The Vanguard Group filed an application for an exemptive order with the Securities and Exchange Commission that would permit its international stock funds to issue an exchange-traded class of shares. The application seeks to add a class of exchange-traded shares to the Vanguard(R) European Stock Index Fund, Vanguard Pacific Stock Index Fund and Vanguard Emerging Markets Stock Index Fund.

If approved, the three new Vanguard VIPERs (for Vanguard Index Participation Equity Receipts) will be the first international exchange-traded offerings by Vanguard. 

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