Vanguard Acct Xfer Forms 06.pdf

7/28/2019 Vanguard Acct Xfer Forms 06.pdf

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2005 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.

NMFBS 112005

Important Update: Changes to Vanguard IRA and

Education Savings Account Investment Minimums

Effective on or after November 1, 2005, the minimum initial investment for a traditional IRA or a RothIRA in most Vanguard funds is $3,000, so you generally must invest at least this dollar amount in eachfund you choose.* Vanguard STAR Funds minimum initial investment remains at $1,000, which allowsyou to open a Vanguard IRA with as little as $1,000 by investing in that fund.

Also effective on or after November 1, 2005, the minimum initial investment for an education savingsaccount (ESA) in Vanguard funds is $2,000. Because the minimum initial investment in Vanguard STARFund remains at $1,000, you can open an ESA for as little as $1,000 by investing in that fund.

*Effective November 1, 2005, article XII(D) of the Vanguard Traditional and Roth IRA Disclosure Statement has been amended to read: D. Vanguard IRA

Minimums. Minimum Contributions. Under the Vanguard Traditional and Roth IRA, the minimum initial contribution for each Vanguard fund established

for an IRA is the minimum set forth in each funds prospectus.

For more information about Vanguard funds, call 800-662-7447 or visit www.vanguard.com to obtaina prospectus. Investment objectives, risks, charges, expenses, and other important information abouta fund are contained in the prospectus; read and consider it carefully before investing.


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Online Kit Contents

Click the links below to move quickly through this document.

Moving Your IRA to Vanguard

Information Introduction

Moving Your IRA to Vanguard

Investing IRA Assets in Vanguard Funds

Investing IRA Assets in a Vanguard Brokerage IRA

Advice and Guidance From Vanguard

Move Your IRA to Vanguard

Fund Listing Vanguard Funds for Retirement Investing

Form

Complete the following form:

IRA Asset Transfer and Adoption Agreement

Brokerage Forms Brokerage IRA Adoption Agreement Brokerage Account Transfer

Statements and Agreements VBS Commission and Fee Schedules

Disclosure Statement and Custodial Account Agreement

To print this kit:

You can print selected pages by clicking your browsers printer icon and entering the

appropriate PDF page numbers. You can also print this kit in its entirety by clicking

the printer icon and selecting All.


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Thank you for taking time to learn about some of the many ways that Vanguard can help with yourretirement investing. From helping with your first investment in an IRA to consolidating assets tomanaging distributions through your retirement years, we believe that our services and client-firstfocus are second to none.

We take a long-term approach both to investing and client relationships because of our unique

business structure. Vanguard is owned by the Vanguard

funds themselvesand the funds existsolely to build wealth for their shareholders. So everything we dowhether its managing assetsprudently, providing expert assistance with transactions, or operating at costrevolves aroundmeeting the financial needs of our clients.

If you have questions as you read the following material, visit our website atwww.vanguard.comor call one of the experienced retirement specialists in Vanguards Retirement Resource Center.Retirement specialists are available at 1-800-205-6189 on business days from 8 a.m. to 8 p.m.and on Saturdays from 9 a.m. to 1 p.m., Eastern time.

Sincerely,

James H. GatelyManaging Director

Post Office Box , Valley Forge, Pennsylvania

() - www.vanguard.com


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MovingYour IRA to Vanguard

Congratulations. By deciding to move your IRA to Vanguard, youve taken an

important step toward long-term financial security.

Why choose Vanguard? When you invest your retirement assets with us, you will:

Keep more of what you earn. Costs have a big impact on investment returns.

Our fund expenses are among the lowest in the industry, so more money stays

in your account.

Manage your portfolio more easily. Our shareholder servicesincluding our

website, automated telephone access, and consolidated statementsmake it

easy to manage your Vanguard mutual fund or brokerage accounts.

Get all the help you need. If you have questions or concerns during the IRA

transfer process, one of our retirement specialists will personally assist you

over the telephone at no cost.

This kit will help you initiate a tax-free transfer of IRA assets from your current

IRA custodian to Vanguard by mail. You may also be able to begin the process

online atVanguard.com. If you have any questions, call us at 800-205-6189.

Which Forms Should I Use?

IRA Asset Transfer and Adoption Agreement. Use this form to open a

Vanguard IRA and invest in Vanguard mutual funds.

Brokerage IRA Adoption Agreement. Use this form to open a Vanguard

Brokerage IRA in which you can hold individual securities and non-Vanguard

mutual funds.

Account Transfer Form. Use this form to move individual stocks, bonds, or

non-Vanguard mutual funds into a Vanguard Brokerage IRA.

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V A N G U A R D R E T I R E M E N T R E S O U R C E C E N T E R


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Investing IRA Assets in Vanguard Funds

If youd like to sell the assets in your currentIRA and invest the proceeds in Vanguardfunds within a Vanguard IRA, or if youdlike to move Vanguard funds from an IRAat another custodian to a Vanguard IRA,

you can do so with just one formour IRAAsset Transfer and Adoption Agreement.

What youll need to do

As you complete this form, you will need

to choose Vanguard funds to invest in.Vanguard offers more than 70 mutual fundssuitable for retirement investing, and youllfind a list of those fundsincluding moneymarket, bond, stock, and balanced fundsincluded in this booklet. For more aboutVanguards funds, visit our website atwww.vanguard.com/visit/funds.

No matter what kind of IRA youreopening at Vanguard, youll need to

choose beneficiaries. These are theindividuals, charities, or trusts that willreceive the assets remaining in your IRAat your death. You can find moreinformation about beneficiaries atwww.vanguard.com/visit/beneficiary.

Also, before you sign any of the forms inthis booklet, be sure to ask your currentcustodian if a signature guaranteeis requiredon the form to verify your signature. If oneis, youll have to sign the forms in frontof the authorized officer of the bank,brokerage, or other financial institutionproviding the signature guarantee.

What Vanguard will do

After we receive your completed paperwork,well do the rest. Well ask your current IRAcustodian to liquidate your assets (exceptVanguard funds) and send us a check forthe proceeds. Well invest the money in theVanguard funds that youve selected andsend you a confirmation of the transaction

when its completed.This process takesthree to four weeks.

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T H E V A N G U A R D G R O U P

Open your Vanguard IRA online

If youre transferring assets to a Vanguard IRA, you may be able to speed up the process

by completing the transfer online. Just go to www.vanguard.com/visit/transfer, and

follow the directions. (Have a recent statement from your current IRA on hand to help youanswer questions about the assets youre moving to Vanguard and the institution youre

moving assets from.)

To open a Vanguard Brokerage IRA online, go to www.vanguard.com. If you are moving

stocks, bonds, or other securities into a Vanguard Brokerage IRA without selling them,

youll also need to mail us an Account Transfer Form (one is provided in this booklet).


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Investing IRA Assets in a Vanguard BrokerageIRA

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What if youre holding stocks, bonds, ornon-Vanguard mutual funds in your currentIRA, and youd like to hold those samesecurities in an IRA at Vanguard? In thatcase, youll follow a slightly differentprocess. Youll need to open a VanguardBrokerageIRA.

What youll need to do

If you dont already have a Vanguard

Brokerage IRA, use the Brokerage IRAAdoption Agreement in the BrokerageForms section of this booklet to open one.

This form will also let you open a Vanguardmoney market settlement account, in which

youll hold the cash associated with yourbrokerage transactions.

If you intend to fund your brokerage accountwith a transfer of assets from your currentIRA, you must also fill out the Account

Transfer Form,which youll also find in thisbooklet.Use this form to transfer the assetsto your Vanguard Brokerage IRA withoutliquidating them. Check with your currentcustodian to find out if a signature guaranteeis required.

What Vanguard will do

Well follow a process similar to the onedescribed on page 2. After we receive yourpaperwork, well ask your current IRA

custodian to transfer your assets to yourVanguard Brokerage IRA.

Access to a wide range of investments

In your Vanguard Brokerage IRA, youcan buy or sell stocks, bonds, options,exchange-traded funds, and federallyinsured certificates of deposit (CDs). Inaddition, our FundAccess program lets

you buy and sell shares of more than 2,600mutual funds from some 300 mutual fundcompaniesincluding more than 900funds with no transaction fee. Recently, we

expanded our offerings to include hundredsof funds from several fund familiesincluding AIM, Alliance, American, MFS,Merrill Lynch, and Oppenheimerthatcharge some form of sales commission.

