Vanguard is one of the world's largest investment firms, serving investors, institutions and financial advisors globally.

Since our founding in 1975, we have been a pioneer of low-cost investing, and today our clients entrust us with about three trillion U.S. dollars in assets, divided between index and actively managed portfolios.

I say "clients," but in fact our clients are much more than that.

Let me explain how Vanguard operates in the United States.

Vanguard is a mutually owned investment management firm, a structure that is unique in our industry and provides substantial benefits to clients.

Our structure promotes a relationship of mutual trust and commitment between Vanguard and our clients. It's what motivates and drives all of us at Vanguard, and it's why our clients have helped us to become one of the largest investment management firms in the world.

The core character of Vanguard's way of investing – low costs, transparency, rigorous risk management, a long-term focus and an unwavering commitment to our clients' best interest – also benefits our investors outside the U.S.

This approach has already enabled us to establish a strong international foundation in Europe, the United Kingdom, Asia and here in the Americas.

Our global expansion efforts are supported by a world-class investment team operating in North America, Europe and Australia, which enables us to efficiently and effectively manage money across all the major world markets.

The long-term experience and professionalism of our investment team is one of the most important distinguishing features we bring to investors.

I hope I've given you at least a flavor of what makes Vanguard different from any other investment firm in the world.

Most important, I hope you're intrigued enough to want to learn more about how Vanguard can help you meet your investment needs.

Important information

The information contained herein does not constitute an offer or solicitation and may not be treated as an offer or solicitation in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so.

All investing is subject to risk, including the possible loss of the money you invest

Data as of December 31, 2015.