News Summary: Vanguard swaps fund benchmarks

INDEX SWITCH: Vanguard has negotiated lower cost index-licensing deals that will result in 22 of its index mutual funds tracking new market benchmarks. Those funds will switch from their current MSCI indexes to benchmarks from the University of Chicago's Center for Research in Security Prices and FTSE.

COST-CUTTING GOAL: Fee reductions are eventually expected for investors in the 22 funds, which hold a total $537 billion in assets.

BROADER IMPACT: Vanguard's move could lead other fund companies to try to reduce licensing fees they pay to their existing index providers, or cut new deals with other index companies.