Several convenient ways to trade

As a Vanguard Brokerage client, you caninitiate trades in several ways. You canplace trades online at www.vanguard.com,through our automated telephone system

called AutoBroker, or by callinga brokerage associate.The standardcommission for most online stock tradesis just $25; lower fees or fee waivers areavailable for those who qualify. To find outif you qualify, call us at 800-992-8327.

Complete online account management

services

ThroughVanguard.comyoull have easy

access to account information, currentquotes, and a wide variety of research.


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Advice and Guidance From Vanguard

When you become a Vanguard investor,youll discover what millions of ourshareholders have known for more thantwo decadesthat Vanguard providesplain-spoken investment education.

Assistance from a retirement specialist

If you have questions about IRAs or wouldlike to discuss your specific investmentneeds, just call the Vanguard Retirement

Resource Center at 800-205-6189. Aretirement specialist can answer yourquestions, send you educational booklets, orhelp you decide which of our shareholderservices youll need.

Start-to-finish guidance

When you transfer $100,000 or more inIRA assets to Vanguard, you automaticallyqualify for personalized assistance from a

licensed retirement advisor. He or she willoversee your IRA transfer from start tofinish, recommend specific Vanguard funds,and direct you to Vanguard services thatcan make investing smarter and easier.

Customized financial advice

Through our Personal Financial PlanningService, a Vanguard financial planner willdevelop a customized strategy thats basedon your needs and tailored to your taxsituation, time horizon, and tolerance forrisk. We can even help you put your planinto action. Vanguard charges a one-timefee for this service. For details, call us at800-567-5162.

Ongoing guidance for those who have

significant assets

If you have significant investable assetsand would like ongoing financial advice,

you may be interested in our AssetManagement Services. Through thisprogram, a Vanguard investment manager

will monitor and manage your portfolio,and help you reduce estate taxes throughtrusts and tax-deductible gifts. The fee forthis service is based on the amount of assetsunder management.

Sources of guidance from Vanguard

For . . . Use our . . . By calling . . .

IRA guidance Retirement Resource Center 800-205-6189

Investment advice Personal Financial Planning Service 800-567-5162Asset Management Services 800-335-2412


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For more information, visit www.vanguard.com, or call 800-662-7447 for Vanguard funds and

800-992-8327 for non-Vanguard funds offered through Vanguard Brokerage Services, to obtain a

prospectus. Investment objectives, risks, charges, expenses, and other important information are

contained in the prospectus; read and consider it carefully before investing.

World Wide Web

www.vanguard.com

Toll-Free

Information

800-205-6189

Move Your IRA to Vanguard

Next steps

Ask the financial institution thatcurrently holds your IRA assets if youmust meet any special requirementsbefore transferring your assets.

Fill out the appropriate enclosed forms,sign them, and mail them to Vanguardin the corresponding return envelope.Include a signature guarantee if yourcurrent custodian requires one.

If you prefer, go toVanguard.com andopen your Vanguard IRA or VanguardBrokerage IRA online.

If you need assistance, call the RetirementResource Center at 800-205-6189 orVanguard Brokerage Services at800-992-8327.

When we receive your assets, we will sendyou either a confirmation notice (for mutualfunds) or a month-end statement (for

brokerage assets).

2005 The Vanguard Group, Inc. All rights reserved. NRTB 0505Vanguard Marketing Corporation, Distributor.

Vanguard Brokerage Services is a division of Vanguard Marketing

Corporation.

An investment in a money market fund is not insured or

guaranteed by the Federal Deposit Insurance Corporation or any

other government agency. Although a money market fund seeks

to preserve the value of your investment at $1 per share, it is

possible to lose money by investing in such a fund.

Vanguard Personal Financial Planning Service is provided

by Vanguard Advisers, Inc., a registered investment advisor.

Vanguard Asset Management Services are provided by Vanguard

National Trust Company, which is a federally chartered trust

company operated under the supervision of the Office of the

Comptroller of the Currency.

Vanguard funds, and non-Vanguard funds offered through

our FundAccess program, are offered by prospectus only.

Prospectuses contain more complete information on risks,

advisory fees, distribution charges, and other expenses and

should be read carefully before you invest or send money.

Prospectuses for Vanguard funds can be obtained directly

from The Vanguard Group; prospectuses for non-Vanguard

funds offered through FundAccess can be obtained from

Vanguard Brokerage Services.

Vanguard, The Vanguard Group, Vanguard.com, Vanguard IRA,

Experience the Vanguard Difference, FundAccess,AutoBroker,

Rollover Plus, Voyager Service, and the ship logo are trademarks

of The Vanguard Group, Inc. All other marks are the exclusive

property of their respective owners.


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Vanguard Funds forRetirementInvestingThe minimum initial investment for an IRA is $3,000 per fund unless otherwise indicated. The availability of funds may vary

because of fund openings and closings or changes in minimum initial investments.


Fund Name Number Ticker Fund Name Number Ticker

Money Market Funds

Admiral Treasury Money Market Fund ($50,000) 0011 VUSXX Prime Money Market Fund 0030 VMMXX

Federal Money Market Fund 0033 VMFXX Treasury Money Market Fund 0050 VMPXX

Bond Funds

Short-Term

Short-Term Bond Index Fund* 0132 VBISX Short-Term Investment-Grade Fund* 0039 VFSTX

Short-Term Federal Fund* 0049 VSGBX Short-Term Treasury Fund* 0032 VFISX

Intermediate-Term

GNMA Fund* 0036 VFIIX Intermediate-Term Investment-Grade Fund* 0071 VFICX

High-Yield Corporate Fund* 0029 VWEHX Intermediate-Term Treasury Fund* 0035 VFITX

Intermediate-Term Bond Index Fund* 0314 VBIIX Total Bond Market Index Fund* 0084 VBMFX

Long-Term

Long-Term Bond Index Fund 0522 VBLTX Long-Term Treasury Fund* 0083 VUSTX

Long-Term Investment-Grade Fund* 0028 VWESX

Inflation-Indexed

Inflation-Protected Securities Fund* 0119 VIPSX

Balanced Funds

Asset Allocation Fund* 0078 VAAPX Target Retirement 2005 Fund 0302 VTOVX

Balanced Index Fund* 0002 VBINX Target Retirement 2015 Fund 0303 VTXVX

LifeStrategy Conservative Growth Fund 0724 VSCGX Target Retirement 2025 Fund 0304 VTTVX

LifeStrategy Growth Fund 0122 VASGX Target Retirement 2035 Fund 0305 VTTHX

LifeStrategy Income Fund 0723 VASIX Target Retirement 2045 Fund 0306 VTIVX

LifeStrategy Moderate Growth Fund 0914 VSMGX Target Retirement Income Fund 0308 VTINX

STAR Fund ($1,000) 0056 VGSTX Wellesley Income Fund* 0027 VWINX

Wellington Fund* 0021 VWELX

*If your investment is for $100,000 or more, we will automatically open your account in Admiral Shares, which feature lower expense ratios than our already low-cost

Investor Shares.

RKFL 1205

2005 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

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


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Fund Name Number Ticker Fund Name Number Ticker

Stock Funds

Domestic

General Funds

500 Index Fund* 0040 VFINX Morgan Growth Fund* 0026 VMRGX

FTSE Social Index Fund 0213 VFTSX PRIMECAP Core Fund ($10,000) 1220 VPCCX

Convertible Securities Fund ($10,000) 0082 VCVSX Strategic Equity Fund 0114 VSEQX

Diversified Equity Fund 0608 VDEQX Total Stock Market Index Fund* 0085 VTSMX

Dividend Growth Fund 0057 VDIGX U.S. Growth Fund* 0023 VWUSX

Equity Income Fund* 0065 VEIPX U.S. Value Fund 0124 VUVLX

Growth and Income Fund* 0093 VQNPX Value Index Fund* 0006 VIVAX

Growth Index Fund* 0009 VIGRX Windsor Fund* 0022 VWNDX

Large-Cap Index Fund* 0307 VLACX Windsor II Fund* 0073 VWNFX

More Aggressive Funds

Capital Opportunity Fund* (closed to new accounts) 0111 VHCOX Mid-Cap Index Fund* 0859 VIMSX

