

Your brokerage transactions involve the movement, or "sweep," of assets into and out of your Vanguard money market settlement fund.

When your trades are executed, the proceeds from a sale or the money you owe for a purchase of a security will be reflected as a net credit (for a sale) or net debit (for a buy) until the close of business on your trade's settlement date. On that date, we'll automatically move money from or to your money market settlement fund to settle your trade.

If you plan to pay for a purchase using assets held in another Vanguard fund, you must initiate the exchange into your settlement fund by 4 p.m., Eastern time, on the business day before the settlement date.

Most stock and ETF trades settle in three business days. For mutual funds from other companies that are offered through FundAccess®, settlement varies depending on the fund family. You can view details of your trades by clicking Order status in your account.

Check our commission schedule for more information on costs and fees.

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How do I change or cancel a trade?

If a trade hasn't been executed, you may be able to change or cancel it:

By calling an investment professional at 800-992-8327 on business days from 8 a.m. to
10 p.m. or on Saturdays from 9 a.m. to 4 p.m., Eastern time.
By logging on to your account on vanguard.com and following these steps:
1.
From the My Accounts dropdown, select Balances & holdings.
2.
Scroll to your brokerage account and select Order status. To see your options, choose the order date next to the order you want to change or cancel.
3.
After making your changes, you'll see a message that your request has been received.
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Bid/Ask

These terms refer to prices for securities—how much someone is willing to pay for (bid) and how much someone is willing to sell for (ask). The term bid/ask spread refers to the difference between the highest buyer's price (best bid) and the lowest seller's price (best ask).

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Day/GTC orders

These terms refer to the duration of an order. A day order is an order to buy or sell securities that, unless executed or canceled, will expire automatically at the end of the trading day on which you place the order. All orders are day orders unless otherwise specified.

A good-till-canceled (GTC) order is an order to buy or sell securities that remains open for 60 days after the business day on which the order was placed or until the order is executed or canceled. If the expiration date falls on a weekend or a holiday, the order will be canceled before the market opens on the next business day.

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Market/Limit orders

A market order is an order to buy or sell a security at the best available price. It generally executes immediately. A limit order is an order to buy or sell a security at a specified price or better. This order may or may not execute, depending on market prices.

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Can anyone trade options at Vanguard?

To buy and sell options on underlying financial instruments that trade on major U.S. exchanges, you must have a Vanguard Brokerage Account, complete an options application (See "How do I trade options at Vanguard?"), and be preapproved by Vanguard Brokerage to trade options in that account.

Our investment professionals are available to answer your questions at 800-992-8327 on business days from 8 a.m. to 10 p.m. and on Saturdays from 9 a.m. to 4 p.m., Eastern time.

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What are the risks of options trading?

Options are complex investments and aren't suitable for every investor. There are several types of options strategies, each with unique risks.

Keep these points in mind when trading options:

You should consider whether options fit with your investment goals, risk tolerance, and objectives.
You could see significant gains—or lose your entire investment—in a relatively short time.
You should consult a professional tax advisor to discuss how options strategies may impact your tax situation.
Before you begin trading, we recommend that you read the brochure Characteristics and Risks of Standardized Options. We'll send you a copy if your option application is approved.
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How do I trade options at Vanguard?

To trade options at Vanguard, you'll need to complete and submit a Vanguard Brokerage Option Application, one for each brokerage account that you intend to use for options trading. If you don't already have a Vanguard Brokerage Account, you'll also need to open an account.

Getting approval

When reviewing your application, we'll consider your account type and the information you provide about your finances, trading experience, and investment objectives. We'll mail you a notice of your approval or denial.

We have four levels of options approval:

Level 1. Write covered calls, purchase protective puts, and write covered puts. (Margin approval is required to write covered puts.)
Level 2. Purchase calls and puts. Write cash-secured puts. (Includes Level 1.)
Level 3. Trade equity and index spreads. (Includes Levels 1 and 2.)*
Level 4. Write uncovered (naked) puts, which can expose you to significant loss. (Includes Levels 1, 2, and 3.)*

*You must complete a Margin Account Application to be considered for these trading levels. Some transactions are available only through an investment professional. Call 800-992-8327.

