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Admiral Shares help lower costs even more

Greater cost savings can help you build more wealth over time.

What are Admiral Shares?

Admiral™ Shares are a separate share class of Vanguard mutual funds that were created to pass along the savings that result from larger accounts to the investors who own them.

On average, Vanguard Admiral Shares expense ratios are:

  • More than 16% lower than our standard Investor Share class.*
  • More than 85% lower than the industry average.*

How do you qualify?

You must meet—and maintain**—a minimum investment of:

  • $10,000 for most index funds and tax-managed funds.
  • $50,000 for most actively managed funds.
  • $100,000 for certain sector-specific index funds.

Existing clients: Are you eligible to convert?

We periodically reevaluate all of your fund accounts to see which ones might be eligible for Admiral Shares. If you're eligible and want to convert your shares—tax-free—we'll take care of it for you automatically.

If you don't want to wait, log on now. We'll show you which accounts are eligible and walk you through the steps to convert online.

Please remember that converting your Investor Shares to the Admiral Shares of a different fund may be taxable, depending on the type of account the funds are held in.

Open your account online

We're here to help

If you're new to Vanguard:

Call 800-252-9578

Monday through Friday
8 a.m. to 8 p.m., Eastern time

If you're already a Vanguard client:

Call 800-888-3751

Monday through Friday
8 a.m. to 10 p.m., Eastern time


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Expense ratio

A mutual fund's annual operating expenses, expressed as a percentage of the fund's average net assets. It's calculated annually and removed from the fund's earnings before they're distributed to investors, directly reducing investors' returns.

An expense ratio includes management, administrative, marketing, and distribution fees. It doesn't include loads or purchase or redemption fees.