Capital Value Fund 0328 VCVLX PRIMECAP Fund* (closed to new accounts) 0059 VPMCX

Explorer Fund* 0024 VEXPX Selected Value Fund ($25,000) 0934 VASVX

Extended Market Index Fund* 0098 VEXMX Small-Cap Growth Index Fund 0861 VISGX

Growth Equity Fund 0544 VGEQX Small-Cap Index Fund* 0048 NAESX

Mid-Cap Growth Fund 0301 VMGRX Small-Cap Value Index Fund 0860 VISVX

Industry-Specific Funds

Energy Fund* ($25,000) 0051 VGENX Precious Metals and Mining Fund ($10,000) 0053 VGPMX

Health Care Fund* (closed to new accounts) 0052 VGHCX REIT Index Fund* 0123 VGSIX

International/Global

Developed Markets Index Fund 0227 VDMIX International Growth Fund* 0081 VWIGX

Emerging Markets Stock Index Fund 0533 VEIEX International Value Fund 0046 VTRIX

European Stock Index Fund* 0079 VEURX Pacific Stock Index Fund* 0072 VPACX

Global Equity Fund 0129 VHGEX Total International Stock Index Fund 0113 VGTSX

International ExplorerFund (closed to new accounts) 0126 VINEX

*If your investment is for $100,000 or more, we will automatically open your account in Admiral Shares, which feature lower expense ratios than our already low-cost

Investor Shares.

Vanguard, The Vanguard Group, Admiral, LifeStrategy, STAR, Wellesley, Wellington, Morgan, Explorer, and Windsorare trademarks of The Vanguard Group, Inc.

FTSE and FTSE4Good are trademarks jointly owned by the London Stock Exchange plc and The Financial Times Limited and are used by FTSE International Limited under

license. The FTSE4Good US Select Index is calculated by FTSE International Limited. FTSE International Limited does not sponsor, endorse, or promote the fund; is not in any way

connected to it; and does not accept any liability in relation to its issue, operation, and trading. 500is a trademark of The McGraw-Hill Companies, Inc., and has been licensed

for use by The Vanguard Group, Inc. Vanguard mutual funds are not sponsored, endorsed, sold, or promoted by Standard & Poors, and Standard & Poors makes no

representation regarding the advisability of investing in the funds.

Questions? Visit our website at www.vanguard.com. Or call a Vanguard retirement specialist at 800-205-6189.

For more information about Vanguard funds, visit www.vanguard.com, or call 800-662-7447, to obtain a 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.


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IRA Asset Transfer and Adoption Agreement

ATAA

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT. Vanguard is required by federal law to obtain from each person who opens an accountcertain personal informationincluding name, street address, and date of birth among other informationthat will be used to verify identity. If youdo not provide us with this information, we will not be able to open the account. If we are unable to verify your identity, Vanguard reserves the rightto close your account or take other steps we deem reasonable.

Complete this form to authorize The Vanguard Group to initiate an asset transfer of your existing IRA from another financial institution to a newor existing Vanguard IRA. You must complete a separate IRA Asset Transfer and Adoption Agreement for each institution from whichyoure transferring assets. If the asset transfer will be opening a new account for a minor, you need to complete a different form; call us forinstructions.

You can expect your asset transfer to be completed, on average, within three to four weeks from the date that Vanguard receives your request.

Questions? Call 1-800-205-6189. Need more forms? Visit our website at www.vanguard.com/visit/serviceforms.

Mail to: The Vanguard Group, P.O. Box 1110, Valley Forge, PA 19482-1110. Overnight: The Vanguard Group, 455 Devon Park Drive, Wayne, PA19087-1815.

Please print, preferably in capital letters and black ink.

1. Tell Us About Yourself.

Name (first, middle initial, last)

Citizenship U.S. Resident NonresidentCitizen Alien Alien Country of Residence (for nonresident alien)

Applied for.Social Security Number Individual Tax Identification Number Date of application:

(if a resident or nonresident alien)

Birth Date (month, day, year)

Daytime Telephone Number Evening Telephone Number

Street Address or APO / FPO (a P.O. box or rural route number isnotacceptable)

City State Zip

Accounts Mailing Address if Different From Above (used both as the accounts address of record and for all account mailings)

City State Zip

2. Which Type of IRA Do You Want to Transfer? (Check one.)

Traditional IRA to Traditional IRA Rollover IRA to Rollover IRA

Roth IRA to Roth IRA SEPIRA to SEPIRA

OR

Clear All


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ATAA-page 2 of 8

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3. Where Are These Assets Now? (You must enclose a copy of a current statement from your existing account with this application.)

Name of Financial Institution That Holds Your Assets

Street Address

City State Zip

Telephone Number Name of Contact

4. Which Assets Do You Want to Transfer? (Assets listed below must all be with the custodian named inSection 3. Important:Check All to transfer all the assets in an account to Vanguard, or indicate the dollar amount you want to transfer.)

A. Non-Vanguard funds and other investments. (List the non-Vanguard investments that you want to liquidate and invest in Vanguard

funds in a Vanguard IRA. If transferring assets from more than two investments, attach an additional sheet with transfer instructions. Tomove non-Vanguard assets to Vanguardwithoutliquidating them, dont use this form. Use our Vanguard Brokerage IRA forms instead.)

Name of Investment

$ , ,Account Number All Dollar Amount

Name of Investment


B. Vanguard mutual funds. (List all existing Vanguard funds that you want to transfer in-kind to Vanguard from another IRA custodian. Thefunds will not change, but Vanguard will become their new custodian.)

Name of Vanguard Fund


Name of Vanguard Fund


C. Certificates of deposit (CDs). (If you want to transfer your CD to Vanguard when the CD matures, we must receive this form at least14 days, but not more than 30 days, before the maturity date.)

Transfer immediately. (Initial here to indicate that you are aware that there may be an early withdrawal penalty:_______.)

Transfer upon maturity.

CD Account Number Maturity Date (month, day, year)

$ , ,All Dollar Amount

OR

OR

OR

OR

OR


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ATAA-page 3 of 8

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5. How Do You Want These Assets Invested at Vanguard? (If you need more space, provide the information on aseparate sheet.)

I want to open a new Vanguard IRA for these assets, whose approximate value is $ . (Attach a copy of a recent accountstatement to verify this amount.)

I want to invest these assets in my existing Vanguard IRA.

In the boxes below, indicate the Vanguard funds in which you are investing and the percentage of assets or the dollar amount that you wishto allocate to each fund.

If you do not indicate a fund, if you do not meet the initial minimum for a fund, or if any of your investment instructions are not in good order,Vanguard reserves the right to invest that portion of your transaction balance in Vanguard Prime Money Market Fund.

For fund numbers, fund names, and investment minimums, see the enclosed list, Vanguard Funds for Retirement Investing, or go towww.vanguard.com/visit/funds.

Vanguard charges a custodial fee of $10 a year for each IRA fund account having a balance of less than $5,000. However, we automaticallywaive this fee if you have assets totaling $50,000 or more at Vanguard, in any combination of accounts (whether in IRAs or not, andincluding employer-sponsored plans, brokerage accounts, and annuities).

Fund Number Fund Name

$ , , . OR %Existing Account Number (if applicable) Dollar Amount Percentage

($3,000 minimum initial investment for most funds) (whole percentage)










Percentages must total 100%.


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ATAA-page 4 of 8

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6. Do You Want to Provide for Automatic Investments to Your IRA? (Complete this section to transfer money from yourbank account to your Vanguard IRA on a set schedule. Important:If you choose this option, you must tape a voided bank check or preprintedbank deposit slip in the space provided and fill out the bank information requested below. Your bank, savings and loan, or credit union must bea member of the Automated Clearing House [ACH] network.)

Note: Your Vanguard IRA will be credited one business day before your bank account is debited.

$ .Fund Number Fund Name Amount ($50 minimum)

$ .Fund Number Fund Name Amount ($50 minimum)

OR

Monthly Quarterly (in February, May, Bank Debit DateAugust, and November) (day of month) *

Account TypeBank Name Bank Telephone Number (Check one.) Checking Savings

J. A. Sample 101123 Street

Anywhere, USA 12345 DATE: _____________

PAY TO THEORDER OF _________________________________________________ $

__________________________________________________________________ DOLLARS

MEMO ________________________________ SIGNED ____________________________

:123456789 : 12 3456789:=

VO ID

Tapeyo

ur voide

dcheck

or prep

rintedd

eposit s

liphere

.

Pleased

onot us

estaple

stoatt

achit .

