Expense ratios have changed for 23 Vanguard mutual funds, according to a firm statement.

While Vanguard lowered fees for most of the funds, two funds: Growth and Income (Admiral and Investors shares) and the Morgan Growth Fund experienced fee increases of 2 basis points each.

“Other investment firms may lower costs as a business strategy to attract assets. For Vanguard, our unique client-owned corporate structure is what drives the low costs of our funds,” according to the firm.

“Since we are a mutually owned firm, low costs are an outcome that is directly tied to how much it costs us to manage our funds. Economies of scale and a focus on keeping operating costs low have resulted in a long track record at Vanguard of lowering costs across the board.”

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