nguard.com.   Vanguard: Helping you reach your investing goals  Vanguard                  Should investors prepare for the potential of a U.S. debt default?    A long-term perspective is critical  More from Greg Davis           Find the right path

from Greg Davis           Find the right path for your future  Get there on your own terms.  Plan with Vanguard         Want to create stronger investments?  Vanguard has tools to help calculate your potential growth.  Try our tools

your potential growth.  Try our tools          Wondering how to manage ongoing market volatility?   Read our latest perspectives    Pause Play Previous (1) (2) (3) Next    Designed for you. Built by experts. See how our advice puts you first.

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COVID-19 alerts and mail service interruptions    Guiding you on your journey       Explore professional advice  We offer expert help at the low cost you’d expect from Vanguard.  Compare advice options         Is advice right for you?  Use our free

Is advice right for you?  Use our free guide to help see which advice option may be best for your financial journey.  Answer 3 questions         Do it on your own  Ready to plan your financial future? We have what you need to be a successful

future? We have what you need to be a successful DIY investor.  Invest on your own     You're in good company. Our unique, investor-owned structure keeps us focused on your needs first.* Your goals are always our goals. See why we're different

are always our goals. See why we're different    Vanguard is made up of more than 30 million investors, all with unique stories and individual goals. Play Video     × The world of investing can seem vast and overwhelming if you haven’t been a part

vast and overwhelming if you haven’t been a part of it before. But if you take things one step at a time, you can make a plan that’ll get you started on the right path toward your financial goals. First, it’s important to decide what those goals

First, it’s important to decide what those goals are. Maybe you want to save for retirement. Or college. Or scuba diving in Fiji.Or maybe you just want to save more in general. Once you have those goalposts in mind, that’s what will determine the

goalposts in mind, that’s what will determine the kind of account you should open. Think IRAs for retirement, 529s for college savings, and individual or joint accounts for general savings. Once you’ve settled on an account type for your journey,

settled on an account type for your journey, it’s time to pack your bags—in other words, you’ll need to choose what kinds of investments to hold in your account to give your money the best chance to grow over time. There are three kinds of assets

grow over time. There are three kinds of assets you can invest in: stocks, bonds, and cash. You can—and should—mix and match them. That’s called diversification, and it’s important for managing risk. First, let’s talk about stocks. When you buy a

First, let’s talk about stocks. When you buy a stock, you own a piece of a company and its profits. Stocks have high growth potential, but with that comes high risk, so you’ll want to balance stock purchases out with less risky ones, like … Bonds.

purchases out with less risky ones, like … Bonds. Bonds are loans where you’re the creditor. You lend money to the bond issuer in exchange for repayment with interest by a certain date. We consider them moderate-risk investments. And finally,

them moderate-risk investments. And finally, there’s cash. Cash in your portfolio can preserve the value of your money when you’re saving for short-term goals. It carries the least risk when it comes to losing money, but there’s also not much

comes to losing money, but there’s also not much potential for growth. We think the best portfolios strike a balance between risk and reward. Now that you know about the different kinds of investments, you can get moving on those goals you set. And

you can get moving on those goals you set. And you can start asking yourself questions like: When do I want to retire? How soon do I want to be face-to-face with those sea turtles in Fiji? That will help you decide on a timeline for investing—and

help you decide on a timeline for investing—and what your approach will be. Still have questions about getting started with investing? We’re here to help. Visit us on the web at vanguard.com/gettingstarted.   View transcript      Know exactly what

View transcript      Know exactly what you’re looking for? Explore our great ETF & mutual fund options. Shop our products     You’re not alone Vanguard investors just like you have lots of experiences to share.     Manage debt     Save more

to share.     Manage debt     Save more     Plan your legacy     Retire     I'm taking control of my debt, and my life. Play Video   View transcript      Planning helps me save—for the big and little things. Play Video   View transcript      We want

things. Play Video   View transcript      We want to give our grandchildren the gift of financial security. Play Video   View transcript      My future is worth planning for. Play Video   View transcript   You’re not alone Vanguard investors just

You’re not alone Vanguard investors just like you have lots of experiences to share.    I'm taking control of my debt, and my life. Play Video   View transcript      Planning helps me save—for the big and little things. Play Video   View

the big and little things. Play Video   View transcript      We want to give our grandchildren the gift of financial security. Play Video   View transcript      My future is worth planning for. Play Video   View transcript   Pause Play Previous

Video   View transcript   Pause Play Previous Manage debt Save more Plan your legacy Retire Next    × Once my debt is behind me, the rest of my life can finally come into focus.    × Today my daughter told me she wants to buy a robot unicorn. I told

told me she wants to buy a robot unicorn. I told her we can save up for that.    × We want to pass down our love, our laughter, and our legacy.    × Family time means everything to me. My life won't get smaller when I retire, but it will get a lot

get smaller when I retire, but it will get a lot more beautiful.       A track record of strong fund performance     Money market     Bond     Balanced     Stock Our funds are crafted with you in mind to help you reach your goals of investment

mind to help you reach your goals of investment success. Over the last 10 years we have had a history of strong performance.**         A track record of strong fund performance          Pause Play Previous Money market Bond Balanced Stock Next Our

Money market Bond Balanced Stock Next Our funds are crafted with you in mind to help you reach your goals of investment success. Over the last 10 years we have had a history of strong performance.**      Explore our resources to learn how to grow

Explore our resources to learn how to grow your wealth and reach your goals.    Perspectives New to investing and need a hand? See all perspectives  Popular in perspectives Getting started with investing Turn your goal into an investment plan

investing Turn your goal into an investment plan Market volatility and you     Tools Use our tools to help you build a plan to meet your investing goals. See all tools  Popular in tools Retirement income calculator Retirement expenses worksheet

income calculator Retirement expenses worksheet College savings planner     *Vanguard is investor-owned. As an investor-owner, you own the funds that own Vanguard.nguard.com 401k rollover.   401k rollover to an IRA  Vanguard                Move

rollover to an IRA  Vanguard                Move money   Roll over your employer plan  When you left your old job, did you leave your retirement savings behind? Give your money a fresh start by rolling it over into an IRA.  Learn how to roll over

it over into an IRA.  Learn how to roll over      What is a rollover?  A rollover is when you move money from an employer-sponsored plan, such as a 401(k) or 403(b) account, into an employer-sponsored plan held at Vanguard or a Vanguard IRA®.

plan held at Vanguard or a Vanguard IRA®.  Looking to transfer an IRA or nonretirement account instead?    Ways to roll over your account       I want to keep my earnings tax deferred  Traditional IRA You can lower your tax bill by deducting your

IRA You can lower your tax bill by deducting your contributions. You won't be taxed until you withdraw money in retirement.*        I want earnings to be tax-free  Roth IRA You can access your contributions tax- and penalty-free before retirement.**

tax- and penalty-free before retirement.** Taking money out in retirement is tax-free.        I want to convert from tax-deferred to tax-free  Roth IRA You can roll over your traditional 401(k) or 403(b) into a Roth IRA, but this will be considered

into a Roth IRA, but this will be considered a Roth conversion which is a taxable event.***       I want to separate my 401(k) or 403(b) from my other assets  Rollover IRA An IRA can give you more control of your former employer-sponsored plan's

control of your former employer-sponsored plan's assets. Your money won't be taxed until you withdraw it in retirement.*    Compare Roth and traditional IRAs       Not sure how to roll over your assets? Most rollovers are easy to do online. Follow

Most rollovers are easy to do online. Follow the 3 easy steps in our guide to get started.  Learn how   Talk to an investment professional 800-742-9998 Monday through Friday, 8 a.m. to 8 p.m., Eastern time     Why choose Vanguard?       Flexibility

time     Why choose Vanguard?       Flexibility with your investments  You can choose from a wider range of investments than most employer-sponsored plans offer.        See your retirement picture in a single view  When all your retirement savings

a single view  When all your retirement savings are in one place, it’s easier to manage your accounts and monitor your progress.        Advice crafted especially for you  Our advice services can bring you powerful technology and human interaction.

you powerful technology and human interaction.       Give your money a chance to grow  82% of our funds have performed better than their peer group averages over the last 10 years.†        Learn more about rollovers  Still have more questions before

about rollovers  Still have more questions before starting your rollover? Rollover FAQs      Consolidate your savings today.  Start your rollover       Consolidate your savings today.  Start your rollover           Explore professional advice We

rollover           Explore professional advice We offer expert help at the low cost you'd expect from Vanguard.  Compare advice options          *We recommend that you consult a tax or financial advisor about your individual situation. When taking

about your individual situation. When taking withdrawals from an IRA before age 59½, you may have to pay ordinary income tax plus a 10% federal penalty tax. **You'll never pay taxes on withdrawals of your contributions. And you won't pay taxes on

of your contributions. And you won't pay taxes on withdrawals of your earnings as long as you take them after you've reached age 59½ and owned the account for at least 5 years. The 5-year holding period for Roth IRAs starts on the earlier of: (1)

for Roth IRAs starts on the earlier of: (1) the date you first contributed directly to the IRA, (2) the date you rolled over a Roth 401(k) or Roth 403(b) to the Roth IRA, or (3) the date you converted a traditional IRA to the Roth IRA. If you're

a traditional IRA to the Roth IRA. If you're under age 59½ and you have one Roth IRA that holds proceeds from multiple conversions, you're required to keep track of the 5-year holding period for each conversion separately. ***The amount you convert

conversion separately. ***The amount you convert to a Roth IRA isn't subject to the 10% penalty that's charged on traditional IRA withdrawals taken before you reach age 59½. You may wish to consult a tax advisor about your situation. †For the

a tax advisor about your situation. †For the 10-year period ended March 31, 2023, 6 of 6 Vanguard money market funds, 80 of 90 Vanguard bond funds, 21 of 24 Vanguard balanced funds, and 142 of 184 Vanguard stock funds—for a total of 249 of 304

Vanguard stock funds—for a total of 249 of 304 Vanguard funds—outperformed their Lipper peer-group averages. Results will vary for other time periods. Only mutual funds and ETFs (exchange-traded funds) with a minimum 10-year history were included in

with a minimum 10-year history were included in the comparison. Source: Lipper, a Thomson Reuters Company.nguard.com 403b plans.   403(b) Retirement Plan  Vanguard             Back  Accounts & plans  403(b) Services     Accounts & Plans   Vanguard

403(b) Services     Accounts & Plans   Vanguard 403(b) Services  Let our high-quality mutual funds and easy-to-manage plan help you achieve retirement success.     Ready to invest in a 403(b)?  Call 800-569-4903 Monday through Friday, 8 a.m. to 8

Monday through Friday, 8 a.m. to 8 p.m., Eastern time  Call 800-569-4903 Monday through Friday, 8 a.m. to 8 p.m., Eastern time     What exactly is a 403(b) plan? You could say that the 403(b) plan is a close relative of the more familiar 401(k)

is a close relative of the more familiar 401(k) retirement savings plan. Both plan types offer tax-deferred growth. The major difference is the types of businesses that offer them. 401(k) plans are generally available to employees of for-profit

generally available to employees of for-profit companies. 403(b) plans are generally offered by public education institutions and certain tax-exempt organizations.       Saving in a 403(b) plan is a smart thing to do A 403(b) plan can be an

is a smart thing to do A 403(b) plan can be an excellent way to help build retirement security—whether it's your only option for retirement saving, or it's supplementing another retirement account. 403(b) plans have high contribution limits and

403(b) plans have high contribution limits and diversified investment choices. You're in control. You choose where your money goes and how much you'll contribute ($22,500 for 2023). You'll also have options for how to withdraw your money in

have options for how to withdraw your money in retirement. And if your employer contributes to your plan, your savings get an extra boost!   × 401(k) plan A type of employer-sponsored retirement savings plan that allows employees to contribute

savings plan that allows employees to contribute pre-tax dollars by deferring salary. Many plans offer a variety of investment options, and employers often match a percentage of employee contributions.    × Tax deferral Delaying the payment of

× Tax deferral Delaying the payment of income taxes on income. For example, owners of traditional IRAs do not pay income taxes on the interest, dividends, or capital gains accumulating in their retirement accounts until they begin making

their retirement accounts until they begin making withdrawals.   × Contribution Money placed in a retirement plan, such as a 403(b), IRA (individual retirement account), 401(k), or other retirement plan for a particular tax year. Contributions may

plan for a particular tax year. Contributions may be deductible or nondeductible, depending on the account type.    × Diversification The strategy of investing in multiple asset classes (like stocks, bonds, and cash) and among many securities in an

bonds, and cash) and among many securities in an attempt to lower overall investment risk.    × Roth A feature of a 403(b) plan that allows you to make after-tax contributions (so you don't get an immediate tax deduction) and then withdraw money in

tax deduction) and then withdraw money in retirement tax-free as long as you meet the requirements.    × Pre-tax contribution An addition to an account made with funds from an employee's paycheck before federal income taxes are deducted.    ×

before federal income taxes are deducted.    × Earnings The investment returns you accumulate on the savings in your account.    × Compounding When earnings on invested money generate their own earnings. For example, if you invested $5,000 and

earnings. For example, if you invested $5,000 and earned 6% a year, in the first year you'd earn $300 ($5,000 x 0.06), in the second year you'd earn $318 ($5,300 x 0.06), in the third year you'd earn $337.08 ($5,618 x 0.06), and so on. Over longer

$337.08 ($5,618 x 0.06), and so on. Over longer periods of time, compounding becomes very powerful. In this example, you'd earn over $1,600 in the 30th year.    × Interest Income you can receive by investing in bonds or cash investments. The

by investing in bonds or cash investments. The investment's interest rate is specified when the investment is issued.    × Dividend The distribution of the interest or income produced by a mutual fund's holdings to the fund's shareholders, or a

fund's holdings to the fund's shareholders, or a payment of cash or stock from a company's earnings to each stockholder. Dividends can be distributed monthly, quarterly, semiannually, or annually.    × Capital gains Payments to mutual fund

× Capital gains Payments to mutual fund shareholders of gains realized during the year on securities that a fund has sold at a profit minus any realized losses. Capital gains can be distributed monthly, quarterly, semiannually, or annually.    ×

quarterly, semiannually, or annually.    × Mutual fund A type of investment that pools shareholder money and invests it in a variety of securities.Each investor owns shares of the fund and can buy or sell these shares at any time. Mutual funds are

sell these shares at any time. Mutual funds are typically more diversified, low-cost, and convenient than investing in individual securities, and they're professionally managed.       You may benefit from tax breaks Like all retirement plans, 403(b)

from tax breaks Like all retirement plans, 403(b) plans offer tax advantages—enabling you to save on taxes now and in some cases later, if your plan offers a Roth option.        Save on taxes now  Contributions are pre-tax, which allows you to

Contributions are pre-tax, which allows you to postpone your tax bill while you put away money for retirement. Meanwhile, your earnings can continue to grow tax-free until you begin making withdrawals. By then, you may be in a lower tax bracket.*

By then, you may be in a lower tax bracket.*       Save on taxes later  If your plan offers a Roth contribution, your contributions are taxable now, but you get a future bonus—in addition to tax-free growth, you get tax-free withdrawals as long as

growth, you get tax-free withdrawals as long as you've owned your account for 5 years and you're age 59½ or older.       Time is on your side The passing years also bring the benefit of compounding. Any interest, dividends, and capital gains your

Any interest, dividends, and capital gains your account accumulates generate earnings on top of earnings. In other words, your money makes money! Learn about risk, reward & time         Recommended to read next       What plan sponsors need to know

read next       What plan sponsors need to know  Vanguard 403(b) Services provides premier recordkeeping, easy plan management, and day-to-day support from an assigned client services team in partnership with Newport Group.**  Find out more about

with Newport Group.**  Find out more about Vanguard 403(b) Services for plan sponsors         What plan participants need to know  You can build for your future today with low-cost funds and dedicated support through Vanguard 403(b) Services.  Find

support through Vanguard 403(b) Services.  Find out more about Vanguard 403(b) Services for plan participants         Costs matter  Benjamin Franklin famously said: "A penny saved is a penny earned." Vanguard is living proof. Our low fund costs and

Vanguard is living proof. Our low fund costs and straightforward 403(b) fees can help you keep more of your earnings in your pocket—where they belong. Lower your 403(b) plan fees & fund costs at Vanguard       Why choose Vanguard? Our track record

Why choose Vanguard? Our track record of reliable 403(b) plan management; high-quality, low-cost mutual funds; and convenient account services makes Vanguard the smart choice for employers who want to help employees save for retirement and for

to help employees save for retirement and for employees seeking a trustworthy partner to help them reach their goals.  Get started           Use our handy tools  You're putting money away for your future, but how do you know if it will be enough?

but how do you know if it will be enough?  See if you'll have enough to retire       Make retirement saving easy  If you don't know how to start saving for retirement, we can help you figure out how much you'll need and how to balance all your

how much you'll need and how to balance all your savings goals.  Get the basics about saving for retirement       Consolidate your accounts  Consider moving accounts you hold elsewhere to Vanguard. You'll enjoy more control of your portfolio now and

enjoy more control of your portfolio now and get a clear picture of your investment strategy.  Transfer accounts to Vanguard       We're here to help     Existing plan sponsors Call 877-893-5426  Prospective plan sponsors Call 877-859-5756  Plan

Prospective plan sponsors Call 877-859-5756  Plan participants Call 800-569-4903  Monday through Friday 8 a.m. to 8 p.m., Eastern time    Already a plan participant? Log in to access your account.  Log in  New to Vanguard? Get started >     We're

Log in  New to Vanguard? Get started >     We're here to help    Plan participants Call 800-569-4903  Existing plan sponsors Call 877-893-5426  Prospective plan sponsors Call 877-859-5756  Monday through Friday 8 a.m. to 8 p.m., Eastern time

through Friday 8 a.m. to 8 p.m., Eastern time    Already a plan participant? Log in to access your account.  Log in  New to Vanguard? Get started >      *Withdrawals taken before age 59½ may be subject to ordinary income tax plus a 10% federal

subject to ordinary income tax plus a 10% federal penalty tax. **Retirement plan recordkeeping and administrative services are provided by The Vanguard Group, Inc. (VGI). VGI has entered into an agreement with Newport Group, Inc., to provide certain

with Newport Group, Inc., to provide certain plan recordkeeping and administrative services on its behalf. Custodial services are provided by Newport Trust Company, a wholly owned subsidiary of Newport Group, Inc.nguard.com 529 plan.   529 plan for

Group, Inc.nguard.com 529 plan.   529 plan for college savings  Vanguard             Back  Accounts & plans  529 plans      Accounts & Plans   The Vanguard 529 Plan  Reach your education savings goals by investing in a 529 account.  View all 529

by investing in a 529 account.  View all 529 portfolios      Ready to jumpstart your savings?  Open an account    Achieve higher education  A 529 plan is a tax-advantaged account for education savings. You can save for your child, another family

You can save for your child, another family member, or even for yourself.   We offer different portfolio options Check out the advantages of each one.       Individual 529 portfolios  Want a more hands-on approach to investing? Design and manage

hands-on approach to investing? Design and manage your own investment strategy by choosing from our individual portfolios.  View all 529 portfolios       Target Enrollment Portfolio  Target-enrollment investing makes saving for education about as

investing makes saving for education about as easy as it gets. With our Target Enrollment Portfolios (TEP), you make just 1 decision—and your portfolio does a lot of the work for you.  View our TEPs      What can I use 529 savings for? You can use

What can I use 529 savings for? You can use the money for qualified K-12 private school tuition; higher-education expenses (including tuition at a college, university, trade school, or vocational school); apprenticeship program expenses; as

school); apprenticeship program expenses; as well as room and board, fees, books, supplies, equipment, computer hardware and software, and internet access and related services.* See if a 529 Plan is right for you      Why choose the Vanguard 529

is right for you      Why choose the Vanguard 529 Plan? More than 300,000 investors across all 50 states have chosen the Vanguard 529 Plan for their kids.**   Low costs   Our costs are among the lowest in the industry.*** Remember: The less you pay

in the industry.*** Remember: The less you pay in fees and costs, the more money you'll have for education expenses. See the difference costs can make   Variety of investment options   Do you want to build your portfolio or be hands-free and let us

build your portfolio or be hands-free and let us take the wheel? No matter which you prefer, we've got you covered! You can choose from our individual 529 portfolios and create your own investing strategy or select 1 of our Target Enrollment

strategy or select 1 of our Target Enrollment Portfolios, which automatically adjusts to become more conservative as the beneficiary's expected enrollment date approaches. Learn about your 529 investment options   Expert management & stability   We

options   Expert management & stability   We hire top investment professionals with the experience and expertise you've come to expect from Vanguard.And as one of the largest 529 plan money managers, we’re here for you now-- and in the long run.†

we’re here for you now-- and in the long run.†   Tax benefits   You may be able to deduct 529 contributions from your state income tax. You can also benefit from tax-deferred growth and tax-free withdrawals for qualified education expenses.*   High

for qualified education expenses.*   High industry rating   The Vanguard 529 plan has earned a "Silver" rating from Morningstar.††    Easy ways to invest   You can link your bank account to your 529 account and set up an automatic investment

529 account and set up an automatic investment schedule, which allows you to add to your savings conveniently and systematically.   More ways to boost your savings   You can use Ugift® to invite others to celebrate a child's milestones with the gift

to celebrate a child's milestones with the gift of education savings. The gifts are then deposited directly into your Vanguard 529 Plan account.     You can also join Upromise® to get cash back for education when you make everyday purchases. Your

education when you make everyday purchases. Your Upromise earnings can then be transferred to your 529 account.   What do I need to start a Vanguard 529 account? It's fast and easy to get started online. You only need 3 things:       Basic

online. You only need 3 things:       Basic information  Make sure you have the beneficiary’s Social Security number, birth date, and address.        Investment choices  Pick just 1 Target Enrollment Portfolio or assemble your own investment

Portfolio or assemble your own investment strategy from our individual portfolios. Check out our Target Enrollment Portfolios Check out our individual portfolios       Bank information  If you're going to make your first contribution through an

going to make your first contribution through an electronic bank transfer, you'll need your bank account and routing numbers. You can also set up automatic contributions from your bank account to your 529 account.    Fees & other details No

to your 529 account.    Fees & other details No enrollment fees, transfer fees, or commissions. Minimum initial investment of $3,000 ($1,000 for Nevada residents); minimum additional investment is just $50. Maximum contribution limit is $500,000.

$50. Maximum contribution limit is $500,000.        Other plans we service  New York The New York 529 College Savings Program Direct Plan features Vanguard investments and no minimum contribution amount to get started. Additionally, New York state

to get started. Additionally, New York state residents who sign up can receive a generous tax deduction. Learn more   Colorado The Colorado CollegeInvest® Direct Portfolio College Savings Plan features Vanguard investments and a low minimum

features Vanguard investments and a low minimum contribution of $25 to open an account and $15 for additional contributions.Additionally, Colorado residents who sign up can receive a generous tax deduction.††† Learn more      Ready to start?  Open a

Learn more      Ready to start?  Open a 529 account     More about 529 and your options  View 529 and education savings topics   Which account is right for your education savings goals?  How to invest Which account is right for your education

invest Which account is right for your education savings goals?      It feels like a big decision, but don't worry—it's easy to find the account that has everything your family needs. Education      Understanding investment types   What is a 529

Understanding investment types   What is a 529 plan?  Investing for life events What is a 529 plan?       Education      College   Find the right 529 plan for you  Investing for life events Find the right 529 plan for you       Education

the right 529 plan for you       Education      College   FAQs about 529s  Investing for life events How to choose a college savings account       Article      College   College saving for your grandchild (or niece or nephew or…)  Investing for life

(or niece or nephew or…)  Investing for life events College saving for your grandchild (or niece or nephew or …)       Education      College   How much to save for college  Investing for life events How much to save for college       Education

How much to save for college       Education      College     529 plan tools Ready to create a plan for education savings? Learn about your options and map out a way to meet those expenses.       Calculate your 529 state tax deduction  Investing in

your 529 state tax deduction  Investing in your state's 529 savings plan? Find out the state tax deduction you might be able to take.  Start calculating       Compare 529 savings plans  Compare the features of a Vanguard-associated 529 savings plan

of a Vanguard-associated 529 savings plan to another state-sponsored 529 plan.  Start comparing       College savings planner  Determine your college savings goals and how much you'll need to save to help meet them.  Start planning       Learn more

help meet them.  Start planning       Learn more about a specific 529 plan  Find detailed information on a 529 savings plan or prepaid tuition plan.  View state plans       College cost projector  Our college cost projector helps determine how

Our college cost projector helps determine how inflation could increase the cost of college.  Get Started     The Vanguard 529 College Savings Plan is a Nevada Trust administered by the office of the Nevada State Treasurer.  *Earnings on

of the Nevada State Treasurer.  *Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting

or other benefits may be contingent on meeting other requirements.State tax treatment of withdrawals used for i) expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school, ii)

public, private, or religious school, ii) expenses related to apprenticeship programs, or iii) student loan repayments is determined by the state(s) where the taxpayer files state income tax. If you are not a Nevada taxpayer, please consult with a

are not a Nevada taxpayer, please consult with a tax advisor. **Source: Vanguard ***Vanguard average 529 expense ratio: 0.14%. Industry average 529 expense ratio: 0.50%. Average annual asset-based fees for age-based portfolios. Sources: ISS Market

for age-based portfolios. Sources: ISS Market Intelligence, December 2022. †Vanguard managed approximately $141 billion in 529 plan assets as of June 30, 2022. ††Rated "Silver" by Morningstar, Inc., in 2021. The Morningstar Analyst Rating® for 529

in 2021. The Morningstar Analyst Rating® for 529 College-Savings Plans is not a credit or risk rating. The rating is the subjective summary expression of the firm's forward-looking quantitative and qualitative analysis of a 529 college savings plan.

analysis of a 529 college savings plan. Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings (Gold, Silver, and Bronze) indicate that Morningstar's analysts think highly of a 529 plan; the

analysts think highly of a 529 plan; the differences correspond to the level of analyst conviction in the ability a plan's investment options have to collectively outperform their respective benchmarks and peers through time, within the context of

and peers through time, within the context of the level of risk taken. The Analyst Rating seeks to evaluate each plan's investment options within the context of its objectives, appropriate benchmarks, and peer groups. Usually annually (although

and peer groups. Usually annually (although subject to change), Morningstar evaluates 529 plans in five different areas—process, performance, price, parent, and people—and assigns an Analyst Rating for more than 60 529 plans. For more information

for more than 60 529 plans. For more information about the Analyst Ratings, as well as other Morningstar ratings and fund rankings, please visit morningstar.com †††Contributions to the Plan(s) are deductible from Colorado state income tax in the tax

from Colorado state income tax in the tax year of the contribution, up to your Colorado taxable income for that year.Such deductions are subject to recapture in subsequent years in which non-qualified withdrawals are made.   For more information

withdrawals are made.   For more information about The Vanguard 529 College Savings Plan, call 877-930-4972 or obtain a Program Description (PDF), which includes investment objectives, risks, charges, expenses, and other information; read and

expenses, and other information; read and consider it carefully before investing. Vanguard Marketing Corporation, Distributor. For more information about any 529 savings plan, contact the plan provider to obtain a Program Description, which includes

to obtain a Program Description, which includes investment objectives, risks, charges, expenses, and other information; read and consider it carefully before investing. If you are not a taxpayer of the state offering the plan, consider before

of the state offering the plan, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program. Other state

state's qualified tuition program. Other state benefits may include financial aid, scholarship funds, and protection from creditors. Vanguard Marketing Corporation serves as distributor for some 529 plans. If you are not a Nevada taxpayer, consider

plans. If you are not a Nevada taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.

in such state's qualified tuition program. Other state benefits may include financial aid, scholarship funds, and protection from creditors. State tax treatment of K–12 withdrawals is determined by the state(s) where the taxpayer files state income

state(s) where the taxpayer files state income tax. Please consult with a tax advisor for further guidance. The Vanguard Group, Inc., serves as the Investment Manager for The Vanguard 529 College Savings Plan and through its affiliate, Vanguard

Savings Plan and through its affiliate, Vanguard Marketing Corporation, markets and distributes the Plan. Ascensus Broker Dealer Services, LLC, serves as Program Manager and has overall responsibility for the day-to-day operations. The Plan's

for the day-to-day operations. The Plan's portfolios, although they invest in Vanguard mutual funds, are not mutual funds. Investment returns are not guaranteed and you could lose money by investing in the Plan. All investing is subject to risk,

in the Plan. All investing is subject to risk, including the possible loss of the money you invest. Upromise is a registered service mark of Upromise, Inc. Ugift is a registered service mark of Ascensus Broker Dealer Services, LLC.nguard.com 529

Broker Dealer Services, LLC.nguard.com 529 plan choose investments.   529 education plans backed by our premium brand  Vanguard             Back  Accounts & plans  529 plans  529 portfolios backed by our premium brand      529 Plans   529 portfolios

our premium brand      529 Plans   529 portfolios backed by our premium brand  Looking for a complete portfolio in one investment that balances your asset mix for you? Or are you a DIY investor who'd rather strategize on your own? We're here for you

rather strategize on your own? We're here for you either way.     Open a Vanguard 529 account  Get started     How do you want to pick investments for your 529 account?        "I want an easy, hands-off way to save for my goal."  If managing your

way to save for my goal."  If managing your own investments seems too complicated or involved, then considering our 11 Target Enrollment Portfolios could be your next move. Simply pick a portfolio based on the year closest to when you expect your

based on the year closest to when you expect your student to start attending school—it could be any time from kindergarten through college and beyond. We do the rest for you, including automatically shifting your savings to become more conservative

shifting your savings to become more conservative as your targeted date draws near. Once you open your account, all you have to do is check periodically to make sure the portfolio continues to align with your risk level and goal. Check out our

with your risk level and goal. Check out our Target Enrollment Portfolios       "I'm more hands-on and would rather create my own strategy."  If you're more of a do-it-yourself investor and like to remain in control, you can design an investment

remain in control, you can design an investment strategy from our 20 individual portfolios. Select up to 5 portfolios at a time, and then manage that mix based on your time horizon and tolerance for risk. Check out our individual portfolios Want to

risk. Check out our individual portfolios Want to use our individual portfolios but need some help figuring out your asset mix? We're on it: Get an asset mix recommendation for education goals        Pay attention to costs All investments have

Pay attention to costs All investments have costs. But the less you pay in 529 expenses, the more you can keep for education. And when it comes to low costs, The Vanguard 529 Plan is recognized as a leader.nguard.com 529 plan target enrollment

as a leader.nguard.com 529 plan target enrollment portfolios.   Vanguard Target Enrollment Portfolios  Vanguard             Back  Accounts & plans  529 plans  Vanguard Target Enrollment Portfolios     The Vanguard 529 plan   Vanguard Target

The Vanguard 529 plan   Vanguard Target Enrollment Portfolios  With our Target Enrollment Portfolios, you make just one decision, and your investment is put to work.    Ready to start?  Open a Vanguard 529 plan     Why choose a Vanguard Target

529 plan     Why choose a Vanguard Target Enrollment Portfolio for your 529 account?  Vanguard Target Enrollment Portfolios make choosing an investment for education savings about as easy as it gets. Consider a portfolio based on the year you expect

Consider a portfolio based on the year you expect your student to start school—from kindergarten through graduate or trade school. We’ll take it from there.   Benefits of the Vanguard Target Enrollment Portfolio      Built-in diversification. Each

Portfolio      Built-in diversification. Each portfolio is an all-in-one investment that will broadly diversify among stock, bond and cash investments as the year to enrollment gets closer.    Expert management and convenience. Target Enrollment

management and convenience. Target Enrollment Portfolios are professionally managed and automatically adjust to become more conservative as your student gets closer to enrollment.    Flexibility. You can save for multiple education goals by holding

can save for multiple education goals by holding up to 5 portfolios in a single account. For example, if you want your child to attend private high school and college, you can save for both by investing in 2 different portfolios in the same account.

in 2 different portfolios in the same account.        Select the right portfolio for your goal  Simply look for the year your student will enter school to select the portfolio that may be right for you. Vanguard Target Enrollment Portfolios

for you. Vanguard Target Enrollment Portfolios Allocations represented on the charts are as of February 28, 2022. To view the most recent portfolio allocation as of the prior month-end, please click the individual portfolio profile.      How to pick

individual portfolio profile.      How to pick the right Target Enrollment portfolio for your 529 account Look for your student’s expected enrollment year and consider the portfolio that best matches that time frame.        Vanguard Target

matches that time frame.        Vanguard Target Enrollment Portfolios Take a glance at the risk ratings and asset allocations of each portfolio profile listed by enrollment year. Allocations represented on the charts are as of April 1, 2023. To view

on the charts are as of April 1, 2023. To view the most recent portfolio allocation as of the prior month-end, view the individual portfolio profile.  Target Enrollment 2040/2041             Why should I care about risk?   × Why should I care about

I care about risk?   × Why should I care about risk? Risk is a measure of how likely it is that you could lose money in an investment. Knowing the risk level you're comfortable with and the length of time you expect to invest can help you select an

time you expect to invest can help you select an appropriate fund for your investing needs. The potential for risk in Vanguard funds can be categorized in levels from 1 to 5. Knowing the risk level you're comfortable with and the length of time you

comfortable with and the length of time you expect to invest can help you select an appropriate fund for your investing needs. Conservative funds Risk level 1: Vanguard funds are classified as conservative if their share prices are expected to

if their share prices are expected to remain stable or to fluctuate only slightly. Such funds may be appropriate for the short-term reserves portion of a long-term investment portfolio or for investors with short-term investment horizons (3 years or

with short-term investment horizons (3 years or less).   Conservative to moderate funds Risk level 2: Vanguard funds classified as conservative to moderate are subject to low to moderate fluctuations in share prices. In general, such funds may be

in share prices. In general, such funds may be appropriate for investors with medium-term investment horizons (4 to 10 years).   Moderate funds Risk level 3: Vanguard funds classified as moderate are subject to a moderate degree of fluctuation in

subject to a moderate degree of fluctuation in share prices. In general, such funds may be appropriate for investors who have a relatively long-term investment horizon (more than 5 years).   Moderate to aggressive funds Risk level 4: Vanguard funds

to aggressive funds Risk level 4: Vanguard funds classified as moderate to aggressive are broadly diversified but are subject to wide fluctuations in share prices because they hold virtually all of their assets in common stocks. These funds may be

their assets in common stocks. These funds may be appropriate for investors who have a long-term investment horizon (10 years or longer).   Aggressive funds Risk level 5: Vanguard funds classified as aggressive are subject to extremely wide

as aggressive are subject to extremely wide fluctuations in share prices. These funds may be appropriate for investors who have a long-term investment horizon (10 years or longer). The unusually high volatility associated with these funds may stem

volatility associated with these funds may stem from a number of strategies.    View profile     Target Enrollment 2038/2039             Why should I care about risk?    View profile     Target Enrollment 2036/2037             Why should I care

2036/2037             Why should I care about risk?    View profile     Target Enrollment 2034/2035             Why should I care about risk?    View profile     Target Enrollment 2032/2033             Why should I care about risk?    View profile

Why should I care about risk?    View profile     Target Enrollment 2030/2031             Why should I care about risk?    View profile     Target Enrollment 2028/2029             Why should I care about risk?    View profile     Target Enrollment

about risk?    View profile     Target Enrollment 2026/2027             Why should I care about risk?    View profile     Target Enrollment 2024/2025             Why should I care about risk?    View profile     Target Enrollment 2022/2023

profile     Target Enrollment 2022/2023             Why should I care about risk?    View profile     Target Enrollment 2020/2021             Why should I care about risk?    View profile     Commencement             Why should I care about risk?

Why should I care about risk?    View profile        The Vanguard 529 College Savings Plan is a Nevada Trust administered by the office of the Nevada State Treasurer. See a list of individual 529 portfolios  For more information about

529 portfolios  For more information about The Vanguard 529 College Savings Plan, download a Program Description (PDF) or request one by calling 866-734-4533. The Program Description includes investment objectives, risks, charges, expenses, and

objectives, risks, charges, expenses, and other information; read and consider it carefully before investing. Vanguard Marketing Corporation, Distributor. If you are not a Nevada taxpayer, consider before investing whether your or the designated

before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments insuch state's qualified tuition program. Other state benefits may include financial aid,

Other state benefits may include financial aid, scholarship funds, and protection from creditors. The Vanguard Group, Inc., serves as the Investment Manager for The Vanguard 529 College Savings Plan and through its affiliate, Vanguard Marketing

and through its affiliate, Vanguard Marketing Corporation, markets and distributes the Plan. Ascensus Broker Dealer Services, LLC, serves as Program Manager and has overall responsibility for the day-to-day operations. The Plan's portfolios,

the day-to-day operations. The Plan's portfolios, although they invest in Vanguard mutual funds, are not mutual funds. Investment returns are not guaranteed, and you could lose money by investing in the Plan.  State tax treatment of K–12 withdrawals

Plan.  State tax treatment of K–12 withdrawals is determined by the state(s) where the taxpayer files state income tax. Please consult with a tax advisor for further guidance.nguard.com 855 850 6972.   Page Not Found  Vanguard            ERROR 404

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settings that work best with our website.       nguard.com about us.   Put the Vanguard difference to work for you  Vanguard                About Us   Why investors choose Vanguard  The investment company owned by people like you  Explore our

company owned by people like you  Explore our products     At Vanguard, investing means ownership as well.*  Vanguard is different by design. We’re owned by the people who own our funds, which makes us unique in the industry. This means you can

us unique in the industry. This means you can trust that we are your partner, focusing on your long-term success instead of quarterly results. That’s the Value of Ownership. Our Mission: To take a stand for all investors, to treat them fairly, and

for all investors, to treat them fairly, and to give them the best chance for investment success.     Alfred M., Personal Investor Play Video   Read transcript   × When I was a kid, I would go to the backyard and look up at the stars. I dreamed that

backyard and look up at the stars. I dreamed that I would be able to make an impact and to protect the folks that I love. I'm a lieutenant colonel in the United States Space Force. Originally, I had planned to be a pilot, but once I got to flight

planned to be a pilot, but once I got to flight training, I learned my body wasn't designed to be able to do flight. As a Space Force commander, I get to interact with all avenues of the mission to get things done, so I get to take care of the

to get things done, so I get to take care of the people, make sure that they're prepared, make sure that they're sharp so that they're able to develop into future Air Force master sergeants and officers, to do what they need to do. Being a part of

to do what they need to do. Being a part of the military and the Space Force is about being part of something bigger than just myself. In the same way, being a part of Vanguard also makes me feel like I'm part of something bigger. Being a part owner

I'm part of something bigger. Being a part owner of Vanguard is important because I know this company is sharing my values as well as my objectives. I can sleep at night knowing that we’re going in the right direction. It's hard to have ownership

the right direction. It's hard to have ownership without pride. I am going to take as good a care as I can to be able to make it last, not just for the next good time, but for a lifetime. With Vanguard, ownership can last for a lifetime for both me

ownership can last for a lifetime for both me and my children.It's incredibly important for me to help them achieve their dreams. I get to choose exactly what the best method is for me to invest for the future for my family. When my sons look up at

the future for my family. When my sons look up at the stars and dream like I did, I want them to see endless possibilities. There's nothing that they can't accomplish if they put their mind to it.   Disclosures: All investing is subject to risk,

Disclosures: All investing is subject to risk, including the possible loss of the money you invest. Visit vanguard.com to obtain a fund prospectus, or, if available, a summary prospectus, which contains investment objectives, risks, charges,

contains investment objectives, risks, charges, expenses, and other information; read and consider carefully before investing.  The experiences of these Vanguard clients may not be representative of the experience of other Vanguard clients and are

the experience of other Vanguard clients and are not a guarantee of future investment performance or success. Vanguard is investor-owned, meaning the fund shareholders own the funds, which in turn own Vanguard.  ©2022 The Vanguard Group, Inc. All

own Vanguard.  ©2022 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.      John C. Bogle John C. Bogle sought to create a new, better way to manage a mutual fund company. The result was an enterprise based

fund company. The result was an enterprise based on a simple but revolutionary idea: investor ownership. In short, Vanguard is a company owned by the investor and for the investor.      Whatever you’re saving for, we can help Because of Vanguard’s

saving for, we can help Because of Vanguard’s structure, your goals align with our goals. Whether you’re saving for retirement, your family’s education, or a sense of financial security, you can be confident we’re on your side.    Not sure where to

we’re on your side.    Not sure where to start? Try our investor quick start tool to see what’s best for your investment journey.  Try our quick start tool         The Philosophy of Investing Learning about financial topics is a great way to gain

about financial topics is a great way to gain confidence as you start your investing journey.   Principle 1   Start with a goal. Once you know what you’re saving for, it’s easier to develop a game plan.You can have short- or long-term investing

plan.You can have short- or long-term investing goals like saving for a wedding, a car, a home, or retirement.  Along with your goal, your portfolio asset allocation and the cost of the investment will influence the type of account you should open

influence the type of account you should open and which investments to pick.   Principle 2   Balance is essential. Your investment strategy should align with your portfolio’s objective. Your asset allocation strategy should include a diverse mix of

strategy should include a diverse mix of assets with different characteristics, such as stocks, bonds, and cash equivalents.  Because all investments involve risk, you must manage the balance between risk and potential reward through the choice of

risk and potential reward through the choice of portfolio holdings.    Principle 3   Research suggests that lower-cost investments tend to outperform higher-cost alternatives. The lower the costs of investing, the greater share of an investment’s

investing, the greater share of an investment’s return you can capture. You can’t control the markets, but you can control the bite of costs and taxes.1   Principle 4   Discipline helps you remain committed. Investing can provoke strong emotions but

Investing can provoke strong emotions but remaining discipline and having perspective can help you remain committed to a long-term investment program through periods of market uncertainty.           A track record of strong performance** At

A track record of strong performance** At Vanguard, it's all about you and our philosophy of low-cost investing. We keep more of your money working for you.  Learn more about investing at Vanguard       Community Impact Our responsibility as

Community Impact Our responsibility as long-term investors extends to the neighborhoods in which we live and work. Through a combination of strategic, high-impact philanthropy, efforts to address immediate needs, and crew-led volunteer and

immediate needs, and crew-led volunteer and giving programs, we are committed to strengthening our communities.  Philanthropy and volunteerism              Accolades At Vanguard, our standards of success are based on helping investors achieve

of success are based on helping investors achieve financial security, being an employer of choice, and being a force for positive change in the communities in which we operate. Our efforts have not gone unnoticed.  View our accolades       Ready to

unnoticed.  View our accolades       Ready to get started?  New to Vanguard or looking to consolidate your accounts?  Open an account  What do I need to open an account?    Already a Vanguard client? Log in to your account.nguard.com about us

Log in to your account.nguard.com about us brokerage order execution quality.   Vanguard Brokerage Services Built for You  Vanguard                About us   Brokerage built for you  A simple but powerful way to trade. $0 commissions. That’s how

powerful way to trade. $0 commissions. That’s how we’ve built the Vanguard Brokerage Account—for you.  Open an account    We strive to give you the best price on trades with:  14.62% Effective over quoted spread* Effective over quoted spread (E/Q)

quoted spread* Effective over quoted spread (E/Q) is the industry measurement for trade quality. The lower the percentage, the better. We're constantly working to give you the best price on trades, and those efforts are reflected in our low E/Q.

and those efforts are reflected in our low E/Q. What this means  95% Of Vanguard ETFs® traded at midpoint** A trade at the midpoint of the quoted spread is generally considered the best price available. We provided midpoint pricing on over 95% of

We provided midpoint pricing on over 95% of Vanguard ETF® trades.** What this means  $2.03 Savings per 100-share order Competitive trades add up to real savings. On average, investors would have saved $2.03 for a 100-share order compared to the

saved $2.03 for a 100-share order compared to the National Best Bid and Offer (NBBO).** More shares mean more savings, with $20.30 for 1,000 shares. What this means   × Understanding E/Q E/Q is a calculation that compares an execution price to the

that compares an execution price to the quote. The quoted spread refers to the difference between the bid and ask prices. The effective spread is calculated by comparing the execution price to the midpoint of the National Best Bid and Offer (NBBO).

of the National Best Bid and Offer (NBBO). 100% E/Q means an order was executed at the bid price for a sell order or at the offer price for a buy order. A 0% E/Q means the order received the midpoint of the quoted spread. The lower the E/Q, the

of the quoted spread. The lower the E/Q, the closer to midpoint the order executed. “Best execution” practices help us keep our E/Q low Vanguard Brokerage Services works with several trading partners to execute orders placed with us. We follow “best

to execute orders placed with us. We follow “best execution” practices so that you can get the best price for your order to buy or sell. Here's how it works: When you place a brokerage order with us, your order makes a round trip—from you to the

us, your order makes a round trip—from you to the market and back to you.We route your order to one of our market centers, and we strive to get you the "best execution" price in a timely fashion by following these practices: Market center reviews.

following these practices: Market center reviews. We rigorously review market centers for their system availability, service quality, and financial and regulatory standing. Execution quality. We evaluate the quality of how the market centers execute

the quality of how the market centers execute in one or more market segments. We consider various factors such as price improvement and overall effective price compared with the national best bid and offer (NBBO). Price improvement. When possible,

offer (NBBO). Price improvement. When possible, orders are executed at a better price than the prevailing national best bid and offer—better than the best bid for sell orders and better than the best offer for buy orders.    × Midpoint pricing means

offer for buy orders.    × Midpoint pricing means the order is filled with an average price that is directly in the middle of the quoted spread. For example, say you place an order to buy or sell the Vanguard Total Stock Market ETF (VTI), and the

Vanguard Total Stock Market ETF (VTI), and the quote is bidding 222.20, asking 222.25. The fairest trade price for both parties would be 222.225, directly in the middle of the quoted spread. Why aren't all trades midpoint? Some market conditions can

all trades midpoint? Some market conditions can make it difficult to provide midpoint pricing on every order. Market conditions such as fast-moving quotes or a scarcity of shares could cause an order to not receive a midpoint execution. Orders are

to not receive a midpoint execution. Orders are sent to market makers who do their best to manage those and many other market conditions.    × This number refers to the amount of price improvement you receive on your orders. Price improvement comes

receive on your orders. Price improvement comes from providing a better price than the NBBO. Under SEC rules, the NBBO consists of the highest buy (and lowest sell) prices available.      View the quartely reports for Vanguard Brokerage Services®†

reports for Vanguard Brokerage Services®†  See our reports    4 ways Vanguard Brokerage Services puts you first       Give you information designed to help you stay the course.  We provide all investors a long-term perspective and trading strategies

a long-term perspective and trading strategies to advance their goals. How this benefits you:  It helps you stay committed to the future you envisioned for your money.       Strive to get you the best price for your orders. We route orders to the

price for your orders. We route orders to the market centers that consistently execute at a price better than NBBO.  We're never compensated for routing your orders to specific market centers. How this benefits you:  We don't have a financial

How this benefits you:  We don't have a financial incentive to encourage you to trade.       Offer world-class, carefully curated products and services.  We tie our product offerings to our mission. That's why we focus on high-quality, low-cost

That's why we focus on high-quality, low-cost mutual funds, ETFs (exchange-traded funds), and more. How this benefits you:  You'll gain exposure to products that have enduring investment merit, not pushed toward the flashy trends.       Help you

pushed toward the flashy trends.       Help you minimize trading costs and taxes on stocks and ETFs.  We offer $0 commission on stocks and ETFs traded online. To keep taxes low, you can easily trade within your IRA or use first-in, first-out

trade within your IRA or use first-in, first-out accounting. How this benefits you:  You enjoy low costs across the board—we don't raise costs someplace else to make up the difference.  See more about costs      Not sure where to start? Try our

about costs      Not sure where to start? Try our investor quick-start tool to see what’s best for your investment journey.  Try our quick-start tool    *For market orders on the S&P 500 Index sizes 100–499 for the 12-month period ending December

100–499 for the 12-month period ending December 31, 2022. **For all marketable orders with a share size of 1–1,999. †These reports disclose where we route orders and the nature of our routing relationships. See our reports.   For more information

our reports.   For more information about Vanguard mutual funds and ETFs, visit Vanguard mutual fund prospectuses or Vanguard ETF prospectuses to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges,

Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing. Commission-free trading of Vanguard ETFs applies to trades placed both online and by

ETFs applies to trades placed both online and by phone. Commission-free trading of non-Vanguard ETFs applies only to trades placed online; most clients will pay a commission to buy or sell non-Vanguard ETFs by phone.nguard.com about us investing at

ETFs by phone.nguard.com about us investing at vanguard.   Investing at Vanguard  Vanguard             Back  About us  Investing at Vanguard      About Us   Investing at Vanguard  It doesn't matter if you're opening your first account or you've been

you're opening your first account or you've been investing for years. You'll find everything you need to meet your goals here at Vanguard.     Our mission  To take a stand for all investors, to treat them fairly, and to give them the best chance for

them fairly, and to give them the best chance for investment success.   At Vanguard, we think four simple principles can improve your chances of investment success.   Think about your goals  Having a goal in mind can help when it comes to picking

a goal in mind can help when it comes to picking the right investments. This could be anything from saving for retirement, to buying a home. Your investment plan.  Are you looking for short-term security or long-term gains? How much growth do you

or long-term gains? How much growth do you need to reach your goal? Answering questions like these can keep you focused on building a portfolio that’s right for you and your needs.   Stay balanced  Investing in the right mix of shares and bonds

Investing in the right mix of shares and bonds could have a bigger impact on your returns than anything else you do. It’s all about finding the right level of risk and reward. Shares typically give you a higher return over the long-term but are

you a higher return over the long-term but are riskier. Whereas bonds are more stable but offer lower potential returns.   Keep costs low  Making money from investments isn’t about predicting the future because the future is unpredictable. Instead,

because the future is unpredictable. Instead, you should focus on the one thing you can control – costs. By keeping your costs low, you keep more of your returns. Those savings can really add up, especially in the long term.   Be disciplined

especially in the long term.   Be disciplined  Sometimes our emotions can lead us to make simple mistakes when investing. Like buying the latest hot investment when prices are high then panic-selling when prices drop – the opposite of what common

when prices drop – the opposite of what common sense says we should do. The most successful investors are often those with discipline. Those who invest for the long term and don’t tinker with their portfolios too much.          Our goal is helping

portfolios too much.          Our goal is helping you reach yours: We believe that advice and advocacy can help you achieve better outcomes, whether you partner with our financial advisors or use our robo-advisor.  Compare our offers      A track

robo-advisor.  Compare our offers      A track record of strong performance Tabs showing Vanguard money market, bond, balanced and stock fund performance.     Money market     Bond     Balanced     Stock Our funds are crafted with you in mind to

Stock Our funds are crafted with you in mind to help you reach your goals of investment success. Over the last 10 years we have had a history of strong performance.*          A track record of strong performance Tabs showing Vanguard money market,

performance Tabs showing Vanguard money market, bond, balanced and stock fund performance.          Pause Play Previous Money market Bond Balanced Stock Next Our funds are crafted with you in mind to help you reach your goals of investment success.

help you reach your goals of investment success. Over the last 10 years we have had a history of strong performance.*      *For the 10-year period ended December 31, 2022, 6 of 6 Vanguard money market funds, 80 of 90 Vanguard bond funds, 21 of 24

funds, 80 of 90 Vanguard bond funds, 21 of 24 Vanguard balanced funds, and 142 of 184 Vanguard stock funds—for a total of 249 of 304 Vanguard funds—outperformed their Lipper peer-group averages. Results will vary for other time periods. Only mutual

will vary for other time periods. Only mutual funds and ETFs (exchange-traded funds) with a minimum 10-year history were included in the comparison. Source: Lipper, a Thomson Reuters Company. The competitive performance data shown represent past

competitive performance data shown represent past performance, which is not a guarantee of future results. View fund performance   Vanguard is a leader in low-cost investing Lower investment costs keep more of your money working for you. See how we

more of your money working for you. See how we keep your costs down, so you have a better chance of investing success. Commission-free stocks & ETFs Costs & fees  10 years 20 years 30 years                        10 years          20 years

10 years          20 years          30 years            Low costs can add up to big savings Say you invested $50,000. If it earned 6% per year, and you subtracted the costs, here's what you'd have over time.†  †Vanguard's average ETF

you'd have over time.†  †Vanguard's average ETF and mutual fund expense ratio: 0.08%. Industry average ETF and mutual fund expense ratio: 0.47%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar,

Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2022. This hypothetical example assumes a 6% return on a $50,000 investment.If the rate of return were altered, results would vary from those shown. The shaded amounts represent

from those shown. The shaded amounts represent both the amount paid in expenses as well as the "opportunity costs"—the amount you lose because the costs you paid are no longer invested. The final balance shown is after costs. This example doesn't

shown is after costs. This example doesn't represent any particular investment and doesn't account for inflation. There may be other material differences between investment products that must be considered prior to investing. The final account

considered prior to investing. The final account balance does not reflect any taxes or penalties that may be due upon distribution. Withdrawals from a traditional IRA before age 59 1/2 are subject to a 10% federal penalty tax unless an exception

to a 10% federal penalty tax unless an exception applies.     Try our tools calculators for more insight  View tools    Investing should be easy  Choose from a wide range of investments for your brokerage account, such as mutual funds, ETFs, stocks

account, such as mutual funds, ETFs, stocks and more—all for a low cost.    Investment products    Focus on low-cost Vanguard ETFs® and mutual funds, and enjoy the freedom to choose other types of investments. Enjoy commission-free trading when you

Enjoy commission-free trading when you buy or sell ETFs or Vanguard mutual funds online. You also have access to more than 160 no-transaction-fee mutual funds from Vanguard and more than 3,000 funds from other companies. Review our complete

funds from other companies. Review our complete commission & fee schedules       High-quality, low-cost mutual funds, ETFs, and more Get an overview of all investment products available at Vanguard.  Explore our products        Vanguard ETFs  Get

Explore our products        Vanguard ETFs  Get the diversification of mutual funds with lower investment minimums and real-time pricing. Vanguard ETFs Compare ETFs vs. mutual funds Check Vanguard ETF® prices       Vanguard mutual funds  Explore a

prices       Vanguard mutual funds  Explore a mutual fund lineup designed to suit your personal investing style. Vanguard mutual funds Choose an "all in one" fund Check Vanguard mutual fund prices       More ways to invest  Complement your portfolio

More ways to invest  Complement your portfolio with other types of investments. More ways to invest Buy & sell individual stocks & other companies' ETFs Buy & sell individual CDs Buy & sell individual bonds Manage your cash investments

individual bonds Manage your cash investments     Account types    Choose an account based on your investing goal, whether you're saving for retirement or college or building an emergency fund.     We have the right account for you Get an overview

We have the right account for you Get an overview of all account types available at Vanguard.  Explore our account types         Roth & traditional IRAs  Make investing money for retirement less taxing with an IRA. Roth & traditional IRAs Compare

with an IRA. Roth & traditional IRAs Compare Roth vs. traditional IRAs Create a retirement strategy Find out what to do with an inherited IRA       SEPs, SIMPLEs & i401(k)s  Simplify your retirement plan so you can focus more on your business. SEPs,

so you can focus more on your business. SEPs, SIMPLEs & i401(k)s Maximize employer contributions with an Individual 401(k) Consider a no-hassle SEP-IRA Increase employee contributions with a SIMPLE IRA Compare plans to find the right one for you

IRA Compare plans to find the right one for you  Saving for a child … or something else?      Individual & joint accounts  Easily invest money for other short- and long-term investing goals. Learn more about individual & joint accounts Open an

more about individual & joint accounts Open an individual or joint account Find out how much money to set aside for emergencies       529 college savings plans  Enjoy tax benefits and higher contribution limits while saving for a child's college

limits while saving for a child's college education. Learn more about 529 college savings plans Explore 529 college savings plans Create a college saving strategy      Rollovers    It doesn't matter if you're opening your first account or you've

if you're opening your first account or you've been investing for years. You'll find everything you need to meet your goals here at Vanguard.       401(k) & 403(b) rollovers Get an overview of how rollovers work at Vanguard.  Explore rollovers

work at Vanguard.  Explore rollovers         401(k) & 403(b) rollovers  Give your old retirement savings a new start by rolling over your money into an IRA. Follow the step-by-step rollover process     Transfers    Move money you have in an IRA or

Transfers    Move money you have in an IRA or other account at another financial company into a new or existing investment account at Vanguard.       Account transfers Get an overview of how transfers work at Vanguard.  Explore transfers

work at Vanguard.  Explore transfers        Account transfers  Make managing your investments easier by consolidating your accounts. Find out how to transfer money to Vanguard       Start your investment journey Our financial education tools can

journey Our financial education tools can help you plan for long-term investment success.nguard.com about us why vanguard.   Put the Vanguard difference to work for you  Vanguard                About Us   Why investors choose Vanguard  The

About Us   Why investors choose Vanguard  The investment company owned by people like you  Explore our products     At Vanguard, investing means ownership as well.*  Vanguard is different by design. We’re owned by the people who own our funds,

We’re owned by the people who own our funds, which makes us unique in the industry. This means you can trust that we are your partner, focusing on your long-term success instead of quarterly results. That’s the Value of Ownership. Our Mission: To

That’s the Value of Ownership. Our Mission: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.     Alfred M., Personal Investor Play Video   Read transcript   × When I was a kid, I would

Read transcript   × When I was a kid, I would go to the backyard and look up at the stars. I dreamed that I would be able to make an impact and to protect the folks that I love. I'm a lieutenant colonel in the United States Space Force.

colonel in the United States Space Force. Originally, I had planned to be a pilot, but once I got to flight training, I learned my body wasn't designed to be able to do flight. As a Space Force commander, I get to interact with all avenues of the

I get to interact with all avenues of the mission to get things done, so I get to take care of the people, make sure that they're prepared, make sure that they're sharp so that they're able to develop into future Air Force master sergeants and

into future Air Force master sergeants and officers, to do what they need to do. Being a part of the military and the Space Force is about being part of something bigger than just myself. In the same way, being a part of Vanguard also makes me feel

way, being a part of Vanguard also makes me feel like I'm part of something bigger. Being a part owner of Vanguard is important because I know this company is sharing my values as well as my objectives. I can sleep at night knowing that we’re going

I can sleep at night knowing that we’re going in the right direction. It's hard to have ownership without pride. I am going to take as good a care as I can to be able to make it last, not just for the next good time, but for a lifetime. With

for the next good time, but for a lifetime. With Vanguard, ownership can last for a lifetime for both me and my children.It's incredibly important for me to help them achieve their dreams. I get to choose exactly what the best method is for me to

choose exactly what the best method is for me to invest for the future for my family. When my sons look up at the stars and dream like I did, I want them to see endless possibilities. There's nothing that they can't accomplish if they put their mind

that they can't accomplish if they put their mind to it.   Disclosures: All investing is subject to risk, including the possible loss of the money you invest. Visit vanguard.com to obtain a fund prospectus, or, if available, a summary prospectus,

or, if available, a summary prospectus, which contains investment objectives, risks, charges, expenses, and other information; read and consider carefully before investing.  The experiences of these Vanguard clients may not be representative of the

Vanguard clients may not be representative of the experience of other Vanguard clients and are not a guarantee of future investment performance or success. Vanguard is investor-owned, meaning the fund shareholders own the funds, which in turn own

shareholders own the funds, which in turn own Vanguard.  ©2022 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.      John C. Bogle John C. Bogle sought to create a new, better way to manage a mutual fund

create a new, better way to manage a mutual fund company. The result was an enterprise based on a simple but revolutionary idea: investor ownership. In short, Vanguard is a company owned by the investor and for the investor.      Whatever you’re

and for the investor.      Whatever you’re saving for, we can help Because of Vanguard’s structure, your goals align with our goals. Whether you’re saving for retirement, your family’s education, or a sense of financial security, you can be

or a sense of financial security, you can be confident we’re on your side.    Not sure where to start? Try our investor quick start tool to see what’s best for your investment journey.  Try our quick start tool         The Philosophy of Investing

start tool         The Philosophy of Investing Learning about financial topics is a great way to gain confidence as you start your investing journey.   Principle 1   Start with a goal. Once you know what you’re saving for, it’s easier to develop a

what you’re saving for, it’s easier to develop a game plan.You can have short- or long-term investing goals like saving for a wedding, a car, a home, or retirement.  Along with your goal, your portfolio asset allocation and the cost of the

portfolio asset allocation and the cost of the investment will influence the type of account you should open and which investments to pick.   Principle 2   Balance is essential. Your investment strategy should align with your portfolio’s objective.

should align with your portfolio’s objective. Your asset allocation strategy should include a diverse mix of assets with different characteristics, such as stocks, bonds, and cash equivalents.  Because all investments involve risk, you must manage

all investments involve risk, you must manage the balance between risk and potential reward through the choice of portfolio holdings.    Principle 3   Research suggests that lower-cost investments tend to outperform higher-cost alternatives. The

tend to outperform higher-cost alternatives. The lower the costs of investing, the greater share of an investment’s return you can capture. You can’t control the markets, but you can control the bite of costs and taxes.1   Principle 4   Discipline

of costs and taxes.1   Principle 4   Discipline helps you remain committed. Investing can provoke strong emotions but remaining discipline and having perspective can help you remain committed to a long-term investment program through periods of

a long-term investment program through periods of market uncertainty.           A track record of strong performance** At Vanguard, it's all about you and our philosophy of low-cost investing. We keep more of your money working for you.  Learn more

more of your money working for you.  Learn more about investing at Vanguard       Community Impact Our responsibility as long-term investors extends to the neighborhoods in which we live and work. Through a combination of strategic, high-impact

Through a combination of strategic, high-impact philanthropy, efforts to address immediate needs, and crew-led volunteer and giving programs, we are committed to strengthening our communities.  Philanthropy and volunteerism              Accolades At

and volunteerism              Accolades At Vanguard, our standards of success are based on helping investors achieve financial security, being an employer of choice, and being a force for positive change in the communities in which we operate. Our

in the communities in which we operate. Our efforts have not gone unnoticed.  View our accolades       Ready to get started?  New to Vanguard or looking to consolidate your accounts?  Open an account  What do I need to open an account?    Already a

What do I need to open an account?    Already a Vanguard client? Log in to your account.nguard.com account transfer.   An account transfer makes investing easier  Vanguard               Move money   Transfer your account  Do you have accounts

Transfer your account  Do you have accounts across multiple financial institutions? You can treat yourself to the benefits of consolidation by transferring your assets to one location.  Learn how to transfer     What is a transfer?  A transfer is

transfer     What is a transfer?  A transfer is moving assets from an IRA or non-retirement account held at another company into a new or existing investment account at Vanguard.   Looking to move a 401(k) or 403(b) instead          Transfer an IRA

or 403(b) instead          Transfer an IRA  You can continue to have your retirement assets grow in a tax-advantaged account. Move your traditional, SEP-, inherited, or Roth IRA from another company to Vanguard.       Transfer a nonretirement

to Vanguard.       Transfer a nonretirement account  You can explore the wide variety of mutual funds and ETFs (exchange-traded funds) we offer. Move your taxable investing account, such as a general investing account or a trust account, to

general investing account or a trust account, to Vanguard.       Transfer a custodial account (UGMA/UTMA)  You can choose from a variety of funds when you move your custodial UGMA/UTMA account to Vanguard.     Not sure how to transfer your assets?

Not sure how to transfer your assets? Most account transfers are convenient to do online. Follow the 3 easy steps in our guide to learn more about account transfers and get started.  Learn how         Why choose Vanguard?       View your assets

Why choose Vanguard?       View your assets under one login  Make it easier to keep your portfolio balanced and diversified when you consolidate with one company that offers a broad range of investment choices.        Know that we put you

investment choices.        Know that we put you first  We’re unique. Our 30 million investors own the funds that own our company, so your goals are our goals.        Easily share with loved ones  Keep your family more informed and protect your heirs

your family more informed and protect your heirs from a financial scavenger hunt.        Save on taxes and fees  Vanguard doesn’t charge fees for you to transfer to us. We also transfer in kind, which means the transfer won't be a taxable

kind, which means the transfer won't be a taxable event since you aren’t buying or selling any investments.nguard.com account transfer how to transfer money.   How to transfer money in 3 steps  Vanguard             Back  Investor Resources &

Vanguard             Back  Investor Resources & Education  How to transfer money     How to Invest   Transfer in 3 steps  Learn how to transfer your outside assets to Vanguard.    Start a transfer       Starting your transfer Most account transfers

Starting your transfer Most account transfers are easy to do online. Watch our video tutorial to see how.     View transcript   × How to transfer your account from another investment firm to Vanguard.   Where you invest matters. You can transfer

Where you invest matters. You can transfer your IRA or non-retirement account held at another investment firm to an account at Vanguard using our simple and clear online process.    Before you transfer your assets to Vanguard, here are a few

transfer your assets to Vanguard, here are a few things to keep in mind. Be sure to check if your current firm charges any fees or has additional requirements to transfer. Many transfers can be completed online. If your transfer requires paperwork,

online. If your transfer requires paperwork, we'll provide a pre-filled form at the end of this process for you to print, sign, and mail to Vanguard. Most assets can move "in-kind," meaning they won’t need to be sold to transfer and you will remain

need to be sold to transfer and you will remain invested in the market throughout the transfer process. It’ll take approximately 5-10 minutes to complete an online transfer request. Most transfers take as little as 5 to 7 days. If paperwork is

take as little as 5 to 7 days. If paperwork is required, the transfer may take longer. Vanguard will keep you updated throughout the transfer process. You’ll need your username and password or account number for your other firm, plus a copy of your

number for your other firm, plus a copy of your most recent account statement.   To start your asset transfer, select Open an Account on Vanguard's Personal Investor homepage. Select the transfer option to begin. Then, select the type of account

option to begin. Then, select the type of account that’s moving from your other firm. Be sure to take note of the frequently asked questions on each page, which are there to help you better understand the transfer process.   Next, you’ll connect

the transfer process.   Next, you’ll connect directly to your account at your other firm. Start by selecting or typing in that firm’s name. The easiest way to access your investments to transfer is to enter your username and password for your other

enter your username and password for your other firm. Or you can manually enter your account number. You can also choose whether to transfer some or all of your assets. Then, you’ll tell us where the assets should go.If you're already a Vanguard

the assets should go.If you're already a Vanguard client, you'll see accounts that are eligible to receive your transfer...or you can open a new account. If you’re new to Vanguard, we'll open a new account to receive this transfer. As part of this

account to receive this transfer. As part of this process, we’ll gather some personal and employment information.   Next, you’ll review your transfer details for accuracy, and accept any agreements. If your request can be completed electronically,

If your request can be completed electronically, we’ll work with your other firm to transfer your assets. If your transfer can’t be processed electronically, we’ll provide you with your next steps.   Thank you, and we look forward to partnering with

Thank you, and we look forward to partnering with you on your financial journey.         Step 1 Identify which accounts you’d like to transfer All of your assets will move “in kind,” meaning there’s no buying or selling. You can transfer between

no buying or selling. You can transfer between like account types—such as an individual account to an individual account—or unlike account types—such as an individual account to a joint account. However, please note that any transfers between unlike

please note that any transfers between unlike account types may require paperwork.      Step 2 Gather your information We make it easy to electronically connect with your other firm to start the transfer. If you’re new to Vanguard, you’ll need to

If you’re new to Vanguard, you’ll need to open an account, which you can do within the transfer process. Before you begin, be sure to have: Your username and password or account number from your other firm. The dollar amount your wish to transfer.

firm. The dollar amount your wish to transfer. You’ll also need to know whether you want to transfer some or all of your assets. Please note: If your transfer cannot be completed electronically, you’ll need a copy of your account statement dated

need a copy of your account statement dated within the last 90 days.       Step 3 Initiate the transfer Digital transfers may take as little as 5 to 7 days. You can follow your transfer’s progress online via the “Track Your Transfer” link on your

online via the “Track Your Transfer” link on your Account Details page. If paperwork is required, the transfer may take longer. To initiate your paperwork transfer, you must: Print, sign, and mail the Vanguard transfer form along with an account

the Vanguard transfer form along with an account statement from your other firm.    What happens behind the scenes?       Vanguard contacts the other institution  We’ll reach out to the other institution and provide them with the information you

and provide them with the information you give us.nguard.com account transfer other transfer questions.   Answers to common account transfer questions  Vanguard             Back  Account transfers  Answers to common account transfer questions

to common account transfer questions       Answers to common account transfer questions     General   How long will it take to transfer my account to Vanguard?   Completion times vary depending on the type of transfer, your account details, and the

type of transfer, your account details, and the company holding your account. Some transfers can take 4 to 6 weeks, but your wait could be shorter. You'll get a more accurate estimate when you start your transfer online.   How much will it cost to

your transfer online.   How much will it cost to transfer my account?   Vanguard doesn't charge fees for incoming or outgoing transfers, but other companies might. Check with the company currently holding your account to find out if it has any

holding your account to find out if it has any transfer fees or requirements.   What types of accounts can I transfer online?   You can transfer the following types of accounts to Vanguard online: Most IRAs, including Roth, traditional, and

Most IRAs, including Roth, traditional, and SEP-IRAs. Individual and joint accounts. Uniform Gifts/Transfers to Minors Act (UGMA/UTMA) accounts.    What's an "in kind" transfer?   When you transfer "in kind," you simply move your investments to us

"in kind," you simply move your investments to us "as is." There's no selling or buying involved and no tax consequences either. Vanguard receives your investments at the market value on the date of the transfer. An in-kind transfer is one of the

the transfer. An in-kind transfer is one of the quickest and easiest ways to move an account.   What types of investments can and can't be transferred to Vanguard in kind?   Investments you can transfer in kind include: Stocks. Bonds. Most options.

in kind include: Stocks. Bonds. Most options. Exchange-traded funds (ETFs). Unit investment trusts. Certificates of deposit (CDs) held in a brokerage account. Most mutual funds (although money market funds will be sold and transferred as cash).*

funds will be sold and transferred as cash).* Investments you can't transfer in kind include: CDs held directly with a bank. Certain options. Limited partnerships and private placements. Certain mutual funds and other investment products offered

funds and other investment products offered exclusively by your current firm. Certain low-priced securities traded over the counter (OTC) or on the pink sheets market. Commodities. Annuities. Life insurance policies.     × Street name A brokerage

insurance policies.     × Street name A brokerage term for securities held in the name of the broker, rather than in the name of the person who purchased them. This is a routine practice that allows trading to take place in a matter of minutes.

trading to take place in a matter of minutes. Traditionally when you hold securities in your name, you have to keep them in a safe place and mail or hand deliver them to your broker whenever you want to sell them. But if you register them in street

to sell them. But if you register them in street name, even though the name on the certificate is not yours, you're still the real owner and have all the rights associated with that ownership.   Brokerage-related   What are certificates of deposit?