*Unless you specify a day, your bank account will be debited on the 15th of the month.


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ATAA-page 5 of 8

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7. Beneficiary Designation for a New IRA (If you need more space to list additional beneficiaries, either photocopy this section orprovide all the information requestedin the same formaton a separate sheet.)

Important:Do not complete this section if you are placing the assets into an existing IRA; if you are, the beneficiariescurrently in place on that account will remain in effect. Complete this section only if you checked in Section 5 that youare opening a newIRA with these assets.

The designations you make on this form will not affect the beneficiary designations of other IRAs you may hold at Vanguard.

If you choose an option below that indicates a relationship instead of specific names, the executor or administrator of your estate (or thetrustee if you designate a trust as a beneficiary) will be the one responsible for providing Vanguard with the names of your beneficiaries.

If you have ever lived in a community property state while you were married, your spouse at that time may have certain rights to your IRA.We suggest that you consult your attorney for guidance on how your beneficiary designations may be affected by those state laws.

Detailed information on these designations can be found on our website at www.vanguard.com/visit/beneficiary.

Primary Beneficiaries (Check all that apply.)

Those you list as primary beneficiaries will inherit your IRA following your death.

If you choose more than one primary beneficiary option without indicating percentages, or if the percentages you allocate to yourprimary beneficiaries combined do not total 100%, we will allocate equal percentages totaling 100%.

1. To my spouse who survives me. (The person youre married to at the time of your death.) %

2. To my descendants who survive me, per stirpes. (Divides the percentage you specify equally among your %

children. If a child is deceased, that childs children, if any, will share your deceased childs portion equally.)

3. Equally to my grandchildren who survive me. %

4. To the trustee of an existing trust that was created under an agreement known as %

, dated .Name of Trust Trust Date (month, day, year)

5. To the trustee of a trust created under my last will. The trust is known as %

or is located at .Name of Trust Section of Will

6. Other (Choose this category to specify by name individuals or charitiesnot coveredby the previous options.)

%Name of Individual (first, middle initial, last) or Charity

Relationship

Spouse Other Individuals Birth Date (month, day, year)


Relationship


TOTAL %

I do not want to name beneficiaries at this time. (Important:If you choose this option, your beneficiary will be what is stated as thedefault under the Vanguard Custodial Account Agreement in effect at the time of your death. Skip to the signature section on page 7.)

001 0


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ATAA-page 6 of 8

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Secondary Beneficiaries (Check all that apply.)

Those you list as secondary beneficiaries will inherit your IRA only if there are no surviving primary beneficiaries at the time ofyour death.

If you choose more than one secondary beneficiary option without indicating percentages, or if the percentages you allocate toyour secondary beneficiaries combined do not total 100%, we will allocate equal percentages totaling 100%.










%

Name of Individual (first, middle initial, last) or Charity

Relationship


%

Name of Individual (first, middle initial, last) or Charity

Relationship


TOTAL %

I do not want to name secondary beneficiaries at this time. (Note that if you choose this option and either all of your primarybeneficiaries predecease you or a trust you named is no longer in existence, your beneficiary will be what is stated as the defaultunder the Vanguard Custodial Account Agreement in effect at the time of your death.)

001 0


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ATAA-page 7 of 8

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Please check with the financial institution from which you are transferring assets to determine whether you must get asignature guarantee before that institution will release your IRA assets. If a signature guarantee is required and you dontprovide one, this transaction cannot be processed. Important: If you need a signature guarantee, wait to sign this form untilyoure in the presence of the authorized officer.

8. Account Owner SignatureYOU MUST SIGN BELOW

I hereby adopt or reaffirm my prior adoption of the Vanguard Individual Retirement Custodial Account Agreement that is incorporated herein byreference, and I acknowledge having received and read it. I further agree to the terms and conditions set forth in this IRA Asset Transfer andAdoption Agreement, and I acknowledge having received and read the Vanguard IRA Disclosure Statement and the prospectus for eachVanguard fund elected in this IRA Asset Transfer and Adoption Agreement. I understand that if I have elected to have the transferred assetsplaced into an existing Vanguard IRA, the beneficiary designations on my existing IRA will remain in effect. I certify that my Social Securitynumber on this agreement is correct.

If I have chosen the Automatic Investment Plan for IRAs option, I authorize Vanguard, upon telephone or online request, to secure payment ofamounts invested by me by initiating debit entries to my account at the bank named in Section 6. I authorize the bank to accept any suchdebits to my account without responsibility for their correctness. I acknowledge that the origination of ACH transactions to my account mustcomply with U.S. law. I further agree that Vanguard will not incur any loss, liability, cost, or expense for acting upon my telephone or onlinerequest. I understand that this authorization may be terminated by me at any time by notifying Vanguard by telephone or in writing, and that thetermination request will be effective as soon as Vanguard has had a reasonable amount of time to act upon it.

Please sign here. (I hereby direct the financial institution identified inSection 3of this form to liquidate or transfer in-kind assetsaccording to the instructions inSection 4.)

Signature (month, day, year)

9. Signature GuaranteeIF APPLICABLE

You can obtain a signature guarantee from an authorized officer of a bank, broker, or other eligible financial institution. A notary public cannotprovide a signature guarantee.

Signature of Guarantor

Title / Name of Institution

Date (month, day, year)

S I G N A T U R E

Authorized Officer to Place Stamp Here


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ATAA-page 8 of 8

Vanguard will complete this section.

Vanguard Authorization

Vanguard Fiduciary Trust Company hereby represents that it hasestablished for the above-named individual an IRA that qualifiesunder Section 408 or Section 408A of the Internal Revenue Code

and will apply the proceeds of the above-described IRA assettransfer to such IRA upon receipt.

Authorized Signature, The Vanguard Group

Date (month, day, year)

Instructions to Custodian

Send redemption proceeds by check to The Vanguard Group,P.O. Box 1110, Valley Forge, PA 19482-1110. Please make thecheck payable to Vanguard Fiduciary Trust Company,

Custodian of [Name of Individual] IRA. The individualsSocial Security number and the following reference number mustbe included on the check:

Reference Number

2005 The Vanguard Group, Inc. All rights reserved. ATAA 112005

8

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19/621

Vanguard Brokerage Services (VBS)A Division of Vanguard Marketing Corporation

Brokerage IRA Adoption Agreement

SAAF

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT. Vanguard Brokerage Services is required by federal law to obtain from each person whoopens an account certain personal informationincluding name, street address, and date of birth among other informationthat will be usedto verify identity. If you do not provide us with this information, we will not be able to open the account. If we are unable to verify your identity,

Vanguard Brokerage reserves the right to close your account or take other steps we deem reasonable.

To trade with Vanguard Brokerage Services (VBS), you will need two accounts, both of which you can open by using this adoption agreement:

1. A brokerage account that will hold your securities, including stocks, bonds, options, exchange-traded funds, certificates of deposit (CDs),and non-Vanguard funds. (Vanguard fund shares cannot be held in your brokerage account.)

2. An identically registered money market settlement account that will accept debits and credits for your brokerage transactions andwill also earn interest. You can designate a Vanguard money market account you have already established to serve as your settlementaccount if it is registered exactly the same as your new brokerage IRAthat is, if both accounts have the same IRA type, owner, address,and Social Security number.

Please print, preferably in capital letters and black ink.

Please see the most recent Vanguard Brokerage Services Commission and Fee Schedules for any fees that may apply.

For more information about the various types of Vanguard IRAs, visit www.vanguard.com or call us.

If you are transferring IRA assets to VBS from another firm, you must complete both a VBS Account Transfer Form and this application.

To fund your account by rolling over assets directly from an employer-sponsored retirement plan, complete and submit the forms in the VanguardDirect Rollover Formsbooklet.

To apply for options investing, submit a Vanguard Option Application and Agreement with this form.

If you want someone else to act on this account, complete a Vanguard Agent Authorization with this application.

Note: To convert a traditional IRA to a Roth IRA, youll need a different form. Request a Vanguard Roth IRA Conversion Kit.

Most forms, as well as booklets that provide details on our services, can also be downloaded from our website. Or you can call us to order themor get assistance in filling out this format 800-992-8327. Return this form and any other required documents in the enclosed postage-paidenvelope, or mail to Vanguard Brokerage Services, P.O. Box 1170, Valley Forge, PA 19482-1170. For overnight or special delivery,mail to Vanguard Brokerage Services, 100 Vanguard Boulevard, Malvern, PA 19355-0741.

