Updated on 04.09.16

The Vanguard Catch-22

Trent Hamm

As I’ve mentioned many times before, all of my taxable investing, as well as my Roth IRA, is done directly through Vanguard.

I use Vanguard because I trust them – they’re a nonprofit that has a stellar long-term record and their index fund investment options are quite strong. I’m not alone in feeling this way – for example, Paul Farrell, in his book The Lazy Person’s Guide to Investing (read my review) states the following on page 167 of the paperback:

Specifically, Vanguard’s no-load index funds hav become the benchmark and the standard against which every other fund, index or active, and all fund families are measured. They are the proverbial pain in the [rear] for the vast majority of their competition in the mutual fund industry.

… and that’s after the quote from the other day where Farrell said “Bottom line: if you want predictable performance, pick cheap funds. That means no-load index funds.”

In a nutshell, if you’re looking for a place to sock away your money for the long term (more than five years, at least), Vanguard is a great place to put it.

There’s only one problem: most of the funds that Vanguard offers have a $3,000 minimum for investing. For a lot of people just getting started, that’s a hard minimum investment to swallow. A lot of people want to get started with just $50 a month or so – with that amount, it’d take 60 months – five years – to build up the minimum just to buy in. That’s a long wait.

So what are the options? Let’s look at a few of them.

Save up the cash in a savings account. This is the method I used when saving up for my first fund purchase. Since I use ING Direct for my primary checking and savings, I just set up a sub-account specifically for that purpose, then I set up an automatic transfer of a small amount into that account each week. Then I just sat back and waited, using the interest on that account as a bit of wind in my sails.

The “save up cash in a savings account” option has the advantage that your money will slowly grow over time as you save towards the goal – it’s not at risk at all.

Invest in another fund. There are similar index funds to the Vanguard offerings sold by other investment houses, often with lower minimum investments required. However, in almost every case, these funds have a higher expense ratio – meaning that the investment house skims more off the top for the investment. For example, the Vanguard 500 (VFINX), which matches the stocks held in the S&P 500, has an expense ratio of 0.18% – over the course of a year, for every $1,000 you have in that fund, Vanguard uses $1.80 for the expense of managing the fund. Many other similar funds to the Vanguard 500 at other houses have expense ratios at 0.5% or above – for every $1,000 in that fund, the company uses $5 for fund management.

While there are deals out there if you dig for them (and I’m pretty much expecting someone to find a fund with a competitive expense ratio and then comment about it), Vanguard’s funds are easy because they’re so consistent across the board. They’re always among the cheapest.

Buy an ETF through a brokerage. Another popular option is to just buy a very similar ETF through a brokerage. For those unaware, an ETF is an exchange traded fund – basically, it functions like a single stock that matches the value of a particular index. A specific example is the Spider ETF, which matches the S&P 500 in much the same way that the Vanguard 500 does.

There are some big benefits to this. You only have to match whatever minimums your brokerage sets out for you, and these are usually quite low. Their expense ratio is usually very low – Spider’s expenses are lower than the Vanguard 500. Plus, if you use a fee-free brokerage like Zecco, you don’t have to pay any commissions on buying and selling.

However, in the end, they’re still not the best deal. For starters, ETFs hold onto your dividends for quite a while, whereas funds pay out dividends quite quickly. There can be as much as a three month difference between the two, and if you’re reinvesting, that alone can easily make up the tiny difference in expense ratios. Plus, when you buy in, you effectively have to pay a small premium on the value (the bid-ask spread) in order to find someone selling that ETF – for Spider, this is usually around 0.07%. If you’re using a brokerage that charges fees, that’s another extra cost – investing directly with Vanguard doesn’t cost a dime. These make up the difference and more, making ETFs a slightly worse deal than investing directly in funds.

My recommendation? Set up a savings account and start saving your nickels and dimes. With a little patience, you’ll be there in no time and then you can buy into an excellent fund.

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  1. The investment is hard, but worth it. I had a similar experience with my Roth IRA. I use Fidelity, I like their customer service a lot and they’re very helpful explaining everything to me.
    But when it comes down to it, the sacrifice of plunking down 2-3k in an investment program far outweighs keeping it tied up in savings ‘just in case’ as I’ve found some of my friends do.


