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How to convert to Admiral Shares

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

Do you qualify for Admiral Shares?

If you do, you can start saving money today!*

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.)

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, let's assume you had $25,000 invested for 10 years in Vanguard 500 Index Fund and the fund had a 6% average annual total return. The fund's Investor Shares would cost about $623 over that period, but its Admiral Shares would cost just $179—saving you about $444 over 10 years.

(This is a hypothetical illustration only. It doesn't represent any particular investment nor does it guarantee any particular rate of return.)

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?

We reserve the right to automatically reclassify your Admiral Shares back to Investor Shares. But we'll notify you beforehand so you have time to add money to the account to retain your eligibility.

As with a conversion, this would be tax-free.

Convert to Admiral Shares

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If you're new to Vanguard

Call 800-252-9578

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If you're already a Vanguard client

Call 800-888-3751

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