Connect with Vanguard > vanguard.com > 800-750-1520 All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss. For more information about Vanguard funds or Vanguard ETFs, visit vanguard. com or call 800-750-1520 to obtain a 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. You must buy and sell Vanguard ETF Shares through a broker like Vanguard Brokerage Services (we offer them commission-free) or through another broker (you may incur commissions). See the Vanguard Brokerage Services commission and fee schedules for limits. Vanguard ETF Shares aren t redeemable with the issuing fund other than in very large aggregations worth millions of dollars. Like stocks, ETFs are subject to market volatility. When buying or selling an ETF, you ll pay or receive the current market price, which may be more or less than net asset value. P.O. Box 2600 Valley Forge, PA 19482-2600 Vanguard provides its services to the Vanguard funds and ETFs at cost. Vanguard is client-owned. As a client-owner, you own the funds that own Vanguard. Advice services are provided by Vanguard Advisers, Inc., a registered investment advisor. Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC. 2015 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor of the Vanguard Funds. Life is a journey We re here for you every step of the way YVGI 092015
Every journey starts with a vision a picture in your mind s eye of where you want to go and what you want to experience when you get there. Going solo can be fun, but travel can be so much better when you have a partner. The same goes with investing. Having a trusted partner can make all the difference in how successful you ll be in making your financial goals a reality. You ll find everything you need to reach your goals here at Vanguard. At Vanguard, you ll find both value and values. Our unique, client-owned structure translates to low investing costs for you. So you can keep more of your returns, a difference that compounds over time. As a client-owner, your interests come first because you own the funds that own Vanguard. No private owners or stockholders to please. Just you. 1
Feel more confident you can reach your destination Traveling often involves tradeoffs. You want to save enough money to enjoy your trip, but not sacrifice your daily treats in the process. You like having friends and family along, but you don t want them making all the decisions about what activities to enjoy. When it comes to investing, you want to know you re saving enough so you can retire comfortably one day, but you don t want to take on too much or too little risk with your investments. You want some expert help with your finances, but you don t want to surrender complete control to someone else. Vanguard is uniquely positioned to help. We can provide you with expert guidance customized to your needs and lifestyle, along with low-cost mutual funds and exchange-traded funds (ETFs). Imagine how you ll feel knowing you ve got a clear plan of action, your investment allocations are on track, and you re getting the personal attention you deserve all at a low cost. We ll work hard for you so you can spend more time enjoying your daily life and less time fretting over the day s market close. 2 3
Get expert guidance along the way Even if you have a road map, you may need to ask for directions along the way. The same goes for investing. Whether you re saving for retirement, living in retirement, or saving for a child, a home, or something else, Vanguard can help you reach your goals. You can earn more with a financial advisor You work hard to save money, and we want to help you make the most of it. With Vanguard Personal Advisor Services, we ve reinvented financial advice by combining the personal attention of an advisor with powerful technology all at a low cost. A Vanguard advisor will listen to your needs and partner with you to create a comprehensive, tax-efficient investment and spending plan tailored to you. Your advisor will work with you to manage your portfolio and track your plan s progress allowing you to be as involved as you want to be. Our advisors don t receive commissions or other incentives for making investment recommendations, so you can be sure that the guidance you ll receive will be based purely on your needs. When you re focused on your goals, all you need is a clear path to reach them. 4 5
And working with a Vanguard financial advisor has an added benefit: It can help you potentially earn more than an investor who s not working with an advisor.* Get help with your most complex financial decisions As your wealth grows in size and sophistication, so does the time and effort required to manage and protect it. We understand that real wealth is more than money it s about your quality of life and creating the future you dream about. When you need assistance with the details of tax planning, estate planning, gifting, or preserving your wealth for future generations, our expert guidance can make your path clear. Visit vanguard.com to access a wealth of resources Even if you don t want us to manage your portfolio right now, you can take advantage of the variety of tools and information available to you on our website that can answer your questions and help guide you to become a more successful investor. You ll also find up-to-date news and perspectives that can give you clear insight on the markets and the economy. No matter which path you choose, you can be confident we ll be here whenever you need help with your account or want guidance on what to do next. Big decisions are easier when they re shared. 6 * Source: Francis M. Kinniry Jr., Colleen M. Jaconetti, Michael A. DiJoseph, and Yan Zilbering, 2014. Putting a value on your value: Quantifying Vanguard Advisor s Alpha. Valley Forge, Pa.: The Vanguard Group. For a copy of the research paper, visit vanguard.com/advisorvalue. 7
