Common use of EXPENSES OF THE TRUST AND THE FUNDS Clause in Contracts

EXPENSES OF THE TRUST AND THE FUNDS. The Trust and the Funds will be responsible for the following expenses: (i) expenses incurred outside of Vanguard associated with each Fund's trading operations, including brokerage fees, commissions, and transfer taxes in connection with the purchase and sale of securities for each Fund; (ii) any other taxes relating to each Fund's operations; (iii) fees payable to Vanguard under this Agreement or a separate Shareholder Services Agreement; and (iv) any expenses payable by the Trust or the Funds under a separate Shareholder Services Agreement.

EXPENSES OF THE TRUST AND THE FUNDS. The Trust and the Funds will be responsible for the following expenses: (i) expenses incurred outside of Vanguard associated with each Fund's ’s trading operations, including brokerage fees, commissions, and transfer taxes in connection with the purchase and sale of securities for each Fund; (ii) any other taxes relating to each Fund's ’s operations; (iii) fees payable to Vanguard under this Agreement or a separate Shareholder Services Agreement; and (iv) any expenses payable by the Trust or the Funds under a separate Shareholder Services Agreement.

EXPENSES OF THE TRUST AND THE FUNDS. The Trust and the Funds will be responsible for the following expenses: (i) expenses incurred outside of Vanguard associated with each Fund's trading operations, including brokerage fees, commissions, and transfer taxes in connection with the purchase and sale of securities for each Fund; (ii) any other taxes relating to each Fund's operations; (iii) fees payable to Vanguard under this Agreement or a separate Shareholder Services Agreement; and (iv) any expenses payable by the Trust or the Funds under a separate Shareholder Services Agreement...

EXPENSES OF THE TRUST AND THE FUNDS. The Trust and the Funds will be responsible for the following expenses: (i) expenses incurred outside of Vanguard associated with each Fund's trading operations, including brokerage fees, commissions, and transfer taxes in connection with the purchase and sale of securities for each Fund; (ii) any other taxes relating to each Fund's operations; (iii) fees payable to Vanguard under this Agreement or a separate Shareholder Services Agreement; and (iv) any expenses payable by the Trust or the Funds under a separate Shareholder Services Agreement.