• Accounts of Vanguard Capital (including those held by clients of our Investment Advisor with Schwab Institutional or Pershing LLC), are insured by SIPC for securities and cash in the event of broker-dealer failure.
• SIPC provides up to $500,000 of protection for brokerage accounts held in each separate capacity (e.g., joint tenant or sole owner), with a limit of $100,000 for claims of un-invested cash balances.
• This protection applies on a per-customer basis as determined by SIPC. A customer who has several accounts with our firm in a single capacity would generally be considered a single customer for the purposes of applying these limits. A customer who maintains separate accounts in separate capacities could be deemed a different customer in each capacity.
• While neither SIPC nor excess SIPC covers losses in the market value of securities due to market fluctuations, you can be confident that Vanguard Capital is focused on giving you peace of mind about the safety of your investments.
  

Additional Account Protection is provided through Lloyd's of London to Pershing LLC clients and offers the highest level of coverage that is available in the industry today. The excess insurance policy provides the following protection for assets held in custody by Pershing and its London- based affiliate, Pershing Securities Limited. An aggregate loss limit of $1 billion for eligible securities is provided over all client accounts. A per-client loss limit of $1.9 million for cash awaiting reinvestment—within the aggregate loss limit of $1 billion

Additional Account Protection is provided through Lloyd's of London to The Charles Schwab Corp0ration and provides protection of securities and cash up to an aggregate of $600 million, and is limited to a combined return to any customer from a SIPC Trustee and/or London Insurer of $150 million, including cash of up to $1 million. This additional protection becomes available in the event that SIPC limits are exhausted.