A share class is a security designation that indicates the rights, privileges, fees, and expenses associated with the shares. Share classes are a common way of offering the same mutual fund investment at different costs. The investment objective and strategy, portfolio manager, and underlying investments are identical across share classes. 

What varies is the cost structure. Typically, the higher the minimum initial investment, the lower the expense ratio. This allows you to get the same high quality regardless of which share class you choose. A share classes that Vanguard Charitable donors typically have access to are: Vanguard Admiral, Institutional, and Institutional Plus share classes.

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