Vanguard Expense Ratio Changes: May 2017

Fund 2015 Expense Ratio 2016 Expense Ratio Basis Point Change Energy Fund Admiral 0.31% 0.33% +2 Energy Fund Investor 0.37% 0.41% +4 ... *Estimated savings for the identified funds is the difference between prior and current expense ratios multiplied by average AUM. ................
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