What are certificates of deposit?   Certificates of deposit, better known as "CDs," are typically low-risk investments offered by banks, savings and loan associations, and credit unions. CDs may offer higher yields than bank accounts and money

offer higher yields than bank accounts and money market funds. They're often used for cash you won't need for months or even years. You lock in the market interest rate at the time of your CD purchase, and the rate is usually fixed until the date

and the rate is usually fixed until the date the term of the CD ends, after which you can withdraw your money in full.   What's a settlement fund?   At Vanguard, settlement fund refers to the sweep program option used to pay for and receive proceeds

option used to pay for and receive proceeds from trades. VBS' sweep program automatically transfers (“sweeps”) any uninvested funds, such as new deposits or the proceeds from securities transactions, into a money market fund or bank product sweep

into a money market fund or bank product sweep option. Funds are swept out to pay for transactions.    How can I endorse and deposit security certificates?   If you hold your own security certificates, you can register them in street name with

you can register them in street name with Vanguard by endorsing the certificates.  How to endorse your stock and bond certificates   Be sure to write your Vanguard Brokerage Account number on the front of the certificates in the upper-right corner.

of the certificates in the upper-right corner. Send your endorsed certificates by registered or certified mail to: Vanguard Brokerage Services 5951 Luckett Court, Suite A1 El Paso, TX 79932-1882 If we receive security certificates (from you or a

we receive security certificates (from you or a third party) that haven't been endorsed, you can register them in street name by completing an Irrevocable Stock or Bond Power Form for each security issuer.nguard.com accounts plans.   Investment

issuer.nguard.com accounts plans.   Investment accounts & plans  Vanguard               Accounts & Plans   Investing should be easy  Trade mutual funds, ETFs, stocks, and more—all for a low cost in our brokerage accounts  See fees and commissions

brokerage accounts  See fees and commissions      How are accounts and investment products different? Think of your account as an empty garage. You can fill it with trucks, cars, bicycles, or other vehicles you like. In the same way, you can fill

vehicles you like. In the same way, you can fill your account with investment products such as mutual funds, ETFs (exchange-traded funds), stocks, bonds, and more. The first step is understanding what kind of account you need. Check out your options

kind of account you need. Check out your options below.   IRAs Individual & joint 529 savings UGMA/UTMA Small business Trust & organization       An IRA makes saving for the future less taxing Both traditional and Roth IRAs give you an easy way to

traditional and Roth IRAs give you an easy way to save for retirement, offering different tax breaks.  Learn about IRAs          Want flexibility? Consider an individual or joint brokerage account. Individual and joint accounts are general investing

and joint accounts are general investing accounts. They aren't subject to early withdrawal penalties that apply to retirement accounts—so you can take your money out when needed. Use these accounts to save for your dream home, wedding, and more.

to save for your dream home, wedding, and more.  Learn about brokerage accounts          Opening a 529 plan can pave the way for a well-funded education Invest in a brighter future—for you, your children, your grandchildren, or someone else.  Learn

your grandchildren, or someone else.  Learn about 529s          Want to gift money to a minor but not limit it to education? A Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) account is owned by a minor but managed by

(UTMA) account is owned by a minor but managed by you until they become an adult. After that, they can use the money for any purpose.  Learn about UGMA/UTMA          If you’re a business owner, you know what it means to be self-reliant That’s why

know what it means to be self-reliant That’s why it’s important to take advantage of retirement plans designed for small businesses. Choose from a SEP-IRA (Simplified Employee Pension) or an Individual 401(k).If you have employees, consider a

401(k).If you have employees, consider a SEP-IRA or SIMPLE IRA (Savings Incentive Match Plan for Employees).  Learn about small business options       Looking for a way to leave assets to your loved ones? A trust account is a legal arrangement in

ones? A trust account is a legal arrangement in which the grantor allows a third party, the trustee, to manage assets on behalf of the trust's beneficiaries.  Learn about trusts     Looking to set up an investment account for an organization? An

up an investment account for an organization? An organization account offers trading and investment features that can help your business work toward its financial goals.  Learn more      IRAs        An IRA makes saving for the future less taxing

An IRA makes saving for the future less taxing Both traditional and Roth IRAs give you an easy way to save for retirement, offering different tax breaks.  Learn about IRAs     Individual & joint        Want flexibility? Consider an individual or

Want flexibility? Consider an individual or joint brokerage account. Individual and joint accounts are general investing accounts. They aren't subject to early withdrawal penalties that apply to retirement accounts—so you can take your money

to retirement accounts—so you can take your money out when needed. Use these accounts to save for your dream home, wedding, and more.  Learn about brokerage accounts     529 savings        Opening a 529 plan can pave the way for a well-funded

a 529 plan can pave the way for a well-funded education Invest in a brighter future—for you, your children, your grandchildren, or someone else.  Learn about 529s     UGMA/UTMA        Want to gift money to a minor but not limit it to education? A

money to a minor but not limit it to education? A Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) account is owned by a minor but managed by you until they become an adult. After that, they can use the money for any

adult. After that, they can use the money for any purpose.  Learn about UGMA/UTMA     Small business        If you’re a business owner, you know what it means to be self-reliant That’s why it’s important to take advantage of retirement plans

important to take advantage of retirement plans designed for small businesses. Choose from a SEP-IRA (Simplified Employee Pension) or an Individual 401(k). If you have employees, consider a SEP-IRA or SIMPLE IRA (Savings Incentive Match Plan for

or SIMPLE IRA (Savings Incentive Match Plan for Employees). Learn about small business options     Trust & organization    Looking for a way to leave assets to your loved ones? A trust account is a legal arrangement in which the grantor allows a

a legal arrangement in which the grantor allows a third party, the trustee, to manage assets on behalf of the trust's beneficiaries.  Learn about trusts     Looking to set up an investment account for an organization? An organization account offers

an organization? An organization account offers trading and investment features that can help your business work toward its financial goals.  Learn more        Learn more about accounts that fit your goal       Retirement  The government offers tax

goal       Retirement  The government offers tax advantages for the following account types (in addition to company-sponsored plans).  Roth vs. traditional IRAs   Make a plan for retirement        Education  Saving for college can reduce the burden

Saving for college can reduce the burden of student debt—whether you're saving for yourself, your child, your grandchild, or someone else.  Learn about 529 savings   529 account flexibility        Personal goals  Maybe you're saving for multiple

Personal goals  Maybe you're saving for multiple general investing goals—like a house, a car, or a dream vacation. See how you can save for them all.  Start prioritizing   Key questions to build a plan        Emergencies  We recommend keeping 3–6

plan        Emergencies  We recommend keeping 3–6 months of living expenses in an easily accessible account.  Learn about emergency funds   Make a budget for emergencies    Not sure which account is right for you? Use our tool to identify the

is right for you? Use our tool to identify the account that best fits your investing needs. Find your account today     Already know what you want?  Open an account   Rollover or transfer       What's the difference between accounts and investments?

the difference between accounts and investments? Play our video to better understand how accounts and investments differ.      Play Video   View transcript   × [MUSIC PLAYING] Let's talk gardens. OK. Let's actually talk financial accounts versus

OK. Let's actually talk financial accounts versus products. They're two different things, but just like soil and seedlings, they come together to form something great—your investment portfolio. First up is your soil—your account. There are many

up is your soil—your account. There are many different account types out there and you're not limited to choosing just one. You might have several different accounts working toward different goals. General investing accounts can be good for short

General investing accounts can be good for short term goals and IRAs can be great if you're saving for retirement. Choosing the right accounts will set you up for success on your financial journey. Then it's time to get growing. That's where

Then it's time to get growing. That's where products come in.Think of your products as seedlings. And just like your base, they're all about your personal preferences. You can choose from ETFs, mutual funds, stocks, bonds, and more. The products

funds, stocks, bonds, and more. The products live inside your accounts. And just like that, you've created a personalized plan that can help you reach your financial goals. All that's left to do now is watch them grow and blossom. [Disclosures

now is watch them grow and blossom. [Disclosures appear onscreen. They read: “Vanguard. All investing is subject to risk, including the possible loss of the money you invest. There is no guarantee that any particular asset allocation or mix of funds

any particular asset allocation or mix of funds will meet your investment objective or provide you with a given level of income. For more information about Vanguard funds and ETFs, visit Vanguard mutual fund prospectuses or Vanguard ETF prospectuses

fund prospectuses or Vanguard ETF prospectuses to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it

contained in the prospectus; read and consider it carefully before investing. ©2022 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.”         You'll never pay hidden fees at Vanguard Low fees mean you can

pay hidden fees at Vanguard Low fees mean you can get more back from your investments. That's why we think it's important to be transparent and share which ones you can avoid here at Vanguard.  View account fees      Chuck and Pat P., Vanguard

View account fees      Chuck and Pat P., Vanguard clients Your business model is a great one. It's given us a lot of confidence and financial success, and we love talking about it with friends and family.” The experiences of these Vanguard clients

The experiences of these Vanguard clients may not be representative of the experience of other Vanguard clients and are not a guarantee of future investment performance or success.     Helpful resources    How to invest on your own Get key

resources    How to invest on your own Get key information on how you can start a successful DIY investing journey.  View DIY resources      Investment products Choose from a wide range of investments for your brokerage accounts, such as mutual

for your brokerage accounts, such as mutual funds, ETFs, stocks, and more.  View products      Get the advice you need Use our robo-advisor or work with a financial advisor for ongoing portfolio guidance and access to exclusive tools. Compare advice

and access to exclusive tools. Compare advice services      What our experts have to say Stay on top of everything from market updates to smart tax strategies. Read our blog posts and news articles, or watch videos from our experts. View market

or watch videos from our experts. View market articles   Get perspective on the markets Market volatility is a part of investing. But with the right investing strategy, you can ride out ups and downs with less stress. Learn about volatility    Start

with less stress. Learn about volatility    Start investing today.  Open an account      Want to learn more about investing? Sign up for The Vanguard View, our monthly newsletter.    Enter your email address to receive information about Vanguard. We

address to receive information about Vanguard. We may also send you other Vanguard information you might be interested in. You can opt out at any time.        Frequently asked questions   What kind of investment account should I open?   It depends

of investment account should I open?   It depends on your goal. Each account type aligns with a different savings objective. If you know your goal and don't know which account to open, try our quick-start tool to see which account fits your needs.

tool to see which account fits your needs. Launch the quick-start tool   Is there an account for beginner investors?   All account are suitable for beginners; you just have to know your investing goal. Once you know your goal, you'll be able to find

Once you know your goal, you'll be able to find an account that matches your needs. Choose an investment account   What are some common savings goals?   Investors often save for retirement, future education, emergency funds, and other general

education, emergency funds, and other general savings goals like a car or a home. See more investing goals   I know my investing goal and the account I'll open, so what's next?   You'll want to start mapping out an investment plan and consider what

mapping out an investment plan and consider what investments you want to hold in your account. Turn your goals into an investment plan Explore investment products   Is there a fee to open or hold an account at Vanguard?   No. We don't charge a fee

account at Vanguard?   No. We don't charge a fee to open an account. There's a $20 annual fee for each brokerage and mutual fund-only account, but you can easily avoid this fee.   What are Vanguard's investing fees?   You’ll never pay a commission

investing fees?   You’ll never pay a commission to buy or sell Vanguard mutual funds or ETFs in your Vanguard account. Most Vanguard mutual funds have a $3,000 minimum, but you can invest in any Vanguard Target Retirement Fund or Vanguard STAR® Fund

Target Retirement Fund or Vanguard STAR® Fund with as little as $1,000.(Some funds have minimums greater than $3,000 to protect the funds from short-term trading activity.) You can buy a Vanguard ETF® for as little as $1, regardless of the ETF's

ETF® for as little as $1, regardless of the ETF's share price. All stocks and non-Vanguard ETFs must be bought at market price. Check out our fees and commissions   What are expense ratios, and how are they calculated?   An expense ratio reflects

are they calculated?   An expense ratio reflects how much a mutual fund or ETF pays for portfolio management, administration, marketing, and distribution. It’s calculated by dividing the fund's operational expenses by its average net assets. Learn

expenses by its average net assets. Learn more about expense ratios      For more information about Vanguard funds or ETFs, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges,

Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.  You must buy and sell Vanguard ETF Shares through Vanguard Brokerage

Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for full details. Vanguard ETF Shares

schedules for full details. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or

When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value. All investing is subject to risk, including the possible loss of the money you invest.   Vanguard's advice services are

you invest.   Vanguard's advice services are provided by Vanguard Advisers, Inc. ("VAI"), a registered investment advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered, limited-purpose trust company. The services provided to

trust company. The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI's Form CRS and each program's advisory brochure here for an overview. VAI and VNTC

brochure here for an overview. VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation.nguard.com accounts plans 403b plans.   403(b) Retirement Plan  Vanguard             Back  Accounts & plans

Vanguard             Back  Accounts & plans  403(b) Services     Accounts & Plans   Vanguard 403(b) Services  Let our high-quality mutual funds and easy-to-manage plan help you achieve retirement success.     Ready to invest in a 403(b)?

success.     Ready to invest in a 403(b)?  Call 800-569-4903 Monday through Friday, 8 a.m. to 8 p.m., Eastern time  Call 800-569-4903 Monday through Friday, 8 a.m. to 8 p.m., Eastern time     What exactly is a 403(b) plan? You could say that the

exactly is a 403(b) plan? You could say that the 403(b) plan is a close relative of the more familiar 401(k) retirement savings plan. Both plan types offer tax-deferred growth. The major difference is the types of businesses that offer them. 401(k)

the types of businesses that offer them. 401(k) plans are generally available to employees of for-profit companies. 403(b) plans are generally offered by public education institutions and certain tax-exempt organizations.       Saving in a 403(b)

organizations.       Saving in a 403(b) plan is a smart thing to do A 403(b) plan can be an excellent way to help build retirement security—whether it's your only option for retirement saving, or it's supplementing another retirement account. 403(b)

supplementing another retirement account. 403(b) plans have high contribution limits and diversified investment choices. You're in control. You choose where your money goes and how much you'll contribute ($22,500 for 2023). You'll also have options

($22,500 for 2023). You'll also have options for how to withdraw your money in retirement. And if your employer contributes to your plan, your savings get an extra boost!   × 401(k) plan A type of employer-sponsored retirement savings plan that

employer-sponsored retirement savings plan that allows employees to contribute pre-tax dollars by deferring salary. Many plans offer a variety of investment options, and employers often match a percentage of employee contributions.    × Tax deferral

of employee contributions.    × Tax deferral Delaying the payment of income taxes on income. For example, owners of traditional IRAs do not pay income taxes on the interest, dividends, or capital gains accumulating in their retirement accounts until

accumulating in their retirement accounts until they begin making withdrawals.   × Contribution Money placed in a retirement plan, such as a 403(b), IRA (individual retirement account), 401(k), or other retirement plan for a particular tax year.

other retirement plan for a particular tax year. Contributions may be deductible or nondeductible, depending on the account type.    × Diversification The strategy of investing in multiple asset classes (like stocks, bonds, and cash) and among many

(like stocks, bonds, and cash) and among many securities in an attempt to lower overall investment risk.    × Roth A feature of a 403(b) plan that allows you to make after-tax contributions (so you don't get an immediate tax deduction) and then

don't get an immediate tax deduction) and then withdraw money in retirement tax-free as long as you meet the requirements.    × Pre-tax contribution An addition to an account made with funds from an employee's paycheck before federal income taxes

employee's paycheck before federal income taxes are deducted.    × Earnings The investment returns you accumulate on the savings in your account.    × Compounding When earnings on invested money generate their own earnings. For example, if you

generate their own earnings. For example, if you invested $5,000 and earned 6% a year, in the first year you'd earn $300 ($5,000 x 0.06), in the second year you'd earn $318 ($5,300 x 0.06), in the third year you'd earn $337.08 ($5,618 x 0.06), and

year you'd earn $337.08 ($5,618 x 0.06), and so on. Over longer periods of time, compounding becomes very powerful. In this example, you'd earn over $1,600 in the 30th year.    × Interest Income you can receive by investing in bonds or cash

you can receive by investing in bonds or cash investments. The investment's interest rate is specified when the investment is issued.    × Dividend The distribution of the interest or income produced by a mutual fund's holdings to the fund's

by a mutual fund's holdings to the fund's shareholders, or a payment of cash or stock from a company's earnings to each stockholder. Dividends can be distributed monthly, quarterly, semiannually, or annually.    × Capital gains Payments to mutual

annually.    × Capital gains Payments to mutual fund shareholders of gains realized during the year on securities that a fund has sold at a profit minus any realized losses. Capital gains can be distributed monthly, quarterly, semiannually, or

distributed monthly, quarterly, semiannually, or annually.    × Mutual fund A type of investment that pools shareholder money and invests it in a variety of securities.Each investor owns shares of the fund and can buy or sell these shares at any

the fund and can buy or sell these shares at any time. Mutual funds are typically more diversified, low-cost, and convenient than investing in individual securities, and they're professionally managed.       You may benefit from tax breaks Like all

You may benefit from tax breaks Like all retirement plans, 403(b) plans offer tax advantages—enabling you to save on taxes now and in some cases later, if your plan offers a Roth option.        Save on taxes now  Contributions are pre-tax,

Save on taxes now  Contributions are pre-tax, which allows you to postpone your tax bill while you put away money for retirement. Meanwhile, your earnings can continue to grow tax-free until you begin making withdrawals. By then, you may be in a

making withdrawals. By then, you may be in a lower tax bracket.*       Save on taxes later  If your plan offers a Roth contribution, your contributions are taxable now, but you get a future bonus—in addition to tax-free growth, you get tax-free

addition to tax-free growth, you get tax-free withdrawals as long as you've owned your account for 5 years and you're age 59½ or older.       Time is on your side The passing years also bring the benefit of compounding. Any interest, dividends, and

of compounding. Any interest, dividends, and capital gains your account accumulates generate earnings on top of earnings. In other words, your money makes money! Learn about risk, reward & time         Recommended to read next       What plan

Recommended to read next       What plan sponsors need to know  Vanguard 403(b) Services provides premier recordkeeping, easy plan management, and day-to-day support from an assigned client services team in partnership with Newport Group.**

team in partnership with Newport Group.**  Find out more about Vanguard 403(b) Services for plan sponsors         What plan participants need to know  You can build for your future today with low-cost funds and dedicated support through Vanguard

funds and dedicated support through Vanguard 403(b) Services.  Find out more about Vanguard 403(b) Services for plan participants         Costs matter  Benjamin Franklin famously said: "A penny saved is a penny earned." Vanguard is living proof. Our

is a penny earned." Vanguard is living proof. Our low fund costs and straightforward 403(b) fees can help you keep more of your earnings in your pocket—where they belong. Lower your 403(b) plan fees & fund costs at Vanguard       Why choose

fees & fund costs at Vanguard       Why choose Vanguard? Our track record of reliable 403(b) plan management; high-quality, low-cost mutual funds; and convenient account services makes Vanguard the smart choice for employers who want to help

the smart choice for employers who want to help employees save for retirement and for employees seeking a trustworthy partner to help them reach their goals.  Get started           Use our handy tools  You're putting money away for your future, but

You're putting money away for your future, but how do you know if it will be enough?  See if you'll have enough to retire       Make retirement saving easy  If you don't know how to start saving for retirement, we can help you figure out how much

retirement, we can help you figure out how much you'll need and how to balance all your savings goals.  Get the basics about saving for retirement       Consolidate your accounts  Consider moving accounts you hold elsewhere to Vanguard. You'll enjoy

you hold elsewhere to Vanguard. You'll enjoy more control of your portfolio now and get a clear picture of your investment strategy.  Transfer accounts to Vanguard       We're here to help     Existing plan sponsors Call 877-893-5426  Prospective

plan sponsors Call 877-893-5426  Prospective plan sponsors Call 877-859-5756  Plan participants Call 800-569-4903  Monday through Friday 8 a.m. to 8 p.m., Eastern time    Already a plan participant? Log in to access your account.  Log in  New to

Log in to access your account.  Log in  New to Vanguard? Get started >     We're here to help    Plan participants Call 800-569-4903  Existing plan sponsors Call 877-893-5426  Prospective plan sponsors Call 877-859-5756  Monday through Friday 8 a.m.

Call 877-859-5756  Monday through Friday 8 a.m. to 8 p.m., Eastern time    Already a plan participant? Log in to access your account.  Log in  New to Vanguard? Get started >      *Withdrawals taken before age 59½ may be subject to ordinary income

before age 59½ may be subject to ordinary income tax plus a 10% federal penalty tax. **Retirement plan recordkeeping and administrative services are provided by The Vanguard Group, Inc. (VGI). VGI has entered into an agreement with Newport Group,

has entered into an agreement with Newport Group, Inc., to provide certain plan recordkeeping and administrative services on its behalf. Custodial services are provided by Newport Trust Company, a wholly owned subsidiary of Newport Group,

a wholly owned subsidiary of Newport Group, Inc.nguard.com accounts plans 403b plans low cost.   Lower your 403(b) fees and fund costs at Vanguard  Vanguard             Back  Accounts & plans  403(b) Services  Low cost     403(b) Services   How to

Services  Low cost     403(b) Services   How to lower your 403(b) plan fees & fund costs  Why pay more when you can make a smart choice for your retirement savings? Consider the benefits of investing with Vanguard.     Ready to invest in a 403(b)?

with Vanguard.     Ready to invest in a 403(b)?  Call 800-569-4903 Monday through Friday, 8 a.m. to 8 p.m., Eastern time  Call 800-569-4903 Monday through Friday, 8 a.m. to 8 p.m., Eastern time       Why it’s important to understand 403(b) fees To

Why it’s important to understand 403(b) fees To get the true story about fees, look at the total, all-in plan price. As the chart shows, our competitors can charge twice as many individual fees. When you compare the total amount paid for all plan

you compare the total amount paid for all plan service and investment fees, Vanguard 403(b) Services ranks among the lowest-cost 403(b) plans available.   Transparent recordkeeping fees  Our fees are clear and straightforward. While some 403(b)

are clear and straightforward. While some 403(b) providers may charge many types of fees—fees you may not even realize you’re being charged—Vanguard has just 2: A monthly recordkeeping fee of $5 per plan participant ($60 annually). The investment

plan participant ($60 annually). The investment expense (expense ratio) for each fund you choose for your account.  Plan participants will never find a hidden fee or charge. That means no front-or back-end loads, commissions, surrender charges, or

loads, commissions, surrender charges, or asset-based administration “wrap“ fees.  And we don’t charge you for taking a distribution from your account, as many of our competitors do.* Plan sponsors have 2 options for paying the recordkeeping fee: as

2 options for paying the recordkeeping fee: as a direct plan sponsor expense, or through automated deductions from participant accounts. If applicable, a plan using a third-party administrator (TPA) may charge a TPA fee, which the plan sponsor can

may charge a TPA fee, which the plan sponsor can deduct from participant accounts.**   × Plan participant Anyone who contributes to a retirement plan, or is retired and receiving benefits from it.   × Expense ratio The annual operating expenses of a

Expense ratio The annual operating expenses of a mutual fund or ETF (exchange-traded fund), expressed as a percentage of the fund's average net assets. It's calculated annually and removed from the fund's earnings before they're distributed to

the fund's earnings before they're distributed to investors, directly reducing investors' returns. For example, if you had $10,000 invested in a fund with an expense ratio of 0.20%, you'd pay about $20 a year out of your investment returns.    ×

$20 a year out of your investment returns.    × Front/back-end load A fee paid to the investment company when you buy an investment on the "front end" or sell it on the "back end."    × Commission A fee charged by a broker for buying and selling

A fee charged by a broker for buying and selling securities.    × Surrender charge A fee that may be charged on early withdrawals from an insurance or annuity contract or to cancel the agreement.    × Asset-based administration fee A fee determined

× Asset-based administration fee A fee determined by deducting a percentage of the assets held in an account. Although the percentage stays the same, the dollar amount deducted changes as the account balance changes.    × Plan sponsor An employer

balance changes.    × Plan sponsor An employer that establishes a retirement plan to benefit its employees.    × Third-party administrator (TPA) An individual or organization hired by a plan sponsor to run the retirement plan selected by the

to run the retirement plan selected by the sponsor.     Compare Vanguard fees with the competition***  Fees others may charge: Flat recordkeeping Expense ratio Asset-based administration Distribution-processing Miscellaneous Commissions

Distribution-processing Miscellaneous Commissions Front/back-end loads Surrender charges  The only fees Vanguard charges: Flat recordkeeping Expense ratio      Low fund costs The Vanguard average expense ratio for mutual funds is 83% less than the

ratio for mutual funds is 83% less than the industry average.†† For investors, that can mean more potential returns because every penny you save in fund costs is a penny that stays in your account, where it can grow tax-deferred. Because costs and

where it can grow tax-deferred. Because costs and fees can cut directly into investment returns, it’s important to know what your funds cost—whether you’re an employer choosing a plan or an employee who may have a choice of providers.       × Mutual

may have a choice of providers.       × Mutual fund A type of investment that pools shareholder money and invests it in a variety of securities. Each investor owns shares of the fund and can buy or sell these shares at any time.Mutual funds are

or sell these shares at any time.Mutual funds are typically more diversified, low-cost, and convenient than investing in individual securities, and they're professionally managed.    × Tax deferral Delaying the payment of income taxes on income. For

the payment of income taxes on income. For example, owners of traditional IRAs do not pay income taxes on the interest, dividends, or capital gains accumulating in their retirement accounts until they begin making withdrawals.          Target

they begin making withdrawals.          Target retirement funds  Vanguard Target Retirement Funds offer a complete portfolio in a single fund. With Vanguard 403(b) Services, you have access to our lowest-cost target retirement funds—Vanguard

our lowest-cost target retirement funds—Vanguard Institutional Target Retirement Funds. There are no fund minimums.  Learn more about target retirement funds       Admiral Shares  Vanguard 403(b) Services has the added benefit of offering additional

has the added benefit of offering additional cost savings through the Admiral™ Shares of our mutual funds with no minimum investment required.  See how Admiral Shares can help keep your costs under control       Recommended to read next        What

Recommended to read next        What plan sponsors need to know  Vanguard 403(b) Services provides premier recordkeeping, easy plan management, and day-to-day support from an assigned client services team in partnership with Newport Group.**

team in partnership with Newport Group.**  Find out more about Vanguard 403(b) Services for plan sponsors       What plan participants need to know  You can build for your future today with low-cost funds and dedicated support through Vanguard

funds and dedicated support through Vanguard 403(b) Services.  Find out more about Vanguard 403(b) Services for plan participants          Make retirement saving easy  If you don’t know how to start saving for retirement, we can help you figure out

saving for retirement, we can help you figure out how much you’ll need and how to balance all your savings goals.  Get the basics about saving for retirement       Consolidate your accounts  Consider moving accounts you hold elsewhere to Vanguard.

moving accounts you hold elsewhere to Vanguard. You’ll enjoy more control of your portfolio now and get a clear picture of your investment strategy.  Transfer accounts to Vanguard       Use our handy tools  You’re putting money away for your future,

tools  You’re putting money away for your future, but how do you know if it will be enough?  See if you’ll have enough to retire       We're here to help  Plan participants Call 800-569-4903  Existing plan sponsors Call 877-893-5426  Prospective

plan sponsors Call 877-893-5426  Prospective plan sponsors Call 877-859-5756  Monday through Friday 8 a.m.to 8 p.m., Eastern time    Already a plan participant? Log in to access your account.  Log in  New to Vanguard? Get started      We're here to

New to Vanguard? Get started      We're here to help   Plan participants Call 800-569-4903  Existing plan sponsors Call 877-893-5426  Prospective plan sponsors Call 877-859-5756  Monday through Friday 8 a.m. to 8 p.m., Eastern time    Already a

8 a.m. to 8 p.m., Eastern time    Already a plan participant? Log in to access your account.  Log in  New to Vanguard? Get started        *A participant who takes a loan from a 403(b) account (if the plan permits) will incur a one time $50 loan

the plan permits) will incur a one time $50 loan initiation fee and a $25 per-year loan maintenance fee. **Plans using a third-party administrator (TPA) may authorize Vanguard to deduct the TPA’s fees from participant accounts. These fees or charges

from participant accounts. These fees or charges will be listed as a separate line-item fee and be clearly identified on participant statements. ***Actual participant and/or plan fees may vary depending on the investments and services used. Fees not

on the investments and services used. Fees not reflected in the table may include certain participant transaction fees, such as loans, and fees for other services if applicable. †Some companies charge fees for account setup closeout, or transfer;

fees for account setup closeout, or transfer; paper statements; wires; copies of confirmations or checks; or to wire money from a participant’s account. ††Vanguard average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio:

Industry average mutual fund expense ratio: 0.54%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2022.  For more information about Vanguard funds or ETFs, visit

information about Vanguard funds or ETFs, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the

information about a fund are contained in the prospectus; read and consider it carefully before investing.  All investing is subject to risk, including the possible loss of the money you invest. Investments in Target Retirement Funds are subject to

in Target Retirement Funds are subject to the risks of their underlying funds.nguard.com accounts plans 403b plans participant.   Vanguard 403(b) Plan: How to Participate in One  Vanguard             Back  Accounts & plans  403(b) Services

Back  Accounts & plans  403(b) Services  Participants     403(b) services   Let Vanguard help pave your road to retirement  Selecting an investment provider can be difficult. With Vanguard, your needs are our number one priority.     Ready

your needs are our number one priority.     Ready to set up your plan?  Call 800-569-4903 Monday through Friday, 8 a.m. to 8 p.m., Eastern time  Call 877-859-5756 Monday through Friday, 8 a.m. to 8 p.m., Eastern time     How to get started with your

Eastern time     How to get started with your plan      Fill out an application  Your plan sponsor has established your company's plan, but we don't have any information about you, such as your name, address, and Social Security number. Fill out my

address, and Social Security number. Fill out my 403(b) plan application      Sign up for account access  Your plan sponsor has established your company's plan and has set up your individual account. If you haven't already done so, sign up for

If you haven't already done so, sign up for online account access so you can manage your account. Then click Enroll now next to your 403(b) account to start investing. Sign up for web access       Start saving now  Your plan sponsor has established

saving now  Your plan sponsor has established your company's plan and has set up your individual account. You've set up online account access—now it's time to save! Simply log in and click Enroll now next to your 403(b) account. Log in to my 403(b)

next to your 403(b) account. Log in to my 403(b) plan account     Choose trust & experience We've been helping employees reach their retirement goals through a variety of plans—IRAs, 401(k) plans, and of course, 403(b) plans. With Vanguard 403(b)

and of course, 403(b) plans. With Vanguard 403(b) Services, you can build for your future through low-cost mutual funds and an easy-to-manage plan that offers premier services. Find out why Vanguard's different   × IRA (individual retirement

different   × IRA (individual retirement account) A type of account created by the IRS that offers tax benefits when you use it to save for retirement.    × 401(k) plan A type of employer-sponsored retirement savings plan that allows employees to

retirement savings plan that allows employees to contribute pre-tax dollars by deferring salary.Many plans offer a variety of investment options, and employers often match a percentage of employee contributions.    × Mutual fund A type of investment

× Mutual fund A type of investment that pools shareholder money and invests it in a variety of securities. Each investor owns shares of the fund and can buy or sell these shares at any time. Mutual funds are typically more diversified, low-cost,

funds are typically more diversified, low-cost, and convenient than investing in individual securities, and they're professionally managed.    × Plan participant Anyone who contributes to a retirement plan, or is retired and receiving benefits from

plan, or is retired and receiving benefits from it.    × Portfolio The sum total of your investments managed toward a specific goal.    × Index fund A type of mutual fund that seeks to track the performance of a particular market index (sometimes

of a particular market index (sometimes referred to as a "benchmark"), like the popular S&P 500 index, Nasdaq, or Dow Jones Industrial Average, by buying all or a representative sample of the securities in the index it tracks.    × Market sector An

in the index it tracks.    × Market sector An area of the economy whose businesses share certain characteristics.    × Roth IRA A type of IRA that allows you to make after-tax contributions (so you don't get an immediate tax deduction) and then

don't get an immediate tax deduction) and then withdraw money in retirement tax-free as long as you meet the requirements.    × Beneficiary A person or organization designated to receive the proceeds of an investment account (or an insurance policy,

of an investment account (or an insurance policy, a pension, or an annuity contract) after the owner dies.        Stay on track with target retirement funds Many plans use target retirement funds as the "default" investment for newly enrolled plan

the "default" investment for newly enrolled plan participants. Vanguard Target Retirement Funds are a practical, cost-effective choice if you're not sure how to invest, or you simply don't have the time or interest to choose a mix of mutual funds

time or interest to choose a mix of mutual funds for your portfolio. If you invest in a Target Retirement Fund, pick the fund with the date closest to your retirement. The fund invests in Vanguard index funds, giving you access to thousands of U.S.

funds, giving you access to thousands of U.S. and international stocks and bonds, including exposure to major market sectors.Learn more about target retirement funds      Want more choices? If your plan allows, you may also be able to select from a

allows, you may also be able to select from a diversified lineup of low-cost funds—or even funds from other companies to meet your investment goals.* See the funds offered by Vanguard 403(b) Services           Keep your costs low You know exactly

Keep your costs low You know exactly what you're paying for with Vanguard 403(b) Services. We only charge what's necessary to run our funds and we never hide our fees. Lower your 403(b) plans fees & fund costs at Vanguards See how Admiral™

fees & fund costs at Vanguards See how Admiral™ Shares can help lower your costs even more       Save time with convenient services With Vanguard 403(b) Services, you get services and options that make saving convenient and efficient.** The ability

saving convenient and efficient.** The ability to contribute through payroll deductions so you never forget to save. The opportunity to elect automatic contribution rate increases. Loan services (if your plan allows). Roth 403(b) contributions (if

your plan allows). Roth 403(b) contributions (if your plan allows).     Manage your account online Our secure plan participant website gives you the tools you need to transact on and monitor your investments and account information. Readily access

and account information. Readily access your account information, such as the balance, performance, and transactions. Set your savings goals, contribution rates, and your investment allocation. Generate statements on demand and select the level of

statements on demand and select the level of detail. Manage beneficiaries.       Do you have other 403(b) plan accounts? If you have 403(b) plan accounts with other providers, you may be able to move your assets and consolidate your retirement

move your assets and consolidate your retirement savings at Vanguard. You have a few choices for transferring 403(b) assets. We're here to help you understand your options, determine what's best for you, and guide you through the transfer. Is it

you, and guide you through the transfer. Is it time for a 403(b) rollover?        Make retirement saving easy  If you don't know how to start saving for retirement, we can help you figure out how much you'll need and how to balance all your savings

you'll need and how to balance all your savings goals.  Get the basics about saving for retirement       Consolidate your accounts  Consider moving accounts you hold elsewhere to Vanguard. You'll enjoy more control of your portfolio now and get a

more control of your portfolio now and get a clear picture of your investment strategy. Transfer accounts to Vanguard       Use our handy tools  You're putting money away for your future, but how do you know if it will be enough?  See if you'll have

know if it will be enough?  See if you'll have enough to retire       We're here to help    Plan participants Call 800-569-4903  Existing plan sponsors Call 877-893-5426  Prospective plan sponsors Call 877-859-5756  Monday through Friday 8 a.m. to 8

877-859-5756  Monday through Friday 8 a.m. to 8 p.m., Eastern time    Already a plan participant? Log in to access your account.  Log in  New to Vanguard? Get started >     We're here to help    Plan participants Call 800-569-4903  Existing plan

participants Call 800-569-4903  Existing plan sponsors Call 877-893-5426  Prospective plan sponsors Call 877-859-5756  Monday through Friday 8 a.m. to 8 p.m., Eastern time    Already a plan participant? Log in to access your account.  Log in  New to

Log in to access your account.  Log in  New to Vanguard? Get started >      *Vanguard average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio: 0.54%. All averages are asset-weighted. Industry average excludes Vanguard.

Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2022. **Retirement plan recordkeeping and administrative services are provided by The Vanguard Group, Inc. (VGI). VGI has entered into an agreement with

(VGI). VGI has entered into an agreement with Newport Group, Inc., to provide certain plan recordkeeping and administrative services on its behalf. Custodial services are provided by Newport Trust Company, a wholly owned subsidiary of Newport Group,

a wholly owned subsidiary of Newport Group, Inc. Newport Group, Inc., and Newport Trust Company are not affiliated with The Vanguard Group, Inc., or any of its affiliates.    For more information about Vanguard funds or ETFs, visit vanguard.com to

Vanguard funds or ETFs, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and

a fund are contained in the prospectus; read and consider it carefully before investing.    Investments in Target Retirement Funds are subject to the risks of their underlying funds.nguard.com accounts plans 403b plans sponsor.   Vanguard delivers a

plans 403b plans sponsor.   Vanguard delivers a smart, efficient 403(b) plan  Vanguard             Back  Accounts & plans  403(b) Services  Sponsors     403(b) services   Vanguard delivers a smart, efficient 403(b) plan  Vanguard 403(b) Services is

403(b) plan  Vanguard 403(b) Services is a simple way for you to offer the benefits of a world-class plan to your employees.     Ready to invest in a 403(b)?  Call 877-859-5756 Monday through Friday, 8 a.m. to 8 p.m., Eastern time  Call 877-859-5756

8 a.m. to 8 p.m., Eastern time  Call 877-859-5756 Monday through Friday, 8 a.m. to 8 p.m., Eastern time     Top-notch services save you time When you choose Vanguard 403(b) Services, you're signing up for low costs, streamlined plan management, and

for low costs, streamlined plan management, and a trusted partner. The plan's premier administration and recordkeeping services are delivered through our partnership with Newport Group, a nationally recognized retirement services provider.* Less

recognized retirement services provider.* Less time spent on plan administration means more time for managing your organization.         Services included:  Assistance with setting up your plan. Day-to-day support from a dedicated plan sponsor team.

support from a dedicated plan sponsor team. Comprehensive plan reports and customizable, on-demand reporting capabilities. Automated debit and remittance of authorized third-party administrator (TPA) fees and expenses. An option to set the mutual

fees and expenses. An option to set the mutual fund lineup, including funds from other companies.       Easy online plan management  The secure plan sponsor website helps you carry out your duties effectively. With online management tools, you can:

With online management tools, you can: Enroll plan participants. Securely process plan contributions. Schedule or generate reports on demand at the plan or participant level. Approve participant transaction requests. Track money sources, including

requests. Track money sources, including Roth 403(b) contributions, employer contributions, and vesting.    × Plan sponsor An employer that establishes a retirement plan to benefit its employees.    × Third-party administrator (TPA) An individual or

Third-party administrator (TPA) An individual or organization hired by a plan sponsor to run the retirement plan selected by the sponsor.    × Mutual fund A type of investment that pools shareholder money and invests it in a variety of

shareholder money and invests it in a variety of securities.Each investor owns shares of the fund and can buy or sell these shares at any time. Mutual funds are typically more diversified, low-cost, and convenient than investing in individual

and convenient than investing in individual securities, and they're professionally managed.    × Plan participant Anyone who contributes to a retirement plan, or is retired and receiving benefits from it.    × Roth IRA A type of IRA that allows you

it.    × Roth IRA A type of IRA that allows you to make after-tax contributions (so you don't get an immediate tax deduction) and then withdraw money in retirement tax-free as long as you meet the requirements.    × Vesting The process by which

requirements.    × Vesting The process by which employees gain nonforfeitable ownership of the retirement account balances or benefits contributed on their behalf by an employer. Full vesting rights, outlined in the plan, are gained over time;

outlined in the plan, are gained over time; minimum vesting rights are established by law.       How your plan participants benefit Vanguard 403(b) Services gives your participants the means to plan for financial security, including: Roth 403(b)

for financial security, including: Roth 403(b) contributions. Low-cost funds. Easy online account management. See how plan participants benefit      About Newport Group With more than 30 years of experience in retirement plans, insurance, and

of experience in retirement plans, insurance, and consulting, Newport Group supports 403(b) plan sponsors and their participants by providing the highest levels of flexible, responsive services.  Learn more            Vanguard: A stable partner When

more            Vanguard: A stable partner When you select a plan partner, you want a long-term relationship. With Vanguard, you can rest assured we'll be there for you. We began serving investors in 1975, started offering 403(b) plans in 1982, and

1975, started offering 403(b) plans in 1982, and have steadily grown into one of the world's largest and most respected mutual fund companies. The Vanguard you count on with your money today will be the same one you can trust tomorrow.Why we're

be the same one you can trust tomorrow.Why we're different         Broad investment options  By selecting Vanguard, you have access to a diversified portfolio of low-cost mutual funds (including our lowest-cost Vanguard Institutional Target

our lowest-cost Vanguard Institutional Target Retirement Funds), additional cost savings through the Admiral™ share class of mutual funds, and the flexibility to offer investments from other companies.**  See the funds offered by Vanguard 403(b)

See the funds offered by Vanguard 403(b) Services (PDF)   See how Admiral Shares can help lower your costs even more        The smart choice for cost & fees  The fee structure for Vanguard 403(b) Services is simple and compares favorably with the

is simple and compares favorably with the competition. What's more, there's no asset-based fee for plan sponsors. Our track record of lowering the cost of investing even has a name—The Vanguard Effect®.  Learn more about The Vanguard Effect   Lower

Learn more about The Vanguard Effect   Lower your 403(b) plan fees & fund costs at Vanguard    × Diversification The strategy of investing in multiple asset classes (like stocks, bonds, and cash) and among many securities in an attempt to lower

and among many securities in an attempt to lower overall investment risk.    × Asset-based administration fee A fee determined by deducting a percentage of the assets held in an account. Although the percentage stays the same, the dollar amount

the percentage stays the same, the dollar amount deducted changes as the account balance changes.    × Portfolio The sum total of your investments managed toward a specific goal.       We're here to help It's easy to get started with a Vanguard

to help It's easy to get started with a Vanguard 403(b) Services plan for your institution. We’ll help you every step of the way.    Existing plan sponsors Call 877-893-5426  Prospective plan sponsors Call 877-859-5756  Monday through Friday 8 a.m.

Call 877-859-5756  Monday through Friday 8 a.m. to 8 p.m., Eastern time    Already a plan participant? Log in to access your account.  Log in      We're here to help It's easy to get started with a Vanguard 403(b) Services plan for your institution.

403(b) Services plan for your institution. We’ll help you every step of the way.    Existing plan sponsors Call 877-893-5426  Prospective plan sponsors Call 877-859-5756  Monday through Friday 8 a.m. to 8 p.m., Eastern time    Already a plan

8 a.m. to 8 p.m., Eastern time    Already a plan participant? Log in to access your account.nguard.com accounts plans 403b plans why vanguard 403b.   Vanguard's 403(b) Services: See How They Work  Vanguard             Back  Accounts & plans  403(b)

Back  Accounts & plans  403(b) Services  Why Vanguard 403b     403(b) services   Trust the company that’s built to put you first  We've been helping people reach their retirement goals for 40 years and counting. It's been a smart,

for 40 years and counting. It's been a smart, efficient choice for them. It can be the same for you.     Ready to invest in a 403(b)?  Call 877-859-5756 Monday through Friday, 8 a.m. to 8 p.m., Eastern time     Ready to invest in a 403(b)?  Call

time     Ready to invest in a 403(b)?  Call 800-569-4903 Monday through Friday, 8 a.m. to 8 p.m., Eastern time     What makes Vanguard different? As an experienced provider, our disciplined investing approach, client-first focus, and premier

approach, client-first focus, and premier services can lower your investing costs.       A singular focus At Vanguard, the focus truly is on you, whether you're an employer looking to offer a 403(b) plan to help employees save for retirement or an

plan to help employees save for retirement or an employee trying to decide among multiple providers. We can say that because we don't have outside owners. Vanguard (the company) is owned by the Vanguard funds, which are owned by our investors. So

funds, which are owned by our investors. So our structure naturally puts you first. Find out how Vanguard's unique structure works           High-quality funds Are you a hands-off investor who prefers to let just one mutual fund help you reach your

to let just one mutual fund help you reach your savings goals? Or do you like to assemble your own portfolio of mutual funds? At Vanguard, you can select from: Vanguard Institutional Target Retirement Funds, our lowest-cost target retirement funds,

Funds, our lowest-cost target retirement funds, which offer a complete portfolio in a single fund. There is no minimum investment. A diversified lineup of low-cost funds selected by your plan. Learn about Vanguard Target Retirement Funds See the

about Vanguard Target Retirement Funds See the funds offered by Vanguard 403(b) Services (PDF)   × Diversification   The strategy of investing in multiple asset classes (like stocks, bonds, and cash) and among many securities in an attempt to lower

and among many securities in an attempt to lower overall investment risk.   × Mutual fund   A type of investment that pools shareholder money and invests it in a variety of securities. Each investor owns shares of the fund and can buy or sell these

owns shares of the fund and can buy or sell these shares at any time. Mutual funds are typically more diversified, low-cost, and convenient than investing in individual securities, and they're professionally managed.    × Portfolio   The sum total

managed.    × Portfolio   The sum total of your investments managed toward a specific goal.         An enviable cost advantage The Vanguard average expense ratio for mutual funds is 83% less than the industry average.* And our 403(b) fees are clear

industry average.* And our 403(b) fees are clear and straightforward, so you always know exactly what you're paying. Lower your 403(b) plan fees & fund costs at Vanguard See the difference low-cost mutual funds can make   Another way we keep costs

mutual funds can make   Another way we keep costs low Vanguard 403(b) Services has the added benefit of offering access to additional cost savings through the Admiral™ share class of our mutual funds with no minimum investment required. Find out

with no minimum investment required. Find out more about Admiral Shares      × Expense ratio   The annual operating expenses of a mutual fund or ETF (exchange-traded fund), expressed as a percentage of the fund's average net assets. It's calculated

of the fund's average net assets. It's calculated annually and removed from the fund's earnings before they're distributed to investors, directly reducing investors' returns. For example, if you had $10,000 invested in a fund with an expense ratio

$10,000 invested in a fund with an expense ratio of 0.20%, you'd pay about $20 a year out of your investment returns.      Enjoy complete support for your plan Whether you're a plan sponsor or participant, Vanguard 403(b) Services offers robust

Vanguard 403(b) Services offers robust services and features that go beyond the basics to meet your needs.   Premier recordkeeping   Get assistance from an assigned client services team, use online plan management and reporting tools, and partner

plan management and reporting tools, and partner with third-party administrators (TPAs) if you want.**   Customized features: Plan sponsors   Separate, secure websites for plan sponsors and participants customize each online experience. Plan

customize each online experience. Plan sponsors. Construct a well-designed plan that's easy for you to manage and provides resources to help your participants maximize their savings. Explore the features of Vanguard 403(b) Services for plan sponsors

of Vanguard 403(b) Services for plan sponsors   Customized features: Plan participants   Plan participants. Use intuitive online features to contribute to your plan and monitor how you're doing.Explore the features of Vanguard 403(b) Services for

the features of Vanguard 403(b) Services for plan participants    × Plan sponsor   An employer that establishes a retirement plan to benefit its employees.    × Plan participant   Anyone who contributes to a retirement plan, or is retired and

to a retirement plan, or is retired and receiving benefits from it.    × Third-party administrator (TPA)   An individual or organization hired by a plan sponsor to run the retirement plan selected by the sponsor.         The catalyst for low-cost

by the sponsor.         The catalyst for low-cost investing Keeping costs low is the foundation of our existence, starting with our first mutual fund in 1975—Vanguard 500 Index Fund. Now the momentum is a driving force in the industry. That's The

is a driving force in the industry. That's The Vanguard Effect®.  The Vanguard Effect®       Recommended to read next       What plan sponsors need to know  Vanguard 403(b) Services provides premier recordkeeping, easy plan management, and

premier recordkeeping, easy plan management, and day-to-day support from an assigned client services team in partnership with Newport Group.**  Find out more about Vanguard 403(b) Services for plan sponsors         What plan participants need to

sponsors         What plan participants need to know  You can build for your future today with low-cost funds and dedicated support through Vanguard 403(b) Services.  Find out more about Vanguard 403(b) Services for plan participants         Costs

Services for plan participants         Costs matter  Benjamin Franklin famously said: "A penny saved is a penny earned." Vanguard is living proof. Our low fund costs and straightforward 403(b) fees can help you keep more of your earnings in your

can help you keep more of your earnings in your pocket—where they belong.  Lower your 403(b) plan fees & fund costs at Vanguard          Make retirement saving easy  If you don't know how to start saving for retirement, we can help you figure out

saving for retirement, we can help you figure out how much you'll need and how to balance all your savings goals. Get the basics about saving for retirement       Consolidate your accounts  Consider moving accounts you hold elsewhere to Vanguard.

moving accounts you hold elsewhere to Vanguard. You'll enjoy more control of your portfolio now and get a clear picture of your investment strategy. Transfer accounts to Vanguard       Use our handy tools  You're putting money away for your future,

tools  You're putting money away for your future, but how do you know if it will be enough? See if you'll have enough to retire        Make retirement saving easy  If you don't know how to start saving for retirement, we can help you figure out how

for retirement, we can help you figure out how much you'll need and how to balance all your savings goals.Get the basics about saving for retirement       Consolidate your accounts  Consider moving accounts you hold elsewhere to Vanguard. You'll

accounts you hold elsewhere to Vanguard. You'll enjoy more control of your portfolio now and get a clear picture of your investment strategy. Transfer accounts to Vanguard       Use our handy tools  You're putting money away for your future, but how

putting money away for your future, but how do you know if it will be enough? See if you'll have enough to retire     We're here to help    Plan participants Call 800-569-4903  Existing plan sponsors Call 877-893-5426  Prospective plan sponsors Call

Call 877-893-5426  Prospective plan sponsors Call 877-859-5756  Monday through Friday 8 a.m. to 8 p.m., Eastern time    Already a plan participant? Log in to access your account.  Log in  New to Vanguard? Get started >     We're here to help    Plan

Get started >     We're here to help    Plan participants Call 800-569-4903  Existing plan sponsors Call 877-893-5426  Prospective plan sponsors Call 877-859-5756  Monday through Friday 8 a.m. to 8 p.m., Eastern time    Already a plan participant?

p.m., Eastern time    Already a plan participant? Log in to access your account.  Log in  New to Vanguard? Get started >      *Vanguard average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio: 0.54%. All averages are

fund expense ratio: 0.54%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2022.  **Retirement plan recordkeeping and administrative services are provided by The

and administrative services are provided by The Vanguard Group, Inc. (VGI). VGI has entered into an agreement with Newport Group, Inc., to provide certain plan recordkeeping and administrative services on its behalf. Custodial services are provided

on its behalf. Custodial services are provided by Newport Trust Company, a wholly owned subsidiary of Newport Group, Inc. Newport Group, Inc., and Newport Trust Company are not affiliated with The Vanguard Group, Inc., or any of its affiliates.  For

Group, Inc., or any of its affiliates.  For more information about Vanguard funds or ETFs, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important

charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.nguard.com accounts plans 529 plans.   529 plan for college savings  Vanguard             Back  Accounts

savings  Vanguard             Back  Accounts & plans  529 plans      Accounts & Plans   The Vanguard 529 Plan  Reach your education savings goals by investing in a 529 account.  View all 529 portfolios      Ready to jumpstart your savings?  Open an

Ready to jumpstart your savings?  Open an account    Achieve higher education  A 529 plan is a tax-advantaged account for education savings. You can save for your child, another family member, or even for yourself.   We offer different

or even for yourself.   We offer different portfolio options Check out the advantages of each one.       Individual 529 portfolios  Want a more hands-on approach to investing? Design and manage your own investment strategy by choosing from our

your own investment strategy by choosing from our individual portfolios.  View all 529 portfolios       Target Enrollment Portfolio  Target-enrollment investing makes saving for education about as easy as it gets. With our Target Enrollment

as easy as it gets. With our Target Enrollment Portfolios (TEP), you make just 1 decision—and your portfolio does a lot of the work for you.  View our TEPs      What can I use 529 savings for? You can use the money for qualified K-12 private school

use the money for qualified K-12 private school tuition; higher-education expenses (including tuition at a college, university, trade school, or vocational school); apprenticeship program expenses; as well as room and board, fees, books, supplies,

as well as room and board, fees, books, supplies, equipment, computer hardware and software, and internet access and related services.* See if a 529 Plan is right for you      Why choose the Vanguard 529 Plan? More than 300,000 investors across all

529 Plan? More than 300,000 investors across all 50 states have chosen the Vanguard 529 Plan for their kids.**   Low costs   Our costs are among the lowest in the industry.*** Remember: The less you pay in fees and costs, the more money you'll have

pay in fees and costs, the more money you'll have for education expenses. See the difference costs can make   Variety of investment options   Do you want to build your portfolio or be hands-free and let us take the wheel? No matter which you prefer,

us take the wheel? No matter which you prefer, we've got you covered! You can choose from our individual 529 portfolios and create your own investing strategy or select 1 of our Target Enrollment Portfolios, which automatically adjusts to become

Portfolios, which automatically adjusts to become more conservative as the beneficiary's expected enrollment date approaches. Learn about your 529 investment options   Expert management & stability   We hire top investment professionals with the

We hire top investment professionals with the experience and expertise you've come to expect from Vanguard.And as one of the largest 529 plan money managers, we’re here for you now-- and in the long run.†   Tax benefits   You may be able to deduct

run.†   Tax benefits   You may be able to deduct 529 contributions from your state income tax. You can also benefit from tax-deferred growth and tax-free withdrawals for qualified education expenses.*   High industry rating   The Vanguard 529 plan

High industry rating   The Vanguard 529 plan has earned a "Silver" rating from Morningstar.††    Easy ways to invest   You can link your bank account to your 529 account and set up an automatic investment schedule, which allows you to add to your

schedule, which allows you to add to your savings conveniently and systematically.   More ways to boost your savings   You can use Ugift® to invite others to celebrate a child's milestones with the gift of education savings. The gifts are then

the gift of education savings. The gifts are then deposited directly into your Vanguard 529 Plan account.     You can also join Upromise® to get cash back for education when you make everyday purchases. Your Upromise earnings can then be transferred

Your Upromise earnings can then be transferred to your 529 account.   What do I need to start a Vanguard 529 account? It's fast and easy to get started online. You only need 3 things:       Basic information  Make sure you have the beneficiary’s

information  Make sure you have the beneficiary’s Social Security number, birth date, and address.        Investment choices  Pick just 1 Target Enrollment Portfolio or assemble your own investment strategy from our individual portfolios. Check out

from our individual portfolios. Check out our Target Enrollment Portfolios Check out our individual portfolios       Bank information  If you're going to make your first contribution through an electronic bank transfer, you'll need your bank account

bank transfer, you'll need your bank account and routing numbers. You can also set up automatic contributions from your bank account to your 529 account.    Fees & other details No enrollment fees, transfer fees, or commissions. Minimum initial

transfer fees, or commissions. Minimum initial investment of $3,000 ($1,000 for Nevada residents); minimum additional investment is just $50. Maximum contribution limit is $500,000.        Other plans we service  New York The New York 529 College

we service  New York The New York 529 College Savings Program Direct Plan features Vanguard investments and no minimum contribution amount to get started. Additionally, New York state residents who sign up can receive a generous tax deduction. Learn

up can receive a generous tax deduction. Learn more   Colorado The Colorado CollegeInvest® Direct Portfolio College Savings Plan features Vanguard investments and a low minimum contribution of $25 to open an account and $15 for additional

of $25 to open an account and $15 for additional contributions.Additionally, Colorado residents who sign up can receive a generous tax deduction.††† Learn more      Ready to start?  Open a 529 account     More about 529 and your options  View 529

More about 529 and your options  View 529 and education savings topics   Which account is right for your education savings goals?  How to invest Which account is right for your education savings goals?      It feels like a big decision, but

goals?      It feels like a big decision, but don't worry—it's easy to find the account that has everything your family needs. Education      Understanding investment types   What is a 529 plan?  Investing for life events What is a 529 plan?

for life events What is a 529 plan?       Education      College   Find the right 529 plan for you  Investing for life events Find the right 529 plan for you       Education      College   FAQs about 529s  Investing for life events How to choose a

529s  Investing for life events How to choose a college savings account       Article      College   College saving for your grandchild (or niece or nephew or…)  Investing for life events College saving for your grandchild (or niece or nephew or …)

for your grandchild (or niece or nephew or …)       Education      College   How much to save for college  Investing for life events How much to save for college       Education      College     529 plan tools Ready to create a plan for education

plan tools Ready to create a plan for education savings? Learn about your options and map out a way to meet those expenses.       Calculate your 529 state tax deduction  Investing in your state's 529 savings plan? Find out the state tax deduction

savings plan? Find out the state tax deduction you might be able to take.  Start calculating       Compare 529 savings plans  Compare the features of a Vanguard-associated 529 savings plan to another state-sponsored 529 plan.  Start comparing

state-sponsored 529 plan.  Start comparing       College savings planner  Determine your college savings goals and how much you'll need to save to help meet them.  Start planning       Learn more about a specific 529 plan  Find detailed information

a specific 529 plan  Find detailed information on a 529 savings plan or prepaid tuition plan.  View state plans       College cost projector  Our college cost projector helps determine how inflation could increase the cost of college.  Get Started

increase the cost of college.  Get Started     The Vanguard 529 College Savings Plan is a Nevada Trust administered by the office of the Nevada State Treasurer.  *Earnings on nonqualified withdrawals may be subject to federal income tax and a 10%

may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.State tax treatment of withdrawals used for i)

tax treatment of withdrawals used for i) expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school, ii) expenses related to apprenticeship programs, or iii) student loan

to apprenticeship programs, or iii) student loan repayments is determined by the state(s) where the taxpayer files state income tax. If you are not a Nevada taxpayer, please consult with a tax advisor. **Source: Vanguard ***Vanguard average 529

**Source: Vanguard ***Vanguard average 529 expense ratio: 0.14%. Industry average 529 expense ratio: 0.50%. Average annual asset-based fees for age-based portfolios. Sources: ISS Market Intelligence, December 2022. †Vanguard managed approximately

December 2022. †Vanguard managed approximately $141 billion in 529 plan assets as of June 30, 2022. ††Rated "Silver" by Morningstar, Inc., in 2021. The Morningstar Analyst Rating® for 529 College-Savings Plans is not a credit or risk rating. The

Plans is not a credit or risk rating. The rating is the subjective summary expression of the firm's forward-looking quantitative and qualitative analysis of a 529 college savings plan. Analyst Ratings are assigned on a five-tier scale running from

are assigned on a five-tier scale running from Gold to Negative. The top three ratings (Gold, Silver, and Bronze) indicate that Morningstar's analysts think highly of a 529 plan; the differences correspond to the level of analyst conviction in the

to the level of analyst conviction in the ability a plan's investment options have to collectively outperform their respective benchmarks and peers through time, within the context of the level of risk taken. The Analyst Rating seeks to evaluate

risk taken. The Analyst Rating seeks to evaluate each plan's investment options within the context of its objectives, appropriate benchmarks, and peer groups. Usually annually (although subject to change), Morningstar evaluates 529 plans in five

change), Morningstar evaluates 529 plans in five different areas—process, performance, price, parent, and people—and assigns an Analyst Rating for more than 60 529 plans. For more information about the Analyst Ratings, as well as other Morningstar

the Analyst Ratings, as well as other Morningstar ratings and fund rankings, please visit morningstar.com †††Contributions to the Plan(s) are deductible from Colorado state income tax in the tax year of the contribution, up to your Colorado taxable

of the contribution, up to your Colorado taxable income for that year.Such deductions are subject to recapture in subsequent years in which non-qualified withdrawals are made.   For more information about The Vanguard 529 College Savings Plan, call

about The Vanguard 529 College Savings Plan, call 877-930-4972 or obtain a Program Description (PDF), which includes investment objectives, risks, charges, expenses, and other information; read and consider it carefully before investing. Vanguard

consider it carefully before investing. Vanguard Marketing Corporation, Distributor. For more information about any 529 savings plan, contact the plan provider to obtain a Program Description, which includes investment objectives, risks, charges,

includes investment objectives, risks, charges, expenses, and other information; read and consider it carefully before investing. If you are not a taxpayer of the state offering the plan, consider before investing whether your or the designated

before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program. Other state benefits may include financial aid,

Other state benefits may include financial aid, scholarship funds, and protection from creditors. Vanguard Marketing Corporation serves as distributor for some 529 plans. If you are not a Nevada taxpayer, consider before investing whether your or

consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program. Other state benefits may include financial

Other state benefits may include financial aid, scholarship funds, and protection from creditors. State tax treatment of K–12 withdrawals is determined by the state(s) where the taxpayer files state income tax. Please consult with a tax advisor for

income tax. Please consult with a tax advisor for further guidance. The Vanguard Group, Inc., serves as the Investment Manager for The Vanguard 529 College Savings Plan and through its affiliate, Vanguard Marketing Corporation, markets and

Vanguard Marketing Corporation, markets and distributes the Plan. Ascensus Broker Dealer Services, LLC, serves as Program Manager and has overall responsibility for the day-to-day operations. The Plan's portfolios, although they invest in Vanguard

portfolios, although they invest in Vanguard mutual funds, are not mutual funds. Investment returns are not guaranteed and you could lose money by investing in the Plan. All investing is subject to risk, including the possible loss of the money you

including the possible loss of the money you invest. Upromise is a registered service mark of Upromise, Inc. Ugift is a registered service mark of Ascensus Broker Dealer Services, LLC.nguard.com accounts plans 529 plans choose k 12 goals

accounts plans 529 plans choose k 12 goals investments.   Vanguard 529 plan portfolios for K–12 education goals  Vanguard             Back  Accounts & plans  529 plans  Choose your K-12 investments     529 plans   Choose your K-12 investments   Open

529 plans   Choose your K-12 investments   Open your account online    Multi-fund individual portfolios The investments below are all-in-one portfolios that can be considered for K–12 goals. Each portfolio is designed for a certain time frame

portfolio is designed for a certain time frame until you need the money. Consider one or more of the individual portfolios based on the number of years until you need that portion of your money and your comfort level with risk. Select each portfolio

comfort level with risk. Select each portfolio to get more information, including risk and asset mix, for that portfolio only. Because these individual portfolios are static, you should revisit your asset allocation each year and reallocate your

asset allocation each year and reallocate your investments if your risk tolerance or time horizon has changed.   ×  Risk Usually refers to investment risk, which is a measure of how likely it is that you could lose money in an investment. However,

you could lose money in an investment. However, there are other types of risk when it comes to investing.     ×  Asset mix The way an investment portfolio is divided among the various asset classes of stocks, bonds, and short-term reserves. Also

of stocks, bonds, and short-term reserves. Also called "asset allocation."     ×  Time horizon The amount of time, usually expressed in years, that an investor expects to hold an investment.    When will you need the money?   In 0 to 2 years

When will you need the money?   In 0 to 2 years   Vanguard Interest Accumulation Portfolio This portfolio could be a good fit if you have a short-term savings goal. Snapshot Your main priority is preserving principal. Unit prices are expected to

preserving principal. Unit prices are expected to remain stable or fluctuate only slightly.       View Vanguard Interest Accumulation Portfolio   In 3 to 4 years   Vanguard Income Portfolio This portfolio could be a good fit if you're saving for a

could be a good fit if you're saving for a short- to medium-term savings goal. Snapshot Unit prices are expected to have low-to-moderate fluctuation. You should be comfortable with investing in the bond market.       View Vanguard Income Portfolio

market.       View Vanguard Income Portfolio   In 5 to 8 years   Vanguard Conservative Growth Portfolio This portfolio could be a good fit for investors with a short- to medium-term savings goal. Snapshot Unit prices are subject to moderate

Snapshot Unit prices are subject to moderate fluctuation.nguard.com accounts plans 529 plans common questions.   529 plan FAQs  Vanguard             Back  Accounts & plans  529 plans  Common 529 plan questions      Common 529 plan questions   Open a

questions      Common 529 plan questions   Open a Vanguard 529 account     General   What happens if I reach the maximum contribution limit?   The Vanguard 529 Plan maximum contribution limit is $500,000. So although you can't make any additional

So although you can't make any additional contributions to your account once you've reached that limit, your account can continue to have the potential to grow over time.   Will I get penalized if money in my 529 savings plan isn't used for college?

in my 529 savings plan isn't used for college?   If the money isn't used for qualified higher-education expenses or K–12 tuition, a 10% penalty tax on earnings (as well as federal, state, and local income taxes) may apply. However, there are a few

income taxes) may apply. However, there are a few options to get around this: You can use the money to pay for more than just "college"—trade and vocational schools and apprenticeship programs,* for example. You can give the money to someone else (a

You can give the money to someone else (a qualified family member) to use for college. You can leave the money in the plan in case your child (or grandchild) decides to attend school later (there's no age limit on using it).    Can I roll over my

no age limit on using it).    Can I roll over my existing 529 account to The Vanguard 529 Plan?   Yes, the IRS allows one tax-free rollover of a 529 account per beneficiary in a 12-month period. (If you violate the 12-month rule, you must treat the

you violate the 12-month rule, you must treat the transaction as a nonqualified distribution and pay federal income tax and a 10% penalty on the earnings.) Keep in mind that when you roll over to another state's plan, some states require you to pay

state's plan, some states require you to pay the state income tax on any contributions you previously received a deduction for. To roll over your current 529 account to The Vanguard 529 Plan (known as a direct rollover), you'll first need to open a

a direct rollover), you'll first need to open a new account in the plan and select With a rollover or transfer when asked to pick a funding method. Then print out your Incoming Rollover Form and mail it to your current plan.Open a Vanguard 529 Plan

it to your current plan.Open a Vanguard 529 Plan If you prefer, you can instead withdraw the money in your current plan and then send us the check along with an Enrollment Application for a new account (known as an indirect rollover). In order for

(known as an indirect rollover). In order for the transaction to be treated as a rollover, you must redeposit the money within 60 calendar days of withdrawing it, and the application must indicate that the initial contribution is an indirect

that the initial contribution is an indirect rollover. You'll also need to enclose documentation that shows a breakdown of contributions and earnings in the account. (If documentation isn't included, we'll treat the entire amount as earnings, which

we'll treat the entire amount as earnings, which could have negative tax consequences for you.)   Can I move money from an UGMA/UTMA account to The Vanguard 529 Plan?   Yes, you can move money from a Uniform Gifts to Minors Act (UGMA) or Uniform

a Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) account to The Vanguard 529 Plan (subject to the laws of the state under which the UGMA/UTMA account was opened). As with the original account, the money in a 529

As with the original account, the money in a 529 UGMA/UTMA account will belong to the minor who owns it—meaning that it can't be transferred to a different beneficiary. In addition, the custodian will be required to transfer control of the account

be required to transfer control of the account to the beneficiary once he or she becomes an adult. You'll need to sell all assets in the UGMA/UTMA before moving the money to the 529, and this could trigger capital gains taxes. Because money gifted

trigger capital gains taxes. Because money gifted to a child in an UGMA/UTMA account is irrevocable, you shouldn't mix UGMA/UTMA and non-UGMA/UTMA assets in the same 529 account. You should consult with a tax advisor before transferring UGMA/UTMA

with a tax advisor before transferring UGMA/UTMA assets to a 529 plan. Find out if converting an UGMA/UTMA account to a 529 plan makes sense for you   Who can open a 529 account?   Almost anyone—parents, grandparents, other relatives, and

grandparents, other relatives, and friends.You can even open a 529 account for yourself!   Can a 529 plan be used for gifting?   Yes, 529 plans are especially popular with grandparents who want to save for a grandchild's future and reap estate

to save for a grandchild's future and reap estate planning benefits at the same time. Beginning January 1, 2023, you can contribute up to $17,000 per year ($34,000 if married filing jointly) to a single beneficiary without triggering a federal gift

beneficiary without triggering a federal gift tax. And if you want to gift a larger amount, you can contribute up to $85,000 ($170,000 if married filing jointly) per beneficiary and then treat it as though you contributed that amount over a 5-year

though you contributed that amount over a 5-year period.** (However, you can't make additional gifts to the beneficiary during that time without triggering gift tax.)   Can different people open separate accounts for the same beneficiary?   Yes,

accounts for the same beneficiary?   Yes, more than one account can be opened on behalf of the same beneficiary. In fact, only account owners are generally eligible for state tax deductions. So if that's a benefit you're looking for, you might be

that's a benefit you're looking for, you might be better off opening a separate account for your beneficiary even if one already exists.   Who has access to the account?   Only the person who opens the account (the account owner) has access to it,

the account (the account owner) has access to it, unless the owner, using necessary documentation, grants permission to someone else. So, for instance, if you're a grandparent who opens an account for your grandchild, the child's parents won't

for your grandchild, the child's parents won't automatically have access to the account—i.e., the ability to check balances, change investments, or withdraw money from the account. If you and your spouse open an account, keep in mind that one parent

open an account, keep in mind that one parent will be designated as the account owner and only that parent will automatically have access to the account.   Can I switch my investments around?   IRS regulations only allow you to exchange money from

regulations only allow you to exchange money from your current 529 investment options to a different option twice per calendar year. (The automatic changes within Target Enrollment Portfolios don't count.) However, you can change the investment

count.) However, you can change the investment options for your future contributions anytime you want.  What's the difference between a 529 prepaid college plan and a 529 college savings plan?   Through a prepaid tuition plan, you buy credits for

a prepaid tuition plan, you buy credits for tuition, usually at a specific state college or state college system, at today's prices. If the beneficiary attends a different college or doesn't attend college at all, you may not get back the full value

at all, you may not get back the full value of the credits. Through a college savings plan, you contribute to a fund or a portfolio of funds offered by the plan. You can use this investment to pay for tuition, room and board, books, supplies, and

for tuition, room and board, books, supplies, and other qualified expenses at any accredited vocational school, college, or graduate school in the United States or abroad. You can also use your 529 college savings plan assets for K–12 tuition of up

savings plan assets for K–12 tuition of up to $10,000 per student per year at a public, private or religious school.    × Qualified higher-education expenses These include room and board, books, supplies, tuition, and other costs at any accredited

tuition, and other costs at any accredited trade or vocational school, apprenticeship, college, or graduate school in the United States or abroad. If you use 529 plan money to pay for qualified expenses, you won't owe taxes or penalties.    ×

expenses, you won't owe taxes or penalties.    × Qualified family member You can change the beneficiary of your account at any time as long as the new beneficiary is a qualified family member of the original beneficiary. Here is a partial list of

original beneficiary. Here is a partial list of relatives that are considered qualified family members according to the IRS: Brother, sister, stepbrother, stepsister, half-brother, or half-sister. Son, daughter, or a descendant of either. Father,

Son, daughter, or a descendant of either. Father, mother, or an ancestor of either. Son-in-law, daughter-in-law, brother-in-law, or sister-in-law. Beneficiary's spouse or the spouse of any individual listed above. First cousin.    × Beneficiary The

listed above. First cousin.    × Beneficiary The person you're opening the account for, or the future student. This person doesn't have control of the money in the account, but can use the money from the plan for school costs. The account owner

from the plan for school costs. The account owner controls the money on behalf of the beneficiary.    Use our college savings planner to see if you'll have enough for college  Learn more    The Vanguard 529 College Savings Plan is a Nevada Trust

529 College Savings Plan is a Nevada Trust administered by the office of the Nevada State Treasurer. *Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes.

tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements. State tax treatment of withdrawals used for i) expenses for tuition in connection with enrollment or attendance

in connection with enrollment or attendance at an elementary or secondary public, private, or religious school, ii) expenses related to apprenticeship programs, or iii) student loan repayments is determined by the state(s) where the taxpayer files

by the state(s) where the taxpayer files state income tax. If you are not a Nevada taxpayer, please consult with a tax advisor. **In the event the donor does not survive the 5-year period, a prorated amount will revert back to the donor's taxable

amount will revert back to the donor's taxable estate. For more information about The Vanguard 529 College Savings Plan, call 866-734-4533 or obtain a Program Description (PDF), which includes investment objectives, risks, charges, expenses, and

objectives, risks, charges, expenses, and other information; read and consider it carefully before investing. Vanguard Marketing Corporation, Distributor. For more information about any 529 college savings plan, contact the plan provider to obtain a

plan, contact the plan provider to obtain a Program Description, which includes investment objectives, risks, charges, expenses, and other information; read and consider it carefully before investing. If you are not a Nevada taxpayer, consider

If you are not a Nevada taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program. The

in such state's qualified tuition program. The Vanguard Group, Inc., serves as the Investment Manager for The Vanguard 529 College Savings Plan and through its affiliate, Vanguard Marketing Corporation, markets and distributes the Plan. Ascensus

markets and distributes the Plan. Ascensus Broker Dealer Services, Inc., serves as Program Manager and has overall responsibility for the day-to-day operations. The Plan's portfolios, although they invest in Vanguard mutual funds, are not mutual

invest in Vanguard mutual funds, are not mutual funds. Investment returns are not guaranteed and you could lose money by investing in the Plan.nguard.com accounts plans 529 plans fees costs.   Low cost 529 education savings plans can make a

Low cost 529 education savings plans can make a difference  Vanguard             Back  Accounts & plans  529 plans  The difference costs can make     529 plans   The difference costs can make  Don't ignore the price of investing. High costs can

ignore the price of investing. High costs can make a huge impact on how much you have left to pay for education.      Open a Vanguard 529 account  Get started    What you're paying for Investment costs, which pay for the management of the plan and

which pay for the management of the plan and its investments, are measured in small percentages known as expense ratios. Even a seemingly small expense ratio can make a big dent in your savings.  Let's say you have $10,000 to invest in your

Let's say you have $10,000 to invest in your newborn's education fund and you're choosing between two 529 plans. In the first plan, the investment you're interested in has an expense ratio of 0.50%, which is the industry average.* A similar

0.50%, which is the industry average.* A similar investment in The Vanguard 529 Plan has an expense ratio of 0.14%. Such a small difference couldn't matter that much in the long run, right? Well, in year one, you'd pay $50 for your investment in the

one, you'd pay $50 for your investment in the first plan, versus $14 in The Vanguard Plan. So your balance at the end of the year would be $36 higher in The Vanguard Plan, all else being equal. But wait—that's not the end of it. The $36 that you

wait—that's not the end of it. The $36 that you didn't pay in expenses to Vanguard will keep earning returns over the next 17 years. In fact, by the time you're ready to use your education savings, that $36 could actually be worth $94. And remember,

$36 could actually be worth $94. And remember, this scenario will keep playing out every year that you have money in your account. Put it altogether, and that 0.50% expense ratio could knock $2,328.73 off your final balance. That number drops to

off your final balance. That number drops to $671 with The Vanguard Plan. That's an additional $1,657 your child can use for education. The moral of the story is: Don't let costs erode your savings.   You could keep more money for education by

You could keep more money for education by choosing Vanguard      This hypothetical illustration assumes an average annual 6% return over 18 years and does not represent any particular investment nor does it account for inflation."What you lose to

does it account for inflation."What you lose to costs" represents both the amount paid in expenses as well as the "opportunity costs"—the amount you lose because the costs you paid are no longer invested. There may be other material differences

invested. There may be other material differences between investment products that must be considered prior to investing. Numbers are rounded. The rate of return is not guaranteed.    ×  Expense ratio Fees charged to investors to cover operating

Fees charged to investors to cover operating costs, expressed as a percentage. The money is deducted from investment returns before they're given to investors. For example, if you had $10,000 invested in a fund with an expense ratio of 0.20%, you'd

in a fund with an expense ratio of 0.20%, you'd pay about $20 a year out of your investment returns.       The Vanguard 529 cost advantage Our costs are among the lowest in the industry. Since our plan was introduced in 2002, we've cut our expenses

was introduced in 2002, we've cut our expenses 10 times. Because we stay focused on reducing your investment costs, more of your money can stay in your account—working toward your goals.        Expense ratios for The Vanguard 529 Plan portfolios:

ratios for The Vanguard 529 Plan portfolios:  Target Enrollment portfolios: 0.14%. Individual portfolios: 0.12%–0.42%. See our Target Enrollment portfolios See our individual portfolios       Fees you won't pay at Vanguard:  Enrollment fees.

