Vanguard Group said it is adopting a new benchmark for its $388 million Vanguard Calvert Social Index/Inv (VCSIX), a so-called socially responsible fund.

The fund will switch from the Calvert social index to the FTSE4Good index, which excludes companies involved with alcohol, tobacco, gambling, nuclear weapons, and firearms, among others. The new index uses screening criteria comparable to its predecessor, Vanguard said.

The new index, which was introduced in 2001 by the FTSE Group, which develops indexes, also focuses on companies judged to have good track records of protecting the environment and hiring and promoting women and minorities, and which maintain safe and healthy workplaces, Vanguard said.

The change will be made before the end of the year and is not expected to result in capital gains or to have a “material impact” on the fund’s 0.25% expense ratio, Vanguard said. As a result of the change, the fund’s name will be changed to the FTSE Social Index fund.

Contact Bob Keane with questions or comments at: bkeane@investmentadvisor.com.