OTHER EXPENSES OF VANGUARD. In its role as investment adviser and administrator, Vanguard will be responsible for all expenses of the following: (i) services of outside legal counsel to the Trust or the Funds; (ii) any services contracted for the Trust or the Funds directly from parties other than Vanguard; (iii) the salary and expenses of any officer, employee, or Trustee of the Trust; (iv) the services associated with custodian and depository banks; (v) the payment of all registration and filing fees required under federal, state, or foreign securities laws and regulations; (vi) services related to the maintenance of fidelity bond and trustees' and officers' liability insurance, including the costs of insurance premiums; and (vii) all other services, including any fees or expenses arising out of the Trust's or the Funds' operations, except as listed in subparagraph (b) below.
OTHER EXPENSES OF VANGUARD. Vanguard will also be responsible for bearing the expense of any services contracted for the Trust or the Funds directly from parties other than Vanguard in connection with this Agreement