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Call options

A call option gives the owner the right to buy a stock or an index at a specified price by a certain date.

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Put options

A put option gives the owner the right to sell a stock or an index at a specified price by a certain date.

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Options contract

Just as stocks trade as shares, options trade as contracts, where one contract generally covers 100 shares of the underlying security.

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What is FundAccess?

FundAccess® lets you invest in a wide range of mutual funds from other companies, all through the same Vanguard Brokerage Account that you use to buy Vanguard ETFs®, stocks, bonds, options, and ETFs from other companies.

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Can I transact on load funds in a Vanguard Brokerage Account?

Load funds can be sold online at vanguard.com but can only be bought or exchanged for another load fund through the FundAccess® trade desk. Most load funds can be transferred into your Vanguard Brokerage Account. Please check the fund's profile in the Funds, Stocks & ETFs area of vanguard.com to verify whether we can hold a particular load fund.

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Can I cancel a FundAccess order?

We'll do our best to cancel a trade upon request, but we can't guarantee that a given trade can be canceled. To request the cancellation of a FundAccess® trade, please call 877-992-8327 on business days from 8 a.m. to 8 p.m., Eastern time.

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Fund family

A fund family is a group of mutual funds sponsored by the same organization, often offering exchange privileges between funds.

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Ex-dividend date

The ex-dividend date is the date when a security's share price typically drops by the amount of any distribution of dividends and/or capital gains. Market fluctuations may have additional impact on the price.

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Fractional shares

Fractional shares are partial shares you may hold in an investment. For mutual funds, fractional shares result when a new purchase or dividend reinvestment amount is not evenly divisible by the share price amount. For stocks, fractional shares can result from a dividend reinvestment, a stock split, or other corporate action.

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What fixed income securities can I trade online?

Brokerage clients can trade almost all fixed income securities online. Through vanguard.com, you can:

Research bond offerings.
Place U.S. Treasury auction and secondary-market U.S. Treasury orders.
Buy new-issue CDs, corporate bonds, and U.S. agency bonds.
Buy or sell secondary-market CDs, corporate bonds, U.S. agency bonds, and municipal bonds.

To place orders online:

1.
Log on to your account at vanguard.com.
2.
From the Funds, Stocks & ETFs dropdown, select Stocks, bonds & CDs.
3.
Select Buy bonds and CDs.
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What types of fixed income securities does Vanguard offer?

You can choose from a wide variety of:

Municipal and corporate bonds.
U.S. Treasury bonds, bills, notes, STRIPS (Separate Trading of Registered Interest and Principal of Securities), and TIPS (Treasury Inflation-Protected Securities).
Government agency bonds, including GNMA (Government National Mortgage Association) issues.
CDs.

We only offer securities denominated in U.S. dollars. Securities denominated in foreign currencies, U.S. savings bonds, Israeli bonds, and church bonds aren't available.

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What type of bond investing is right for me?

Vanguard offers two ways to invest in bonds—Vanguard bond mutual funds and individual bonds.

Bond mutual funds

Investing in bond funds offers these advantages:

Diversification. You can invest in a broad range of segments and maturities across the fixed income market.
Professionally managed. You can invest in a bond portfolio managed by professional advisors.
Liquidity. You can sell your shares at any time at the fund value.

Individual bonds

Investing in individual bonds offers these advantages:

Investment goals. You invest assets to meet a future spending need within a specified time frame.
Flexibility. You like to research bonds on your own and find bonds with specific criteria, such as credit quality, state exposure, and maturity.
Self-managed. You want to research bonds and work with a fixed income specialist to implement your purchase.

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

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Yield to maturity

The rate of return an investor would receive if a security is held to its maturity date.

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Interest rate risk

All bond and CD prices can rise or fall depending on interest rates. Interest rate changes generally have a greater effect on long-term bond and CD prices.