  2. sunshine says:

    Correct me if I’m wrong, but I thought that Vanguard also let you buy in if you were able to do a minimum transfer each month.

  3. Allie says:

    Last time I checked (about 2 years ago) Vanguard did not waive the minimum even for automatic monthly transfers. But you can check again, maybe they’ve changed their policy. Vanguard also have several funds that have only $1000 minimum so you can start there if you have that much to invest.

    Another option, like you said, is to go with Fidelity or another company that waives the minimum investment amount for automatic monthly transfers. But make sure to use a company that has low fees and good funds, like Fidelity. Then when you reach $3,000 balance, you can transfer your IRA to Vanguard.

  4. Michael says:

    Here is a repost of a comment I made here about other S&P 500 index funds.


    Here is a list of “baskets” for your “eggs.” Each fund met these requirements:
    1. Minimum initial investment under $5,000.
    2. Open to new retail investors.
    3. “Audited net expense ratio” under .40%

    Note: the UA fund charges $10/year and 0.05% redemption fees for accounts under $10,000. I have not investigated the other funds.

    DWS Eq 500 Index S $2500 0.30%
    Legg Mason P S&P 500 D $0 0.39%
    RiverSource 500 Index E $2000 0.38%
    Schwab S&P 500 In Inv $100 0.36%
    T. Rowe Price Eq Idx 500 $2500 0.35%
    United Assoc S&P500 II $1000 0.16%
    Vanguard 500 Index $3000 0.18%

    Michael @ 8:49 am December 3rd, 2007”

    The Legg Mason and the Schwab have very low minimums.

  5. Johanna says:

    Vanguard’s STAR fund (and there may be others) has a minimum of only $1000. It’s an actively managed fund – or rather, it’s an amalgamation of actively managed funds – but it still has a low expense ratio. It might not be the option for everyone, but it’s another option.

  6. E.C. says:

    What would your suggestion be for someone whose problem isn’t lacking the money to reach $3,000, but lacking $3,000 in earned income in a year, say a student working part-time who wants to start a Roth? Would ETFs be the sensible choice then?

  7. boardmadd says:

    If you do not have the income requirement to start a ROTH IRA, the good news is that you will also likely not have enough of an income off your investments (in the short term) to trigger much in the way of taxes. If that is the case, then I would suggest buying into a low turnover fund (index funds are exactly this) and hold them outside of a ROTH IRA for the time being.

    When you reach the point where you are earning enough to qualify for a ROTH, shift into the same fund or a different fund in the ROTH IRA and start contributing to that, and then make a choice if you want to keep contributing to the external fund. Even if you don’t contribute, you may be able to get enough gain from the external fund for something you’d like to do in the not-retirement-age future (buy a car, save for a down payment on a house, etc.).

  8. jaushwa says:

    Here’s an easy way to meet the minimum for the Vanguard fund…put your tax return towards it and you’ll be there in no time.
    getting my taxs done on March 1st. This is how I plan to start my Roth.

  9. miramesa says:

    I want to try throwing $3000 of savings into a Vanguard account, but I already have $4000 in a Metlife Roth IRA and $1,500 in a Fidelity IRA through my work.

    Is it better to have 3 smaller retirement accounts or one big one?

  10. Todd says:

    Try Fidelity if you need to invest small – low fees for indexes and if you use an investment plan you can start with about 250 – I love the ease and access of Vanguard’s site, but I have lots of friends that started with Fidelity instead.

  11. LC says:

    there is no income too low to contribute to a Roth – you are just limited to the amount that you earn. So if you make $3000/yr, I would open a Roth with that entire amount (I did that and continued to put all my income in it for 6 years). If you can’t afford to do that, save up whatever amount you can each year until you do have $3000. Then once it is open you can add smaller amounts each year.

  12. Brca1 says:

    I use T. Rowe Price index funds (and a couple actively managed ones as well). When I was first starting out the minimums were lower ($1000 to start, waved it you contribute at least $50/month). I know Vanguard is the leader of low cost but T.Rowe Price is close and they have earned my loyalty over the years. I make sure all of my funds have Exp ratios of less than .80%, that’s not so far off from Vanguard in the grand scheme of mutual funds. One thing Vanguard does do that I wish Price would do is wave the custodial fee for people who use paperless statements.