Fees you won't pay at Vanguard:  Enrollment fees. Transfer fees. Commissions.       Want to roll over money you have in another 529 plan?  Learn how to move money to The Vanguard 529 Plan Learn more Use our college savings planner to see if you'll

Use our college savings planner to see if you'll have enough for college Learn more      Open a Vanguard 529 account  Get started    The Vanguard 529 College Savings Plan is a Nevada Trust administered by the office of the Nevada State Treasurer.

by the office of the Nevada State Treasurer. *Average annual asset-based fees for age-based portfolios. Source: ISS Market Intelligence, December 2022. For more information about The Vanguard 529 College Savings Plan, visit vanguard.com to obtain a

Savings Plan, visit vanguard.com to obtain a Program Description (PDF), which includes investment objectives, risks, charges, expenses, and other information; read and consider it carefully before investing. Vanguard Marketing Corporation,

before investing. Vanguard Marketing Corporation, Distributor.nguard.com accounts plans 529 plans investing for k 12 goals.   529 plans for K-12 education  Vanguard             Back  Accounts & plans  529 plans  Investing for K-12 goals      529

529 plans  Investing for K-12 goals      529 Plans   Investing for K–12 goals  The Vanguard 529 Plan's investment choices aren't limited to investing for higher education. You can use our Target Enrollment or individual portfolios to save for K–12

or individual portfolios to save for K–12 expenses too.     Open a Vanguard 529 account  Get started     Important considerations when investing for K–12 While our 529 investment options easily adapt to K–12 saving, it's important to keep in mind

to K–12 saving, it's important to keep in mind the following considerations as you plan your goals:    To pay for the K–12 years, you could be withdrawing money from your 529 plan over a longer period than the 4 years typically needed to graduate

than the 4 years typically needed to graduate from college.    You'll have fewer years to save for a K–12 education because the enrollment period begins much sooner than it does for college.        3 tips for choosing your K–12 investments Determine

tips for choosing your K–12 investments Determine when you'll need the money to pay for tuition expenses. Choose your investments based on your risk comfort level and when you'll need to start withdrawing portions for tuition expenses. If you choose

portions for tuition expenses. If you choose an individual portfolio rather than a Target Enrollment Portfolio, revisit your asset allocation each year to see if your risk tolerance and time horizon are the same. Reallocate your investments, if

are the same. Reallocate your investments, if necessary.     Don't forget to review your investments Whether you choose a portfolio that adjusts on its own, or you use a do-it-yourself strategy, you should review your portfolio regularly to make

should review your portfolio regularly to make sure it's still in line with your goals, time horizon, and risk tolerance. You may want to consider annual reviews as you get close to making tuition payments since you could be taking money out more

payments since you could be taking money out more frequently for K–12 expenses.   ×  Risk Usually refers to investment risk, which is a measure of how likely it is that you could lose money in an investment. However, there are other types of risk

However, there are other types of risk when it comes to investing.     ×  Asset allocation The way you divide your portfolio among the asset classes—stocks, bonds, and short-term or "cash" investments.    ×  Time horizon The amount of time, usually

×  Time horizon The amount of time, usually expressed in years, that an investor expects to hold an investment.       What if I'm saving for separate goals? Let's say you have $100 to invest—$75 for college and $25 for high school. Here are 2

for college and $25 for high school. Here are 2 possibilities:     Consider splitting your investment into 2 separate Vanguard Target Enrollment Portfolios, and let the portfolio adjust for you automatically as you reach your enrollment date. $75 in

as you reach your enrollment date. $75 in a Target Enrollment Portfolio closest to the expected year your student will enter college. $25 in a Target Enrollment Portfolio closest to when your child will enter high school. See the Vanguard Target

will enter high school. See the Vanguard Target Enrollment Portfolios    Choose your own strategy and invest the money among Vanguard individual 529 portfolios. There are 2 ways to select individual portfolios for your Vanguard 529 account: If you

portfolios for your Vanguard 529 account: If you prefer a fund with a mix of investments, consider one of the several multifund individual portfolios that may be suited to the particular time frame you have for meeting K–12 tuition expenses. See the

have for meeting K–12 tuition expenses. See the Vanguard 529 individual portfolios appropriate for K–12 investing If you want to build your own portfolio, select from over 30 of our plan's individual 529 portfolios, which cover all the major asset

529 portfolios, which cover all the major asset classes. When using your own strategy, you can choose up to 5 investment options per beneficiary to save for either higher education or K–12 tuition. See The Vanguard 529 individual portfolios

See The Vanguard 529 individual portfolios        Want to roll over money you have in another 529 plan?  Learn how to move money to The Vanguard 529 Plan  Learn more       Related options  Use our college savings planner to see if you'll have enough

savings planner to see if you'll have enough for college  Learn more        We're here to help    Talk with one of our education savings specialists.  Call 866-734-4533  Monday through Friday 8 a.m. to 9 p.m., Eastern time    Open a Vanguard 529

to 9 p.m., Eastern time    Open a Vanguard 529 plan  Get started        We're here to help    Talk with one of our education savings specialists.  Call 866-734-4533  Monday through Friday 8 a.m. to 9 p.m., Eastern time    Open a Vanguard 529 plan

9 p.m., Eastern time    Open a Vanguard 529 plan  Get started       All investing is subject to risk, including the possible loss of the money you invest.nguard.com accounts plans 529 plans investment options.   529 education plans backed by our

options.   529 education plans backed by our premium brand  Vanguard             Back  Accounts & plans  529 plans  529 portfolios backed by our premium brand      529 Plans   529 portfolios backed by our premium brand  Looking for a complete

by our premium brand  Looking for a complete portfolio in one investment that balances your asset mix for you? Or are you a DIY investor who'd rather strategize on your own? We're here for you either way.     Open a Vanguard 529 account  Get started

way.     Open a Vanguard 529 account  Get started     How do you want to pick investments for your 529 account?        "I want an easy, hands-off way to save for my goal."  If managing your own investments seems too complicated or involved, then

seems too complicated or involved, then considering our 11 Target Enrollment Portfolios could be your next move. Simply pick a portfolio based on the year closest to when you expect your student to start attending school—it could be any time from

start attending school—it could be any time from kindergarten through college and beyond. We do the rest for you, including automatically shifting your savings to become more conservative as your targeted date draws near. Once you open your account,

date draws near. Once you open your account, all you have to do is check periodically to make sure the portfolio continues to align with your risk level and goal. Check out our Target Enrollment Portfolios       "I'm more hands-on and would rather

"I'm more hands-on and would rather create my own strategy."  If you're more of a do-it-yourself investor and like to remain in control, you can design an investment strategy from our 20 individual portfolios. Select up to 5 portfolios at a

portfolios. Select up to 5 portfolios at a time, and then manage that mix based on your time horizon and tolerance for risk. Check out our individual portfolios Want to use our individual portfolios but need some help figuring out your asset mix?

but need some help figuring out your asset mix? We're on it: Get an asset mix recommendation for education goals        Pay attention to costs All investments have costs. But the less you pay in 529 expenses, the more you can keep for education. And

the more you can keep for education. And when it comes to low costs, The Vanguard 529 Plan is recognized as a leader.nguard.com accounts plans 529 plans profile 4510.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans 529

Vanguard           nguard.com accounts plans 529 plans profile 4511.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans 529 plans profile 4512.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans

Vanguard           nguard.com accounts plans 529 plans profile 4513.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans 529 plans profile 4528.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans

Vanguard           nguard.com accounts plans 529 plans profile 4651.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans 529 plans profile 4652.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans

Vanguard           nguard.com accounts plans 529 plans profile 4653.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans 529 plans profile 4654.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans

Vanguard           nguard.com accounts plans 529 plans profile 4655.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans 529 plans profile 4656.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans

Vanguard           nguard.com accounts plans 529 plans profile 4657.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans 529 plans profile 4658.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans

Vanguard           nguard.com accounts plans 529 plans profile 4659.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans 529 plans profile 4660.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans

Vanguard           nguard.com accounts plans 529 plans profile 4661.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans 529 plans profile w001.   Vanguard Mutual Fund Profile  Vanguard           nguard.com accounts plans

Vanguard           nguard.com accounts plans 529 plans target enrollment portfolios.   Vanguard Target Enrollment Portfolios  Vanguard             Back  Accounts & plans  529 plans  Vanguard Target Enrollment Portfolios     The Vanguard 529 plan

Enrollment Portfolios     The Vanguard 529 plan   Vanguard Target Enrollment Portfolios  With our Target Enrollment Portfolios, you make just one decision, and your investment is put to work.    Ready to start?  Open a Vanguard 529 plan     Why

Ready to start?  Open a Vanguard 529 plan     Why choose a Vanguard Target Enrollment Portfolio for your 529 account?  Vanguard Target Enrollment Portfolios make choosing an investment for education savings about as easy as it gets. Consider a

savings about as easy as it gets. Consider a portfolio based on the year you expect your student to start school—from kindergarten through graduate or trade school. We’ll take it from there.   Benefits of the Vanguard Target Enrollment Portfolio

of the Vanguard Target Enrollment Portfolio      Built-in diversification. Each portfolio is an all-in-one investment that will broadly diversify among stock, bond and cash investments as the year to enrollment gets closer.    Expert management and

enrollment gets closer.    Expert management and convenience. Target Enrollment Portfolios are professionally managed and automatically adjust to become more conservative as your student gets closer to enrollment.    Flexibility. You can save for

to enrollment.    Flexibility. You can save for multiple education goals by holding up to 5 portfolios in a single account. For example, if you want your child to attend private high school and college, you can save for both by investing in 2

college, you can save for both by investing in 2 different portfolios in the same account.        Select the right portfolio for your goal  Simply look for the year your student will enter school to select the portfolio that may be right for you.

select the portfolio that may be right for you. Vanguard Target Enrollment Portfolios Allocations represented on the charts are as of February 28, 2022. To view the most recent portfolio allocation as of the prior month-end, please click the

as of the prior month-end, please click the individual portfolio profile.      How to pick the right Target Enrollment portfolio for your 529 account Look for your student’s expected enrollment year and consider the portfolio that best matches that

and consider the portfolio that best matches that time frame.        Vanguard Target Enrollment Portfolios Take a glance at the risk ratings and asset allocations of each portfolio profile listed by enrollment year. Allocations represented on the

enrollment year. Allocations represented on the charts are as of April 1, 2023. To view the most recent portfolio allocation as of the prior month-end, view the individual portfolio profile.  Target Enrollment 2040/2041             Why should I care

2040/2041             Why should I care about risk?   × Why should I care about risk? Risk is a measure of how likely it is that you could lose money in an investment. Knowing the risk level you're comfortable with and the length of time you expect

with and the length of time you expect to invest can help you select an appropriate fund for your investing needs. The potential for risk in Vanguard funds can be categorized in levels from 1 to 5. Knowing the risk level you're comfortable with and

the risk level you're comfortable with and the length of time you expect to invest can help you select an appropriate fund for your investing needs. Conservative funds Risk level 1: Vanguard funds are classified as conservative if their share prices

classified as conservative if their share prices are expected to remain stable or to fluctuate only slightly. Such funds may be appropriate for the short-term reserves portion of a long-term investment portfolio or for investors with short-term

portfolio or for investors with short-term investment horizons (3 years or less).   Conservative to moderate funds Risk level 2: Vanguard funds classified as conservative to moderate are subject to low to moderate fluctuations in share prices. In

low to moderate fluctuations in share prices. In general, such funds may be appropriate for investors with medium-term investment horizons (4 to 10 years).   Moderate funds Risk level 3: Vanguard funds classified as moderate are subject to a

funds classified as moderate are subject to a moderate degree of fluctuation in share prices. In general, such funds may be appropriate for investors who have a relatively long-term investment horizon (more than 5 years).   Moderate to aggressive

(more than 5 years).   Moderate to aggressive funds Risk level 4: Vanguard funds classified as moderate to aggressive are broadly diversified but are subject to wide fluctuations in share prices because they hold virtually all of their assets in

they hold virtually all of their assets in common stocks. These funds may be appropriate for investors who have a long-term investment horizon (10 years or longer).   Aggressive funds Risk level 5: Vanguard funds classified as aggressive are subject

funds classified as aggressive are subject to extremely wide fluctuations in share prices. These funds may be appropriate for investors who have a long-term investment horizon (10 years or longer). The unusually high volatility associated with these

unusually high volatility associated with these funds may stem from a number of strategies.    View profile     Target Enrollment 2038/2039             Why should I care about risk?    View profile     Target Enrollment 2036/2037             Why

Target Enrollment 2036/2037             Why should I care about risk?    View profile     Target Enrollment 2034/2035             Why should I care about risk?    View profile     Target Enrollment 2032/2033             Why should I care about

2032/2033             Why should I care about risk?    View profile     Target Enrollment 2030/2031             Why should I care about risk?    View profile     Target Enrollment 2028/2029             Why should I care about risk?    View profile

Why should I care about risk?    View profile     Target Enrollment 2026/2027             Why should I care about risk?    View profile     Target Enrollment 2024/2025             Why should I care about risk?    View profile     Target Enrollment

about risk?    View profile     Target Enrollment 2022/2023             Why should I care about risk?    View profile     Target Enrollment 2020/2021             Why should I care about risk?    View profile     Commencement             Why should I

profile     Commencement             Why should I care about risk?    View profile        The Vanguard 529 College Savings Plan is a Nevada Trust administered by the office of the Nevada State Treasurer. See a list of individual 529 portfolios  For

See a list of individual 529 portfolios  For more information about The Vanguard 529 College Savings Plan, download a Program Description (PDF) or request one by calling 866-734-4533. The Program Description includes investment objectives, risks,

includes investment objectives, risks, charges, expenses, and other information; read and consider it carefully before investing. Vanguard Marketing Corporation, Distributor. If you are not a Nevada taxpayer, consider before investing whether your

taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments insuch state's qualified tuition program. Other state benefits may include

tuition program. Other state benefits may include financial aid, scholarship funds, and protection from creditors. The Vanguard Group, Inc., serves as the Investment Manager for The Vanguard 529 College Savings Plan and through its affiliate,

College Savings Plan and through its affiliate, Vanguard Marketing Corporation, markets and distributes the Plan. Ascensus Broker Dealer Services, LLC, serves as Program Manager and has overall responsibility for the day-to-day operations. The

responsibility for the day-to-day operations. The Plan's portfolios, although they invest in Vanguard mutual funds, are not mutual funds. Investment returns are not guaranteed, and you could lose money by investing in the Plan.  State tax treatment

by investing in the Plan.  State tax treatment of K–12 withdrawals is determined by the state(s) where the taxpayer files state income tax. Please consult with a tax advisor for further guidance.nguard.com accounts plans individual joint brokerage.

accounts plans individual joint brokerage.   Individual or Joint Brokerage Accounts  Vanguard             Back  Accounts & plans  Individual & Joint     Accounts & Plans   Individual and joint accounts  Saving for something other than retirement or

Saving for something other than retirement or college? You can set up an account with shared ownership or create one in your name alone.  Open an account     Saving for a big event or your rainy day fund? Take advantage of opportunities to grow

day fund? Take advantage of opportunities to grow that money until you need it.     Things you should know before you get started   Minimum investment amounts   You'll need $3,000 to buy most Vanguard mutual funds, though there are some with lower

mutual funds, though there are some with lower or higher minimums.* And you can invest in any ETF (exchange-traded fund) for the price of 1 share, which will vary throughout the day. Find details in each fund's profile Other companies' funds may

in each fund's profile Other companies' funds may have different minimums, so be sure to check their prospectuses. And like ETFs, minimums for individual stocks, certificates of deposit (CDs), and bonds are based on their current market prices.

are based on their current market prices.    Taxes   Your investment earnings—the money your money makes—will likely be taxed at the federal, state, and sometimes local levels. The tax rate depends largely on your income and how long you hold the

largely on your income and how long you hold the investment. You could shrink that tax bill by choosing tax-efficient investments. Learn how to become a tax-savvy investor    Expectations for investment returns   Trying to find the fastest road to

returns   Trying to find the fastest road to riches could put your hard-earned savings at risk just as quickly. Particularly when making a shorter-term investment—less than 7–10 years, for example—you'll want to choose the combination of bonds and

want to choose the combination of bonds and stocks that strikes the right balance between risk and reward.    Other investment costs   Some investments have obvious costs—like trading commissions and service fees. But keep a keen eye on expense

and service fees. But keep a keen eye on expense ratios too. While they don't show up on your statement as a debit, they can take a serious bite out of your savings. At Vanguard, you'll enjoy no commission to trade ETFs, stocks, and Vanguard mutual

to trade ETFs, stocks, and Vanguard mutual funds online. Our account service fees are avoidable,** and our expense ratios are 82% less than the industry average.† Put it all together, and you keep more of your money in your account, where it

keep more of your money in your account, where it belongs.Review our commission schedule for details See the difference low costs can make    × Expense ratio   The annual operating expenses of a mutual fund or ETF (exchange-traded fund), expressed

fund or ETF (exchange-traded fund), expressed as a percentage of the fund's average net assets. It's calculated annually and removed from the fund's earnings before they're distributed to investors, directly reducing investors' returns. An expense

directly reducing investors' returns. An expense ratio includes management, administrative, marketing, and distribution fees. It doesn't include trading or sales commissions, loads, or purchase or redemption fees.    × Other types of taxable

or redemption fees.    × Other types of taxable accounts   Uniform Gifts/Transfers to Minors Act (UGMA/UTMA) accounts, which are administered by an adult on behalf of a minor until the child reaches the age of majority (typically 18 years old).

the age of majority (typically 18 years old). Guardian accounts, which are administered by a court-appointed guardian or conservator. Trust accounts, which hold assets held in a personal or retirement trust. This includes trusts created by a will.

trust. This includes trusts created by a will. Estate and other organization accounts, which are owned by an entity versus an individual person. This includes accounts held by corporations, partnerships, professional associations, endowments,

professional associations, endowments, foundations, and other organizations.      Get it done in 4 easy steps It's easy to open joint accounts and individual accounts online, and it takes just a few minutes.    Step 1 Choose your account type & tell

Step 1 Choose your account type & tell us about yourself You can choose an individual account (in your name only) or a joint account (with multiple equal owners), or you can open other types of taxable accounts. You'll also be asked to provide

taxable accounts. You'll also be asked to provide your name, the name of any joint account owners, or the name of your organization, along with: From a nonretirement account, you received any dividend, short-term capital gains, or long-term capital

short-term capital gains, or long-term capital gains distributions. From a retirement account (including IRAs), you took any withdrawals. You had any federal income tax withheld from those withdrawals (referred to as nonresident alien withholding).

(referred to as nonresident alien withholding). If you haven’t provided Vanguard with a completed Form W-8BEN to certify your foreign status, you may instead receive a 1099-B or 1099-DIV to report these activities.    Step 2 Select your investments

activities.    Step 2 Select your investments Choose from more than 150 Vanguard mutual funds and 70 Vanguard ETFs®. Browse a list of all Vanguard mutual funds & ETFs You can also complement your portfolio with funds and ETFs from hundreds of other

with funds and ETFs from hundreds of other companies, as well as individual stocks, CDs, and bonds. Check out all the investment products we offer    Step 3 Tell us where the money's coming from If it's coming from your bank, provide your bank

If it's coming from your bank, provide your bank account and routing numbers for an electronic transfer or your bank name and wire date for a wire transfer. If it's coming from another investment company …  Find out how to begin an account transfer

…  Find out how to begin an account transfer     Step 4 Review & sign your application You can either electronically sign your application or print, sign, and mail the form to us.     Then what? Once your account is set up, there are a few things

your account is set up, there are a few things you can do to control your costs and make your investments easier to manage. Save money, time & paper with e-delivery Connect your bank account to your Vanguard account Put your savings on autopilot

Vanguard account Put your savings on autopilot with automatic investments (log in required) Tap into your investments with Vanguard mobile     Ready to open an account?  Open your account today     Tax-saving alternatives for retirement and college

alternatives for retirement and college    Size up the basic IRA types Compare Roth vs. traditional IRAs for your retirement savings Compare savings     Get a retirement plan Explore SEPs, SIMPLEs & i401(k)s for small-business retirement plans

& i401(k)s for small-business retirement plans  Explore plans     529 savings plans See how a 529 plan makes saving for college easy Learn more       Ready to invest in a fund?   New to Vanguard or looking to consolidate your savings?  Open or

or looking to consolidate your savings?  Open or transfer accounts     Already a Vanguard client? Log in and add a plan to your account.  Log in       Ready to invest in a fund?   New to Vanguard or looking to consolidate your savings?  Open or

or looking to consolidate your savings?  Open or transfer accounts     Already a Vanguard client? Log in and add a plan to your account.  Log in       *Minimum initial investment requirements for most mutual funds range from $1,000 to $100,000

most mutual funds range from $1,000 to $100,000 depending on the fund and the share class, but some may be higher. Details are provided in each fund profile.nguard.com accounts plans iras.   IRAs from Vanguard: Invest in your future  Vanguard

Vanguard: Invest in your future  Vanguard             Back  Accounts & plans  IRAs     IRAs   An IRA makes saving for the future less taxing  IRAs offer an opportunity to save for a comfortable retirement and long-term tax advantages too.    Ready

and long-term tax advantages too.    Ready to get started? Open an IRA today  Get started     What is an IRA?  An IRA (individual retirement account) is a personal, tax-deferred account the IRS created to give investors an easy way to save for

created to give investors an easy way to save for retirement. Learn more about IRAs      Why invest in an IRA        Benefit from tax breaks  Save on your taxes now with a deduction, or save later with a tax-free withdrawal—it depends on the type of

a tax-free withdrawal—it depends on the type of IRA you choose. And in between now and later, let your earnings grow tax-deferred.  Learn about the types of IRAs   Get details on IRA deductions        Give your money a chance to grow  Build your

Give your money a chance to grow  Build your account with income from interest, dividends, and capital gains that can compound each year without taxes nipping away at it.  Learn more about the power of compounding       Enjoy greater investment

of compounding       Enjoy greater investment flexibility  Pick from a wider range of investment choices than what's offered by most 401(k)s and other employer retirement plans.  Pick investments for your IRA   Compare 401(k)s vs. IRA        Help

your IRA   Compare 401(k)s vs. IRA        Help secure your retirement nest egg  Use an IRA to start saving for retirement or to supplement and help diversify savings you may have in other retirement accounts.     × Tax-deferral Delaying the payment

accounts.     × Tax-deferral Delaying the payment of income taxes on earnings generated in an investment account. For example, if you have a traditional IRA, you don't pay income taxes on the interest, dividends, or capital gains accumulating in the

dividends, or capital gains accumulating in the account until you begin making withdrawals.      How your savings could add up While the annual IRA contribution limit of $6,000 may not seem like much, you can stack up significant savings. Here's a

you can stack up significant savings. Here's a hypothetical example: If you contribute $6,000 yearly and realize a 6% average annual return, at the end of 20 years, you could have $233,956 in your retirement account.(Note that this figure doesn't

retirement account.(Note that this figure doesn't represent the return on any particular investment and the rate of return is not guaranteed.)     Vanguard's low costs add another dimension to your savings The average Vanguard mutual fund  expense

savings The average Vanguard mutual fund  expense ratio is 82% lower than the industry average.* The less you pay for your funds, the more you can keep in your pocket. Learn how to open your IRA  Over age 50? Once you reach age 50, you qualify for

age 50? Once you reach age 50, you qualify for an extra $1,000 IRA catch-up contribution. This means your annual limit jumps to $7,000, potentially adding more strength to the power of compounding and greater savings for you.    × Compounding The

and greater savings for you.    × Compounding The snowball effect that happens when your earnings generate even more earnings, not only on your original investments, but also on any interest, dividends, and capital gains that accumulate. That means

and capital gains that accumulate. That means that your "money makes money" and can grow faster over time.    How your savings can add up Vanguard investors just like you have lots of experiences to share.     Grow your wealth     Low costs

to share.     Grow your wealth     Low costs     Catch-up contribution  While the annual IRA contribution limit of $6,500 may not seem like much, you can stack up significant savings.     Read chart description   Pay less and keep more. The average

description   Pay less and keep more. The average Vanguard mutual fund expense ratio is 83% lower than the industry average.*     Learn how to open your IRA   At age 50, you quality for a $1,000 IRA catch-up contribution—jumping your annual limit to

contribution—jumping your annual limit to $7,500—potentially increasing the power of compounding, which could mean greater savings for you over time.     Read chart description   How your savings can add up Vanguard investors just like you have lots

add up Vanguard investors just like you have lots of experiences to share.  While the annual IRA contribution limit of $6,500 may not seem like much, you can stack up significant savings.     Read chart description   Pay less and keep more. The

chart description   Pay less and keep more. The average Vanguard mutual fund expense ratio is 83% lower than the industry average.*     Learn how to open your IRA   At age 50, you quality for a $1,000 IRA catch-up contribution—jumping your annual

IRA catch-up contribution—jumping your annual limit to $7,500—potentially increasing the power of compounding, which could mean greater savings for you over time.    Read chart description   Pause Play Previous Grow your wealth Low costs Catch-up

Play Previous Grow your wealth Low costs Catch-up contribution Next    × The hypothetical bar chart shows that if you contribute $6,500 yearly with a 6% average annual return, you could have $253,453 in your retirement account at the end of 20

your retirement account at the end of 20 years.    × The hypothetical example shows $253,453 on the higher end of a seesaw after you invest $6,500 yearly on a 6% average annual return over 20 years. The lower end of the seeaw shows $292,445 after

The lower end of the seeaw shows $292,445 after you invest $7,500 yearly starting at age 50 with a 6% average annual return over 20 year.           Traditional IRA  A traditional IRA lets your earnings grow tax-deferred. Learn more about traditional

grow tax-deferred. Learn more about traditional IRAs        Roth IRA  A roth IRA offers tax-free growth and tax-free withdrawals in retirement. Learn more about Roth IRAs        Spousal IRA  Help give your spouse equal footing when it comes to

give your spouse equal footing when it comes to retirement. Learn more about spousal IRAs           Explore professional advice We offer expert help at the low cost you'd expect from Vanguard.  Compare advice options           Ready to open an IRA?

advice options           Ready to open an IRA?   New to Vanguard?  Open an account     Already a Vanguard client?  Log in and add open an IRA on your account.  Log in       Ready to open an IRA?   New to Vanguard?  Open an account     Already a

New to Vanguard?  Open an account     Already a Vanguard client?  Log in and add open an IRA on your account.  Log in       For more information about Vanguard funds or ETFs, visit vanguard.com to obtain a prospectus or, if available, a summary

obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.   *Vanguard

it carefully before investing.   *Vanguard average expense ratio: 0.08%. Industry average expense ratio: 0.47%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2022.

and Morningstar, Inc., as of December 31, 2022.   When taking withdrawals from an IRA before age 59½, you may have to pay ordinary income tax plus a 10% federal penalty tax.nguard.com accounts plans iras how to open an ira.   Open an IRA account in

iras how to open an ira.   Open an IRA account in 3 easy steps  Vanguard	             Back  Accounts & plans  IRAs  How to open an IRA	   IRAs   How to open an IRA  Follow these steps to help you make your decisions and open your new IRA.       Step

your decisions and open your new IRA.       Step 1 Decide which IRA suits you best Start simple, with your age and income. Then compare the IRA rules and tax benefits.  Compare Roth vs. traditional IRAs >       Step 2 Choose an "all in one" fund or

>       Step 2 Choose an "all in one" fund or customize your portfolio Keep it simple with an "all in one" fund that does some of the work for you, or customize your own portfolio.  Pick investments for your IRA >       Step 3 Open your IRA online

for your IRA >       Step 3 Open your IRA online quickly & easily Move money directly from your bank to your new Vanguard IRA® electronically. You'll just need your bank account and routing numbers (found on your bank checks). Name beneficiaries for

on your bank checks). Name beneficiaries for your IRA. (We'll send instructions once your IRA is open.) See how you can avoid the annual Account Service Fee.   Open an IRA today       Where the money can come from      Direct contribution  Make a

can come from      Direct contribution  Make a direct contribution by check or electronic transfer from your bank.       401k rollover  Move an old employer plan account into a Vanguard IRA.  Find out if a 401(k) rollover is right for you

out if a 401(k) rollover is right for you       Transfer an existing IRA  Move an IRA currently at another financial institution to Vanguard.  Transfer an existing IRA to Vanguard            Explore professional advice We offer expert help at the

professional advice We offer expert help at the low cost you'd expect from Vanguard.  Compare advice options             Ready to open an IRA?   New to Vanguard?  Open an account     Already a Vanguard client? Log in and add open an IRA on your

client? Log in and add open an IRA on your account.  Log in        Ready to open an IRA?   New to Vanguard?  Open an account     Already a Vanguard client? Log in and add open an IRA on your account.  Log in       There are important factors to

Log in       There are important factors to consider when rolling over assets to an IRA.nguard.com accounts plans iras roth ira.   Roth IRA: What is a Roth IRA?  Vanguard	             Back  Accounts & plans  IRAs  Roth IRA     IRAs   A Roth IRA

& plans  IRAs  Roth IRA     IRAs   A Roth IRA offers tax-free withdrawals  With a Roth IRA, you get a future bonus: Every penny you withdraw in retirement stays in your pocket, not Uncle Sam's.    Ready to get started? Open an IRA today  Get started

to get started? Open an IRA today  Get started     What is a Roth IRA?  A Roth IRA is an individual retirement account that offers tax-free growth and tax-free withdrawals in retirement. Roth IRA rules dictate that as long as you've owned your

rules dictate that as long as you've owned your account for 5 years* and you're age 59½ or older, you can withdraw your money when you want to and you won't owe any federal taxes.** Compare Roth vs. traditional IRAs     Other Roth IRA advantages

IRAs     Other Roth IRA advantages       No RMDs  There are no required minimum distributions (RMDs) for as long as you live.  Get details on IRA withdrawals       No age limit  You can put money in your account for as many years as you want, as

in your account for as many years as you want, as long as you have earned income that qualifies.       No employer-plan restrictions  It doesn't matter if you're covered by an employer's retirement plan, such as a 401(k) or 403(b). As long as you

plan, such as a 401(k) or 403(b). As long as you don't exceed the IRS's income limits, you can still contribute the maximum annual amount to a Roth IRA. For the 2023 tax year that's $6,500, or $7,500 if you're age 50 or older.  Get details on IRA

if you're age 50 or older.  Get details on IRA contribution limits & deadlines       No taxes for your beneficiaries  You can pass your Roth IRA on to your beneficiaries, and their withdrawals will be tax-free.***  Learn more about inherited IRAs

tax-free.***  Learn more about inherited IRAs     ×  Required minimum distributions (RMDs) Under federal tax law, most owners of IRAs (except Roth IRAs) must withdraw part of their tax-deferred savings each year, starting at age 72 (age 70½ if you

each year, starting at age 72 (age 70½ if you attained age 70½ before 2020).If you withdraw less than your RMD, you may owe a 50% penalty tax on the difference. RMDs are intended to ensure that the assets in these types of accounts are eventually

assets in these types of accounts are eventually subject to taxation.           Some things to think about Nondeductible contributions: Roth IRA contributions are never tax-deductible. Income restrictions: Contributions may be limited by how much

Contributions may be limited by how much you earn—your modified adjusted gross income (MAGI) must be less than the annual limit set by the IRS. Get details on Roth IRA income limits   × Modified adjusted gross income (MAGI)   An amount used to

adjusted gross income (MAGI)   An amount used to determine a taxpayer's IRA eligibility. Generally, it's the taxpayer's adjusted gross income calculated without certain deductions and exclusions.     Is your income OK for a Roth IRA? If your income

Is your income OK for a Roth IRA? If your income is too high for a Roth IRA, you could get to a Roth through the "back door." To use this strategy, you'd start by placing your contribution in a traditional IRA—which has no income limits. Then,

traditional IRA—which has no income limits. Then, you'd move the money into a Roth IRA using a Roth conversion. But make sure you understand the tax consequences before using this strategy because a Roth conversion is permanent—the contribution

a Roth conversion is permanent—the contribution can't be moved back to a traditional IRA. Learn more about Roth conversions           The sooner, the better The younger you are when you open your IRA, the greater your saving potential because you

the greater your saving potential because you get that tax-free compounding clock ticking longer for you. Learn more about the power of compounding   × Compounding The snowball effect that happens when your earnings generate even more earnings, not

your earnings generate even more earnings, not only on your original investments, but also on any interest, dividends, and capital gains that accumulate. That means that your "money makes money" and can grow faster over time.             Explore

can grow faster over time.             Explore professional advice We offer expert help at the low cost you'd expect from Vanguard.  Compare advice options               Ready to invest in a mutual fund?   New to Vanguard or looking to consolidate

fund?   New to Vanguard or looking to consolidate your savings?  Open or transfer accounts     Already a Vanguard client? Log in to view your account.  Log in             Ready to invest in a mutual fund?   New to Vanguard or looking to consolidate

fund?   New to Vanguard or looking to consolidate your savings?  Open or transfer accounts     Already a Vanguard client? Log in to view your account.nguard.com accounts plans iras spousal ira.   Spousal IRAs help you double your savings  Vanguard

IRAs help you double your savings  Vanguard            Back  Accounts & plans  IRAs  Spousal IRAs      IRAS   Spousal IRAs: A way to pair up on saving  Here's an IRA that can help give your spouse equal footing when it comes to investing for

equal footing when it comes to investing for retirement.     Ready to get started? Open an IRA today  Get started    What is a spousal IRA?  Typically you need earned income to contribute to an IRA, but a spousal IRA relaxes that requirement and

but a spousal IRA relaxes that requirement and gives a husband or wife with low or no annual wages a way to save tax-efficiently for the future too. What it isn't: It's not a different IRA type but simply a Roth or traditional IRA that lets a

but simply a Roth or traditional IRA that lets a nonworking spouse have access to the tax favors and benefits that IRAs offer. If your spouse is earning low or no annual wages, your spouse may be able to open a spousal IRA to save tax-efficiently

to open a spousal IRA to save tax-efficiently for retirement. It's not a joint account, but rather a separate IRA set up in your spouse's name. You must be married and filing a joint tax return in order to open a spousal IRA.    Learn more about

order to open a spousal IRA.    Learn more about types of IRAs        Traditional IRA  A traditional IRA lets your earnings grow tax-deferred.  Learn more         Roth IRA  A roth IRA offers tax-free growth and tax-free withdrawals in retirement.

growth and tax-free withdrawals in retirement.  Learn more        Advantages of a spousal IRA A spousal IRA provides a way to boost your retirement savings as a couple. Plus the spouse gets access to the same wide variety of investment choices,

to the same wide variety of investment choices, ranging from mutual funds and exchange-traded funds (ETFs) to individual stocks and bonds. Pick investments for your IRA And while the maximum annual contribution limit of $6,500 ($7,500 for investors

limit of $6,500 ($7,500 for investors age 50 or older) may not seem like much, contributing this amount each year could make a real difference in a couple's retirement savings over time.nguard.com accounts plans iras traditional ira.   Traditional

plans iras traditional ira.   Traditional IRA rules  Vanguard             Back  Accounts & plans  IRAs  Traditional IRA     IRAs   A traditional IRA lets you postpone taxes  Want your money to grow tax-deferred while you put away money for your

tax-deferred while you put away money for your retirement? Think traditional IRA.     Ready to get started? Open an IRA today  Get started     Ready to get started? Open an IRA today  Get started      What is a traditional IRA?  A traditional IRA is

What is a traditional IRA?  A traditional IRA is a type of individual retirement account that lets your earnings grow tax-deferred.* You pay taxes on your investment gains only when you make withdrawals in retirement. Compare Roth vs. traditional

in retirement. Compare Roth vs. traditional IRAs      Other traditional IRA advantages      Tax-deductible contributions  If you're not covered by a retirement plan at work, you can deduct the entire amount of your IRA contribution on your income

amount of your IRA contribution on your income tax return. For the 2022 tax year, this would be up to $6,000 annually, or $7,000 if you're 50 or older. And for the 2023 tax year, up to $6,500 annually, or $7,500 if you're 50 or older.  Get details

or $7,500 if you're 50 or older.  Get details on IRA deductions       No income limit  There's no maximum income limit. You can invest in a traditional IRA no matter how much money you earn.       Some things to think about Age limit on

Some things to think about Age limit on contributions As a result of changes made by the SECURE Act, you can make contributions to a traditional IRA for 2020 or later regardless of your age. Mandatory RMDs You must begin taking required

Mandatory RMDs You must begin taking required minimum distributions (RMDs) from your account by April 1 of the calendar year following the year you reach age 73*. Get answers to common RMD questions Taxable withdrawals Withdrawals may be subject to

Taxable withdrawals Withdrawals may be subject to federal income tax. Get details on IRA withdrawals     The sooner, the better The younger you are when you open your IRA, the greater your saving potential because you get that tax-free compounding

because you get that tax-free compounding clock ticking longer for you. Learn more about the power of compounding     × Compounding The snowball effect that happens when your earnings generate even more earnings, not only on your original

even more earnings, not only on your original investments, but also on any interest, dividends, and capital gains that accumulate.nguard.com accounts plans organization accounts.   Organization Accounts  Vanguard             Back  Accounts & plans

Vanguard             Back  Accounts & plans  Organization accounts     Accounts & plans   Organization accounts  Planning for your business or organization? Take advantage of opportunities to grow that money until you need it.    Log in and open an

money until you need it.    Log in and open an account     New to Vanguard?  Call  877-662-7447 Monday to Friday 8 a.m. to 8 p.m., Eastern time     What is an organization account?  Looking to set up an investment account for a business? This type

an investment account for a business? This type of account offers trading and investment features that can help your business work toward its financial goals.        Consider opening an organization account for a legally established

an organization account for a legally established company—including: Corporations Partnerships Limited liability companies Sole proprietorships Endowments and foundations Estates Professional associations Unincorporated enterprises   Things you

Unincorporated enterprises   Things you should know before you get started   Minimum investment amounts   You'll need $3,000 to buy most Vanguard mutual funds, though there are some with lower or higher minimums.* And you can invest in any ETF

higher minimums.* And you can invest in any ETF (exchange-traded fund) for the price of 1 share, which will vary throughout the day. Find details in each fund's profile Other companies' funds may have different minimums, so be sure to check their

different minimums, so be sure to check their prospectuses. And like ETFs, minimums for individual stocks, certificates of deposit (CDs), and bonds are based on their current market prices.   Taxes   Your investment earnings—the money your money

Your investment earnings—the money your money makes—will likely be taxed at the federal, state, and sometimes local levels. The tax rate depends largely on your income and how long you hold the investment. You could shrink that tax bill by

the investment. You could shrink that tax bill by choosing tax-efficient investments. Learn how to become a tax-savvy investor   Expectations for investment returns   Trying to find the fastest road to riches could put your hard-earned savings at

to riches could put your hard-earned savings at risk just as quickly. Particularly when making a shorter-term investment—less than 7–10 years, for example—you'll want to choose the combination of bonds and stocks that strikes the right balance

bonds and stocks that strikes the right balance between risk and reward.   Other investment costs   Some investments have obvious costs—like trading commissions and service fees. But keep a keen eye on expense ratios too. While they don't show up on

ratios too. While they don't show up on your statement as a debit, they can take a serious bite out of your savings.At Vanguard, you'll enjoy no commission to trade ETFs, stocks, and Vanguard mutual funds online. Our account service fees are easily

funds online. Our account service fees are easily avoidable,** and our expense ratios are 83% less than the industry average.† Put it all together, and you keep more of your money in your account, where it belongs. Review our commission schedule for

it belongs. Review our commission schedule for details See the difference low costs can make   × Expense ratio The annual operating expenses of a mutual fund or ETF (exchange-traded fund), expressed as a percentage of the fund's average net assets.

as a percentage of the fund's average net assets. It's calculated annually and removed from the fund's earnings before they're distributed to investors, directly reducing investors' returns. An expense ratio includes management, administrative,

ratio includes management, administrative, marketing, and distribution fees. It doesn't include trading or sales commissions, loads, or purchase or redemption fees.         Open an organization account in just 4 steps It's easy to open an

account in just 4 steps It's easy to open an organization account online, and it takes just a few minutes.    Step 1 Legally establish your entity or organization For organization accounts you'll potentially need to file documents through the State

need to file documents through the State to make things official. Once you have your official documents create a digital copy of them to include with the application.    Step 2 Complete your application online in 4 steps Log in to your Vanguard

online in 4 steps Log in to your Vanguard account and follow the instructions to open an organization account. Note: If you're a new client, call us at 877-662-7447. Have these 3 required items on hand: An established organization or entity (an LLC,

An established organization or entity (an LLC, a corporation, a limited partnership, etc.). A completed organization account application, including the personal information of the authorized signer(s), information about the organization, the type of

information about the organization, the type of organization, and the organization’s tax identification number. Supporting legal documents (as detailed below). Attach copies of 2 relevant supporting documents. As part of federal regulatory

documents. As part of federal regulatory requirements to prove your organization is established and in good standing, we need copies of pages from the legal documents used to establish the organization. We require: A copy of documented evidence of

We require: A copy of documented evidence of the existence of the organization. Acceptable documents vary depending on the registration type of the organization.In general, these include articles of incorporation, a state-issued charter, a

of incorporation, a state-issued charter, a certificate of good standing (filed with the state), and operational bylaws. See page 4 of the organization account application for detailed document requirements based on your organization type. A

requirements based on your organization type. A document identifying the individuals authorized to transact on the Vanguard Brokerage Account on behalf of the organization. In general, these include a corporate resolution, an operating agreement,

a corporate resolution, an operating agreement, and board minutes. Note: Once we receive your completed application, it will take 5 business days to review, process, and open your account. Your request will be delayed if you don’t include all the

will be delayed if you don’t include all the requested documents and information.    Step 3 Fund your account If the money is coming from your bank, provide your bank account and routing numbers for an electronic transfer or your bank name and wire

an electronic transfer or your bank name and wire date for a transfer. If it's coming from another investment company … Find out how to begin an account transfer    Step 4 Select your investments Choose from more than 150 Vanguard mutual funds and

from more than 150 Vanguard mutual funds and 70 Vanguard ETFs®. Browse a list of all Vanguard mutual funds & ETFs You can also complement your portfolio with funds and ETFs from hundreds of other companies, as well as individual stocks, CDs, and

companies, as well as individual stocks, CDs, and bonds. Check out all the investment products we offer      We're here to help    New to Vanguard? Call 877-662-7447  Monday through Friday 8 a.m. to 8 p.m., Eastern time    Existing client? Log in

8 p.m., Eastern time    Existing client? Log in and complete an online application.  Log in        We're here to help    New to Vanguard? Call 877-662-7447  Monday through Friday 8 a.m. to 8 p.m., Eastern time    Existing client? Log in and complete

time    Existing client? Log in and complete an online application.  Log in       *Minimum initial investment requirements for most mutual funds range from $1,000 to $100,000 depending on the fund and the share class, but some may be higher. Details

the share class, but some may be higher. Details are provided in each fund profile. **A $25 annual account service fee is charged for all Vanguard Brokerage Accounts, as well as for each fund held in a legacy mutual fund-only account by clients with

a legacy mutual fund-only account by clients with less than $5 million in qualifying Vanguard assets.nguard.com accounts plans small business retirement plans.   Small business retirement plans  Vanguard             Back  Accounts & plans  Small

Back  Accounts & plans  Small business retirement plans     small business retirement   Get a retirement plan that’s right for your business  We offer a variety of tax-advantaged small-business plans for self-employed professionals,

plans for self-employed professionals, entrepreneurs, and business owners and their employees.     Access your small-business plan.  Employer login    Consider small-business retirement plans Check out the advantages of each one.       Individual

out the advantages of each one.       Individual 401(k)  An Individual 401(k) maximizes retirement savings if you're self-employed or a business owner with no employees other than a spouse. We also offer an Individual Roth 401(k) option. Learn about

an Individual Roth 401(k) option. Learn about Individual 401(k)s       SEP-IRA  With generous contribution limits, the SEP-IRA (Simplified Employee Pension) plan is the simplest, most flexible, tax-deferred retirement plan you can sponsor. Learn

retirement plan you can sponsor. Learn about SEP-IRAs       SIMPLE-IRA  A SIMPLE IRA (Savings Incentive Match Plan for Employees) is a great starter plan that encourages employees to contribute. Learn about SIMPLE-IRAs       Small plan 401(k)  Our

about SIMPLE-IRAs       Small plan 401(k)  Our program for small- and mid-sized businesses is a high-quality, easy-to-administer retirement offer for 401(k) plans, 403(b) plans and other retirement plan types. Learn about the Small plan 401(k)

plan types. Learn about the Small plan 401(k)   Compare plans side-by-side   Why choose Vanguard for your small business? Selecting Vanguard for your retirement plan means you can expect high-quality, low-cost funds; investment flexibility; and

low-cost funds; investment flexibility; and exceptional service—all from a partner trusted by businesses like yours to align with our clients' interests.      Jump start your savings  As a small-business owner, planning for your retirement is

owner, planning for your retirement is entirely up to you. And if you employ others, you'll be helping them get on the right track for retirement too.       Benefit from tax breaks  All retirement plans offer tax-deferred growth on earnings. As an

offer tax-deferred growth on earnings. As an employer, you also benefit from tax-deductible employer contributions.nguard.com accounts plans small business retirement plans comparison.   Compare small-business retirement plans  Vanguard

retirement plans  Vanguard             Back  Accounts & plans  Small business retirement plans  Compare small-business retirement plans   Small Business Retirement   Compare our small business retirement plans       i401(k) SEP-IRA SIMPLE IRA Small

plans       i401(k) SEP-IRA SIMPLE IRA Small Plan 401(k) Plan sponsors and participants Self-employed individuals or businesses with no common-law employees that want to maximize tax deferrals, including those interested in to a Roth 401(k) option.

those interested in to a Roth 401(k) option. Self-employed individuals or businesses that want to provide a retirement benefit to all employees (including themselves) solely through employer contributions. Self-employed individuals or businesses

Self-employed individuals or businesses with 100 or fewer employees that want to encourage employee contributions and provide an annual employer contribution. Public and private companies with up to $50 million in assets that want to offer employees

million in assets that want to offer employees the tax savings and retirement benefits of a 401(k) plan. Contributions Employee:  For 2023, up to $22,500, not to exceed 100% of compensation. - Roth contributions are accepted. Employer: For 2023, up

are accepted. Employer: For 2023, up to 25%* of the employee’s compensation, not to exceed annual maximums.    Maximum amount of employer plus employee contributions for 2023: $66,000    Catch up contributions for 2023: An employee over age 50 can

for 2023: An employee over age 50 can contribute an additional $7,500. Employee: None   Employer:  For 2023, up to 25%* of the employee's compensation or $66,000, whichever is less.* Employee: For 2023, up to $15,500, not to exceed 100% of

For 2023, up to $15,500, not to exceed 100% of compensation.   Employer: Match up to 3% of employee's compensation — or — An annual non-elective contribution of 2% of each eligible employee's compensation    Catch up contributions for 2023:

compensation    Catch up contributions for 2023: Employees over age 50 can contribute an additional $3,500. Employee:  For 2023, up to $22,500, not to exceed 100% of compensation.    Employer:  - Can make matching, fixed, or profit sharing

- Can make matching, fixed, or profit sharing contributions.    Employer plus employee contribution limits for 2023:  $66,000    Catch up contributions for 2023: Employees over age 50 can contribute an additional $7,500. Investment choices - More

an additional $7,500. Investment choices - More than 100 Vanguard mutual funds including many of our index funds with Admiral™ Shares.SEP-IRA for one person: Any publically traded asset including Vanguard mutual funds and ETFs, as well as additional

mutual funds and ETFs, as well as additional brokerage options.   SEP-IRA for more than one person: A variety of Vanguard mutual funds. Other types of investments are not eligible.   - More than 100 Vanguard mutual funds, including many of our index

mutual funds, including many of our index funds with Admiral™ Shares. - Vanguard mutual funds   - Approximately 12,000 non-Vanguard funds**   - Company stock and self-directed brokerage accounts. Fees - No plan set up fee   $20 for each Vanguard

Fees - No plan set up fee   $20 for each Vanguard mutual fund in each account. We'll waive the fee for all participants in the plan if at least one participant has at least $50,000 in qualifying Vanguard assets. See what Vanguard assets qualify - No

assets. See what Vanguard assets qualify - No plan setup fee   SEP-IRA for one person plan: See Vanguard annual account service fees SEP-IRA for more than one person: $20 for each Vanguard mutual fund in each account. We'll waive the fee if you have

in each account. We'll waive the fee if you have at least $50,000 in qualifying Vanguard assets. See what Vanguard assets qualify - No plan setup fee   $25 for each Vanguard mutual fund in each account. We'll waive the fee if you have at least

account. We'll waive the fee if you have at least $50,000 in qualifying Vanguard assets. See what Vanguard assets qualify - Onetime plan setup fee   - Annual fees based solely on the number of plan participants Filing Requirements Requires IRS

participants Filing Requirements Requires IRS filing Doesn’t require IRS filing Doesn’t require IRS filing Requires IRS filing   Learn more about i401(k) Learn more about SEP-IRA Learn more about SIMPLE IRA Learn more about Small plan 401(k)

SIMPLE IRA Learn more about Small plan 401(k)   i401(k)   Plan sponsors and participants Self-employed individuals or businesses with no common-law employees that want to maximize tax deferrals, including those interested in to a Roth 401(k) option.

those interested in to a Roth 401(k) option. Contributions Employee:   For 2023, up to $22,500, not to exceed 100% of compensation.- Roth contributions are accepted Employer:  For 2023, up to 25%* of the employee’s compensation, not to exceed annual

the employee’s compensation, not to exceed annual maximums.   Maximum amount of employer plus employee contributions for 2023:  $66,000  Catch up contributions for 2023: An employee over age 50 can contribute an additional $7,500. Investment Choices

an additional $7,500. Investment Choices - More than 100 Vanguard mutual funds including many of our index funds with Admiral™ Shares Fees - No plan setup fee - $20 for each Vanguard mutual fund in each account. We'll waive the fee for all

fund in each account. We'll waive the fee for all participants in the plan if at least one participant has at least $50,000 in qualifying Vanguard assets. See what Vanguard assets qualify Filing Requirements Requires IRS filing    Learn more about

Requires IRS filing    Learn more about i401(k)    SEP-IRA   Plan sponsors and participants Self-employed individuals or businesses that want to provide a retirement benefit to all employees (including themselves) solely through employer

(including themselves) solely through employer contributions. Contributions Employee:   None. Employer:  For 2023, up to 25%* of the employee’s compensation, or $66,000, whichever is less.* Investment Choices SEP-IRA for one person: Any publically

Choices SEP-IRA for one person: Any publically traded asset including Vanguard mutual funds and ETFs, as well as additional brokerage options. SEP-IRA for more than one person: A variety of Vanguard mutual funds. Other types of investments are not

mutual funds. Other types of investments are not eligible. Fees - No plan setup fee SEP-IRA for one person plan: See Vanguard annual account service fees SEP-IRA for more than one person: $20 for each Vanguard mutual fund in each account. We'll

each Vanguard mutual fund in each account. We'll waive the fee if you have at least $50,000 in qualifying Vanguard assets. See what Vanguard assets qualify Filing Requirements Doesn’t require IRS filing     Learn more about SEP-IRA    SIMPLE-IRA

Learn more about SEP-IRA    SIMPLE-IRA   Plan sponsors and participants Self-employed individuals or businesses with 100 or fewer employees that want to encourage employee contributions and provide an annual employer contribution.Contributions

an annual employer contribution.Contributions Employee: For 2023, up to $15,500, not to exceed 100% of compensation.   Employer: Match up to 3% of employee contributions  — or —  An annual non-elective contribution of 2% of each eligible employee's

contribution of 2% of each eligible employee's compensation.   Catch up contributions for 2023: Employees over age 50 can contribute an additional $3,500. Investment Choices - More than 100 Vanguard mutual funds, including many of our index funds

mutual funds, including many of our index funds with Admiral™ Shares.  Fees - No plan setup fee $25 for each Vanguard mutual fund in each account. We'll waive the fee if you have at least $50,000 in qualifying Vanguard assets. See what Vanguard

in qualifying Vanguard assets. See what Vanguard assets qualify Filing Requirements Doesn’t require IRS filing     Learn more about SIMPLE IRA    Small Plan 401(k)   Plan sponsors and participants Public and private companies with up to $50 million

and private companies with up to $50 million in assets that want to offer employees the tax savings and retirement benefits of a 401(k) plan. Contributions Employee:   For 2023, up to $22,500, not to exceed 100% of compensation. Employer:   - Can

to exceed 100% of compensation. Employer:   - Can make matching, fixed, or profit sharing contributions Employer plus employee contribution limits for 2023: $66,000    Catch up contributions for 2023:  Employees over age 50 can contribute an

2023:  Employees over age 50 can contribute an additional $7,500. Investment Choices - Vanguard mutual funds - Approximately 12,000 non-Vanguard funds* - Company stock and self-directed brokerage accounts *For plans with $2 million or more in assets

*For plans with $2 million or more in assets or plans using an advisor or investment fiduciary service. Fees - Onetime plan setup fee - Annual fees based solely on the number of plan participants   Filing Requirements Requires IRS filing     Learn

Filing Requirements Requires IRS filing     Learn more about Small plan 401(k)      × See what Vanguard assets qualify   Eligibility is first calculated using qualifying assets for an individual client. We then combine the qualifying assets of

client. We then combine the qualifying assets of clients sharing a residential address to determine final eligibility*.   Assets that qualify Any assets under management of Vanguard Personal Advisor Services. Vanguard mutual funds and Vanguard ETFs

Services. Vanguard mutual funds and Vanguard ETFs held by a client in certain personal accounts qualify.nguard.com accounts plans small business retirement plans individual solo 401k.   Details of Individual 401k-solo 401k plans	             Back

401k-solo 401k plans	             Back  Accounts & plans  Small business retirement plans  Individual 401k     small business retirement   Individual 401(k)      What is an Individual 401(k)?   An Individual 401(k)—also known as an i401(k)—is a

Individual 401(k)—also known as an i401(k)—is a retirement plan that can maximize your savings if you're self-employed or if you're a partner in a business whose only employees are the partners and their spouses.          Who can use the plan?

and their spouses.          Who can use the plan? Self-employed individuals and business owners with no common-law employees and their spouses who are employed by the business.  The business owner can contribute both as an employer and employee.  C

contribute both as an employer and employee.  C corporations, S corporations, and limited liability companies (LLCs), with no common-law employees, can also participate.             Employer contribution limits  Employers can contribute up to 25% of

limits  Employers can contribute up to 25% of compensation* not to exceed $61,000 for the 2022 tax year and $66,000 for the 2023 tax year. Contributions are generally deductible as a business expense and aren't required every year. When

expense and aren't required every year. When contributions are made, however, all participants must receive the same percentage.       Employee contribution limits  Employees can defer 100% of their compensation* up to $20,500 for the 2022 tax year

compensation* up to $20,500 for the 2022 tax year ($27,000 for employees age 50 or older) and $22,500 for 2023 ($30,000 for employees age 50 or older). Employees can make pre-tax or Roth (after-tax) contributions.  Rollovers of pre-tax assets are

contributions.  Rollovers of pre-tax assets are permitted.          Total contributions As a business owner, you can contribute both as an employer and employee.* The combined amount of employer plus employee contributions can’t exceed $61,000 for

employee contributions can’t exceed $61,000 for the 2022 tax year ($67,500 if age 50 or older) and $66,000 for the 2023 tax year ($73,500 if age 50 or older).          Investment choices Participants can choose from more than 100 Vanguard mutual

can choose from more than 100 Vanguard mutual funds, including many from our lower-cost Admiral™ share class. And there's no minimum initial investment. Browse Vanguard's fund choices What are Admiral Shares?          Cost    × See what Vanguard

Shares?          Cost    × See what Vanguard assets qualify   Eligibility is first calculated using qualifying assets for an individual client.We then combine the qualifying assets of clients sharing a residential address to determine final

sharing a residential address to determine final eligibility*. Assets that qualify   Any assets under management of Vanguard Personal Advisor Services. Vanguard mutual funds and Vanguard ETFs held by a client in certain personal accounts qualify.

by a client in certain personal accounts qualify. Personal account types include: individual non-retirement, education savings accounts, IRAs, Joint, Trust, Custodian, Guardian, UTMA, UGMA, Estate, Sole Proprietorship, and Single-Participant SEP IRA

Proprietorship, and Single-Participant SEP IRA plans. Note: Vanguard assets in a Vanguard 529 Plan, Vanguard Variable Annuity, Multi-participant SEP IRA plans, SIMPLE, i401k, 403(b), family partnership, family corporation, or employer-sponsored

family corporation, or employer-sponsored retirement plans for which Vanguard provides recordkeeping services may be included in determining eligibility if you also have a personal account holding Vanguard mutual funds or Vanguard ETFs. Assets held

mutual funds or Vanguard ETFs. Assets held in other account types are not eligible to be included in service eligibility determination. We review qualifications periodically The qualification criteria (for example, asset levels) are reviewed

criteria (for example, asset levels) are reviewed periodically and could change at any time. Vanguard reserves the right to discontinue enrollment in any of these services or reassign any investor, without prior notification, to the appropriate

without prior notification, to the appropriate service level if the investor fails to continue to meet the applicable qualification criteria. Vanguard reserves the right to amend or cancel selected features and benefits at any time without prior

features and benefits at any time without prior notification. In addition, ongoing access by any particular investor to individual services, discounts, and exemptions is subject to periodic review and may be restricted based upon criteria

review and may be restricted based upon criteria established solely by Vanguard. While these services are complimentary, some underlying services may charge fees and expenses. Vanguard does not guarantee any level of service. * Business addresses

any level of service. * Business addresses and other non-residential addresses are not eligible to be aggregated for purposes of determining services.   There’s no fee to establish an account. We charge $20 a year for each fund held in a Vanguard

$20 a year for each fund held in a Vanguard Individual 401(k) account. We'll waive the fee for all participants in the plan if at least one participant has at least $50,000 in qualifying Vanguard assets.See what Vanguard assets qualify   Account

assets.See what Vanguard assets qualify   Account setup & maintenance   An employer identification number (EIN) is required to establish an Individual 401(k) plan. You can’t use your Social Security number. If you don't have an EIN, apply for one

number. If you don't have an EIN, apply for one online at IRS.gov. For one-participant plans, annual filing of IRS Form 5500 is required once the plan's assets reach $250,000 at the end of your plan year or you terminate your plan. We'll provide you

or you terminate your plan. We'll provide you with information each year to help you complete the form. Plan administration may require occasional duties, such as periodically updating or restating the plan, which we can help you with.