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Face amount/par value

A bond's face amount ($1,000 for a typical corporate bond; government bonds are often higher) is the amount the issuer must repay when the bond reaches maturity.

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What's a settlement fund?

A settlement fund is a money market fund that's used to pay for and receive proceeds from brokerage transactions.

If your settlement fund is in a mutual fund account linked to your brokerage account, the accounts work together to complete transactions. Money moves or "sweeps" between the two accounts.

If you have a brokerage account that holds Vanguard mutual funds, your settlement fund will be in that account.

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What choices do I have for my settlement fund?

You have two choices for your money market settlement fund—Vanguard Prime Money Market Fund or Vanguard Tax-Exempt Money Market Fund.

Money market funds provide only dividend income. Because they seek to maintain a stable net asset value of $1 a share, they shouldn't have capital gains or losses.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such funds.

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Where can I find information about my settlement fund?

For Vanguard Brokerage Accounts that hold Vanguard mutual funds. When you log on to your account, your Balances and holdings page will offer details about your settlement fund, including credits and debits, funds available to trade, and funds available to withdraw.

For brokerage accounts that don't hold Vanguard mutual funds. When you log on to your account, your Balances and holdings page will show your settlement fund in a linked mutual fund account. Select the settlement fund to find out details about this holding.

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Total credits/debits

A credit or debit will appear in your brokerage account when a transaction is pending. If you're owed money—for example, from the sale of a security or receipt of a dividend—you'll see a credit. If you owe money—for example, you've bought securities that haven't settled yet or an account-level fee is pending—you'll see a debit.

Generally, the day after the transaction settles, the credit or debit amount will be zero, as a result of a "sweep" to or from your money market settlement fund. If you have multiple pending transactions, the credit or debit amount reflects the net result of all of those transactions.

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Funds available to trade

Funds available to trade is the amount of money available in your account, consisting of your money market settlement fund balance, pending credits or debits, and margin cash available, if applicable.

The figure is adjusted for any open market orders to purchase stocks or ETFs or to purchase Vanguard or FundAccess® mutual funds. Money recently added to your account by check or electronic bank transfer may not be available to purchase certain securities or to withdraw from the account.

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Funds available to withdraw

Funds available to withdraw is the amount of money available in your account, consisting of your money market settlement fund balance and your settled credits or debits.

The figure is adjusted for any open market orders to purchase stocks or ETFs or to purchase Vanguard or FundAccess® mutual funds. Money recently added to your account by check or electronic bank transfer may not be available to withdraw from the account.

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How far back can I find my transaction history online?

If you need to see a transaction you made years ago, your transaction history allows you to filter your account information and see transactions back to 1993 for Vanguard mutual funds and 1998 for brokerage holdings.

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How can I see which services I've signed up for?

Log on to your account and choose the My Accounts dropdown at the top of the screen and then select Account maintenance. Any services you've enrolled in will appear as "Active." Other links on the page will allow you to update your personal information, security profile, mailing preferences, and more.

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What is Portfolio Watch?

Vanguard Portfolio Watch® is an online tool that helps you analyze and manage the investments you hold with us. Portfolio Watch analyzes your asset allocation, stock and bond allocations, investment costs, taxes, and manager risk. It can analyze all of your accounts—or just certain ones, such as your retirement accounts.

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Signature guarantee

A signature guarantee is a way to authenticate a signature, using a stamp, seal, or written confirmation by a bank or member of a domestic stock exchange (or other acceptable guarantor). A notary public cannot provide a signature guarantee. A signature guarantee is commonly required to transfer or redeem shares or change the ownership of an account.

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Consolidated View

Consolidated View® is a feature of vanguard.com that allows clients to view information on many of their banking, investment, and credit card accounts online—including accounts held at companies other than Vanguard.

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Personal performance

Personal performance shows you the returns you're receiving on your investments. It's based on the performance of your investments and on the timing and amount of your purchases and redemptions. Your personal performance may differ—perhaps greatly—from the performance of the investments themselves.

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What types of accounts can I transfer online?

