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Subject:  Re: Vanguard CDs - FYI Date:  9/15/2007  4:55 PM
Author:  lethean Number:  21641 of 36715


I bought new issue CDs from Vanguard. I was told by the rep that there was zero commission for both on-line and by phone transactions.

These new issue CDs once bought then trade on the secondary market, and the principle amount will fluctuate. However, if held to maturity they will pay at par. I believe it is these secondary market CDs that incur commissions.

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