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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?

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 will carry over.

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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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?

No. Our checkwriting service isn't available for Vanguard Prime Money Market Fund Admiral Shares and won't carry over after conversion. Checkbooks should be destroyed upon conversion. Checkwriting is available for Vanguard Federal Money Market Fund and other Vanguard money market funds.

What if I have Vanguard Cash Reserves Federal Money Market Fund Investor Shares selected as my alternative redemption fund?

Vanguard Cash Reserves Federal Money Market Fund Admiral Shares is eligible as an alternative redemption fund.

Convert to Admiral Shares

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