Vanguard Group registered its first tax-managed international equity...

Vanguard Group registered its first tax-managed international equity fund with the SEC. The passive Vanguard Tax-Managed International Fund will be managed in-house by the Vanguard Core Management Group and will invest in a sampling of stocks from the MSCI EAFE index. The fund will be available to institutional investors with more than $10 million to invest at 25 basis points, and to retail investors at an expense ratio of 35 basis points.