# Margin investing. A guide for Vanguard Brokerage clients

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1 Margin investing A guide for Vanguard Brokerage clients Please read this brochure carefully before you apply for a margin account. This complex, high-risk strategy isn t appropriate for all investors. Connect with Vanguard >

2 Table of contents Is margin investing right for you? What s margin investing?... 1 Benefits... 2 Risks Vanguard s interest rates... 4 Managing your margin account How to interpret the Margin balance detail screen What s a margin call? Margin requirements... 9 Borrowing cash from your margin account Short sales Day trading Questions?... 15

6 Vanguard s interest rates When money is borrowed in a margin account, interest will be calculated on a daily basis 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. At the close of each period during which credit was extended to you, interest will be calculated by multiplying the average daily debit balance by the applicable effective rate and by the number of days during which a debit was outstanding, and then dividing by 360 days (not 365). 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. As of December 1, 2012, Vanguard s base lending rate and interest rates are as shown below. The effective rate, or true interest rate, is the base lending rate plus the interest rate. Rates are subject to change. Loan balance Base rate Interest rate Effective rate \$0 \$19, % 7.75% \$20,000 \$49, % 7.25% \$50,000 \$99, % 7.00% 6.5% \$100,000 \$499, % 6.00% \$500,000 \$999, % 5.75% \$1 million or more 1.25% 5.25% Margin interest calculation: Example* Suppose you take a loan of \$25,000 for 30 days: Multiply loan amount by the effective rate: \$25,000 x 7.25% = \$1, Determine the daily interest amount: \$1, / 360 = \$5.03 per day Calculate the interest due after 30 days: \$5.03 x 30 days = \$ If you chose not to pay off this amount at that time, it would be added to the loan balance for the next month: (\$25, x 7.25%) / 360 days = \$5.07 per day \$5.07 x 30 days = \$ total (charged at the end of the next month) *Figures have been rounded for illustration purposes. 4 Connect with Vanguard >

10 How margin calls work: Example Week 1 Monday Tuesday Wednesday Thursday Friday You buy \$200,000 in XYZ shares. Week 2 If you don t have \$100,000 available in your settlement fund (50% requirement), a Day 1 federal call will be issued for the difference of \$100,000 and your settlement fund balance. XYZ reports bad earnings; value drops to \$150,000. \$100,000 is swept from settlement fund (federal call eliminated). Monday Tuesday Wednesday Thursday Friday Day 2 house call. XYZ drops further intraday, to \$133,000. Your equity is now only 24.8% (\$33,000 / \$133,000). Day 1 exchange call issued for \$13,550. Exchange call due. Original house call would have been due (no longer applies). Your equity is now only 33.3% (\$50,000 / \$150,000). Day 1 house call issued for \$2, Connect with Vanguard >

11 Margin requirements Vanguard s house requirement for most marginable securities is 35%, provided that you maintain a minimum of \$2,000 of equity in your account. Note: Vanguard can increase a security s house requirement at any time, without advance written notice. Stocks The following table details Vanguard s margin requirements for stocks. Long Short Federal (initial) Margin requirement: 50% of purchase price (\$2,000 minimum equity). Stocks trading below \$5/share have a 100% federal requirement. Maintenance (house) Stock price Requirement Under \$3/share 100% Over \$3/share Greater of \$3/share or 35% Concentrated account (value of holding is 40% or more of total long market value) 50% Federal (initial) Margin requirement: 50% of sale price or net proceeds (\$2,000 minimum equity) Maintenance (house) Stock price Requirement Any Greater of \$5/share or 35% Here s an example of a concentrated account: Suppose you own two brokerage accounts. In Account 1, you own ABC and two other stocks, each making up about 33% of the account s value. In Account 2, you own two stocks, with ABC making up 66% of the account s value. This is a concentrated account. While ABC would have a 35% margin requirement in Account 1, it would have a 50% requirement in Account 2 because it makes up more than 40% of that account s value. Putting the majority of your money in one holding presents more risk to Vanguard, hence the increased requirement. Account 1 Account 2 Holding Value Requirement Holding Value Requirement ABC stock \$33,333 35% ABC stock \$66,666 50% QRS stock \$33,333 35% XYZ stock \$33,333 35% XYZ stock \$33,333 35% Special note about high-volatility stocks: We periodically review a comprehensive list of all marginable securities to identify stocks with higher-than-normal volatility. This may include pharmaceutical stocks, technology stocks, or initial public offerings (IPOs) that have recently begun trading on the secondary market. When these types of securities are identified, we may raise the requirement of the stock to anywhere from 50% to 100%. Connect with Vanguard >

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