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Video transcript

Why ownership matters

  • How our structure is different
  • No conflicting loyalties
  • What it means to you

The benefits of lower costs

  • Our costs: 81% lower than average*
  • Why lower costs can help your returns
  • How savings add up over time

Principles for investing success

  • Know your goals
  • Invest with balance
  • Minimize cost
  • Maintain discipline

Why character counts

  • Integrity
  • Focus
  • Stewardship
  • Our pledge

*Based on 2016 U.S. mutual fund industry asset-weighted average expense ratio of 0.62% (excluding Vanguard) and Vanguard's corresponding average of 0.12%. Source: Morningstar, Inc.