1. Type of IRA (Complete a separate IRA Adoption Agreement for each type of IRA youre opening. To avoid delays in processing, provide allthe information requested.)

Brokerage traditional IRA. An individual retirement account in which the earnings grow tax-deferred. Contributions can be tax-deductible for qualified individuals. Withdrawals are always taxed as ordinary income.

Brokerage Roth IRA. An individual retirement account in which the earnings grow tax-free. Contributions are made with after-taxdollars. Withdrawals from Roth IRAs can be tax-free if certain criteria are met.

Brokerage rollover IRA. An individual retirement account set up to accept assets rolled over from an employer-sponsored retirementplan or from another IRA custodian.

Brokerage SEPIRA. An individual retirement account established by a self-employed person or as part of a retirement plan sponsoredby a partnership or corporation.

Clear All


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SAAF-page 2 of 8

2

2. Account Owner Information

If the account owner is a minorsomeone not of legal adult age for the state in which he or she resides (18 for most states, 19 in Alabamaand Nebraska, and 21 in Mississippi)then the account will require a custodian, who must complete Section 3.

If this IRA isbeing opened for a minor, print the words a minor after providing the name in the boxes below.







Note: We cannot establish an account unless you provide at least one phone number where we can reach you.

Street Address or APO/FPO (a P.O. box or rural route number isnotacceptable)

City State Zip

Accounts Mailing Address if Different From Above (used both as the accounts address of record and for all account mailings)

City State Zip

3. Custodian Information (Complete this section only if you are opening this IRA for a minor.)







Street Address or APO/FPO (a P.O. box or rural route number isnotacceptable)

City State Zip

OR

OR


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3

4. Employment and Affiliation Information (The following information is required by industry regulations.)

Employment

Retired Not EmployedYour Occupation (If self-employed, state nature of business. If a student, provide name and address of school.)

Name of Employer

Employers Street Address

City State Zip

Affiliation (Check all that apply.)

You are a Vanguard employee.

You are or an immediate family member is affiliated with or working for a member of a stock exchange, the NASD, or the Municipal

Securities Rulemaking Board. (Important:If you check this box, you must provide a letter of account approval from your employerscompliance officer along with this application to open this account. Failure to include an approval letter may delay the processing of yourapplication. An account approval letter is not required for Vanguard employees. Upon written request from your employer, we will sendduplicate copies of confirmations and statements.)

You are or an immediate family member is a control person of a publicly traded company as defined by SEC Rule 144. Control personsinclude, but are not limited to, company directors, 10% shareholders, officers, and policy-making executives of a publicly traded company.(Important:If you check this box, you must provide the name of the company below.)

Name of Company

5. Duplicate Documentation (If you want documentation of securities transactions sent to a third partyfor instance, your employer orfinancial advisorprovide us with the information requested in this section.)

Duplicate Statements Duplicate Confirmations

Name of Third Party

Street Address

City State Zip


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4

6. Money Market Settlement Account

All your brokerage IRA transactions settle through an identically registered IRA account in one of the Vanguard money market funds listed below.This settlement IRA account is not subject to a minimum balance requirement after it is established.

Money Market Fund Selection (Choose one of the following options.)

Existing account. Settle my brokerage transactions through my already established, identically registered Vanguard money marketIRA account. (The current beneficiary designation for this money market account will also apply to your brokerage IRA.)

Fund Number Fund Name Money Market Account Number

Note: If the registrations in Section 1 and your existing money market account dont match, your brokerage account will be registered identically to your moneymarket account registration.

New account. Settle my brokerage transactions through a new, identically registered money market IRA account in the fund selectedbelow. (If you do not select a fund, we will establish your settlement account in Vanguard Prime Money Market Fund.)

Prime Money Market Fund (0030) Treasury Money Market Fund (0050)

Federal Money Market Fund (0033) Admiral Treasury Money Market Fund (0011)

Note: The minimum initial investment for the Admiral Treasury Money Market Fund is $50,000; for the other funds it is $3,000.

7. Method of Funding Your Brokerage IRA and Money Market Settlement Accounts (You can combine any ofthe following methods to open and fund your accounts. Refer toSection 6for minimum initial investment amounts. Make checks payable toThe Vanguard Group.)

New contribution. Enclosed is a contribution to open a settlement account in the Vanguard money market fund selected in Section 6.

$ , .Tax Year Dollar Amount

New contribution to an existing IRA. Enclosed is a contribution to add to my already established Vanguard IRA money market account

identified in Section 6.

$ , .Tax Year Dollar Amount

No check enclosed. However, I have approximately $ , , in identically registered Vanguard fundaccounts that I can access when I am ready to trade.

I am requesting a transfer of IRA assets from another custodian. I have completed and enclosed a VBS Account Transfer Form.

8. Brokerage IRA Dividend Instructions (Important:You must choose one option. If you dont, all distributions will be deposited inyour money market settlement account.)

Reinvest earnings from my eligible securities in additional shares of those securities. (There is no charge for this service.)

Deposit earnings from my securities into my money market settlement account.


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5

9. Beneficiary Designation for a New IRA (If you need more space to list additional beneficiaries, either photocopy this section orprovide all the information requestedin the same formaton a separate sheet.)

Important:Complete this section only if you checked new account in Section 6. If you will be settling your brokeragetransactions through an already established Vanguard money market IRA account, the beneficiaries currently designatedon that account will remain in effect.

The designations you make on this form will not affect the beneficiary designations of other IRAs you may hold at Vanguard.

If you choose an option below that indicates a relationship instead of specific names, the executor or administrator of your estate (or the

trustee if you designate a trust as a beneficiary) will be the one responsible for providing Vanguard with the names of your beneficiaries.

If you have ever lived in a community property state while you were married, your spouse at that time may have certain rights to your IRA.We suggest that you consult your attorney for guidance on how your beneficiary designations may be affected by those state laws.

Detailed information on these designations can be found on our website at www.vanguard.com/visit/beneficiary.

Primary Beneficiaries (Check all that apply.)

Those you list as primary beneficiaries will inherit your IRA following your death.

If you choose more than one primary beneficiary option without indicating percentages, or if the percentages you allocate do not total100%, we will allocate equal percentages totaling 100%.











Relationship



Relationship


TOTAL %

I do not want to name beneficiaries at this time. (Important:If you choose this option, your beneficiary will be what is stated as thedefault under the Vanguard Custodial Account Agreement in effect at the time of your death. Skip to Section 10.)

001 0


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Secondary Beneficiaries (Check all that apply.)

Those you list as secondary beneficiaries will inherit your IRA only if there are no surviving primary beneficiaries at the time of yourdeath.

If you choose more than one secondary beneficiary option without indicating percentages, or if the percentages you allocate do nottotal 100%, we will allocate equal percentages totaling 100%.











Relationship



Relationship


TOTAL %

I do not want to name secondary beneficiaries at this time. (Note that if you choose this option and either all of your primarybeneficiaries predecease you or a trust you named is no longer in existence, your beneficiary will be what is stated as the defaultunder the Vanguard Custodial Account Agreement in effect at the time of your death.)

001

SAAF-page 6 of 8

6

0


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SAAF-page 7 of 8

7

10. Automatic Investment Plan for IRAs (Complete this section if you would like to transfer money easily and automatically from yourbank account to your Vanguard IRA money market settlement account on a set schedule.)

Your Vanguard account will be credited one business day before your bank account is debited.

If you do not specify a day of the month, we will schedule your bank withdrawal for the 15th; if you do not indicate a frequency, we will transferassets monthly.

These automatic investments ($50 minimum) cannot be made for the prior tax year.

Bank Your Contributions Are COMING FROM (Your bank, savings and loan, or credit union must be a member of the Automated ClearingHouse (ACH) network. It is important that you tape a voided bank check or preprinted bank deposit slip in the space provided and fill out the bankinformation requested below; if you do not, there will be a delay in setting up the service.)

Bank Name Bank Telephone Number

Account TypeBank Account Number Bank Routing Number (located in the bottom left (Check one.) Checking Savings

corner of your checks)

Amount ($50 minimum; maximum subject to your income eligibility and IRA contribution limits) $ .

Investment Schedule

Monthly Day of the month you want the Month you want the service to start OR Quarterlywithdrawals to take place (Note: It takes about two weeks to set (15th of February, May,(Choose a date between the 5th the service up once we receive this form.) August, November) and the 25th.)