the plan, which we can help you with.    Withdrawals & loans   You can't take withdrawals until a specified event, such as reaching age 59½, terminating the plan, separating from service, or experiencing another event as identified by the plan. You

another event as identified by the plan. You may be allowed to take a hardship withdrawal, which may be subject to a 10% penalty if you're under age 59½. You can’t take a loan from your Vanguard Individual 401(k). You'll pay ordinary income tax on

401(k). You'll pay ordinary income tax on any taxable distributions. Roth distributions are tax- and penalty-free if taken after age 59½ and you've had the Roth Individual 401(k)for more than 5 years.       Ready to get started?    If you're new to

Ready to get started?    If you're new to Vanguard, give us a call. 800-992-7188     Are you a Vanguard client looking for a small-business plan? Set up your new plan today.  Get started      Ready to get started?    If you're new to Vanguard,

to get started?    If you're new to Vanguard, give us a call. 800-992-7188     Are you a Vanguard client looking for a small-business plan? Set up your new plan today.  Get started       Learn more about small-business retirement    Enhance your

about small-business retirement    Enhance your retirement plan Looking to enrich your existing retirement plan with quality mutual funds? Our investment-only service opens the door for you to offer Vanguard funds.  Learn about our investment-only

Vanguard funds.  Learn about our investment-only option     Move your plan to Vanguard Consider moving the small-business plan you hold elsewhere to Vanguard. You can enjoy high-quality, low-cost funds and reliable service for your

low-cost funds and reliable service for your portfolio.nguard.com accounts plans small business retirement plans sep ira.   SEP-IRA - Simplified Employee Pension Plan  Vanguard             Back  Accounts & plans  Small business retirement plans

& plans  Small business retirement plans  SEP-IRA     Small business retirement   SEP-IRA      What is a SEP-IRA?   A SEP-IRA (Simplified Employee Pension) is an easy to administer retirement plan for anyone who is self-employed, owns a business,

for anyone who is self-employed, owns a business, employs others, or earns freelance income.       Who can participate? Employers are generally the sole contributors, but employees may be able to make traditional IRA contributions to the SEP-IRA.

traditional IRA contributions to the SEP-IRA.   × Traditional IRA   A tax-deferred individual retirement account. Contributions are fully deductible for all individuals who are not active participants in employer-sponsored plans or for plan

in employer-sponsored plans or for plan participants within certain income ranges.         Employer contribution limits  You can contribute up to 25% of the employee's total compensation or a maximum of $61,000 for the 2022 tax year or $66,000 for

of $61,000 for the 2022 tax year or $66,000 for the 2023 tax year, whichever is less. If you're self-employed, your contributions are generally limited to 20% of your net income. (Net compensation for self-employed individuals is generally the net

self-employed individuals is generally the net profit from IRS Schedule C reduced by the deductible self-employment tax. The eligible compensation limit, indexed for inflation by IRS is $305,000 for 2022 or $330,000 for 2023). Contributions are

for 2022 or $330,000 for 2023). Contributions are deductible and aren't required every year. Contributions must be the same for employers and employees up to the specified limit.       Employee contribution limits  Unlike other plans, employees

limits  Unlike other plans, employees can’t defer their salary to make contributions to a SEP-IRA. They may be able to make traditional IRA contributions to the SEP-IRA of up to $6,500 ($7,500 for employees age 50 or older) for the 2023 tax year.

employees age 50 or older) for the 2023 tax year. This amount is the total contribution allowed by the IRS that employees can make to all their IRAs (SEP, traditional, or Roth) each year.          Investment choices If you’re opening a SEP-IRA for

choices If you’re opening a SEP-IRA for more than one person, you can choose from a variety Vanguard mutual funds. Other types of investments don’t apply.However, if you’re opening a one-person SEP-IRA, you can choose from Vanguard mutual funds,

you can choose from Vanguard mutual funds, Vanguard ETFs®, mutual funds and ETFs from other companies, individual stocks, CDs (certificates of deposit), and bonds. Browse Vanguard's complete mutual fund lineup Browse Vanguard's complete ETF lineup

lineup Browse Vanguard's complete ETF lineup               Who can use the plan? Generally, employees must be allowed to participate if they're 21 or older, earn at least $750 in the tax year, and have worked for you in at least 3 of the past 5

have worked for you in at least 3 of the past 5 years. You can set less restrictive eligibility rules if you choose.  Refer to IRS Form 5305-SEP for more details       Cost    × See what Vanguard assets qualify   Eligibility is first calculated

assets qualify   Eligibility is first calculated using qualifying assets for an individual client. We then combine the qualifying assets of clients sharing a residential address to determine final eligibility*. Assets that qualify   Any assets under

Assets that qualify   Any assets under management of Vanguard Personal Advisor Services. Vanguard mutual funds and Vanguard ETFs held by a client in certain personal accounts qualify. Personal account types include: individual non-retirement,

account types include: individual non-retirement, education savings accounts, IRAs, Joint, Trust, Custodian, Guardian, UTMA, UGMA, Estate, Sole Proprietorship, and Single-Participant SEP IRA plans. Note: Vanguard assets in a Vanguard 529 Plan,

Note: Vanguard assets in a Vanguard 529 Plan, Vanguard Variable Annuity, Multi-participant SEP IRA plans, SIMPLE, i401k, 403(b), family partnership, family corporation, or employer-sponsored retirement plans for which Vanguard provides recordkeeping

plans for which Vanguard provides recordkeeping services may be included in determining eligibility if you also have a personal account holding Vanguard mutual funds or Vanguard ETFs. Assets held in other account types are not eligible to be

in other account types are not eligible to be included in service eligibility determination. We review qualifications periodically The qualification criteria (for example, asset levels) are reviewed periodically and could change at any time.

periodically and could change at any time. Vanguard reserves the right to discontinue enrollment in any of these services or reassign any investor, without prior notification, to the appropriate service level if the investor fails to continue to

level if the investor fails to continue to meet the applicable qualification criteria.Vanguard reserves the right to amend or cancel selected features and benefits at any time without prior notification. In addition, ongoing access by any particular

In addition, ongoing access by any particular investor to individual services, discounts, and exemptions is subject to periodic review and may be restricted based upon criteria established solely by Vanguard. While these services are complimentary,

Vanguard. While these services are complimentary, some underlying services may charge fees and expenses. Vanguard does not guarantee any level of service. *Business addresses and other non-residential addresses are not eligible to be aggregated for

addresses are not eligible to be aggregated for purposes of determining services.   There’s no fee to establish an account. SEP-IRA for one person plan: See Vanguard annual account service fees SEP-IRA plan for more than one person: $20 for each

plan for more than one person: $20 for each Vanguard mutual fund in each account. We'll waive the fee if you have at least $50,000 in qualifying Vanguard assets. See what Vanguard assets qualify    Account maintenance   Certain employee

qualify    Account maintenance   Certain employee notifications are required, but there's no IRS reporting.    Withdrawals & loans   All contributions to your SEP- IRA belong to you immediately, and you can withdraw them at any time. You can’t take

you can withdraw them at any time. You can’t take a loan from your SEP-IRA If you withdraw before age 59½, you’re subject to a 10% federal penalty tax. Certain expectations may apply. You’ll pay ordinary income tax on any taxable distributions.

income tax on any taxable distributions.        Ready to get started? Set up your new SEP-IRA today!    Get started         Ready to get started? Set up your new SEP-IRA today!  Get started       Learn more about small-business retirement    Enhance

more about small-business retirement    Enhance your retirement plan Looking to enrich your existing retirement plan with quality mutual funds? Our investment-only service opens the door for you to offer Vanguard funds.  Learn about our

for you to offer Vanguard funds.  Learn about our investment-only option     Move your plan to Vanguard Consider moving the small-business plan you hold elsewhere to Vanguard. You can enjoy high-quality, low-cost funds and reliable service for your

low-cost funds and reliable service for your portfolio. Learn how to transfer your plan     All investing is subject to risk, including the possible loss of the money you invest. Advice services are provided by Vanguard Advisers, Inc., a registered

provided by Vanguard Advisers, Inc., a registered investment advisor, or by Vanguard National Trust Company, a federally chartered, limited-purpose trust company.nguard.com accounts plans small business retirement plans simple ira.   What Is a

business retirement plans simple ira.   What Is a Simple IRA Plan & How To Invest in One  Vanguard             Back  Accounts & plans  Small business retirement plans  Simple IRA Plan     Small business retirement   Simple-IRA       What is a

business retirement   Simple-IRA       What is a SIMPLE-IRA?    ×  Tax deferral Delaying the payment of income taxes on income. For example, owners of traditional IRAs don't pay income taxes on the interest, dividends, or capital gains accumulating

dividends, or capital gains accumulating in their retirement accounts until they begin making withdrawals.    A SIMPLE (Savings Incentive Match Plan for Employees) IRA is a retirement plan that allows employers and employees of small businesses to

employers and employees of small businesses to make tax-deferred contributions to the plan.     Who can participate? Self-employed individuals, small-business owners, and any business with 100 or fewer employees that don't have another existing

fewer employees that don't have another existing retirement plan.        Employer contribution limits  Option 1. Dollar-for-dollar match of employee contributions up to 3% of each employee’s compensation (which can be reduced to as low as 1% in any

(which can be reduced to as low as 1% in any 2 of 5 years). Option 2. A contribution of 2% of each employee's compensation. The maximum compensation used to determine this contribution is $305,000 for 2022 and $330,000 for 2023. Contributions are

for 2022 and $330,000 for 2023. Contributions are tax-deductible and are required every year.       Employee contribution limits  Employees can contribute up to $14,000 for the 2022 tax year and $15,500 for the 2023 tax year ($17,000 for the 2022

for the 2023 tax year ($17,000 for the 2022 tax year and $19,000 for the 2023 tax year for employees age 50 and older).          Investment choices Participants can select from more than 100 Vanguard mutual funds, including many from our low-cost

mutual funds, including many from our low-cost Admiral™ shares class. And there's no minimum initial investment. Browse Vanguard's fund choices What are Admiral Shares?             Who can use the plan? There are no age restrictions. Employees are

There are no age restrictions. Employees are eligible if they received at least $5,000 from you in any 2 preceding years and are reasonably expected to earn at least $5,000 in the current year. You can expand the group of eligible employees by

You can expand the group of eligible employees by reducing or eliminating the minimum compensation requirement and set the eligibility to be less restrictive if you choose.Refer to IRS Form 5305-SIMPLE for more details (PDF)      Cost    × See what

for more details (PDF)      Cost    × See what Vanguard assets qualify   Eligibility is first calculated using qualifying assets for an individual client. We then combine the qualifying assets of clients sharing a residential address to determine

review and may be restricted based upon criteria established solely by Vanguard. While these services are complimentary, some underlying services may charge fees and expenses. Vanguard does not guarantee any level of service. *Business addresses and

any level of service. *Business addresses and other non-residential addresses are not eligible to be aggregated for purposes of determining services.   There’s no fee to establish an account. We charge $25 a year for each Vanguard fund in a SIMPLE

$25 a year for each Vanguard fund in a SIMPLE IRA.nguard.com accounts plans small business retirement plans vanguard funds.   Vanguard Small Business Retirement Plans  Vanguard             Back  Accounts & plans  Small business retirement plans

& plans  Small business retirement plans  Vanguard funds      Small business retirement   Enhance your retirement plan with Vanguard funds       What is the Vanguard Retirement Investment Program?   Our investment-only service opens the door for you

investment-only service opens the door for you to offer Vanguard funds.      How the service works With the Vanguard Retirement Investment Program (VRIP), you'll have one pooled account where you can add more than 100 Vanguard funds and other

can add more than 100 Vanguard funds and other investments to your existing plan (if the plan allows). Your current third-party administrator or trustee will continue to manage recordkeeping and other day-to-day activities for your plan. The program

day-to-day activities for your plan. The program can be used to enhance any employer-sponsored retirement plan. You must already have a plan document in place before you enroll. You can also contribute to and manage your investments completely

to and manage your investments completely online.              Who should invest Small-business owners who already offer a retirement investment program. Employers looking for a simple, cost-effective way to supplement an existing retirement plan.

way to supplement an existing retirement plan. Employers who have or are forming a retirement plan that permits investment-only accounts at different providers.       A range of low-cost investments   With the VRIP, you can add more than 100

With the VRIP, you can add more than 100 Vanguard mutual funds, including many from our low-cost Admiral™ share class. You can also add Vanguard ETFs®, mutual funds and ETFs (exchange-traded funds) from other companies, individual stocks, CDs

from other companies, individual stocks, CDs (certificates of deposit), and bonds. What are Admiral shares? Browse Vanguard’s complete mutual fund lineup Browse Vanguard’s complete ETF lineup   Easy account management   Vanguard sets up one account

account management   Vanguard sets up one account (a "pooled" account) for each fund your plan holds. The investment assets of all participants will be combined in each account. Your plan administrator keeps track of the contributions. Participants

keeps track of the contributions. Participants can view account balances, perform transactions, take advantage of planning tools, and learn about investing on our website.  We offer several ways for plan trustees and authorized representatives to

plan trustees and authorized representatives to move money between Vanguard accounts, including recurring, scheduled, and on-demand transactions  Trustees or their agents may request withdrawals online, by phone, or by mail.nguard.com accounts plans

by phone, or by mail.nguard.com accounts plans trust accounts.   Trust Account: What Is It and How To Get Started  Vanguard            Back  Accounts & plans  Trust accounts     Accounts & plans   Trust accounts  Looking for a way to leave assets to

accounts  Looking for a way to leave assets to your loved ones? Consider opening a trust account.  Open your account today      What is a trust account?  A trust account is a legal arrangement in which the grantor allows a third party, the trustee,

the grantor allows a third party, the trustee, to manage assets on behalf of the beneficiaries of the trust. A trust can provide legal protection for your assets and make sure those assets are distributed according to your wishes. Once the trust has

according to your wishes. Once the trust has been established, an investment account can be created. Although the beneficiaries hold the right to benefit from the trust, they have no authority to act on behalf of the trust assets.     Things you

act on behalf of the trust assets.     Things you should know before you get started    Minimum investment amounts   You'll need $3,000 to buy most Vanguard mutual funds, though there are some with lower or higher minimums.* And you can invest in

lower or higher minimums.* And you can invest in any ETF (exchange-traded fund) for the price of 1 share, which will vary throughout the day. Find details in each fund's profile Other companies' funds may have different minimums, so be sure to check

may have different minimums, so be sure to check their prospectuses. And like ETFs, minimums for individual stocks, certificates of deposit (CDs), and bonds are based on their current market prices.    Taxes   Your investment earnings—the money your

Taxes   Your investment earnings—the money your money makes—will likely be taxed at the federal, state, and sometimes local levels. The tax rate depends largely on your income and how long you hold the investment. You could shrink that tax bill by

the investment. You could shrink that tax bill by choosing tax-efficient investments. Learn how to become a tax-savvy investor    Expectations for investment returns   Trying to find the fastest road to riches could put your hard-earned savings at

bonds and stocks that strikes the right balance between risk and reward.    Other investment costs   Some investments have obvious costs—like trading commissions and service fees. But keep a keen eye on expense ratios too.While they don't show up on

on expense ratios too.While they don't show up on your statement as a debit, they can take a serious bite out of your savings. At Vanguard, you'll enjoy no commission to trade ETFs, stocks, and Vanguard mutual funds online. Our account service fees

mutual funds online. Our account service fees are avoidable,** and our expense ratios are 83% less than the industry average.† Put it all together, and you keep more of your money in your account, where it belongs. Review our commission schedule for

it belongs. Review our commission schedule for details See the difference low costs can make    × Expense ratio The annual operating expenses of a mutual fund or ETF (exchange-traded fund), expressed as a percentage of the fund's average net assets.

ratio includes management, administrative, marketing, and distribution fees. It doesn't include trading or sales commissions, loads, or purchase or redemption fees.      Open a trust account in just 4 steps It's easy to open a trust account online,

4 steps It's easy to open a trust account online, and it takes just a few minutes.     Step 1 Legally establish your trust For trust accounts, you’ll need to consult with an attorney to draft the details of your trust. Ensure this step is completed

of your trust. Ensure this step is completed before starting your application; otherwise, we won’t be able to open your trust account. Once you have your official trust documents, create a digital copy of them to include with the application.

of them to include with the application.      Step 2 Complete your application online Log in to your Vanguard account and follow the instructions to open a trust account. Note: If you’re a new client, call us at 877-662-7447. Have these 3 required

call us at 877-662-7447. Have these 3 required items on hand: A legally established trust with your attorney.  A completed trust account application, including personal information of the trustees, the type of trust, the date of the trust, and the

the type of trust, the date of the trust, and the trust’s tax identification number. Supporting legal trust documents (as detailed below).   Attach copies of relevant supporting legal trust documents. As part of federal regulatory requirements to

As part of federal regulatory requirements to prove your trust is established and in good standing, we need copies of pages from the legal documents used to establish the trust.Don’t include the entire trust document, only the relevant pages

entire trust document, only the relevant pages (usually the first and last) containing the following information. For a trust under agreement: The trust’s name and date. The current trustees’ names. All signature pages of the trust document.   For a

signature pages of the trust document.   For a trust under will: The creation of the trust. The trustees’ names. The testator’s (decedent’s) signature. Evidence that the will was filed with the probate court (e.g., a court stamp, a copy of the

probate court (e.g., a court stamp, a copy of the letters testamentary, or the court document appointing the trustees).   Special circumstances that require additional documents: Successor trustees: If the trust ownership is being/has passed to you

If the trust ownership is being/has passed to you from someone else, provide additional documentation as to why the original/current trustee is no longer acting (i.e., death certificate, letter of incapacitation). Sub-trust (e.g., marital trust,

incapacitation). Sub-trust (e.g., marital trust, bypass trust, or generation-skipping trust): If this type of trust is being created underneath or because of an existing trust, include relevant pages from the trust documents that include the

pages from the trust documents that include the provision outlining the creation of the sub-trust and trustees’ names.  Note: Once we receive your completed application, it will take 5 business days to review, process, and open your account. Your

to review, process, and open your account. Your request will be delayed if you don’t include all the requested documents and information.      Step 3 Fund your account If it's coming from your bank, provide your bank account and routing numbers for

provide your bank account and routing numbers for an electronic transfer or your bank name and wire date for a wire transfer. If it's coming from another investment company … Find out how to begin an account transfer      Step 4 Select your

begin an account transfer      Step 4 Select your investments Choose from more than 150 Vanguard mutual funds and 70 Vanguard ETFs®. Browse a list of all Vanguard mutual funds & ETFs You can also complement your portfolio with funds and ETFs from

your portfolio with funds and ETFs from hundreds of other companies, as well as individual stocks, CDs, and bonds. Check out all the investment products we offer      Ready to invest in a fund?   New to Vanguard or looking to consolidate your

New to Vanguard or looking to consolidate your savings?  Open or transfer accounts  What you need to open an account    Already a Vanguard client?  Log in and add a plan to your account. Log in       Ready to invest in a fund?   New to Vanguard or

Ready to invest in a fund?   New to Vanguard or looking to consolidate your savings?  Open or transfer accounts  What you need to open an account >    Already a Vanguard client?  Log in and add a plan to your account.  Log in       *Minimum

a plan to your account.  Log in       *Minimum initial investment requirements for most mutual funds range from $1,000 to $100,000 depending on the fund and the share class, but some may be higher. Details are provided in each fund profile. **A $25

are provided in each fund profile. **A $25 annual account service fee is charged for all Vanguard Brokerage Accounts, as well as for each fund held in a legacy mutual fund-only account by clients with less than $5 million in qualifying Vanguard

with less than $5 million in qualifying Vanguard assets. For brokerage clients, Vanguard Brokerage doesn't charge the fee to clients who elect e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and

notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage doesn't charge the fee to clients with at least $5 million in qualifying Vanguard

with at least $5 million in qualifying Vanguard assets. See the full commission and fee schedules for details on additional exclusions. †Vanguard average ETF and mutual fund expense ratio: 0.08%. Industry average ETF and mutual fund expense ratio:

average ETF and mutual fund expense ratio: 0.47%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2022. You must buy and sell Vanguard ETF Shares through Vanguard

buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for limits. Vanguard ETF

and fee schedules for limits. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay

When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value. Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the fund name

their underlying funds. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce.nguard.com accounts plans ugma utma.   UGMA-UTMA Account: The Benefits of One

utma.   UGMA-UTMA Account: The Benefits of One  Vanguard            Back  Accounts & plans  UGMA/UTMA     Accounts & plans   UGMA/UTMA accounts     Open a Vanguard UGMA/UTMA     Take full ownership of your existing UGMA/UTMA online.  Learn more

your existing UGMA/UTMA online.  Learn more     Custodial accounts under the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) are accounts created under a state’s law to hold gifts or transfers that a minor has received.

gifts or transfers that a minor has received. The accounts are managed by a custodian, and once a gift or transfer is made to an account, the gift or transfer cannot be revoked. Because the minor owns the assets in the account, the account is held

the assets in the account, the account is held and reported under the minor's Social Security number (SSN). Any adult resident of the U.S. can open or contribute to an UGMA or UTMA. The custodian named on the account and the person(s) making the

named on the account and the person(s) making the gift or transfer can be the same person, but don't have to be. Because the minor owns the assets in the account, the account is held and reported under the minor's Social Security Number (SSN), so

the minor's Social Security Number (SSN), so the investment earnings are taxed as the minor's income.        Key benefits of an UGMA/UTMA There are no limits on the dollar amount of gifts or transfers that can be made to an UGMA or UTMA, but amounts

that can be made to an UGMA or UTMA, but amounts above $17,000 per year ($34,000 for a married couple filing jointly) will incur federal gift tax. Unlike college savings plans, there is no penalty if account assets aren't used to pay for college.

if account assets aren't used to pay for college. Once the minor reaches adulthood, the money is turned over to the minor and the minor will have full control of the assets and can use them for any purpose—educational or otherwise. Find the right

purpose—educational or otherwise. Find the right account    Points to consider  UGMAs and UTMAs are custodial accounts with assets owned by the minor.Contributions (gifts or transfers) into UGMAs and UTMAs cannot be revoked, and the minor

UGMAs and UTMAs cannot be revoked, and the minor beneficiary cannot be changed. Once the minor reaches adulthood (which depends on the law of the state that governs the UGMA or UTMA), the custodian must turn over all the assets remaining in the

must turn over all the assets remaining in the account to the former minor. Any adult family member, court-appointed guardian, or organization can agree to act as custodian of the account. The custodian must reside in the United States or a U.S.

must reside in the United States or a U.S. territory and be either a U.S. citizen or resident alien. A custodian may designate a successor custodian or name a limited agent to act on their behalf.  State rules vary for account registration and age

State rules vary for account registration and age of majority (i.e., when the minor is considered an adult) and the age when the custodianship must terminate. If allowable by a state’s law, the person creating the UGMA/UTMA can add a customized age

creating the UGMA/UTMA can add a customized age of termination. Please contact Vanguard for further information. There could be a significant impact on federal financial aid for college as assets in the account are owned by the minor. Contributions

the account are owned by the minor. Contributions aren't tax-deductible. Earnings are subject to federal and potentially state and local taxes.   A Vanguard UGMA/UTMA offers you more    A broad lineup of investment options, including Vanguard mutual

of investment options, including Vanguard mutual funds, stocks, bonds, non-Vanguard mutual funds, and ETFs (exchange-traded funds).    No enrollment, transfer, or advisor fees for self-directed clients. If the custodian chooses to partner with

clients. If the custodian chooses to partner with Vanguard using our advisory service to help reach the financial goals of the UGMA/UTMA, an advisory fee would apply.    Custom scheduling to electronically move money between your bank account or

move money between your bank account or other Vanguard accounts to an UGMA/UTMA account for the benefit of a minor.   TIP You can move an UGMA/UTMA held at another company into a Vanguard UGMA/UTMA or Vanguard 529 Plan account. Note that such a

or Vanguard 529 Plan account. Note that such a transaction may be a taxable event.nguard.com accounts plans vanguard cash plus account.   Vanguard Cash Plus Account  Vanguard                 The Vanguard Cash Plus Account   It’s more than a savings

Cash Plus Account   It’s more than a savings account alternative  Make your cash work harder with our new pilot offer—now available to select clients.  Open a Cash Plus Account      Introducing the Vanguard Cash Plus Account This pilot offers the

Vanguard Cash Plus Account This pilot offers the following benefits:   4.50% annual percentage yield The Vanguard Cash Plus program offers a competitive annual percentage yield (APY) of 4.50% as of May 9, 2023. The APY will vary.  $0 no fees* and no

9, 2023. The APY will vary.  $0 no fees* and no minimum balance requirement You’ll pay no fees to open the account and have no minimum balance to maintain. Plus, there are no limits on how often you can transfer money.  $1.25 million FDIC coverage**

transfer money.  $1.25 million FDIC coverage** Rest easy knowing the cash in your Vanguard Cash Plus Account is eligible for FDIC coverage up to $1.25 million for individual accounts and $2.5 million for joint accounts.   Bank Sweep Products Terms

for joint accounts.   Bank Sweep Products Terms of Use (PDF) Participating Program Banks (PDF) Vanguard Cash Plus Agreement (PDF)     You did the hard part. Let us help make your cash count.  Open a Cash Plus Account    Other benefits of the pilot

Cash Plus Account    Other benefits of the pilot offer include:       A commitment to a competitive APY  The Vanguard Cash Plus program APY will vary depending on a variety of factors. But one thing won’t change: our commitment to offering you value

change: our commitment to offering you value on your short-term cash.      Easy online transactions  There’s no need for a checkbook or debit card. We’ll provide you with routing and account numbers so you can pay bills, set up direct deposit with

so you can pay bills, set up direct deposit with your employer, and use payment apps like PayPal and Venmo.      A holistic view of your cash and investments  Simplify your finances. With a Vanguard Cash Plus Account and a Vanguard Brokerage

Cash Plus Account and a Vanguard Brokerage Account, you can manage your cash and investments in one place.      A first look at our new features  As an early adopter, you’ll be among the first to access the account’s competitive APY, use our new

access the account’s competitive APY, use our new transfer platform, and take advantage of new features.    CHECKLIST What you need to get started Because you’re a client, we’ll prefill some of your information, but you may need to provide

of your information, but you may need to provide additional details, including: Bank information. Account objectives. Employment status. Personal information for any joint account owners. Note: To open a joint Vanguard Cash Plus Account, both owners

a joint Vanguard Cash Plus Account, both owners should have existing Vanguard Brokerage Accounts. Ready to get started? Open your account now   FAQs   What does “pilot offer“ mean?   The Vanguard Cash Plus Account is a new high-priority product for

Plus Account is a new high-priority product for Vanguard and our clients. We’re calling this a pilot offer because in its earliest stage it’s only being offered to a limited number of clients and not all the planned features are active yet. For

not all the planned features are active yet. For example, you won’t be able to use it to move money to and from certain account types, including IRAs and 529 accounts. Work is currently underway to expand the account’s transfer capabilities and to

expand the account’s transfer capabilities and to add more features. While this is a pilot, the Vanguard Cash Plus Account is here to stay as an important part of our portfolio of offerings.   Who’s eligible to open a Vanguard Cash Plus Account?

eligible to open a Vanguard Cash Plus Account?   Currently, the opportunity to open a Vanguard Cash Plus Account is by invitation only to select Vanguard clients. We’ll continue to roll out the product to clients over time. To be eligible, you must

to clients over time. To be eligible, you must have at least one Vanguard Brokerage Account. For a joint account, both owners should have existing Vanguard Brokerage Accounts.   Is this a cash management account?   Yes, the Vanguard Cash Plus

management account?   Yes, the Vanguard Cash Plus Account is our version of a cash management account. Like other cash management accounts, it sweeps your cash into a network of Program Banks where your money is eligible for FDIC coverage. Because

your money is eligible for FDIC coverage. Because they’re only available online, cash management accounts have several advantages, including the ability to offer above-average interest rates and lower (or no) fees. Each company’s products differ, so

(or no) fees. Each company’s products differ, so it’s important to understand which account features are most important to you.The Vanguard Cash Plus Account allows clients to keep their short-term cash at Vanguard, and the Cash Plus program

cash at Vanguard, and the Cash Plus program provides FDIC coverage, subject to applicable limits, and strives to provide a competitive APY. It can complement the Vanguard Brokerage Account, which is appropriate for longer-term investments.   How do

appropriate for longer-term investments.   How do I choose between Cash Plus, money market funds, and other products?   Depending on your goals, you may want a mix of products for your short-term cash, or you may want it all in one place. Here's a

or you may want it all in one place. Here's a guide to help you choose: Vanguard Cash Plus Account What it is: An alternative to a traditional savings account, with bank sweep, a competitive APY, and access to FDIC insurance. It provides you with an

access to FDIC insurance. It provides you with an account/routing number you can use to pay bills, set up direct deposit with your employer, and use with payment apps like PayPal and Venmo. Intended for: Money you're intentionally saving in a

for: Money you're intentionally saving in a nonretirement account. May be a good option for big expenses such as a new home or renovation. Also may be appropriate for emergency funds or retirement living expenses. About the yield: The APY is

living expenses. About the yield: The APY is unlikely to change every day, but it will vary depending on several factors. For example, when the Federal Reserve raises or lowers interest rates, you'll probably see a change in the rate. This is

you'll probably see a change in the rate. This is different from a money market mutual fund, which has a yield that changes daily. Money market fund What it is: A mutual fund that invests in low-risk, short-term debt, such as government securities.

short-term debt, such as government securities. You can choose from taxable or tax-exempt funds. While they and other securities in your brokerage account are not eligible for FDIC insurance, they are covered by the Securities Investor Protection

are covered by the Securities Investor Protection Corporation (SIPC). Intended for: Money you want in a low-risk investment in your IRA or nonretirement brokerage account. Like the Cash Plus Account, money market funds may be a good choice for

money market funds may be a good choice for savings you use for large expenses or emergency funds. In addition, they can help you balance your retirement portfolio, especially when you're close to (or in) retirement.About the yield: The yield on

(or in) retirement.About the yield: The yield on money market funds goes up or down daily, depending on the underlying securities. Vanguard Cash Deposit What it is: A bank sweep option you can use for your settlement fund. Your settlement fund holds

your settlement fund. Your settlement fund holds money in your Vanguard Brokerage Account before or after you make trades. At Vanguard, your settlement fund options are either Vanguard Federal Money Market Fund or Vanguard Cash Deposit. Vanguard

Market Fund or Vanguard Cash Deposit. Vanguard Cash Deposit is a bank product and offers FDIC insurance. Vanguard Federal Money Market Fund invests in short-term U.S. government securities, and while it and other securities in your brokerage account

it and other securities in your brokerage account are not eligible for FDIC insurance, they are covered by the Securities Investor Protection Corporation (SIPC). Both options strive to provide capital preservation; however, they may perform

capital preservation; however, they may perform differently depending on the interest rate environment. Intended for: Money you want to keep accessible for trading or other purposes. Keeping some cash in the settlement fund can make the trading

cash in the settlement fund can make the trading process go more smoothly, because you'll be more likely to have money to pay for purchases on the settlement date. About the yield: The APY is unlikely to change every day, but it will vary depending

to change every day, but it will vary depending on several factors. For example, when the Federal Reserve raises or lowers interest rates, you'll probably see a change in the rate. This is different from a money market mutual fund, which has a yield

a money market mutual fund, which has a yield that changes daily.   Does this account offer checkwriting or an ATM card?   No, this account doesn’t offer checks or an ATM card. We’ll provide you with routing and account numbers so you can pay bills,

routing and account numbers so you can pay bills, set up direct deposit with your employer, and more.   Will the APY change?   The APY is based on current market conditions. It can move up or down depending on a variety of factors, including the

depending on a variety of factors, including the Federal Reserve raising or lowering interest rates. We’re committed to offering you value on the cash in your Cash Plus Account.   Why are you partnering with banks?   We would like to offer

partnering with banks?   We would like to offer competitive products that help you meet your goals. Vanguard isn't a bank, and certain products—like those offering FDIC insurance—are only available through banks.In the Vanguard tradition of passing

banks.In the Vanguard tradition of passing on value to our clients, we’ve committed to using this new offer to provide you with a competitive APY.   What’s FDIC insurance?   The Federal Deposit Insurance Corporation (FDIC) insures client funds

Insurance Corporation (FDIC) insures client funds against bank failure. FDIC insurance is only available through banks. Since many of our clients ask about FDIC insurance coverage, we’re excited to be offering it through our partnership with

to be offering it through our partnership with participating Program Banks.   What are the limits on FDIC insurance?   Account holders are eligible for FDIC insurance up to $1.25 million for individual accounts and $2.5 million for joint accounts.**

accounts and $2.5 million for joint accounts.**   How long will it take to move my cash from one account to another?   Transfers (including from one Vanguard account to another) generally take 2–3 business days, but at times may be quicker.   Are

business days, but at times may be quicker.   Are there minimum balance requirements?   No, there are no minimum balance requirements.   Are there transaction limits?   No, there are no transaction limits.   Is this part of my settlement fund?   No.

Is this part of my settlement fund?   No. The settlement fund in your Vanguard Brokerage Account holds money for making trades. It can be a good place for cash you’re waiting to invest, since you can quickly move money out of this fund to purchase

quickly move money out of this fund to purchase an investment. The Vanguard Cash Plus Account is different. It’s designed as an alternative to your savings account—a place where you hold money you’re intentionally saving.     **A low annual account

intentionally saving.     **A low annual account service fee of $20 is waived when you elect e-delivery of documents. You can sign up for e-delivery after the process of opening an account. There may be low fees for certain types of transactions.

be low fees for certain types of transactions. **Bank Sweep program balances are held at one or more Program Banks, earn a variable rate of interest, and are not covered by SIPC. See the list of participating Program Banks (PDF). Bank Sweep deposits

Program Banks (PDF). Bank Sweep deposits are covered by FDIC insurance up to $250,000 per insurable category of ownership at each Program Bank, when aggregated with all other deposits held by you at such bank and in the same insurable

by you at such bank and in the same insurable category.Vanguard Brokerage Services (VBS) will aggregate and allocate Bank Sweep deposits to Program Banks across Vanguard Cash Plus and Vanguard Brokerage Accounts with like registrations to offer

Accounts with like registrations to offer maximum FDIC coverage up to $1.25 million for individual accounts and $2.5 million for joint accounts when at least 5 program banks are utilized. VBS will aggregate and allocate Bank Sweep deposits for trust

and allocate Bank Sweep deposits for trust accounts at the account level and not at the beneficiary level. FDIC coverage may be decreased based on Program Bank limits and whether you’ve opted out of any Program Banks and is subject to applicable

of any Program Banks and is subject to applicable FDIC coverage limits. You are solely responsible for monitoring the aggregate amount that you have on deposit at each Program Bank in connection with FDIC limits, including through other accounts at

FDIC limits, including through other accounts at VBS. See the Bank Sweep Products Terms of Use (PDF) for more information. Call 800-242-7455 for questions about the Vanguard Cash Plus Account. We’re available Monday through Friday from 8 a.m. to 8

available Monday through Friday from 8 a.m. to 8 p.m., Eastern time.   For more information about Vanguard funds or ETFs, obtain a Vanguard mutual fund or Vanguard ETF prospectus or, if available, a summary prospectus. Investment objectives, risks,

summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.  †The Vanguard Cash Plus Account is a brokerage

†The Vanguard Cash Plus Account is a brokerage account offered by Vanguard Brokerage Services (VBS), a division of Vanguard Marketing Corporation, member FINRA and SIPC. Under the Vanguard Cash Plus program, Eligible Balances are swept to Program

program, Eligible Balances are swept to Program Banks. Eligible Balances that are swept to Program Banks are not securities: They are not covered by the Securities Investor Protection Corporation (SIPC) but are eligible for insurance by the Federal

but are eligible for insurance by the Federal Deposit Insurance Corporation (FDIC). Eligible Balances swept to Program Banks are the obligations of each Program Bank and are not cash balances held by VBS. See the Bank Sweep Terms of Use (PDF) for

by VBS. See the Bank Sweep Terms of Use (PDF) for more information. You are responsible for monitoring the total assets you hold at each Program Bank for FDIC coverage and limitations.nguard.com advice compare financial advice.   Investment Advice -

compare financial advice.   Investment Advice - Compare Vanguard advice offers  Vanguard             Compare Investment Advice You deserve investing advice from a true partner From your first investment through retirement, we’re with you the whole

through retirement, we’re with you the whole way.  Compare services     Not sure which investment advice option is right for you? Try our advice guide.   Check out our guide      Personalized advice for our investor-owners  At Vanguard, you're more

for our investor-owners  At Vanguard, you're more than just an investor—you're an owner.* That means we have no outside owners, so our interests are uniquely aligned with yours. We work for you and your financial goals. When you need personalized

your financial goals. When you need personalized advice to track your progress and help you succeed—we've got you covered.    Compare our investment advice services   Digital Advisor Personal Advisor Personal Advisor Select Wealth Management

Personal Advisor Select Wealth Management    Sophisticated robo-investing   Vanguard Digital Advisor®  $3,0002 minimum to qualify. Annual advisory fee: Approximately $15 per $10,000 invested.3 Our robo-advisor gives you: Automated investing with

robo-advisor gives you: Automated investing with ETF-based portfolios. Guidance on saving for retirement. Options to add custom goals to your plan. Debt strategies to pay off debt faster. No advisory fees for the first 90 days.1  Learn more

fees for the first 90 days.1  Learn more       Blend of advisor and technology   Vanguard Personal Advisor  $50,000 minimum to qualify. Annual advisory fee: Approximately $30 per $10,000 invested.3 This hybrid service offers you: Access to

This hybrid service offers you: Access to professional financial advisors. Ongoing personal financial planning and automated investing options. Support for tax strategies, withdrawals, debt management, and other planning topics.   Learn more Call us

and other planning topics.   Learn more Call us at 877-665-8495877-665-8495 Monday through Friday, 8 a.m. to 8 p.m., Eastern time      A dedicated partner   Vanguard Personal Advisor Select  $500,000 minimum to qualify. Annual advisory fee: No more

minimum to qualify. Annual advisory fee: No more than $30 per $10,000 invested. With this option, you'll experience: Custom investment and financial planning strategies. A Certified Financial Planner™ (CFP®) who'll focus solely on your best

Planner™ (CFP®) who'll focus solely on your best interests. Portfolio stress-testing against thousands of scenarios. A personalized plan based on 30+ data points specific to you. Learn more Call us at 877-665-8498877-665-8498 Monday through Friday,

Monday through Friday, 8 a.m.to 8 p.m., Eastern time      A team of specialists   Vanguard Personal Advisor Wealth Management  $5M+ minimum to qualify. Annual advisory fee: No more than $30 per $10,000 invested. To support the complexity of your

invested. To support the complexity of your higher wealth, you'll receive: All the benefits of Personal Advisor Select. Advice from a dedicated CFP.  Exclusive investing solutions, including private equity and closed funds. Wealth and estate

equity and closed funds. Wealth and estate planning.  Learn more Call us at 800-814-6203800-814-6203 Monday through Friday, 8 a.m. to 8 p.m., Eastern time    Digital Advisor     Sophisticated robo-investing   Vanguard Digital Advisor®  $3,0002

Vanguard Digital Advisor®  $3,0002 minimum to qualify. Annual advisory fee: Approximately $15 per $10,000 invested.3 Our robo-advisor gives you: Automated investing with ETF-based portfolios. Guidance on saving for retirement. Options to add

Guidance on saving for retirement. Options to add custom goals to your plan. Debt strategies to pay off debt faster. No advisory fees for the first 90 days.1  Learn more     Personal Advisor     Blend of advisor and technology   Vanguard Personal

of advisor and technology   Vanguard Personal Advisor  $50,000 minimum to qualify. Annual advisory fee: Approximately $30 per $10,000 invested.3 This hybrid service offers you: Access to professional financial advisors. Ongoing personal financial

financial advisors. Ongoing personal financial planning and automated investing options. Support for tax strategies, withdrawals, debt management, and other planning topics.   Learn more Call us at 877-665-8495877-665-8495 Monday through Friday, 8

Monday through Friday, 8 a.m. to 8 p.m., Eastern time    Personal Advisor Select     A dedicated partner   Vanguard Personal Advisor Select  $500,000 minimum to qualify. Annual advisory fee: No more than $30 per $10,000 invested. With this option,

than $30 per $10,000 invested. With this option, you'll experience: Custom investment and financial planning strategies. A Certified Financial Planner™ (CFP®) who'll focus solely on your best interests. Portfolio stress-testing against thousands of

Portfolio stress-testing against thousands of scenarios. A personalized plan based on 30+ data points specific to you. Learn more Call us at 877-665-8498877-665-8498 Monday through Friday, 8 a.m. to 8 p.m., Eastern time    Wealth Management     A

8 p.m., Eastern time    Wealth Management     A team of specialists   Vanguard Personal Advisor Wealth Management  $5M+ minimum to qualify.Annual advisory fee: No more than $30 per $10,000 invested. To support the complexity of your higher wealth,

To support the complexity of your higher wealth, you'll receive: All the benefits of Personal Advisor Select. Advice from a dedicated CFP.  Exclusive investing solutions, including private equity and closed funds. Wealth and estate planning.  Learn

closed funds. Wealth and estate planning.  Learn more Call us at 800-814-6203800-814-6203 Monday through Friday, 8 a.m. to 8 p.m., Eastern time      Compare advice options  Not sure what type of advice is right for you?  Check out the guide

is right for you?  Check out the guide             Want to plan on your own?   Check out our resources for self-directed investors.    Explore on your own       *Vanguard is owned by its funds, which are owned by Vanguard's fund shareholder clients.

are owned by Vanguard's fund shareholder clients. Vanguard’s advice services are provided by Vanguard Advisers, Inc., (“VAI”), a registered investment advisor, or by Vanguard National Trust Company (“VNTC”), a federally chartered, limited-purpose

(“VNTC”), a federally chartered, limited-purpose trust company. The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI’s Form CRS and each program’s

advisor. Find VAI’s Form CRS and each program’s advisory brochure here for an overview. VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation ("VMC"). Neither VAI, VNTC, nor its affiliates

("VMC"). Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses. All investing is subject to risk, including the possible loss of the money you invest. 1The introductory waiver period for Vanguard Digital Advisor's net

waiver period for Vanguard Digital Advisor's net advisory fee begins when the first account's enrollment is complete and ends after the close of the first billing period (generally 90 days), which is specific to each client. If you enroll additional

specific to each client. If you enroll additional accounts at a later date, you can still take advantage of any remaining fee-waiver period. However, each additional account you enroll won't trigger a unique fee-waiver period but will instead be

a unique fee-waiver period but will instead be commingled with your first enrolled account. If you unenroll before your fee-waiver period ends, you won't owe an advisory fee.But if you choose to reenroll in Vanguard Digital Advisor during or after

in Vanguard Digital Advisor during or after your fee-waiver period, you won't be eligible for a second fee waiver. This fee-waiver offer may be modified or discontinued anytime at the sole discretion of Vanguard Advisers, Inc. ("VAI"). Accounts in

of Vanguard Advisers, Inc. ("VAI"). Accounts in employer-sponsored retirement plans aren't eligible for this fee waiver. 2Enrollments in Vanguard Digital Advisor require at least $3,000 in each Vanguard Brokerage Account. For each account you wish

Brokerage Account. For each account you wish to enroll, the entire balance must be in certain allowable investment types (based on eligibility screening by Digital Advisor at the time of enrollment) and/or the brokerage account's settlement fund.

and/or the brokerage account's settlement fund. 3Vanguard Digital Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.20% for its all-index investment options and 0.25% for an active/index mix. Vanguard Personal Advisor

an active/index mix. Vanguard Personal Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.35% for its all-index investment options and 0.40% for an active/index mix. These services reduce those fees by the amount of

These services reduce those fees by the amount of revenue that Vanguard (or a Vanguard affiliate) retains from your portfolio in order to calculate your net advisory fee. Note that this fee doesn't include investment expense ratios—such as fees paid

investment expense ratios—such as fees paid to the funds' third-party managers, which aren't credited. You should consult your plan fee disclosure notice for the applicable annual gross advisory fees that apply to your 401(k) account. 4Vanguard

fees that apply to your 401(k) account. 4Vanguard Personal Advisor Select and Vanguard Personal Advisor Wealth Management charge fees based on a tiered fee schedule (maximum 0.30%) calculated as an average advisory fee on all advised assets. Note

average advisory fee on all advised assets. Note that this fee doesn't include investment expense ratios. 5An advisor will determine if tax-loss harvesting is appropriate for your specific situation. ESG funds are subject to ESG investment risk,

ESG funds are subject to ESG investment risk, which is the chance that the stocks or bonds screened by the index provider or advisor, as applicable, for ESG criteria generally will underperform the market as a whole or, in the aggregate, will trail

as a whole or, in the aggregate, will trail returns of other funds screened for ESG criteria.nguard.com advice compare investment advice.   Investment Advice - Compare Vanguard advice offers  Vanguard             Compare Investment Advice You

Compare Investment Advice You deserve investing advice from a true partner From your first investment through retirement, we’re with you the whole way.  Compare services     Not sure which investment advice option is right for you? Try

investment advice option is right for you? Try our advice guide.   Check out our guide      Personalized advice for our investor-owners  At Vanguard, you're more than just an investor—you're an owner.* That means we have no outside owners, so our

That means we have no outside owners, so our interests are uniquely aligned with yours. We work for you and your financial goals. When you need personalized advice to track your progress and help you succeed—we've got you covered.    Compare our

you succeed—we've got you covered.    Compare our investment advice services   Digital Advisor Personal Advisor Personal Advisor Select Wealth Management    Sophisticated robo-investing   Vanguard Digital Advisor®  $3,0002 minimum to qualify. Annual

Advisor®  $3,0002 minimum to qualify. Annual advisory fee: Approximately $15 per $10,000 invested.3 Our robo-advisor gives you: Automated investing with ETF-based portfolios. Guidance on saving for retirement. Options to add custom goals to your

retirement. Options to add custom goals to your plan. Debt strategies to pay off debt faster. No advisory fees for the first 90 days.1  Learn more       Blend of advisor and technology   Vanguard Personal Advisor  $50,000 minimum to qualify. Annual

Advisor  $50,000 minimum to qualify. Annual advisory fee: Approximately $30 per $10,000 invested.3 This hybrid service offers you: Access to professional financial advisors. Ongoing personal financial planning and automated investing options.

planning and automated investing options. Support for tax strategies, withdrawals, debt management, and other planning topics.   Learn more Call us at 877-665-8495877-665-8495 Monday through Friday, 8 a.m. to 8 p.m., Eastern time      A dedicated

8 a.m. to 8 p.m., Eastern time      A dedicated partner   Vanguard Personal Advisor Select  $500,000 minimum to qualify. Annual advisory fee: No more than $30 per $10,000 invested. With this option, you'll experience: Custom investment and financial

experience: Custom investment and financial planning strategies. A Certified Financial Planner™ (CFP®) who'll focus solely on your best interests. Portfolio stress-testing against thousands of scenarios. A personalized plan based on 30+ data points

A personalized plan based on 30+ data points specific to you. Learn more Call us at 877-665-8498877-665-8498 Monday through Friday, 8 a.m.to 8 p.m., Eastern time      A team of specialists   Vanguard Personal Advisor Wealth Management  $5M+ minimum

Personal Advisor Wealth Management  $5M+ minimum to qualify. Annual advisory fee: No more than $30 per $10,000 invested. To support the complexity of your higher wealth, you'll receive: All the benefits of Personal Advisor Select. Advice from a

of Personal Advisor Select. Advice from a dedicated CFP.  Exclusive investing solutions, including private equity and closed funds. Wealth and estate planning.  Learn more Call us at 800-814-6203800-814-6203 Monday through Friday, 8 a.m. to 8 p.m.,

Monday through Friday, 8 a.m. to 8 p.m., Eastern time    Digital Advisor     Sophisticated robo-investing   Vanguard Digital Advisor®  $3,0002 minimum to qualify. Annual advisory fee: Approximately $15 per $10,000 invested.3 Our robo-advisor gives

$15 per $10,000 invested.3 Our robo-advisor gives you: Automated investing with ETF-based portfolios. Guidance on saving for retirement. Options to add custom goals to your plan. Debt strategies to pay off debt faster. No advisory fees for the first

off debt faster. No advisory fees for the first 90 days.1  Learn more     Personal Advisor     Blend of advisor and technology   Vanguard Personal Advisor  $50,000 minimum to qualify. Annual advisory fee: Approximately $30 per $10,000 invested.3

fee: Approximately $30 per $10,000 invested.3 This hybrid service offers you: Access to professional financial advisors. Ongoing personal financial planning and automated investing options. Support for tax strategies, withdrawals, debt management,

for tax strategies, withdrawals, debt management, and other planning topics.   Learn more Call us at 877-665-8495877-665-8495 Monday through Friday, 8 a.m. to 8 p.m., Eastern time    Personal Advisor Select     A dedicated partner   Vanguard

Advisor Select     A dedicated partner   Vanguard Personal Advisor Select  $500,000 minimum to qualify. Annual advisory fee: No more than $30 per $10,000 invested. With this option, you'll experience: Custom investment and financial planning

Custom investment and financial planning strategies. A Certified Financial Planner™ (CFP®) who'll focus solely on your best interests. Portfolio stress-testing against thousands of scenarios. A personalized plan based on 30+ data points specific to

plan based on 30+ data points specific to you. Learn more Call us at 877-665-8498877-665-8498 Monday through Friday, 8 a.m. to 8 p.m., Eastern time    Wealth Management     A team of specialists   Vanguard Personal Advisor Wealth Management  $5M+

Vanguard Personal Advisor Wealth Management  $5M+ minimum to qualify.Annual advisory fee: No more than $30 per $10,000 invested. To support the complexity of your higher wealth, you'll receive: All the benefits of Personal Advisor Select. Advice

the benefits of Personal Advisor Select. Advice from a dedicated CFP.  Exclusive investing solutions, including private equity and closed funds. Wealth and estate planning.  Learn more Call us at 800-814-6203800-814-6203 Monday through Friday, 8

Monday through Friday, 8 a.m. to 8 p.m., Eastern time      Compare advice options  Not sure what type of advice is right for you?  Check out the guide             Want to plan on your own?   Check out our resources for self-directed investors.

out our resources for self-directed investors.    Explore on your own       *Vanguard is owned by its funds, which are owned by Vanguard's fund shareholder clients. Vanguard’s advice services are provided by Vanguard Advisers, Inc., (“VAI”), a

provided by Vanguard Advisers, Inc., (“VAI”), a registered investment advisor, or by Vanguard National Trust Company (“VNTC”), a federally chartered, limited-purpose trust company. The services provided to clients will vary based upon the service

to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI’s Form CRS and each program’s advisory brochure here for an overview. VAI and VNTC are subsidiaries of The Vanguard

VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation ("VMC"). Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses. All investing is subject to risk, including the

All investing is subject to risk, including the possible loss of the money you invest. 1The introductory waiver period for Vanguard Digital Advisor's net advisory fee begins when the first account's enrollment is complete and ends after the close of

is complete and ends after the close of the first billing period (generally 90 days), which is specific to each client. If you enroll additional accounts at a later date, you can still take advantage of any remaining fee-waiver period. However, each

of any remaining fee-waiver period. However, each additional account you enroll won't trigger a unique fee-waiver period but will instead be commingled with your first enrolled account. If you unenroll before your fee-waiver period ends, you won't

before your fee-waiver period ends, you won't owe an advisory fee.But if you choose to reenroll in Vanguard Digital Advisor during or after your fee-waiver period, you won't be eligible for a second fee waiver. This fee-waiver offer may be modified

fee waiver. This fee-waiver offer may be modified or discontinued anytime at the sole discretion of Vanguard Advisers, Inc. ("VAI"). Accounts in employer-sponsored retirement plans aren't eligible for this fee waiver. 2Enrollments in Vanguard

for this fee waiver. 2Enrollments in Vanguard Digital Advisor require at least $3,000 in each Vanguard Brokerage Account. For each account you wish to enroll, the entire balance must be in certain allowable investment types (based on eligibility

allowable investment types (based on eligibility screening by Digital Advisor at the time of enrollment) and/or the brokerage account's settlement fund. 3Vanguard Digital Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of

Accounts an annual gross advisory fee of 0.20% for its all-index investment options and 0.25% for an active/index mix. Vanguard Personal Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.35% for its all-index investment

fee of 0.35% for its all-index investment options and 0.40% for an active/index mix. These services reduce those fees by the amount of revenue that Vanguard (or a Vanguard affiliate) retains from your portfolio in order to calculate your net

your portfolio in order to calculate your net advisory fee. Note that this fee doesn't include investment expense ratios—such as fees paid to the funds' third-party managers, which aren't credited. You should consult your plan fee disclosure notice

should consult your plan fee disclosure notice for the applicable annual gross advisory fees that apply to your 401(k) account. 4Vanguard Personal Advisor Select and Vanguard Personal Advisor Wealth Management charge fees based on a tiered fee

Management charge fees based on a tiered fee schedule (maximum 0.30%) calculated as an average advisory fee on all advised assets. Note that this fee doesn't include investment expense ratios. 5An advisor will determine if tax-loss harvesting is

advisor will determine if tax-loss harvesting is appropriate for your specific situation. ESG funds are subject to ESG investment risk, which is the chance that the stocks or bonds screened by the index provider or advisor, as applicable, for ESG

index provider or advisor, as applicable, for ESG criteria generally will underperform the market as a whole or, in the aggregate, will trail returns of other funds screened for ESG criteria.nguard.com advice digital advisor#DaFeeCalculator.

advice digital advisor#DaFeeCalculator.   Robo-Advisor - Automated Investing Services  Vanguard             Vanguard Digital Advisor® You live in the moment—we'll plan ahead Balancing multiple financial goals just got easier.  Get started

goals just got easier.  Get started          Digital Advisor®  No advisory fees for 90 days.3  Get started      Focus on the present while Digital Advisor focuses on the future  $3,000 in minimum assets to enroll1   See how we tailor advice to you

to enroll1   See how we tailor advice to you   Browse options         Ongoing support  We'll monitor your investments and rebalance your portfolio as needed.       Low-cost investing  For all-index investment options, you'll pay no more than $2 a

investment options, you'll pay no more than $2 a year for every $1,000 Digital Advisor manages.2       Potential tax reduction**  Take advantage of our free tax-loss harvesting Tax-loss harvesting (TLH) is the timely selling of securities at a loss

is the timely selling of securities at a loss to offset a capital gains tax due on the sale of other securities at a profit. service to help reduce your tax bill and keep more of your returns.     × What is a robo-advisor?   You may have heard the

What is a robo-advisor?   You may have heard the term "robo-advisor" before. As more and more people are turning to their phones and tablets [Visual: man using phone and woman using tablet and laptop.] to handle their finances, it's a word that's

to handle their finances, it's a word that's getting a lot of use. But what are robo-advisors, and what do they do? Here's an overview that can help you decide whether a robo-advisor might be a good fit for your life and finances.   A robo-advisor

fit for your life and finances.   A robo-advisor is an online platform that manages your investments automatically. It's financial advice that comes from an algorithm instead of a person, and it can take a lot of the time, guesswork, and stress out

take a lot of the time, guesswork, and stress out of owning a portfolio.   When you sign up for a robo-advisor, it'll ask for [Visual: Basic information listed is: Name, date of birthday, retirement status of working/not retired or retired.] basic

status of working/not retired or retired.] basic information  about your goals, risk tolerance, and the length of time you want to stay invested.  Then technology takes over to suggest a portfolio for you—but it doesn't stop there. A robo-advisor

for you—but it doesn't stop there. A robo-advisor also does the actual investing for you, and it'll manage those investments over time, rebalancing periodically to make sure your asset mix stays on the right track. [Visual: Asset mix example shows

the right track. [Visual: Asset mix example shows 75% stocks, 20% bonds, 5% cash.] All behind the scenes, all automatically. It's pretty cool when you think about it.   A robo-advisor can be a good option for people who don't want the stress

good option for people who don't want the stress [Visual: woman using calculator, paper and laptop.] of keeping up with the markets or managing their own portfolios. You can set it and forget it, or set it and check in [Visual: Example: Your total

set it and check in [Visual: Example: Your total goals balance is $132,400, broken down by Total Vanguard Assets of $132,400, your yearly contributions of $13,800, and risk attitude of Moderate.] as often as you want. You get the peace of mind that

often as you want. You get the peace of mind that comes from knowing your money is working hard for you, without all the time and effort it takes to do everything yourself.   Robo-advisors come with another perk. They often charge less in fees than

another perk. They often charge less in fees than traditional financial advice services, and you can usually start investing with a lower initial deposit.   There are hundreds of robo-advisors out there, and not all of them are alike. That's why

there, and not all of them are alike. That's why it's important to research and compare options to decide what works best for you. Robo-advisors do share one important thing in common, though—they're built to give you the time and freedom to focus

built to give you the time and freedom to focus on the things in your life that matter the most. After all, this is your journey. [Visual: Be your best financial self™]   Vanguard® vanguard.com/robo-advisor   All investing is subject to risk,

All investing is subject to risk, including the possible loss of the money you invest.   Vanguard Digital Advisor's services are provided by Vanguard Advisers, Inc. ("VAI"), a federally registered investment advisor. VAI is a subsidiary of VGI and

advisor. VAI is a subsidiary of VGI and an affiliate of VMC.Neither VAI nor its affiliates guarantee profits or protection from losses. For more information, please review Form CRS and the Vanguard Digital Advisor brochure.    × Introducing Vanguard

Advisor brochure.    × Introducing Vanguard Digital Advisor   Life's not slowing down, and neither are you. [Visual: Couple laughing with children.] Between planning for retirement, [Visual: Woman using iPad.] enjoying time with your loved ones,

using iPad.] enjoying time with your loved ones, [Visual: Couple playing with dog.]  and just staying in the moment, [Visual: Children splashing in puddle.] you deserve an investing solution that has your back.   Let us introduce you [Visual: Couple

your back.   Let us introduce you [Visual: Couple looking at laptop] to Vanguard Digital Advisor®—simple, convenient, and built to help you save [Visual: Two people playing with child.]for retirement or other goals that are important to you.

or other goals that are important to you. [Visual: Woman holding child.]   Powered by data-driven technology and backed by Vanguard's 45 years of investment experience, you can feel confident that Digital Advisor works in your best interest. Digital

Advisor works in your best interest. Digital Advisor can recommend a personalized asset mix [Visual: Graphic shows 80% stocks, 20% bonds and cash.] based on your goals and appetite for risk.   Hungry for more? [Visual: Family having dinner.] Digital

for more? [Visual: Family having dinner.] Digital Advisor [Visual: Laptop displays sample Digital Advisor dashboard, including Total goals balance.] will automatically rebalance your portfolio to help keep your investments on track. You can always

keep your investments on track. You can always check in to see your progress.   And if you've got debt weighing on your mind, [Visual: Example shows payment strategies with sample payment and interest amounts, and debt free timeframes.] our debt

amounts, and debt free timeframes.] our debt calculator can help you pay it off faster and with less interest by looking at your different sources of debt and recommending the best order to pay it off.   Saving up for your dream house? [Visual:

off.   Saving up for your dream house? [Visual: Example representing move-in date and savings goal amount.] Or kitchen? [Visual: Example representing renovation start date and savings goal amount.]  Or wedding? [Visual: Example representing wedding

wedding? [Visual: Example representing wedding date and savings goal amount.] We've got you covered.Experiment with different options [Visual: Woman typing into laptop a Business start and savings goal.] and save for your retirement and that new

goal.] and save for your retirement and that new car—and maybe that new kitchen, too!   With no advisory fees for the first 90 days of your enrollment, there's no better time to get started. Head to our website today, so we can start helping you

to our website today, so we can start helping you reach your goals—and you can get back to what matters most. [Visual: Families smiling together.]   Vanguard® vanguard.com/digital-advisor   All investing is subject to risk, including the possible

is subject to risk, including the possible loss of the money you invest.   Vanguard Digital Advisor's services are provided by Vanguard Advisers, Inc. ("VAI"), a federally registered investment advisor. VAI is a subsidiary of VGI and an affiliate of

VAI is a subsidiary of VGI and an affiliate of VMC. Neither VAI nor its affiliates guarantee profits or protection from losses.   Vanguard Digital Advisor is an all-digital service. Digital Advisor's annual net advisory fee is approximately 0.15%

annual net advisory fee is approximately 0.15% across your enrolled accounts for a typical ETF investment portfolio, although your actual net fee will vary depending on the specific holdings in each enrolled account. Vanguard Digital Advisor charges

account. Vanguard Digital Advisor charges a 0.20% annual gross advisory fee to manage Vanguard Brokerage Accounts. However, we'll credit you for the revenues that The Vanguard Group, Inc. ("VGI"), or its affiliates receive from the securities in

or its affiliates receive from the securities in your Digital Advisor managed portfolio (i.e., at least that portion of the expense ratios of the Vanguard funds held in your portfolio that VGI or its affiliates receive). Your net advisory fee can

affiliates receive). Your net advisory fee can also vary by enrolled account type. The combined annual cost of Vanguard Digital Advisor's annual net advisory fee plus the expense ratios charged by the Vanguard funds in your managed portfolio will be

Vanguard funds in your managed portfolio will be 0.20% for Vanguard Brokerage Accounts. For more information, please review Form CRS and the Vanguard Digital Advisor brochure.   The debt calculator helps you project the impact of different

helps you project the impact of different fixed-rate debt payments over time. To analyze your debt payments, you'll use a third-party aggregation service. There are limitations to the aggregated information, including inability to carve out any

information, including inability to carve out any escrow payments.There also could be missing or inaccurate information, such as taxes and insurance, that you'll need to closely review in using the calculator.   Once you enroll a taxable brokerage

calculator.   Once you enroll a taxable brokerage account in Vanguard Digital Advisor, you'll have the option to add nonretirement goals to your Digital Advisor profile. This can help you balance retirement with your other major financial goals. At

with your other major financial goals. At this time, Digital Advisor only supports nonretirement goals you'd like to achieve before you reach age 59½.    × Enrolling in Vanguard Digital Advisor®   Welcome to Vanguard Digital Advisor! You’re just a

to Vanguard Digital Advisor! You’re just a few steps away from stress-free automated investing that’s tailored to your goals. We’ll walk you through what to expect when you enroll so you can have all the right documents and information ready. Once

the right documents and information ready. Once you start the Digital Advisor enrollment process, it’s okay if you need to pause it at any point. You’ll be able to save your progress and come back to it anytime.   [Visual: Laptop screen shows

to it anytime.   [Visual: Laptop screen shows enrollment screen asking for personal information like name, date of birth, and email address.]   First, if you don’t already have an account with Vanguard, you’ll be asked to create a basic profile with

you’ll be asked to create a basic profile with a username and password.   [Visual: Laptop screen shows enrollment screen asking client to create credentials]   Then you’ll fill out your financial profile, which helps us get to know you. You’ll need

which helps us get to know you. You’ll need to provide some details on your current tax filing info, your income (including any bonuses), any retirement accounts you’re contributing to, and your estimated household spending. So, it’s good to have

household spending. So, it’s good to have that information handy!   [Visuals: Portions of enrollment screens are overlaid on video asking client to fill out their financial profile information.]   Next, you’ll take our risk attitude quiz. This helps

you’ll take our risk attitude quiz. This helps us understand how much risk you’re comfortable taking on.   [Visuals: Various risk options appear as chart formats overlaid on the screen highlighting different amounts of money a client could

different amounts of money a client could hypothetically gain or lose by investing.Some levels of money shown include ‘I’m willing to risk a $880 loss to my savings for a potential $3,070 gain.’ and ‘I’m willing to risk a $3,400 loss to my savings

‘I’m willing to risk a $3,400 loss to my savings for a potential $6,300 gain.’]   You’ll answer questions about what you’d do in hypothetical situations that involve taking risks for the possibility of higher investment returns. At the end, you’ll

of higher investment returns. At the end, you’ll get a risk tolerance recommendation. This will guide how Digital Advisor invests your funds.   [Visuals: A graphic highlighting that as a result of the risk attitude quiz, the client’s risk attitude

risk attitude quiz, the client’s risk attitude is “Very aggressive” on a scale from Very Conservative to Very Aggressive is shown.]   Then it’s time to create your retirement goal. We’ll ask you to set a target retirement age, so you’ll have an idea

a target retirement age, so you’ll have an idea of how much cash you’ll need to be able to comfortably stop working by then.   [Visuals: Portions of enrollment screens are overlaid on video asking client to enter a range of ages they think they’ll

to enter a range of ages they think they’ll retire during. Screens showing other questions about how long they plan to spend in retirement and possible income in retirement appear on client’s laptop.]   A well-funded retirement is your ultimate

A well-funded retirement is your ultimate destination on the road to financial freedom, and that’s the goal we’re aiming for.   [Visuals: Portions of enrollment screens that show a range of 10,000 scenarios that predict a client’s possible account

that predict a client’s possible account balances at retirement are overlaid on video. The hypothetical client is also shown that their retirement goal appears to be “well-funded.”]   If you don’t have exact answers to the questions in this section,

exact answers to the questions in this section, it’s okay! Just enter your best guess and you can update it later.   Now you’ll be able to see the retirement plan Digital Advisor built based on all the information you entered.   [Visuals: Portions

the information you entered.   [Visuals: Portions of enrollment screens are overlaid on video showing an “optimal” retirement option for the hypothetical client with age and possible monthly income displayed so that the client can choose that

displayed so that the client can choose that option.]   You can make changes to anything on this screen to see how different numbers would change your overall outlook.  [Visuals: Portions of enrollment screens are overlaid on video showing the

screens are overlaid on video showing the client making changes to their planned retirement age and planned number of years they think they’ll spend in retirement to see if their retirement goal remains well-funded.]   After you’re enrolled in

remains well-funded.]   After you’re enrolled in Digital Advisor, you’ll also be able to set additional goals to track all the other cool things you’re saving for.   [Visuals: Portions of enrollment screens are overlaid on video showing the option

screens are overlaid on video showing the option to save for other goals like the client’s business. They enter they want to save $80,000 by 2/2/2025 to invest in their new business.]   If you don’t already have an account with Vanguard, the next

already have an account with Vanguard, the next step in the process is to open one and deposit some cash into it so that Digital Advisor can start doing what it does best: investing for you.   [Visuals: Portions of enrollment screens are overlaid on

Portions of enrollment screens are overlaid on video asking client to fill in the type of account they want to open and to enter additional personal information, like their Social Security number, address, and phone number.]   You’ll need at least

and phone number.]   You’ll need at least $3,000 to begin, so be sure to have your bank account and routing numbers ready.   [Visuals: Portions of enrollment screens are overlaid on video showing how the client can enter their bank account

how the client can enter their bank account information.]   Now you’re in the home stretch. You’ll be asked to select which account or accounts to enroll in Digital Advisor. If you already have eligible accounts with us, they’ll show up here for you

accounts with us, they’ll show up here for you to choose from—otherwise, you can select the one you just opened.   [Visuals: Client looking at their laptop and reviewing their final enrollment application.]   You’ll also see what your account’s

You’ll also see what your account’s asset allocation will be based on your risk attitude.  [Visuals: Portions of enrollment screens are overlaid on video showing a pie chart with the hypothetical client’s recommended asset allocation of 80% stocks

recommended asset allocation of 80% stocks and 20% bonds and cash.]   Hit confirm, and that’s it—you’re in!   [Visuals: The word “Congratulations!” appears on the screen with confetti around it.]   Now the real work begins, but not for you—for the

Now the real work begins, but not for you—for the smart technology you’ve chosen to manage your investments. Nice.   [Visuals: The Vanguard wordmark, short URL (vanguard.com/digital-advisor), and Legal disclosures appear on-screen.]   Important

Legal disclosures appear on-screen.]   Important information   All investing is subject to risk, including the possible loss of the money you invest.   Vanguard Digital Advisor's services are provided by Vanguard Advisers, Inc., a registered

provided by Vanguard Advisers, Inc., a registered investment advisor (VAI).   For more information, please review Form CRS and the Vanguard Digital Advisor brochure.   Vanguard Digital Advisor's financial planning tools provide projections and goal

planning tools provide projections and goal achievement forecasts that are hypothetical in nature. They’re provided for educational purposes only and aren’t guarantees of future results.   For more information see the Privacy Policy and Service

information see the Privacy Policy and Service Agreement.    © 2022 The Vanguard Group, Inc. All rights reserved.    Learn more about Vanguard Digital Advisor     What is a robo-advisor?     Introducing Vanguard Digital Advisor     How to enroll in