  13. Mike NYC says:

    Newbie question: I have a checking account with Charles Schwab, which allows me to transfer money to, say, the Vanguard 500, if I wanted to.

    Is it smart to do it this way, or should I open a separate account with Vanguard and just invest directly with them? Does it even matter?

    Also: in terms of priority, where does 1) having an emergency fund, 2) paying off $9k in student loans, and 3) investing in an index fund rank? In that order?


  14. This is the only real disadvantage of investing through Vanguard. Especially when you want to diversify across several funds (International, REITs, etc.)—it means you have to wait a long time until you have the money to do it.

  15. Joshua says:

    Instead of ING, I opened up an account with Schwab because of low minimums and I really wanted to start investing. Now I want to move my account to Vanguard. I would have to pay an account closure fee (if I closed my entire Schwab account).
    Had I just opened up an ING account, it would have been a lot easier. However, because of the Schwab’s low minimums I am able to invest in 2 different mutual funds which I could not do at Vanguard – but yes, my expense ratio is a little more expensive.

  16. merpster says:

    Since when did Vanguard become a non-profit organization?

  17. excellasys says:

    Excellent article, the 3K limit can be imposing. I have utilized the Vanguard Star fund that a previous poster mentioned. The fault I found with that was that it’s expense ratio’s are about .32 and most fo the true index funds are .20 and under. I know that might not seem like a huge cost but lets face it, it adds up. I like your ING idea a bit better than “settling” on a fund you may not totally like.

  18. Meagan says:

    As a previous commenter posted, the VGSTX (Vanguard Star)fund has a $1000 minimum to open. I started with this and when I reached $3000 I changed funds.

  19. Eric says:

    Can you buy the Vanguard 500 through another broker? Tradeking, ScottTrade, etc?

    I have my Roth with another broker, but would like to invest in the Vanguard 500. How would I do this?

  20. Aryn says:

    Vanguard used to waive the minimum investment for direct deposit, but it seems they don’t do that anymore. I really wish they’d bring it back! I think they removed it around the time they instituted the low-balance fee. I’m sure it has something to do with cost savings, but I have no idea why that would be.

  21. Hal says:

    Just wanted to point out that Vanguard is owned by its funds (and, therefore, the fund owners/investors), and is not a non-profit organization. The philosophy is very different than a lot of brokerage houses, but they are still in it to make money–it just so happens that this structure creates an incentive to keep costs as low as possible while returning income to the shareholders. This structure a non-profit does not make, but rather an efficient company with an incentive to manage costs and return income.

    I agree with the remainder of the article, though :)

  22. MossySF says:

    I read somewhere that Vanguard’s break-even point is about $8000 for a fund. So if they dropped the minimum lower, all existing shareholders would have to eat the expenses to support new shareholders coming in at even lower amounts.

  23. bravocharlie says:

    I would also suggest investing with Fidelity. In addition to the lower minimums to get started (Fido waives the $2,500 minimum with a $200/month automatic investment plan), the Spartan 500 Index Fund (FSMKX) has the lowest expense ratio–0.10%–I have found.

  24. Amy says:

    Thanks for posting this today. It gave me the impetus I needed to open an account and invest in an index fund, something I’ve been meaning to do for several years.

  25. SJean says:

    I agree with above recomendations: save up in a different low cost brokerage. Fidelity waives minimum fund requirements if you commit to contribute a certain ammount each month. Once you have the $$$, then move to vanguard… if you want.

    Sticking it in savings really limits growth, especially if, as in your example, it takes FIVE YEARS before you can actually get it invested.

    Also, the 3k is per a fund, so you pretty much are stuck with the target date funds to start with (not that they are bad or anything, just a little limited). I want to have some small percentage (8%) in a REIT index, but before I can do that at vanguard… I have to make 3000 be just 8% of my portfolio!

  26. Mrs. Micah says:

    I set mine up with ING for convenience. I put it in their version of VFINX. Not as good, but it’ll get to $3000 and then I’ll move it.

  27. right side of the river says:

    Question: If I’m saving up for the initial $3,000 at a different investment house, like Fidelity, T Rowe Price, etc., what kind of fees are associated with moving these funds to Vanguard? Would it make such a strategy worthwhile or am I better off socking it away in an ING Direct account that has no fees?

