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An expense ratio is a fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets.
The expense ratio includes management and administrative expenses, but it does not include the transaction costs of buying and selling portfolio securities. Vanguard Charitable is able to offer a direct pass-through of Vanguard expense ratios and does not add additional fees for investing.

Accounts having a balance below $25,000 may be subject to an annual maintenance fee of $250.
Our premier clients enjoy reduced pricing to further maximize their impact.
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