Vanguard Digital Advisor     How to enroll in Vanguard Digital Advisor     Meet the technology that's helping more investors feel confident about their future. Play video   View transcript  Duration: 2:02  What is a robo-advisor?     Put our

2:02  What is a robo-advisor?     Put our robo-advisor to work—and make staying on track to your financial goals simple. Play video   View transcript  Duration: 1:44  Introducing Vanguard Digital Advisor     Learn what to expect when you sign up for

Learn what to expect when you sign up for Vanguard Digital Advisor. Play video   View transcript  Duration: 3:12  Your journey to the future   Learn more about Vanguard Digital Advisor    Meet the technology that's helping more investors feel

the technology that's helping more investors feel confident about their future. Play video   View transcript  Duration: 2:02  What is a robo-advisor?     Put our robo-advisor to work—and make staying on track to your financial goals simple.Play

on track to your financial goals simple.Play video   View transcript  Duration: 1:44  Introducing Vanguard Digital Advisor     Learn what to expect when you sign up for Vanguard Digital Advisor. Play video   View transcript  Duration: 3:12  Your

video   View transcript  Duration: 3:12  Your journey to the future   Pause Play Previous What is a robo-advisor? Introducing Vanguard Digital Advisor How to enroll in Vanguard Digital Advisor Next    See Digital Advisor in use     Guidance on all

See Digital Advisor in use     Guidance on all your finances Play video or view transcript (0:10)   ×     Play video   Guidance on your whole financial picture Your dashboard reflects your progress in saving for retirement, and you can see

in saving for retirement, and you can see exactly where your money is invested.          A clear retirement outlook Play video or view transcript (0:12)   ×     Play video   A clear retirement outlook Here you can view how making changes to your

Here you can view how making changes to your retirement age, spending amount, or contributions impacts your progress toward a successful retirement.         Support for more than retirement Play video or view transcript (0:24)   ×     Play video

or view transcript (0:24)   ×     Play video   Support for more than retirement Once you've set your retirement goals, you can add other financial goals, like buying a home. We'll create a strategy for each new goal while keeping your retirement

for each new goal while keeping your retirement plan on track.           Enjoy no advisory fees for 90 days3  Get started      Unique goals deserve personalized strategies As an advice client, your financial journey drives the diversified blend of

financial journey drives the diversified blend of ETFs (exchange-traded funds) and mutual funds included in your portfolio—regardless of which investment option you choose. Already have investments with us? You may be able to keep some of your

with us? You may be able to keep some of your current investments when you enroll to lessen tax impacts.   All-index investment option    Your personalized all-index investment option will center on low-cost Vanguard ETFs®, offering broad

center on low-cost Vanguard ETFs®, offering broad diversification covering nearly all aspects of U.S. and international stock and bond markets.   Who benefits from this investment option? Investors looking for index funds that track broad U.S. and

looking for index funds that track broad U.S. and international stock and bond markets. If you have higher taxable income, we'll use tax-exempt investments for your U.S.bond allocation in your taxable accounts.***   What are the advisory fees? $20

accounts.***   What are the advisory fees? $20 You’ll pay no more than $20 per $10,000 annually.2    What funds are used in this investment option?   VTI Total Stock Market ETF  BND Total Bond Market ETF  BNDX Total International Bond ETF  VXUS

ETF  BNDX Total International Bond ETF  VXUS Total International Stock ETF    Interested in this investment option?  Get started     Active/Index investment option    Your personalized active/index investment option of Vanguard ETFs® and mutual

investment option of Vanguard ETFs® and mutual funds will combine the chance for higher returns from actively managed funds with the broad diversification of index funds. It may also include up to 3 Advice Select funds available exclusively to our

Advice Select funds available exclusively to our advice services clients.   Who benefits from this investment option? Investors who are patient when active funds have periods of underperformance and are willing to pay a higher advisory fee with no

are willing to pay a higher advisory fee with no guarantee of long-term outperformance. If you have higher taxable income, we'll use tax-exempt investments for your U.S. bond allocation in your taxable accounts.***   What are the advisory fees? $25

accounts.***   What are the advisory fees? $25 You’ll pay no more than $25 per $10,000 annually.2    What funds are used in this investment option?   VHCAX Capital Opportunity Fund Admiral™ Shares  VADGX Advice Select Dividend Growth Fund  VZICX

VADGX Advice Select Dividend Growth Fund  VZICX International Core Stock Fund Admiral Shares  VAGVX Advice Select Global Value Fund  VAIGX Advice Select International Growth Fund  VCOBX Core Bond Fund Admiral Shares  VTI Total Stock Market ETF  BND

Admiral Shares  VTI Total Stock Market ETF  BND Total Bond Market ETF  BNDX Total International Bond ETF  VXUS Total International Stock ETF    Interested in this investment option?  Get started     ESG investment option    Your environmental,

ESG investment option    Your environmental, social, and governance (ESG) investment option will help to align with your preferences by substituting Vanguard ETFs® that apply prescreened ESG criteria defined by third-party index providers. It

defined by third-party index providers. It will also contain certain non-ESG bond ETFs to provide additional diversification.*   Why might you choose this investment option? Investors who are seeking an investment option that helps to align their

an investment option that helps to align their personal preferences. Though not as broadly diversified as total market funds, the ESG funds we use—when combined—include thousands of stocks and bonds to help balance investment risk and reward.   If

to help balance investment risk and reward.   If you have higher taxable income, we'll use tax-exempt investments for your U.S.bond allocation in your taxable accounts.***   What are the advisory fees? $20 You’ll pay no more than $20 per $10,000

fees? $20 You’ll pay no more than $20 per $10,000 annually.2    What funds are used in this investment option?   VCEB ESG U.S. Corporate Bond ETF  ESGV ESG U.S. Stock ETF  VSGX ESG International Stock ETF  BNDX Total International Bond ETF

Stock ETF  BNDX Total International Bond ETF    Interested in this investment option?  Get started         Frequently asked questions   How much does Vanguard Digital Advisor cost?   You'll pay no advisory fees for the first 90 days.3 After that,

advisory fees for the first 90 days.3 After that, you'll pay no more than 0.20% in advisory fees for all-index investment options or 0.25% for an active/index mix, depending on your elections. In other words, for every $1,000 Digital Advisor manages

words, for every $1,000 Digital Advisor manages you'll pay no more than $2 each year for all-index investment advice (or no more than $2.50 in advisory fees for an active/index mix). (See our fee calculator above or disclosures below for more

calculator above or disclosures below for more details on fees.)2 You should consult your plan fee disclosure notice for the applicable gross advisory fees that apply to your plan (401k) account. For more information on Digital Advisor's fee

For more information on Digital Advisor's fee structure, refer to Form CRS and the Vanguard Digital Advisor Brochure.   What's the minimum amount I need to enroll in Vanguard Digital Advisor?   Enrollments in Vanguard Digital Advisor require at

in Vanguard Digital Advisor require at least $3,000 in each Vanguard Brokerage Account.1  For each taxable, traditional, Roth, or rollover IRA you wish to enroll, the entire balance must be in certain investment types (based on eligibility screening

investment types (based on eligibility screening by Digital Advisor at the time of enrollment, see next question for more details) and/or the brokerage account's settlement fund. For eligible 401(k) retirement accounts, the minimum enrollment

retirement accounts, the minimum enrollment balance is $5.7   What else do I need to know about my Vanguard Brokerage Account/settlement fund before I enroll?   Your eligibility screening will determine whether you have the types of investments that

whether you have the types of investments that Digital Advisor can manage. In some cases, you'll need to sell all or a portion of certain investments as part of the enrollment process so we can manage them for you.For each brokerage account you wish

them for you.For each brokerage account you wish to enroll, the entire balance must be in certain investment types (based on eligibility screening by Digital Advisor at the time of enrollment) and/or the brokerage account's settlement fund. If

the brokerage account's settlement fund. If your brokerage accounts include Vanguard index funds or Vanguard ETFs®, you may be able to keep those investments in your Digital Advisor account. However, we may recommend you sell down those or other

we may recommend you sell down those or other investments before enrolling. Since there may be costs and tax consequences associated with selling your existing investments, we use a breakeven cost analysis to weigh the costs of transitioning the

analysis to weigh the costs of transitioning the investments you hold before enrolling in Digital Advisor (see our Digital Advisor brochure for more details). We estimate the capital gains tax impacts compared to the expense ratio benefits from

compared to the expense ratio benefits from selling investments that aren't our lead recommendation (the investment we would typically recommend for you), but that still align with your recommended asset allocation. So depending on the outcome of

asset allocation. So depending on the outcome of the breakeven analysis, we may recommend that you continue to hold certain investments subject to our portfolio construction guidelines—or we may determine it's in your interest to sell down a

determine it's in your interest to sell down a particular investment during enrollment. The following types of investments cannot be in your brokerage account before enrolling in Digital Advisor: non-Vanguard mutual funds, individual bonds,

non-Vanguard mutual funds, individual bonds, securities traded on international exchanges, preferred stocks, penny stocks, illiquid stocks, and options. In this case, you'd need to sell the ineligible investments and invest the proceeds in your

investments and invest the proceeds in your brokerage account settlement fund before enrolling. If you're in this situation, you might also consider opening a new Vanguard Brokerage Account to enroll in Digital Advisor.  Important: Digital Advisor

in Digital Advisor.  Important: Digital Advisor doesn't assess the suitability of the sale of existing holdings given a particular client's financial circumstances, recommend selling a client's existing holdings to enroll, or provide tax advice. The

holdings to enroll, or provide tax advice. The sale of existing holdings could cause you to incur capital gains—costs associated with incurring capital gains vary based on the time you hold a position and your individual tax situation. The cost of

and your individual tax situation. The cost of incurring capital gains can be substantial. We recommend you consult a qualified tax advisor to discuss your individual situation and any potential tax consequences.For eligible 401(k) retirement

tax consequences.For eligible 401(k) retirement accounts, Digital Advisor doesn't require a money market or stable value fund minimum balance.7   Who's eligible to enroll in Vanguard Digital Advisor?   To enroll, you'll need to meet the following

To enroll, you'll need to meet the following requirements: You have a retail Vanguard Brokerage Account with a balance of at least $3,000. (If you're new to Vanguard, opening an account is simple.) You're a United States resident, or you have an

You're a United States resident, or you have an APO/FPO/DPO mailing address. You’re at least 18 years of age. (At least age 19 in Alabama or Nebraska and at least age 21 in Mississippi.) You're not—or do not live in the same household as—a board

do not live in the same household as—a board member, executive, or someone who's able to influence policy in a publicly traded corporation. If you have a Vanguard-administered 401(k) retirement account, you may also be eligible to

retirement account, you may also be eligible to enroll.7 Restrictions may apply to certain organization members. Vanguard Brokerage Option (VBO®) accounts offered by plan sponsors aren't eligible for management by Digital Advisor. Special notice to

management by Digital Advisor. Special notice to non-U.S. investors    What types of accounts can Vanguard Digital Advisor manage?   Digital Advisor can manage eligible 401(k) retirement accounts7 and the following types of retail Vanguard Brokerage

the following types of retail Vanguard Brokerage Accounts: Individual or joint tenants with rights of survivorship (JTWROS) taxable accounts. Traditional IRAs. Roth IRAs. Rollover IRAs. However, we recommend that you connect other Vanguard and

we recommend that you connect other Vanguard and non-Vanguard accounts as you plan your goals so we can incorporate them into your goal growth projections, and help you forecast your likelihood of meeting your long-term goals.   What types of

of meeting your long-term goals.   What types of accounts qualify for the 90-day fee waiver offer?   Your first eligible Vanguard Brokerage Account (IRA or taxable) or employer-sponsored retirement plan account (401(k)) qualify for the advisory fee

account (401(k)) qualify for the advisory fee waiver. (If your employer-sponsored plan account qualifies for the advisory fee waiver, you’ll see that during the enrollment process.) If your account has been enrolled in Digital Advisor for more than

been enrolled in Digital Advisor for more than 90 days, any new accounts you subsequently enroll are not eligible for the advisory fee waiver.Employer-sponsored retirement accounts enrolled by the plan fiduciary are not eligible for the advisory fee

fiduciary are not eligible for the advisory fee waiver. For more information on Digital Advisor’s fee structure, see the VAI Form CRS and the Vanguard Digital Advisor Brochure.   What active investing options does Digital Advisor offer?   Digital

options does Digital Advisor offer?   Digital Advisor offers a portfolio of actively managed mutual funds and index ETFs for Vanguard Brokerage Accounts. During the onboarding process, you'll take an assessment to determine whether you have the risk

assessment to determine whether you have the risk temperament for active strategies and can ride out periods of active underperformance. Incorporating active funds allows for greater portfolio personalization and the potential for better investment

and the potential for better investment outcomes for those clients willing to pay a higher cost for that potential.   How does Digital Advisor manage multiple goals?   Digital Advisor takes a holistic approach to funding your goals by “pooling” your

approach to funding your goals by “pooling” your assets across all your taxable accounts to fund your goals. This way, your taxable accounts will work together to get you closer to success. Plus, Digital Advisor will shift resources where needed and

Advisor will shift resources where needed and adjust automatically to ensure your asset mix evolves. As your goals get closer, we'll make sure amounts you need to withdraw are invested more conservatively to reduce market risk. Contributions you

to reduce market risk. Contributions you make will be optimized to support all your goals, and any cash you withdraw will affect all your goals. With a dynamic portfolio, a single, evolving asset mix, and automatic adjustments, your goals will be

and automatic adjustments, your goals will be aligned to stay on track together and take advantage of tax efficiencies. Note: At this time, your nonretirement goals are only funded by taxable accounts, while retirement goals are funded by both

while retirement goals are funded by both taxable and retirement accounts. Because our approach is designed to optimize your investment returns, and minimize risk in the short term, Digital Advisor can only support goals that are at least 18 months

only support goals that are at least 18 months away. To remain enrolled in Digital Advisor, you’ll need to have at least $3,000 in your account after making a withdrawal. (If you have less than $3,000, your account is no longer eligible to be

$3,000, your account is no longer eligible to be managed by Digital Advisor and you would need to unenroll.There are no cancellation fees or penalties for having an account that no longer qualifies for the service.)6   What's a robo-advisor?

for the service.)6   What's a robo-advisor?   Robo-advisor is a commonly used term for an all-digital financial planning and investment management service. Robo-advisors often use algorithms (i.e., processes or sets of rules followed in computer

processes or sets of rules followed in computer calculations) to provide automated investment services without human interaction. A robo-advisor typically gathers information about your investing goals, uses an algorithm to determine an appropriate

uses an algorithm to determine an appropriate asset allocation, and builds an investment portfolio tailored to your situation. Most robo-advisors automatically rebalance your portfolio, so you don't have to. Learn more—watch our video   What sets

have to. Learn more—watch our video   What sets Vanguard Digital Advisor apart from other robo-advisors?   We're glad you asked! Our money-management service: Features state-of-the-art financial planning and portfolio construction capabilities,

planning and portfolio construction capabilities, powered by Vanguard's practical and time-tested investment strategies. Offers access to high-quality investments consisting of Vanguard ETFs®, plus robust, easy-to-use financial planning tools.

robust, easy-to-use financial planning tools. Connects to non-Vanguard accounts so it can present you with a holistic picture of your financial life and more accurate projections. Focuses on helping you build retirement savings and includes a debt

you build retirement savings and includes a debt payoff tool. Continues to add new features to help with your financial planning needs. Digital Advisor can manage your personal investment accounts and certain employer-sponsored 401(k) retirement

and certain employer-sponsored 401(k) retirement accounts for which Vanguard is the recordkeeper.7 Vanguard is one of the most trusted names in financial services built on the radical idea of putting investors' best interests first.   Should I know

investors' best interests first.   Should I know about any other expenses?   You'll incur expenses to invest in the underlying funds, collective investment trusts, and ETFs in your portfolio (i.e., expense ratios). If you're invested in ETFs,

expense ratios). If you're invested in ETFs, collective investment trusts, or mutual funds today, you're already paying these expenses. We credit the revenue received from your investment portfolio toward the gross advisory fee and deduct only the

toward the gross advisory fee and deduct only the additional net advisory fee from your managed accounts.In general, if you incur a fee that results in revenue for Vanguard or a Vanguard affiliate, it will be included in this credit amount. Certain

will be included in this credit amount. Certain regulatory required trading fees aren't considered revenue and are still incurred for trades within Vanguard Brokerage Accounts, but not credited. For more information about Digital Advisor's fee

For more information about Digital Advisor's fee structure, refer to Form CRS Conversation Starter questions and the Vanguard Digital Advisor Brochure.   How will Vanguard Digital Advisor handle market volatility?   Market volatility is when the

volatility?   Market volatility is when the price of stocks swings up or down because there's too much trading in one direction (substantially more buys than sells or vice versa). Many investors might see the stock dip and want to sell or wait to

see the stock dip and want to sell or wait to "time the market." The market, however, is unpredictable. But that doesn't mean your money is completely up to the whims of the headlines. Even with daily ups and downs, the overall market has

with daily ups and downs, the overall market has historically grown over the decades. With Digital Advisor, you can benefit from the market's long-term growth with a time-tested strategy: owning a balanced portfolio. The foundations of a balanced

balanced portfolio. The foundations of a balanced portfolio are asset allocation and diversification. Digital Advisor will maintain your investments so you'll always have a portfolio that aligns to your retirement goal. If you choose to add other

your retirement goal. If you choose to add other goals, it can adjust your holdings to keep you on target. We'll rebalance your portfolio if we detect it's drifted more than 5% from our recommended allocation. What can you do during market swings?

allocation. What can you do during market swings? You can look at your accounts and update your information if anything has changed. You can also check out Vanguard's resources on market swings. Rest assured that your goal projections take all kinds

assured that your goal projections take all kinds of market volatility into account—while short-term "blips" might feel jarring, we have your long-term focus in mind.        Voted NerdWallet's "Best Robo-Advisor for Low-Cost Investing" for the 3rd

Robo-Advisor for Low-Cost Investing" for the 3rd year in a row  Awarded January 2023, based on data as of October 2022.8     First overall robo-advisor in Morningstar's 2022 Robo-Advisor Landscape Report.  Awarded March 2022, based on data as of

Report.  Awarded March 2022, based on data as of December 2021.9 Compensation provided for use of the rating in marketing materials.      Stay in the loop  Share your email address below so we can keep in touch with the latest buzz on Vanguard

keep in touch with the latest buzz on Vanguard Digital Advisor.   We may also send you other Vanguard information you might be interested in. You can opt out at any time.     Stay in the loop  Share your email address below so we can keep in touch

your email address below so we can keep in touch with the latest buzz on Vanguard Digital Advisor.   We may also send you other Vanguard information you might be interested in. You can opt out at any time.         Investing more? Get additional

any time.         Investing more? Get additional guidance  Vanguard Personal Advisor offers ongoing financial planning, automated investing, and access to an advisor for those wanting to invest $50,000 or more.  Find out more     ×          Let’s

or more.  Find out more     ×          Let’s get started  We’ll gather some basic information to start the process.  New to Vanguard?  Create an account  Already have an account?   User name  Password  Forgot your username or password?  Log in

Forgot your username or password?  Log in  https://digital-advisor.vanguard.com      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. Visit

ensure a profit or protect against a loss. Visit vanguard.com to obtain a Vanguard mutual fund or Vanguard ETF prospectus or, if available, a summary prospectus, which contains investment objectives, risks, charges, expenses, and other information;

risks, charges, expenses, and other information; read and consider it carefully before investing. 1Enrollments in Vanguard Digital Advisor require at least $3,000 in each Vanguard Brokerage Account. For each taxable account you wish to enroll, the

For each taxable account you wish to enroll, the entire balance must be in the brokerage account's settlement fund.For each traditional, Roth, or rollover IRA you wish to enroll, the entire balance must be in certain investment types (based on

must be in certain investment types (based on eligibility screening by Digital Advisor at the time of enrollment) and/or the brokerage account's settlement fund.  2Vanguard Digital Advisor is an all-digital service. Digital Advisor charges brokerage

service. Digital Advisor charges brokerage accounts an annual gross advisory fee in the amount of 0.20% for an index portfolio option or 0.25% for an active portfolio option. That gross advisory fee is reduced by a credit of the actual revenue The

is reduced by a credit of the actual revenue The Vanguard Group, Inc. ("VGI"), or its affiliates retain from investments in each enrolled account, resulting in a net advisory fee. The net advisory fee is the actual fee collected from your account(s)

is the actual fee collected from your account(s) and will vary based on your unique asset allocation, portfolio option, account type, and specific holdings in each enrolled account.  Note that this fee doesn't include investment expense ratios

fee doesn't include investment expense ratios charged by a fund, such as fees paid to the funds' third-party managers which are not credited.  While we generally recommend using low-cost Vanguard funds to build your portfolio, actively managed funds

to build your portfolio, actively managed funds will have higher expense ratios than index funds. For more information on the services, find VAI's Form CRS and each program's advisory brochure here for an overview. *To maintain diversification, this

an overview. *To maintain diversification, this portfolio option will also include non-ESG investments to achieve your target asset allocation for international and domestic bonds. The ESG investment option gives Digital Advisor clients the ability

option gives Digital Advisor clients the ability to substitute certain existing holdings with Vanguard ETFs that invest according to an index that has been pre-screened based on ESG factors determined by a third-party index provider. There is no

by a third-party index provider. There is no guarantee that the ESG investment option will perform better than the other investment options. ESG funds are subject to ESG investment risk, which is the chance that the stocks or bonds screened by the

chance that the stocks or bonds screened by the index provider for ESG criteria generally will underperform the market as a whole or, in the aggregate, will trail returns of other funds screened for ESG criteria.The index provider's assessment of a

ESG criteria.The index provider's assessment of a company, based on the company's level of involvement in a particular industry or the index provider's own ESG criteria, may differ from that of other funds or of the advisor's or an investor's

other funds or of the advisor's or an investor's assessment of such company. As a result, the companies deemed eligible by the index provider may not reflect the beliefs and values of any particular investor and may not exhibit positive or favorable

and may not exhibit positive or favorable ESG characteristics. The evaluation of companies for ESG screening or integration is dependent on the timely and accurate reporting of ESG data by the companies. Successful application of the screens will

Successful application of the screens will depend on the index provider's proper identification and analysis of ESG data. **Vanguard will determine if tax-loss harvesting is appropriate for your specific situation. Tax-loss harvesting is included in

situation. Tax-loss harvesting is included in your Digital Advisor advisory fee. Tax-loss harvesting involves certain risks, including, among others, the risk that the new investment could have higher costs than the original investment and could

costs than the original investment and could introduce portfolio tracking error into your accounts. There may also be unintended tax implications. We recommend that you carefully review the terms of the consent and consult a tax advisor before

of the consent and consult a tax advisor before taking action. ***Although the income from a municipal bond fund is exempt from federal tax, you may owe taxes on any capital gains realized through the fund's trading or through your own redemption of

fund's trading or through your own redemption of shares. For some investors, a portion of the fund's income may be subject to state and local taxes, as well as to the federal Alternative Minimum Tax. 3The introductory waiver period for Vanguard

Tax. 3The introductory waiver period for Vanguard Digital Advisor's net advisory fee begins when the first account's enrollment is complete and ends after the close of the first billing period (generally 90 days), which is specific to each client.

90 days), which is specific to each client. If you enroll additional accounts at a later date, you can still take advantage of any remaining fee-waiver period. However, each additional account you enroll won't trigger a unique fee-waiver period but

won't trigger a unique fee-waiver period but will instead be commingled with your first enrolled account. If you unenroll before your fee-waiver period ends, you won't owe an advisory fee.But if you choose to reenroll in Vanguard Digital Advisor

choose to reenroll in Vanguard Digital Advisor during or after your fee-waiver period, you won't be eligible for a second fee waiver. If you previously enrolled accounts in other VAI proprietary retail offers you will not be eligible for the

retail offers you will not be eligible for the introductory fee waiver. This fee-waiver offer may be modified or discontinued anytime at the sole discretion of Vanguard Advisers, Inc. All costs associated with fund expense ratios still apply at all

with fund expense ratios still apply at all times. 4Based on enrolling accounts holding assets in the settlement fund that are invested in a portfolio of Vanguard Total Stock Market ETF, Total International Stock ETF, Total Bond Market ETF, and

Stock ETF, Total Bond Market ETF, and Total International Bond ETF. 5Vanguard Digital Advisor's debt payoff calculator helps you project the impact of different fixed-rate debt payments over time. To analyze your debt payments, you'll use a

time. To analyze your debt payments, you'll use a third-party aggregation service. There are limitations to the aggregated information, including inability to carve out any escrow payments. There also could be missing or inaccurate information, such

could be missing or inaccurate information, such as taxes and insurance, which you'll need to closely review in using the calculator. 6Once you enroll a taxable brokerage account in Vanguard Digital Advisor, you'll have the option to add

Digital Advisor, you'll have the option to add nonretirement goals to your Digital Advisor profile. This can help you balance retirement with your other major financial goals. At this time, Digital Advisor only supports nonretirement goals you'd

Advisor only supports nonretirement goals you'd like to achieve before you reach age 59½. 7Vanguard-administered 401(k) retirement accounts are only eligible for management by Digital Advisor if the plan sponsor has elected to offer Digital Advisor

plan sponsor has elected to offer Digital Advisor to the plan's participants and the participants meet the eligibility criteria. You should consult your plan fee disclosure notice for the applicable annual gross advisory fees that apply to your

annual gross advisory fees that apply to your 401(k) account. 8Vanguard Digital Advisor received the top rating for "Best Robo-Advisor for Low-Cost Investing" for 2023 among 16 other robo-advisors selected by NerdWallet.NerdWallet evaluated each

selected by NerdWallet.NerdWallet evaluated each provider across the following weighted criteria as of October 1, 2022, to determine the winner for low costs: management fees (50%), expense ratios on investments (40%), and account fees (10%).

on investments (40%), and account fees (10%). NerdWallet also selected Vanguard Digital Advisor for the 2021 award based on November 16, 2020, data and the 2022 award based on October 1, 2021, data. Additional details about NerdWallet's methodology

Additional details about NerdWallet's methodology are available on their website. Current fees may vary for Digital Advisor and the other robo-advisors considered. Although Vanguard compensates NerdWallet for marketing services, NerdWallet's

NerdWallet for marketing services, NerdWallet's opinions and evaluations are independent and unrelated to the selection of Digital Advisor for this award. ©2017-2023 and TM, NerdWallet, Inc. All Rights Reserved. 9Vanguard received the first overall

Reserved. 9Vanguard received the first overall ranking in Morningstar's inaugural "Robo-Advisor Landscape Report" for 2022 among 15 other robo-advisors selected by Morningstar. Morningstar evaluated each provider across the following weighted

each provider across the following weighted criteria as of December, 2021, to determine their rankings: total price (30%); the process used to select investments, construct portfolios, and match portfolios with investors (30%); the parent

match portfolios with investors (30%); the parent organization behind the digital platform (20%); and breadth of services (20%). Additional details about Morningstar's methodology are available on its press release. Current fees may vary for Digital

press release. Current fees may vary for Digital Advisor and the other robo-advisors considered. Although Vanguard compensates Morningstar for marketing services, Morningstar's opinions and evaluations are independent and unrelated to the selection

are independent and unrelated to the selection of Vanguard for this ranking. Following the independent announcement of this ranking, Vanguard purchased a license from Morningstar for the right to include this rating in Vanguard marketing. Vanguard

this rating in Vanguard marketing. Vanguard Personal Advisor Services and Vanguard Digital Advisor's services are provided by Vanguard Advisers, Inc. ("VAI"), a federally registered investment advisor. VAI is a subsidiary of VGI and an affiliate of

VAI is a subsidiary of VGI and an affiliate of Vanguard Marketing Corporation ("VMC"). Neither VGI, VAI, nor its affiliates guarantee profits or protection from losses.nguard.com advice digital advisor.   Robo-Advisor - Automated Investing Services

Robo-Advisor - Automated Investing Services  Vanguard             Vanguard Digital Advisor® You live in the moment—we'll plan ahead Balancing multiple financial goals just got easier.  Get started          Digital Advisor®  No advisory fees for 90

Digital Advisor®  No advisory fees for 90 days.3  Get started      Focus on the present while Digital Advisor focuses on the future  $3,000 in minimum assets to enroll1   See how we tailor advice to you   Browse options         Ongoing

advice to you   Browse options         Ongoing support  We'll monitor your investments and rebalance your portfolio as needed.       Low-cost investing  For all-index investment options, you'll pay no more than $2 a year for every $1,000 Digital

no more than $2 a year for every $1,000 Digital Advisor manages.2       Potential tax reduction**  Take advantage of our free tax-loss harvesting Tax-loss harvesting (TLH) is the timely selling of securities at a loss to offset a capital gains tax

at a loss to offset a capital gains tax due on the sale of other securities at a profit. service to help reduce your tax bill and keep more of your returns.     × What is a robo-advisor?   You may have heard the term "robo-advisor" before. As more

heard the term "robo-advisor" before. As more and more people are turning to their phones and tablets [Visual: man using phone and woman using tablet and laptop.] to handle their finances, it's a word that's getting a lot of use. But what are

a word that's getting a lot of use. But what are robo-advisors, and what do they do? Here's an overview that can help you decide whether a robo-advisor might be a good fit for your life and finances.   A robo-advisor is an online platform that

A robo-advisor is an online platform that manages your investments automatically. It's financial advice that comes from an algorithm instead of a person, and it can take a lot of the time, guesswork, and stress out of owning a portfolio.   When

and stress out of owning a portfolio.   When you sign up for a robo-advisor, it'll ask for [Visual: Basic information listed is: Name, date of birthday, retirement status of working/not retired or retired.] basic information  about your goals, risk

basic information  about your goals, risk tolerance, and the length of time you want to stay invested.   Then technology takes over to suggest a portfolio for you—but it doesn't stop there.A robo-advisor also does the actual investing for you, and

also does the actual investing for you, and it'll manage those investments over time, rebalancing periodically to make sure your asset mix stays on the right track. [Visual: Asset mix example shows 75% stocks, 20% bonds, 5% cash.] All behind the

75% stocks, 20% bonds, 5% cash.] All behind the scenes, all automatically. It's pretty cool when you think about it.   A robo-advisor can be a good option for people who don't want the stress [Visual: woman using calculator, paper and laptop.] of

woman using calculator, paper and laptop.] of keeping up with the markets or managing their own portfolios. You can set it and forget it, or set it and check in [Visual: Example: Your total goals balance is $132,400, broken down by Total Vanguard

is $132,400, broken down by Total Vanguard Assets of $132,400, your yearly contributions of $13,800, and risk attitude of Moderate.] as often as you want. You get the peace of mind that comes from knowing your money is working hard for you, without

your money is working hard for you, without all the time and effort it takes to do everything yourself.   Robo-advisors come with another perk. They often charge less in fees than traditional financial advice services, and you can usually start

advice services, and you can usually start investing with a lower initial deposit.   There are hundreds of robo-advisors out there, and not all of them are alike. That's why it's important to research and compare options to decide what works best

and compare options to decide what works best for you. Robo-advisors do share one important thing in common, though—they're built to give you the time and freedom to focus on the things in your life that matter the most. After all, this is your

that matter the most. After all, this is your journey. [Visual: Be your best financial self™]   Vanguard® vanguard.com/robo-advisor   All investing is subject to risk, including the possible loss of the money you invest.   Vanguard Digital Advisor's

money you invest.   Vanguard Digital Advisor's services are provided by Vanguard Advisers, Inc. ("VAI"), a federally registered investment advisor. VAI is a subsidiary of VGI and an affiliate of VMC. Neither VAI nor its affiliates guarantee profits

Neither VAI nor its affiliates guarantee profits or protection from losses. For more information, please review Form CRS and the Vanguard Digital Advisor brochure.   × Introducing Vanguard Digital Advisor   Life's not slowing down, and neither are

Life's not slowing down, and neither are you. [Visual: Couple laughing with children.] Between planning for retirement, [Visual: Woman using iPad.] enjoying time with your loved ones, [Visual: Couple playing with dog.]  and just staying in the

playing with dog.]  and just staying in the moment, [Visual: Children splashing in puddle.] you deserve an investing solution that has your back.   Let us introduce you [Visual: Couple looking at laptop] to Vanguard Digital Advisor®—simple,

at laptop] to Vanguard Digital Advisor®—simple, convenient, and built to help you save [Visual: Two people playing with child.]for retirement or other goals that are important to you. [Visual: Woman holding child.]   Powered by data-driven

Woman holding child.]   Powered by data-driven technology and backed by Vanguard's 45 years of investment experience, you can feel confident that Digital Advisor works in your best interest. Digital Advisor can recommend a personalized asset mix

Advisor can recommend a personalized asset mix [Visual: Graphic shows 80% stocks, 20% bonds and cash.] based on your goals and appetite for risk.   Hungry for more? [Visual: Family having dinner.] Digital Advisor [Visual: Laptop displays sample

Digital Advisor [Visual: Laptop displays sample Digital Advisor dashboard, including Total goals balance.] will automatically rebalance your portfolio to help keep your investments on track. You can always check in to see your progress.   And if

always check in to see your progress.   And if you've got debt weighing on your mind, [Visual: Example shows payment strategies with sample payment and interest amounts, and debt free timeframes.] our debt calculator can help you pay it off faster

debt calculator can help you pay it off faster and with less interest by looking at your different sources of debt and recommending the best order to pay it off.   Saving up for your dream house? [Visual: Example representing move-in date and

[Visual: Example representing move-in date and savings goal amount.] Or kitchen? [Visual: Example representing renovation start date and savings goal amount.]  Or wedding? [Visual: Example representing wedding date and savings goal amount.] We've

wedding date and savings goal amount.] We've got you covered.Experiment with different options [Visual: Woman typing into laptop a Business start and savings goal.] and save for your retirement and that new car—and maybe that new kitchen, too!

new car—and maybe that new kitchen, too!   With no advisory fees for the first 90 days of your enrollment, there's no better time to get started. Head to our website today, so we can start helping you reach your goals—and you can get back to what

you reach your goals—and you can get back to what matters most. [Visual: Families smiling together.]   Vanguard® vanguard.com/digital-advisor   All investing is subject to risk, including the possible loss of the money you invest.   Vanguard Digital

loss of the money you invest.   Vanguard Digital Advisor's services are provided by Vanguard Advisers, Inc. ("VAI"), a federally registered investment advisor. VAI is a subsidiary of VGI and an affiliate of VMC. Neither VAI nor its affiliates

affiliate of VMC. Neither VAI nor its affiliates guarantee profits or protection from losses.   Vanguard Digital Advisor is an all-digital service. Digital Advisor's annual net advisory fee is approximately 0.15% across your enrolled accounts for a

0.15% across your enrolled accounts for a typical ETF investment portfolio, although your actual net fee will vary depending on the specific holdings in each enrolled account. Vanguard Digital Advisor charges a 0.20% annual gross advisory fee to

charges a 0.20% annual gross advisory fee to manage Vanguard Brokerage Accounts. However, we'll credit you for the revenues that The Vanguard Group, Inc. ("VGI"), or its affiliates receive from the securities in your Digital Advisor managed

the securities in your Digital Advisor managed portfolio (i.e., at least that portion of the expense ratios of the Vanguard funds held in your portfolio that VGI or its affiliates receive). Your net advisory fee can also vary by enrolled account

advisory fee can also vary by enrolled account type. The combined annual cost of Vanguard Digital Advisor's annual net advisory fee plus the expense ratios charged by the Vanguard funds in your managed portfolio will be 0.20% for Vanguard Brokerage

portfolio will be 0.20% for Vanguard Brokerage Accounts. For more information, please review Form CRS and the Vanguard Digital Advisor brochure.   The debt calculator helps you project the impact of different fixed-rate debt payments over time. To

different fixed-rate debt payments over time. To analyze your debt payments, you'll use a third-party aggregation service. There are limitations to the aggregated information, including inability to carve out any escrow payments.There also could be

carve out any escrow payments.There also could be missing or inaccurate information, such as taxes and insurance, that you'll need to closely review in using the calculator.   Once you enroll a taxable brokerage account in Vanguard Digital Advisor,

brokerage account in Vanguard Digital Advisor, you'll have the option to add nonretirement goals to your Digital Advisor profile. This can help you balance retirement with your other major financial goals. At this time, Digital Advisor only supports

At this time, Digital Advisor only supports nonretirement goals you'd like to achieve before you reach age 59½.    × Enrolling in Vanguard Digital Advisor®   Welcome to Vanguard Digital Advisor! You’re just a few steps away from stress-free

You’re just a few steps away from stress-free automated investing that’s tailored to your goals. We’ll walk you through what to expect when you enroll so you can have all the right documents and information ready. Once you start the Digital Advisor

ready. Once you start the Digital Advisor enrollment process, it’s okay if you need to pause it at any point. You’ll be able to save your progress and come back to it anytime.   [Visual: Laptop screen shows enrollment screen asking for personal

shows enrollment screen asking for personal information like name, date of birth, and email address.]   First, if you don’t already have an account with Vanguard, you’ll be asked to create a basic profile with a username and password.   [Visual:

profile with a username and password.   [Visual: Laptop screen shows enrollment screen asking client to create credentials]   Then you’ll fill out your financial profile, which helps us get to know you. You’ll need to provide some details on your

you. You’ll need to provide some details on your current tax filing info, your income (including any bonuses), any retirement accounts you’re contributing to, and your estimated household spending. So, it’s good to have that information handy!

So, it’s good to have that information handy!   [Visuals: Portions of enrollment screens are overlaid on video asking client to fill out their financial profile information.]   Next, you’ll take our risk attitude quiz. This helps us understand how

risk attitude quiz. This helps us understand how much risk you’re comfortable taking on.   [Visuals: Various risk options appear as chart formats overlaid on the screen highlighting different amounts of money a client could hypothetically gain or

of money a client could hypothetically gain or lose by investing.Some levels of money shown include ‘I’m willing to risk a $880 loss to my savings for a potential $3,070 gain.’ and ‘I’m willing to risk a $3,400 loss to my savings for a potential

risk a $3,400 loss to my savings for a potential $6,300 gain.’]   You’ll answer questions about what you’d do in hypothetical situations that involve taking risks for the possibility of higher investment returns. At the end, you’ll get a risk

investment returns. At the end, you’ll get a risk tolerance recommendation. This will guide how Digital Advisor invests your funds.   [Visuals: A graphic highlighting that as a result of the risk attitude quiz, the client’s risk attitude is “Very

quiz, the client’s risk attitude is “Very aggressive” on a scale from Very Conservative to Very Aggressive is shown.]   Then it’s time to create your retirement goal. We’ll ask you to set a target retirement age, so you’ll have an idea of how much

age, so you’ll have an idea of how much cash you’ll need to be able to comfortably stop working by then.   [Visuals: Portions of enrollment screens are overlaid on video asking client to enter a range of ages they think they’ll retire during.

a range of ages they think they’ll retire during. Screens showing other questions about how long they plan to spend in retirement and possible income in retirement appear on client’s laptop.]   A well-funded retirement is your ultimate destination

retirement is your ultimate destination on the road to financial freedom, and that’s the goal we’re aiming for.   [Visuals: Portions of enrollment screens that show a range of 10,000 scenarios that predict a client’s possible account balances at

predict a client’s possible account balances at retirement are overlaid on video. The hypothetical client is also shown that their retirement goal appears to be “well-funded.”]   If you don’t have exact answers to the questions in this section, it’s

answers to the questions in this section, it’s okay! Just enter your best guess and you can update it later.   Now you’ll be able to see the retirement plan Digital Advisor built based on all the information you entered.   [Visuals: Portions of

information you entered.   [Visuals: Portions of enrollment screens are overlaid on video showing an “optimal” retirement option for the hypothetical client with age and possible monthly income displayed so that the client can choose that option.]

so that the client can choose that option.]   You can make changes to anything on this screen to see how different numbers would change your overall outlook.  [Visuals: Portions of enrollment screens are overlaid on video showing the client making

are overlaid on video showing the client making changes to their planned retirement age and planned number of years they think they’ll spend in retirement to see if their retirement goal remains well-funded.]   After you’re enrolled in Digital

well-funded.]   After you’re enrolled in Digital Advisor, you’ll also be able to set additional goals to track all the other cool things you’re saving for.   [Visuals: Portions of enrollment screens are overlaid on video showing the option to save

are overlaid on video showing the option to save for other goals like the client’s business. They enter they want to save $80,000 by 2/2/2025 to invest in their new business.]   If you don’t already have an account with Vanguard, the next step in

have an account with Vanguard, the next step in the process is to open one and deposit some cash into it so that Digital Advisor can start doing what it does best: investing for you.   [Visuals: Portions of enrollment screens are overlaid on video

of enrollment screens are overlaid on video asking client to fill in the type of account they want to open and to enter additional personal information, like their Social Security number, address, and phone number.]   You’ll need at least $3,000 to

phone number.]   You’ll need at least $3,000 to begin, so be sure to have your bank account and routing numbers ready.   [Visuals: Portions of enrollment screens are overlaid on video showing how the client can enter their bank account information.]

client can enter their bank account information.]   Now you’re in the home stretch. You’ll be asked to select which account or accounts to enroll in Digital Advisor. If you already have eligible accounts with us, they’ll show up here for you to

VAI is a subsidiary of VGI and an affiliate of Vanguard Marketing Corporation ("VMC"). Neither VGI, VAI, nor its affiliates guarantee profits or protection from losses.nguard.com advice financial advisor.   Personal Advisor  Vanguard            Have

Personal Advisor  Vanguard            Have questions? Call us Monday through Friday, 8 a.m. to 8 p.m., Eastern time at 877-665-8495   ×             Vanguard Personal Advisor Professional advisors, leading technology Sophisticated technology with

leading technology Sophisticated technology with the support of advisors can help you meet any financial goal.  Get started     Talk to an investment professional  877-665-8495Monday through Friday, 8 a.m. to 8 p.m., Eastern time Our phones are

8 a.m. to 8 p.m., Eastern time Our phones are closed nowWe can call you back.          Personal Advisor  Phone Number 877-665-8495Monday through Friday, 8 a.m. to 8 p.m., Eastern time  Get started      Experience the best of both worlds — expert

Experience the best of both worlds — expert advice blended with an intuitive platform.  $50,000 in minimum assets to enroll1   See how we tailor advice to you   Browse options         Our advisors offer:  Relationships built on a fiduciary duty

offer:  Relationships built on a fiduciary duty to always act in your best interests. Advice for moments that matter, like during unpredictable markets.       Our advice technology gives you:  Access to state-of-the-art financial planning and

Access to state-of-the-art financial planning and portfolio construction capabilities. Guidance to save for goals like retirement and more. An automated tax-loss harvesting* service to help reduce your tax bill and keep more of your returns.

tax bill and keep more of your returns.       We all have moments when we need some advice Why choose advice?  Gain peace of mind as we monitor your investments. Save time with automatic asset adjustments. Know when you're on track with your

adjustments. Know when you're on track with your financial goals. Discover opportunities that may decrease your tax bill. Our advisors are here to talk through:   Changes in income. Unexpected expenses. Goal prioritization. Tax strategies.  Spending

Goal prioritization. Tax strategies.  Spending in retirement. Health care costs. Debt management.      Unique goals deserve personalized strategies As an advice client, your financial journey drives the diversified blend of ETFs (exchange-traded

the diversified blend of ETFs (exchange-traded funds) and mutual funds included in your portfolio—regardless of which investment option you choose. Already have investments with us? You may be able to keep some of your current investments when you

to keep some of your current investments when you enroll to lessen tax impacts.  All-index investment option    Your personalized all-index investment option will center on low-cost Vanguard ETFs®, offering broad diversification covering nearly all

broad diversification covering nearly all aspects of U.S. and international stock and bond markets.   Who benefits from this investment option? Investors looking for index funds that track broad U.S. and international stock and bond markets. If you

and international stock and bond markets. If you have higher taxable income, we'll use tax-exempt investments for your U.S. bond allocation in your taxable accounts.**   What are the advisory fees? $35 You’ll pay no more than $35 per $10,000

fees? $35 You’ll pay no more than $35 per $10,000 annually.2    What funds are used in this investment option?   VTI Total Stock Market ETF  BND Total Bond Market ETF  BNDX Total International Bond ETF  VXUS Total International Stock ETF

Bond ETF  VXUS Total International Stock ETF    Interested in this investment option?  Get started     Active/Index investment option    Your personalized active/index investment option of Vanguard ETFs® and mutual funds will combine the chance for

and mutual funds will combine the chance for higher returns from actively managed funds with the broad diversification of index funds. It may also include up to 3 Advice Select funds available exclusively to our advice services clients.   Who

exclusively to our advice services clients.   Who benefits from this investment option? Investors who are patient when active funds have periods of underperformance and are willing to pay a higher advisory fee with no guarantee of long-term

advisory fee with no guarantee of long-term outperformance. If you have higher taxable income, we'll use tax-exempt investments for your U.S. bond allocation in your taxable accounts.**   What are the advisory fees? $40 You’ll pay no more than $40

advisory fees? $40 You’ll pay no more than $40 per $10,000 annually.2    What funds are used in this investment option?   VHCAX Capital Opportunity Fund Admiral™ Shares  VADGX Advice Select Dividend Growth Fund  VZICX International Core Stock Fund

Growth Fund  VZICX International Core Stock Fund Admiral Shares  VAGVX Advice Select Global Value Fund  VAIGX Advice Select International Growth Fund  VCOBX Core Bond Fund Admiral Shares  VTI Total Stock Market ETF  BND Total Bond Market ETF  BNDX

Stock Market ETF  BND Total Bond Market ETF  BNDX Total International Bond ETF  VXUS Total International Stock ETF    Interested in this investment option?  Get started     ESG investment option    Your environmental, social, and governance (ESG)

Your environmental, social, and governance (ESG) investment option will help to align with your preferences by substituting Vanguard ETFs® that apply prescreened ESG criteria defined by third-party index providers.It will also contain certain

index providers.It will also contain certain non-ESG bond ETFs to provide additional diversification.***   Why might you choose this investment option? Investors who are seeking an investment option that helps to align their personal preferences.

that helps to align their personal preferences. Though not as broadly diversified as total market funds, the ESG funds we use—when combined—include thousands of stocks and bonds to help balance investment risk and reward.   If you have higher

investment risk and reward.   If you have higher taxable income, we'll use tax-exempt investments for your U.S. bond allocation in your taxable accounts.**   What are the advisory fees? $35 You’ll pay no more than $35 per $10,000 annually.2    What

no more than $35 per $10,000 annually.2    What funds are used in this investment option?   VCEB ESG U.S. Corporate Bond ETF  ESGV ESG U.S. Stock ETF  VSGX ESG International Stock ETF  BNDX Total International Bond ETF    Interested in this

International Bond ETF    Interested in this investment option?  Get started         × Industry average *Source: PriceMetrix by McKinsey. Average fees are based on data contained in PriceMetrix’s proprietary database, representing more than 20 North

database, representing more than 20 North American wealth management firms that represent 70,000 financial advisors. PriceMetrix’s data set covers nearly half of retail assets managed by full-service financial advisors. The average fees for new

financial advisors. The average fees for new accounts are based on households with assets of $1 million to $1.5 million. PAS clients at the same asset level will be assessed a 0.30% advisory fee. Note that full-service advisors, including PAS, may

that full-service advisors, including PAS, may provide a tiered-fee structure based on the level of assets being managed, and may require a minimum asset level to manage the accounts. The average fees do not consider other costs, including

fees do not consider other costs, including underlying product costs, transaction costs, or other account costs. Unless otherwise noted, all data are reported as of December 31, 2020.      Frequently asked questions   What's the minimum amount I

asked questions   What's the minimum amount I need to enroll in Personal Advisor?   Enrollments in Personal Advisor require an aggregate $50,000 balance or greater in eligible Vanguard Brokerage Accounts.For each taxable, traditional, Roth, or

Accounts.For each taxable, traditional, Roth, or rollover IRA you wish to enroll, the entire balance must be in certain investment types (based on eligibility screening by Personal Advisor at the time of enrollment, see next question for more

time of enrollment, see next question for more details) and/or the brokerage account's settlement fund.   Who’s eligible to enroll?   To enroll, you'll need to meet the following requirements: You have a retail Vanguard Brokerage Account with a

have a retail Vanguard Brokerage Account with a balance of at least $50,000. (If you're new to Vanguard, opening an account is simple.) You're a United States resident, or you have an APO/FPO/DPO mailing address. You’re at least 18 years of age. (At

address. You’re at least 18 years of age. (At least age 19 in Alabama or Nebraska and at least age 21 in Mississippi.) You're not—or do not live in the same household as—a board member, executive, or someone who’s able to influence policy in a

or someone who’s able to influence policy in a publicly traded corporation. If you have a Vanguard-administered 401(k) retirement account, you may also be eligible to enroll4. Restrictions may apply to certain organization members. Vanguard

apply to certain organization members. Vanguard Brokerage Option (VBO®) accounts offered by plan sponsors aren't eligible for management by Personal Advisor. Special notice to non-U.S. investors    What type of accounts can Personal Advisor manage?

type of accounts can Personal Advisor manage?   Personal Advisor can manage eligible 401(k) retirement accounts and the following types of retail Vanguard Brokerage Accounts: Individual or joint tenants with rights of survivorship (JTWROS) taxable

with rights of survivorship (JTWROS) taxable accounts. Traditional IRAs. Roth IRAs. Rollover IRAs. However, we recommend that you connect other Vanguard and non-Vanguard accounts as you plan your goals so we can incorporate them into your goal

goals so we can incorporate them into your goal growth projections, and help you forecast your likelihood of meeting your long-term goals.   What other expenses could I have?   You'll incur expenses to invest in the underlying funds, collective

to invest in the underlying funds, collective investment trusts, and ETFs in your portfolio (i.e., expense ratios). If you're invested in ETFs, collective investment trusts, or mutual funds today, you're already paying these expenses.We credit the

already paying these expenses.We credit the revenue received from your investment portfolio toward the gross advisory fee and deduct only the additional net advisory fee from your managed accounts. In general, if you incur a fee that results in

In general, if you incur a fee that results in revenue for Vanguard or a Vanguard affiliate, it will be included in this credit amount. Certain regulatory required trading fees aren't considered revenue and are still incurred for trades within

revenue and are still incurred for trades within Vanguard Brokerage Accounts, but not credited. For more information about the fee structure, refer to Form CRS Conversation Starter questions and the Vanguard Personal Advisor Brochure.   Why should I

Personal Advisor Brochure.   Why should I pay for Vanguard advice?   Vanguard is one of the largest investment companies in the world with decades of experience and global recognition. Our highly respected investment managers, researchers,

respected investment managers, researchers, strategists, and economists have developed a deep expertise in all areas of investing. You'll get access to the best thinking of these Vanguard experts along with an investment strategy based on your

along with an investment strategy based on your personal goals that applies our methodologies to your situation. On top of that, our financial advisors are ready to help when you need it.   How do I know if Vanguard advice is right for me?

do I know if Vanguard advice is right for me?   Personal Advisor might be a good fit for you if: You have questions about investing. You don't enjoy making investment decisions or you'd rather spend your time doing other things. It's tough to stick

your time doing other things. It's tough to stick to a long-term plan or you often react to market volatility. You have to make complex financial decisions (Social Security, health care funding, or withdrawing retirement savings) and want help

or withdrawing retirement savings) and want help making these decisions. You believe in the power of diversification, low costs, and a long-term view. You want help managing your investments in a tax-efficient manner. If you're looking for an

a tax-efficient manner. If you're looking for an advisor who will identify "hot" investment trends and actively trade to beat the market, Personal Advisor is NOT the right fit for you.   What active investing options does Personal Advisor offer?

investing options does Personal Advisor offer?   Personal Advisor offers a portfolio of actively managed mutual funds and index ETFs for Vanguard Brokerage Accounts. During the onboarding process, you'll take an assessment to determine whether you

take an assessment to determine whether you have the risk temperament for active strategies and can ride out periods of active underperformance.Incorporating active funds allows for greater portfolio personalization and the potential for better

personalization and the potential for better investment outcomes for those clients willing to pay a higher cost for that potential.   How do I know your advisors will focus on my best interests?   Focusing on investors' best interests is what

Focusing on investors' best interests is what Vanguard was built on. We were founded on the mission to take a stand for investors to help give them the best possible chance for success. Learn more about our investment philosophy and company

more about our investment philosophy and company history. Personal Advisor is held to fiduciary standards under applicable regulations. (Meaning our advisors are required to act in your best interests at all times.) Also, our advisors don't receive

at all times.) Also, our advisors don't receive commissions.   Can I be a successful investor without Vanguard advice?   We've always believed that successful investing can be simpler than many people think, but decades of experience have taught us

think, but decades of experience have taught us that not everyone is as passionate about investing as we are—and that's okay. For people who aren't as interested in creating and monitoring an in-depth financial plan (or delving into the nuances of

financial plan (or delving into the nuances of asset allocation, rebalancing, taxes, and goal prioritization), we're here to help. We also believe that talking to an advisor can be helpful if things get a bit stormy, whether it's in the market or

get a bit stormy, whether it's in the market or your personal life.   What can I expect initially?   If you don’t already have an account with Vanguard, you’ll be asked to create one with a username and password. Then you'll fill us in on

username and password. Then you'll fill us in on information related to your financial profile. Expect to answer questions related to your risk tolerance, short- and long-term financial goals, and general financial health. This helps us create a

general financial health. This helps us create a customized portfolio just for you. You may schedule an appointment with an advisor before enrolling to ensure our advice offer and portfolio construction plan suits your personalized needs. After

plan suits your personalized needs. After enrolling, you'll have access to an advisor at any time. Simply schedule an appointment on your Personal Advisor dashboard. Additionally, you'll continue to receive nudges to complete your financial picture

receive nudges to complete your financial picture even after enrolling. This may include setting up automated contributions to meet your goals, defining your emergency savings, choosing a Medicare plan prior to becoming eligible, preparing for

plan prior to becoming eligible, preparing for healthcare costs in retirement, and more.       Check out our other advice offerings      Digital Advisor  Simplify your life with our robo-advisor.  Learn more         Personal Advisor Select  Partner

more         Personal Advisor Select  Partner with an advisor for the long term.  Learn more       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

does not ensure a profit or protect against a loss. Visit vanguard.com to obtain a Vanguard mutual fund or Vanguard ETF prospectus or, if available, a summary prospectus, which contains investment objectives, risks, charges, expenses, and other

objectives, risks, charges, expenses, and other information; read and consider it carefully before investing. All costs associated with fund expense ratios still apply at all times. The fee waiver promotion is available for Vanguard Brokerage

promotion is available for Vanguard Brokerage Accounts only. 1Enrollments in Personal Advisor require an aggregate $50,000 balance or greater in eligible Vanguard Brokerage Accounts. For each taxable, traditional, Roth, or rollover IRA you wish to

traditional, Roth, or rollover IRA you wish to enroll, the entire balance must be in certain investment types (based on eligibility screening by Personal Advisor at the time of enrollment) and/or the brokerage account's settlement fund. 2Vanguard

brokerage account's settlement fund. 2Vanguard Personal Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.35% for its all-index investment options and 0.40% for an active/index mix. These services reduce those fees by the

mix. These services reduce those fees by the amount of revenue that Vanguard (or a Vanguard affiliate) retains from your portfolio in order to calculate your net advisory fee. Note that this fee doesn't include investment expense ratios. Please

doesn't include investment expense ratios. Please review the service’s advisory brochure for more fee information.  *Tax-loss harvesting involves certain risks, including, among others, the risk that the new investment could have higher costs than

the new investment could have higher costs than the original investment and could introduce portfolio tracking error into your accounts. There may also be unintended tax implications. We recommend that you carefully review the terms of the consent

you carefully review the terms of the consent and consult a tax advisor before taking action. **Although the income from a municipal bond fund is exempt from federal tax, you may owe taxes on any capital gains realized through the fund's trading or

gains realized through the fund's trading or through your own redemption of shares. For some investors, a portion of the fund's income may be subject to state and local taxes, as well as to the federal Alternative Minimum Tax.***To maintain

federal Alternative Minimum Tax.***To maintain diversification, this portfolio option will also include non-ESG investments to achieve your target asset allocation for international and domestic bonds. The ESG investment option gives Personal

bonds. The ESG investment option gives Personal Advisor clients the ability to substitute certain existing holdings with Vanguard ETFs that invest according to an index that has been pre-screened based on ESG factors determined by a third-party

based on ESG factors determined by a third-party index provider. There is no guarantee that the ESG investment option will perform better than the other investment options. ESG funds are subject to ESG investment risk, which is the chance that the

ESG investment risk, which is the chance that the stocks or bonds screened by the index provider for ESG criteria generally will underperform the market as a whole or, in the aggregate, will trail returns of other funds screened for ESG criteria.

returns of other funds screened for ESG criteria. The index provider's assessment of a company, based on the company's level of involvement in a particular industry or the index provider's own ESG criteria, may differ from that of other funds or of

may differ from that of other funds or of the advisor's or an investor's assessment of such company. As a result, the companies deemed eligible by the index provider may not reflect the beliefs and values of any particular investor and may not

and values of any particular investor and may not exhibit positive or favorable ESG characteristics. The evaluation of companies for ESG screening or integration is dependent on the timely and accurate reporting of ESG data by the companies.

accurate reporting of ESG data by the companies. Successful application of the screens will depend on the index provider's proper identification and analysis of ESG data. 3Based on enrolling accounts holding assets in the settlement fund that are

holding assets in the settlement fund that are invested in a portfolio of Vanguard Total Stock Market ETF, Total International Stock ETF, Total Bond Market ETF, and Total International Bond ETF. You should consult your plan fee disclosure notice for

consult your plan fee disclosure notice for the applicable annual gross advisory fees that apply to your 401(k) account. 4Vanguard-administered 401(k) retirement accounts are only eligible for management by Personal Advisor if the plan sponsor has

by Personal Advisor if the plan sponsor has elected to offer Personal Advisor to the plan's participants and the participants meet the eligibility criteria. Vanguard’s advice services are provided by Vanguard Advisers, Inc.nguard.com advice find out

Vanguard Advisers, Inc.nguard.com advice find out if personal advisor select is right for you.   Find out if Personal Advisor Select is Right For You  Vanguard                Question 1 of 5 Do you have questions about any of these topics? Balancing

questions about any of these topics? Balancing my retirement goals with other financial priorities. Retiring in a down market. Preserving my assets over the long term. Navigating challenging moments, like a change in income.   Do you have questions

like a change in income.   Do you have questions about any of these topics?  I have multiple questions  I have some questions, but I generally feel confident  I have 1–2 questions but can resolve them on my own  Error! Please select one of the

them on my own  Error! Please select one of the options above before selecting next     close      Cancel Back Next Get results   Question 2 of 5 How confident are you in your tax strategy?  How confident are you in your tax strategy?  Highly

confident are you in your tax strategy?  Highly confident  Somewhat confident  Not entirely confident  Error! Please select one of the options above before selecting next     close      Cancel Back Next Get results   Question 3 of 5 How comfortable

Get results   Question 3 of 5 How comfortable are you rebalancing your portfolio?  How comfortable are you rebalancing your portfolio?  Very comfortable  Somewhat comfortable  Not comfortable  Error! Please select one of the options above before

Please select one of the options above before selecting next     close      Cancel Back Next Get results   Question 4 of 5 How do you decide when to withdraw your savings for retirement or other needs?  How do you decide when to withdraw your

needs?  How do you decide when to withdraw your savings for retirement or other needs?  I struggle with these decisions  I’ve done some research but still have many questions  I have a strategy ready to go  Error! Please select one of the options

to go  Error! Please select one of the options above before selecting next     close      Cancel Back Next Get results   Question 5 of 5 Consider how much time you spend on investing. Would you say this time is:  Consider how much time you spend on

time is:  Consider how much time you spend on investing. Would you say this time is:  Enjoyable—I like managing my investments  Neutral—Not bad, but I'd be open to working with a professional  Stressful—I want someone else to take the lead  Error!

want someone else to take the lead  Error! Please select one of the options above before selecting next     close      Cancel Back Next Get results      close  Are you sure? Leaving the application now will erase all your current progress. If you

now will erase all your current progress. If you would like to stay on the application - please click the cancel button. Cancel Leave   		Let's find out if working with a dedicated advisor is right for you. 	 Loading...nguard.com advice find out if

you. 	 Loading...nguard.com advice find out if personal advisor select is right for you results.   Find out if Personal Advisor Select is Right For You  Vanguard              Worth exploring  Here when you need us  A good fit for advice   Based on

you need us  A good fit for advice   Based on your responses, it sounds like Vanguard Personal Advisor Select matches your needs. If you partner with us, our advisors will work closely with you to develop a customized plan that matches your goals.

a customized plan that matches your goals. They’ll stress-test your portfolio against thousands of hypothetical scenarios covering a broad range of market conditions.  For no more than $30 annually in fees for every $10,000 you invest, our advisors

fees for every $10,000 you invest, our advisors will also assist with:  Based on your answers, you may prefer to invest on your own. If you still want to learn more about Vanguard Personal Advisor Select, check out our site or give us a call—there’s

check out our site or give us a call—there’s no commitment required.  Keep us in mind even if you’re satisfied with your current investments. For no more than $30 annually in fees for every $10,000 you invest, our advisors can help you determine

you invest, our advisors can help you determine when to rebalance or adjust your tax strategy. We’ll even stress-test your portfolio against thousands of hypothetical scenarios covering a broad range of market conditions so that you can feel

range of market conditions so that you can feel confident about your financial future.  Based on your responses, we think partnering with Vanguard Personal Advisor Select could help you answer your most pressing financial questions. Our advisors

most pressing financial questions. Our advisors will gather detailed information about you and your goals to develop a personalized financial plan. They’ll stress-test your plan against thousands of hypothetical scenarios covering a broad range of

hypothetical scenarios covering a broad range of market conditions. For no more than $30 annually in fees for every $10,000 you invest, our advisors will also assist with:     Discussing tax strategies    Assessing your risk tolerance for active

Assessing your risk tolerance for active investing    Rebalancing and portfolio reviews    Preserving wealth   Vanguard advisors are fiduciaries and don’t earn commissions, so they’ll always make decisions with your best interests at heart.   Get

with your best interests at heart.   Get started online now   See how we can help   Give us a call to learn more. 877-665-8498 Monday through Friday, 8 a.m. to 8 p.m., Eastern time  Our phones are closed now We can call you back  Stay informed about

now We can call you back  Stay informed about Vanguard advice.   ×  Stay informed about Vanguard advice  We may also send you other Vanguard information you might be interested in.nguard.com advice guide to choosing financial advice.   Guide to

guide to choosing financial advice.   Guide to choosing financial advice  Vanguard               Question 1 of 3 How confident are you in reaching your financial goals? (Retiring, budgeting, withdrawal strategies, reducing debt, etc.)  How confident

strategies, reducing debt, etc.)  How confident are you in reaching your financial goals?  Highly confident  Somewhat confident  Not very confident  Error! Please select one of the options above before selecting next      close      Cancel Back Next

selecting next      close      Cancel Back Next Get Results   Question 2 of 3 How would you prefer to receive advice?  How would you prefer to receive advice?  I’d prefer technology-based advice  I’d like to be able to speak with an advisor

I’d like to be able to speak with an advisor occasionally  I’d like a dedicated financial advisor  Error! Please select one of the options above before selecting next      close      Cancel Back Next Get Results   Question 3 of 3 How much do you

Get Results   Question 3 of 3 How much do you plan to invest initially?  How much do you plan to invest initially?  $3,000 – $49,999  $50,000 – $499,999  $500,000 – $4,999,999  $5M and up  Error! Please select one of the options above before

Please select one of the options above before selecting next      close      Cancel Back Next Get Results      close  Are you sure? Leaving the application now will erase all your current progress. If you would like to stay on the application -

If you would like to stay on the application - please click the cancel button. Cancel Leave   		Let's find out if advice is right for you... 	 Loading...  We're loading your personalized quiz... Putting together your offer...

together your offer...                                                                                        nguard.com advice guide to choosing financial advice advice results.   Guide to choosing financial advice  Vanguard            Based on

financial advice  Vanguard            Based on your answers…          Wealth Management  Simplify your wealth's complexities.  Learn more         Personal Advisor Select  Partner with an advisor for the long term.  Learn more         Personal

for the long term.  Learn more         Personal Advisor  Expert advice blended with top technology.  Learn more         Digital Advisor  Simplify your life with our robo-advisor.  Learn more      Explore other advice options   ×          Let’s get

other advice options   ×          Let’s get started   We’ll gather some basic information to start the process.  New to Vanguard?  Create an account  Already have an account?   User name  Password  Forgot your user name or password?  Log in

Forgot your user name or password?  Log in  https://your-advisors.vanguard.com/                                                                                            nguard.com advice log on.

nguard.com advice personal financial advice options.   Personal Financial Advice Options  Vanguard               Experienced advisors, personalized advice

Experienced advisors, personalized advice  Consider our 2 services with access to an advisor.       Experienced advisors, personalized advice  Consider our 2 services with access to an advisor.     Talk to an investment professional

advisor.     Talk to an investment professional  800-742-9998Monday through Friday, 8 a.m. to 8 p.m., Eastern time Our phones are closed nowWe can call you back.    Personal advice at Vanguard  If you’re looking for an advisory relationship to help

looking for an advisory relationship to help with evolving your financial goals, managing your portfolio, and navigating life changes, you’ve come to the right place. With our advice options, you get a trusted partner and all the benefits of

you get a trusted partner and all the benefits of Vanguard’s expertise.     Blend of advisor and technology   Vanguard Personal Advisor  $50,000 minimum to qualify This hybrid service offers you: Access to professional financial advisors. Ongoing

to professional financial advisors. Ongoing personal financial planning and automated investing options. Support for tax strategies, withdrawals, debt management, and other planning topics.  Learn more     A dedicated PARTNER   Vanguard Personal

more     A dedicated PARTNER   Vanguard Personal Advisor Select  $500,000 minimum to qualify With this option, you'll experience: Custom investment and financial planning strategies.  A Certified Financial Planner™ (CFP®) who'll focus solely on your

Planner™ (CFP®) who'll focus solely on your best interests. Portfolio stress-testing against thousands of scenarios. A personalized plan based on 30+ data points specific to you.  Learn more     All investing is subject to risk, including the

All investing is subject to risk, including the possible loss of the money you invest. For more information about Vanguard funds or Vanguard ETFs, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment

if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing. Vanguard’s advice services are

before investing. Vanguard’s advice services are provided by Vanguard Advisers, Inc., (“VAI”), a registered investment advisor, or by Vanguard National Trust Company (“VNTC”), a federally chartered, limited-purpose trust company. The services

limited-purpose trust company. The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI’s Form CRS and each program’s advisory brochure here for an

and each program’s advisory brochure here for an overview.nguard.com advice personal financial advisor.   Financial Advice - Vanguard Personal Advisor Select  Vanguard            Have questions? Call us Monday through Friday, 8 a.m. to 8 p.m.,

Call us Monday through Friday, 8 a.m. to 8 p.m., Eastern time at 877-665-8498   ×             Vanguard Personal Advisor Select The confidence that comes with a dedicated advisor Our advice goes beyond investing―it's guidance for all the moments that

investing―it's guidance for all the moments that matter.  Get started     Talk to an investment professional  877-665-8498Monday through Friday, 8 a.m. to 8 p.m., Eastern time Our phones are closed nowWe can call you back.        Phone Number

nowWe can call you back.        Phone Number 877-665-8498Monday through Friday, 8 a.m. to 8 p.m., Eastern time  Get started         Play video   View transcript  Duration: 1:07    A relationship that puts you first Get a dedicated advisor who's a

puts you first Get a dedicated advisor who's a fiduciary and doesn't make commissions so you can be confident for the long term.   $500,000 in minimum assets required to enroll  $30 Advisory fee (cost per $10,000 annually)    × The value of a

(cost per $10,000 annually)    × The value of a dedicated advisor When you choose Personal Advisor Select, you’re getting more than just financial advice. You’re getting a relationship. A dedicated partner who understands where you’re coming from

partner who understands where you’re coming from and where you want to go in your financial life. An experienced CFP who works only for you and your goals. Not for a commission. Someone who’s by your side during market highs and lows to offer

your side during market highs and lows to offer coaching and guidance during emotionally charged moments. Someone who knows your story—and will make sure your financial plan keeps up when the story changes. Someone who’s on the journey with you. A

changes. Someone who’s on the journey with you. A journey that can start today. Important information: All investing is subject to risk, including the possible loss of the money you invest. Advice services are provided by Vanguard Advisers, Inc., a

are provided by Vanguard Advisers, Inc., a registered investment advisor, or by Vanguard National Trust Company, a federally chartered, limited-purpose trust company. CFA® is a registered trademark owned by CFA Institute. Certified Financial Planner

by CFA Institute. Certified Financial Planner Board of Standards Inc.owns the certification marks CFP® and Certified Financial Planner™ in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing

complete CFP Board’s initial and ongoing certification requirements. © 2022 The Vanguard Group, Inc. All rights reserved.      Is working with a dedicated advisor right for you? These 5 questions can help you decide.  Take the quiz         Select a

help you decide.  Take the quiz         Select a different goal Goals Cards  Goals Cards  Saving for retirement  Living well in retirement  Preserving wealth  Achieving long-term goals  I'm not sure       What's your top investing goal?  Select a

What's your top investing goal?  Select a goal to learn how our advisors can help.        Saving for retirement  Create a comprehensive plan to help you prepare for the future.  Learn more         Living well in retirement  Develop a strategy

Living well in retirement  Develop a strategy for post-retirement spending.  Learn more         Preserving wealth  Get extra support for your higher wealth needs.  Learn more         Achieving long-term goals  Balance multiple goals and stay on

goals  Balance multiple goals and stay on track for the long term.  Learn more         I’m not sure  Learn how we can help you turn a dream into a goal.  Learn more         You chose: Saving for retirement You may wonder if your current savings rate

You may wonder if your current savings rate will be enough to provide the lifestyle you want. Our advisors will help you:     Create a well-defined plan.    Select tax-efficient vehicles.    Tackle big questions or life events.    Navigate market

big questions or life events.    Navigate market turbulence.      Give us a call to learn more.  877-665-8498 Monday through Friday, 8 a.m. to 8 p.m., Eastern time          Additional resources for saving for retirement    Planning for retirement 4

for retirement    Planning for retirement 4 common retirement goals      Our road map to financial security can help give you reassurance that you’re on track to a successful retirement. Article      Save for retirement     Planning for retirement

Save for retirement     Planning for retirement IRA contributions: Should you catch up if you were never behind?      Just because you can make a catch-up contribution doesn’t mean you should—it depends on your unique situation. Article      Save

on your unique situation. Article      Save for retirement         You chose: Living well in retirement To help make sure your nest egg lasts, our advisors will look at your complete financial picture, guiding you through:    Social Security and RMD

guiding you through:    Social Security and RMD (required minimum distribution) decisions.    Health care options.    Tax-reduction strategies.†    Spending vs.saving decisions.      Give us a call to learn more.  877-665-8498 Monday through Friday,

learn more.  877-665-8498 Monday through Friday, 8 a.m. to 8 p.m., Eastern time   †Vanguard does not provide tax advice and we recommend that you consult a tax or financial advisor about your individual situation.          Additional resources for

situation.          Additional resources for living well in retirement    Living in retirement 3 behavioral factors can affect retirement spending      Find tips to overcome 3 factors that can get in the way of living out your ideal retirement.

in the way of living out your ideal retirement. Article      Retirement income    Living in retirement Retirement income: Spending your savings	       Education      Retirement income    Planning for retirement Social Security, Medicare and health

retirement Social Security, Medicare and health care in retirement	      When you're planning your retirement budget, don't overlook health care expenses. Medicare doesn't cover everything. Education      Cost of health care in retirement

Cost of health care in retirement         You chose: Preserving wealth Whether your goal is to preserve your wealth for the next generation or use it to live the life you want now, we offer†:     Estate planning.    Spending strategies.

