Vanguard Channel

Our At-Cost Café might be your only chance to get coffee that costs 1/5 the national average, but don't worry—you can get your investments that way anytime. Vanguard is one of the largest investment companies in the world, and we offer mutual funds at cost. Find out why 26¢ coffee is only the start of what we can do for you.

To learn more, visit vanguarding.is/at-cost

Source: Lipper Inc. as of 12/31/2012. Based on 2012 industry average expense ratio of 1.11% and Vanguard average expense ratio of 0.19%.

All investments are subject to risk, including the possible loss of the money you invest.

**For more information about Vanguard funds, including at-cost services, visit www.vanguard.com or call 800-608-8611 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.**

Vanguard provides its services to the Vanguard funds and ETFs at cost.

© 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.