on Friday reopened two more funds to new
investors, leaving two still closed.
The Valley Forge, Pennsylvania-based fund giant is now
allowing new investors into the $1.5 billion International Explorer Fund
which closed in August 2004, and the $3 billion Precious Metals and Mining Fund
, which closed in February 2006.
"The financial market environment has changed considerably since we closed the funds, which at current asset levels are in a position to accept additional cash flows," said Vanguard CEO Bill McNabb
Two Vanguard funds remain closed -- PRIMECAP Fund
and Capital Opportunity Fund
Company Press Release
VALLEY FORGE, Pa., Oct 31, 2008 (BUSINESS WIRE) -- Vanguard today reopened Vanguard(R) International Explorer(TM) Fund and Vanguard Precious Metals and Mining Fund to new shareholder accounts.
"The financial market environment has changed considerably since we closed the funds, which at current asset levels are in a position to accept additional cash flows," said Vanguard CEO F. William McNabb III.
Vanguard closed the International Explorer Fund in August 2004. The fund, which focuses on the stocks of small companies based outside the United States, has $1.5 billion in assets. The Precious Metals and Mining Fund invests in the stocks of foreign and U.S. companies engaged in the exploration, mining, and distribution of gold, silver, platinum, diamonds, and other precious metals and minerals. The fund, which has $3 billion in assets, was closed in February 2006.
The International Explorer Fund requires a minimum initial investment of $25,000 to open a new general, IRA, or custodial account. The minimum initial investment for all accounts in the Precious Metals and Mining Fund is $10,000.
Vanguard, headquartered in Valley Forge, Pennsylvania, is one of the world's largest investment management companies and a leading provider of company-sponsored retirement plan services. Vanguard manages more than $1.15 trillion in U.S. mutual fund assets, including more than $390 billion in employer-sponsored retirement plans. Vanguard offers more than 150 funds to U.S. investors and more than 50 additional funds in non-U.S. markets.
All asset figures are as of September 30, 2008, unless otherwise noted.
Armie Margaret Lee
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