Estate planning.    Spending strategies.    Tax-efficient investment selection.    Personal trust planning.      Give us a call to learn more.  877-665-8498 Monday through Friday, 8 a.m. to 8 p.m., Eastern time   †Clients with $5 million or more

Eastern time   †Clients with $5 million or more in advised assets are eligible for trust, wealth planning, and estate planning services as well as advice.          Additional resources for preserving wealth    Living in retirement Retirement income:

wealth    Living in retirement Retirement income: Spending your savings	       Education      Retirement income    Financial management Year-end charitable giving tips      Advice on end-of-year charitable giving—ways to give back, tax tips, tools

giving—ways to give back, tax tips, tools and calculators, and suggestions for maximizing your impact. Article      Charitable giving    Planning for retirement Estate planning as you enter retirement      This milestone is a good time to make sure

This milestone is a good time to make sure your estate plan is up to date—and to prepare for the years ahead. Education      Estate planning         You chose: Achieving long-term goals Balancing a variety of goals while maintaining your

a variety of goals while maintaining your long-term vision takes discipline. Our advisors can help you:      Create a long-term strategy.    Choose the right account type.    Select appropriate investments.    Keep other goals on track.      Give us

Keep other goals on track.      Give us a call to learn more.  877-665-8498 Monday through Friday, 8 a.m.to 8 p.m., Eastern time          Additional resources for achieving long-term goals    Financial management How not to pay for your goal

management How not to pay for your goal      There may be more convenient methods to pay for your purchase, but they usually have consequences. Education      Prioritizing goals    How to invest Make a plan to reach your goal      Studies show that

a plan to reach your goal      Studies show that people are more successful when they set goals for themselves. Making a plan is as easy as asking yourself 4 questions. Education      Investor goals         You chose: I'm not sure We're here to

You chose: I'm not sure We're here to help! A good first step is to save for retirement, then explore other goals. No matter your goal, we’re here to help you keep your costs low and maintain a disciplined approach.  Chat with a

and maintain a disciplined approach.  Chat with a professional.  Request a call         Additional resources to help you build a plan    How to invest Investing goals      Invest today, plan for tomorrow. Prepare for your future with Vanguard.

tomorrow. Prepare for your future with Vanguard. Education      Investor goals    How to invest 5 common investing myths      You don’t need a degree in finance to be confident and successful. Here, we’ll break down 5 common investing myths. Article

break down 5 common investing myths. Article      Start investing              HOW WE WORK   First we learn about you  We get to know you, your goals, and your dreams. This helps us see your complete financial picture and make recommendations that

financial picture and make recommendations that fit your risk tolerance, investing timeline, and other key factors.  Ready to partner with us?     HOW WE WORK   A plan that puts you first  Using strategies like automated tax-loss harvesting**,

strategies like automated tax-loss harvesting**, active investing, social security optimization, long-term care planning and more, we'll craft a plan that's unique to you, not the market.  Ready to partner with us?     HOW WE WORK   An ongoing

to partner with us?     HOW WE WORK   An ongoing partnership  Your plan serves as a foundation, but your ongoing partnership with us is what helps keep you on track for the long term.  Ready to partner with us?   Previous 1 2 3 Next     Frequently

with us?   Previous 1 2 3 Next     Frequently asked questions   What's the annual fee for Vanguard Personal Advisor Select?   You'll pay just 0.30% on the assets you invest with us. That's no more than $30 in fees for every $10,000 in your

more than $30 in fees for every $10,000 in your portfolio, which covers access to a financial advisor, your customized goals-based financial plan, and ongoing investment advice.(Note that this fee doesn't include investment expense ratios, but we

doesn't include investment expense ratios, but we generally recommend using low-cost Vanguard funds to build your portfolio.)   What's the minimum amount I need to invest?   You'll need to invest a minimum of $500,000 to work with our advisors, and

of $500,000 to work with our advisors, and we'll waive any fund minimums for you. The following types of Vanguard accounts count toward the minimum: Individual accounts (mutual fund or brokerage). IRAs. Trust accounts. Eligible employer-sponsored

IRAs. Trust accounts. Eligible employer-sponsored plan accounts.† If you're participating in an employer-sponsored plan, you can check your advice services eligibility by logging in to your account on our Advice Compare page. We can't advise you on

our Advice Compare page. We can't advise you on the following types of accounts (and they don't count toward the minimum), but we can still include them in your plan and give you guidance that you can implement yourself: Ineligible 401(k) and 403(b)

implement yourself: Ineligible 401(k) and 403(b) accounts. i401(k) accounts. 529 accounts. UGMA/UTMA accounts. Other investment accounts you hold outside of Vanguard.     Why should I pay for Vanguard advice?   Vanguard is one of the largest

Vanguard advice?   Vanguard is one of the largest investment companies in the world with decades of experience and global recognition. Our highly respected investment managers, researchers, strategists, and economists have developed a deep expertise

and economists have developed a deep expertise in all areas of investing. You'll get access to the best thinking of these Vanguard experts along with a customized plan based on your personal goals that applies our methodologies to your situation. On

applies our methodologies to your situation. On top of that, our financial advisors are ready to help when you need it, by phone, email, or video chat.   How do I know if Vanguard advice is right for me?   Personal Advisor Select might be a good fit

me?   Personal Advisor Select might be a good fit for you if: You have questions about investing. You want a smart strategy to save for things like: funding your retirement, saving for college tuition, buying a home, or starting a business. You

buying a home, or starting a business. You don't enjoy making investment decisions or you'd rather spend your time doing other things. (You want someone else to keep an eye on your portfolio for you.) It's tough to stick to a long-term plan or you

It's tough to stick to a long-term plan or you often react to market volatility.You have to make complex financial decisions (Social Security, health care funding, or withdrawing retirement savings) and want help making these decisions. You believe

and want help making these decisions. You believe in the power of diversification, low costs, and a long-term view. You want help managing your investments in a tax-efficient manner and want to take advantage of tax-loss harvesting. If you're

take advantage of tax-loss harvesting. If you're looking for an advisor who will identify "hot" investment trends and actively trade to beat the market, Personal Advisor Select is NOT the right fit for you. To review some questions you should ask if

you. To review some questions you should ask if you’re considering financial advice, read the Advisor Client Relationship Summary (Form CRS) conversation starter questions. You can also get important details about this service, including asset-based

details about this service, including asset-based service levels and fee breakpoints, in the Vanguard Personal Advisor Select Brochure.   How do I know your advisors will focus on my best interests?   Focusing on investors' best interests is what

more about our investment philosophy and company history Personal Advisor Select is held to fiduciary standards under applicable regulations. (Meaning our advisors are required to act in your best interests at all times.) Also, our advisors don't

interests at all times.) Also, our advisors don't receive commissions.   Can I be a successful investor without a Vanguard advisor?   We've always believed that successful investing can be simpler than many people think, but decades of experience

than many people think, but decades of experience have taught us that not everyone is as passionate about investing as we are—and that's okay. For people who aren't as interested in creating and monitoring an in-depth financial plan (or delving into

an in-depth financial plan (or delving into the nuances of asset allocation, rebalancing, taxes, and goal prioritization), we're here to help. We also believe that talking to an advisor can be helpful if things get a bit stormy, whether it's in the

if things get a bit stormy, whether it's in the market or your personal life.   What can I expect initially?   First, you'll fill us in on some information (things like your needs and goals, including a timeline for each, and information on your

a timeline for each, and information on your non-Vanguard assets). You can do this online or over the phone.Then you'll set up a time to speak to an advisor. The advisor will get to know you, answer any questions you have, and make sure we have

any questions you have, and make sure we have everything we need to build your customized financial plan. Once your plan is created (within a few weeks), you'll meet with an advisor again to go through it. At that time, you can decide whether the

it. At that time, you can decide whether the plan and the service are a good fit for you—with no obligation.   How do I get started?   You can get started online or by phone. Be ready to tell us about your investment objectives for funding your

about your investment objectives for funding your retirement, saving for college, paying off debt, buying a home, or other goals, and a timeline for each one. We'll also need an estimate of your income and spending needs, as well as information on

and spending needs, as well as information on any non-Vanguard assets or income (including an approximation of your expected Social Security benefits). Then you'll schedule a time to meet with an advisor and you're on your way!   How do I log into

and you're on your way!   How do I log into my trust services account?   Log in to your trust portfolio here       Curious about Personal Advisor Select? Get to know us, and find out what to expect if you enroll.   We may also send you other

if you enroll.   We may also send you other Vanguard information you might be interested in. You can opt out at any time.        Ready to get started?  See what Vanguard Personal Advisor Select can do for you. 877-665-8498Monday through Friday, 8

do for you. 877-665-8498Monday through Friday, 8 a.m. to 8 p.m., Eastern time  Get started     **Tax-loss harvesting involves certain risks, including, among others, the risk that the new investment could have higher costs than the original

could have higher costs than the original investment and could introduce portfolio tracking error into your accounts. There may also be unintended tax implications. We recommend that you carefully review the terms of the consent and consult a tax

review the terms of the consent and consult a tax advisor before taking action. †If you only have assets in an employer-sponsored plan account eligible for Vanguard Personal Advisor Select, the minimum to enroll is $250,000 or more in advised

minimum to enroll is $250,000 or more in advised retirement plan assets. All investing is subject to risk, including the possible loss of the money you invest. We recommend that you consult a tax or financial advisor about your individual

a tax or financial advisor about your individual situation.nguard.com advice personal hybrid robo advisor.   Personal Advisor  Vanguard            Have questions? Call us Monday through Friday, 8 a.m. to 8 p.m., Eastern time at 877-665-8495   ×

to 8 p.m., Eastern time at 877-665-8495   ×             Vanguard Personal Advisor Professional advisors, leading technology Sophisticated technology with the support of advisors can help you meet any financial goal.  Get started     Talk to an

any financial goal.  Get started     Talk to an investment professional  877-665-8495Monday through Friday, 8 a.m. to 8 p.m., Eastern time Our phones are closed nowWe can call you back.          Personal Advisor  Phone Number 877-665-8495Monday

Personal Advisor  Phone Number 877-665-8495Monday through Friday, 8 a.m. to 8 p.m., Eastern time  Get started      Experience the best of both worlds — expert advice blended with an intuitive platform.  $50,000 in minimum assets to enroll1   See how

$50,000 in minimum assets to enroll1   See how we tailor advice to you   Browse options         Our advisors offer:  Relationships built on a fiduciary duty to always act in your best interests. Advice for moments that matter, like during

Advice for moments that matter, like during unpredictable markets.       Our advice technology gives you:  Access to state-of-the-art financial planning and portfolio construction capabilities. Guidance to save for goals like retirement and more. An

to save for goals like retirement and more. An automated tax-loss harvesting* service to help reduce your tax bill and keep more of your returns.       We all have moments when we need some advice Why choose advice?  Gain peace of mind as we monitor

choose advice?  Gain peace of mind as we monitor your investments. Save time with automatic asset adjustments. Know when you're on track with your financial goals. Discover opportunities that may decrease your tax bill. Our advisors are here to talk

your tax bill. Our advisors are here to talk through:   Changes in income. Unexpected expenses. Goal prioritization. Tax strategies.  Spending in retirement. Health care costs. Debt management.      Unique goals deserve personalized strategies As an

goals deserve personalized strategies As an advice client, your financial journey drives the diversified blend of ETFs (exchange-traded funds) and mutual funds included in your portfolio—regardless of which investment option you choose. Already have

which investment option you choose. Already have investments with us? You may be able to keep some of your current investments when you enroll to lessen tax impacts.  All-index investment option    Your personalized all-index investment option will

personalized all-index investment option will center on low-cost Vanguard ETFs®, offering broad diversification covering nearly all aspects of U.S. and international stock and bond markets.   Who benefits from this investment option? Investors

benefits from this investment option? Investors looking for index funds that track broad U.S. and international stock and bond markets. If you have higher taxable income, we'll use tax-exempt investments for your U.S. bond allocation in your taxable

for your U.S. bond allocation in your taxable accounts.**   What are the advisory fees? $35 You’ll pay no more than $35 per $10,000 annually.2    What funds are used in this investment option?   VTI Total Stock Market ETF  BND Total Bond Market ETF

Stock Market ETF  BND Total Bond Market ETF  BNDX Total International Bond ETF  VXUS Total International Stock ETF    Interested in this investment option?  Get started     Active/Index investment option    Your personalized active/index investment

Your personalized active/index investment option of Vanguard ETFs® and mutual funds will combine the chance for higher returns from actively managed funds with the broad diversification of index funds. It may also include up to 3 Advice Select

funds. It may also include up to 3 Advice Select funds available exclusively to our advice services clients.   Who benefits from this investment option? Investors who are patient when active funds have periods of underperformance and are willing to

periods of underperformance and are willing to pay a higher advisory fee with no guarantee of long-term outperformance. If you have higher taxable income, we'll use tax-exempt investments for your U.S. bond allocation in your taxable accounts.**

bond allocation in your taxable accounts.**   What are the advisory fees? $40 You’ll pay no more than $40 per $10,000 annually.2    What funds are used in this investment option?   VHCAX Capital Opportunity Fund Admiral™ Shares  VADGX Advice Select

Fund Admiral™ Shares  VADGX Advice Select Dividend Growth Fund  VZICX International Core Stock Fund Admiral Shares  VAGVX Advice Select Global Value Fund  VAIGX Advice Select International Growth Fund  VCOBX Core Bond Fund Admiral Shares  VTI Total

VCOBX Core Bond Fund Admiral Shares  VTI Total Stock Market ETF  BND Total Bond Market ETF  BNDX Total International Bond ETF  VXUS Total International Stock ETF    Interested in this investment option?  Get started     ESG investment option

option?  Get started     ESG investment option    Your environmental, social, and governance (ESG) investment option will help to align with your preferences by substituting Vanguard ETFs® that apply prescreened ESG criteria defined by third-party

prescreened ESG criteria defined by third-party index providers.It will also contain certain non-ESG bond ETFs to provide additional diversification.***   Why might you choose this investment option? Investors who are seeking an investment option

Investors who are seeking an investment option that helps to align their personal preferences. Though not as broadly diversified as total market funds, the ESG funds we use—when combined—include thousands of stocks and bonds to help balance

thousands of stocks and bonds to help balance investment risk and reward.   If you have higher taxable income, we'll use tax-exempt investments for your U.S. bond allocation in your taxable accounts.**   What are the advisory fees? $35 You’ll pay no

What are the advisory fees? $35 You’ll pay no more than $35 per $10,000 annually.2    What funds are used in this investment option?   VCEB ESG U.S. Corporate Bond ETF  ESGV ESG U.S. Stock ETF  VSGX ESG International Stock ETF  BNDX Total

ETF  VSGX ESG International Stock ETF  BNDX Total International Bond ETF    Interested in this investment option?  Get started         × Industry average *Source: PriceMetrix by McKinsey. Average fees are based on data contained in PriceMetrix’s

fees are based on data contained in PriceMetrix’s proprietary database, representing more than 20 North American wealth management firms that represent 70,000 financial advisors. PriceMetrix’s data set covers nearly half of retail assets managed by

covers nearly half of retail assets managed by full-service financial advisors. The average fees for new accounts are based on households with assets of $1 million to $1.5 million. PAS clients at the same asset level will be assessed a 0.30%

at the same asset level will be assessed a 0.30% advisory fee. Note that full-service advisors, including PAS, may provide a tiered-fee structure based on the level of assets being managed, and may require a minimum asset level to manage the

may require a minimum asset level to manage the accounts. The average fees do not consider other costs, including underlying product costs, transaction costs, or other account costs. Unless otherwise noted, all data are reported as of December 31,

noted, all data are reported as of December 31, 2020.      Frequently asked questions   What's the minimum amount I need to enroll in Personal Advisor?   Enrollments in Personal Advisor require an aggregate $50,000 balance or greater in eligible

aggregate $50,000 balance or greater in eligible Vanguard Brokerage Accounts.For each taxable, traditional, Roth, or rollover IRA you wish to enroll, the entire balance must be in certain investment types (based on eligibility screening by Personal

types (based on eligibility screening by Personal Advisor at the time of enrollment, see next question for more details) and/or the brokerage account's settlement fund.   Who’s eligible to enroll?   To enroll, you'll need to meet the following

To enroll, you'll need to meet the following requirements: You have a retail Vanguard Brokerage Account with a balance of at least $50,000. (If you're new to Vanguard, opening an account is simple.) You're a United States resident, or you have an

do not live in the same household as—a board member, executive, or someone who’s able to influence policy in a publicly traded corporation. If you have a Vanguard-administered 401(k) retirement account, you may also be eligible to enroll4.

account, you may also be eligible to enroll4. Restrictions may apply to certain organization members. Vanguard Brokerage Option (VBO®) accounts offered by plan sponsors aren't eligible for management by Personal Advisor. Special notice to non-U.S.

by Personal Advisor. Special notice to non-U.S. investors    What type of accounts can Personal Advisor manage?   Personal Advisor can manage eligible 401(k) retirement accounts and the following types of retail Vanguard Brokerage Accounts:

types of retail Vanguard Brokerage Accounts: Individual or joint tenants with rights of survivorship (JTWROS) taxable accounts. Traditional IRAs. Roth IRAs. Rollover IRAs. However, we recommend that you connect other Vanguard and non-Vanguard

that you connect other Vanguard and non-Vanguard accounts as you plan your goals so we can incorporate them into your goal growth projections, and help you forecast your likelihood of meeting your long-term goals.   What other expenses could I have?

goals.   What other expenses could I have?   You'll incur expenses to invest in the underlying funds, collective investment trusts, and ETFs in your portfolio (i.e., expense ratios). If you're invested in ETFs, collective investment trusts, or

in ETFs, collective investment trusts, or mutual funds today, you're already paying these expenses.We credit the revenue received from your investment portfolio toward the gross advisory fee and deduct only the additional net advisory fee from your

only the additional net advisory fee from your managed accounts. In general, if you incur a fee that results in revenue for Vanguard or a Vanguard affiliate, it will be included in this credit amount. Certain regulatory required trading fees aren't

Certain regulatory required trading fees aren't considered revenue and are still incurred for trades within Vanguard Brokerage Accounts, but not credited. For more information about the fee structure, refer to Form CRS Conversation Starter questions

refer to Form CRS Conversation Starter questions and the Vanguard Personal Advisor Brochure.   Why should I pay for Vanguard advice?   Vanguard is one of the largest investment companies in the world with decades of experience and global

the world with decades of experience and global recognition. Our highly respected investment managers, researchers, strategists, and economists have developed a deep expertise in all areas of investing. You'll get access to the best thinking of

You'll get access to the best thinking of these Vanguard experts along with an investment strategy based on your personal goals that applies our methodologies to your situation. On top of that, our financial advisors are ready to help when you need

advisors are ready to help when you need it.   How do I know if Vanguard advice is right for me?   Personal Advisor might be a good fit for you if: You have questions about investing. You don't enjoy making investment decisions or you'd rather spend

making investment decisions or you'd rather spend your time doing other things. It's tough to stick to a long-term plan or you often react to market volatility. You have to make complex financial decisions (Social Security, health care funding, or

(Social Security, health care funding, or withdrawing retirement savings) and want help making these decisions. You believe in the power of diversification, low costs, and a long-term view. You want help managing your investments in a tax-efficient

help managing your investments in a tax-efficient manner. If you're looking for an advisor who will identify "hot" investment trends and actively trade to beat the market, Personal Advisor is NOT the right fit for you.   What active investing

the right fit for you.   What active investing options does Personal Advisor offer?   Personal Advisor offers a portfolio of actively managed mutual funds and index ETFs for Vanguard Brokerage Accounts. During the onboarding process, you'll take an

During the onboarding process, you'll take an assessment to determine whether you have the risk temperament for active strategies and can ride out periods of active underperformance.Incorporating active funds allows for greater portfolio

active funds allows for greater portfolio personalization and the potential for better investment outcomes for those clients willing to pay a higher cost for that potential.   How do I know your advisors will focus on my best interests?   Focusing

will focus on my best interests?   Focusing on investors' best interests is what Vanguard was built on. We were founded on the mission to take a stand for investors to help give them the best possible chance for success. Learn more about our

possible chance for success. Learn more about our investment philosophy and company history. Personal Advisor is held to fiduciary standards under applicable regulations. (Meaning our advisors are required to act in your best interests at all

are required to act in your best interests at all times.) Also, our advisors don't receive commissions.   Can I be a successful investor without Vanguard advice?   We've always believed that successful investing can be simpler than many people

investing can be simpler than many people think, but decades of experience have taught us that not everyone is as passionate about investing as we are—and that's okay. For people who aren't as interested in creating and monitoring an in-depth

interested in creating and monitoring an in-depth financial plan (or delving into the nuances of asset allocation, rebalancing, taxes, and goal prioritization), we're here to help. We also believe that talking to an advisor can be helpful if things

talking to an advisor can be helpful if things get a bit stormy, whether it's in the market or your personal life.   What can I expect initially?   If you don’t already have an account with Vanguard, you’ll be asked to create one with a username and

you’ll be asked to create one with a username and password. Then you'll fill us in on information related to your financial profile. Expect to answer questions related to your risk tolerance, short- and long-term financial goals, and general

short- and long-term financial goals, and general financial health. This helps us create a customized portfolio just for you. You may schedule an appointment with an advisor before enrolling to ensure our advice offer and portfolio construction plan

our advice offer and portfolio construction plan suits your personalized needs. After enrolling, you'll have access to an advisor at any time. Simply schedule an appointment on your Personal Advisor dashboard. Additionally, you'll continue to

dashboard. Additionally, you'll continue to receive nudges to complete your financial picture even after enrolling. This may include setting up automated contributions to meet your goals, defining your emergency savings, choosing a Medicare plan

your emergency savings, choosing a Medicare plan prior to becoming eligible, preparing for healthcare costs in retirement, and more.       Check out our other advice offerings      Digital Advisor  Simplify your life with our robo-advisor.  Learn

Simplify your life with our robo-advisor.  Learn more         Personal Advisor Select  Partner with an advisor for the long term.  Learn more       All investing is subject to risk, including the possible loss of the money you invest.

the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss. Visit vanguard.com to obtain a Vanguard mutual fund or Vanguard ETF prospectus or, if available, a summary prospectus, which contains

available, a summary prospectus, which contains investment objectives, risks, charges, expenses, and other information; read and consider it carefully before investing. All costs associated with fund expense ratios still apply at all times. The fee

expense ratios still apply at all times. The fee waiver promotion is available for Vanguard Brokerage Accounts only. 1Enrollments in Personal Advisor require an aggregate $50,000 balance or greater in eligible Vanguard Brokerage Accounts. For each

in eligible Vanguard Brokerage Accounts. For each taxable, traditional, Roth, or rollover IRA you wish to enroll, the entire balance must be in certain investment types (based on eligibility screening by Personal Advisor at the time of enrollment)

by Personal Advisor at the time of enrollment) and/or the brokerage account's settlement fund. 2Vanguard Personal Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.35% for its all-index investment options and 0.40% for an

its all-index investment options and 0.40% for an active/index mix. These services reduce those fees by the amount of revenue that Vanguard (or a Vanguard affiliate) retains from your portfolio in order to calculate your net advisory fee. Note that

to calculate your net advisory fee. Note that this fee doesn't include investment expense ratios. Please review the service’s advisory brochure for more fee information.  *Tax-loss harvesting involves certain risks, including, among others, the risk

certain risks, including, among others, the risk that the new investment could have higher costs than the original investment and could introduce portfolio tracking error into your accounts. There may also be unintended tax implications. We

There may also be unintended tax implications. We recommend that you carefully review the terms of the consent and consult a tax advisor before taking action. **Although the income from a municipal bond fund is exempt from federal tax, you may owe

bond fund is exempt from federal tax, you may owe taxes on any capital gains realized through the fund's trading or through your own redemption of shares. For some investors, a portion of the fund's income may be subject to state and local taxes, as

may be subject to state and local taxes, as well as to the federal Alternative Minimum Tax.***To maintain diversification, this portfolio option will also include non-ESG investments to achieve your target asset allocation for international and

target asset allocation for international and domestic bonds. The ESG investment option gives Personal Advisor clients the ability to substitute certain existing holdings with Vanguard ETFs that invest according to an index that has been

that invest according to an index that has been pre-screened based on ESG factors determined by a third-party index provider. There is no guarantee that the ESG investment option will perform better than the other investment options. ESG funds are

than the other investment options. ESG funds are subject to ESG investment risk, which is the chance that the stocks or bonds screened by the index provider for ESG criteria generally will underperform the market as a whole or, in the aggregate,

the market as a whole or, in the aggregate, will trail returns of other funds screened for ESG criteria. The index provider's assessment of a company, based on the company's level of involvement in a particular industry or the index provider's own

a particular industry or the index provider's own ESG criteria, may differ from that of other funds or of the advisor's or an investor's assessment of such company. As a result, the companies deemed eligible by the index provider may not reflect the

by the index provider may not reflect the beliefs and values of any particular investor and may not exhibit positive or favorable ESG characteristics. The evaluation of companies for ESG screening or integration is dependent on the timely and

or integration is dependent on the timely and accurate reporting of ESG data by the companies. Successful application of the screens will depend on the index provider's proper identification and analysis of ESG data. 3Based on enrolling accounts

of ESG data. 3Based on enrolling accounts holding assets in the settlement fund that are invested in a portfolio of Vanguard Total Stock Market ETF, Total International Stock ETF, Total Bond Market ETF, and Total International Bond ETF. You should

ETF, and Total International Bond ETF. You should consult your plan fee disclosure notice for the applicable annual gross advisory fees that apply to your 401(k) account. 4Vanguard-administered 401(k) retirement accounts are only eligible for

401(k) retirement accounts are only eligible for management by Personal Advisor if the plan sponsor has elected to offer Personal Advisor to the plan's participants and the participants meet the eligibility criteria. Vanguard’s advice services are

criteria. Vanguard’s advice services are provided by Vanguard Advisers, Inc.nguard.com advice robo advisor.   Robo-Advisor - Automated Investing Services  Vanguard             Vanguard Digital Advisor® You live in the moment—we'll plan ahead

Advisor® You live in the moment—we'll plan ahead Balancing multiple financial goals just got easier.  Get started          Digital Advisor®  No advisory fees for 90 days.3  Get started      Focus on the present while Digital Advisor focuses on the

the present while Digital Advisor focuses on the future  $3,000 in minimum assets to enroll1   See how we tailor advice to you   Browse options         Ongoing support  We'll monitor your investments and rebalance your portfolio as needed.

and rebalance your portfolio as needed.       Low-cost investing  For all-index investment options, you'll pay no more than $2 a year for every $1,000 Digital Advisor manages.2       Potential tax reduction**  Take advantage of our free tax-loss

reduction**  Take advantage of our free tax-loss harvesting Tax-loss harvesting (TLH) is the timely selling of securities at a loss to offset a capital gains tax due on the sale of other securities at a profit. service to help reduce your tax bill

at a profit. service to help reduce your tax bill and keep more of your returns.     × What is a robo-advisor?   You may have heard the term "robo-advisor" before. As more and more people are turning to their phones and tablets [Visual: man using

to their phones and tablets [Visual: man using phone and woman using tablet and laptop.] to handle their finances, it's a word that's getting a lot of use. But what are robo-advisors, and what do they do? Here's an overview that can help you decide

do? Here's an overview that can help you decide whether a robo-advisor might be a good fit for your life and finances.   A robo-advisor is an online platform that manages your investments automatically. It's financial advice that comes from an

It's financial advice that comes from an algorithm instead of a person, and it can take a lot of the time, guesswork, and stress out of owning a portfolio.   When you sign up for a robo-advisor, it'll ask for [Visual: Basic information listed is:

ask for [Visual: Basic information listed is: Name, date of birthday, retirement status of working/not retired or retired.] basic information  about your goals, risk tolerance, and the length of time you want to stay invested.   Then technology

time you want to stay invested.   Then technology takes over to suggest a portfolio for you—but it doesn't stop there.A robo-advisor also does the actual investing for you, and it'll manage those investments over time, rebalancing periodically to

over time, rebalancing periodically to make sure your asset mix stays on the right track. [Visual: Asset mix example shows 75% stocks, 20% bonds, 5% cash.] All behind the scenes, all automatically. It's pretty cool when you think about it.   A

It's pretty cool when you think about it.   A robo-advisor can be a good option for people who don't want the stress [Visual: woman using calculator, paper and laptop.] of keeping up with the markets or managing their own portfolios. You can set it

or managing their own portfolios. You can set it and forget it, or set it and check in [Visual: Example: Your total goals balance is $132,400, broken down by Total Vanguard Assets of $132,400, your yearly contributions of $13,800, and risk attitude

contributions of $13,800, and risk attitude of Moderate.] as often as you want. You get the peace of mind that comes from knowing your money is working hard for you, without all the time and effort it takes to do everything yourself.   Robo-advisors

takes to do everything yourself.   Robo-advisors come with another perk. They often charge less in fees than traditional financial advice services, and you can usually start investing with a lower initial deposit.   There are hundreds of

a lower initial deposit.   There are hundreds of robo-advisors out there, and not all of them are alike. That's why it's important to research and compare options to decide what works best for you. Robo-advisors do share one important thing in

Robo-advisors do share one important thing in common, though—they're built to give you the time and freedom to focus on the things in your life that matter the most. After all, this is your journey. [Visual: Be your best financial self™]   Vanguard®

Be your best financial self™]   Vanguard® vanguard.com/robo-advisor   All investing is subject to risk, including the possible loss of the money you invest.   Vanguard Digital Advisor's services are provided by Vanguard Advisers, Inc. ("VAI"), a

provided by Vanguard Advisers, Inc. ("VAI"), a federally registered investment advisor. VAI is a subsidiary of VGI and an affiliate of VMC. Neither VAI nor its affiliates guarantee profits or protection from losses. For more information, please

from losses. For more information, please review Form CRS and the Vanguard Digital Advisor brochure.   × Introducing Vanguard Digital Advisor   Life's not slowing down, and neither are you. [Visual: Couple laughing with children.] Between planning

Couple laughing with children.] Between planning for retirement, [Visual: Woman using iPad.] enjoying time with your loved ones, [Visual: Couple playing with dog.]  and just staying in the moment, [Visual: Children splashing in puddle.] you deserve

Children splashing in puddle.] you deserve an investing solution that has your back.   Let us introduce you [Visual: Couple looking at laptop] to Vanguard Digital Advisor®—simple, convenient, and built to help you save [Visual: Two people playing

to help you save [Visual: Two people playing with child.]for retirement or other goals that are important to you. [Visual: Woman holding child.]   Powered by data-driven technology and backed by Vanguard's 45 years of investment experience, you can

45 years of investment experience, you can feel confident that Digital Advisor works in your best interest. Digital Advisor can recommend a personalized asset mix [Visual: Graphic shows 80% stocks, 20% bonds and cash.] based on your goals and

20% bonds and cash.] based on your goals and appetite for risk.   Hungry for more? [Visual: Family having dinner.] Digital Advisor [Visual: Laptop displays sample Digital Advisor dashboard, including Total goals balance.] will automatically

Total goals balance.] will automatically rebalance your portfolio to help keep your investments on track. You can always check in to see your progress.   And if you've got debt weighing on your mind, [Visual: Example shows payment strategies with

[Visual: Example shows payment strategies with sample payment and interest amounts, and debt free timeframes.] our debt calculator can help you pay it off faster and with less interest by looking at your different sources of debt and recommending

your different sources of debt and recommending the best order to pay it off.   Saving up for your dream house? [Visual: Example representing move-in date and savings goal amount.] Or kitchen? [Visual: Example representing renovation start date and

Example representing renovation start date and savings goal amount.]  Or wedding? [Visual: Example representing wedding date and savings goal amount.] We've got you covered.Experiment with different options [Visual: Woman typing into laptop a

options [Visual: Woman typing into laptop a Business start and savings goal.] and save for your retirement and that new car—and maybe that new kitchen, too!   With no advisory fees for the first 90 days of your enrollment, there's no better time to

of your enrollment, there's no better time to get started. Head to our website today, so we can start helping you reach your goals—and you can get back to what matters most. [Visual: Families smiling together.]   Vanguard®

[Visual: Families smiling together.]   Vanguard® vanguard.com/digital-advisor   All investing is subject to risk, including the possible loss of the money you invest.   Vanguard Digital Advisor's services are provided by Vanguard Advisers, Inc.

services are provided by Vanguard Advisers, Inc. ("VAI"), a federally registered investment advisor. VAI is a subsidiary of VGI and an affiliate of VMC. Neither VAI nor its affiliates guarantee profits or protection from losses.   Vanguard Digital

or protection from losses.   Vanguard Digital Advisor is an all-digital service. Digital Advisor's annual net advisory fee is approximately 0.15% across your enrolled accounts for a typical ETF investment portfolio, although your actual net fee will

portfolio, although your actual net fee will vary depending on the specific holdings in each enrolled account. Vanguard Digital Advisor charges a 0.20% annual gross advisory fee to manage Vanguard Brokerage Accounts. However, we'll credit you for

Brokerage Accounts. However, we'll credit you for the revenues that The Vanguard Group, Inc. ("VGI"), or its affiliates receive from the securities in your Digital Advisor managed portfolio (i.e., at least that portion of the expense ratios of the

least that portion of the expense ratios of the Vanguard funds held in your portfolio that VGI or its affiliates receive). Your net advisory fee can also vary by enrolled account type. The combined annual cost of Vanguard Digital Advisor's annual

annual cost of Vanguard Digital Advisor's annual net advisory fee plus the expense ratios charged by the Vanguard funds in your managed portfolio will be 0.20% for Vanguard Brokerage Accounts. For more information, please review Form CRS and the

more information, please review Form CRS and the Vanguard Digital Advisor brochure.   The debt calculator helps you project the impact of different fixed-rate debt payments over time. To analyze your debt payments, you'll use a third-party

your debt payments, you'll use a third-party aggregation service. There are limitations to the aggregated information, including inability to carve out any escrow payments.There also could be missing or inaccurate information, such as taxes and

or inaccurate information, such as taxes and insurance, that you'll need to closely review in using the calculator.   Once you enroll a taxable brokerage account in Vanguard Digital Advisor, you'll have the option to add nonretirement goals to your

the option to add nonretirement goals to your Digital Advisor profile. This can help you balance retirement with your other major financial goals. At this time, Digital Advisor only supports nonretirement goals you'd like to achieve before you reach

goals you'd like to achieve before you reach age 59½.    × Enrolling in Vanguard Digital Advisor®   Welcome to Vanguard Digital Advisor! You’re just a few steps away from stress-free automated investing that’s tailored to your goals. We’ll walk you

that’s tailored to your goals. We’ll walk you through what to expect when you enroll so you can have all the right documents and information ready. Once you start the Digital Advisor enrollment process, it’s okay if you need to pause it at any

process, it’s okay if you need to pause it at any point. You’ll be able to save your progress and come back to it anytime.   [Visual: Laptop screen shows enrollment screen asking for personal information like name, date of birth, and email address.]

like name, date of birth, and email address.]   First, if you don’t already have an account with Vanguard, you’ll be asked to create a basic profile with a username and password.   [Visual: Laptop screen shows enrollment screen asking client to

screen shows enrollment screen asking client to create credentials]   Then you’ll fill out your financial profile, which helps us get to know you. You’ll need to provide some details on your current tax filing info, your income (including any

tax filing info, your income (including any bonuses), any retirement accounts you’re contributing to, and your estimated household spending. So, it’s good to have that information handy!   [Visuals: Portions of enrollment screens are overlaid on

Portions of enrollment screens are overlaid on video asking client to fill out their financial profile information.]   Next, you’ll take our risk attitude quiz. This helps us understand how much risk you’re comfortable taking on.   [Visuals: Various

you’re comfortable taking on.   [Visuals: Various risk options appear as chart formats overlaid on the screen highlighting different amounts of money a client could hypothetically gain or lose by investing.Some levels of money shown include ‘I’m

investing.Some levels of money shown include ‘I’m willing to risk a $880 loss to my savings for a potential $3,070 gain.’ and ‘I’m willing to risk a $3,400 loss to my savings for a potential $6,300 gain.’]   You’ll answer questions about what you’d

You’ll answer questions about what you’d do in hypothetical situations that involve taking risks for the possibility of higher investment returns. At the end, you’ll get a risk tolerance recommendation. This will guide how Digital Advisor invests

This will guide how Digital Advisor invests your funds.   [Visuals: A graphic highlighting that as a result of the risk attitude quiz, the client’s risk attitude is “Very aggressive” on a scale from Very Conservative to Very Aggressive is shown.]

Very Conservative to Very Aggressive is shown.]   Then it’s time to create your retirement goal. We’ll ask you to set a target retirement age, so you’ll have an idea of how much cash you’ll need to be able to comfortably stop working by then.

to be able to comfortably stop working by then.   [Visuals: Portions of enrollment screens are overlaid on video asking client to enter a range of ages they think they’ll retire during. Screens showing other questions about how long they plan to

other questions about how long they plan to spend in retirement and possible income in retirement appear on client’s laptop.]   A well-funded retirement is your ultimate destination on the road to financial freedom, and that’s the goal we’re aiming

freedom, and that’s the goal we’re aiming for.   [Visuals: Portions of enrollment screens that show a range of 10,000 scenarios that predict a client’s possible account balances at retirement are overlaid on video. The hypothetical client is also

on video. The hypothetical client is also shown that their retirement goal appears to be “well-funded.”]   If you don’t have exact answers to the questions in this section, it’s okay! Just enter your best guess and you can update it later.   Now

best guess and you can update it later.   Now you’ll be able to see the retirement plan Digital Advisor built based on all the information you entered.   [Visuals: Portions of enrollment screens are overlaid on video showing an “optimal” retirement

overlaid on video showing an “optimal” retirement option for the hypothetical client with age and possible monthly income displayed so that the client can choose that option.]   You can make changes to anything on this screen to see how different

to anything on this screen to see how different numbers would change your overall outlook.  [Visuals: Portions of enrollment screens are overlaid on video showing the client making changes to their planned retirement age and planned number of years

retirement age and planned number of years they think they’ll spend in retirement to see if their retirement goal remains well-funded.]   After you’re enrolled in Digital Advisor, you’ll also be able to set additional goals to track all the other

to set additional goals to track all the other cool things you’re saving for.   [Visuals: Portions of enrollment screens are overlaid on video showing the option to save for other goals like the client’s business. They enter they want to save

client’s business. They enter they want to save $80,000 by 2/2/2025 to invest in their new business.]   If you don’t already have an account with Vanguard, the next step in the process is to open one and deposit some cash into it so that Digital

one and deposit some cash into it so that Digital Advisor can start doing what it does best: investing for you.   [Visuals: Portions of enrollment screens are overlaid on video asking client to fill in the type of account they want to open and to

in the type of account they want to open and to enter additional personal information, like their Social Security number, address, and phone number.]   You’ll need at least $3,000 to begin, so be sure to have your bank account and routing numbers

to have your bank account and routing numbers ready.   [Visuals: Portions of enrollment screens are overlaid on video showing how the client can enter their bank account information.]   Now you’re in the home stretch. You’ll be asked to select which

the home stretch. You’ll be asked to select which account or accounts to enroll in Digital Advisor. If you already have eligible accounts with us, they’ll show up here for you to choose from—otherwise, you can select the one you just opened.

you can select the one you just opened.   [Visuals: Client looking at their laptop and reviewing their final enrollment application.]   You’ll also see what your account’s asset allocation will be based on your risk attitude.  [Visuals: Portions of

on your risk attitude.  [Visuals: Portions of enrollment screens are overlaid on video showing a pie chart with the hypothetical client’s recommended asset allocation of 80% stocks and 20% bonds and cash.]   Hit confirm, and that’s it—you’re in!

cash.]   Hit confirm, and that’s it—you’re in!   [Visuals: The word “Congratulations!” appears on the screen with confetti around it.]   Now the real work begins, but not for you—for the smart technology you’ve chosen to manage your

the smart technology you’ve chosen to manage your investments. Nice.   [Visuals: The Vanguard wordmark, short URL (vanguard.com/digital-advisor), and Legal disclosures appear on-screen.]   Important information   All investing is subject to risk,

information   All investing is subject to risk, including the possible loss of the money you invest.   Vanguard Digital Advisor's services are provided by Vanguard Advisers, Inc., a registered investment advisor (VAI).   For more information, please

advisor (VAI).   For more information, please review Form CRS and the Vanguard Digital Advisor brochure.   Vanguard Digital Advisor's financial planning tools provide projections and goal achievement forecasts that are hypothetical in nature.

forecasts that are hypothetical in nature. They’re provided for educational purposes only and aren’t guarantees of future results.   For more information see the Privacy Policy and Service Agreement.    © 2022 The Vanguard Group, Inc. All rights

© 2022 The Vanguard Group, Inc. All rights reserved.    Learn more about Vanguard Digital Advisor     What is a robo-advisor?     Introducing Vanguard Digital Advisor     How to enroll in Vanguard Digital Advisor     Meet the technology that's

Digital Advisor     Meet the technology that's helping more investors feel confident about their future. Play video   View transcript  Duration: 2:02  What is a robo-advisor?     Put our robo-advisor to work—and make staying on track to your

to work—and make staying on track to your financial goals simple. Play video   View transcript  Duration: 1:44  Introducing Vanguard Digital Advisor     Learn what to expect when you sign up for Vanguard Digital Advisor. Play video   View transcript

Digital Advisor. Play video   View transcript  Duration: 3:12  Your journey to the future   Learn more about Vanguard Digital Advisor    Meet the technology that's helping more investors feel confident about their future. Play video   View

confident about their future. Play video   View transcript  Duration: 2:02  What is a robo-advisor?     Put our robo-advisor to work—and make staying on track to your financial goals simple.Play video   View transcript  Duration: 1:44  Introducing

View transcript  Duration: 1:44  Introducing Vanguard Digital Advisor     Learn what to expect when you sign up for Vanguard Digital Advisor. Play video   View transcript  Duration: 3:12  Your journey to the future   Pause Play Previous What is a

to the future   Pause Play Previous What is a robo-advisor? Introducing Vanguard Digital Advisor How to enroll in Vanguard Digital Advisor Next    See Digital Advisor in use     Guidance on all your finances Play video or view transcript (0:10)   ×

Play video or view transcript (0:10)   ×     Play video   Guidance on your whole financial picture Your dashboard reflects your progress in saving for retirement, and you can see exactly where your money is invested.          A clear retirement

money is invested.          A clear retirement outlook Play video or view transcript (0:12)   ×     Play video   A clear retirement outlook Here you can view how making changes to your retirement age, spending amount, or contributions impacts your

spending amount, or contributions impacts your progress toward a successful retirement.         Support for more than retirement Play video or view transcript (0:24)   ×     Play video   Support for more than retirement Once you've set your

for more than retirement Once you've set your retirement goals, you can add other financial goals, like buying a home. We'll create a strategy for each new goal while keeping your retirement plan on track.           Enjoy no advisory fees for 90

on track.           Enjoy no advisory fees for 90 days3  Get started      Unique goals deserve personalized strategies As an advice client, your financial journey drives the diversified blend of ETFs (exchange-traded funds) and mutual funds included

(exchange-traded funds) and mutual funds included in your portfolio—regardless of which investment option you choose. Already have investments with us? You may be able to keep some of your current investments when you enroll to lessen tax impacts.

when you enroll to lessen tax impacts.   All-index investment option    Your personalized all-index investment option will center on low-cost Vanguard ETFs®, offering broad diversification covering nearly all aspects of U.S. and international stock

all aspects of U.S. and international stock and bond markets.   Who benefits from this investment option? Investors looking for index funds that track broad U.S. and international stock and bond markets. If you have higher taxable income, we'll use

If you have higher taxable income, we'll use tax-exempt investments for your U.S.bond allocation in your taxable accounts.***   What are the advisory fees? $20 You’ll pay no more than $20 per $10,000 annually.2    What funds are used in this

$10,000 annually.2    What funds are used in this investment option?   VTI Total Stock Market ETF  BND Total Bond Market ETF  BNDX Total International Bond ETF  VXUS Total International Stock ETF    Interested in this investment option?  Get started

in this investment option?  Get started     Active/Index investment option    Your personalized active/index investment option of Vanguard ETFs® and mutual funds will combine the chance for higher returns from actively managed funds with the broad

from actively managed funds with the broad diversification of index funds. It may also include up to 3 Advice Select funds available exclusively to our advice services clients.   Who benefits from this investment option? Investors who are patient

this investment option? Investors who are patient when active funds have periods of underperformance and are willing to pay a higher advisory fee with no guarantee of long-term outperformance. If you have higher taxable income, we'll use tax-exempt

have higher taxable income, we'll use tax-exempt investments for your U.S. bond allocation in your taxable accounts.***   What are the advisory fees? $25 You’ll pay no more than $25 per $10,000 annually.2    What funds are used in this investment

What funds are used in this investment option?   VHCAX Capital Opportunity Fund Admiral™ Shares  VADGX Advice Select Dividend Growth Fund  VZICX International Core Stock Fund Admiral Shares  VAGVX Advice Select Global Value Fund  VAIGX Advice

Advice Select Global Value Fund  VAIGX Advice Select International Growth Fund  VCOBX Core Bond Fund Admiral Shares  VTI Total Stock Market ETF  BND Total Bond Market ETF  BNDX Total International Bond ETF  VXUS Total International Stock ETF

Bond ETF  VXUS Total International Stock ETF    Interested in this investment option?  Get started     ESG investment option    Your environmental, social, and governance (ESG) investment option will help to align with your preferences by

will help to align with your preferences by substituting Vanguard ETFs® that apply prescreened ESG criteria defined by third-party index providers. It will also contain certain non-ESG bond ETFs to provide additional diversification.*   Why might

provide additional diversification.*   Why might you choose this investment option? Investors who are seeking an investment option that helps to align their personal preferences. Though not as broadly diversified as total market funds, the ESG funds

diversified as total market funds, the ESG funds we use—when combined—include thousands of stocks and bonds to help balance investment risk and reward.   If you have higher taxable income, we'll use tax-exempt investments for your U.S.bond

use tax-exempt investments for your U.S.bond allocation in your taxable accounts.***   What are the advisory fees? $20 You’ll pay no more than $20 per $10,000 annually.2    What funds are used in this investment option?   VCEB ESG U.S. Corporate

this investment option?   VCEB ESG U.S. Corporate Bond ETF  ESGV ESG U.S. Stock ETF  VSGX ESG International Stock ETF  BNDX Total International Bond ETF    Interested in this investment option?  Get started         Frequently asked questions   How

started         Frequently asked questions   How much does Vanguard Digital Advisor cost?   You'll pay no advisory fees for the first 90 days.3 After that, you'll pay no more than 0.20% in advisory fees for all-index investment options or 0.25% for

for all-index investment options or 0.25% for an active/index mix, depending on your elections. In other words, for every $1,000 Digital Advisor manages you'll pay no more than $2 each year for all-index investment advice (or no more than $2.50 in

investment advice (or no more than $2.50 in advisory fees for an active/index mix). (See our fee calculator above or disclosures below for more details on fees.)2 You should consult your plan fee disclosure notice for the applicable gross advisory

notice for the applicable gross advisory fees that apply to your plan (401k) account. For more information on Digital Advisor's fee structure, refer to Form CRS and the Vanguard Digital Advisor Brochure.   What's the minimum amount I need to enroll

What's the minimum amount I need to enroll in Vanguard Digital Advisor?   Enrollments in Vanguard Digital Advisor require at least $3,000 in each Vanguard Brokerage Account.1  For each taxable, traditional, Roth, or rollover IRA you wish to

traditional, Roth, or rollover IRA you wish to enroll, the entire balance must be in certain investment types (based on eligibility screening by Digital Advisor at the time of enrollment, see next question for more details) and/or the brokerage

question for more details) and/or the brokerage account's settlement fund. For eligible 401(k) retirement accounts, the minimum enrollment balance is $5.7   What else do I need to know about my Vanguard Brokerage Account/settlement fund before I

Brokerage Account/settlement fund before I enroll?   Your eligibility screening will determine whether you have the types of investments that Digital Advisor can manage. In some cases, you'll need to sell all or a portion of certain investments as

sell all or a portion of certain investments as part of the enrollment process so we can manage them for you.For each brokerage account you wish to enroll, the entire balance must be in certain investment types (based on eligibility screening by

types (based on eligibility screening by Digital Advisor at the time of enrollment) and/or the brokerage account's settlement fund. If your brokerage accounts include Vanguard index funds or Vanguard ETFs®, you may be able to keep those investments

ETFs®, you may be able to keep those investments in your Digital Advisor account. However, we may recommend you sell down those or other investments before enrolling. Since there may be costs and tax consequences associated with selling your

and tax consequences associated with selling your existing investments, we use a breakeven cost analysis to weigh the costs of transitioning the investments you hold before enrolling in Digital Advisor (see our Digital Advisor brochure for more

(see our Digital Advisor brochure for more details). We estimate the capital gains tax impacts compared to the expense ratio benefits from selling investments that aren't our lead recommendation (the investment we would typically recommend for you),

investment we would typically recommend for you), but that still align with your recommended asset allocation. So depending on the outcome of the breakeven analysis, we may recommend that you continue to hold certain investments subject to our

to hold certain investments subject to our portfolio construction guidelines—or we may determine it's in your interest to sell down a particular investment during enrollment. The following types of investments cannot be in your brokerage account

investments cannot be in your brokerage account before enrolling in Digital Advisor: non-Vanguard mutual funds, individual bonds, securities traded on international exchanges, preferred stocks, penny stocks, illiquid stocks, and options. In this

stocks, illiquid stocks, and options. In this case, you'd need to sell the ineligible investments and invest the proceeds in your brokerage account settlement fund before enrolling. If you're in this situation, you might also consider opening a new

situation, you might also consider opening a new Vanguard Brokerage Account to enroll in Digital Advisor.  Important: Digital Advisor doesn't assess the suitability of the sale of existing holdings given a particular client's financial

holdings given a particular client's financial circumstances, recommend selling a client's existing holdings to enroll, or provide tax advice. The sale of existing holdings could cause you to incur capital gains—costs associated with incurring

capital gains—costs associated with incurring capital gains vary based on the time you hold a position and your individual tax situation. The cost of incurring capital gains can be substantial. We recommend you consult a qualified tax advisor to

recommend you consult a qualified tax advisor to discuss your individual situation and any potential tax consequences.For eligible 401(k) retirement accounts, Digital Advisor doesn't require a money market or stable value fund minimum balance.7

market or stable value fund minimum balance.7   Who's eligible to enroll in Vanguard Digital Advisor?   To enroll, you'll need to meet the following requirements: You have a retail Vanguard Brokerage Account with a balance of at least $3,000. (If

Account with a balance of at least $3,000. (If you're new to Vanguard, opening an account is simple.) You're a United States resident, or you have an APO/FPO/DPO mailing address. You’re at least 18 years of age. (At least age 19 in Alabama or

18 years of age. (At least age 19 in Alabama or Nebraska and at least age 21 in Mississippi.) You're not—or do not live in the same household as—a board member, executive, or someone who's able to influence policy in a publicly traded corporation.

policy in a publicly traded corporation. If you have a Vanguard-administered 401(k) retirement account, you may also be eligible to enroll.7 Restrictions may apply to certain organization members. Vanguard Brokerage Option (VBO®) accounts offered by

Brokerage Option (VBO®) accounts offered by plan sponsors aren't eligible for management by Digital Advisor. Special notice to non-U.S. investors    What types of accounts can Vanguard Digital Advisor manage?   Digital Advisor can manage eligible

manage?   Digital Advisor can manage eligible 401(k) retirement accounts7 and the following types of retail Vanguard Brokerage Accounts: Individual or joint tenants with rights of survivorship (JTWROS) taxable accounts. Traditional IRAs. Roth IRAs.

taxable accounts. Traditional IRAs. Roth IRAs. Rollover IRAs. However, we recommend that you connect other Vanguard and non-Vanguard accounts as you plan your goals so we can incorporate them into your goal growth projections, and help you forecast

goal growth projections, and help you forecast your likelihood of meeting your long-term goals.   What types of accounts qualify for the 90-day fee waiver offer?   Your first eligible Vanguard Brokerage Account (IRA or taxable) or employer-sponsored

Account (IRA or taxable) or employer-sponsored retirement plan account (401(k)) qualify for the advisory fee waiver. (If your employer-sponsored plan account qualifies for the advisory fee waiver, you’ll see that during the enrollment process.) If

see that during the enrollment process.) If your account has been enrolled in Digital Advisor for more than 90 days, any new accounts you subsequently enroll are not eligible for the advisory fee waiver.Employer-sponsored retirement accounts

fee waiver.Employer-sponsored retirement accounts enrolled by the plan fiduciary are not eligible for the advisory fee waiver. For more information on Digital Advisor’s fee structure, see the VAI Form CRS and the Vanguard Digital Advisor Brochure.

CRS and the Vanguard Digital Advisor Brochure.   What active investing options does Digital Advisor offer?   Digital Advisor offers a portfolio of actively managed mutual funds and index ETFs for Vanguard Brokerage Accounts. During the onboarding

Brokerage Accounts. During the onboarding process, you'll take an assessment to determine whether you have the risk temperament for active strategies and can ride out periods of active underperformance. Incorporating active funds allows for greater

Incorporating active funds allows for greater portfolio personalization and the potential for better investment outcomes for those clients willing to pay a higher cost for that potential.   How does Digital Advisor manage multiple goals?   Digital

Digital Advisor manage multiple goals?   Digital Advisor takes a holistic approach to funding your goals by “pooling” your assets across all your taxable accounts to fund your goals. This way, your taxable accounts will work together to get you

taxable accounts will work together to get you closer to success. Plus, Digital Advisor will shift resources where needed and adjust automatically to ensure your asset mix evolves. As your goals get closer, we'll make sure amounts you need to

get closer, we'll make sure amounts you need to withdraw are invested more conservatively to reduce market risk. Contributions you make will be optimized to support all your goals, and any cash you withdraw will affect all your goals. With a dynamic

will affect all your goals. With a dynamic portfolio, a single, evolving asset mix, and automatic adjustments, your goals will be aligned to stay on track together and take advantage of tax efficiencies. Note: At this time, your nonretirement goals

Note: At this time, your nonretirement goals are only funded by taxable accounts, while retirement goals are funded by both taxable and retirement accounts. Because our approach is designed to optimize your investment returns, and minimize risk in

your investment returns, and minimize risk in the short term, Digital Advisor can only support goals that are at least 18 months away. To remain enrolled in Digital Advisor, you’ll need to have at least $3,000 in your account after making a

at least $3,000 in your account after making a withdrawal. (If you have less than $3,000, your account is no longer eligible to be managed by Digital Advisor and you would need to unenroll.There are no cancellation fees or penalties for having an

no cancellation fees or penalties for having an account that no longer qualifies for the service.)6   What's a robo-advisor?   Robo-advisor is a commonly used term for an all-digital financial planning and investment management service.

planning and investment management service. Robo-advisors often use algorithms (i.e., processes or sets of rules followed in computer calculations) to provide automated investment services without human interaction. A robo-advisor typically gathers

interaction. A robo-advisor typically gathers information about your investing goals, uses an algorithm to determine an appropriate asset allocation, and builds an investment portfolio tailored to your situation. Most robo-advisors automatically

your situation. Most robo-advisors automatically rebalance your portfolio, so you don't have to. Learn more—watch our video   What sets Vanguard Digital Advisor apart from other robo-advisors?   We're glad you asked! Our money-management service:

glad you asked! Our money-management service: Features state-of-the-art financial planning and portfolio construction capabilities, powered by Vanguard's practical and time-tested investment strategies. Offers access to high-quality investments

Offers access to high-quality investments consisting of Vanguard ETFs®, plus robust, easy-to-use financial planning tools. Connects to non-Vanguard accounts so it can present you with a holistic picture of your financial life and more accurate

picture of your financial life and more accurate projections. Focuses on helping you build retirement savings and includes a debt payoff tool. Continues to add new features to help with your financial planning needs. Digital Advisor can manage your

planning needs. Digital Advisor can manage your personal investment accounts and certain employer-sponsored 401(k) retirement accounts for which Vanguard is the recordkeeper.7 Vanguard is one of the most trusted names in financial services built on

most trusted names in financial services built on the radical idea of putting investors' best interests first.   Should I know about any other expenses?   You'll incur expenses to invest in the underlying funds, collective investment trusts, and

funds, collective investment trusts, and ETFs in your portfolio (i.e., expense ratios). If you're invested in ETFs, collective investment trusts, or mutual funds today, you're already paying these expenses. We credit the revenue received from your

We credit the revenue received from your investment portfolio toward the gross advisory fee and deduct only the additional net advisory fee from your managed accounts.In general, if you incur a fee that results in revenue for Vanguard or a Vanguard

results in revenue for Vanguard or a Vanguard affiliate, it will be included in this credit amount. Certain regulatory required trading fees aren't considered revenue and are still incurred for trades within Vanguard Brokerage Accounts, but not

within Vanguard Brokerage Accounts, but not credited. For more information about Digital Advisor's fee structure, refer to Form CRS Conversation Starter questions and the Vanguard Digital Advisor Brochure.   How will Vanguard Digital Advisor handle

How will Vanguard Digital Advisor handle market volatility?   Market volatility is when the price of stocks swings up or down because there's too much trading in one direction (substantially more buys than sells or vice versa). Many investors

buys than sells or vice versa). Many investors might see the stock dip and want to sell or wait to "time the market." The market, however, is unpredictable. But that doesn't mean your money is completely up to the whims of the headlines. Even with

up to the whims of the headlines. Even with daily ups and downs, the overall market has historically grown over the decades. With Digital Advisor, you can benefit from the market's long-term growth with a time-tested strategy: owning a balanced

with a time-tested strategy: owning a balanced portfolio. The foundations of a balanced portfolio are asset allocation and diversification. Digital Advisor will maintain your investments so you'll always have a portfolio that aligns to your

always have a portfolio that aligns to your retirement goal. If you choose to add other goals, it can adjust your holdings to keep you on target. We'll rebalance your portfolio if we detect it's drifted more than 5% from our recommended allocation.

more than 5% from our recommended allocation. What can you do during market swings? You can look at your accounts and update your information if anything has changed. You can also check out Vanguard's resources on market swings. Rest assured that

resources on market swings. Rest assured that your goal projections take all kinds of market volatility into account—while short-term "blips" might feel jarring, we have your long-term focus in mind.        Voted NerdWallet's "Best Robo-Advisor for

Voted NerdWallet's "Best Robo-Advisor for Low-Cost Investing" for the 3rd year in a row  Awarded January 2023, based on data as of October 2022.8     First overall robo-advisor in Morningstar's 2022 Robo-Advisor Landscape Report.  Awarded

2022 Robo-Advisor Landscape Report.  Awarded March 2022, based on data as of December 2021.9 Compensation provided for use of the rating in marketing materials.      Stay in the loop  Share your email address below so we can keep in touch with the

address below so we can keep in touch with the latest buzz on Vanguard Digital Advisor.   We may also send you other Vanguard information you might be interested in. You can opt out at any time.     Stay in the loop  Share your email address below

Stay in the loop  Share your email address below so we can keep in touch with the latest buzz on Vanguard Digital Advisor.   We may also send you other Vanguard information you might be interested in. You can opt out at any time.         Investing

You can opt out at any time.         Investing more? Get additional guidance  Vanguard Personal Advisor offers ongoing financial planning, automated investing, and access to an advisor for those wanting to invest $50,000 or more.  Find out more

to invest $50,000 or more.  Find out more     ×          Let’s get started  We’ll gather some basic information to start the process.  New to Vanguard?  Create an account  Already have an account?   User name  Password  Forgot your username or

User name  Password  Forgot your username or password?  Log in  https://digital-advisor.vanguard.com      All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect

objectives, risks, charges, expenses, and other information; read and consider it carefully before investing. 1Enrollments in Vanguard Digital Advisor require at least $3,000 in each Vanguard Brokerage Account. For each taxable account you wish to

Account. For each taxable account you wish to enroll, the entire balance must be in the brokerage account's settlement fund.For each traditional, Roth, or rollover IRA you wish to enroll, the entire balance must be in certain investment types (based

VAI is a subsidiary of VGI and an affiliate of Vanguard Marketing Corporation ("VMC"). Neither VGI, VAI, nor its affiliates guarantee profits or protection from losses.nguard.com advice trust services.   Trust services administers and invests assets

Trust services administers and invests assets  Vanguard               Wealth management   Trust services  Vanguard can help simplify the responsibilities of administering and investing assets within a trust.  Log in to your trust portfolio

a trust.  Log in to your trust portfolio     What we can do for you Managing a trust can be complex and time-consuming. Whether you already have a trust or are in the process of setting one up, it's important to select the right trustee to oversee

important to select the right trustee to oversee it. Since a trust can last for many years, your trustee needs to have the expertise, time, and dedication—as well as your complete confidence—to carry out the long-term obligations of the role.

carry out the long-term obligations of the role. Vanguard established Vanguard National Trust Company to provide trust administration and investment management services customized to meet your needs, as well as those of your family and other

needs, as well as those of your family and other beneficiaries.       What we can do for you Managing a trust can be complex and time-consuming. Whether you already have a trust or are in the process of setting one up, it's important to select the

of setting one up, it's important to select the right trustee to oversee it. Since a trust can last for many years, your trustee needs to have the expertise, time, and dedication—as well as your complete confidence—to carry out the long-term

complete confidence—to carry out the long-term obligations of the role. Vanguard established Vanguard National Trust Company to provide trust administration and investment management services customized to meet your needs, as well as those of your

to meet your needs, as well as those of your family and other beneficiaries.     Find out how Vanguard can provide for a variety of your family's trust needs.  Call us at 800-331-0335 Mon-Fri., 8:30 a.m. to 5 p.m., Eastern time     Our unique

8:30 a.m. to 5 p.m., Eastern time     Our unique advantages When you choose Vanguard National Trust Company, you and your family will benefit from our expertise, leadership, and longevity, as well as these Vanguard advantages:        Client-first

as these Vanguard advantages:        Client-first focus  We model our trust services after Vanguard's mission—to take a stand for all investors, treat them fairly, and give them the best chance for investment success.        Exceptional value  Our

investment success.        Exceptional value  Our outstanding service, world-class financial expertise, and proven investment philosophy, combined with our reasonable fees and Vanguard's low-cost funds, adds up to unparalleled value for your trust.

adds up to unparalleled value for your trust.       Personal attention & advice  Our trust professionals don't work on commission, so our advice and services focus only on the needs of you, your trust beneficiaries and your family. We also limit the

beneficiaries and your family. We also limit the number of clients we serve, so we have more time available to work with each one.        A network of trust & financial professionals  All of our trust and financial professionals hold advanced

trust and financial professionals hold advanced degrees and/or certifications, such as Certified Financial Planner™ or Certified Trust and Financial Advisor designations, so you'll have a team of knowledgeable, experienced wealth planners and trust

experienced wealth planners and trust specialists working for you.      We can be there whenever you need us—now or in the future     We can serve as your trustee now We can take on the role of sole trustee, or partner as a co-trustee with another

trustee, or partner as a co-trustee with another designated co-trustee. In either case we'll serve as both financial advisor and trust administrator.     We can serve as your trustee now We can take on the role of sole trustee, or partner as a

take on the role of sole trustee, or partner as a co-trustee with another designated co-trustee. In either case we'll serve as both financial advisor and trust administrator.     We can serve as the financial advisor for your trustee now The

as the financial advisor for your trustee now The trustee—whether you, a family member, or a friend—will handle the trust's administrative duties. As financial advisor, we'll manage the trust's investments, focusing on risk management,

trust's investments, focusing on risk management, diversification, tax efficiency, and low costs.       We can serve as the financial advisor for your trustee now The trustee—whether you, a family member, or a friend—will handle the trust's

member, or a friend—will handle the trust's administrative duties. As financial advisor, we'll manage the trust's investments, focusing on risk management, diversification, tax efficiency, and low costs.      We can serve as your successor trustee

We can serve as your successor trustee in the future We'll step in to become either sole trustee or co-trustee when the need arises.     We can serve as your successor trustee in the future We'll step in to become either sole trustee or

We'll step in to become either sole trustee or co-trustee when the need arises.     Find out how Vanguard can provide for a variety of your family's trust needs.nguard.com calculator tools investor questionnaire.   Investor Questionnaire  Vanguard