J. A. Sample 101

123 StreetAnywhere, USA 12345 DATE: _____________

PAY TO THEORDER OF _________________________________________________ $

__________________________________________________________________ DOLLARS

MEMO ________________________________ SIGNED ____________________________

:123456789 : 12 3456789:=

VO ID

Tapeyo

ur voide

dcheck

or prep

rintedd

eposit s

liphere.

Please

donot

usesta

plesto

attachi

t .

SIGNATURES REQUIRED IN SECTION 11.


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SAAF-page 8 of 8

8

11. Signature of Account OwnerYOU MUST SIGN BELOW

Read the points in this section carefully, and sign below exactly as listed in Section 2.

I have read and understand the money market settlement information in Section 6 of this adoption agreement, and I agree to and authorizethe settlement terms indicated.

I understand that all my securities will be held in street namethat is, registered in the name of VBSs clearing agent, Pershing LLC, amember of The BNY Securities Group and a subsidiary of The Bank of New York Company, Inc.and retained in my account.

Unless I object in writing, I agree that, pursuant to Rule 14b-1(c) of the Securities and Exchange Commission, Pershing is obliged to provide

my name and address to each requesting issuer in which I hold securities in your nominee name. This rule prohibits such issuer from using myname and address for any purpose other than corporate communications.

I hereby adopt the Vanguard IRACustodial Account Agreement that is incorporated herein by reference and I acknowledge that I have receivedand read it. I further acknowledge that I have received and read the Vanguard IRADisclosure Statement.

I have read and accept the most recent Vanguard Brokerage Services Commission and Fee Schedules, which I agree may bechanged by Vanguard Brokerage from time to time.

If I have chosen the Automatic Investment Plan for IRAs option, I authorize Vanguard, upon telephone or online request, to secure payment ofamounts invested by me by initiating debit entries to my account at the bank named in Section 10. I authorize the bank to accept any suchdebits to my account without responsibility for their correctness. I acknowledge that the origination of ACH transactions to my account mustcomply with U.S. law. I further agree that Vanguard will not incur any loss, liability, cost, or expense for acting upon my telephone or onlinerequest. I understand that this authorization may be terminated by me at any time by notifying Vanguard by telephone or in writing, and thatthe termination request will be effective as soon as Vanguard has had a reasonable amount of time to act upon it.

If I am a U.S. citizen, a U.S. resident alien, or a representative of a U.S. entity, I certify under penalty of perjury that:1. The Social Security number or employer identification number I have given on this form is correct.2. I am not subject to backup withholding because (a) I am exempt from backup withholding, or (b) I have not been

notified by the Internal Revenue Service that I am subject to backup withholding as a result of a failure to report allinterest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding.Important:Cross out item 2 if you have been notified by the IRS that you are currently subject to backup withholdingbecause you have failed to report all interest or dividends on your tax return.

3. I am a U.S. person.

If I am a nonresident alien, I am required to complete the appropriate Form W-8 to certify my foreign status. I understandthat I am not under penalty of perjury certifying the above information.

The Internal Revenue Service does not require your consent to any provision of this document other than the certificationrequired to avoid backup withholding.

I understand that Vanguard Brokerage Services is a limited broker-dealer and, as such, acts strictly in the role of agent for its clients.

Vanguard Brokerage Services makes no recommendations concerning securities purchases and sales. All securities transactions acceptedby Vanguard Brokerage Services are on an unsolicited basis and are the result of independent action by me or my agent.

I consent and agree to all terms and conditions of the enclosed Securities Account Agreement and acknowledge thatthe Securities Account Agreement contains a predispute arbitration clause that is highlighted in paragraphs 15 and 16on page 2 of the enclosed Agreement. I acknowledge receipt of a copy of this Agreement and of a current prospectus forthe Vanguard money market fund that I have selected.

Please sign here. (The owner listed inSection 2must sign below.)

Signature (If the IRA owner is a minor, the custodian identified in Section 3 must sign.) Date (month, day, year)

Thank you for your investment!

Accepted: Vanguard Fiduciary Trust Company, Custodian

By:_________________________________________________ Title:____________________________________________

S I G N A T U R E

2005 The Vanguard Group, Inc. All rights reserved. SAAF 112005

Secretary

Vanguard, The Vanguard Group, Vanguard Brokerage Services, VBS, Vanguard IRA, Admiral, and the ship logo are trademarks of The Vanguard Group, Inc. All other marks

are the exclusive property of their respective owners.

For Vanguard Brokerage Use

Approved By____________________________________________________

Date_________________________________________________________

Master Account #1____________________________________________

External #1 __________________________________________________

Print Entire Kit Print Form Only


27/62SECAGR 052005

Vanguard Brokerage Services(VBS)

Securities Account Agreement

Please detach and keep for your records

In consideration of your accepting and introducing or carrying the requestedaccount (the account) in my name or for me for the purchase or sale of

securities and other property, I hereby agree with you, and any successoror assign, as follows:

Any reference to I/my/us or gender shall include all signers of new accountapplications for nonretirement and retirement accounts.

Any reference to the term you and your shall include any firm that may, as aClearing Broker or Introducing Broker, carry or service in any way this account.This Agreement and its terms and conditions shall inure to the benefit ofsuch firm(s).

I hereby authorize and instruct you to accept from me any and all orders andinstructions for and concerning the said account in regard to the following:

(a) The purchase or sale of securities and option contracts.

(b) The payment of money.

(c) The registration and delivery of securities.

(d) Any other action with respect to this account.

Payment of money may be made from time to time by delivering or sendingto any one of us a check made payable in accordance with the registration ofthe account.

Confirmations, notices, statements of account, and communications of every kindwith reference to said account may be sent or given by you to any one of us.

In the event that you receive instructions which you in your sole judgmentdeem to be conflicting or inconsistent from me/my agent, you may follow anyof such instructions at your will, or you may refrain from executing any of suchinstructions until they shall have been reconciled in writing to your satisfaction,all without liability therefore to you.

We will give you immediate notice in writing of the death of any one of us. The

estate of any one of us who shall have died shall be liable, and the survivor orsurvivors shall continue to be liable, jointly and severally, for any existing debitbalance or loss in the account, or which you may later sustain, by reason of thecompletion of transactions initiated prior to the receipt by you of written noticeof the death of any one of us, or incurred in the liquidation of the account.

This Agreement shall inure to the benefit of your successors and assigns andshall remain in effect until an authorized member of your firm shall acknowledgein writing the receipt of a written statement from me that I wish to terminatethe account, at which time the party giving such notice will not be bound for anyfurther transactions made for the account thereafter. However, he or she shallremain bound for all prior transactions and obligations under this Agreementand for all further deliveries to any of us of any assets in the account and allcommunications regarding the account.

1. Rules and RegulationsAll transactions are subject to applicablelaws and regulations of all federal, state, and self-regulatory authorities,including, but not limited to, the rules and regulations of the Board ofGovernors of the Federal Reserve System and the constitution, rules andcustoms of the exchange or market (and clearing house) where suchtransactions are executed.

2. DefinitionUnder this Agreement, securities and other propertyincludes, but is not limited to, money, securities of every kind and nature,and all contracts, investments, and options relating thereto, whether forpresent or future delivery.

3. Accounts Carried as Clearing BrokerIf my account is being carriedby a Clearing Broker by arrangement with another broker through whosecourtesy my account has been introduced, then until receipt by the ClearingBroker from me of written notice to the contrary, the Clearing Broker may

accept from such other broker without inquiry or investigation (a) ordersfor the purchase or sale in said account of securities and other property on

margin or otherwise, and (b) any other instructions concerning said account.The Clearing Broker shall not be responsible or liable for any acts oromissions of any unaffiliated Introducing Broker or its employees.

