*As of December 31, 2022, unless otherwise noted. Source: Vanguard.
†Some funds also offer Institutional Plus Shares, which typically have a minimum initial investment of $100 million and are reserved for large institutional investors. For both Institutional and Institutional Plus Shares, we may charge additional fees to institutions for which Vanguard also provides recordkeeping services.
††Institutional clients: Please call us for special eligibility rules that may apply to you.
**Vanguard Admiral Shares average expense ratio: 0.14%. Vanguard Investor Shares average expense ratio: 0.28%. Mutual fund-only industry average expense ratio: 0.54%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2022.
***If your Admiral Shares balance drops below the minimum investment amount and the fund has Investor Shares available at a lower minimum, your holding may be reclassified automatically as Investor Shares. As with a conversion, this would be tax-free.
All investing is subject to risk, including the possible loss of the money you invest.