You can transfer the following types of accounts online from another institution to Vanguard: traditional, Roth, SEP-, and rollover IRAs, and individual, joint, and Uniform Gifts/Transfers to Minors Act (UGMA/UTMA) accounts. To transfer trusts and organizations, go to the Forms area for the appropriate form.

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What are my investment choices?

Vanguard offers a variety of investments depending on the type of account you open, including Vanguard mutual funds and ETFs, funds and ETFs from other companies, as well as stocks, bonds, and certificates of deposit (CDs).

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What if I want to keep the investments I have?

When you transfer assets to Vanguard from another institution, you can keep the investments you have. See the In-kind transfer key term.

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In-kind transfer

An in-kind transfer is the transfer of most types of retirement and nonretirement assets from another financial firm to your Vanguard Brokerage Account. It also means the transfer to a Vanguard account of Vanguard mutual funds currently held at another institution.

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Money market settlement fund

A money market settlement fund is used to pay for and receive proceeds from trades.

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Reinvested dividends

Reinvested dividends are dividends paid from a mutual fund or stock that are used to buy additional shares of the mutual fund or stock. Many mutual fund companies and brokerage firms offer the automatic reinvestment of dividends as a service to investors.

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Where can I find tax information for my accounts?

There are two ways to locate your tax information after you log on to your account at vanguard.com:

From the My Accounts dropdown, select Tax Center.
From the My Accounts dropdown, choose Statements and then select the Tax forms link on the right side of the page.
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How can I find out if my order executed?

Log on to your account at vanguard.com and from the My Accounts dropdown, select Order status and then choose an account, if you have more than one.

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Where can I find cost basis information for my accounts?

There are two ways to locate your cost basis information after you log on to your account at vanguard.com:

From the My Accounts dropdown, select Cost basis and then choose an account, if you have more than one.
From the My Accounts dropdown, select Order status, Transaction history, or Statements.
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Order status

Order status gives you details on whether the orders you've placed for mutual funds and securities have executed or are still open.

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Confirmations

A confirmation is a document that gives the client details of activity on the client's account. We send two types of confirmations—account maintenance for changes to your account information, such as your personal profile, and account transactions, including purchases and sales.

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Statements

A statement details all of the activity in your account for a specific month, quarter, or year.

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How do I change my personal information?

Log on to your account at vanguard.com and from the My Accounts dropdown, select Account maintenance. From that page, you can view and change your home address, e-mail address, beneficiaries, and banking information. You can also update your personal profile, which includes your percentage of total assets at Vanguard and your investment goals. Note that some changes, such as an address change, will result in a temporary hold on the account.

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How do I change my mailing preferences?

Log on to your account at vanguard.com and from the My Accounts dropdown, select Account maintenance.

Under "Mailing preferences," select E-delivery settings to change how you receive statements, reports, and brokerage trade confirmations.

For brokerage accounts, under "Mailing preferences," select E-delivery settings and then choose E-delivery of Vanguard ETF and brokerage fund reports, prospectuses, and proxies to receive these shareholder communications online.

Your selections will be valid for any accounts for which you're listed as the primary holder or any accounts for which you act as custodian, such as those established through the Uniform Gifts/Transfers to Minors Act.

You can choose to view your documents online any time. If you select e-delivery, we'll send you an e-mail letting you know when the documents are available online.

From the Account maintenance page, you can also add or change e-mail newsletter subscriptions using the links under "Newsletters and alerts."

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How do I add, remove, or change Vanguard account owners?

Let our easy-to-use online tool guide you through the steps to change ownership of your Vanguard accounts. Certain changes may require written documentation or a signature guarantee.

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Beneficiaries

A beneficiary is the person or entity you designate to receive the proceeds of your retirement plan, investment account, annuity contract, or insurance policy in the event of your death. For 529 college savings accounts, the beneficiary is the student whose education expenses will be paid with the money from that account.

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Cost basis method

Your cost basis is the original cost of an investment (adjusted for commissions or return of capital). Your cost basis is subtracted from the sales proceeds, less fees and commissions, to determine whether any capital gain or loss is realized on the sale. There are three methods used to calculate cost basis—average cost, specific identification, and first in, first out. Vanguard's default method is average cost for mutual funds and first in, first out for all other holdings.