4. Liens and Provisions in the Event of Failure to Pay or DeliverWhenever I do not, on or before the settlement date, pay in full for anysecurity purchased for my account, or deliver any security sold for suchaccount, you are authorized (subject to the provisions of any applicablestatute, rule, or regulation):

(a) Whenever there is any existing or forthcoming indebtedness toyou on my part, all orders, securities, and other property now orhereafter held, carried, or maintained by you in your possession andcontrol for any purpose, in or for any of the accounts in my namenow or hereafter opened, including any accounts in which I mayhave an interest, shall be subject to a lien for the discharge of all

my indebtedness and other obligations to you in any of the saidaccounts whenever you consider such a transfer necessary for yourprotection. In enforcing your lien, you shall have the discretion todetermine which securities and property are to be sold and whichcontracts or orders are to be closed or canceled, all without liabilitytherefore to you;

(b) Until payment or delivery is made in full, to pledge, repledge,hypothecate, or rehypothecate, without notice, any or all securitiesthat you may hold for me (either individually or jointly with others),separately or in common with other securities or any other property,for the sum then due or for a greater or lesser sum and, withretaining in your possession and control for delivery, a like amountof similar securities; and/or

(c) To sell any or all securities that you may hold in any account in which

I have an interest, or to buy in any or all securities required to makedelivery for my account, or to cancel any or all outstanding orders orcommitments for my account.

The reasonable costs and expenses of collection of the debit balanceand any unpaid deficiency in my accounts with you, including attorneysfees incurred and payable or paid by you, shall be payable to you by mepromptly upon demand.

5. Cancellation ProvisionsYou are authorized in your discretion, shouldyou for any reason whatsoever deem it necessary for your protection,without notice, to cancel any outstanding orders to close out my account,in whole or in part, or to close out any position made on my behalf. If this isan individual account only, you, in your discretion, are authorized to take thesame actions enumerated in the previous sentence in the event I should die.

6. CommunicationsCommunications may be sent to the mailing addresson file with you, or to such other address I may thereafter give in writing,and all communications so sent, whether written by mail, telegraph, orotherwise, shall be deemed to be given to me personally. Notwithstandingthe foregoing, reports of the execution of orders shall be conclusive if notobjected to in writing by me within the shorter of the applicable settlementcycle of the subject transactions or ten business days after such documentshave been transmitted to me by mail or otherwise.

7. LiabilityYou shall not be liable in connection with the entering,execution, handling, selling, or purchasing of securities or orders for myaccount except for gross negligence or willful misconduct on your part,nor shall you be liable for loss caused directly or indirectly by governmentrestrictions, exchange or market rulings, suspension of trading, war, strikes,equipment failure, communication line failure, unauthorized access, theft,

1

SECAGR-page 1 of 2


28/62

operator errors, acts of terrorism, failure of third parties to followinstructions, or other conditions and occurrences. Further, you shall notbe responsible to provide me at any time with information concerningcash/stock dividends, stock splits, mandatory corporate actions, or anyother information, advice, guidance, or recommendation with respect toan order by me to purchase or sell securities.

8. JurisdictionThis Agreement and all transactions made in my accountshall be governed by the laws of the State of New York (regardless of the

choice of law rules thereof).

9. AmendmentExcept as herein otherwise expressly provided, noprovision of this Agreement shall in any respect be waived, altered,modified, or amended unless such waiver, alteration, modification, oramendment be committed to writing and signed by an officer of yours.

10. RepresentationI represent that I have attained the age of majorityunder the laws of the state in which I reside, and if I am an employeeof any exchange, or of any corporation that any exchange controls, orof a member of any firm registered on any exchange, or of a bank, trustcompany, insurance company, or any corporation, firm, or individualengaged in the business of dealing in securities either as broker orprincipal, that I will abide by the rules of the regulatory agencies andyour policies. If at any future time I become so employed, I will notifyyou promptly. No one other than I has or will have an interest in myaccount except as I shall advise you in writing.

11. SeverabilityIf any provision or condition of this Agreement shall beheld to be invalid or unenforceable by any court or regulatory or self-regulatory agency or body, such invalidity or unenforceability shall attachonly to such provision or condition. The validity of the remaining provisionsand conditions shall not be affected thereby, and this Agreement shall bevalid and enforceable as if any such invalid or unenforceable provision orcondition were not contained herein.

12. Order Entry ProvisionsI acknowledge that all orders must be enteredverbally with one of your Brokerage Associates; through VBS AutoBroker,the automated telephone investment service; or through the Internettrading system, and that written orders will not be accepted. I acknowledgeresponsibility for the confidentiality and use of the account number

assigned to me for all securities and other transactions initiated throughthese means. Any orders communicated to VBS through these meanswill be considered to have been sent by me. I also agree to notify VBSimmediately if I become aware of:

(a) Unauthorized use, theft, or loss of the account number assigned to myVBS account.

(b) Receipt of confirmation of an order that I did not place.

(c) Failure to receive an accurate written confirmation of an order or itsexecution.

13. Restricted SecuritiesPrior to placing an order for the sale or transfer ofany securities subject to Rule 144 or 145(d) under the Securities Act of 1933or any other rule relating to restricted or control securities or securities thatmay otherwise be contractually restricted, I agree that I will advise VBS of

the status of the securities and furnish VBS with the necessary documents(including opinions of legal counsel, if VBS so requests) or any other requiredwaivers or consents to satisfy legal transfer requirements. These securitiesmay not be sold or transferred until they satisfy legal transfer requirements.Even if the necessary documents are furnished in a timely manner, theremay be delays in the processing of these securities, which may result indelays in the delivery of securities and the crediting of cash to my Account.I am responsible for any delays, expenses and losses associated withcompliance or failure to comply with all of the requirements and rulesrelating to contractually restricted, restricted or control securities.

14. Clearing BrokerVBS clears its securities business on a fully disclosedbasis through Pershing LLC, a member of the BNY Securities Group and asubsidiary of The Bank of New York Company, Inc., and a member of theNew York Stock Exchange, Inc. I understand my account will be carried inaccordance with this written agreement.

15. Arbitration DisclosuresThis Agreement contains a predisputearbitration clause. By signing an arbitration agreement the partiesagree as follows:

All parties to this Agreement are giving up the right to sue eachother in court, including the right to a trial by jury, except as pro-vided by the rules of the arbitration forum in which a claim is filed.

Arbitration awards are generally final and binding; a partys ability tohave a court reverse or modify an arbitration award is very limited.

The ability of the parties to obtain documents, witness statementsand other discovery is generally more limited in arbitration thanin court proceedings.

The arbitrators do not have to explain the reason(s) for their award.

The panel of arbitrators will typically include a minority ofarbitrators who were or are affiliated with the securities industry.

The rules of some arbitration forums may impose time limits forbringing a claim in arbitration. In some cases, a claim that isineligible for arbitration may be brought in court.

The rules of the arbitration forum in which the claim is filed, andany amendments thereto, shall be incorporated into this Agreement.

16. Agreement to Arbitrate ControversiesIt is agreed that any controversybetween or among the undersigned, Pershing, and Introducing Firm, or anyof them, arising out of Pershings or Introducing Firms business or this

Agreement, shall be submitted to arbitration before the New York StockExchange, Inc., or, if the transaction took place on another exchange, then tothat exchange or the NASD Regulation Inc., as the undersigned may electand in accordance with the rules obtaining of the selected organization.Arbitration must be commenced by service upon the other party of a writtendemand for arbitration or a written notice of intention to arbitrate, thereinelecting the arbitration tribunal. In the event the undersigned does not makesuch election within five (5) days of such demand or notice, then the under-signed authorizes Pershing or the Introducing Firm to do so on behalf of theundersigned. No person shall bring a putative or certified class action toarbitration, nor seek to enforce any predispute arbitration agreement againstany person who has initiated in court a putative class action; or who is amember of a putative class who has not opted out of the class with respectto any claims encompassed by the putative class action until: (i) the classcertification is denied; (ii) the class is decertified; or (iii) the customer isexcluded from the class by the court. Such forbearance to enforce anagreement to arbitrate shall not constitute a waiver of any rights underthis Agreement except to the extent stated herein.

17. The Laws of the State of New York Shall GovernThis Agreementand its enforcement shall be governed by the laws of the state of New Yorkwithout giving effect to its conflicts of laws provisions.

18. Credit InvestigationI authorize VBS in its discretion, at any time andfrom time to time, to make or obtain reports concerning my credit standingand business conduct. I agree that, without notifying me, VBS may requesta new credit report in connection with any review, extension, or renewal ofcredit. I may make a written request for a description of the nature and scopeof the reports made or obtained by VBS and the same will be provided to mewithin a reasonable period of time.

