Vanguard Fees, IRA Fees, Interest, Trading Tools Charges 2012

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Vanguard Fees, Margin Rates, IRA Fees, Interest, Trading Tools Charges for 2012

Vanguard Brokerage margin rates

When funds are borrowed in a margin account, interest will be calculated on a daily basis and charged based on the total debit (borrowed) balance. Interest charges will start to accrue on margin transactions involving borrowed funds on the settlement date and will post to your account around the end of each month. As of March 18, 2012, the Vanguard Brokerage base lending rate is 6.50%. Generally, the additional rates listed below must be added to the base rate in order to determine the true interest charge.

Loan balance	Interest rate above base
Up to $19,999	1.25%
$20,000–$49,999	0.75%
$50,000–$99,999	0.50%
$100,000–$499,999	–0.50%
$500,000–$999,999	–0.75%
$1 million or more	–1.25%

Vanguard fees

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.

Vanguard No-load funds fees

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.

Vanguard Load funds fees

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

Vanguard Bonds and CDs fees

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.

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Vanguard Fees are as of 2012 and are subject to change. For most recent information go here:

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