News release

Vanguard Reports Expense Ratio Changes for Five Funds

VALLEY FORGE, PA (May 27, 2022)— Vanguard today reported expense ratio changes for five mutual funds across multiple share classes. These changes align to funds with fiscal years ending January 2022 and represent an aggregate $2.8 million in net savings for investors.1

Expense ratio changes occur for a variety of reasons, including asset growth and operational efficiencies. For most of Vanguard’s external advisory arrangements, the advisor’s fee is also subject to an adjustment up or down based on their investment performance relative to the total return of an appropriate benchmark, typically over a three-year or five-year period. Such arrangements strengthen the alignment of interests between the advisor and fund shareholders. Increases in advisory fees because of these arrangements are a recognition of outperformance on behalf of fund shareholders. 

Vanguard fund expense ratio changes

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2021 fiscal-year-end expense ratio

2022 fiscal-year-end expense ratio

Change (in basis points)

Vanguard Health Care Fund Investor Shares





Vanguard Health Care Fund Admiral Shares





Vanguard Dividend Growth Fund





Vanguard Global Capital Cycles Fund





Vanguard Global ESG Select Stock Fund Investor Shares





Vanguard Global ESG Select Stock Fund Admiral Shares





Vanguard Energy Fund Investor Shares





Vanguard Energy Fund Admiral Shares






About Vanguard
Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to individual investors, institutions, and financial professionals. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit

1 Estimated savings for the identified funds is the difference between prior and current expense ratios multiplied by the average assets under management (AUM). Average AUM is based on daily average assets during a month, which are then averaged over the 12 months of the fiscal year ending January 2022.

For more information about Vanguard funds, visit to obtain a prospectus or, if available, a summary 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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