Vanguard next month will introduce a new share class for institutional clients, called Signal Shares. It will initially apply to 12 equity and fixed-income index funds, with fees ranging between nine and 13 basis points. Eventually, Vanguard will apply the share class to more of its funds. Signal Shares are aimed at pension plans, endowments and financial advisers. It is Vanguard's third share class for institutional investors and its fifth altogether.

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