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Required minimum distribution

Your required minimum distribution (RMD) is the amount of money you must withdraw from your IRA and/or employer-sponsored retirement plan accounts under federal tax law starting at age 70½ (or after inheriting an account). If you withdraw less than the required amount, you may owe a 50% federal penalty tax on the difference.

How to use your Vanguard accounts

Place a trade, check your personal performance, connect your bank to your Vanguard mutual fund or brokerage accounts—these tips show you how to do business with us online.

Trading

Vanguard mutual funds
Vanguard Funds
A

Simple layout. All the information you need to buy, sell, or exchange Vanguard funds is on this transaction page. Roll over any underlined funds to learn about trading restrictions.

C

Fund selection. Once you choose an account, you'll see the funds you own in that account. (Retirement accounts will also show your year-to-date contributions.) Select one or more funds or buy a new fund.

B

Account choice. The first step to making a trade is to choose an account, if you have more than one. Click the account to view its details.

D

Money movement. Choose how you want to make your purchase, or where you want proceeds from your sale or exchange to go, from the selections in the dropdown.

How to get here

Log on to your account at vanguard.com, and follow either of these instructions:

From the My Accounts Overview, select the Buy & Sell tab and then choose one of the links under the "Vanguard mutual funds" heading.

From the My Accounts dropdown, select Balances & holdings, and then choose Buy and sell under an account name, or select
Buy | Sell | Exchange next to an investment you own.

All investing is subject to risk, including the possible loss of the money you invest.
Diversification does not ensure a profit or protect against a loss.

Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC.

Stocks and ETFs
Stocks and ETFs
A

Order entry. All the information you need to place an ETF or stock trade is in an easy-to-follow sequence on the left side of this transaction page. If you need help, roll over the underlined words for an explanation of specific topics, such as order type and duration.

C

More trading help. Use these links if you want a step-by-step guide to brokerage trading, an explanation of common investment terms, or information on additional education topics.

B

Get a quote. Enter the symbol for the security you want to trade, and the security's price and market activity will display on the right side of the page. You can also look up a security's symbol, get a detailed quote, and find out how to read a quote.

D

Account information. Check out this section to view existing holdings, available balances, and any orders you have pending.

How to get here

Log on to your account at vanguard.com, and follow either of these instructions:

From the My Accounts Overview, select the Buy & Sell tab.

From the My Accounts dropdown, select Balances & holdings, choose Buy and sell under an account name or Buy | Sell next to an investment you own.

All investing is subject to risk, including the possible loss of the money you invest.

Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC.

Options
Options
A

Simple layout. All the information you need to trade options* is on this transaction page. If you need help, roll over any underlined words for an explanation of specific topics.

C

More options trading help. Use this link if you want details about options and trading policies, the risks of options, options symbols, and general options education.

B

Placing a trade. Enter the information requested for the security on which you want to place an options order. Conveniently located tools and links allow you to compare prices and look up a symbol, index, expiration date, strike price, and more.

D

Account information. Check out this section to view existing holdings, available balances, and any orders you have pending.

How to get here

Log on to your account at vanguard.com, and from the My Accounts dropdown, select Balances & holdings. Choose Buy and sell under your brokerage account registration and then Trade options.

*Options are a leveraged investment and aren't suitable for every investor. Options involve risk, including the possibility that you could lose more money than you invest. Before buying or selling options, you must receive a copy of Characteristics and Risks of Standardized Options issued by OCC. A copy of this booklet is available at theocc.com. It may also be obtained from your broker or exchange on which options are traded, or by contacting OCC at One North Wacker Drive, Suite 500, Chicago, IL 60606 (888-678-4667 or 888-OPTIONS). The booklet contains information on options issued by OCC. It's intended for educational purposes. No statement in the booklet should be construed as a recommendation to buy or sell a security or to provide investment advice. Call The Options Industry Council (OIC) helpline at 888-OPTIONS or visit optionseducation.org for more information. The OIC can provide you with balanced options education and tools to assist you with your options questions and trading.

