*As of December 31, 2016, Vanguard's average expense ratio is 0.12% and the industry average expense ratio is 0.62%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2016.

This hypothetical example assumes a 6% return on a $50,000 investment. If the rate of return were altered, results would vary from those shown. The shaded amounts represent both the amount paid in expenses as well as the "opportunity costs"—the amount you lose because the costs you paid are no longer invested. The final balance shown is after costs. This example doesn't represent any particular investment and doesn't account for inflation. There may be other material differences between investment products that must be considered prior to investing.

**For the 10-year period ended March 31, 2017, 9 of 9 Vanguard money market funds, 51 of 54 Vanguard bond funds, 23 of 23 Vanguard balanced funds, and 124 of 135 Vanguard stock funds—for a total of 207 of 221 Vanguard funds—outperformed their Lipper peer-group average. Results will vary for other time periods. Only mutual funds and ETFs (exchange-traded 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. View fund performance