Investor Questionnaire  Vanguard             ×   Consent to electronic delivery & terms and conditions of use The allocations provided are based on generally accepted investment principles. There's no guarantee, however, that any particular asset

no guarantee, however, that any particular asset allocation or combination of investments will meet your objectives. All investments involve risks, and fluctuations in the financial markets and other factors may cause the value of your account to

factors may cause the value of your account to decline. You should consider all of your options carefully before investing. The investor questionnaire is provided to you free of charge. It doesn't provide comprehensive investment or financial

provide comprehensive investment or financial advice. Vanguard isn't responsible for reviewing your financial situation or updating the suggestions contained herein. By selecting Accept, you agree to the terms outlined on this page. Duration of

to the terms outlined on this page. Duration of election & consent Your consent applies only to this particular request. If you request additional information, you may be required to consent to electronic delivery again. Costs & risks Vanguard

electronic delivery again. Costs & risks Vanguard doesn't charge you a fee to use our website, but you could incur expenses from an internet service provider when you access information online. Also, be aware that your internet service provider may

be aware that your internet service provider may occasionally experience system failure, and hyperlinks to documents may not function properly.     Accept   Don't Accept           Start your investing journey  Our quiz can help you find a path that

journey  Our quiz can help you find a path that best fits your needs.  Start the quiz     The Investor Questionnaire suggests an asset allocation based on information you enter about your investment objectives and experience, time horizon, risk

objectives and experience, time horizon, risk tolerance, and financial situation. Your asset allocation is how your portfolio is divided among stocks, bonds, and short-term reserves. As your financial circumstances or goals change, it may be helpful

circumstances or goals change, it may be helpful to complete the questionnaire again and reallocate the investments in your portfolio. Before you begin, please review the questionnaire's assumptions and limitations and accept our terms and

limitations and accept our terms and conditions by choosing Start the quiz.   × Limitations Caveats on the investor questionnaire's ability to provide financial forecasts The asset allocation we suggest for you depends on your assessment of

we suggest for you depends on your assessment of subjective factors, such as your risk tolerance and financial situation. The suggested allocation is limited to 3 broad classes of investments: stocks, bonds, and short-term reserves (such as money

bonds, and short-term reserves (such as money market accounts and certificates of deposit). They don't include other assets, such as real estate, personal property, or precious metals.You should view the suggested asset allocation only as a general

the suggested asset allocation only as a general guideline for how you might consider investing your savings. It doesn't provide comprehensive investment advice—such as advice on buying a specific stock or bond mutual fund or ETF (exchange-traded

stock or bond mutual fund or ETF (exchange-traded fund)—and shouldn't be considered the sole or primary basis on which you make investment decisions. It's important to carefully review the historical returns of various combinations of stocks, bonds,

returns of various combinations of stocks, bonds, and short-term reserves over various holding periods to see if you can accept the level of risk in a given investment mix. See how 9 model portfolios have performed in the past Any modifications to

have performed in the past Any modifications to your current mix of investments can be made gradually to lessen the impact of significant market changes and potential tax implications. Finally, over time, your answers to these questions may change

time, your answers to these questions may change based on your experience and changing goals. The investor questionnaire doesn't provide comprehensive investment advice. We therefore recommend that you return to the questionnaire as needed to ensure

return to the questionnaire as needed to ensure that your asset allocation continues to meet your evolving needs. You may wish to consult a professional investment advisor, accountant, attorney, or broker before making or changing an investment, now

before making or changing an investment, now or in the future.    × Assumptions The investor questionnaire suggests 1 of 9 asset allocations based on your answers to the questions. Investment returns for the asset allocations are based on the

for the asset allocations are based on the following benchmark indexes: Asset class Benchmark index Stocks Standard & Poor’s 500 Index* Bonds Barclays U.X. Long Credit Aa Index** Short-term reserves FTSE 3-Month U.S. Treasury Bill Index***

FTSE 3-Month U.S. Treasury Bill Index***     Source: The Vanguard Group. Keep in mind that the suggested allocation is based on limited information. You should conduct additional research or consult a professional advisor for more detailed

consult a professional advisor for more detailed recommendations. *For U.S. stock market returns, we use the Standard & Poor’s 90 Index from 1926 to March 3, 1957 and the Standard & Poor's 500 Index thereafter. **For U.S. bond market returns, we use

**For U.S. bond market returns, we use the Standard & Poor’s High Grade Corporate Index from 1926 to 1968; the Salomon High Grade Index from 1969 to 1972 and the Barclays U.S. Long Credit Aa Index thereafter. ***For U.S.nguard.com calculator tools

***For U.S.nguard.com calculator tools retirement income calculator.   Retirement Income Calculator  Vanguard            Retirement income calculator  Your retirement is on the horizon, but how far away? You can use this calculator to help you see

away? You can use this calculator to help you see where you stand in relation to your retirement goal and map out different paths to reach your target. You can print the results for future reference.       Vanguard IRA®, retire on your terms.  You

Vanguard IRA®, retire on your terms.  You can invest in a mutual fund with as little as $1,000, but there are no minimums to open a Vanguard IRA Brokerage Account.    Open an IRA     Looking for guidance? Consider Vanguard advice and we will

guidance? Consider Vanguard advice and we will help find a plan that works for you.   See advice offers        nguard.com calculator tools retirement income worksheet.   Retirement income worksheet  Vanguard           Retirement income worksheet  As

Retirement income worksheet  As your retirement draws closer, it pays to be prepared. Use this interactive worksheet to estimate your total monthly income in retirement and determine if you're on track to meeting your financial needs. Rest

on track to meeting your financial needs. Rest assured, your data won't be saved online.           Explore professional advice We offer expert help at the low cost you'd expect from Vanguard.  Compare advice options          All investing is subject

advice options          All investing is subject to risk, including the possible loss of the money you invest. Be aware that fluctuations in the financial markets and other factors may cause declines in the value of your account.    Vanguard's

in the value of your account.    Vanguard's advice services are provided by Vanguard Advisers, Inc. ("VAI"), a registered investment advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered, limited-purpose trust company. The

chartered, limited-purpose trust company. The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI's Form CRS and each program's advisory brochure here

CRS and each program's advisory brochure here for an overview. VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation. Neither VAI, VNTC, nor its affiliates guarantee profits or protection from

affiliates guarantee profits or protection from losses.        nguard.com campaign brokerage account transfer.   Transferring assets to a Vanguard Brokerage Account  Vanguard	                  The home for all your investments  Are your investments

for all your investments  Are your investments scattered at different providers—an IRA here, stocks there?    Consolidating your assets at Vanguard can make it easier to focus. You'll see your entire portfolio at a glance and be able to adjust

a glance and be able to adjust quickly if you're off track. And if you're looking for a broad range of investment products—beyond Vanguard mutual funds and ETFs (exchange-traded funds)—your brokerage account is the gateway to any investment you

account is the gateway to any investment you choose.   ×  Portfolio The sum total of your investments managed toward a specific goal.     ×  Mutual fund A type of investment that pools shareholder money and invests it in a variety of securities.

money and invests it in a variety of securities. Each investor owns shares of the fund and can buy or sell these shares at any time. Mutual funds are typically more diversified, low-cost, and convenient than investing in individual securities, and

than investing in individual securities, and they're professionally managed.     ×  ETF (exchange-traded fund) A type of investment with characteristics of both mutual funds and individual stocks. ETFs are professionally managed and typically

ETFs are professionally managed and typically diversified, like mutual funds, but their prices change throughout the day, just like individual stocks.    Get more investing options Your brokerage account allows you to design a portfolio with a broad

allows you to design a portfolio with a broad array of investments.   ×  Stock An investment that represents part ownership in a corporation. Each share of stock is a proportional stake in the corporation's assets and profits.     ×  Option A type

assets and profits.     ×  Option A type of investment that gives you the right to either buy or sell a specified security for a specific price on or before the option's expiration date.     ×  Bond A loan made to a corporation or government in

A loan made to a corporation or government in exchange for regular interest payments. The bond issuer agrees to pay back the loan by a specific date. Bonds can be traded on the secondary market.     ×  CD (certificate of deposit) An insured,

×  CD (certificate of deposit) An insured, interest-bearing deposit that requires the depositor to keep the money invested for a specific period of time or face penalties.         ETFs  Choose from more than 75 industry-leading Vanguard ETFs®,

more than 75 industry-leading Vanguard ETFs®, all of which are offered commission-free.See a list of Vanguard ETFs And enjoy commission-free trading on about 1,800 ETFs from more than 100 other companies when you buy and sell online.* Find prices

when you buy and sell online.* Find prices for non-Vanguard ETFs       Mutual funds  Buy and hold more than 140 Vanguard mutual funds. Or select from more than 16,000 mutual funds from other companies—more than 2,500 of them without transaction

than 2,500 of them without transaction fees.**  Let other companies' funds work for you       Individual securities  Stocks, options, bonds, and CDs (certificates of deposit)—everything fits in your brokerage account. Or simply use the account to

brokerage account. Or simply use the account to keep any stocks you may already have.  Round out your portfolio with stocks   Invest in CDs   Invest in bonds    Keep more of what's yours Fund costs and brokerage fees can put a drag on your returns.

brokerage fees can put a drag on your returns. Vanguard's management costs are among the lowest in the industry,† so more of your returns stay where they belong—in your account.       Low-cost and unbiased  You'll experience low costs every day at

You'll experience low costs every day at Vanguard. Plus, you can rest assured that you'll always receive unbiased assistance because our professionals are salaried and never receive commissions.       Competitive rates  Most investors pay just $7

Competitive rates  Most investors pay just $7 or less to trade stocks. And as your account grows, you can look forward to decreasing costs.  View our commission schedule       Best execution  Our trading practices and aligned interests are

Our trading practices and aligned interests are designed to help get you the best price for your order in a timely fashion.  Learn more about best execution    Count on us to help you Your success is important to us. We want to help you achieve

is important to us. We want to help you achieve your financial goals as simply as possible. Take advantage of these convenient tools and services—so you have more time for yourself!       Investment tools  Find, select, and monitor your investments

tools  Find, select, and monitor your investments with competitive screening and research tools.  Use our mutual fund & ETF screener   Track securities & funds with My Watch List        Mobile apps  Trade most stocks and mutual funds wherever you

Trade most stocks and mutual funds wherever you are and whenever you want on your mobile device.  Invest on the go           Explore professional advice We offer expert help at the low cost you'd expect from Vanguard.  Compare advice options

from Vanguard.  Compare advice options          Ready to consolidate? Most assets can be moved online.  Start your transfer online    *Commission-free trading of Vanguard ETFs applies to trades placed both online and by phone.Commission-free trading

both online and by phone.Commission-free trading of non-Vanguard ETFs excludes leveraged and inverse ETFs and applies only to trades placed online; most clients will pay a commission to buy or sell non-Vanguard ETFs by phone. Commission-free trading

ETFs by phone. Commission-free trading of non-Vanguard ETFs also excludes 401(k) participants using the Self-Directed Brokerage Option; see your plan's current commission schedule. Vanguard Brokerage reserves the right to change the non-Vanguard

reserves the right to change the non-Vanguard ETFs included in these offers at any time. All ETFs are subject to management fees and expenses; refer to each ETF's prospectus for more information. Account service fees may also apply. All ETF sales

service fees may also apply. All ETF sales are subject to a securities transaction fee. See the Vanguard Brokerage Services® commission and fee schedules for full details. **Trading limits, fund expenses, and minimum investments may apply. See

expenses, and minimum investments may apply. See the Vanguard Brokerage Services commission and fee schedules for full details. †Vanguard average mutual fund expense ratio: 0.10%. Industry average mutual fund expense ratio: 0.55%. Vanguard average

fund expense ratio: 0.55%. Vanguard average ETF expense ratio: 0.06%. Industry average ETF expense ratio: 0.24%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2021.

and Morningstar, Inc., as of December 31, 2021.     Vanguard's advice services are provided by Vanguard Advisers, Inc. ("VAI"), a registered investment advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered, limited-purpose

("VNTC"), a federally chartered, limited-purpose trust company. The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI's Form CRS and each program's

advisor. Find VAI's Form CRS and each program's advisory brochure here for an overview. VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation. Neither VAI, VNTC, nor its affiliates guarantee

Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses.   You must buy and sell Vanguard ETF Shares through a broker, who may charge commissions.nguard.com campaign how to access liquidity and maintain your investment

to access liquidity and maintain your investment strategy.   How to access liquidity and maintain your investment strategy  Vanguard              Financial management How to access liquidity and maintain your investment strategy Learn how margin

your investment strategy Learn how margin lending can give you access to liquidity.  2.5 minute read   •   May 12, 2023        Financial management Financial wellness Campaign Margins Loans Page    When an investment opportunity requires flexible

When an investment opportunity requires flexible cash borrowing, you may consider applying for a margin loan. Vanguard Brokerage offers margin lending for access to liquidity.   What is margin lending? Margin lending is a flexible line of credit

Margin lending is a flexible line of credit that allows investors to borrow against the securities already held in their brokerage account. This can be particularly beneficial for investors in a higher tax bracket looking for a convenient way to

tax bracket looking for a convenient way to borrow for interim liquidity without disrupting their investment holdings.* Margin loans may help increase your trading flexibility or provide a line of credit to help meet your investment and other needs.

to help meet your investment and other needs. When choosing investment products and services, selecting a trusted provider is important. Vanguard Brokerage takes a more conservative approach to our maintenance requirements for margin accounts to

maintenance requirements for margin accounts to better enable you to uphold your long-term investment strategy. We encourage clients to risk responsibly when investing.   Tax-advantageous loan option A margin loan can give you access to cash without

A margin loan can give you access to cash without disrupting your holdings. Rather than liquidating securities in a portfolio—which may force realized capital gains and possible taxation—it might be more convenient and possibly tax-efficient to take

convenient and possibly tax-efficient to take a temporary margin loan and pay interest. The interest that accrues in your account from your loan may offset taxable income. Please consult a tax advisor about your individual situation.   Easily

advisor about your individual situation.   Easily accessible Margin lending may offer more favorable rates than other options, like credit cards or home equity lines. Vanguard Brokerage offers competitive rates and flexible repayment options for

rates and flexible repayment options for investors shopping for margin loans. You pay back your loan when you want to—there's no set repayment schedule if you maintain the required level of equity in the account.   And once you're approved, no

in the account.   And once you're approved, no additional underwriting, personal guarantees, or credit checks are required. You'll have quick access to capital anytime.   Want to learn more about a margin account? Consider Vanguard Brokerage if

a margin account? Consider Vanguard Brokerage if you're looking for interim liquidity. Schedule an appointment with your relationship manager for more information about margin account eligibility and flexibility.   Learn more about margin lending

flexibility.   Learn more about margin lending with Vanguard Brokerage  Schedule appointment      Most Viewed      How to invest Ready to invest? See how to open an account      Start with this step-by-step guide to opening a personal investment

guide to opening a personal investment account, such as a general investing brokerage account or an IRA. Vanguard news      Start investing      Planning for retirement How SECURE 2.0 reforms affect retirement plans      An omnibus bill signed into

retirement plans      An omnibus bill signed into law on December 29, 2022, has wide-ranging impact on retirement plans and participants. Article      Save for retirement      Markets and economy Our 2023 economic and market outlook and you

Our 2023 economic and market outlook and you      Ryan C. Murray, a Vanguard senior financial advisor, shares his thoughts on how inflation and recession expectations and developments in fixed income and equity markets could affect your portfolio.

and equity markets could affect your portfolio.  Vanguard news      Market & economy insights Market volatility        Financial management Introducing the Vanguard Multi-Sector Income Bond Fund      Learn how our new multi-sector bond fund can be

Learn how our new multi-sector bond fund can be used to complement a core fixed income position in your portfolio. Vanguard news      Company news      Markets and economy Vanguard economic and market outlook for 2023: Beating back inflation

outlook for 2023: Beating back inflation      Our base case for 2023 includes a global recession brought about by policymakers’ efforts to control inflation. Vanguard news      Market & economy insights      Financial management Who owns Vanguard?

Financial management Who owns Vanguard?      Who owns Vanguard? Learn more about the only investment management company owned by investors—and how this distinction keeps us consistently focused on investor needs first. Vanguard news

on investor needs first. Vanguard news      Company news     Previous 1 2 Next      How to invest Ready to invest? See how to open an account      Start with this step-by-step guide to opening a personal investment account, such as a general

a personal investment account, such as a general investing brokerage account or an IRA. Vanguard news      Start investing      Planning for retirement How SECURE 2.0 reforms affect retirement plans      An omnibus bill signed into law on December

An omnibus bill signed into law on December 29, 2022, has wide-ranging impact on retirement plans and participants. Article      Save for retirement      Markets and economy Our 2023 economic and market outlook and you      Ryan C. Murray, a

and market outlook and you      Ryan C. Murray, a Vanguard senior financial advisor, shares his thoughts on how inflation and recession expectations and developments in fixed income and equity markets could affect your portfolio.nguard.com campaign

could affect your portfolio.nguard.com campaign vanguard brokerage.   $0 online stock & ETF commissions at Vanguard Brokerage  Vanguard               Investing   Giving investors a chance at financial success  That's the real value of a truly

success  That's the real value of a truly comprehensive brokerage offer.  Open a new account     Move money to Vanguard  Get started      Put your wallet away Pay no commission for these online trades—and so much more. Learn more about other

trades—and so much more. Learn more about other conditions & costs that may apply Review our complete commission & fee schedules for details   $0    ETFs   Stocks   Electronic bank transfers   New issue CDs   Mutual funds1   Options2   Account

issue CDs   Mutual funds1   Options2   Account service fee3 Account minimum    × Other conditions & costs that may apply Commission-free trading of Vanguard ETFs applies to trades placed both online and by phone. Commission-free trading of

online and by phone. Commission-free trading of non-Vanguard ETFs applies only to trades placed online; most clients will pay a commission to buy or sell non-Vanguard ETFs by phone. Vanguard Brokerage reserves the right to change the non-Vanguard

reserves the right to change the non-Vanguard ETFs included in these offers at any time. All ETFs are subject to management fees and expenses; refer to each ETF's prospectus for more information. All ETF sales are subject to a securities transaction

ETF sales are subject to a securities transaction fee. Account service fees may also apply.    Put your wallet away Pay no commission for these online trades—and so much more.  $0   ETFs   Stocks   Electronic bank transfers   New issue CDs   Mutual

bank transfers   New issue CDs   Mutual funds1   Options2   Account service fee3 Account minimum  Learn more about other conditions & costs that may apply Review our complete commission & fee schedules for details      See why Vanguard ETFs are hard

for details      See why Vanguard ETFs are hard to beat   75% beat the returns of their peer-group averages.4   75% is how much lower Vanguard's average ETF expense ratio is than the industry average.5   98% of all Vanguard ETF® Shares bought and

98% of all Vanguard ETF® Shares bought and sold through a Vanguard account were executed at a better price than the quoted market price.6       Get everything you expect from Vanguard—and nothing less        A home for all your investments  A

less        A home for all your investments  A Vanguard Brokerage Account allows you to hold all your investments in one place, making it more convenient to manage your entire portfolio.      A relentless drive toward lower costs  Whether it's

relentless drive toward lower costs  Whether it's cutting expense ratios or eliminating trading costs, it's just another day at Vanguard—because we've been lowering costs for over 45 years.          Explore professional advice We offer expert help

Explore professional advice We offer expert help at the low cost you'd expect from Vanguard.  Compare advice options          1Includes more than 160 Vanguard mutual funds plus about 3,000 no-transaction-fee funds from other companies. A few

funds from other companies. A few Vanguard mutual funds charge special purchase and/or redemption fees that are paid directly to the funds to help cover higher transaction costs and protect long-term investors by discouraging short-term, speculative

investors by discouraging short-term, speculative trading. Those fees vary from 0.25% to 1.00% of the amount of the transaction, depending on the fund. 2Plus $1 per options contract. 3Vanguard Brokerage Services doesn’t charge the fee to: 1) clients

Services doesn’t charge the fee to: 1) clients who have an organization or a trust account registered under an employee identification number (EIN); 2) clients who’ve elected e-delivery of statements and the annual privacy policy notice;

statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates; 3) brokerage accounts enrolled in an advisory program serviced by an affiliate

in an advisory program serviced by an affiliate of Vanguard; or 4) clients with at least $1 million in qualifying Vanguard assets. 4For the 10-year period ended December 31, 2021, 40 of 53 Vanguard stock ETFs and 9 of 12 Vanguard bond ETFs—for a

stock ETFs and 9 of 12 Vanguard bond ETFs—for a total of 49 of 65 Vanguard ETFs—outperformed their Lipper peer-group averages. Results will vary for other time periods. Only ETFs with a minimum 10-year history were included in the comparison.

10-year history were included in the comparison. Source: Lipper, a Thomson Reuters Company. The competitive performance data shown represent past performance, which is not a guarantee of future results. View ETF performance 5Vanguard average ETF

ETF performance 5Vanguard average ETF expense ratio: 0.06%. Industry average ETF expense ratio: 0.24%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2021.6Source: TKG

Inc., as of December 31, 2021.6Source: TKG (The Karn Group) Includes market orders entered from January 3, 2021, through December 31, 2021, during market hours with share sizes from 1 to 1,999. Excludes orders received during locked, crossed, or

orders received during locked, crossed, or fast markets or during destination outages.    For more information about Vanguard funds or ETFs, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives,

a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.  You must buy and sell Vanguard ETF Shares through

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for full

Services commission and fee schedules for full details. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or

are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value. You could lose money investing in Vanguard Federal Money Market Fund. Although the

Vanguard Federal Money Market Fund. Although the fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance

or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support

that the sponsor will provide financial support to the fund at any time. Options are a leveraged investment and are not suitable for every investor. Options involve risk, including the possibility that you could lose more money than you invest.

that you could lose more money than you invest. Prior to 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

is available at theocc.com. It may also be obtained from your broker, from any exchange on which options are traded, or by contacting OCC at 125 S. Franklin Street, Suite 1200, Chicago, IL 60606 (888-678-4667 or 888-OPTIONS).nguard.com client

(888-678-4667 or 888-OPTIONS).nguard.com client benefits.   Explore the benefits of investing at Vanguard  Vanguard               Client benefits   Benefits  As your assets grow, so does the support you'll have available. Find out exactly what

you'll have available. Find out exactly what you'll receive as an investor at Vanguard.      Investing at Vanguard Investments that meet your needs. Financial help—how and when you want it. Products and services that make doing business easy.    Up

and services that make doing business easy.    Up to $1 million* Maybe you're just starting out. Or perhaps your portfolio is starting to grow. Or maybe your account balances are climbing and you need a little more guidance. Whatever your situation,

a little more guidance. Whatever your situation, you'll get what you need from us along the way. See how your benefits get better & better     $1 million to $5 million* Financial needs get more complex with large portfolios. You require personalized

with large portfolios. You require personalized help and the right services. And that's exactly what you and your family will receive. See what you'll get with Flagship Services®      Compare our services  View benefits at a glance      Wealth

services  View benefits at a glance      Wealth management at Vanguard Personalized help. Extensive services. Investing support.       $5 million & up* You have a lot invested with us, so we'll invest a lot in you and your family. We'll meet your

a lot in you and your family. We'll meet your wealth needs with personal attention and extensive wealth management services. See what you'll get with Flagship Select Services®        Vanguard Personal Advisor If you have at least $50,000 with us,

Advisor If you have at least $50,000 with us, consider Vanguard Personal Advisor, which provides you with a goals-based financial plan according to your unique situation.        Investing for college, retirement, or something else?  Get help

college, retirement, or something else?  Get help reaching your goals >       IRAs, 529 accounts, individual and joint accounts, and more.  Check out our account types >       ETFs, stocks, bonds, and CDs—they’re all right here.  View our investment

CDs—they’re all right here.  View our investment products >      See how Vanguard Personal Advisor can help you     Learn more     Or call 800-523-9447 to speak with an investment professional.       × To determine eligibility, we first calculate

× To determine eligibility, we first calculate your individual qualifying assets.If applicable, we determine final eligibility by combining the qualifying assets of clients who share your residential address.* What is a qualifying asset? Any

address.* What is a qualifying asset? Any assets under management of Vanguard Personal Advisor Services.™ Vanguard mutual funds and Vanguard ETFs held in certain personal, corporate, and organizational accounts qualify. These account types include:

accounts qualify. These account types include: Individual non-retirement. Education savings accounts. IRAs. Joint. Trust. Custodian/guardian. UTMA/UGMA. Estate. Sole proprietorship. Single-participant SEP IRA plans. Corporate. Partnership.

SEP IRA plans. Corporate. Partnership. Exempt/Non-Exempt Unincorporated Organization. Hospital. School Distrist/Political. Endowment. Foundation/Family Foundation. Note: Vanguard assets in the following accounts may be included in eligibility

following accounts may be included in eligibility determination if you also have a personal account holding Vanguard mutual funds or Vanguard ETFs: Vanguard 529 Plan. Multi-participant SEP IRA plans. SIMPLE IRA. i401k. 403(b). Employer-sponsored

SIMPLE IRA. i401k. 403(b). Employer-sponsored retirement plans for which Vanguard provides recordkeeping. Assets held in other account types are not eligible to be included in service eligibility determination. Review of qualifications Your

determination. Review of qualifications Your qualification criteria, such as asset level, is reviewed periodically and could change at any time. If you continually fail to meet the applicable qualification criteria, Vanguard reserves the right to

criteria, Vanguard reserves the right to discontinue your enrollment in any of these services or reassign you to the appropriate service level, without prior notification. Vanguard also reserves the right to amend or cancel selected features and

right to amend or cancel selected features and benefits at any time without prior notification. In addition, ongoing access to individual services, discounts, and exemptions is subject to periodic review and may be restricted, based upon criteria

review and may be restricted, based upon criteria established solely by Vanguard. While these services are complimentary, some underlying services may charge fees and expenses. Vanguard does not guarantee any level of service. *Business and other

any level of service. *Business and other non-residential addresses are not eligible for aggregation when determining service levels.   *See what Vanguard assets qualify for these services   All investing is subject to risk, including the possible

is subject to risk, including the possible loss of the money you invest.nguard.com client benefits account conveniences.   Account conveniences  Vanguard             Back  Benefits  Account conveniences     Client Benefits   Account conveniences

Client Benefits   Account conveniences  Investing is a snap with electronic banking, automatic investing, mobile, investing tools, and more. But if you need help managing your portfolio, find out what a Vanguard advisor can do for you.

out what a Vanguard advisor can do for you.     Managing your accounts        Move your money  Use electronic bank transfers to make transactions between Vanguard and your bank. Electronic bank transfers use the Automated Clearing House (ACH)

transfers use the Automated Clearing House (ACH) network. This is not a wire.  Connect your bank to your Vanguard accounts for electronic bank transfers   Transfer assets from another institution         Partner with an advisor  Get a

Partner with an advisor  Get a custom-tailored financial plan and ongoing portfolio oversight—for a low fee. Learn more about Vanguard advice or call 800-523-9447 to speak with an investment professional.        Automatic transactions  Use

professional.        Automatic transactions  Use electronic banking to set up recurring, no-charge transactions into and from your Vanguard accounts.  Automatic investing   Automatic withdrawals   Required Minimum Distribution Service     Connecting

Minimum Distribution Service     Connecting with us         Account access  View your account information and documents online and get account alerts.  Register for vanguard.com   Sign up for e-delivery   Change account activity alert settings

Change account activity alert settings         Mobile  Make transactions and access your account information on the go with our mobile app.  Discover mobile access & download our app   Send checks through your mobile device         Security

through your mobile device         Security features  Access your accounts securely using special features and learn how to stay safe online.  Use a logon security code   Visit the Security Center      Resources & tools         Investing help  Use

Resources & tools         Investing help  Use our guide and investing services to make the most of your accounts.  Guide to your accounts   Portfolio analysis         Tools  Get access to sophisticated tools and analyses.  Mutual fund & ETF

tools and analyses.  Mutual fund & ETF screener   Stock screener   My Watch List   More tools         Advanced trading tools  Request margin or option trading for your brokerage accounts.  Learn more about margin trading   Learn more about options

about margin trading   Learn more about options trading        Vanguard's advice services are provided by Vanguard Advisers, Inc. ("VAI"), a registered investment advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered,

Trust Company ("VNTC"), a federally chartered, limited-purpose trust company. The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor.nguard.com client benefits

access to an advisor.nguard.com client benefits account fees.   Annual account service fees  Vanguard             Back  Benefits  Account fees   Client Benefits   Vanguard annual account service fees  Full transparency on fees and which ones you can

Full transparency on fees and which ones you can avoid.  Open an account     Account type Fees How you can avoid the fee Nonretirement accounts Roth, traditional, and SEP-IRAs UGMAs, UTMAs, and education savings accounts Brokerage accounts: $25 for

savings accounts Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard assets are at least $5 million. See the Vanguard Brokerage Services commission and fee schedules for

Services commission and fee schedules for more information. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets. Refer to the applicable fund prospectus for

Refer to the applicable fund prospectus for other exclusions that may apply. If you’re the primary account owner, you can eliminate the fee on brokerage accounts by signing up for e-delivery of statements and the annual privacy policy notice;

statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage Services does not charge the fee to clients who

Services does not charge the fee to clients who have an organization or a trust account registered under an employee identification number (EIN) or brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard. Sign up for

serviced by an affiliate of Vanguard. Sign up for e-delivery SIMPLE IRAs $25 for each Vanguard mutual fund in each account. We'll waive the fee if you have at least $50,000 in qualifying Vanguard assets. See what Vanguard assets qualify 403(b) plans

See what Vanguard assets qualify 403(b) plans $5 per month per Participant ($60 per year). The fee is charged for every participant in a plan. It's a flat fee that won't increase as your account assets grow. Individual 401(k) & Individual Roth

assets grow. Individual 401(k) & Individual Roth 401(k) plans $20 for each Vanguard mutual fund in each account. We'll waive the fee for all participants in the plan if at least one participant has at least $50,000 in qualifying Vanguard assets.See

least $50,000 in qualifying Vanguard assets.See what Vanguard assets qualify The Vanguard 529 Plan N/A N/A   × See what Vanguard assets qualify   Eligibility is first calculated using qualifying assets for an individual client. We then combine the

for an individual client. We then combine the qualifying assets of clients sharing a residential address to determine final eligibility*.   Assets that qualify Any assets under management of Vanguard Personal Advisor Services. Vanguard mutual funds

Personal Advisor Services. Vanguard mutual funds and Vanguard ETFs held by a client in certain personal accounts qualify. Personal account types include: individual non-retirement, education savings accounts, IRAs, Joint, Trust, Custodian, Guardian,

IRAs, Joint, Trust, Custodian, Guardian, UTMA, UGMA, Estate, Sole Proprietorship, and Single-Participant SEP IRA plans. Note: Vanguard assets in a Vanguard 529 Plan, Vanguard Variable Annuity, Multi-participant SEP IRA plans, SIMPLE, i401k, 403(b),

SEP IRA plans, SIMPLE, i401k, 403(b), family partnership, family corporation, or employer-sponsored retirement plans for which Vanguard provides recordkeeping services may be included in determining eligibility if you also have a personal account

eligibility if you also have a personal account holding Vanguard mutual funds or Vanguard ETFs. Assets held in other account types are not eligible to be included in service eligibility determination.   We review qualifications periodically The

We review qualifications periodically The qualification criteria (for example, asset levels) are reviewed periodically and could change at any time. Vanguard reserves the right to discontinue enrollment in any of these services or reassign any

in any of these services or reassign any investor, without prior notification, to the appropriate service level if the investor fails to continue to meet the applicable qualification criteria. Vanguard reserves the right to amend or cancel selected

reserves the right to amend or cancel selected features and benefits at any time without prior notification. In addition, ongoing access by any particular investor to individual services, discounts, and exemptions is subject to periodic review and

and exemptions is subject to periodic review and may be restricted based upon criteria established solely by Vanguard. While these services are complimentary, some underlying services may charge fees and expenses. Vanguard does not guarantee any

and expenses. Vanguard does not guarantee any level of service. *Business addresses and other non-residential addresses are not eligible to be aggregated for purposes of determining services.   Account type Nonretirement accounts Roth, traditional,

type Nonretirement accounts Roth, traditional, and SEP-IRAs UGMAs, UTMAs, and education savings accounts  Fees Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard assets

if a client’s total qualifying Vanguard assets are at least $5 million. See the Vanguard Brokerage Services commission and fee schedules  for more information. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you

Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets. Refer to the applicable fund prospectus for other exclusions that may apply.  How you can avoid the fee If you’re the primary account owner, you

the fee If you’re the primary account owner, you can eliminate the fee on brokerage accounts by signing up for e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices,

prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage Services does not charge the fee to clients who have an organization or a trust account registered under an employee

or a trust account registered under an employee identification number (EIN) or brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard. Sign up for e-delivery   Account type SIMPLE IRAs  Fees $25 for each Vanguard

type SIMPLE IRAs  Fees $25 for each Vanguard mutual fund in each account.  How you can avoid the fee We'll waive the fee if you have at least $50,000 in qualifying Vanguard assets. See what Vanguard assets qualify    Account type 403(b) plans  Fees

assets qualify    Account type 403(b) plans  Fees $5 per month per Participant ($60 per year).  How you can avoid the fee The fee is charged for every participant in a plan. It's a flat fee that won't increase as your account assets grow.    Account

increase as your account assets grow.    Account type Individual 401(k) & Individual Roth 401(k) plans  Fees $20 for each Vanguard mutual fund in each account.  How you can avoid the fee We'll waive the fee for all participants in the plan if at

the fee for all participants in the plan if at least one participant has at least $50,000 in qualifying Vanguard assets. See what Vanguard assets qualify    Account type Individual 401(k) & Individual Roth 401(k) plans  Fees $20 for each Vanguard

Roth 401(k) plans  Fees $20 for each Vanguard mutual fund in each account. How you can avoid the fee We'll waive the fee for all participants in the plan if at least one participant has at least $50,000 in qualifying Vanguard assets. See what

$50,000 in qualifying Vanguard assets. See what Vanguard assets qualify    Account type The Vanguard 529 Plan  Fees N/A  How you can avoid the fee N/A   × See what Vanguard assets qualify   Eligibility is first calculated using qualifying assets for

is first calculated using qualifying assets for an individual client. We then combine the qualifying assets of clients sharing a residential address to determine final eligibility*.   Assets that qualify Any assets under management of Vanguard

qualify Any assets under management of Vanguard Personal Advisor Services. Vanguard mutual funds and Vanguard ETFs held by a client in certain personal accounts qualify. Personal account types include: individual non-retirement, education savings

individual non-retirement, education savings accounts, IRAs, Joint, Trust, Custodian, Guardian, UTMA, UGMA, Estate, Sole Proprietorship, and Single-Participant SEP IRA plans. Note: Vanguard assets in a Vanguard 529 Plan, Vanguard Variable Annuity,

a Vanguard 529 Plan, Vanguard Variable Annuity, Multi-participant SEP IRA plans, SIMPLE, i401k, 403(b), family partnership, family corporation, or employer-sponsored retirement plans for which Vanguard provides recordkeeping services may be included

provides recordkeeping services may be included in determining eligibility if you also have a personal account holding Vanguard mutual funds or Vanguard ETFs. Assets held in other account types are not eligible to be included in service eligibility

eligible to be included in service eligibility determination.   We review qualifications periodically The qualification criteria (for example, asset levels) are reviewed periodically and could change at any time. Vanguard reserves the right to

at any time. Vanguard reserves the right to discontinue enrollment in any of these services or reassign any investor, without prior notification, to the appropriate service level if the investor fails to continue to meet the applicable qualification

to continue to meet the applicable qualification criteria. Vanguard reserves the right to amend or cancel selected features and benefits at any time without prior notification. In addition, ongoing access by any particular investor to individual

access by any particular investor to individual services, discounts, and exemptions is subject to periodic review and may be restricted based upon criteria established solely by Vanguard. While these services are complimentary, some underlying

these services are complimentary, some underlying services may charge fees and expenses. Vanguard does not guarantee any level of service.nguard.com client benefits alert messaging.   Get email alerts for stocks & ETFs  Vanguard             Back

for stocks & ETFs  Vanguard             Back  Benefits  Stock & ETF alerts   CLIENT BENEFITS   Stock & ETF alerts   "Enroll for email" alerts containing the latest market news and data about specific stocks or exchange-traded funds (ETFs). It's a

stocks or exchange-traded funds (ETFs). It's a free service to help Vanguard Brokerage Services clients make more informed investment decisions.  Enroll now     Who's eligible Vanguard Brokerage clients who are registered users of vanguard.com.

who are registered users of vanguard.com.   How it works You'll receive an email with the alerts you've requested. Just let us know where to send your alerts and when you want to receive them. (You can always revise your alert preferences, change

can always revise your alert preferences, change your email address, or cancel the service.)   What alerts you can receive When you enroll, indicate the investments you want to track and the alerts you want to receive: News. News headlines and

you want to receive: News. News headlines and financial data relevant to your investments. Price and volume. Timely information on price and volume changes for specific securities. Closing price. A daily closing-price summary. Performance

price. A daily closing-price summary. Performance summary. Weekly, monthly, and yearly performance figures. Market updates. Index closing values, industry news, and economic indicators. Account-specific alerts. An email from Vanguard when we post

alerts. An email from Vanguard when we post news relating to your Vanguard Brokerage Account.  Stock & ETF alerts: Sample email When you sign up for stock & ETF alerts, you'll need to choose the format for the emails you'll receive: HTML or plain

for the emails you'll receive: HTML or plain text. If you select plain text, your messages won't include charts or illustrations. Here's what a typical email (in this case, a price alert for XYZ Corp. stock) will look like in HTML format:   Please

stock) will look like in HTML format:   Please note that this service is made possible by arrangement with Interactive Data. You'll receive your email alerts from wallst.com, not vanguard.com. To ensure that you receive the alerts you've requested,

that you receive the alerts you've requested, make sure your email software will accept messages from wallst.com.nguard.com client benefits at a glance.   Vanguard benefits at a glance  Vanguard             Back  Benefits  Benefits at a glance

Back  Benefits  Benefits at a glance   Client Benefits   Benefits at a glance  No matter how much you invest with Vanguard, you benefit from competitive long-term performance, exceptional service, and low costs.    Account fees and

service, and low costs.    Account fees and commission schedule  All Vanguard Brokerage clients pay $0 commission to trade ETFs (exchange-traded funds) and stocks online. You also have access to more than 160 no-transaction-fee mutual funds from

than 160 no-transaction-fee mutual funds from Vanguard and more than 3,000 funds from other companies.Review our complete commission & fee schedules Based on the size of your Vanguard account, you can also enjoy these benefits:   Vanguard assets

can also enjoy these benefits:   Vanguard assets Under $3,000 Account service fees $20 for most accounts unless a waiver applies* Online stock and ETF trades $0 Trust administration — Ongoing portfolio advice —   Vanguard assets Starting at $3,000

advice —   Vanguard assets Starting at $3,000 Account service fees $20 for most accounts unless a waiver applies* Online stock and ETF trades $0 Trust administration — Ongoing portfolio advice Fee-based through Vanguard Digital Advisor   Vanguard

through Vanguard Digital Advisor   Vanguard assets Starting at $50,000 Account service fees $20 for most accounts unless a waiver applies* Online stock and ETF trades $0 Trust administration — Ongoing portfolio advice Fee-based through Vanguard

portfolio advice Fee-based through Vanguard Personal Advisor Services   Vanguard assets Starting at $1 million Account service fees None Online stock and ETF trades $0 Trust administration Fee-based through Vanguard National Trust Company Ongoing

through Vanguard National Trust Company Ongoing portfolio advice Fee-based through Vanguard Personal Advisor Services   Vanguard assets Starting at $5 million Account service fees None Online stock and ETF trades $0 Trust administration Fee-based

and ETF trades $0 Trust administration Fee-based through Vanguard National Trust Company Ongoing portfolio advice Fee-based through Vanguard Personal Advisor Services    Vanguard assets Account service fees Online stock and ETF trades Trust

service fees Online stock and ETF trades Trust administration Ongoing portfolio advice Under $3,000 $25 for most accounts unless a waiver applies* $0 — — Starting at $3,000 $25 for most accounts unless a waiver applies* $0 — Fee-based through

unless a waiver applies* $0 — Fee-based through Vanguard Digital Advisor® Starting at $50,000 $25 for most accounts unless a waiver applies* $0 — Fee-based through Vanguard Personal Advisor Starting at $500,000 $25 for most accounts unless a waiver

at $500,000 $25 for most accounts unless a waiver applies* $0 — Fee-based through Vanguard Personal Advisor Select Starting at $1 million $25 for most accounts unless a waiver applies* $0 Fee-based through Vanguard National Trust Company Fee-based

through Vanguard National Trust Company Fee-based through Vanguard Personal Advisor Select Starting at $5 million None $0 Fee-based through Vanguard National Trust Company  Fee-based through Vanguard Personal Advisor Wealth Management  See what

Personal Advisor Wealth Management  See what Vanguard assets qualify for these services    × See what Vanguard assets qualify for these services   To determine eligibility, we first calculate your individual qualifying assets. If applicable, we

individual qualifying assets. If applicable, we determine final eligibility by combining the qualifying assets of clients who share your residential address.* What is a qualifying asset? Any assets under management of Vanguard Personal

Any assets under management of Vanguard Personal Advisor.Vanguard mutual funds and Vanguard ETFs held in certain personal, corporate, and organizational accounts qualify. These account types include: Individual non-retirement. Education savings

Individual non-retirement. Education savings accounts. IRAs. Joint. Trust. Custodian/guardian. UTMA/UGMA. Estate. Sole proprietorship. Single-participant SEP IRA plans. Corporate. Partnership. Exempt/Non-Exempt Unincorporated Organization. Hospital.

Unincorporated Organization. Hospital. School Distrist/Political. Endowment. Foundation/Family Foundation. Note: Vanguard assets in the following accounts may be included in eligibility determination if you also have a personal account holding

if you also have a personal account holding Vanguard mutual funds or Vanguard ETFs: Vanguard 529 Plan. Multi-participant SEP IRA plans. SIMPLE IRA. i401k. 403(b). Employer-sponsored retirement plans for which Vanguard provides recordkeeping. Assets

for which Vanguard provides recordkeeping. Assets held in other account types are not eligible to be included in service eligibility determination. Review of qualifications Your qualification criteria, such as asset level, is reviewed periodically

such as asset level, is reviewed periodically and could change at any time. If you continually fail to meet the applicable qualification criteria, Vanguard reserves the right to discontinue your enrollment in any of these services or reassign you to

in any of these services or reassign you to the appropriate service level, without prior notification. Vanguard also reserves the right to amend or cancel selected features and benefits at any time without prior notification. In addition, ongoing

without prior notification. In addition, ongoing access to individual services, discounts, and exemptions is subject to periodic review and may be restricted, based upon criteria established solely by Vanguard. While these services are

solely by Vanguard. While these services are complimentary, some underlying services may charge fees and expenses. Vanguard does not guarantee any level of service. *Business and other non-residential addresses are not eligible for aggregation when

addresses are not eligible for aggregation when determining service levels.      *A $25 annual account service fee is charged for all Vanguard Brokerage Accounts, as well as for each fund held in a legacy mutual fund-only account by clients with

a legacy mutual fund-only account by clients with less than $5 million in qualifying Vanguard assets.For brokerage clients, Vanguard Brokerage doesn't charge the fee to clients who elect e-delivery of statements and the annual privacy policy notice;

statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage doesn't charge the fee to clients with at least

doesn't charge the fee to clients with at least $5 million in qualifying Vanguard assets. See the full commission and fee schedules for details on additional exclusions.  For the 10-year period ended December 31, 2022, 6 of 6 Vanguard money market

December 31, 2022, 6 of 6 Vanguard money market funds, 80 of 90 Vanguard bond funds, 21 of 24 Vanguard balanced funds, and 142 of 184 Vanguard stock funds for a total of 249 of 304 Vanguard funds outperformed their Lipper peer-group averages.

outperformed their Lipper peer-group averages. Results will vary for other time periods. Only mutual funds and ETFs (exchange-traded funds) with a minimum 10-year history were included in the comparison. Source: Lipper, a Thomson Reuters Company.

Source: Lipper, a Thomson Reuters Company. The competitive performance data shown represent past performance, which is not a guarantee of future results. View fund performance. Vanguard average ETF and mutual fund expense ratio: 0.08%. Industry

and mutual fund expense ratio: 0.08%. Industry average ETF and mutual fund expense ratio: 0.47%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2022. You must buy and

Inc., as of December 31, 2022. You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See the Vanguard Brokerage Services commission and

the Vanguard Brokerage Services commission and fee schedules for limits. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility.

dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than the net asset value. For more information about Vanguard funds, visit vanguard.com to

about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus.nguard.com client benefits brokerage fees commissions.   Brokerage services commission & fee schedules  Vanguard             Back  Benefits

schedules  Vanguard             Back  Benefits  Brokerage services commission & fee schedules      Costs, Fees & Commissions   Brokerage services commission & fee schedules  You'll never pay a commission to buy or sell Vanguard mutual funds or ETFs

to buy or sell Vanguard mutual funds or ETFs in your Vanguard Brokerage Account.     View our Broker-Dealer Client Relationship Summary—Form CRS  View PDF     $0 Enjoy access to more than 160 Vanguard mutual funds and over 3,000 funds from other

mutual funds and over 3,000 funds from other companies, all with no transaction fees.    82% The average Vanguard mutual fund and ETF expense ratio is 82% less than the industry average.*       Investment product fees & minimums for Vanguard

Investment product fees & minimums for Vanguard Brokerage Accounts As of June 1, 2023   ETFs    Vanguard ETFs® (exchange-traded funds)  Investment type Online By phone Vanguard ETFs $0 $0  Learn more about other conditions & costs that may apply

about other conditions & costs that may apply  ETFs from other companies  Assets invested in Vanguard ETFs & mutual funds Online By phone Less than $1 million $0 Online rate + $25 broker-assisted fee $1 million or more $0 $0  Learn more about other

$1 million or more $0 $0  Learn more about other conditions & costs that may apply These also apply to sales of leveraged and inverse ETFs (exchange-traded funds) and ETNs (exchange-traded notes).  Learn more about ETFs   Commission-free trading of

more about ETFs   Commission-free trading of non-Vanguard ETFs applies only to trades placed online; most clients will pay a commission to buy or sell non-Vanguard ETFs by phone. Vanguard Brokerage reserves the right to change the non-Vanguard ETFs

the right to change the non-Vanguard ETFs included in these offers at any time. All ETFs are subject to management fees and expenses; refer to each ETF’s prospectus for more information. All stock and ETF sales are subject to a securities

stock and ETF sales are subject to a securities transaction fee. Account service fees may also apply. You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may

or through another broker (which may charge commissions).Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or

are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value. All investing is subject to risk, including the possible loss of the money you invest.

the possible loss of the money you invest. 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

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 executed in multiple trades on the same day are charged

in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change. Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan

Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees. Additional information regarding discount eligibility   × Other conditions & costs that may apply All ETFs are subject to

& costs that may apply All ETFs are subject to management fees and expenses; refer to each ETF's prospectus for more information. All ETF sales are subject to a securities transaction fee. Account service fees may also apply.     Mutual funds

service fees may also apply.     Mutual funds    Investment type Online By phone Vanguard mutual funds $0 $0  A few Vanguard mutual funds charge special purchase and/or redemption fees that are paid directly to the funds to help cover higher

paid directly to the funds to help cover higher transaction costs and protect long-term investors by discouraging short-term, speculative trading. Those fees vary from 0.25% to 1.00% of the amount of the transaction, depending on the fund. Account

the transaction, depending on the fund. Account service fees may apply.   Minimum investment requirements Target Retirement Funds and STAR® Fund: $1,000. Most index mutual funds: $3,000 for Admiral™ Shares. (Investor Shares not available.) Most

Shares. (Investor Shares not available.) Most actively managed mutual funds: $3,000 for Investor Shares; $50,000 for Admiral Shares. Most sector-specific index mutual funds: $100,000 for Admiral Shares. (Investor Shares not available.) Some funds

(Investor Shares not available.) Some funds have higher minimums to protect the funds from short-term trading activity. Fund-specific details are provided in each fund profile. Mutual funds from other companies No-transaction-fee (NTF) mutual funds

companies No-transaction-fee (NTF) mutual funds Initial purchase: For most funds, $500 for nonretirement accounts and $500 for IRAs. Additional purchases: $500 for any type of account. Dollar-cost-averaging purchases: $100 for any type of account

purchases: $100 for any type of account (minimum 2 transactions).  Assets invested in Vanguard ETFs & mutual funds Online By phone Less than $1 million $0 Online rate + $25 broker-assisted fee $1 million or more $0 $0  You'll also pay a $50 early

or more $0 $0  You'll also pay a $50 early redemption fee for all sales executed within 60 calendar days of the trade date of your most recent purchase of the same fund.  Transaction-fee (TF) mutual funds Initial purchase: $500. Additional

mutual funds Initial purchase: $500. Additional purchases: $500. Dollar-cost-averaging purchases: $100 (minimum 2 transactions, $3 per transaction).  Assets invested in Vanguard ETFs & mutual funds Online By phone Less than $1 million $20 per trade

By phone Less than $1 million $20 per trade Online rate + $25 broker-assisted fee $1 million to $5 million $0 for first 25 trades;* $8 per trade thereafter $0 for first 25 trades;* $8 per trade thereafter $5 million or more $0 for first 100 trades;*

$5 million or more $0 for first 100 trades;* $8 per trade thereafter $0 for first 100 trades;* $8 per trade thereafter  *Learn more about commission-free eligibility These also apply to sales of leveraged and inverse mutual funds. Fees apply per

and inverse mutual funds. Fees apply per trade for all purchases, sales, and exchanges, regardless of order size. A purchase fee is added to an order’s cost. A sales fee is subtracted from an order’s proceeds. If you exchange shares of a fund for

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 settlement fund. Load mutual funds  Security type Fee type Amount Class A shares Front-end load (purchase

Amount Class A shares Front-end load (purchase fee) Varies by fund or fund family; may be as high as 5.75%; discounts may be available Class B shares Back-end load (redemption fee, also known as a contingent deferred sales charge) Decreases to 0%

contingent deferred sales charge) Decreases to 0% over a period of years Class C shares Back-end load (redemption fee, also known as a contingent deferred sales charge) Smaller than a Class B redemption fee; decreases to 0% after 1 year All share

fee; decreases to 0% after 1 year All share classes Sales charges and minimum purchases Schedule for specific load fund may vary—sometimes significantly—from general description shown here; check fund’s prospectus for details  Minimum investment

fund’s prospectus for details  Minimum investment requirements Vanguard Brokerage doesn't charge additional fees for a purchase, a sale, or an exchange of any load mutual fund offered through our program.  Learn more about mutual funds  You must buy

Learn more about mutual funds  You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). Vanguard ETF Shares are not redeemable directly

Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market

ETF, you will pay or receive the current market price, which may be more or less than net asset value. All investing is subject to risk, including the possible loss of the money you invest. A separate commission is charged for each security bought

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

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 executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are

These commission and fee schedules are subject to change. Discounts and fee waivers from standard commissions may be available.Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and

for discounts from standard commissions and fees. Additional information regarding discount eligibility   × Application of fees for load funds Vanguard Brokerage doesn't charge additional fees for a purchase, a sale, or an exchange of any load

a purchase, a sale, or an exchange of any load mutual fund offered through our program.    × Application of fees for transaction-fee (TF) mutual funds Fees apply per trade for all purchases, sales, and exchanges, regardless of order size. A purchase

exchanges, regardless of order size. A purchase fee is added to an order's cost. A sales fee is subtracted from an order's proceeds. If you exchange shares of a fund for another fund in the same fund family and share class, the transaction fee will

family and share class, the transaction fee will be paid from your money market settlement fund.    × Commission-free eligibility Commission-free eligibility applies to the first 25 transactions for clients with at least $1 million to $5 million in

clients with at least $1 million to $5 million in qualifying Vanguard assets and the first 100 transactions for clients with at least $5 million or more in qualifying Vanguard assets in each calendar year for any combination of options and

calendar year for any combination of options and transaction-fee (TF) mutual funds. The number is limited to 25 per client with at least $1 million to $5 million in qualifying Vanguard assets and 100 per client with at least $5 million or more in

per client with at least $5 million or more in qualifying Vanguard assets as identified by the primary Social Security number on the account. Subsequent transactions are the rates shown in the applicable fee schedule. Vanguard Brokerage reserves the

fee schedule. Vanguard Brokerage reserves the right to end these offers anytime.    × Minimum investment requirements NTF, TF, and load mutual funds are subject to the greater of the minimum investment requirements or those identified in the fund’s

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. Individual fund families may impose

noted above. Individual fund families may impose additional minimums, fees, or charges. For complete information, read the fund’s prospectus carefully before investing. The offering conditions of the various funds included in the Vanguard Brokerage

various funds included in the Vanguard Brokerage Services program are subject to change at any time, including, but not limited to, fee classification (NTF, TF, or load) and transfer eligibility.    Stocks    Assets invested in Vanguard ETFs &

Stocks    Assets invested in Vanguard ETFs & mutual funds Online By phone Less than $1 million $0 Online rate + $25 broker-assisted fee $1 million or more $0 $0  Learn more about other conditions & costs that may apply  Learn more about stocks

& costs that may apply  Learn more about stocks  You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). Vanguard ETF Shares are not

charge commissions). Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive

buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value. All investing is subject to risk, including the possible loss of the money you invest. A separate commission is charged for

you invest. 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

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 executed in multiple trades on the same day are charged separate commissions. These commission and

separate commissions. These commission and fee schedules are subject to change. Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from

plan accounts are not eligible for discounts from standard commissions and fees. Additional information regarding discount eligibility   × Other conditions & costs that may apply All stock sales are subject to a securities transaction fee. Account

subject to a securities transaction fee. Account service fees may also apply.     Options    Assets invested in Vanguard ETFs & mutual funds Online or by phone Less than $1 million $0 + $1-per-contract fee $1 million to $5 million $0 for first 25

fee $1 million to $5 million $0 for first 25 trades;* $0 + $1-per-contract fee thereafter $5 million or more $0 for first 100 trades;* $0 + $1-per-contract fee thereafter  *Learn more about commission-free eligibilty All options exercises and

eligibilty All options exercises and assignments are commission-free. Learn more about options  You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge

or through another broker (which may charge commissions). Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or

are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value. Options are a leveraged investment and are not suitable for every investor. Options

and are not 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

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, any exchange on which options are traded, or by contacting OCC at 125 S. Franklin Street,

or by contacting OCC at 125 S. Franklin Street, Suite 1200, Chicago, IL 60606 (888-678-4667 or 888-OPTIONS). The booklet contains information on options issued by OCC. It is intended for educational purposes. No statement in the booklet should be

purposes. No statement in the booklet should be construed as a recommendation to buy or sell a security or to provide investment advice. For further assistance, please call The Options Industry Council (OIC) helpline at 888-OPTIONS or visit

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,

and trading. All investing is subject to risk, including the possible loss of the money you invest. A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions. In

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 executed

that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change. Discounts and fee waivers from standard commissions may be available.Vanguard

standard commissions may be available.Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees. Additional information regarding discount eligibility   × Commission-free

discount eligibility   × Commission-free eligibility Commission-free eligibility applies to the first 25 transactions for clients with at least $1 million to $5 million in qualifying Vanguard assets and the first 100 transactions for clients with at

the first 100 transactions for clients with at least $5 million or more in qualifying Vanguard assets in each calendar year for any combination of options and transaction-fee (TF) mutual funds. The number is limited to 25 per client with at least $1

is limited to 25 per client with at least $1 million to $5 million in qualifying Vanguard assets and 100 per client with at least $5 million or more in qualifying Vanguard assets as identified by the primary Social Security number on the account.

primary Social Security number on the account. Subsequent transactions are the rates shown in the applicable fee schedule. Vanguard Brokerage reserves the right to end these offers anytime.     CDs & bonds    CDs (certificates of deposit) & bonds

& bonds    CDs (certificates of deposit) & bonds  Investment type New issues Secondary market* CDs, U.S. government agency securities, and corporate bonds $0 $1 per $1,000 face amount ($250 maximum) U.S. Treasury securities $0 $0 Municipal bonds N/A

Treasury securities $0 $0 Municipal bonds N/A $1 per $1,000 face amount ($250 maximum) Mortgage-backed securities N/A $35 per trade Unit investment trusts (UITs) N/A $35 per trade  *A $25 broker-assisted fee will be assessed on fixed income

fee will be assessed on fixed income transactions traded on the secondary market by telephone in addition to the rate identified above. This fee will not be assessed for clients who hold $1 million or more in Vanguard ETFs and Vanguard funds or for

more in Vanguard ETFs and Vanguard funds or for fixed income products that are unavailable for trading online. All online sales of CDs before they mature are commission-free. Vanguard Brokerage Services may act as either an agent (executing your

may act as either an agent (executing your order at cost plus a commission) or a principal (adding markups to purchase prices or subtracting markdowns from sale prices). When acting as a principal for a primary market issue, Vanguard Brokerage

for a primary market issue, Vanguard Brokerage generally receives a fee concession from the issuer. Investments in bonds are subject to interest rate, credit, and inflation risk.  Minimum investment requirements  U.S. government agency securities,

requirements  U.S. government agency securities, corporate bonds New issues and secondary market: $1,000.  CDs, U.S. Treasury securities New issues and secondary market: $1,000. Municipal bonds Secondary market: $5,000; also subject to dealer

Secondary market: $5,000; also subject to dealer minimums.  More about CD & bond trades Vanguard Brokerage Services may act as one of the following: An agent, executing your order at cost plus a commission. *A principal, adding markups to purchase

*A principal, adding markups to purchase prices or subtracting markdowns from sale prices. When acting as a principal for a primary market issue, Vanguard Brokerage generally receives a fee concession from the issuer.   Learn more about CDs   Learn

from the issuer.   Learn more about CDs   Learn more about bonds   **CD and bond prices are available online and are price indications only. Online prices for all secondary-market bonds and CDs are before commissions. All investing is subject to

before commissions. All investing is subject to risk, including the possible loss of the money you invest. Investments in bonds are subject to interest rate, credit, and inflation risk. A separate commission is charged for each security bought or

These commission and fee schedules are subject to change. Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and

for discounts from standard commissions and fees. Additional information regarding discount eligibility Investments in bonds are subject to interest rate, credit, and inflation risk.    Other services    Fees for other services  Fee type Amount

Fees for other services  Fee type Amount Account service fee Vanguard Brokerage Services charges a $25 annual account service fee. We don't charge the fee to any of the following: Clients who have an organization or a trust account registered

an organization or a trust account registered under an employee identification number (EIN). Brokerage clients who’ve elected e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials;

reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. Clients enrolled in an advisory program serviced by an affiliate of Vanguard. Clients with at least $5 million in qualifying Vanguard

with at least $5 million in qualifying Vanguard assets.American Depositary Receipts (ADRs) Banks that custody ADRs are permitted to charge ADR holders certain fees, as detailed in the ADR prospectuses. "Pass through" ADR fees are collected from

"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

Other fees—including dividend processing fees—may be withheld by the DTC from the amount paid by the issuer. Foreign securities transactions $50 processing fee for non-DTC-eligible securities (not applicable to ADRs) plus commission. If a trade

applicable to ADRs) plus commission. If a trade executes over multiple days, the commission will be charged for each day on which an execution occurs. Additional fees may apply for trades executed directly on local markets. Wire transfers Vanguard

on local markets. Wire transfers Vanguard Brokerage charges a $10 fee for each holding you’re redeeming. However, this fee is waived for clients who hold at least $1 million in qualifying Vanguard assets. While Vanguard doesn’t charge a fee for

assets. While Vanguard doesn’t charge a fee for electronic bank transfers, your bank may charge a fee. Tax filing for Master Limited Partnerships (MLPs) in an IRA Vanguard Fiduciary Trust Company (VFTC), the custodian for IRAs held at Vanguard

(VFTC), the custodian for IRAs held at Vanguard Brokerage Services, is responsible for IRS 990-T tax filings for MLPs. VFTC charges a fee of $300 per account for these filings.* Vanguard Brokerage will facilitate collection of the fee by deducting

facilitate collection of the fee by deducting the fee amount from your brokerage account when a filing is required. Miscellaneous Other securities transaction or maintenance fees may apply. Call us for additional information.  *The fee applies to

for additional information.  *The fee applies to tax filings for the tax year 2020 and thereafter. If you hold $1 million or more in Vanguard ETFs and Vanguard funds or you’re a Personal Advisor Services client, this fee will be waived.  Learn about

client, this fee will be waived.  Learn about our investment products  All investing is subject to risk, including the possible loss of the money you invest. A separate commission is charged for each security bought or sold. Orders that execute over

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

of the market (buying or selling) on the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change. Discounts and fee

are subject to change. Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees. Additional information

commissions and fees. Additional information regarding discount eligibility      Not sure where to start? Try our investor quick start tool to see what’s best for your investment journey.  Try our quick start tool    Vanguard account service fees

start tool    Vanguard account service fees   Nonretirement   Fees How you can avoid the fee Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard assets are at least $5

total qualifying Vanguard assets are at least $5 million. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets. Refer to the applicable fund prospectus for

serviced by an affiliate of Vanguard. Sign up for e-delivery   Learn more    Roth   Fees How you can avoid the fee Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard

the fee if a client’s total qualifying Vanguard assets are at least $5 million. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets. Refer to the applicable

Vanguard assets. Refer to the applicable fund prospectus for other exclusions that may apply.If you’re the primary account owner, you can eliminate the fee on brokerage accounts by signing up for e-delivery of statements and the annual privacy

e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage Services does not charge the fee

Brokerage Services does not charge the fee to clients who have an organization or a trust account registered under an employee identification number (EIN) or brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard.

program serviced by an affiliate of Vanguard. Sign up for e-delivery   Learn more    Traditional   Fees How you can avoid the fee Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee if a client’s total

won’t assess the fee if a client’s total qualifying Vanguard assets are at least $5 million. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets. Refer to

million in qualifying Vanguard assets. Refer to the applicable fund prospectus for other exclusions that may apply. If you’re the primary account owner, you can eliminate the fee on brokerage accounts by signing up for e-delivery of statements and

by signing up for e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage Services does

In addition, Vanguard Brokerage Services does not charge the fee to clients who have an organization or a trust account registered under an employee identification number (EIN) or brokerage accounts enrolled in an advisory program serviced by an

enrolled in an advisory program serviced by an affiliate of Vanguard. Sign up for e-delivery   Learn more    SEP-IRAs   Fees How you can avoid the fee Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee if a

Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard assets are at least $5 million. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard

have at least $5 million in qualifying Vanguard assets. Refer to the applicable fund prospectus for other exclusions that may apply.If you’re the primary account owner, you can eliminate the fee on brokerage accounts by signing up for e-delivery of

accounts by signing up for e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage

account updates. In addition, Vanguard Brokerage Services does not charge the fee to clients who have an organization or a trust account registered under an employee identification number (EIN) or brokerage accounts enrolled in an advisory program

accounts enrolled in an advisory program serviced by an affiliate of Vanguard. Sign up for e-delivery   Learn more    UGMAs   Fees How you can avoid the fee Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee

Vanguard Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard assets are at least $5 million. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying

fee if you have at least $5 million in qualifying Vanguard assets. Refer to the applicable fund prospectus for other exclusions that may apply. If you’re the primary account owner, you can eliminate the fee on brokerage accounts by signing up for

the fee on brokerage accounts by signing up for e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition,

and other important account updates. In addition, Vanguard Brokerage Services does not charge the fee to clients who have an organization or a trust account registered under an employee identification number (EIN) or brokerage accounts enrolled in

number (EIN) or brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard. Sign up for e-delivery   Learn more    UTMAs   Fees How you can avoid the fee Brokerage accounts: $25 for each account. Vanguard Brokerage

$25 for each account. Vanguard Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard assets are at least $5 million. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5

fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets. Refer to the applicable fund prospectus for other exclusions that may apply.If you’re the primary account owner, you can eliminate the fee on brokerage accounts

you can eliminate the fee on brokerage accounts by signing up for e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates.

amendments, and other important account updates. In addition, Vanguard Brokerage Services does not charge the fee to clients who have an organization or a trust account registered under an employee identification number (EIN) or brokerage accounts

identification number (EIN) or brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard. Sign up for e-delivery   Learn more    Education savings   Fees How you can avoid the fee Brokerage accounts: $25 for each

avoid the fee Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard assets are at least $5 million. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll

$25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets. Refer to the applicable fund prospectus for other exclusions that may apply. If you’re the primary account owner, you can eliminate

the primary account owner, you can eliminate the fee on brokerage accounts by signing up for e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other

materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage Services does not charge the fee to clients who have an organization or a trust account registered under an employee identification number (EIN)

under an employee identification number (EIN) or brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard. Sign up for e-delivery   Learn more    SIMPLE IRAs   Fees How you can avoid the fee $25 for each Vanguard

How you can avoid the fee $25 for each Vanguard mutual fund in each account. We'll waive the fee if you have at least $50,000 in qualifying Vanguard assets. See what Vanguard assets qualify   Learn more    403(b) plans   Fees How you can avoid the

more    403(b) plans   Fees How you can avoid the fee $5 per month per Plan ($60 per year). The fee is charged for every participant in a plan. It's a flat fee that won't increase as your account assets grow.  Learn more    Individual 401(k) &

assets grow.  Learn more    Individual 401(k) & Individual Roth 401(k) plans   Fees How you can avoid the fee $20 for each Vanguard mutual fund in each account. We'll waive the fee for all participants in the plan if at least one participant has at

in the plan if at least one participant has at least $50,000 in qualifying Vanguard assets. See what Vanguard assets qualify   Learn more    The Vanguard 529 Plan   Fees How you can avoid the fee N/A N/A   Learn more      Ready to get started?  New

N/A   Learn more      Ready to get started?  New to Vanguard or looking to consolidate your accounts?  Open an account  What do I need to open an account?    Already a Vanguard client? Log in to your account.  Log in  I forgot my password     Ready

account.  Log in  I forgot my password     Ready to get started? New to Vanguard or looking to consolidate your accounts?  Open an account  What do I need to open an account?   Already a Vanguard client? Log in to your account.  Log in  I forgot my

Log in to your account.  Log in  I forgot my password   *Vanguard average expense ratio: 0.09%. Industry average expense ratio: 0.49%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as

Sources: Vanguard and Morningstar, Inc., as of December 31, 2021.  You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See

broker (which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for limits. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of

than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.   Vanguard's advice

or less than net asset value.   Vanguard's advice services are provided by Vanguard Advisers, Inc. ("VAI"), a registered investment advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered, limited-purpose trust company. The

CRS and each program's advisory brochure here for an overview.nguard.com client benefits dividend reinvestment.   Vanguard Brokerage dividend reinvestment program  Vanguard             Back  Benefits  Vanguard Brokerage dividend reinvestment program

Vanguard Brokerage dividend reinvestment program   CLIENT BENEFITS   Vanguard Brokerage dividend reinvestment program     If you chose this option when you completed your application for a Vanguard Brokerage Account, the following terms apply. If

Brokerage Account, the following terms apply. If you have not requested this service, you can set it up by calling us at 800-992-8327 Monday through Friday from 8 a.m. to 8 p.m., Eastern time, or by accessing your account on vanguard.com. Note: If

accessing your account on vanguard.com. Note: If you are an "affiliate" or "insider," you should consider consulting with your personal legal adviser before enrolling in this program.  What is the Vanguard Brokerage dividend reinvestment program?

Vanguard Brokerage dividend reinvestment program? This no-fee, no-commission reinvestment program allows you to reinvest dividend and/or capital gains distributions from any or all eligible stocks, closed-end mutual funds, exchange-traded funds

closed-end mutual funds, exchange-traded funds (ETFs), FundAccess® funds, or Vanguard mutual funds in your Vanguard Brokerage Account in additional shares of the same securities. All eligible distributions paid by the securities you designate must

paid by the securities you designate must be reinvested. The program is provided through Vanguard Brokerage. The dividend reinvestment program is available for all Vanguard Brokerage Accounts except those that are subject to either backup or

except those that are subject to either backup or nonresident alien income tax withholding. To modify or cancel any or all of your reinvestment instructions you can do so online on vanguard.com under the “My Accounts, Account Information, Profile &

the “My Accounts, Account Information, Profile & Settings” link.  You can also notify us by secure email, letter or phone. To change dividend elections, we must receive the instructions at least two business days before the payable date for the

two business days before the payable date for the changes to be effective with that distribution. Changes received after that time will be processed on a best-efforts basis.  What are the eligibility requirements? To be eligible for the program,

requirements? To be eligible for the program, securities must be held in "street name" by Vanguard Brokerage Services® prior to the stock's record date.Under street-name registration, the securities are owned by the brokerage customer but are

are owned by the brokerage customer but are registered in a brokerage's or clearing agent's name for easy transfer and protection against loss or theft. Virtually all the stocks, closed-end mutual funds, and ETFs you hold through your account are

funds, and ETFs you hold through your account are held in street name. Note the following eligibility characteristics: You must be a shareholder on the record date of the distribution to receive dividends. A security's distributions will not be

dividends. A security's distributions will not be reinvested if the security has a low average daily trading volume or if the corporation is involved in a corporate reorganization or other corporate action, such as a merger. Only cash dividends from

such as a merger. Only cash dividends from the eligible securities in your account can be used to purchase additional shares. Types of dividends that are ineligible for this program include those from securities held in your name outside your

from securities held in your name outside your account, optional dividends, and certain special dividends. (Optional dividends allow shareholders to take the dividend in cash, stock, or a combination of cash and stock. Special dividends are paid in

of cash and stock. Special dividends are paid in addition to normally scheduled dividends.) Unit investment trusts*, foreign equities, and certain domestic equities and certain American Depositary Receipts (ADRs) are not eligible for the

Receipts (ADRs) are not eligible for the reinvestment program. Vanguard Brokerage Services may make a security eligible or ineligible for automatic reinvestment without prior notification to shareholders.  How does the reinvestment program work?