  28. Trent Hamm Trent says:

    This article at Vanguard.com describes them as non-profit:

    “Before long, the funds were also looking after their own fund management and sales and marketing, all through a non-profit company christened Vanguard.”

  29. alan says:

    “Catch-22” is a Poor Choice of Title

    IMO, there is no Catch-22. It is not impossible to open a Vanguard account. It is not self-contradictory. It is not a Catch-22.

    Your blog title choice is intriguing and caused me to read the article, but I fell misled.

  30. MossySF says:

    Some companies do charge $50-$100 transfer fees to move assets out to another custodian. However, there’s an easy way to get around this. Simply sell everything you have, get the money into your bank account and open a new account at Vanguard. No fees — unless you picked a fund with a backend load.

    You can even use this technique with IRAs to avoid the transfer fees — as long as you can cover the 10% withholding amount (which you get back a tax time).

  31. Eric, I know for a fact you can buy Vanguard funds through scottrade, or at least you could. But they charged you a premium every time you did it. It was most definitely not worth it.

  32. Todd says:

    If it’s in an IRA, you don’t have to sell it or pay any fees. You can “roll” it over once every calendar year without penalty.

  33. Meg says:

    Eric – Vanguard has a variety of ETFs which mimic its index funds. They don’t have a specific one that correlates to the 500 Index Fund (to my knowledge), but they have one that’s the 300 Megacap ETF that takes the top 300 (instead of 500) as well as one that corresponds to their well-known Total Stock Market Index.

    You can buy any of these ETFs (or ones from other companies which mimic the S&P 500 Index) via a brokerage account. It costs the same as you would pay to buy an individual stock ($7 at Scottrade, for example).

    Be careful though; you have to pay commission every time you buy more shares of an ETF; the benefit of an index/mutual fund is that you can buy as often as you like without paying commissions.

  34. Brokerage firms generally have a termination fee whether you transfer out or cash out.
    Mutual Fund companies (Fidelity, American Funds, T Rowe Price, etc.) generally don’t charge a termination fee, but if your annual fee (usually $10-20) hasn’t been paid at the point of transferring out, they will charge it then.

  35. !wanda says:

    @LC: Whether you can contribute to a Roth also depends on the type of earnings the student is getting. As a grad student, I earn $30k/yr, but it’s from a fellowship. The government does not consider such income “earned,” so they do not withold taxes (I must pay quarterly), and I cannot contribute to an IRA. E.C., as a student, may be in the same situation- it depends on the institution receiving the funds and how those funds are marked.

    I invest my savings through other vehicles, but it’s terrible not being able to contribute to an IRA when I’m young and the money can grow. I have a friend who’s been working full time and paid on various fellowships for 8 years now, and he’s never gotten to contribute to an IRA even though he earns $40k+/yr now. What’s more, if he dies, any SS benefits going to his infant son will be calculated solely on his part-time earnings in high school and college.

  36. Shauna says:

    After reading so many great things about Vanguard and their variety of index funds, I decided to open my Roth there. I didn’t have $3k so I bought into the STAR fund for $1000 and an additional monthly payment of $100. I plan to buy a different fund when I reach the 3k minimum. The STAR fund is fine but too conservative for me beyond this initial investment.

  37. Bucky says:

    ETFs are way superior than mutual funds in taxable accounts. The tax efficiency (by minimizing distributions) blows mutual funds out of the water. Even the dividend-holding and spreads are negligible compared to tax efficiency of ETFs.

    For nontaxable accts, the difference is probably negligible.

  38. Jerry says:

    Vanguard is definitely worth saving for… but don’t wait! Save whatever you can now. As far as fees, go for as LOW as possible. Avoid 12-b-1 fees, those are just you paying for your fund to advertise to other people, which is a waste of your money. Forget about loads of any sort, those are just fancy names for commissions.

    I completely disagree with Brca1, above, who said that 0.8% is “not so far off from” 0.2%. Not true!! I used the Vanguard fund cost comparison tool to compare $10,000 invested for 20 years in Vanguard 500 Index (0.2%) to T. Rowe Price Equity 500 Index (~0.75%) funds. Both give you the exact same performance, but you keep $2,000 more with the Vanguard fund. Hey guys, that’s $2,000 more of my money that I’ll get to keep, rather than losing it paying for some stock broker’s bonus, i.e. a fancy sports car. What has T. Rowe Price done to “earn your loyalty”, when they’re basically just taking more of your money to do the exact same job as Vanguard?