All investing is subject to risk, including the possible loss of the money you invest.

Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC.

Mutual funds from other companies
Non Vanguard Funds
A

Simple layout. All the information you need to transact on mutual funds from other fund families is on this trading page in an easy-to-follow format.

C

Transaction details. Estimates of the transaction you've entered will display, including any fees charged by Vanguard, along with information on the funds you have available to trade, holdings, and orders.

B

Placing a trade. Enter the information requested to buy, sell, or exchange a fund from another fund family.

D

Account information. Check out this section to view existing holdings, available balances, and any orders you have pending.

How to get here

Log on to your account at vanguard.com, and follow either of these instructions:

From the My Accounts Overview, select the Buy & Sell tab and then choose Trade non-Vanguard funds via FundAccess®.

From the Funds, Stocks & ETFs dropdown, select Other fund families and then follow the instructions on the page.

All investing is subject to risk, including the possible loss of the money you invest.

Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC.

Bonds and CDs
Bonds
A

Account information. Click the links to view your bond and certificate of deposit (CD) holdings and to access educational information, our commission schedule, and a bond calculator to help with your bond investments.

C

Find bonds and CDs. Select the type of security you're interested in and use our search tools to conduct a basic or advanced search.

B

Quick search. Get a snapshot of available CDs, and U.S. Treasury, agency, municipal, and corporate bonds by maturity and yield.

D

Search by CUSIP. Go directly to a specific bond or CD by entering its CUSIP number.

How to get here

Log on to your account at vanguard.com, and follow either of these instructions:

From the My Accounts Overview, click the Buy & Sell tab and then select Trade bonds or CDs.

From the Funds, Stocks & ETFs dropdown, select Stocks, bonds & CDs and then select Buy bonds and CDs.

All investing is subject to risk, including the possible loss of the money you invest. Bonds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments.

All brokered CDs may fluctuate in value between purchase date and maturity date. CDs may be sold on the secondary market, which may be limited, prior to maturity subject to market conditions. Any CD sold prior to maturity may be subject to a substantial gain or loss. Vanguard Brokerage does not make a market in brokered CDs. The original face amount of the purchase is not guaranteed if the position is sold prior to maturity. CDs are subject to availability. All CDs are federally insured up to $250,000 per depositor per bank. In determining the applicable insurance limits, the FDIC aggregates accounts held at the issuer, including those held through different broker-dealers or other intermediaries. For additional details regarding coverage eligibility, visit fdic.gov. Vanguard Brokerage imposes a $10,000 minimum for CDs purchased through Vanguard Brokerage. Yields are calculated as simple interest, not compounded. Brokered CDs do not need to be held to maturity, charge no penalties for redemption, and have limited liquidity in a secondary market. If a CD has a step-rate, the interest rate of the CD may be higher or lower than prevailing market rates. Step-rate CDs are subject to secondary market risk and often will include a call provision by the issuer that would subject the investor to reinvestment risk. The initial rate of a step-rate CD cannot be used to calculate the yield to maturity. If a CD has a call provision, the issuer has sole discretion whether to call the CD. If an issuer calls a CD, there is a risk to the investor that the investor will be forced to reinvest at a less favorable interest rate. Vanguard Brokerage makes no judgment as to the creditworthiness of the issuing institution and does not recommend or endorse CDs in any way.

Vanguard Brokerage Services (VBS) has provided availability to the alternative trading systems operated by Tradeweb Markets LLC ("Tradeweb") and to other content provided by Tradeweb. Tradeweb provides access to certain municipal bond information from DPC DATA. Tradeweb and DPC DATA are third parties and are not affiliated with VBS. While VBS provides access to Tradeweb's alternative trading systems, VBS has no control over actions taken by Tradeweb.

All content with the exception of new issue municipal content is provided by Tradeweb and DPC DATA. VBS is not responsible for the accuracy of this data. New issue municipal content on the Tradeweb pages is provided by VBS. Tradeweb disclosure

Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC.

