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 52% lower than our standard Investor Share class.*
More than 86% lower than the industry average.*

See which Vanguard mutual funds offer Admiral Shares

Get an overview of all Vanguard mutual fund share classes

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.

Get details on fees & minimums for Vanguard mutual 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.

Get answers to your questions about Admiral Shares conversions

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.

Log on to see if you're eligible to convert today

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

REFERENCE CONTENT

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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.

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^footnote*Vanguard Admiral Shares average expense ratio: 0.14%. Vanguard Investor Shares average expense ratio: 0.29%. Mutual-fund only industry average expense ratio: 1.03%. Sources: Vanguard and Lipper, a Thomson Reuters Company, as of December 31, 2015.

^footnote**If your balance in the fund drops below the minimum requirement, your account may be automatically reclassified to Investor Shares. As with a conversion, this would be tax-free.

^footnote†Morningstar study covered expense ratios from 2005 through 2008 and then tracked the funds' progress through March 2010. Total returns were measured as of the end of March 2010 for mutual funds that survived the study period. The study found that in every asset class over every time period, funds in the cheapest quintile produced higher total returns than those in the most expensive quintile.

All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss.

For the 10-year period ended June 30, 2016, 10 of 10 Vanguard money market funds, 51 of 54 Vanguard bond funds, 23 of 23 Vanguard balanced funds, and 96 of 105 Vanguard stock funds—for a total of 180 of 192 Vanguard funds—outperformed their Lipper peer-group average. Results will vary for other time periods. Only funds with a minimum 10-year history were included in the comparison. Source: Lipper, a Thomson Reuters Company. The competitive performance data shown represent past performance, which is not a guarantee of future results. See the most recent performance of our funds

Vanguard provides services to the Vanguard funds and ETFs at cost.