  39. No Debt Plan says:

    @EC – If I were in your shoes, I would save up the $3,000, however long it took, and get it invested. After that, you can invest in increments of either $50 or $100.

    Our Roth IRA is with Vanguard, too.

  40. Baby says:

    Awww, if only I knew this sooner. I invested using ETFs at Sharebuilder. Is there a way to wait until the account reaches 3,000 dollars and then transfer to Vanguard? If I tried to withdraw everything now and put it in an ING savings account, will I be penalized for it since I didn’t own the account for at least 5 years? @_@

  41. Trent Hamm Trent says:

    It is a catch-22, actually. You need some capital to get the best investment options, and you need the best investment options to build up your capital. The only way out is to tough it out by using suboptimal methods.

  42. Suma says:

    We love Vanguard and they have a min buy in to keep fees low. Makes sense to me! And if you think 3k is unfair you haven’t heard of their Admiral shares ;-)

  43. Shuchong says:

    There’s one (admittedly very specific) exception to Vanguard’s min investment policy. They will waive the minimum investment requirement for those investing in a SEP IRA (must have self-employment income… for example, revenue from a blog:) ). I just opened a SEP with them for less than $700, after calling them to make sure it was okay.

    The waiver only applies to funds that have a $3,000 min or lower, but the majority of Vanguard funds fall into this category anyway.

  44. Fred says:

    Zecco is great if you can avoid the transaction fees, but that requires $2,500 in equity. If you’re doing monthly deposits of say $100, it will take you almost two years to get to $2,500 depending on the market and you’ll have dumped 4.5% of your intial investment into comissions.

    The only time this actually makes sense is if the market is doing well enough to offset your 4.5% expense and return something in excess of what you can get from a savings account at ING/HSBC/your bank here.

  45. Chris says:

    Michael (@8:44 am), thanks for your post… I didn’t realize that there were places that had *that* low of minimums.

    I’ve been looking for an investment solution for our young children… my parents buy them savings bonds, but I’ve wanted to find something with a better rate of return. I’d love to get them into Vanguard, but considering that they’ve only got a couple hundred bucks each, that’s not going to happen for a while.

    Thanks to Michael’s post, though, I think I’ve found my solution: open custodial accounts with Schwab until they get to 3k, and then move them to Vanguard. I see that most of Schwab’s accounts have $100 minimums… anyone have any particular recommendations? As a subscriber to the Vanguard philosophy, the primary thing I look for (after return) is the expense ratio, and while their index funds have higher ratios than does Vanguard, it’s only until the accounts get to $3k. But back to my question: anyone recommend a particular Schwab fund, for aggressive growth?

  46. Frank Kelly says:

    I’ll second the recommendation for T. Rowe Price. I use Vanguard for the bulk of my investing (Traditional IRA). But my family’s Roths, and Coverdells & 529s are with T. Rowe Price because they waive the minimum once you deposit $50 a month in each fund (there are some yearly fees if you are under some level).

    T. Rowe is a pretty close second to Vanguard in terms of cost and I find they’re actually better than Vanguard on service.

  47. Also Dave says:

    I would argue: not a catch-22. It’s not a no-win-situation. You don’t need the best investment options to build up $3k in capital, just some options. And they are plenty. In fact, if you’re able to save $3k to invest for the long haul, you’re better off b/c expenses are lower without dealing with the less than dedicated investor moving money in and out of the funds. So, if you’re serious about investing, you’ll earn more in the long run b/c of the $3k minimum. It’s win-win.

  48. RacerX says:

    Great tip about saving to reach minimums. I am doing that now with my E*Trade Savings. I earn 4% unitl I am ready to “roll-up’

    Great post, thanks!

  49. pfodyssey says:

    Count me in as well among the T Rowe Price folks. Generally, I would propose that someone go ahead and begin putting money away in something like T Rowe Price Asset Builder (min $50 / month) as opposed to putting it in a typical savings account until they could make the minimum investment amount.