19. Change in InformationI agree to notify VBS promptly in writing of anychanges in information that I supplied when opening my account including, butnot limited to, change of address, change in investment objectives, and changein financial circumstances. Among other things, I represent that, except asdisclosed to VBS in writing, neither I or any member of my immediate family is(1) a director, 10% beneficial owner, policy making officer or otherwise anaffiliate of any publicly traded company; (2) affiliated with or employed by asecurities exchange or corporation of which an exchange controls the majorityof the capital stock, or a securities broker or dealer, or any bank, thrift institution,trust company, insurance company, investment fund, including a registeredinvestment company, or any corporation, firm or individual engaged in thebusiness of dealing as a broker or principal in securities, bills of exchange,acceptances or other forms of commercial paper. If I or another member of myimmediate family become so employed, I shall notify VBS promptly in writing.

2

SECAGR-page 2 of 2


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Important Information About Your Transfer

Print clearly, preferably in capital letters and black ink. Ensure that allaccount owners sign this form. These steps will help ensure a prompt

transfer.

Processing time depends on the type of transfer. Most transfers take four to six weeks; some may take longer.

You can transfer most types of retirement and nonretirement assets from another financial firm to your Vanguard Brokerage account in kind

(without liquidating them), including:

Stocks Most mutual funds, including Exchange-traded funds

Bonds your current money market Listed limited partnerships

Options sweep account (which is sold Unit investment trusts

and transferred as cash)

(To transfer funds from more than one money market account, consolidate the funds into your money market sweep account before this transfer

to avoid a liquidation fee.)

You cannot transfer the following assets in kind:

Most certificates Unlisted limited partnerships Mutual funds and otherof deposit (CDs) Annuities investment products offered

Commodities Life insurance policies exclusively by your current firm

Vanguard funds:

You canuse this form to transfer Vanguard mutual funds held outside of Vanguard to Vanguard (the shares will be held in a Vanguard

mutual fund account and not in your Vanguard Brokerage account).

You cannotuse this form to transfer Vanguard fund shares from your Vanguard mutual fund account to your Vanguard Brokerage account.

To exchange shares of one Vanguard mutual fund for shares of another, use our Vanguard Exchange Request form.

Margin and option accounts:

If you are holding margined securities, submit a Margin Account Agreement. If approved, margined assets can be transferred.

If you are holding fully paid securities in the margin portion of your account, move these securities to the cash portion of the account before

you send us this form.

If you want to transfer options, submit a Vanguard Option Application and Agreement. If approved, the options can be transferred.

Fees: Vanguard Brokerage doesnt charge any account transfer fees, although your current firm may.

Most forms are available for download from our website at www.vanguard.com/visit/serviceforms . You can also call us to order them at800-992-8327. Detach this page and return the completed form in the enclosed postage-paid envelope, or mail to: Vanguard Brokerage Services,

P.O. Box 1170, Valley Forge, PA 19482-1170.

Vanguard Brokerage Services (VBS)A Division of Vanguard Marketing Corporation

Account Transfer Instructions


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Tips for Completing Your Transfer

In general:

If you have questions or need assistance, please call us at 800-992-8327. We want to help.

Use a separate form for each account that you are transferring.

Print and sign your name on this form exactlyas it appears on the account of the transferring firm.

Make sure youve removed any restrictions on your account, paid any fees, and settled your margin debt, outstanding trades, and other debits.

Section 1 If you havent already set up a Vanguard Brokerage account, ask us for a new account application and submit it along with the account transfer

form (on which well record your new account number).

Transfers should occur between like registered accountssame account owner, Social Security number, and account type. If your Vanguard

Brokerage account and your current firm account are registered differently, complete Sections 7 and 8 of this form.

If you have more than one Vanguard Brokerage account, use this form for only one of the accounts.

Section 2

Use the most recent statement from your current firm as a guide to fill out this section.

Important: For the firm address, use a street address. Do not include a P.O. box number.

If you have more than one non-Vanguard account, use one form for each account.

Section 3

Be sure to attach an account statement, dated within the past 90 days, from your current firm. The statement should show allthe assets you plan

to transfer.

Important: If we dont have the account statement, we will be unable to process your request.

Section 4

Indicate the type of retirement or nonretirement account. Check only one box.

Section 5

Transferring assets in kind means that the assets are transferred directly to Vanguard Brokerage without being liquidated.

For a partial transfer of assets from your current brokerage account, list the assets here and on additional sheets if necessary.

If you are transferring proceeds from CDs, we must receive this form at least 14 days, but not more than 30 days, before the maturity date, or it

will be returned to you.

For mutual fund transfers, make sure you indicate how you want us to handle future income dividends and capital gains distributions.Note: The distribution option for stocks or mutual funds held at your current brokerage firmthat is, whether your dividends and capital gains

are to be reinvested or paid out in cashmight not be carried over to Vanguard Brokerage. Call us at 800-992-8327 to ensure that distributionson these assets will be handled appropriately after your transfer is completed.

Section 6

All owners of the account at your current firm must sign this form for the transfer to proceed.

Section 7

You mustcomplete this sectionwhich is a Letter of Authorizationif the registrations on the accounts at your current firm and at Vanguard

Brokerage differ. Allowners of the current and new accounts must sign.

Section 8

You may be required to obtain a medallion signature guarantee for your protection (to certify that your signature is genuine). If a medallion

signature guarantee is required, the form must be signed in the presence of an authorized officer of a bank, brokerage firm, trust company, orother financial institution that participates in the medallion guarantee program. Note: A notary public cannot provide a signature guarantee.

Vanguard Brokerage requires a medallion signature guarantee if the registrations on your accounts are not identical. Allowners of the current

account and the new Vanguard Brokerage account must sign.

Even if the registrations on the two accounts are identical, the transferring firm may require a medallion signature guarantee. Check with the

firm to see if a signature guarantee is required.


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Vanguard Brokerage Services (VBS)A Division of Vanguard Marketing Corporation Account Transfer Form1. Vanguard Brokerage Account Information 2. Current Firm Account Information

Vanguard Brokerage Account Number (if known;only one per form) Account Number (only one per form)

Social Security or Employer Identification Number Contact and Telephone Number

Names of Account Owners (print) Firm Name and Address

Important:Current and new account registration should be identical. If theyre not, be sure to completeSections 7and8.

3. Recent Account Statement (Youmustinclude a recent account statement from your current firm. Indicate its date.)

Month: Year:

4. Type of Vanguard Brokerage Account (Check only one box.)

Nonretirement:Individual Joint Estate Corporate Custodian Trust Other Education Savings Account

Retirement:Traditional IRA Rollover IRA Roth IRA SEPIRA

5. Transfer Instructions (Check only one of the following boxes.)

Full transfer: From my current brokerage firm, transfer all of my brokerage account securities in kind.

Partial transfer: From my current brokerage firm, transfer only the assets listed below and the corresponding amounts in kind.

Name of Asset (Attach additional sheets if necessary.) All Partial Transfer (number of shares)

From my mutual fund company, transfer the following funds:

Name of Fund All Partial Transfer Future Income Future Capital(Attach additional sheets if necessary.) (number of shares) Dividends Gains Distributions

Reinvest ReinvestPay in cash Pay in cash

Reinvest Reinvest

Pay in cash Pay in cash

Reinvest Reinvest

Pay in cash Pay in cash

From my bank, savings and loan, credit union, or insurance company, transfer (check only one box):

All the cash from my IRA.

Part of the cash from my IRA. Indicate the amount: $ , , .

Proceeds from redeeming: My life insurance policy. Initial here: .

My annuity. Initial here: .

Proceeds from redeeming my CD prior to maturity. Initial here to indicate you are aware of any early-withdrawal penalties: .

Proceeds from redeeming my CD at maturity. Indicate month, day, year: . Initial here: .

OR

OR

OR

OR

OR

Pershing Clearing Number: 044

FOR VANGUARD BROKERAGE USE

Vanguard IRA Authorization: Vanguard Fiduciary Trust Company hereby represents that it has established for the above-named individual an IRA that qualifies under Section 408 orSection 408A of the Internal Revenue Code and will apply the proceeds of the above-described IRA asset transfer to such IRA upon receipt.

ACAT Non-ACATAuthorized Signature, Vanguard Fiduciary Trust Company Date (month, day, year) Broker Clearing Number

Clear All


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6. Your AuthorizationYOU MUST SIGN BELOWTo the Current Custodian: If this account is part of an employer-sponsored retirement plan, I understand that I may have to amend the applicable plan so that it nameas successor custodian the account owner/t

Documents

Vanguard Acct Xfer Forms 06.pdf