How does the reinvestment program work? When reinvesting dividends, Vanguard Brokerage Services combines the cash distributions from the accounts of all clients who have requested reinvestment in the same security, and then uses that combined total

same security, and then uses that combined total to purchase additional shares of the security in the open market. Vanguard Brokerage will attempt to purchase the reinvestment shares on the payable date. The new shares are divided proportionately

date. The new shares are divided proportionately among the clients' accounts, in whole and fractional shares rounded to three decimal places. If the total purchase can't be completed in one trade, clients will receive shares purchased at the

clients will receive shares purchased at the weighted average price paid by Vanguard Brokerage Services.nguard.com client benefits edelivery paperless.   Go paperless and save money with e-delivery  Vanguard             Back  Benefits  E-delivery

Back  Benefits  E-delivery     client benefits   E-delivery: Safe & convenient access  Take the worry—and waiting!—out of getting your account information through the mail.  Sign up     Enrolling is easy & may save you money When you

Enrolling is easy & may save you money When you sign up for e-delivery, you'll get an email notifying you that your important account documents are ready for instant access on our secure website. No more waiting for them to arrive in the mail! And

more waiting for them to arrive in the mail! And while you're helping us save money by reducing paper and postage, you may lower your own costs by eliminating some account service fees. Enrolling is a breeze. And don't worry—if you change your mind

a breeze. And don't worry—if you change your mind later, you can update your preferences whenever you need to. See which account service fees you may avoid     Ready to open an account?  Get started     Ready to open an account?  Get started

Ready to open an account?  Get started        Documents available for e-delivery Nearly all of your personal, organizational, and trust account documents for mutual fund, brokerage, and employer plan accounts can be accessed online, including:

plan accounts can be accessed online, including: Statements. Confirmations. Tax forms.* Vanguard fund reports and prospectuses. Vanguard fund proxy materials.* Notices, amendments, and other important account updates. Vanguard’s annual privacy

account updates. Vanguard’s annual privacy policy notice. *Tax forms for employer plan accounts and proxy materials for trust accounts (mutual fund and brokerage) and employer plan accounts aren't currently available online. E-delivery agreement

currently available online. E-delivery agreement terms       nguard.com client benefits edelivery paperless consent agreement for edelivery.   Consent Agreement for Electronic Delivery  Vanguard                Consent agreement for electronic

Consent agreement for electronic delivery    The terms and conditions below apply to your election, as in effect from time to time, to receive electronically any of the account documents made available by Vanguard for electronic

made available by Vanguard for electronic delivery (e-delivery) from time to time, as described below. Eligible account types consist of: (1) personal mutual fund and brokerage accounts registered under your Social Security number or individual

under your Social Security number or individual taxpayer identification number (either such number, SSN) (including individual retirement accounts, trust accounts with individual trustees, accounts in The Vanguard 529 College Savings Plan, and

in The Vanguard 529 College Savings Plan, and Vanguard Variable Annuity contracts) (SSN accounts); (2) mutual fund and brokerage accounts held by organizations or trusts with individual trustees and registered under an employer identification number

under an employer identification number (EIN) for which you are designated as the person authorized to elect e-delivery (including accounts in The Vanguard 529 College Savings Plan and Vanguard Variable Annuity contracts) (EIN accounts); (3)

Variable Annuity contracts) (EIN accounts); (3) accounts in employer-sponsored retirement plans in which you participate, as determined by your employer (Plan accounts); and (4) any of the foregoing accounts types that may be eligible for and

accounts types that may be eligible for and enrolled in Vanguard Personal Advisor Services® from time to time. EIN accounts do not include certain types of organization accounts registered under an EIN. See Accounts affected by your mailing

an EIN. See Accounts affected by your mailing preferences for details.    What documents are available electronically?  SSN Accounts  Document type When documents become available online How long documents remain accessible online Transaction and

remain accessible online Transaction and account maintenance confirmations1 for mutual fund and Vanguard Brokerage Services® SSN accounts2 Business day after trading activity or account change; annually for beneficiary verifications and Required

for beneficiary verifications and Required Minimum Distribution (RMD) confirmations Minimum of 13 months Account statements for mutual fund3 and brokerage SSN accounts Within 5 business days after end of statement period Minimum of 13 months Tax

end of statement period Minimum of 13 months Tax forms for mutual fund and brokerage SSN accounts4 Tax forms for mutual fund accounts are available by January 31, and by February 28 for brokerage accounts. Check your account's Taxes & income area

Check your account's Taxes & income area for form availability.Vanguard fund reports and prospectuses for mutual fund SSN accounts In accordance with fiscal year of fund Until superseded Reports, prospectuses, and proxy materials for brokerage SSN

and proxy materials for brokerage SSN accounts5 In accordance with fiscal year of issuer or as determined by issuer Until superseded or as determined by issuer Vanguard fund proxy materials for mutual fund SSN accounts As determined by fund As

mutual fund SSN accounts As determined by fund As determined by fund Vanguard's annual privacy policy notice When the third-quarter statement becomes available Until superseded Notices, amendments, and other important account updates relating to

and other important account updates relating to mutual fund and brokerage SSN accounts6 As required by law or determined by Vanguard As required by law or determined by Vanguard    EIN Accounts  Document type When documents become available online

type When documents become available online How long documents remain accessible online Transaction and account maintenance confirmations7 for mutual fund and Vanguard Brokerage Services® EIN accounts8 Business day after trading activity or account

Business day after trading activity or account change Minimum of 13 months  Account statements for mutual fund and brokerage EIN accounts Within 5 business days after end of statement period Minimum of 13 months Tax forms for mutual fund and

of 13 months Tax forms for mutual fund and brokerage EIN accounts9 Tax forms for mutual fund accounts are available by January 31, and by February 28 for brokerage accounts. Check your account's Taxes & income area for form availability. Vanguard

& income area for form availability. Vanguard fund reports and prospectuses for mutual fund EIN accounts In accordance with fiscal year of fund Until superseded Reports, prospectuses, and proxy materials for brokerage EIN accounts10 In accordance

for brokerage EIN accounts10 In accordance with fiscal year of issuer or as determined by issuer Until superseded or as determined by issuer Vanguard's annual privacy policy notice When the third-quarter statement becomes available Until superseded

statement becomes available Until superseded Notices, amendments, and other important account updates relating to mutual fund and brokerage EIN accounts11 As required by law or determined by Vanguard As required by law or determined by Vanguard

As required by law or determined by Vanguard    Plan Accounts12  Document type When documents become available online How long documents remain accessible online Transaction confirmations Business day after trading activity or account change Minimum

after trading activity or account change Minimum of 13 months Account statements  Quarterly between days 7 and 17 of the month after quarter-end Minimum of 18 months Vanguard fund reports and prospectuses In accordance with fiscal year of fund.Until

In accordance with fiscal year of fund.Until superseded Vanguard fund proxy materials As determined by fund As determined by fund Tax forms By January 31 following the calendar year to which the form relates Minimum of 2 years Notices, amendments,

relates Minimum of 2 years Notices, amendments, and other important account updates relating to Plan accounts13 As required by law or determined by plan or Vanguard As required by law or determined by plan or Vanguard    1 Includes mutual fund

by plan or Vanguard    1 Includes mutual fund transaction and brokerage trade confirmations, account change confirmations, beneficiary verifications, and RMD service confirmations. 2 Personal accounts registered under your SSN include individual

registered under your SSN include individual accounts; joint accounts on which your SSN is listed first; accounts for minors on which you are custodian or authorized parent/guardian; individual retirement accounts including traditional, Roth, SEP-,

accounts including traditional, Roth, SEP-, and SIMPLE IRAs, and individual 403(b)(7) accounts; accounts in The Vanguard 529 College Savings Plan; and Vanguard Variable Annuity contracts, as applicable. Also includes trust accounts registered under

Also includes trust accounts registered under an SSN on which you are the first-listed individual trustee. 3 Includes household statement groups (HSG) for which you are the recipient. 4 Includes tax forms issued by the Vanguard funds, Vanguard

tax forms issued by the Vanguard funds, Vanguard Fiduciary Trust Company, or Vanguard Marketing Corporation as payer on mutual fund and brokerage SSN accounts. IRS Forms 1042-S and 2439 are not available for e-delivery. 5 Includes corporate action

for e-delivery. 5 Includes corporate action announcements. If you hold your Vanguard funds in a brokerage account, the delivery selections for your brokerage account(s) will govern your Vanguard fund document delivery. 6 Includes amendments to

fund document delivery. 6 Includes amendments to Vanguard IRA and individual 403(b)(7) custodial account agreements, amendments to mutual fund and brokerage account agreements, amendments to the RMD Service Agreement, RMD service notifications, the

Service Agreement, RMD service notifications, the Vanguard Personal Advisor Services Brochure, the Supplement to Advice Services Brochure, and annual legal disclosure notices and information regarding Vanguard Personal Advisor Services. 7 Includes

Vanguard Personal Advisor Services. 7 Includes mutual fund transaction and brokerage trade confirmations and account change confirmations.8 Eligible EIN accounts include mutual fund and brokerage accounts registered under an EIN on which you are

accounts registered under an EIN on which you are sole authorized signatory, and non-trust accounts registered under an EIN for which you have been designated as the person authorized to elect e-delivery (including EIN accounts in The Vanguard 529

(including EIN accounts in The Vanguard 529 College Savings Plan and Vanguard Variable Annuity contracts registered under an EIN), as applicable. Certain organization accounts registered under an EIN may not be eligible for e-delivery. 9 Includes

may not be eligible for e-delivery. 9 Includes tax forms issued by the Vanguard funds, Vanguard Fiduciary Trust Company, or Vanguard Marketing Corporation as payer on mutual fund and brokerage EIN Accounts. IRS Forms 1042-S and 2439 are not

EIN Accounts. IRS Forms 1042-S and 2439 are not available for e-delivery. 10 Includes corporate action announcements. If you hold your Vanguard funds in a brokerage account, the delivery selections for your brokerage account(s) will govern your

for your brokerage account(s) will govern your Vanguard fund document delivery. 11 Includes amendments to mutual fund and brokerage account agreements, the Vanguard Personal Advisor Services Brochure, the Supplement to Advice Services Brochure, and

the Supplement to Advice Services Brochure, and annual legal disclosure notices and information regarding Vanguard Personal Advisor Services. If you have both Personal and EIN accounts in Vanguard Personal Advisor Services, the e-delivery elections

Advisor Services, the e-delivery elections for your Personal accounts will govern your EIN account Vanguard Personal Advisor Services document delivery. If you have only EIN accounts in Vanguard Personal Advisor Services, your Vanguard Personal

Personal Advisor Services, your Vanguard Personal Advisor Services documents will be sent via U.S. mail. 12 Documents available for e-delivery under your Plan accounts are determined by your plan sponsor. 13 Examples include employer plan

plan sponsor. 13 Examples include employer plan information and education materials such as Summary Plan Descriptions, Summary of Material Modifications, Summary Annual Reports, Participant Expense Disclosures, Plan Conversion Materials & Notices,

Disclosures, Plan Conversion Materials & Notices, Plan Provisions, and Qualified Default Investment Alternative Information, as well as the Vanguard Personal Advisor Services Brochure, the Supplement to Advice Services Brochure, and annual legal

to Advice Services Brochure, and annual legal disclosure notices and information regarding Vanguard Personal Advisor Services. If you have both Personal and Plan accounts in Vanguard Personal Advisor Services, the e-delivery elections for your

Services, the e-delivery elections for your Personal accounts will govern your Plan account Vanguard Personal Advisor Services document delivery.Vanguard reserves the right to modify without prior notice the length of time during which documents

notice the length of time during which documents remain available online. Regardless of your e-delivery selections, certain documents will continue to be sent by U.S. mail for compliance, business, or security reasons. Certain organization accounts

security reasons. Certain organization accounts registered under an EIN are not eligible for e-delivery.     How is the consent applied and how long does it last?  SSN accounts  Your consent applies to all eligible documents you've selected, or

to all eligible documents you've selected, or those you select in the future, for all SSN accounts registered under your SSN. For joint SSN accounts, only the owner designated as primary (the individual whose SSN is listed first on the account

whose SSN is listed first on the account registration) can accept this consent agreement. If you elect e-delivery for a joint account, you represent that you have the authority to act on behalf of all account owners and to consent to e-delivery on

account owners and to consent to e-delivery on behalf of all owners using the e-mail address you provide. Your consent will be effective until you revoke it or it is revoked by Vanguard. You always have the ability to change your specific e-delivery

the ability to change your specific e-delivery document selections at any time, by going to Account maintenance, choosing Delivery settings under Mail preferences and selecting "Customize your mailing preferences." Please note that revoking your

preferences." Please note that revoking your consent or modifying your mailing preferences may subject you to account service fees for one or more of your mutual fund or brokerage SSN accounts.    EIN accounts  Your consent applies to all eligible

accounts  Your consent applies to all eligible documents you've selected, or those you select in the future, for all EIN accounts for which you are designated as the person authorized to elect e-delivery. For organization EIN accounts with more than

For organization EIN accounts with more than one authorized signatory, only the person designated by the authorized signatories on the account registration or Organization Resolution form can accept this consent agreement. For trust EIN accounts

this consent agreement. For trust EIN accounts with more than one individual trustee, only the trustee listed first on the Account Registration form or the trustee subsequently designated on a Trustee Certifcation can accept this consent agreement.

Certifcation can accept this consent agreement. Your consent will be effective until you revoke it or it is revoked by the EIN account owner(s) or representatives or Vanguard.You always have the ability to change your specific e-delivery document

to change your specific e-delivery document selections at any time, by going to Account maintenance, choosing Delivery settings under Mail preferences and selecting "Customize your mailing preferences." Please note that revoking your consent or

Please note that revoking your consent or modifying your mailing preferences may subject you to account service fees for one or more of your mutual fund or brokerage SSN accounts.  Plan accounts  For Plan accounts, your consent applies to eligible

Plan accounts, your consent applies to eligible current and future employer retirement plan accounts established under your SSN, as determined by your employer. Your consent will be effective until you revoke it or it is revoked by Vanguard. You

you revoke it or it is revoked by Vanguard. You always have the ability to change your specific e-delivery document selections at any time, by going to My Profile, choosing Mailing preferences, and selecting "Customize your mailing preferences."

selecting "Customize your mailing preferences."  All accounts  If you change your mailing preferences back to paper delivery for all documents, your consent will be considered revoked. Vanguard will revoke your consent if your web access is blocked

revoke your consent if your web access is blocked or if e-mail notifications are returned as undeliverable. Your consent to this agreement will revoke your e-delivery consent agreement with Broadridge, if any, applicable to your Vanguard brokerage

if any, applicable to your Vanguard brokerage accounts. In the event Vanguard materially amends this consent agreement, you will be provided notice and, as always, will have the opportunity to revoke your consent or change your specific e-delivery

your consent or change your specific e-delivery selections.   How will I know when documents are available online?  You'll receive an e-mail notification to your e-mail address then on file with Vanguard whenever a document for which you've selected

whenever a document for which you've selected e-delivery becomes available online, and you can access the document securely by logging onto your account.  You can download or print any documents, and you can also contact Vanguard at any time to

and you can also contact Vanguard at any time to request a paper copy of any document at no cost. You can also save your electronic documents to your local hard drive, as you would any other file from the internet. You may want to consider

file from the internet. You may want to consider downloading, saving, and/or printing important account documents, in case a document is no longer available online or our website becomes temporarily unavailable to you for any reason.  What software

unavailable to you for any reason.  What software do I need? All of the documents available via e-delivery are available only in portable document format (PDF). You must have PDF viewing software, such as Adobe Reader, installed on your computer in

as Adobe Reader, installed on your computer in order to view account documents available via e-delivery. If you don't have Adobe Reader or are otherwise unable to view or print information on our website, do not accept this agreement.   How do I

website, do not accept this agreement.   How do I change my information? To change or verify your mailing preferences or e-mail address at any time, or to revoke your e-delivery election and consent: Log on to Vanguard.com. For SSN and EIN accounts,

Log on to Vanguard.com. For SSN and EIN accounts, click Account maintenance in the top navigation bar, then click Delivery settings under Mail preferences. For Plan accounts, click My Profile in the top navigation bar and go to Mailing preferences.

top navigation bar and go to Mailing preferences. Click the link(s) appropriate for the change(s) you want to make. Enter the new information and click Submit. Note: Please allow three business days for us to process your changes or revocation. It

for us to process your changes or revocation. It may be several days to several weeks before you stop receiving documents via your previous delivery method, depending on the type of document.   Are there delivery considerations I should know about?

delivery considerations I should know about? On rare occasions, e-mails may not transmit properly, your internet service provider may experience system failure, or other problems may arise. E-mail notifications will be sent from one of the following

will be sent from one of the following domains: vanguard.com, evanguard.com, investordelivery.com, or proxyvote.com. If you use spam-blocking software, please update your settings to allow e-mail from these domains. If you don't receive an

from these domains. If you don't receive an anticipated e-mail notice, log on to vanguard.com for up-to-date documents and information about your accounts. You should also check your e-mail quarantine, junk mail, or spam folder periodically, as

junk mail, or spam folder periodically, as valid messages are occasionally routed to these folders by e-mail providers. To view your account documents, log on to vanguard.com and select the My Accounts tab at the top of the page. To view SSN or EIN

at the top of the page. To view SSN or EIN accounts, click Statements or Messages.To view Plan accounts, click Plan Summary, then select Statements under History, statements, and forms. If an e-mail is returned to Vanguard as "undeliverable," we'll

is returned to Vanguard as "undeliverable," we'll attempt to resend it. After up to three failed attempts to deliver e-mail to the e-mail address you have provided us, we will switch all of your mailing preferences back to paper delivery and begin

preferences back to paper delivery and begin sending your account documents via U.S. mail. This will revoke your consent to e-delivery. Therefore, please update your information immediately if your e-mail address changes by logging onto vanguard.com

address changes by logging onto vanguard.com and following the instructions under How do I change my information? above.   Additional e-delivery consent language that applies to owners of the Vanguard Variable Annuity who reside in California.

Variable Annuity who reside in California.  ELECTRONIC INFORMATION CONSENT ‐ I consent to receive documents and notices applicable to the Eligible Policy/Policies accessed through the Company website or portal, or websites or portals operated on

or portal, or websites or portals operated on behalf of the Company. These include, but are not limited to: Policy contracts, applications, application supplements and addendums, illustrations, amendments, riders, replacement notices, statements of

riders, replacement notices, statements of additional information, conditional receipts, customer correspondence, prospectuses, prospectus supplements, annual and semiannual reports, quarterly statements and immediate confirmations, privacy notices,

and immediate confirmations, privacy notices, other notices, and documentation, permitted by law to be sent electronically, in electronic format, when available instead of receiving paper copies of these documents by U.S. mail. Important Information

documents by U.S. mail. Important Information Concerning Electronic Document Delivery: Your consent is voluntary. Documents will only be transmitted to you electronically if you consent. There is no charge for electronic delivery, although your

no charge for electronic delivery, although your internet provider may charge for Internet access. You are confirming that you have access to a computer with internet capabilities and an active email account to receive information electronically.

account to receive information electronically. This Electronic Document Delivery applies only to Eligible Policies accessed through the Company website or portal, or websites or portals operated on behalf of the Company. After consenting to

on behalf of the Company. After consenting to Electronic Document Delivery, we will send an email to confirm that the email address you provided is correct.If we are unable to confirm an email address or have reasonable suspicion that an email

or have reasonable suspicion that an email address is incorrect, we will not activate the consent for electronic delivery, in which case you will continue to receive paper copies of your documents. Email filters must be updated to ensure you

Email filters must be updated to ensure you received email notifications from us. Not all contract documentation and notifications may currently be available in electronic format. You can request the Company provide paper copies of documents at any

Company provide paper copies of documents at any time for no charge. If an email address changes, you may notify us at any time by contacting us at the phone number listed below or editing your profile on the appropriate website. This consent will

on the appropriate website. This consent will remain in effect until revoked. You may opt out of receiving records electronically at any time. If you choose to revoke your consent, withdrawal of this consent will become effective within two business

consent will become effective within two business days after the Company receives your request. Please call 800-357-4720 or visit the Company website at www.vanguard.com if you would like to revoke your consent, wish to receive a paper copy of the

your consent, wish to receive a paper copy of the information above, or need to update your email address.I consent to receive electronic transmission of documents and agree to the terms and conditions as described above. EINFOC0716(CA)   The

as described above. EINFOC0716(CA)   The following text applies to owners of the Vanguard Variable Annuity who reside in Georgia and Utah.  ELECTRONIC INFORMATION CONSENT ‐ I consent to receive documents and notices applicable to the Eligible

documents and notices applicable to the Eligible Policy/Policies accessed through the Company website. These include, but are not limited to, prospectuses, prospectus supplements, annual and semiannual reports, quarterly statements and immediate

reports, quarterly statements and immediate confirmations, privacy notice and other notices and documentation in electronic format when available instead of receiving paper copies of these documents by U.S. mail. I consent to receive in electronic

by U.S. mail. I consent to receive in electronic format any documents added in the future. Important Information Concerning Electronic Document Delivery: There is no charge for electronic delivery, although your internet provider may charge for

although your internet provider may charge for Internet access. You are confirming that you have access to a computer with internet capabilities and an active email account to receive information electronically. This Electronic Document Delivery

electronically. This Electronic Document Delivery applies only to Eligible Policies accessed through the following websites: www.vanguard.com.nguard.com client benefits flagship.   Investing with Vanguard Flagship Services®  Vanguard

Vanguard Flagship Services®  Vanguard             Back  Benefits  Investing with Vanguard Flagship Services   Client Benefits   Investing with Vanguard Flagship Services  You'll get the help and services you need to support a large investment

services you need to support a large investment portfolio.    Investors with $1 million to $5 million* You're a Flagship client at Vanguard, which means you get personalized services reserved for our high-net-worth investors. Helping you look at

our high-net-worth investors. Helping you look at your wealth holistically is important to us. As a Flagship client, you'll have exclusive resources available to you, including Vanguard professionals who can help you meet your investment and wealth

who can help you meet your investment and wealth management needs. Offered through Vanguard Personal Advisor for a low fee, advisors are also available to help you navigate the complexities of wealth management in areas like trust services, tax

management in areas like trust services, tax strategies, financial advice, and philanthropy. When you call, you'll speak with an experienced representative who will act as your guide to all the services we offer our high-net-worth clients. Whenever

we offer our high-net-worth clients. Whenever you're facing a complex situation or change in circumstances, a representative will coordinate personalized, expert help that's tailored to your needs. As your needs grow, your support will too. Once

As your needs grow, your support will too. Once you've accumulated $5 million or more in Vanguard assets, you'll become a Flagship Select client, which provides the wealth management services you need. Find out more about wealth management for you &

Find out more about wealth management for you & your family  What you can expect every day as a Vanguard client All Vanguard clients pay $0 commission to trade ETFs (exchange-traded funds) and stocks online. You also have access to more than 160

online. You also have access to more than 160 no-transaction-fee mutual funds from Vanguard and more than 3,000 funds from other companies. And when you receive investing help from Vanguard, know that our professionals are salaried and don't receive

our professionals are salaried and don't receive commissions. So you can be confident that we'll make every decision with only your needs in mind.         Explore professional advice We offer expert help at the low cost you'd expect from Vanguard.

help at the low cost you'd expect from Vanguard.  Compare advice options              Interested in Vanguard Flagship Services®? Speak with a specialist who's experienced with helping high-net-worth clients.  Call 800-345-1344 Monday through Friday

clients.  Call 800-345-1344 Monday through Friday 8 a.m. to 8 p.m., Eastern time      Ready to open or transfer an account?  New to Vanguard or looking to consolidate your savings?  Open an account     Already a Vanguard client? Log in to view your

Already a Vanguard client? Log in to view your account.  Log in        Ready to open or transfer an account?  New to Vanguard or looking to consolidate your savings?  Open an account     Already a Vanguard client? Log in to view your account.

a Vanguard client? Log in to view your account.  Log in      Compare our services View benefits at a glance    Investing services for up to $1 million With Vanguard, you'll get the benefits you need to support your investment portfolio. Learn more

to support your investment portfolio. Learn more about the help, guidance, and cost savings you'll receive with us. View investing services for up to $1 million     Wealth management services for $5 million & up Your wealth isn't just about

for $5 million & up Your wealth isn't just about money—it's about your family's future. We understand that with higher wealth comes higher complexity and more sensitive, critical needs that require an extra level of support. That's where we can add

extra level of support. That's where we can add value. View wealth management services     *See what Vanguard assets qualify for these services   For more information about Vanguard funds or ETFs, visit vanguard.com to obtain a prospectus or, if

visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before

prospectus; read and consider it carefully before investing. You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See the Vanguard

(which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for limits. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs

aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value. All investing is subject to risk,

asset value. All investing is subject to risk, including the possible loss of the money you invest.   Vanguard's advice services are provided by Vanguard Advisers, Inc.("VAI"), a registered investment advisor, or by Vanguard National Trust Company

advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered, limited-purpose trust company. The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an

management, fees, eligibility, and access to an advisor. Find VAI's Form CRS and each program's advisory brochure here for an overview. VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation.

and affiliates of Vanguard Marketing Corporation. Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses.    × See what Vanguard assets qualify for these services   Eligibility is first calculated using qualifying assets

is first calculated using qualifying assets for an individual client. We then combine the qualifying assets of clients sharing a residential address to determine final eligibility*, with a minimum of $1 million to qualify for Vanguard Flagship

of $1 million to qualify for Vanguard Flagship Services®.   Assets that qualify Any assets under management of Vanguard Personal Advisor. Vanguard mutual funds and Vanguard ETFs held by a client in certain personal accounts qualify. Personal account

personal accounts qualify. Personal account types include: individual non-retirement, education savings accounts, IRAs, Joint, Trust, Custodian, Guardian, UTMA, UGMA, Estate, Sole Proprietorship, and Single-Participant SEP IRA plans. Note: Vanguard

Single-Participant SEP IRA plans. Note: Vanguard assets in a Vanguard 529 Plan, Vanguard Variable Annuity, Multi-participant SEP IRA plans, SIMPLE, i401k, 403(b), family partnership, family corporation, or employer-sponsored retirement plans for

or employer-sponsored retirement plans for which Vanguard provides recordkeeping services may be included in determining eligibility if you also have a personal account holding Vanguard mutual funds or Vanguard ETFs. Assets held in other account

or Vanguard ETFs. Assets held in other account types are not eligible to be included in service eligibility determination. We review qualifications periodically The qualification criteria (for example, asset levels) are reviewed periodically and

asset levels) are reviewed periodically and could change at any time. Vanguard reserves the right to discontinue enrollment in any of these services or reassign any investor, without prior notification, to the appropriate service level if the

to the appropriate service level if the investor fails to continue to meet the applicable qualification criteria.nguard.com client benefits investment fees.   Investment fees & costs  Vanguard             Back  Benefits  Costs, fees & minimums

Back  Benefits  Costs, fees & minimums   About Us   Costs, fees & minimums  See how Vanguard's low-cost approach can help you make the most of your money. You'll never pay a commission to buy or sell Vanguard mutual funds or ETFs in your

buy or sell Vanguard mutual funds or ETFs in your Vanguard accounts.    Investment costs        Expense ratios  The average Vanguard mutual fund and ETF (exchange-traded fund) expense ratio is 83% less than the industry average.*  See the difference

than the industry average.*  See the difference low-cost funds can make         Vanguard fund trading fees  Never pay a commission when you buy and sell Vanguard mutual funds and ETFs in your Vanguard account. A few Vanguard mutual funds charge fees

account. A few Vanguard mutual funds charge fees designed to help cover high transaction costs and discourage short-term trading.  Find out which mutual funds charge purchase & redemption fees    × Vanguard funds with purchase & redemption fees

× Vanguard funds with purchase & redemption fees Purchase fees are charged generally by funds that routinely face higher transaction costs when buying securities for the portfolio. Redemption fees are charged generally by funds that want to

fees are charged generally by funds that want to discourage market-timing. Neither is considered a sales charge or "load" because both are paid directly to the fund to offset higher transaction costs. There are currently only a few Vanguard funds

There are currently only a few Vanguard funds (each with multiple share classes) that charge one or both of these fees. Each has a corresponding ETF (exchange-traded fund) share class that excludes these fees and can be bought and sold

excludes these fees and can be bought and sold commission-free in your Vanguard account.   Fund Name & Ticker Purchase Fee Redemption Fee Emerging Markets Government Bond Index Fund Admiral™ Shares (VGAVX) 0.75% None Emerging Markets Government Bond

0.75% None Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) 0.75% None Global ex-U.S. Real Estate Index Fund Admiral Shares (VGRLX) 0.25% 0.25% Global ex-U.S.Real Estate Index Fund Institutional Shares (VGRNX) 0.25% 0.25%

Fund Institutional Shares (VGRNX) 0.25% 0.25% Intermediate-Term Corporate Bond Index Fund Admiral Shares (VICSX) 0.25% None Intermediate-Term Corporate Bond Index Fund Institutional Shares (VICBX) 0.25% None International Dividend Appreciation Index

None International Dividend Appreciation Index Fund Admiral Shares (VIAAX) 0.25% 0.25% International High Dividend Yield Index Fund Admiral Shares (VIHAX) 0.25% 0.25% Long-Term Corporate Bond Index Fund Admiral Shares (VLTCX) 1.00% None Long-Term

Fund Admiral Shares (VLTCX) 1.00% None Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX) 1.00% None Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) None None Long-Term Bond Index Fund—Admiral Shares (VBLAX) 0.50% 0.25% Long-Term

Fund—Admiral Shares (VBLAX) 0.50% 0.25% Long-Term Bond Index Fund—Institutional Shares (VBLLX) 0.50% None Long-Term Bond Index Fund—Institutional Plus Shares (VBLIX) 0.50% None You must buy and sell Vanguard ETF Shares through Vanguard Brokerage

Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for limits. Vanguard ETF Shares are

fee schedules for limits. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or

When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.         $0 trading commissions  Pay nothing to trade stocks, ETFs, and Vanguard mutual funds online. Enjoy access to

and Vanguard mutual funds online. Enjoy access to more than 160 no-transaction-fee mutual funds from Vanguard and more than 3,000 funds from other companies.  Review our commission schedule for details     Account and advice fees        Account &

Account and advice fees        Account & service fees  A $25 annual fee applies to each of your brokerage and mutual-fund-only accounts. Find out how easy it is to avoid these fees SIMPLE IRAs, Individual 401(k)s, and Vanguard 529 Plan accounts

401(k)s, and Vanguard 529 Plan accounts have special account service fees.       Vanguard advisory fees  Vanguard offers 4 investment advice services, each with their own advisory fee schedules.  Compare our advice services and their fees

Compare our advice services and their fees     Minimum investing requirements        Mutual funds  Most Vanguard mutual funds require a minimum investment of $3,000.** But you can invest in any Vanguard Target Retirement Fund or in Vanguard

Vanguard Target Retirement Fund or in Vanguard STAR® Fund with as little as $1,000. Get details on fees & minimums for Vanguard mutual funds SIMPLE IRAs, Individual 401(k)s, and Vanguard 529 Plan accounts have special account service fees. Minimums

have special account service fees. Minimums for non-Vanguard mutual funds vary by fund. Details are available in each fund profile.        ETFs  The minimum investment for a Vanguard ETF is as little as $1 through our fractional share program. The

as $1 through our fractional share program. The minimum investment for a non-Vanguard ETF is simply the price of one share.  Get details on costs & minimums for Vanguard ETFs         Stocks, CDs & bonds  The minimum investment for individual

& bonds  The minimum investment for individual securities is also the price of one share. Buy and sell:  CDs   Bonds      *Vanguard average ETF and mutual fund expense ratio: 0.08%. Industry average ETF and mutual fund expense ratio: 0.47%. All

ETF and mutual fund expense ratio: 0.47%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2022.  You should consult your plan fee disclosure notice for the applicable

plan fee disclosure notice for the applicable annual gross advisory fees that apply to your 401(k) account.  **Some funds have higher minimums to protect the funds from short-term trading activity. Fund-specific details are provided in each fund

Fund-specific details are provided in each fund profile.   You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See the Vanguard

(which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for limits. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs

aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.nguard.com client benefits margin

net asset value.nguard.com client benefits margin disclosure statement.   Vanguard margin disclosure statement  Vanguard             Back  Benefits  Vanguard Brokerage Initial Margin Risk Disclosure Statement   CLIENT BENEFITS   Vanguard Brokerage

Statement   CLIENT BENEFITS   Vanguard Brokerage Initial Margin Risk Disclosure Statement     Vanguard Brokerage Initial Margin Risk Disclosure Statement Vanguard Brokerage Services® is providing this statement, in accordance with FINRA rules and

statement, in accordance with FINRA rules and regulations, to inform You of some important facts about purchasing Securities on margin and to alert You to the risks involved with margin Securities in a margin account. Before trading Securities in

in a margin account. Before trading Securities in Your Margin Account, You should carefully review this Margin Risk Disclosure Statement. You should call Vanguard Brokerage Services with any questions or concerns You may have with Your Margin

or concerns You may have with Your Margin Account. When You purchase Securities, You may pay for the Securities in full or You may borrow part of the purchase price from Vanguard Brokerage Services. If You choose to borrow funds from Vanguard

If You choose to borrow funds from Vanguard Brokerage Services, You will open a margin account with Us. The Securities purchased are Our collateral for the loan to You. If the Securities in Your Account decline in value, so does the value of the

decline in value, so does the value of the collateral supporting Your loan. As a result, Vanguard Brokerage Services can take action by issuing a margin call and/or by selling Securities and Other Property in any of Your accounts held with Vanguard

in any of Your accounts held with Vanguard Brokerage Services or any of its affiliates to satisfy minimum equity requirements. Before placing any trades in a margin account, it is important that You fully understand that this activity involves a

fully understand that this activity involves a high degree of risk.  These risks include, but are not limited to, the following: You can lose more funds than You deposit into Your Margin Account. If the Securities in Your Margin Account decline in

the Securities in Your Margin Account decline in value, You may be required to deposit additional funds or marginable Securities to prevent Vanguard Brokerage Services from selling those or Other Securities in Your Account. Market conditions can

Securities in Your Account. Market conditions can magnify any potential for loss.  Vanguard Brokerage Services can force the sale of Securities and Other Property in Your Account. You are not entitled to choose which Securities or other assets in

to choose which Securities or other assets in Your Account will be liquidated or sold to meet a margin call.If the equity in Your Account falls below the maintenance margin requirements, or Vanguard Brokerage Services' higher "house" maintenance

Brokerage Services' higher "house" maintenance margin requirements (see next item below), Vanguard Brokerage Services reserves the right to sell the Securities and Other Property in Your Account to cover the margin deficiency. You will also be

to cover the margin deficiency. You will also be responsible for any shortfall in the Account after such sale. Because the Securities and Other Property in Your Account are collateral for the margin loan that has been granted to You, Vanguard

loan that has been granted to You, Vanguard Brokerage Services has the right to decide which Securities to sell in order to protect its interests.  Vanguard Brokerage Services can increase Our "house" maintenance margin requirements at any time

maintenance margin requirements at any time without advance written notice. At this time, the minimum margin maintenance requirement is 35% for most marginable Securities held at Vanguard Brokerage Services. Your Account would be at 35% equity under

Your Account would be at 35% equity under the following scenario: $100,000 market value – $65,000 margin debt = 35% equity. However, maintenance requirements may vary for certain Securities. For example, Vanguard Brokerage Services now requires a

Vanguard Brokerage Services now requires a 50% or higher maintenance requirement for concentrated positions, that is, for margin accounts with a large percentage of holdings in a small number of Securities or for a large amount of holdings in one

or for a large amount of holdings in one particular industry group or sector. In addition, not all Securities held at Vanguard Brokerage Services are marginable. Please note that We may change Our "house" maintenance margin requirements anytime and

maintenance margin requirements anytime and these changes will take effect immediately and result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause Vanguard Brokerage Services to liquidate or sell Securities

Services to liquidate or sell Securities and Other Property in Your Account. You should ascertain the margin requirements for a particular Security before placing a trade in a margin account. If You have any questions about Our margin requirements,

have any questions about Our margin requirements, call Us at 800-992-8327 Monday through Friday from 8 a.m. to 8 p.m., Eastern time.  Vanguard Brokerage Services can sell Your Securities and Other Property without contacting You. Some investors

Property without contacting You. Some investors mistakenly believe that a firm must contact them for a margin call to be valid and that the firm cannot liquidate Securities and Other Property in their accounts to meet the call unless the firm has

accounts to meet the call unless the firm has contacted them first. This is not the case.Vanguard Brokerage Services will attempt to notify You when a margin call exists, but is not required to do so. However, even if You are contacted and given

so. However, even if You are contacted and given explicit instructions regarding the amount and payment deadline of Your margin call, Vanguard Brokerage Services can still take necessary steps to protect its financial interests, including by selling

its financial interests, including by selling Securities and Other Property in any of Your accounts held by Vanguard Brokerage Services or any of its affiliates at any time without contacting You, if We deem it necessary, to mitigate the risk

if We deem it necessary, to mitigate the risk associated with adverse market fluctuations or otherwise.  You are not entitled to an extension of time to meet a margin maintenance call. Although Vanguard Brokerage Services may allow more time to meet

Brokerage Services may allow more time to meet a margin call under extenuating circumstances, You are not automatically entitled to receive an extension.  Interest rates on margin debit balances may vary. Interest charged on any margin debit

may vary. Interest charged on any margin debit balances may be up to 3.00 percentage points above the Vanguard Brokerage Services Base Lending Rate. The interest period begins two business days before the beginning of each month and ends three

before the beginning of each month and ends three business days before the following month's end. At the close of each interest period during which credit was extended to You, an interest charge is computed by multiplying the average daily debit

computed by multiplying the average daily debit balance by the applicable schedule rate, and by the number of days during which a debit balance was outstanding, and then dividing by 360. If there has been a change in the Vanguard Brokerage Services

been a change in the Vanguard Brokerage Services Base Lending Rate, separate computations will be made with respect to each rate of charge for the appropriate number of days at each rate during the interest period. If not paid, the interest charge

interest period. If not paid, the interest charge for credit extended to Your Account at the close of the interest period is added to the opening debit balance for the next interest period. If there is a cash balance in both Your Cash and Margin

is a cash balance in both Your Cash and Margin Accounts, interest will be calculated on the combined debit balance for that currency and charged to the Margin Account. Generally, You will not receive interest on any credit balances in Your short

interest on any credit balances in Your short account because such credit collateralizes the stock borrowed for delivery against the short sale.  All trades will be executed through Your Margin Account. All Securities must be held in Your Margin

All Securities must be held in Your Margin Account.nguard.com client benefits margin.   Margin trading  Vanguard              Client Benefits   Margin Loans  With a margin loan, you can increase your flexibility.  Open or transfer accounts     What

flexibility.  Open or transfer accounts     What is margin? Margin lending is simply a flexible line of credit1 that allows a client to borrow against the securities they already hold in their brokerage account. When used appropriately, margin loans

account. When used appropriately, margin loans can help a client execute a wide variety of investment strategies1 by increasing their borrowing power to serve as a source of flexible cash, purchase more securities or to hedge.  Access to liquidity

more securities or to hedge.  Access to liquidity Accessible: Access to capital, competitive rates, and flexible repayment terms. Less Intrusive: No underwriting, personal guarantees, or credit checks. Tax Advantaged: Taking a margin loan and paying

Tax Advantaged: Taking a margin loan and paying interest could be a convenient alternative to liquidating securities in a portfolio which may force realized capital gains and taxation. Additionally, interest on margin loans may be tax deductible2.

interest on margin loans may be tax deductible2. All margin investing carries certain risks including loss of principal. Please see Margin Risk Disclosure.  How to use a margin account There are several ways to utilize margin cash. You may request a

ways to utilize margin cash. You may request a margin loan by electronic bank transfer (EBT) or wire. You may also utilize your margin cash to invest in securities beyond your settled funds.   Paying down your margin debt When you borrow from

Paying down your margin debt When you borrow from Vanguard Brokerage interest charges are automatically posted to your account monthly. Vanguard Brokerage offers flexible repayment for margin loans. You pay back when you want—there's no set

loans. You pay back when you want—there's no set repayment schedule as long as you maintain the required level of equity in the account. You may repay your loan at any time by selling securities or funding the account with an electronic bank

or funding the account with an electronic bank transfer, wire, or check. To learn more about using a margin account at Vanguard Brokerage and eligible collateral please review our Margin Investing Guide (PDF).   Eligible collateral You can't just

Guide (PDF).   Eligible collateral You can't just trade any type of security you want on margin. The Federal Reserve Board (FRB) determines which securities can be margined. These include: Exchange-listed stocks and bonds. Stocks that

Exchange-listed stocks and bonds. Stocks that meet Nasdaq and National Market System trading criteria. Certain over-the-counter (OTC) securities approved by the FRB. Warrants (for listed and designated securities only).Mutual funds and Vanguard

securities only).Mutual funds and Vanguard ETFs® 30 days after purchase.   ×  Stock An investment that represents part ownership in a corporation. Each share of stock is a proportional stake in the corporation's assets and profits.     ×  Bond A

corporation's assets and profits.     ×  Bond A loan made to a corporation or government in exchange for regular interest payments. The bond issuer agrees to pay back the loan by a specific date. Bonds can be traded on the secondary market.     ×

can be traded on the secondary market.     ×  Nasdaq A computerized system that provides up-to-the-minute price quotations for securities traded over-the-counter, as well as for many securities listed on the New York Stock Exchange. It stands for

on the New York Stock Exchange. It stands for National Association of Securities Dealers Automated Quotation System.     ×  National Market System A system that facilitates trades of over-the-counter stocks meeting specific criteria and requires all

stocks meeting specific criteria and requires all exchanges to post prices simultaneously. It is sponsored by FINRA (Financial Industry Regulatory Authority) and Nasdaq (National Association of Securities Dealers Automated Quotations).     ×

Securities Dealers Automated Quotations).     ×  Over-the-counter (OTC) security A security that isn't listed and traded on an organized exchange. Many OTC stocks trade through: The OTC Bulletin Board An electronic quotation service showing

Board An electronic quotation service showing real-time quotes, last-sale prices, and volume information for OTC stocks not listed on the Nasdaq. Pink Sheets A daily publication of the National Quotation Bureau giving the bid and ask prices of OTC

Bureau giving the bid and ask prices of OTC stocks not listed on the Nasdaq.     ×  Warrant An offer to purchase a certain amount of common stock at a set price (usually higher than the current price) during an extended period of time. The holder

during an extended period of time. The holder can exercise the warrant, transfer it, or trade it.    Margin interest rate schedule As with any loan you'll need to pay interest on the amount of the margin loan. Margin interest rates are typically

margin loan. Margin interest rates are typically lower than credit cards and unsecured personal loans; however, you should do your own comparison.The interest rate is variable based on a tiered schedule which is determined by the balance of the

which is determined by the balance of the margin loan.3 How is interest charged?   × How is interest charged? When money is borrowed in a margin account, interest will be calculated on a daily basis and charged based on the total debit (borrowed)

and charged based on the total debit (borrowed) balance. The monthly interest period begins two business days before the beginning of each month and ends three business days before the following month's end.   Current interest rate schedule Loan

end.   Current interest rate schedule Loan balance Margin rate Effective rate (includes 11.00% base rate) Up to $19,999 Base rate + 2.50% 13.50% $20,000–$49,999 Base rate + 2.00% 13.00% $50,000–$99,999 Base rate + 1.50% 12.50% $100,000–$249,999 Base

Base rate + 1.50% 12.50% $100,000–$249,999 Base rate + 1.00% 12.00% $250,000–$499,999 Base rate + 0.50% 11.50% $500,000–$999,999 Base rate – 0.75% 10.25% $1,000,000 and above Please call 866-426-1675 to learn about our rate offers.     Vanguard

to learn about our rate offers.     Vanguard Brokerage's Base Rate is 11.00% and is subject to change without notice. Last changed on May 5th, 2023.  Want to learn more?  Read the Margin Investing guide (PDF) Read the Vanguard Brokerage Initial

guide (PDF) Read the Vanguard Brokerage Initial Margin Risk Disclosure Statement How to access liquidity and maintain your investment strategy See what you can do with Margin investing      Need to open a brokerage account?  Open your account online

a brokerage account?  Open your account online     Need to open a margin account?  Complete an application        Need to open a brokerage account?  Open your account online     Need to open a margin account?  Complete an application       1It's an

account?  Complete an application       1It's an interest-bearing loan that can be used to gain access to funds for a variety of reasons that can cover both investment and non-investment needs. For either use, a client should carefully consider

either use, a client should carefully consider their personal situation to help determine if borrowing money makes sense for them – the amount that can be borrowed is determined by the security type and security requirements. Margin rates are

type and security requirements. Margin rates are determined by the amount of the loan taken. 2Vanguard Brokerage does not provide advice. Please consult a tax-advisor when determining the tax implications of transactions in your account or the

of transactions in your account or the deductibility of loan interest.nguard.com client benefits mobile apps.   Get the Vanguard mobile app  Vanguard             Back  Benefits  Check out the Vanguard app     C L I E N T  B E N E F I T S  Vanguard

app     C L I E N T  B E N E F I T S  Vanguard mobile app The redesigned Vanguard app makes investing on the go easier than ever. We’re constantly updating the app to bring new features your way. Download the app today to take a peek at what we’ve

the app today to take a peek at what we’ve been working on. The iPhone app requires iOS 14 or higher, and the Android app requires Android 7 or higher.               Check on your balances or track your portfolio's performance Review your account

your portfolio's performance Review your account balances, overall performance, and outside assets at a glance. With a few taps, dive deeper into the history of your returns, account activity, and balances.      Disclosure - this illustration is

balances.      Disclosure - this illustration is hypothetical and isn't representative of any client's account.     Make trades and monitor your account activity Buy and sell investments, deposit and withdraw funds, use the camera on your phone to

withdraw funds, use the camera on your phone to add money to your account with our mobile check deposit option, and review your transaction history–all in one spot.        Explore your investment options Decide which of our mutual fund and ETF

options Decide which of our mutual fund and ETF offerings suit you best. Compare expense ratios, asset allocation, risk levels, and more.          Your security comes first No matter what device you’re on, Vanguard is committed to protecting your

on, Vanguard is committed to protecting your accounts.  Visit the Vanguard Security Center          Download the Vanguard app today.            Download the Vanguard app today.              nguard.com client benefits voyager.   What you get when you

client benefits voyager.   What you get when you invest up to $1 million  Vanguard             Back  Benefits  Benefits to support your investment portfolio   client benefits   Benefits to support your investment portfolio  Learn more about the

your investment portfolio  Learn more about the help, guidance, and cost savings you'll receive with us.    Investors with up to $50,000 As an investor with up to $50,000 at Vanguard, you'll receive the high level of service you expect from us.

the high level of service you expect from us. You'll find investments that meet your needs, financial help when you want it, and products and services that will make doing business with us as easy as possible. See what all investors get with

easy as possible. See what all investors get with Vanguard  Investors with $50,000 to $500,000* You're a Voyager client at Vanguard, and the benefits you'll receive will help you manage your assets as your portfolio grows. Your Voyager® benefits

as your portfolio grows. Your Voyager® benefits include: Investment professionals who will listen to you, address your questions, and offer financial education and resources to empower your decisions. Access to ongoing portfolio oversight through

Access to ongoing portfolio oversight through Vanguard Personal Advisor Services® for a low fee.  Investors with $500,000 to $1 million* You're a Voyager Select client at Vanguard, which offers you a team of experienced investment professionals and

team of experienced investment professionals and additional discounts on brokerage trades. Your Voyager Select® benefits include: A team of experienced investment professionals who will act as your guide to all we have to offer. They can answer your

to all we have to offer. They can answer your questions, make transactions, and help you learn about all of the products and services available to you. Access to ongoing advice and portfolio oversight from a Certified Financial Planner™ (CFP®)

from a Certified Financial Planner™ (CFP®) professional through Vanguard Personal Advisor Services (for a low fee).        What you can expect every day as a Vanguard client  All Vanguard clients pay $0 commission to trade ETFs (exchange-traded

pay $0 commission to trade ETFs (exchange-traded funds) and stocks online. You also have access to more than 160 no-transaction-fee mutual funds from Vanguard and more than 3,000 funds from other companies. And when you receive investing support and

And when you receive investing support and education from Vanguard, know that our professionals are salaried and don't receive commissions. So you can be confident that we'll make every decision with only your needs in mind.           Explore

with only your needs in mind.           Explore professional advice We offer expert help at the low cost you'd expect from Vanguard. Compare advice options           Ready to open or transfer an account?  New to Vanguard or looking to consolidate

New to Vanguard or looking to consolidate your savings?  Open or transfer accounts  What you need to open an account    We're here to help. Monday through Friday 8 a.m. to 8 p.m., Eastern time   Call 800-962-5167      Ready to open or transfer an

800-962-5167      Ready to open or transfer an account?  New to Vanguard or looking to consolidate your savings?  Open or transfer an account  What you need to open an account    We're here to help. Monday through Friday 8 a.m. to 8 p.m., Eastern

Monday through Friday 8 a.m. to 8 p.m., Eastern time   Call 800-962-5167     Compare our services View benefits at a glance    Investing services for $1 million to $5 million As a Flagship client, you'll have exclusive resources available to you,

you'll have exclusive resources available to you, including Vanguard professionals who can help you meet your investment and wealth management needs. View investing services for $1 million to $5 million    Wealth management services for $5 million &

Wealth management services for $5 million & up Your wealth isn't just about money—it's about your family's future. We understand that with higher wealth comes higher complexity and more sensitive, critical needs that require an extra level of

critical needs that require an extra level of support. That's where we can add value. View wealth management services    *See what Vanguard assets qualify for these services   You must buy and sell Vanguard ETF Shares through Vanguard Brokerage

Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for limits. Vanguard ETF Shares are

fee schedules for limits. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or

When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value. All investing is subject to risk, including the possible loss of the money you invest.   × See what Vanguard assets

money you invest.   × See what Vanguard assets qualify for these services Eligibility is first calculated using qualifying assets for an individual client. We then combine the qualifying assets of clients sharing a residential address to determine

sharing a residential address to determine final eligibility*, with a minimum of $1 million to qualify for Vanguard Flagship Services®.   Assets that qualify Any assets under management of Vanguard Personal Advisor.Vanguard mutual funds and Vanguard

Advisor.Vanguard mutual funds and Vanguard ETFs held by a client in certain personal accounts qualify. Personal account types include: individual non-retirement, education savings accounts, IRAs, Joint, Trust, Custodian, Guardian, UTMA, UGMA,

Joint, Trust, Custodian, Guardian, UTMA, UGMA, Estate, Sole Proprietorship, and Single-Participant SEP IRA plans. Note: Vanguard assets in a Vanguard 529 Plan, Vanguard Variable Annuity, Multi-participant SEP IRA plans, SIMPLE, i401k, 403(b), family

eligibility if you also have a personal account holding Vanguard mutual funds or Vanguard ETFs. Assets held in other account types are not eligible to be included in service eligibility determination. We review qualifications periodically The

and expenses. Vanguard does not guarantee any level of service. *Business addresses and other non-residential addresses are not eligible to be aggregated for purposes of determining services.     Vanguard's advice services are provided by Vanguard

advice services are provided by Vanguard Advisers, Inc. ("VAI"), a registered investment advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered, limited-purpose trust company. The services provided to clients will vary based

The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI's Form CRS and each program's advisory brochure here for an overview.nguard.com college savings

for an overview.nguard.com college savings plans save vs borrow.   Your guide to saving for college and 529 plans  Vanguard             Back  Investor Resources & Education  Education & college savings        Education & College Savings  Save for

Education & College Savings  Save for college. Invest for education. Plan for the future. Open a 529.         Ready when you are  Maybe saving for education is your top financial priority right now. But more likely, it’s not.  We’re here to

now. But more likely, it’s not.  We’re here to talk about education savings, and maybe even help you open an account,* when the time is right for you. We’re ready when you are.    Open a 529 account      Explore the Vanguard 529 plan   More about

Explore the Vanguard 529 plan   More about 529 and your options  View 529 and education savings topics        Which account is right for your education savings goals?   Learn more         What is a 529 plan?   Learn more         Find the right

a 529 plan?   Learn more         Find the right 529 plan for you   Learn more         FAQs about 529s   Learn more         College saving for your grandchild (or niece or nephew or…)   Learn more         529 portfolios backed by our premium brand

529 portfolios backed by our premium brand   Learn more      Ready to start?  Open a 529 account  Ready to start saving?  Open a 529 account     Learn about saving for education        The right way to manage college savings   Learn more

way to manage college savings   Learn more         Saving for college made easy   Learn more         When should you start saving for college?   Learn more         How much to save for college   Learn more         Account types you might want to

more         Account types you might want to avoid   Learn more       5 reasons to consider a 529   Spending options   You can use the money you save to pay for qualified education expenses in any state, or even internationally. Education expenses

or even internationally. Education expenses include: tuition and fees for K–12,* college, grad school, and trade school; books and supplies; technology costs; and even student loan repayments.** *$10,000 per beneficiary per year limit applies. State

per beneficiary per year limit applies. State tax treatment of K–12 withdrawals is determined by the state(s) where the taxpayer files state income tax. Please consult with a tax advisor for further guidance. **$10,000 lifetime limit per beneficiary

**$10,000 lifetime limit per beneficiary applies for qualified student loan repayments.  Tax benefits   Federal tax benefits include tax-deferred growth and tax-free withdrawals for qualified education expenses.† You may also be able to deduct your

expenses.† You may also be able to deduct your 529 contributions from your state income tax (or get a state tax credit) depending on where you live.†† †Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal

subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements. State tax treatment of withdrawals used for i) expenses

to apprenticeship programs, or iii) student loan repayments is determined by the state(s) where the taxpayer files state income tax. If you are not a Nevada taxpayer, please consult with a tax advisor. ††The availability of tax or other benefits may

††The availability of tax or other benefits may be contingent on meeting other requirements.   Your choice of plans and investments   529 plans are sponsored by states, but you can save in any state's plan (just make sure to check your state’s tax

plan (just make sure to check your state’s tax rules first). You can choose your own asset mix or enroll in a target-enrollment portfolio that becomes more conservative as your beneficiary’s first day of school approaches.   Flexibility   As the

day of school approaches.   Flexibility   As the account owner, you can save for anyone (even yourself!). You maintain control of the account and can even transfer it to another beneficiary. If your beneficiary doesn’t end up needing the money for

beneficiary doesn’t end up needing the money for education expenses, you can still access the money you saved. Learn more about your options   High contribution limits   The aggregate amount you can contribute depends on your plan, but lifetime

can contribute depends on your plan, but lifetime contribution limits are high.      529 Education & Savings tools       College cost projector  Our college cost projector helps determine how inflation could increase the cost of college.  Get

could increase the cost of college.  Get Started       Learn more about a specific 529 plan  Find detailed information on a 529 savings plan or prepaid tution plan.  Learn more       Calculate your 529 state tax deduction  Investing in your state's

state tax deduction  Investing in your state's 529 savings plan? Find out the state tax deduction you might be able to take.  Get started       College savings planner  Determine your college savings goals and how much you'll need to save to help

goals and how much you'll need to save to help meet them.nguard.com college savings plans saving for college.   Saving for college is easier when you start to plan now  Vanguard           Back  Investor Resources & Education  Education & college

Resources & Education  Education & college savings  Saving for college made easy    Investing for life events Saving for college made easy   6 minute read     Saving enough for college might seem impossible. But families like yours are doing it

impossible. But families like yours are doing it every day, and it's easy for you to start too.  You can do it Millions of American students are entering college for the first time. For many of them, their college journey began when loved ones

them, their college journey began when loved ones started planning and saving to make the college dream a reality. Like you, these families had lots of questions along the way. And that's why we're here—to help you get started with your college

here—to help you get started with your college planning. It only takes 3 steps, so you can begin today. Find the right kind of account for your college savings. Choose investments for your account. Open the account online. Let's go! Find out which

Open the account online. Let's go! Find out which college savings plan is right for you   × Qualified family member You can change the beneficiary of your account at any time as long as the new beneficiary is a qualified family member of the

beneficiary is a qualified family member of the original beneficiary. Here is a partial list of relatives that are considered qualified family members according to the IRS: Brother, sister, stepbrother, stepsister, half-brother or half-sister. Son,

stepsister, half-brother or half-sister. Son, daughter (descendant of either). Father, mother, or an ancestor of either. Son-in-law, daughter-in-law, brother-in-law, or sister-in-law. Beneficiary's spouse or the spouse of any individual listed

spouse or the spouse of any individual listed above. First cousin.     Open a Vanguard 529 account  Open an account    Test your knowledge! When it comes to saving for college, there are a lot of myths out there. What's true? What's false? We have

out there. What's true? What's false? We have the answers.   Only rich people can save for college.   False. About half of all American families are currently saving for college. And you don't need a lot of money to get started. The most important

a lot of money to get started. The most important thing you can do right now is to take the same first step they did: Open an account.Find out which college savings plan is right for you   Scholarships or financial aid will pay for college.   Most

or financial aid will pay for college.   Most likely false. Getting a full scholarship or enough financial aid to cover the whole cost of college is unlikely. Only a small percentage of students have their entire tuition covered, let alone housing,

their entire tuition covered, let alone housing, books, and fees. (And, in case you were wondering, an even smaller number of students pay for college by winning the lottery.)   I can start saving no matter how old my kid is.   True. It's never too

matter how old my kid is.   True. It's never too late to start saving for college. The more you save now, the less you'll have to borrow. So if your child is in high school, don't let that stop you. Find out when you should start saving for college

out when you should start saving for college   I'll lose the money if I don't use it for college.   False. Even if you save in a type of account that's specifically meant for college, you can use the money to pay for many trade and vocational school

money to pay for many trade and vocational school expenses. Or you can give the money to someone else (a qualified family member) to use for college or even graduate school. Even the least flexible account types will give you your money back for

account types will give you your money back for whatever reason, no questions asked, although you may have to pay taxes or penalties on any amount your account has earned (but not on your contributions).* Find out what happens if you don't end up

Find out what happens if you don't end up needing your savings   It's easy to get started.   True. It's easy to figure out what account type best fits your needs. As for figuring out which college meal plan to choose … we can't help you with that.

plan to choose … we can't help you with that.   I'll miss out on financial aid if I save for college.   False. The amount you've saved for college or any other goal has much less of an impact on your financial aid than your overall income does. In

financial aid than your overall income does. In other words: If your income is high enough, you'll be expected to pay for at least part of your kid's college expenses, whether you bothered to save anything or not.Learn about financial aid

anything or not.Learn about financial aid      Questions? No need to raise your hand—ask away How much am I going to need? You don't need very much to get started, and the total amount you save completely depends on your family's goals and

completely depends on your family's goals and resources. It's something you can think about either now or as college approaches—but in the end, it's probably not as much as you think. Find out how much you should save for college   How much do I

much you should save for college   How much do I need to know about investing to manage a college account? Some types of investments can be managed for you, like age-based options offered through 529 plans. But it's also good to have some basic

529 plans. But it's also good to have some basic investing knowledge—it's not hard to learn, and it will help you save for any goal. We'll teach you the few important things you need to understand. Learn the right ways to manage your college savings

the right ways to manage your college savings   How should I balance college saving with retirement and other goals? There's a definite order in which you should approach financial goals. We've spelled it out. Learn how college saving should fit

it out. Learn how college saving should fit into your other priorities   Am I going to lose this money if I don't use it for college? Nope. Depending on whether you get tax breaks for your college savings, you might have to give up some of your

savings, you might have to give up some of your earnings, but not any of the money you've saved.* Find out what happens if you don't end up needing your savings   When's the best time to start saving for college? The earlier you tackle college

for college? The earlier you tackle college saving, the better off you'll be in the end. The best time is now. See when you should start saving   What's the best kind of account for college savings? For most people, it's a 529 account, and here's

For most people, it's a 529 account, and here's why—tax breaks equate to more money in your account and less you have to borrow. But there are also other options. Find out which college savings plan is right for you   × Earnings The investment

plan is right for you   × Earnings The investment returns you accumulate on the savings in your account.       We're here to help. Talk with one of our education savings specialists.  Call 877-817-7066 Monday to Friday 8 a.m.nguard.com college

Monday to Friday 8 a.m.nguard.com college savings plans vanguardugmautma.   UGMA-UTMA Account: The Benefits of One  Vanguard            Back  Accounts & plans  UGMA/UTMA     Accounts & plans   UGMA/UTMA accounts     Open a Vanguard UGMA/UTMA

accounts     Open a Vanguard UGMA/UTMA     Take full ownership of your existing UGMA/UTMA online.  Learn more     Custodial accounts under the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) are accounts created under a

to Minors Act (UTMA) are accounts created under a state’s law to hold gifts or transfers that a minor has received. The accounts are managed by a custodian, and once a gift or transfer is made to an account, the gift or transfer cannot be revoked.

account, the gift or transfer cannot be revoked. Because the minor owns the assets in the account, the account is held and reported under the minor's Social Security number (SSN). Any adult resident of the U.S. can open or contribute to an UGMA or

of the U.S. can open or contribute to an UGMA or UTMA. The custodian named on the account and the person(s) making the gift or transfer can be the same person, but don't have to be. Because the minor owns the assets in the account, the account is

owns the assets in the account, the account is held and reported under the minor's Social Security Number (SSN), so the investment earnings are taxed as the minor's income.        Key benefits of an UGMA/UTMA There are no limits on the dollar amount

There are no limits on the dollar amount of gifts or transfers that can be made to an UGMA or UTMA, but amounts above $17,000 per year ($34,000 for a married couple filing jointly) will incur federal gift tax. Unlike college savings plans, there is

gift tax. Unlike college savings plans, there is no penalty if account assets aren't used to pay for college. Once the minor reaches adulthood, the money is turned over to the minor and the minor will have full control of the assets and can use them

have full control of the assets and can use them for any purpose—educational or otherwise. Find the right account    Points to consider  UGMAs and UTMAs are custodial accounts with assets owned by the minor.Contributions (gifts or transfers) into

the minor.Contributions (gifts or transfers) into UGMAs and UTMAs cannot be revoked, and the minor beneficiary cannot be changed. Once the minor reaches adulthood (which depends on the law of the state that governs the UGMA or UTMA), the custodian

that governs the UGMA or UTMA), the custodian must turn over all the assets remaining in the account to the former minor. Any adult family member, court-appointed guardian, or organization can agree to act as custodian of the account. The custodian

to act as custodian of the account. The custodian must reside in the United States or a U.S. territory and be either a U.S. citizen or resident alien. A custodian may designate a successor custodian or name a limited agent to act on their behalf.

or name a limited agent to act on their behalf.  State rules vary for account registration and age of majority (i.e., when the minor is considered an adult) and the age when the custodianship must terminate. If allowable by a state’s law, the person

If allowable by a state’s law, the person creating the UGMA/UTMA can add a customized age of termination. Please contact Vanguard for further information. There could be a significant impact on federal financial aid for college as assets in the

financial aid for college as assets in the account are owned by the minor. Contributions aren't tax-deductible. Earnings are subject to federal and potentially state and local taxes.   A Vanguard UGMA/UTMA offers you more    A broad lineup of

UGMA/UTMA offers you more    A broad lineup of investment options, including Vanguard mutual funds, stocks, bonds, non-Vanguard mutual funds, and ETFs (exchange-traded funds).    No enrollment, transfer, or advisor fees for self-directed clients. If

or advisor fees for self-directed clients. If the custodian chooses to partner with Vanguard using our advisory service to help reach the financial goals of the UGMA/UTMA, an advisory fee would apply.    Custom scheduling to electronically move

Custom scheduling to electronically move money between your bank account or other Vanguard accounts to an UGMA/UTMA account for the benefit of a minor.   TIP You can move an UGMA/UTMA held at another company into a Vanguard UGMA/UTMA or Vanguard

company into a Vanguard UGMA/UTMA or Vanguard 529 Plan account. Note that such a transaction may be a taxable event.nguard.com college savings plans what is a 529 plan.   What is a 529 plan?  Vanguard	           Back  Investor Resources & Education

Back  Investor Resources & Education  Education & college savings  What is a 529 plan?    Investing for life events What is a 529 plan?   3 minute read      529 savings plans are one of the most popular education savings account types in

most popular education savings account types in the US. They let you save for education and enjoy other benefits too. Plans are usually sponsored by states (just about every state has one) and managed by mutual fund companies. You can save in any

by mutual fund companies. You can save in any state's plan no matter where you live, and you can use your savings to pay for qualified education expenses in any state (and even abroad).   Tax benefits  529 plans provide federal tax benefits,

benefits  529 plans provide federal tax benefits, including tax-deferred growth and tax-free withdrawals for qualified education expenses.* You may also be able to deduct your contributions from your state income tax (or get a state tax credit)

your state income tax (or get a state tax credit) depending on where you live.**   Spending options You can use your 529 savings to pay for tuition and fees for K—12***, college, grad school, and trade school; books and supplies; technology costs;

school; books and supplies; technology costs; and even student loan repayments.*   Flexibility As the account owner, you can save for anyone (even yourself!). You maintain control of the account and can even transfer it to another beneficiary.** If

can even transfer it to another beneficiary.** If your beneficiary doesn’t end up needing the money for education expenses, you can still access your 529 savings. Keep in mind you’ll have to pay penalties on any earnings if you use the money for

on any earnings if you use the money for non-qualified expenses.†  High contribution limits Unlike IRAs, there aren’t annual contribution limits for 529 plans. The aggregate amount you can contribute depends on your plan, but lifetime contribution

depends on your plan, but lifetime contribution limits are high (generally between $235,000 and $529,000 per beneficiary).(Source: How much can you contribute to a 529 plan)  Low impact on financial aid As long as you (as the parent) are the account

As long as you (as the parent) are the account owner and your child is a dependent, 529 savings will have a much lower impact on financial aid for higher education than a different type of account opened in your child's name.   Choice of plans and

in your child's name.   Choice of plans and investments You can save in any state's plan and use your savings to pay for qualified expenses at any eligible school in the U.S. or abroad. You can also select the investment strategy you’re most

also select the investment strategy you’re most comfortable with: Choose your own asset mix or select a target enrollment portfolio that becomes more conservative as your beneficiary gets closer to their expected enrollment year.   What if you don’t

expected enrollment year.   What if you don’t end up needing your savings? View 529 FAQs View 529 portfolios     Open a Vanguard 529 account  Open an account    Open a Vanguard 529 account  Open an account     More about 529 and your options  View

account     More about 529 and your options  View 529 and education savings topics        Which account is right for your education savings goals?   Learn more         Find the right 529 plan for you   Learn more         FAQs about 529s   Learn more

Learn more         FAQs about 529s   Learn more         College saving for your grandchild (or niece or nephew or…)   Learn more         529 portfolios backed by our premium brand   Learn more        *Earnings on nonqualified withdrawals may be

*Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements. State

contingent on meeting other requirements. State tax treatment of withdrawals used for i) expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school, ii) expenses related to

or religious school, ii) expenses related to apprenticeship programs, or iii) student loan repayments is determined by the state(s) where the taxpayer files state income tax. If you are not a Nevada taxpayer, please consult with a tax advisor. **The

please consult with a tax advisor. **The availability of tax or other benefits may be contingent on meeting other requirements. *** State tax treatment of K–12 withdrawals is determined by the state(s) where the taxpayer files state income tax.

where the taxpayer files state income tax. Please consult with a tax advisor for further guidance.