    As suggested, depending upon what your investment strategy and desired portfolio allocation is, I have found T Rowe Price to be extremely competitive…if not better. Some time ago, I did a comparison between the two:


  50. Bear says:

    Here is the original Catch-22:

    There was only one catch and that was Catch-22, which specified that a concern for one’s safety in the face of dangers that were real and immediate was the process of a rational mind. Orr was crazy and could be grounded. All he had to do was ask; and as soon as he did, he would no longer be crazy and would have to fly more missions. Orr would be crazy to fly more missions and sane if he didn’t, but if he was sane he had to fly them. If he flew them he was crazy and didn’t have to; but if he didn’t want to he was sane and had to. Yossarian was moved very deeply by the absolute simplicity of this clause of Catch-22 and let out a respectful whistle.
    “That’s some catch, that Catch-22,” Yossarian observed.
    “It’s the best there is,” Doc Daneeka agreed.

    There is no way out of a Catch-22. However, in this situation there is a way out: Save money in a savings account until you can invest in an index fund.

  51. Fuji says:

    That’s brilliant Bear, thank you for the clarification.
    Thanks for the info Michael, didn’t catch your response the first time round – terrific information. :)

  52. Deb Coyle says:

    Trent, just wanted to let you know that because of your blog I finally opened a savings account with ING. I have automatic payments withdrawn from my checking account each week and I am happy to report that the customer service was outstanding. Plus, I received a $25 bonus just for opening the account. Thanks Trent for your good advice. I love your blog and look forward to reading it each and every day.

  53. Marcia says:

    I started my investing career years ago at my bank. $25 a month – even though our family lived on an income below the “poverty line”. It gained and lost but over time I accumulated enough to buy in with the bigger guys. It’s like poker – some tables have bigger antes before you can play. My advice to everyone is just start – savings account, bank funds, and let it grow. I now have a “Money Guy” who watches my money and lets me know what moves are good. It’s been worth every automatic withdrawal!

  54. Michael says:

    Vanguard ETFs:

    Lots of options without minimums.

  55. Shannon says:

    Great article. I love your blog. I always enjoy reading your posts, especially the recent ones about investing in ourselves. Excellent information.

    I recently started working at Paragon Wealth Management. They are a small investment firm in Utah. All of their accounts are held at Charles Schwab, and then they are actively managed by our portfolio managers. You can look at them as an option down the road. Their minimum investment is $200,000. Their returns are impressive. I plan to invest with them later in life, but for now I’m curious to look at Vanguard. Thanks for the recommendation.

  56. Esther says:

    I’ve had a Zecco account with 10 free trades/month since November using broad-based ETFs. As far as I can tell, all the dividends have arrived on time, and you can overcome the bid-ask spread somewhat by placing limit instead of market orders.

    Is there a list of which ETFs delay giving out their dividends online?

  57. Seth says:

    I just realized that the T. Rowe Price Capital Appreciate fund I’ve been investing in for three years has an expense ratio of .73. .73!!!! That’s crazy. I’m going to look into Vanguard and change my investment strategy. Thanks for this post, I finally understand.

  58. Beth says:

    Vanguard sounds very interesting to me, but looking on their website, I’m not sure I understand the Roth investing options. If I have enough for the minimums, do you know if I can open a Roth IRA and put half of it in a Vanguard target fund and half in a non Vanguard fund like the Powershare Clean Energy Fund PBW or can I only choose from Vanguard ETFs? (I already have a 401K, so I’m not investing half of my entire retirement in alternative energy, but I would like some portion to be in that area) Thanks for any recommendations.

  59. FINVEST says:

    As a Fisher Investments employee, I learn more about the stock market and misperceptions surrounding it at http://www.fisherinvestmentsforum.com/stock-market-misperceptions

  60. Dan says:

    One could use Vanguard’s Star Fund, VGSTX, which is a fund of funds consisting of 11 other Vanguard funds. Minimum purchase is $1000 and the annual fee is waived if you sign up for electronic delivery. It’s also a balanced fund with a 60/40 split between stocks/fixed income (bonds and cash). The Stocks are split about 70/30 US to International so there is Foregin exposure. So you don’t need to wait till you get $3000, only $1000 and once you build this fund up in value. The expense ratio is 0.32% which is pretty low. Once you get to $4000+ you can branch out into another Vanguard fund that (with a $3000 minimu purchase). Eventually you can build a nice widely diversified portfolio. Checkout the Vanguard Portfolio suggestion at http://www.fundadvice.com. You can find a lot of useful free information at FundAdvice.

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