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Vanguard - Disclosure About Cost Calculations
Personal Investors

Disclosure about cost calculations

This tool shows the impact of mutual fund costs on your investment returns. It allows you to see how purchase fees, redemption fees, and expense ratios can reduce the value of your investment. This is particularly true of long-term investing, since costs—like compounded returns—are magnified over time.

The tool is intended to educate investors solely on how to estimate mutual fund costs. It is important to note that:

  • The calculations displayed are hypothetical. They do not represent an investment in any particular fund and are not a promotion, endorsement, or recommendation of any specific mutual fund.
  • To the best of our knowledge, the information represents the current costs associated with investing in the mutual fund selected. However, you should consult the fund's prospectus for complete cost information before investing.
  • Mutual fund expenses may fluctuate over time and the costs and expenses shown may change in the future.

Points to consider
The average annual returns shown are no guarantee of future investment performance. Share price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell your shares.

Remember that cost is one of many factors to consider when investing in a mutual fund. Other important differences may exist. You also should consider:

  • The fund's ability to meet your investment goals and time horizon.
  • The fund's investment objectives, investment strategies, risks, and performance.
  • The fund's liquidity, management company or investment advisor, and available services.

Read the prospectus before investing in any fund to ensure the fund is appropriate for your goals and risk tolerance. Vanguard and non-Vanguard (FundAccess®) funds are offered by prospectus only. You can download a prospectus by clicking the View prospectus & reports link near the top of each fund's profile overview page, or ask us to mail you a prospectus.

For more information call 800-662-7447 for Vanguard funds and 800-992-8327 for non-Vanguard funds offered through Vanguard Brokerage Services, to obtain a prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

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