Sections included in the report

• Product facts
• Average annual returns
• Asset allocation
• Volatility measures

• Equity characteristics
• Top 10 holdings

• Sector breakdown
• Country exposure
• Bond characteristics
• Distribution by credit quality
• Trading information
• Cost simulation

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Calculation methodology

The cost simulation tool is designed to help you compare the all-in cost of buying, holding and eventually selling mutual funds and/or ETFs. The tools results show the hypothetical final value of an investment in each fund.

Here are the variables considered, most of which are manually added:

• An initial purchase amount that you specify between $10,000 and $100,000,000. At your option, you can specify additional monthly or annual purchase amounts of up to $10,000,000.
• A holding period that you specify in years (1-50 years).
• A management expense ratio that automatically populates based on the last published MER. If the MER isnt available, the tool will perform the calculation using the management fee for all selected funds. Morningstar provides the data for the MERs and management fees used in this tool.
• For an ETF, a bid/ask spread that you specify between 0% and 2%.
• An anticipated annual return that you specify between 50% and +50%.
• Any extra feesinitial purchase fee/sales load, advisor fee and transaction feethat you specify in dollars or percentages. Any other miscellaneous charges, taxes or inflation are not taken into account. If taken into account, these costs would be higher and would lower an investors balance at the end of the holding period. If not taken into account, the results will be higher.

The tools results are time-weighted, which means they take into account the timing and amount of subsequent purchases that you may make. Since the results shown are hypothetical, they may represent performance that differs substantially from the actual performance of the funds themselves.

Although Vanguard obtains the information provided by this tool from third-party sources believed to be reliable, Vanguard does not guarantee the information and disclaims any liability associated with the use of this cost simulation tool. No reader of the information may use the information to create or offer a cost simulation tool or similar product. You may only use this tool for your own personal or professional use.