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Vanguard to Launch International Small Cap Index Fund

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Vanguard announced December 11 that it will launch a new mutual fund in the first quarter of 2009 that will be the firm’s first international small-cap index fund.

The Vanguard FTSE All-World ex-U.S. Small-Cap Index Fund will use the FTSE Global Small Cap ex-U.S. Index as its target benchmark, and will have three share classes: investor, institutional, and ETF.

The ETF share class will have a 0.38% expense ratio; Investor Shares will carry an expense ration of ).60% and a minimum investment of $3,000; and the institutional share class will have a 0.35% expense ratio and a $5 million minimum initial investment requirement.