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How to convert to Admiral Shares

It's easy to immediately start taking advantage of lower-cost Admiral Shares with a tax-free online conversion.

Do you qualify for Admiral Shares?

What happens during the conversion?

We'll move all of the money you have in an eligible Investor Shares mutual fund into the same fund's lower-cost Admiral Shares. You'll receive a transaction confirmation once the conversion is complete.

In addition, your cost basis information and account options will carry over. (You'll receive a separate confirmation for your account options.)

You may be converted automatically

We periodically review your Investor Shares mutual fund investments to see if you're eligible for Admiral Shares. If you are, we'll give you plenty of time to opt out before we convert you automatically.

Other frequently asked questions

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How much could I save with Admiral Shares?

With expense ratios that are 39% lower than our standard Investor Shares (and 84% lower than the industry average), the savings can add up!**

For example, would you rather invest $50,000 in:

  • Investor Shares, which would cost an average of $90 a year?

OR

  • Admiral Shares, which would cost an average of $55 a year?

A $35 difference may not seem like much, but imagine how that might add up over time. Consider this hypothetical example:

Assume you invest $50,000 and hold onto it for 10 years (no additions, no withdrawals). The investment earns an average annual return of 6%, and the $35 annual expense ratio difference holds true the entire time. After 10 years, your Admiral Shares investment could be worth about $600 more than if it were in Investor Shares.

(This doesn't represent any particular investment; your actual savings could be higher or lower. The rate of return is not guaranteed.)

Will the value of my investment change?

No. The dollar amount of your new Admiral Shares will equal the dollar amount of your original Investor Shares.

However, the number of shares you own could change because a fund's Admiral Shares price (its net asset value) may differ from its Investor Shares price.

Will I pay taxes on the conversion?

No. As long as you convert from Investor Shares to Admiral Shares of the same mutual fund, the conversion is tax-free.

Will I get a new checkbook?

Yes, assuming you previously had a checkbook for the mutual fund you converted.

What happens if my balance falls below the Admiral Shares minimum?

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.

Convert to Admiral Shares

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