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Admiral™ Shares are a class of Vanguard funds created to recognize and encourage the cost savings realized from large, long-standing accounts, and to pass these savings on to the shareholders who generate them. The ultra-low Admiral Shares expense ratios can reduce your investing expenses 18%–50% below the already low expenses of your Investor Shares.

You're eligible for Admiral Shares if you:

1. Have $100,000 or more invested in a single Vanguard fund that offers Admiral Shares.

2. Have owned a single Vanguard fund for at least ten years that now has a balance of $50,000 or more, and you're registered for online access to your Vanguard accounts.