Admiral Shares help lower costs even more

^footnote*Vanguard Admiral Shares average expense ratio: 0.15%. Vanguard Investor Shares average expense ratio: 0.19%. Industry average expense ratio: 1.08%. Sources: Vanguard and Lipper, a Thomson Reuters Company, as of December 31, 2013.

^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 December 31, 2014, 10 of 10 Vanguard money market funds, 46 of 51 Vanguard bond funds, 18 of 18 Vanguard balanced funds, and 107 of 115 Vanguard stock funds—for a total of 181 of 194 Vanguard funds—outperformed their Lipper peer-group averages. 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

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