You can retrieve the latest version of the currently opened file and its referenced files from a vault.
If the local version is older than the version in the vault, the latest version is copied from the vault to the local working folder, and the current file is reloaded. If the working copy of a file is newer than the most recent version of the file in the vault, you are prompted to chose either losing changes made to the current working copy or to not get the latest version of that file.
Which version the command retrieves depends upon the edition of Autodesk Vault.