Go first class without the high costs Ever taken a trip where you spent much more money than you d planned? Overspending on investments can also be painful. In fact, even a small difference in fees can have a dramatic effect on your account balance as the years roll on. You won t have to worry about high fees at Vanguard. When you invest in our low-cost funds and ETFs, you can earn more over time. Here s how: We have no outside owners, so you never have to give up a part of your returns to a financial conglomerate or public stockholders. You also won t incur any back-end sales loads or 12b-1 fees, which are typical with many investment companies. On average, Vanguard mutual fund expense ratios are 82% less than the industry average.* And we ve consistently lowered costs over time, so more returns stay with our investors. That s putting clients first. Low cost is not a pricing strategy for us. It s how we do business. Sometimes a great find can turn out to be something spectacular. 8 * As of December 31, 2014, average expense ratios are 0.18% for Vanguard mutual funds and 0.13% for Vanguard ETFs. Industry average expenses ratios are 1.02% for mutual funds and 0.55% for ETFs. Sources: Vanguard and Lipper, a Thomson Reuters Company. 9
Choose the right vehicle for the road ahead When preparing for your future, having the right investments can make all the difference. Whether you want the diversification and professional management of mutual funds or the added trading flexibility of ETFs, you ll find the investments you need here. Our funds and ETFs can help fuel your returns Vanguard mutual funds give you the best of both worlds: low costs and competitive long-term performance. Over the past decade, 93% of them beat the average returns of their peers.* You can choose from funds in every class, including money market, bond, balanced, stock, international, and sector & specialty funds. We pioneered index funds for individual investors in 1976, and we ve been fine-tuning them ever since. More than 50 of our index funds are available as Vanguard ETFs, offering you stock-like trading flexibility and tax efficiency. You can buy a Vanguard ETF for as little as the cost of one share and you won t ever pay commissions to trade them in a Vanguard Brokerage Account. To compare our funds and ETFs, visit vanguard.com/etf. Get recommendations to help you decide Your choice can be as simple as picking one fund to do the work of an entire portfolio or as customized as building your portfolio from a variety of funds and ETFs. Use our easy online tools to select a customized mix of funds and/or ETFs based on your time frame, risk tolerance, and amount you want to invest. 10 * For the 10-year period ended June 30, 2015, 10 of 10 Vanguard money market funds, 48 of 52 Vanguard bond funds, 18 of 18 Vanguard balanced funds, and 110 of 121 Vanguard stock funds for a total of 186 of 201 Vanguard funds outperformed their Lipper peergroup averages. Results will vary for other time periods. Only 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. All investments are subject to risks. For most recent performance, visit our website at vanguard.com/performance. 11
Take Enjoy advantage convenient, of our personalized service Start your journey with Vanguard today Hold all your investments conveniently in one place At Vanguard, you can hold Vanguard funds and ETFs, as well as stocks, bonds, certificates of deposit (CDs), and funds and ETFs from other companies all in the same account. So you ll have ample opportunity to diversify without having to keep track of multiple accounts, statements, websites, and phone numbers. Take advantage of our personalized service Wherever you go in life, it s always a great feeling when you know that someone will be there to look out for you. We want you to feel that way here. Whether you re opening a new account, rolling over an old 401(k), or transferring accounts from other providers, we re here to help make the process comfortable and easy for you. Count on us to: Guide you from start to finish. Clearly explain your options. Assist you with the details. But that s just the beginning. The more you invest with Vanguard, the more you ll gain from additional levels of personalized assistance and cost savings, as well as premium benefits like access to Vanguard experts and invitations to private events. Expert advice. Low costs. Top investment choices. World-class service. They re all waiting for you here at Vanguard. To start your investing journey with us, visit vanguard.com or one of the following webpages: Get advice vanguard.com/advice Open a new account vanguard.com/openaccount Roll over an old 401(k) account vanguard.com/rollover Transfer an account from another financial provider vanguard.com/transfer When you know your investments are taken care of, you can focus more on the things that matter most. 12