Managing

Settlement fund

For Vanguard Brokerage Accounts that hold Vanguard mutual funds. (Note: For brokerage accounts that don't hold Vanguard mutual funds, the settlement fund is held in a separate mutual fund account.)

Settlement Fund
A

Convenient links. Use these links to check the status of orders you've placed, view your transaction history and cost basis information, buy and sell investments, and more.

C

Funds available to trade. How much money you have available for trading in your account is displayed next to your fund information.

B

Settlement fund details. See the details of your settlement fund and roll over any underlined words or click the links for a detailed explanation.

D

Account information. Check out this section to see other investments you have in your account, including the details and balances of each.

How to get here

Log on to your account at vanguard.com, and follow either of these instructions:

From the My Accounts dropdown, select Balances & holdings and then scroll to the account you want to access.

From the My Accounts Overview, select the account you want to access.

All investing is subject to risk, including the possible loss of the money you invest.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such a fund.

Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC.

Finding account information
Finding Information
A

Account overview. Get quick access to your account details, including your current holdings and orders, and an overview featuring your asset mix, personal performance, recent transactions, and more.

C

Tax center. Obtain all the data and information you need to file your federal and state tax returns. You can access your forms, state- and fund-specific information, and a wealth of reference information.

B

Personal performance. Find out how your investments are doing—for a specific account or all of your accounts combined. View the results in a chart or table where you can customize time frames.

D

Account maintenance. View all the account services we offer to help you make the most of your Vanguard accounts, and check the message center for notices of statements, transaction confirmations, and other notifications from Vanguard.

How to get here

Log on to vanguard.com, and select any of the links within the My Accounts dropdown.

All investing is subject to risk, including the possible loss of the money you invest.

Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC.

Transferring assets
Transferring Money
A

Account information. You'll need some information handy to complete this simple online transfer process, which takes about 10 to 15 minutes. Start with information on the institution or broker that holds your assets, how much you want to transfer, and what types of investments you're transferring.

C

Personal information. Fill out the requested information, such as your birth date and Social Security number, or confirm any information that we've been able to prefill.

B

Investment choices. When transferring to Vanguard, you can keep your current investments or choose from a variety of products, including Vanguard mutual funds and ETFs, funds and ETFs from other companies, and more.

D

Review your information. The last step is to double-check all the information you've provided. You'll also print any forms, if applicable.

How to get here

Go to vanguard.com and do either of the following:

Select Open an account from the top of any page.

Look for conveniently located links to open an account throughout the website.

All investing is subject to risk, including the possible loss of the money you invest.

Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC.

Statements and records
Statements and Records
A

Simple layout. Handy tabs give you easy access to the activity in your accounts, including the status of your orders, transaction history, statements, and more.

C

Transaction history. Select the timeframe, holdings, and transaction types to view for each of your accounts.

B

Account choice. If you have more than one account and you're on the "Order status" or "Transaction history" pages, use the dropdown to select the account you want to view.

D

Additional information. Each link offers you more ways to see information about your accounts, such as dividend and capital gains, cost basis, tax forms, and duplicate statements.

How to get here

Log on to your account at vanguard.com, and from the My Accounts dropdown, select Order status, Transaction history, or Statements.

Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC.

Updating your account
Updating Account
A

Personal profile. Make sure the personal information you have on file with us is current. Use the links to update your address and phone, birth date, e-mail, and beneficiaries—you can even choose how you'd like us to address you on vanguard.com.

C

Banking and money movement. Link a bank account to your Vanguard accounts for the easiest way to move money between accounts. You can also set up automatic investments and withdrawals on a schedule you choose.

B

Account profile. Find out what cost basis method you've selected for your Vanguard investments and how you've chosen to receive your dividends and capital gains.

D

Services. See what other services Vanguard offers to help you manage your accounts—from the calculation and distribution of required minimum distributions, if you're eligible, to My Watch List, a way to track funds and individual securities.

How to get here

Log on to your account at vanguard.com, and from the My Accounts dropdown, select Account maintenance.

Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC.

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