Vanguard share classes FASMFSC 032018

Vanguard share classes

Vanguard's unique corporate ownership structure drives our low cost

Unlike a typical mutual fund company, Vanguard is owned by its funds--a unique arrangement that aligns our interests with our clients' interests. We don't have outside owners taking a portion of your clients' returns; and we've kept our costs consistently low. It's a structure that allows us to leverage economies of scale--and reduce expenses--as fund assets grow.

Our share classes

Vanguard funds can offer as many as five share classes with differing minimum initial investments and differing expense ratios. This tiered structure facilitates a greater return of cost savings to larger-account shareholders, who bring about economies of scale.

While different share classes have different costs, shareholders in each class still enjoy expense ratios that are among the lowest for their respective peer groups. And, regardless of the share class, the fund's objective, management, and underlying investments are identical.

Vanguard portfolio (assets from all share classes)

AdmiralTM Shares

Investor Shares

Institutional Shares

ETF Shares

Share class ETF Shares

Applicable Vanguard funds

Minimum initial investment

Index and active funds No minimum requirement through intermediaries

Admiral Shares

Index and active funds No minimum requirement through intermediaries

Investor Shares

Index and active funds

No minimum requirement through intermediaries for funds that don't have Admiral Shares

$3,000 for most funds that have both Investor and Admiral Shares1

Institutional Shares

Select index and active funds

$5 million

Institutional Plus Shares Select index and active funds

$100 million

Description The low-cost, exchange-traded share class of Vanguard index funds or stand-alone actively managed ETFs, providing diversification with the trading flexibility of individual stocks. A share class with lower expense ratios than those for Investor Shares. A share class available to all investors.

Shares with very low expense ratios for institutions and other large investors that meet the minimum investment at the underlying-account level.

1 Some funds that have both Investor and Admiral Shares have no minimum requirement through intermediaries. Please check the prospectus.

For more information about Vanguard funds or Vanguard ETFs, please visit advisors. or call 800-997-2798 to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.

Vanguard ETF Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.

All investing is subject to risk, including possible loss of principal. Diversification does not ensure a profit or protect against a loss.

Please be aware that not all share classes are available for every Vanguard fund. For a few funds, minimums differ from those listed on the reverse, particularly for Institutional Shares and Institutional Plus Shares. Please check the minimums for specific funds.

FOR FINANCIAL ADVISORS ONLY. NOT FOR PUBLIC DISTRIBUTION.

Vanguard Financial Advisor ServicesTM P.O. Box 2900 Valley Forge, PA 19482-2900

? 2019 The Vanguard Group, Inc. All rights reserved. U.S. Patent Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636. Vanguard Marketing Corporation, Distributor.

FASMFSC 092019

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